Beruflich Dokumente
Kultur Dokumente
Rs. In crores
2006-07
2007-08
2005-06
2004-05
Fixed Assets
Capital WIP
Total Assets
7,481.32
5,948.28
13,429.60
5,375.54
2,581.65
7,957.19
4,873.65
974.49
5,848.14
4,092.92
540.99
4,633.91
Investments
2,665.83
1,174.59
1,261.50
2,126.36
19,267.35
13,644.56
5,622.79
15,812.49
8,865.40
6,947.09
11,230.14
7,992.36
3,237.78
8,179.83
7,166.84
1,012.99
6.93
11.93
13.91
21.69
Total Assets
21,725.15
16,090.80
10,361.33
7,794.95
Share Capital
385.54
385.41
382.87
361.79
8,311.98
7,336.26
5,748.60
4,035.37
468.31
249.96
173.93
63.05
11,584.87
7,301.90
3,379.14
2,714.20
974.45
817.27
676.79
620.54
21,725.15
16,090.80
-
10,361.33
7,794.95
2007-08
Quoted
Unquoted
697.93
2,763.95
2,066.02
2,066.02
1,553.67
4,750.00
3,196.33
22.66%
2,472.04
4,538.06
2. Contingent Liability
Contingent Liabilities
Claims not acknowledged as debts
Income Tax matters
Excise duty, Sales Tax & Other matters
Amount (2007-08)
478.59
453.37
35.34
Probability
Tax Rate
20%
50%
0.30
Net of Tax CL
33.66%
33.66%
63.50
226.69
7.03
297.22
2007-08
2006-07
(Rs. in Crores)
2004-05
2005-06
35,651.48
32,426.41
23,961.72
19,666.78
267.48
153.18
243.55
133.94
Total Income
35,918.96
32,579.59
24,205.27
19,800.72
28,495.47
25,895.04
18,886.82
15,606.32
2,745.16
2,415.53
1,777.43
1,429.94
743.06
405.81
246.01
169.66
Depreciation / amortisation
782.07
688.09
623.33
533.94
66.91
86.98
79.15
78.83
101.58
116.98
33.60
12.78
32,934.25
29,608.43
21,646.34
17,831.47
2,984.71
2,971.16
2,558.93
1,969.25
267.48
23.63
-
153.18
22.61
47.90
243.55
8.15
133.94
3.35
3.70
-
5.22
0.26
2.41
5.68
9.43
7.71
Employees Cost
Other Expenses
Minority Interest (grossed up for tax)
Total Expenses
Profit Before Tax
Exceptional/ non operational / non recurring Items
Income
Dividend & Other Income
Profit on sale of FA
Insurance Claims for loss of Profit due to fire
Expenses
Loss on assets sold
VRS Cost
January 2008
February 2008
March 2008
April 2008
May 2008
June 2008
Total
Average
6,534,123
3,043,441
5,516,242
2,869,661
3,191,905
3,129,367
4,887,862,720
2,211,598,562
3,604,182,166
1,816,746,288
2,053,548,472
1,604,774,000
24,284,739
16,178,712,208
666.21
2007-08
2006-07
Fixed Assets
Capital WIP
Total Assets
6471.34
1154.17
7,625.51
4,227.44
559.30
4,786.75
Investments
1354.72
1,003.30
17.57
14.71
16,928.53
6,682.26
10,246.27
14,039.60
5,199.24
8,840.36
14.18
19.00
19,258.25
Share Capital
14,664.12
239.07
238.03
5,921.70
4,613.54
Minority Interest
2,734.52
1,659.48
10362.96
8,153.06
Total Liabilities
19,258.25
Other Data
1. Details of Investments
14,664.12
-
2007-08
Particulars
Cost
Market Value / Fair Value
Appreciation in value of investments
Tax rate
Net of tax appreciation
2. Contingent Liability
As per Annual Report 2007-08
Contingent Liability
Excise / Sales tax/ service tax
Income Tax
Other Matters
Quoted
84.8
206.64
121.84
121.84
Amount
206.41
289.72
147.54
Unquoted
1,270.95
3,000.00
1,729.05
22.66%
1,337.25
Probability
30%
50%
20%
2007-08
2006-07
Net Sales
17619.55
12,914.99
6,825.74
4,997.29
Total Income
Cost of Goods Sold
24,445.29
17,912.28
11,629.15
8,985.23
3,613.73
2,388.40
589.52
299.20
Depreciation / amortisation
582.24
379.86
5,373.63
3,657.18
Employees Cost
Other Expenses
Minority Interest (grossed up for tax)
Total Expenses
Profit Before Tax
414.26
188.94
22,202.53
15,898.82
2,242.76
2,013.46
296.37
408.15
50.73
19.83
31.00
125.54
-
51.30
20.02
8.23
1.53
0.78
8.08
0.36
3.72
1.44
(Rs. in Crores)
2004-05
2005-06
2,294.82
310.72
2,605.54
1,895.58
126.66
2,022.24
1,180.33
595.31
9,731.98
3,359.05
6,372.92
6,701.36
2,513.66
4,187.70
24.44
33.31
10,183.23
6,838.57
233.40
111.65
3,486.09
2,271.22
852.51
363.42
5,495.58
3,956.94
115.66
135.34
10,183.23
6,838.57
1,459.09
Tax Rate
33.99%
0
33.99%
Net of Tax CL
40.88
144.86
19.48
205.21
2005-06
2004-05
9,807.34
7,636.66
2,841.07
1,928.86
12,648.41
9,565.52
6,912.16
5,425.40
1,399.38
1,047.08
219.37
136.06
283.31
239.10
2,031.68
1,723.69
195.39
12.54
11,041.29
8,583.86
1,607.12
981.65
381.40
65.61
21.25
9.16
0.82
26.52
4.04 -
8.34
4.05
7.26
8.26
M&M
Calculation of Adjusted PBT
Particulars
Profit Before Tax
(Rs. in Crores)
2006-07
2007-08
2005-06
2,242.76
2,013.46
1,607.12
296.37
408.15
381.40
50.73
19.83
31.00
125.54
-
51.30
20.02
26.52
4.04
523.47
479.83
411.95
8.23
1.53
0.78
8.08
8.34
4.05
10.54
13.24
12.39
1,729.83
1,546.86
1,207.55
0.36
3.72
1.44
Tata Motors
Calculation of Adjusted PBT
Particulars
Profit Before Tax
(Rs. in Crores)
2006-07
2007-08
2005-06
2,984.71
2,971.16
2,558.93
267.48
23.63
-
153.18
22.61
47.90
243.55
8.15
291.11
223.69
251.70
3.70
-
5.22
0.26
2.41
5.68
3.70
5.48
8.09
2,697.30
2,752.95
2,315.32
2004-05
981.65
65.61
21.25
9.16
0.82
95.21
7.26
8.26
15.52
901.97
2004-05
1,969.25
133.94
3.35
137.29
9.43
7.71
17.14
1,849.10
2007-08
2006-07
2005-06
Total
Amount in Crores
M&M
Adj. PBT
Weight
1,729.83
1,546.86
1,207.55
Product
3
2
1
6
5,189.50
3,093.73
1,207.55
9,490.78
Maintainable PBT
Tax Rate
1,581.80
33.99%
537.65
Maintainable PAT
1,044.14
6.00%
17,402.41
Adjustments
Value of Investments-Entire investments
Contingent Liabilities
Deffred tax Liabilities
2,813.81
205.21
17.57
PECV Value
20,028.57
Equity Capital
239.07
837.77
Adj. PBT
2,697.30
2,752.95
2,315.32
Tata Motors
Weight
3
2
1
6
Tata Motors
Product
8,091.91
5,505.90
2,315.32
15,913.13
2,652.19
901.48
1,750.71
5.00%
35,014.19
Amount in Crores
M&M
Tata Motors
7,625.51
13,429.60
Investments
1,354.72
2,665.83
16,928.53
6,682.26
Total Assets
Deferred Tax Liability
Loan Funds
Minority Interest
Net Assets
(17.57)
10,362.96
2,734.52
19,267.35
13,644.56
10,246.27
5,622.79
19,226.50
21,718.22
13,079.91
974.45
11,584.87
468.31
6,146.59
8,690.59
1,459.09
4,538.06
(205.21)
(297.22)
Adjustments
Appreciation in value of Investments
Contingent Liabilities
7,400.46
12,931.43
Equity Capital
239.07
385.54
309.55
335.41
309.55
837.77
660.13
661.07
M&M
Weight
Product
1
2
2
5
661.07
0.871676995
759.79
Takeover Premium
52.57
67.43
52.57
pre merger
Pre merger
Shareholders
Numbers
M&M
A
B
C
D
179,200,000
16,800,000
28,000,000
56,000,000
% Value - Rs Cr
64%
6%
10%
20%
156,204,517.42
Total (M&M)
TATA
X
Y
Total (TATA)
Grand Total
Merger ratio
Value of M&M
Value of TATA- Rs Cr: Rs/Share
280,000,000
100%
445,694,123
34,305,877
480,000,000
92.85%
7%
1
Numbers
148,394,292
13,911,965
23,186,608
46,373,216
% Value - Rs Cr
21%
2%
3%
7%
Tata Motors
Value per Share
Weight
335.41
1,062.05
666.21
Product
1
2
2
5
758.39
Prior to acquisitions)
17617.00
18509.92341
Shareholders
Numbers
NEW TATA SHARES ISSUED
A
B
C
D
148,394,292
13,911,965
23,186,608
46,373,216
Post merger
% Value - Rs Cr
21%
2%
3%
7%
Total (M&M)
TATA
X
Y
Total (TATA)
Grand Total
Merger ratio
Value of M&M
Value of TATA- Rs Cr: Rs/Share
Stock ratio
Learnings and checks
231,866,081
33%
445,694,123
34,305,877
480,000,000
711,866,081
63%
5%
1
1
95%
1
2
fair value shares outstanding
Company 1 100.00
40,000,000.00
cmpany 2
200.00
10,000,000.00
ratio
2
synergy
additional cash paid
stock payout
cashpayout
cash paid
total value
40,000,000.00
19,000,000.00
59,000,000.00
5.90
19.49
gain to acquirer
gain to
30.51
Post
pre
400
200
50
5
95%
5%
10
635
share price
107.627119
204.49
200.00