Force Motors was founded in 1958 as Bajaj Tempo and manufactured 3-wheelers and light commercial vehicles. It had a long collaboration with Mercedes-Benz and produced Mercedes engines and vehicles under license. Over the decades, Force Motors introduced new models across its product segments of 3-wheelers, light commercial vehicles, buses, tractors, and trucks. It underwent ownership changes and renamed itself Force Motors in 2005. Currently, Force Motors manufactures a range of commercial vehicles, utility vehicles, tractors, and buses using its own research and development.

1. 1
Pioneer Institute of Professional Studies Indore
{PHASE-I}
A SWOT Analysis
Of
Presented By: -
Harish K. Chaturvedi
MBA III Semester
Roll No.14091014

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CONTENT
 Company Profile
 Mergers/alliances/takeovers
 Top Management
 Location of manufacturing unit and Touch points
 Current goals and objectives
 Financial Aspects
 Stakeholders

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CURRENT PROFILE
INTRODUCTION:-
FORCE MOTORS
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.
Late Shri N.K.Firodia, a dedicated Gandhi an and Visionary Industrialist, was the Founder-
Managing Director of Force Motors. Having participated in the freedom struggle for India in
1932 and 1942 he was determined to achieve Industrial modernization for India. He
established, starting in 1950, in Collaboration with Vidal & Sohn, Hamburg, Germany the
import and later progressive manufacture in India of the Tempo 3-Wheeler.
On 15th August 1957, the 10th anniversary of Indian independence, Mr. N.K. Firodia signed
a collaboration with Vidal & Sohn Tempo Worked for phased manufacturing of TEMPO 3-
WHEELER & manufacturing was started in a small plant at Goregaon, Bombay. The initial
licensed capacity granted by the government was 1000 vehicles per year and 80 vehicles per
month(S).
Expanding the business in 1961, the Company acquired about 150 acres of land in Akurdi
near Pune. The production was transferred to Pune by the end of 1964. Ambitious plans for
producing Light Commercial Vehicles for the growing industrial economy of India were
drawn up. The manufacture of TEMPO VIKING 4-Wheeled Trucks & Vans commenced in
November 1964. The licensed capacity was increased to 6000 vehicles per year (O).
The VIKING vehicle subsequently was upgraded with a diesel engine and the MATADOR
was born. The production of Matador commenced in 1969. In 1975, the manufacturing
capacity of the company was increased to 12,000 vehicles per year, in addition to 6,000 diesel
engines for other purposes.
The collaborator company in Germany, in the wave of mergers during the 70s merged
eventually with Daimler-Benz. In July 1982, the company in a new collaboration - with the
then Daimler Benz - produced the Mercedes Benz OM 616 engine under license for fitting on
its line of vehicles.
The TRAX Vehicle, specifically designed for the rough roads of rural India was developed
by the Company's Research & Development department, to cater to the growing
mechanisation of passenger transport in rural India.
To further modernise its LCV product range, the Company took up the production of the
TRAVELLER, under license from Daimler-Benz. A new Plant was set up in 1987, on a green
field site in Central India at Pithampur in Madhya Pradesh (S). This modern facility was
developed in close co-operation with Daimler-Benz. The plant is equipped with a modern
conveyorised body welding and Electrophoresis dip painting shop. The Plant has been expanded
to house a new Press Shop in 1997.

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Today, Force Motors makes a full family of vehicles - the New Trump, Traveller Shaktiman,
Trax and Cutline range of Buses & the Balwan and Orchard range of Tractors. These are
products born out of Force Motor's own Research & Development activity. The Product
designs for these ranges of most modern vehicles were created in our most capable Computer
Engineering Environment.
The Force Motor's R & D centre is among the most advanced in the country with a 150
terminal (CAD) Computer Aided Design network. Over 90% of the vehicles currently
manufactured and sold by Force Motors are the latest designs, where, introduction is less than
5 years old. Further these are the products of most modern Computer Aided Design efforts.
The company spends over 5% of its annual turnover on new Product Development. It
employs 850 people for its R & D, tooling & project activity - 450 of which are Engineers.
Latest software such as IDEAS, CATIA, and ADAMS are used for design & validation. The
engines designed by Force Motors are fully proven for emission and for fuel efficiency. The
vehicles offer Green engines meeting BS III norms.
Force Motors Ltd. is a Company that has reinvented itself. Four decades ago, Force Motors
started production of the HANSEAT 3- Wheelers. Today, Force Motors stands on the threshold
of a new era in the automobile industry in India, with a stake in Five Product segments.
HISTORY
The company was founded in 1958 by N.K.Firodia. Bajaj Auto bought a controlling stake in
the company, renaming it "Bajaj Tempo". Germany's Daimler-Benz, a long-time collaborator
with Firodia because of their ownership of the original Tempo works in Germany, owned
16% of Bajaj Tempo. They sold their stake back to the Firodia group in 2001, meaning they
once again held a controlling interest. It was agreed that the company would gradually phase
out the use of the "Tempo" brand name, as it still belonged to Mercedes-Benz. The name of
the company was changed to Force Motors in May 2005, over the objections of Bajaj Auto
with whom the company shares a long history as well as a compound wall.
Force Motors started production of the Han seat three-wheeler in collaboration with
German Vidal & Sohn Tempo Worked and went on to establish a presence in the light
commercial vehicles field with the Matador, the proverbial LCV (light commercial vehicle)
in India. Bajaj Tempo was associated with Mercedes-Benz since 1976 and in 1982 they
began building the Mercedes-Benz OM616 diesel engine. Through the 1980s and 1990s, and
especially in the last five years with a major product development effort, Force Motors has
introduced new light commercial vehicles, a face lifted series of Tempo Trax utility vehicles,
new tractors, and a new range of three-wheelers. The Matador, which defined the light
commercial segment in India, saw sales collapsing in the late 1990s and Bajaj Tempo began a
substantial program of developing modern vehicles to replace it.
Bajaj Tempo also built the diesel engines used in the Mercedes-Benz W124, and later W210,
as manufactured in India. This was a small-scale endeavour, but while it did not net BT much
profit they benefitted from the connection, both in terms of reputation and technology.
The company which mainly operates in commercial vehicle segment, entered into the
"personal vehicle" segment in August 2011 with the launch of its first SUV, named Force-
One.
The company manufactures trucks at Pithampur, the industrial hub of Madhya
Pradesh in Indore in a joint venture, Man Force Trucks Pvt. Ltd, with MAN AG of
Germany. MAN Force trucks are exported overseas to countries such as Sri Lanka, Indonesia,

5. 5
and certain African nations; markets where a low selling price is essential. The JV was
dissolved as on March 2012 with Force Motors having sold and transferred remaining 50% of
Man Force shares to MAN AG for Rs 10 per share.
Tractors are built under the Balwan and Ox (formerly Tempo Ox) brands. The tractor field
was entered by (then) Bajaj Tempo in 1996-1997, and were developed indigenously, rather
than depending on imported technology.
Company History - Force Motors
1958
- The Company was incorporated on 8th September. The Company manufactured and assembled 3
& 4 wheeler light commercial vehicles and diesel engines.
1961
- The Company was converted into Public Limited Company on 12th May.
- The object of the company is to Assembly and manufacture of 3 & 4 wheeler light commercial
vehicles and diesel engines.
1965
- In December 1963, 48,645 Bonus shares issued (prop 1:2). 18,500 Right shares offered at par
(prop. 55:20). 1, 77,710 reserved for allotment to collaborators. 2,90,000 shares offered to the
public in February 1964. 400 shares allotted to collaborators.
1966
- 1, 69,078 shares allotted to the foreign collaborators.
1970
- The Company's collaborators M/s. Honomag Herschel Fahrazeuquarrke GmbH discontinued the
production of the diesel engine D301-E2 in Germany and agreed to shift the entire used machinery
and equipment required for the manufacture of components of the diesel engine valued at Rs 1.50
crores to the Company.
1972
- 3,500 shares forfeited. 7, 89,163 Bonus Shares issued (prop.1:1).
1975
- Allotted 13,800 `A' Equity shares (6,495 in 1975-76 and 7,305 in 1976-77) at par to permanent
employees of the company.
1977
- 15, 78,326 No. of Equity and 13,800 `A' Equity shares issued as Bonus on prop. 1:1 for the
respective classes.
1978
- The area vacated by body shop and part of the press shop departments in part No. 1 was utilised
for the installation of the new machinery and equipment for the manufacture of the new OM 16
engine in collaboration with Daimler-Benz of W. Germany.

6. 6
1982
- The transfer line for the cylinder blocks of the new OM 616 engine was commissioned.
- A Research & Development workshop was set up in addition to new Research & Development
laboratories.
1983
- The Company entered into a technical collaboration agreement with Daimler Benz AG, West
Germany, for the manufacture of light commercial vehicles such as Mercedes vans, station wagons
and mini buses at Pithampur.
1984
- 1, 15,748 second `A' Equity shares allotted to permanent employees of the Company.
1987
- The licensed capacity was increased from 30,000 to 50,000 numbers per annum including 5,000
three-wheelers.
1989
- The production facility for manufacture of various rear axles and 5-speed Mercedes gear box was
fully established. Latest machinery was installed with a view to expand the production facility for
manufacture of axles and Mercedes gear boxes.
- The Company acquired technology from M/s. Flak Industrial AB, Sweden for FP coating of the
primer paint.
1990
- During the year, rear wheel driven Matador Max R 307 vehicle was introduced along with the rear
wheel driven bus platform R-407W.
- A new model of a 3-wheeler was developed and test marketed.
- A new commercial tool room was established at the Akurdi, equipped with the latest CNC 3
dimension die sinking equipment and capable of manufacturing large panel dies for bodies.
- Also, a modern CAD/CAM facility was established to support the tool room activity.
- An agreement entered into with Ricardo Consulting Engineers, for technology up gradation of D
301 E2 engine, was finalised.
1991
- New models of Tempo Trax called Challenger and Town & Country were introduced in market.
Direct injection version of OM 616 engine offering substantial improvement in fuel economy was
expected to be introduced shortly.
- The Company obtained the technical services of Mercedes-Benz A.G., Germany for panel die
making.
- The total sales of the light commercial vehicles declined due to recession in the automobile
industry.

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1992
- In order to enhance the export sales, a new division `Tempo International' was created.
- The Company proposed to undertake modernisation of various important facilities such as engine
manufacturing shop, transmission manufacturing shop as also founder paint shop, etc.
- A new model of a `Pick-up-truck' version of the temptress was developed. Also, a new TX-17
gearbox and matching hypoid axle were introduced on the tempo trax range of vehicles.
- The matador range was further extended with the addition of `RA307' model, a further upgraded
puck-up truck with an I-Beam rigid front axle.
1993
- A separate cell was created for `Tractor' development.
- The Company issued 33, 00,000 Rights equity shares of Rs 10 each at a premium of Rs 90 per
share in proportion 1:2. (Only 32, 52,850 shares were allotted 47,725 shares were kept in abeyance.
(Of these 175 shares were allotted by the Board.)
1994
- Akurdi factory lost production for nearly 5 weeks due to an illegal strike.
- The Company has entered into a licence agreement with M/s. Robert-Bosch GmbH, for the
manufacture of Tractor Hydraulics.
1995
- The licensed capacity increased from 50,000 to 60,000 numbers of automobiles per annum.
- 31,100 No. of Equity shares kept in abeyance issued.
1996
- During the year fully indigenously designed, developed and manufactured Tempo `OX-45' Tractor
was successfully launched.
- The Company made a Rights issue of 32,96,446 No. of equity shares of Rs 10 each at a premium
of Rs 90 per share in proportion 1:3 of which, on 27th January 1997, the Company allotted only
32,37,038 shares. Balance 59,408 shares were kept in abeyance. Only 32, 34,451 shares were taken
up.
- Another 13,75,722 No. of equity shares were to be issued to Jaya Hind Investments Pvt. Ltd. and
Daimler Benz AG, Germany to maintain their holding at 41.69%.
- Sales suffered due to shifting and relocation of various production activities at Akurdi, labour
unrest at Pithampur and softening of demand for company's vehicles.
1997
- Production of vehicle at Pithampur was affected due to protracted industrial relation problem
resulting in no production from 2nd Jun to 19th July.

8. 8
- The Company has launched new products in all four segments in LCV
-Tempo Excel', utility vehicle-`Trax', Mindoro-Auto Rickshaw and pick-up, Tractors, the `Tempo
ox' range of tractors.
- The company has entered into an agreement with M/s. Zahnrad fabrik parson GmbH, Germany for
providing technology for the manufacture of Agricultural Tractors.
- 46,412 shares kept in abeyance issued.
- Bajaj Tempo Ltd. (BTL) the flagship of the Rs.1, 350 crore Firodia group started operations in
1959 in technical and financial collaboration with Daimler Benz, the latter owning 26% of the
equity.
- Bajaj Tempo Ltd. (BTL) plans to set up a third and possibly a fourth manufacturing facility.
1998
- Bajaj Tempo will introduce a new generation family of light commercial vehicles (LCV) in the
next few months and phase out the popular Matador model over a period of time.
- Bajaj Tempo Ltd, the third largest automobile manufacturer in the HCV/LCV segment has
attributed the on-going sluggishness in the domestic markets to the excise duty.
- The company's proposed four wheel military vehicle will be christened as `Gorkha'.
- The company is also launching a second range of Tempo Trax utility vehicles including the new
4X4 military and cross country vehicle Trax Ghurkha.
- The situation improved from third quarter, mainly due to improved sales of 3-Wheeler `Mindoro'
vehicle.
1999
- Bajaj Tempo Ltd, Pune-based light commercial vehicle (LCV) manufacturer, which launched its
new model, the Excel-4, will launch its variants in June.
- The company, under technical collaboration with Mercedes Benz of Germany.
- The first time in the industry, Bajaj Tempo has introduced mobile service training van equipped
with audio visual aids; special tools cut section models, to train not only dealers but also the public.
2000
- The Workers will go on strike from May 26th. Work at the factory has been affected following a
tool down strike by the union which is affiliated to the Bharatiya Kamgaar Sena.
2001
- The Company will be launching its Mindoro three-wheelers running on CNG during next month.
2003
-Board allots 33% equity shares of Rs.10 each for cash at a premium of Rs.90 per share.

9. 9
-Agrees to procure technology from MAN Nutzfahrzeuge AG, Germany for 4 and 6 cylinder Diesel
Engines of higher capacities.
-Signs Moue with Punjab Tractors Ltd and Corporation Bank for financing Tractors.
2004
-Automobile manufacturer, Bajaj Tempo Ltd, on January 16, 2004 announced that it would enter the
heavy commercial vehicles (HCV) segment in the next 12 months following its technology tie-up
with MAN of Germany.
-Bajaj Tempo inks pact with Andhra Bank.
2005
- The Registrar of Companies (Rocs), Maharashtra, issued the certificate for name change from
Bajaj Tempo Ltd to Force Motors on May 12th and the new name came into effect immediately.
-Force Motors unveils Mindoro cB.
2005
-Company has changed its name from Bajaj Tempo Ltd. to Force Motors Ltd.
2006
-Force Motors signs Moue with Man to set up unit in MP.
2007
- Force Motors Ltd has informed that Mr. R B Bhandari is appointed as an Additional Director of
the Company w.e.f. June 29, 2007.
-Force Motors Ltd has informed that Mr. L. Lakshman is appointed as an Additional Director of the
Company w.e.f. September 29, 2007.
2008
-Force Motors Ltd has appointed Mr. Dinesh Chhabra, as an Additiona Director.
-Force Motors Ltd has informed that the Board of Directors of the Company at its meeting held on
June 25, 2008, inter alia, have appointed Mr. Dinesh Chhabra, as an Additional Director.
2010
- Force Motors Ltd has appointed Mr. Atul Chordia of Pune as an Additional Director of the
Company.
2011
-Force Motors enters into Agreement with Daimler AG, Germany, in Respect of licensing of
technology for Multi Purpose Vehicle (MPV).
-Force Motors launches SUV Force One
2012
-Force Motors shakes hand with HPCL for oil supplies
-Force Motors has recommended a payment of dividend of Rs. 10/- per share (i.e. 100%)

10. 10
2013
-Force Motors expands it presence with the launch Force One SX and Force One EX.
-Force Motors launched the Ghurkha, the world’s first E.O.V (Extreme Off roader Vehicle) 4x4x4 at
the International Bus and Utility Show.
-2013 being held at the India Expo Mart, Greater Noida.
2014
-The opening season of the Force Ghurkha Rain Forest Challenge saw Malaysian Tang Eng Joo
taking top honours.
-Force Motors is lead sponsor for COEP’s Team Nemesis Racing at SAE Baja 2015 Competition
which will be held at Pithampur, Madhya Pradesh.
-Force Ghurkha claims the First and Second position at the Rainforest Challenge India 2014.
Force Motors targets Rs 3,000 crore revenue in 3 years
Pune-based Force Motors expects to triple its revenue to Rs 3,000 crore in next three years driven by
its contract manufacturing business for leading automobile companies like Mercedes Benz and
BMW.
"We are in OEMs business. We make vehicles. We work for OEMs like BMW, John Deere. When I
say we are targeting Rs.3, 000 crore revenue, it will be generated out of these businesses. The time
frame we expect to be about three years," Force Motors Managing Director Prasan Firodia said here.
"Currently, the revenue generated (from OEMs business) is around Rs 1,000 crore," he said.
Firodia was talking to reporters after the formal inauguration of the Chennai plant that would
produce power trains to German car major BMW.
"This is the first outsourced plant globally for BMW. Nobody (No other manufacturer) has done this
before. We are the first company in the world to do power trains for both Mercedes (Benz)
and BMW which is very unique thing."
The company is setting up a dedicated manufacturing facility for German luxury car maker
Mercedes Benz.
"About our plant at Chakan, Pune, we are building up brand new facility for Mercedes Benz with
higher (plant) capacities and everything," Firodia said.
Declining to reveal the investments proposed and other details about the unit, Firodia said the
company had supplied over 50,000 engines to Mercedes Benz since it formed a partnership with
Mercedes Benz in 1997.Force Motors currently assembles engines for Mercedes Benz C, E, M Class
range of cars. Referring to the Singaperumalkoil plant, about 55 km from Chennai, he said, "an
investment of about Rs 200 crore at the facility and the plant will make diesel engines for BMW
range of cars and SUVs."

11. 11
The plant was formally inaugurated by Union Heavy Industries Minister, Anant Geete. It has been
operational since January and already supplied about 3,000 units.
Firodia said the facility, spread across five acres, was capable for the company to ramp up the
existing unit as and when required by BMW. "This plant has a total of 100 engineers all trained by
BMW," he said. The company was setting up two manufacturing facilities, one each in Madhya
Pradesh and Gujarat to manufacture auto-components. "We will be inaugurating our facility in
Dewas, Madhya Pradesh shortly", he said but did not elaborate on details on the project.
Force Motors sells vehicles including small commercial vehicles, multi-utility vehicles, light
commercial vehicles, sports utility vehicles and agricultural tractors.
Outlook and valuation
We believe FML’s recent entry into the SUV segment coupled with the launch of Traveller 26, will
enable it to post a top-line CAGR of 13.8% over FY2012-14E to 2,700cr. The EBITDA is expected
to grow at 12% CAGR to `153cr in FY2014E while the margins are to dip initially from 5.8% in
FY2012 to 5% in FY2013E but to revive to 5.7% in FY2014E. The net profit is to soar by 46.8%
CAGR from `41cr in FY2012 to `88cr in FY2014E on the back of reduced interest cost and stable
other income. FML is trading at an attractive PE of 6.7 xs for FY2014E earnings. We remain
positive on FML and maintain our Buy recommendation with a target price of `537, based on target
PE of 8x and implied EV/Sales of 0.2x on FY2014E earnings. Traveller 26 to assist extend market
share and boost top-line FML launched its latest offering, world’s only 26-seater monologue panel
van, Traveller 26’ in October 12. Traveller 26 is a unique combination of outstanding performance,
excellent fuel economy, unmatched strength, total safety and maximum comfort, making it an ideal
choice for corporate, fleet owners, tour and travel operators, hospitality industry and school bus
operators. The market size of this segment is ~25,000 units and FML plans to sell 1,300 units in
FY2013 and 4,500 units FY2014 thereby aiming for 20% market share. FML already has a market
share of about 50% in the 6 to 20-seater segment. The standard version of Traveller 26 is priced ex-
showroom at `10.87 lakh, the school bus version at `11.16 lakh and the Deluxe version at `13.87
lakh. The product is available through 27 dealers in Maharashtra and Goa and FML looks forward to
export it post six months mainly to Sri Lanka, Bangladesh and Africa. The product is rolled out from
FML’s Pithampur unit which is expected to produce up to 10,000 units in the first phase while the
second phase is to commission after a year.
MERGERS/ALLIANCES/TAKEOVERS
BAJAJ ENDS DECADES-OLD ALLIANCE WITH FORCE MOTORS
Bajaj Group has exited Force Motors through a series of share sales, cashing in on an 83 per
cent appreciation in the stock in three months. The group once controlled the Navalmal
Kundanmal Firodia-founded Force. According to a BSE disclosure, Bajaj Holdings and
Investment had 4.04 per cent stake in Force Motors on August 1, compared with 9.32 per

12. 12
cent on July 23. At the end of the quarter ended June last year, the stake stood at 23 per cent;
the stake was accounted for by Bajaj group companies Bajaj Holdings, Bach raj & Co, and
Jamnalal Sons. According to latest bulk deal disclosures on the BSE, Bajaj Holdings has sold
the final tranche of 532,695 shares in Force Motors, ending the partnership. Force Motors
promoter entities bought these shares, the disclosures showed.
Niraj Bajaj, director of Bajaj Group, said, “We have been offloading shares in Force Motors
since the past many months. We thought we were getting a good price (on the sale). Though
we have no direct business relations, we share a very cordial relationship with the Firodia
family. This is a normal treasury transaction; there is no arrangement with the Firodia family
here.” Post Independence, both groups have worked to pave the way for mechanised mass
transport solutions. While N K Firodia tied up with German company Vidal & Sons Tempo
Worked to make passenger three-wheelers, Bajaj Auto joined hands with Italy’s Piaggio to
build geared scooters. Subsequently, Bajaj Group controlled a quarter of the shares of Force
Motors, called Bajaj Tempo at that time. Force Motors held nine per cent stake in Bajaj Auto.
N K Firodia was chief executive of Bajaj Auto before Rahul Bajaj took over the reins of the
company in the early 1970s.
Ties between the two groups soured when they fought each other in court over the use of the
Bajaj brand. While the Firodias wanted to do away with the Bajaj brand when Daimler
(which controlled the Tempo brand) exited Bajaj Tempo, the Bajaj camp urged the brand be
retained. In 2005, Bajaj Tempo, popular for Matador mini buses, was renamed Force Motors.
While Force expanded to sports utility vehicles, light trucks & buses, ambulances and
tractors, Bajaj Auto focused on two- and three-wheelers, with about 40 per cent of its revenue
coming from abroad.
For 2013-14, Bajaj Auto’s net profit stood at Rs 3,243 crore, 60 per cent more than Force
Motors’ turnover for the same year. At Rs 2,200 crore (according to BSE), the worth of Force
Motors’ stake in Bajaj Auto is higher than the company’s turnover in 2013-14 (Rs 2,021
crore). Prasan Firodia, managing director of Force Motors, declined to comment when asked
whether the company would seek to monetise its stake in Bajaj Auto. For growth, the
company is keen on the sports utility vehicle and multi utility vehicle segments.
BREAKING OFF
 83% Appreciation in share price of Force Motors in three months
 4.04% Bajaj Holdings and Investment’s stake in Force Motors as on August 1,
compared to 9.32% on July 23
 532,695 The final tranche of shares that Bajaj Holdings has sold in Force Motors
 9% Stake that Force Motors’ held in Bajaj Auto in the earlier years
 2005 Bajaj Tempo was renamed Force Motors
 40% Share of foreign revenues in Bajaj Auto
 60% Difference between Bajaj Auto's net profit and Force Motors’ turnover in 2013-
14

13. 13
PROMOTERSHIKE STAKE IN FORCE MOTORSTO OVER 60%
Force Motors today said its promoters have acquired more than one lakh shares of the
company from open market, thereby increasing their stake in the vehicle manufacturer to over
60 per cent.
“The promoters of the company, Jaya Hind Investments Pvt Ltd, have acquired 1,00,200
equity shares of Rs. 10 each from the market on March 13, 2015,” Force Motors said in a
filing to the BSE.
With this acquisition, the number of shares held by the promoter group stands increased from
78,21,295 equity shares to 79,21,495 equity shares, from 59.36 per cent to 60.12 per cent of
the total paid up share capital of the company, it added.
Pune—based Force Motors markets a range of products including small commercial vehicles,
multi—utility vehicles (MUVs), light commercial vehicles, sports utility vehicles (SUVs) and
agricultural tractors.
Force Motors shares ended at Rs. 1,388.50 apiece on the BSE, down 2.22 per cent from their
previous close.
SEBIprovides Force Motors promoter clarity on takeovernorms
SEBI has informed Jaya Hind Investment, a promoter of Force Motors that it will not have to
make an open offer as its proposed stake buy in the auto firm is less than the 5 per cent cap in
a given financial year.
Securities and Exchange Board of India (SEBI) also said that the proposed acquisition which
is based on 'spot delivery contract' would not attract application of rules relating to dealing in
equity shares on floor of the stock exchange.
The interpretive letter, which was made public on Monday, has come in response to query by
Jaya Hind, an NBFC, on whether its proposed acquisition of 4.79 per cent stake in Force
Motors would attract certain provisions under takeover norms as well as rules of the stock
exchanges.
"On the matter of proposed acquisition of shares of Force Motors, as the quantum of shares
intended to be acquired during the financial year 2013-14 by Jaya Hind Investment is less
than 5 per cent of the total fully paid-up shares of FML, the provisions of SEBI (Substantial
Acquisition of Shares and Takeovers) Regulations SAST Regulations) would not be
attracted," SEBI said.
As per takeover rules, an entity with 25 per cent stake in a company but less than the
maximum permissible non-public shareholding, can acquire more than 5 per cent shares of
the firm within any fiscal year subject to making an open offer.

14. 14
In October, last year, Jaya Hind had informed SEBI that it intends to acquire 6.31 lakh shares
(4.79 per cent stake) of Force Motors from 12 members of the auto maker on 'spot delivery
basis'.
The NBFC along with the persons acting in concert held 68.18 lakh equity shares of Force
Motors as on October 2013. Following the share-purchase its stake would stand at 56.54 per
cent in the company.
RUN THE BUSINESS:-
ManagementTeam
The company has a young and dynamic Managing Director, Mr Prasan Firodia, the grandson
of Shri N K Firodia, who is assisted by a team of highly qualified professionals in all
departments.
Mr Prasan Firodia is just 35 years of age. Having been appointed the Managing Director of
the Company since 2014, he operates from the Mumbai headquarters of the company. He is
assisted by the following people to successfully run the company.
Mr. S.A Gundecha- Gundecha is the Non-Executive Independent Director of Force Motors
and a member of ICSI.
Mr Sudhir Mehta- Mehta is a Member of Board of Management of Force Motors. He is also
the Director of Force, and the State Bank of Indore. Mr. Mehta has a Bachelor’s Degree from
DePauw and a Master’s Degree from University of Chicago in Business Management.
BOARD OF DIRECTOR
S.No Name Designation
1 Abhay kumar Firodia Chairman
2 Prasan Firodia Managing Director
3 Aparna G Lambore Company Secretary
4 Sudhir Mehta Non Executive Director
5 Vinay Kothari Non Executive Director
6 PV Inamdar Executive Director - Operations
7 Pratap Pawar Non Executive Independent Director
8 S Padmanabhan Non Executive Independent Director
9 Nitin Desai Non Executive Independent Director
10 Indira Parikh Non Executive Independent Director
11 Arun Sheth Non Executive Independent Director

15. 15
COMPANYSECRETARY
Mrs. Aparna G. Lambore
Vision & Values
“Force Motors continues its vision of providing efficient, utilitarian vehicles that empower
the individual entrepreneur.”
Mission
“We are a global family with a proud heritage passionately committed to providing personal
mobility for people around the world.
We anticipate consumer need and deliver outstanding products and services that improve
people's lives”.
Future Plans
Force aims to be the market leader in Light Commercial Vehicles (LCV). Force Motors is
looking to re-engineer its product line to meet the norms and emission standards along with
getting into newer segments and expanding dealership network.
Force is expecting to sell 4,000 SUVs in 2011. Also in 2011, it plans to come up with two-
three new models of SUVs priced between Rs. 10-12 lakh.
The company also plans to have a personalized vehicle division which will have 50
dealerships; who will set up workshops and sales outlet for PVs.
Force also has plans to launch a passenger van which will seat 8 or 9 people. This van is will
be launched at a price tag of under 10 lakhs, cheaper than the Force SUV. It will come with a
diesel engine, which is the OM Series from Daimler.
Manufacturing Facilities
Force Motors has two “state of the art” manufacturing facilities, one at Akurdi, near Pune
with a covered area of 1, 00,000 sqm, spread over an estate of 100 acres where the Trump
range of small commercial vehicles and Balwan agricultural tractors are manufactured, and
the other factory at Pithampur, near Indore, with a covered area of 2, 00,000 sqm, spread over
an estate of 200 acres, where the Trax, MUVs, Traveller LCVs and the MAN FORCE HCVs
are manufactured.
Realizing its strength in terms of excellent engineering infrastructure and technical
capabilities, Daimler requested Force in 1999 to set up a dedicated line for the assembly of its
engines and gearboxes, which were to be fitted in the Mercedes cars, which were to be
manufactured in India. Till date Force Motors has supplied over 21,000 engines. The
warranty on engine assembly and testing is also with Force, and it is a matter of great pride
that till date there are no failures or complaints from Mercedes. This business has now grown
to a substantial size, as manufacturing of both front and rear axles for the C and E class cars
has also been added recently.

16. 16
Technology
Force Motors makes a full family of vehicles - the New Trump, Traveller Shaktiman, Trax
and Citiline range of Buses & the Balwan and Orchard range of Tractors currently. The
products are borne out of Force Motor's own Research & Development activity. The Product
designs for these ranges of most modern vehicles were created by what is called the
Computer Engineering Environment.
The Force Motor's Research & Development centre has a 150 terminal (CAD) Computer
Aided Design network. Over 90% of the vehicles currently manufactured & sold by Force
Motors are the latest designs, where, introduction is less than 5 years old. Furthermore, these
are the products of most modern Computer Aided Design efforts. The company spends over
5% of its annual turnover on new Product Development. It employs 850 people for its R & D,
tooling & project activity - 450 of these people are Engineers. New software’s such as
IDEAS, CATIA, and ADAMS are used for design & validation. The engines designed by
Force Motors are fully proven for emission and for fuel efficiency. The vehicles offer Green
engines meeting that meet the BS III norms.
Awards & Recognition:-
Certification:
 In the year 2000, the Pithampur plant and its Mercedes Engine facilities received the
prestigious ISO 9002 certification by quality system.
 In the year 2003, the entire Akurdi plant and Pithampur plant were certified to
9001:2000.
2000: In 2000, Force Motors launched the Trax Judo and the Trax Gama for rural and urban
transportation. They were multi-utility vehicles. It was in the same year that Prithampur plant
received the ISO 9002 certification for quality systems.
2003: The completion of certification of the Pithampur and Akurdi plant took place in this
year.
2004: Two partnerships were formed – one with MAN (the world’s leaders in engines and
truck technologies) to produce trucks, and the second partnership was formed with ZF to
produce transmission technology.
2005: The year 2005 brought about change in the name of the company from Tempo to Force
Motors. This name was chosen as it denoted power.
2006: At Pithampur, the company's state of the art HCV manufacturing facility was
inaugurated
2008: The Traveller Shaktimaan, the Traveller Luxury and the Traveller Smooth were all
launched.
2009: Force Motors introduced the New Catholic Electro Deposition Paint Shop.

17. 17
2010:
Abhay Firodia was awarded the “Commercial Vehicle Man of the Year award by
Commercial Vehicle Magazine. This was the same year the MAN CLA truck won the “HCV
Rigid of the Year” award.
2011
Force Motors enters into Agreement with Daimler AG, Germany, in respect of licensing of
technology for Multi Purpose Vehicle (MPV). Force Motors launched its first offering in the
Personal Vehicles segment, the FORCE ONE.
2012
Force Motors shakes hand with HPCL for oil supplies Force Motors introduces a
revolutionary passenger vehicle, Traveller 26.
2013
Force Motors introduces Gurkha, the Extreme Off-Roader Vehicle
PRODUCT LINE:-
FORCE MOTORS
Force 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 – 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.
TRAVELER
Originally designed and produced by Mercedes Benz AG, Germany as T1 Transporter, it is
now manufactured in India as the “Traveller”. This range of passenger and goods carriers is
powered by the fuel efficient TD 2200 Common rail engine available in both BS III and IV
versions. So whether it is for personal or business use, movement of men or material, the
Traveller is an ideal choice.
An iconic brand, the Traveller is one of the most popular inter and intra city mobility vehicles
in the country today. The recently launched variant in this range is called the Traveller 26.
TRAX
Trax is the first fully indigenous multi utility vehicle developed in the country. Over the past
two decades it has established itself as the preferred people and goods carrier in rural India.

18. 18
The Trax is a rugged, reliable; all-terrain vehicle powered by the legendary Mercedes- OM
616 derived diesel engines. Tough and stylish with durable steel pressed body primed with
state-of-the-art CED process, the Trax has unmatched off-road applications for people and
goods transport.
FORCE ONE
FORCE ONE is one of the finest sports utility vehicles made by an Indian OEM (Original
Equipment Manufacturer). The turbocharged Force One beats faster than any other SUV in
its segment. Infused with a new 2.2 litter FMTECH Common Rail engine, its subdued growl
is like a beast waiting to be unleashed. It’s available in EX, SX and LX variants.
Technologically advanced, great road presence, excellent ride and handling, immense space
creating comfort at a very competitive price are some of the features of the Force One. This is
an SUV tailor made for the Indian customer.
SCV
The Trump 40 range of small commercial vehicles is an extremely competent and efficient
last mile goods carrier. Its 8ft long cargo hold mounted on the rugged pressed steel ladder
type chassis ensures that it can carry both heavy as well as voluminous goods effortlessly. It
offers best in class safety on account of the combination of powerful disc brakes in the front
and drum brakes in the rear.
Agriculture vehicle
The Balwan and Orchard are the most technologically advanced tractors which not only make
work easier but also more efficient, resulting in higher productivity. The Balwan and Orchard
sport synchromesh transmission, excellent ergonomics and fuel efficient engines. The Balwan
550 variant takes this a notch up with power steering added into its features list.
These tractors are designed to suit the various applications and needs of the modern farmer
including the specific accessibility requirements within orchards.
TRACTORS-
OX and Balwan-Modern, Tractors, Sporting synchromesh transmission, Bosch hydraulics,
excellent ergonomics and fuel efficient engines. Designed for demanding farmers of
developing countries.
THREE WHEELERS-
A family of new engineered three-wheelers, Economical, rugged and environment friendly
very efficient transport for people and goods.
LIGHT COMMERCIAL VEHICLES-
Traveller and Excel range of passenger and goods carriers. Powered by a family of DI and
IDI engines including the legendary Mercedes derived OM 616 engines. A range of high
reliability axles and transmissions add value.

19. 19
MULTI UTILITY VEHICLES-
Complete range of multi- utility vehicles including the Trax Judo, Trax GAMA, Trax Cruiser,
Trax Kargo King, range of single cabin and double cabin pickups; and the 4 X 4 cross
country vehicle- Trax Gurkha.
HEAVY COMMERCIAL VEHICLES-
In technical collaboration with MAN AG, Germany, Force Motors will be introducing
shortly, a range of heavy commercial vehicles with a payload capacity ranging from 16 to 50
tonnes. Five areas of excellence support the five market segments: Research and
Development- Using a 150 terminal CAD installation and modern testing facilities, staffed by
400 young engineers and technicians.
PowerPack Manufacturing-
State of art facilities for in house manufacturing of engines and transmission components.
Vehicle Manufacturing –
Complete, with in-house foundry, press shops, robotized body welding, electrophoresis dip
painting and high quality assembly facilities.
SPORTS UTILITY VEHICLES-
Force Motors wants to make a giant leap into the passenger vehicle segment. And for
beginners, Force Motors want to manufacture sports utility vehicles. Force Motors, which
will mark its entry into the passenger vehicle segment with its sports utility vehicle (SUV). In
line with its passenger vehicle plans, the company is setting up a separate division called
personalised vehicle division to cater to its plans in the segment. It has roped in people from
various other automakers to steer the new division. "We have a new vertical formed called
the personalised vehicle division, which, on the front end, is being headed by Sanjeev Garg,
as president (SUV sales, service and marketing) of the company. He comes from General
Motors. Prasan Firodia, managing director of the company told Financial Express.
Company chairman, AN Firodia, has quoted in a leading news paper, ―We will launch a
sports utility vehicle (SUV) sometime this year. We do not have a product in this segment,
but we have developed a new platform which will allow us to launch a stylish new vehicle in
a segment which is very popular. We are in the rural market with the Trax, which is rural
multi-utility vehicle used as a rural taxi in those states that allow it. The SUV is a completely
different segment from the Trax, though.
So far, Force Motors has had three platforms, Trump, a small commercial vehicle, the Trax a
multi-utility vehicle for rural markets and the Traveller, a city coach, which is mainly
targeted at the rural, multi-utility or mass transport markets. Force Motors has its
manufacturing plant in Akurdi near Pune and Pithampur, Madhya Pradesh.
The company is a low profile, commercial vehicle maker, but has the capacity to make its
own engines, chassis, gear boxes, axles, etc for its entire product range. You would find it
interesting to note that Force Motors is the sole supplier of engines to Mercedes Benz India
for its passenger cars, and makes the cab and nine-speed gear boxes for its joint venture,
MAN Force Trucks.

20. 20
MANUFACTURING
The famous Mercedes OM-616 engine made under license has been further developed
with Force Motors' own R & D and with assistance from M/s. Ricardo of UK and M/s.
AVL of Austria, to create a large and modern facility of IDI, Direct injection, turbo /
intercooled and Tractor Engines. The critical components such as cylinder blocks and
precision cylinder heads etc. are made in Force Motors' own foundry. These are
machined using elaborate and modern mass production methods - both transfer lines
and Computer Numerical Controlled (CNC) flexible machining systems. Mercedes
standard precision and durability is built into the reliable and modern engines.
R & D
Force Motors Engineering R&D centre is one of the most advanced Research and
Development centres. It has launched a full family of vehicles including the FORCE
ONE, Trump, Traveller, Shaktiman, Trax and the Balwan and Orchard range of
Tractors. These are products born out of Force Motors' own research & development
activity. Force Motors encourages innovation and motivates the 500 odd expert design
engineers to create path-breaking automotive designs.
Our R&D facility includes hardware, software, verification and validation, and test facilities
which are utilized during the complete product development cycle from concept to SOP. The
process includes creative vehicles styling and design by our CAE team, well-equipped with
the most advanced software. 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
Motors has in-house torture track (Pave Track) for complete vehicle durability testing.
FINANCIAL ASPECTS OF COMPANY
2014 2013 2012 2011 2010
Operating profit margin (%) 4.78 2.73 5.82 6.60 3.84
Gross profit margin (%) 0.58 -0.82 2.93 3.67 -0.40
Net profit margin (%) 3.73 0.70 39.07 3.72 5.76
EPS (Rs) 76.91 58.95 10.83 625.49 44.48
Return on net worth (%) 5.33 1.23 -11.92 17.26 20.00
Dividend payout ratio (%) 5.08 27.68 1.59 11.23 7.65
PBDIT (%) 156.65 97.53 146.10 149.41 98.03
Depreciation (%) 81.28 84.84 70.16 6.36 44.82
PBIT (%)
PBT (%) 62.63 19.13 1011.30 82.13 42.88
PAT (%) 77.69 14.28 -136.38 57.72 56.69
Net profit (%) 101.36 77.69 14.28 824.33 58.62

21. 21
Financials Total Income - Rs. 24294.989046 Million ( year
ending Mar 2015)
Net Profit - Rs. 1013.627237 Million ( year ending
Mar 2015)
PROFIT & LOSS A/C (in crore)
Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10
Income
Operating income 2,021.63 1,972.72 2,085.01 1,524.85 988.47
Expenses
Material consumed 1,486.93 1,482.58 1,541.37 1,098.46 728.37
Manufacturing expenses 37.94 37.22 34.32 45.04 28.84
Personnel expenses 240.56 262.32 258.88 197.03 126.02
Selling expenses - - - 48.53 29.82
Administrative expenses 159.48 136.72 128.94 55.89 44.19
Expenses capitalized - - - -20.90 -6.77
Cost of sales 1,924.91 1,918.84 1,963.50 1,424.06 950.47
Operating profit 96.71 53.88 121.50 100.79 38.00
Other recurring income 59.94 43.65 24.60 48.62 60.03
Adjusted PBDIT 156.65 97.53 146.10 149.41 98.03
Financial expenses 9.18 8.24 35.15 23.32 16.89
Depreciation 84.84 70.16 60.36 44.82 42.00
Other write offs - - - - -
Adjusted PBT 62.63 19.13 50.59 81.27 39.14
Tax charges -15.07 4.85 186.97 23.55 -17.54
Adjusted PAT 77.69 14.28 -136.38 57.72 56.69
Nonrecurring items - - 960.71 0.31 1.14
Other non cash adjustments - - - 0.58 2.60
Reported net profit 77.69 14.28 824.33 58.62 60.42
Earnings before appropriation 819.50 747.86 831.33 197.12 149.17
Equity dividend 3.28 3.28 11.04 5.52 3.95
Preference dividend - - - - -
Dividend tax 0.67 0.67 2.14 1.07 0.67
Retained earnings 815.55 743.90 818.16 190.53 144.54

22. 22
RATIO ANALYSIS (in crore)
Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10
Per share ratios
Adjusted EPS (Rs) 58.97 10.84 -103.50 43.81 43.02
Adjusted cash EPS (Rs) 123.35 64.08 -57.70 77.82 74.89
Reported EPS (Rs) 58.97 10.84 625.62 44.49 45.86
Reported cash EPS (Rs) 123.35 64.08 671.43 78.50 77.73
Dividend per share 3.00 3.00 10.00 5.00 3.00
Operating profit per share (Rs) 73.40 40.89 92.21 76.49 28.84
Book value (excl rev res) per share EPS (Rs) 930.48 875.02 867.69 253.70 215.02
Book value (incl rev res) per share EPS (Rs) 930.48 875.02 867.69 253.70 215.02
Net operating income per share EPS (Rs) 1,534.29 1,497.18 1,582.40 1,157.27 750.19
Free reserves per share EPS (Rs) - - - 243.50 204.83
Profitability ratios
Operating margin (%) 4.78 2.73 5.82 6.60 3.84
Gross profit margin (%) 0.58 -0.82 2.93 3.67 -0.40
Net profit margin (%) 3.73 0.70 39.07 3.72 5.76
Adjusted cash margin (%) 7.80 4.18 -3.60 6.51 9.41
Adjusted return on net worth (%) 6.33 1.23 -11.92 17.26 20.00
Reported return on net worth (%) 6.33 1.23 72.10 17.53 21.32
Return on long term funds (%) 5.76 2.29 7.12 26.06 15.82
Leverage ratios
Long term debt / Equity 0.01 0.03 0.05 0.20 0.24
Total debt/equity 0.01 0.03 0.05 0.74 0.52
Owners fund as % of total source 98.36 96.48 95.03 57.26 65.71
Fixed assets turnoverratio 1.66 1.65 2.33 3.00 2.41
Liquidity ratios
Current ratio 1.75 1.75 2.43 1.14 1.11
Current ratio (inc. st loans) 1.75 1.75 2.43 0.75 0.92
Quick ratio 1.04 1.00 1.64 0.52 0.58
Inventory turnover ratio 5.36 5.17 5.75 5.86 6.28
Payout ratios
Dividend payout ratio (net profit) 5.08 27.68 1.59 11.23 7.65
Dividend payout ratio (cash profit) 2.43 4.68 - 6.36 4.51

23. 23
Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10
Earning retention ratio 94.92 72.32 109.66 88.59 91.85
Cash earnings retention ratio 97.57 95.32 - 93.58 95.32
Coverage ratios
Adjusted cash flow time total debt 0.12 0.49 - 2.43 1.50
Financial charges coverage ratio 17.06 11.83 4.16 6.41 5.80
Fin. charges cov.ratio (post tax) 18.70 11.24 26.17 5.44 7.06
Component ratios
Material cost component (% earnings) 73.45 76.69 75.69 73.89 72.97
Selling cost Component - - - 3.18 3.01
Exports as percent of total sales 2.43 1.80 49.90 1.78 2.72
Import comp. in raw mat. Consumed 29.56 21.24 22.27 19.64 20.45
Long term assets / total Assets 0.47 0.47 0.32 0.43 0.42
Bonus component in equity capital (%) 43.47 43.47 43.47 43.47 43.47
ANNUAL RESULTS IN BRIEF (in crore)
Mar ' 15 Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11
Sales 2,363.72 2,021.63 1,972.72 2,085.01 1,573.36
Operating profit 147.00 96.71 53.88 121.50 148.97
Interest 6.55 9.18 8.24 35.15 22.72
Gross profit 206.23 147.47 89.29 110.95 126.95
EPS (Rs) 76.91 58.95 10.83 625.49 44.48
ANNUAL RESULTS IN DETAIL (in crore)
Mar ' 15 Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11
Other income 65.78 59.94 43.65 24.60 0.69
Stock adjustment -6.12 1.97 -30.44 -36.93 -28.38
Raw material 1,647.16 1,414.07 1,439.20 1,492.98 1,134.19
Power and fuel - - - - -
Employee expenses 277.73 240.56 262.32 258.88 197.03
Excise - - - - -

24. 24
Mar ' 15 Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11
Admin and selling expenses - - - - -
Research and development expenses - - - - -
Expenses capitalised - - - - -
Other expenses 297.95 268.31 247.76 248.57 121.54
Provisions made - - - - -
Depreciation 81.28 84.84 70.16 60.36 44.82
Taxation 21.32 -15.31 4.43 186.97 23.51
Net profit / loss 101.36 77.69 14.28 824.33 58.62
Extra ordinary item - - - 960.71 -
Prior year adjustments -2.26 -0.24 -0.42 - -
Equity capital 13.18 13.18 13.18 13.18 13.18
Equity dividend rate - - - - -
Agg. of non-prom. shares (Lacs) 52.55 57.27 63.58 63.58 63.58
Agg. of non promote holding (%) 39.88 43.46 48.25 48.25 48.25
OPM (%) 6.22 4.78 2.73 5.83 9.47
GPM (%) 8.49 7.08 4.43 5.26 8.07
NPM (%) 4.17 3.73 0.71 39.08 3.72
BALANCE SHEET (in crore)
Mar '
14
Mar '
13
Mar '
12
Mar '
11
Mar '
10
Sources of funds
Owner's fund
Equity share capital 13.18 13.18 13.18 13.18 13.18
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 1,212.84 1,139.77 1,130.12 321.10 270.14
Loan funds
Secured loans - - - 119.08 62.00
Unsecured loans 20.38 41.99 59.69 130.43 85.83

25. 25
Mar '
14
Mar '
13
Mar '
12
Mar '
11
Mar '
10
Total 1,246.40 1,194.94 1,202.99 583.78 431.15
Uses of funds
Fixed assets
Gross block 1,485.42 1,397.41 1,161.50 1,089.32 937.73
Less : revaluation reserve - - - - -
Less : accumulated depreciation 842.12 775.82 710.78 696.78 653.42
Net block 643.29 621.59 450.72 392.53 284.31
Capital work-in-progress 205.77 188.99 93.37 59.49 45.71
Investments 1.23 1.18 0.95 56.74 56.74
Net current assets
Current assets,loans & advances 921.58 896.08 1,119.33 605.45 456.36
Less : current liabilities & provisions 525.47 512.90 461.38 530.43 411.98
Total net current assets 396.10 383.18 657.95 75.02 44.38
Miscellaneous expenses not written - - - - -
Total 1,246.40 1,194.94 1,202.99 583.78 431.15
Notes:
Book value of unquoted investments 0.96 0.91 0.68 56.48 56.48
Market value of quoted investments 7.86 6.60 5.60 7.03 6.01
Contingent liabilities 136.80 141.49 158.48 89.64 54.54
Number of equity shares outstanding
(Lacs) 131.76 131.76 131.76 131.76 131.76
CASH FLOW (in crore)
Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10
Profit before tax 62.63 19.13 1,011.30 82.13 42.88
Net cash flow-operating activity 120.67 83.26 -139.22 72.87 58.67
Net cash used in investing activity -99.57 -304.11 814.52 -157.70 -19.58
Net cash used in fin. Activity -30.18 -16.10 -227.91 73.84 -29.97
Net inc/deck in cash and equivalent -9.08 -236.95 447.39 -10.99 9.12
Cash and equivalent begin of year 224.95 461.90 14.51 25.76 16.64

26. 26
Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10
Cash and equivalent end of year 215.86 224.95 461.90 14.76 25.76
STAKE HOLDER
COMPETITION (in crore):-
Name Last Price Market Cap.
(Rs. cr.)
Sales
Turnover
Net Profit Total Assets
Tata Motors 358.75 121,819.50 36,294.74 -4,738.95 34,943.56
Eicher Motors 19,970.00 54,203.34 3,031.22 558.92 1,233.66
Ashok Leyland 85.60 24,360.70 13,562.18 334.81 7,710.02
Tata Motors (D) 241.45 7,747.61 - - -
SML Isuzu 1,303.40 1,886.23 1,105.55 36.94 276.41
Force Motors 2,818.00 3,713.07 2,363.72 101.36 1,246.39

27. 27
Indian commercial vehicle market to double by 2016-17 - E&Y Report
Ernst & Young in its latest report on 'Mega trends shaping the Indian commercial vehicle
market’ said that the Indian commercial vehicle market will double to 1.6 million units in
next five years thanks to the increase in infrastructure spend, rapid urbanisation and entry of
major multinational players in the country.
It said that the country is likely to see the emergence of more than six cities (each with a total
population of over 10 million) and 63 cities with a projected population of more than 1
million by 2025. E&Y said that the Indian market which has seen the entry of international
majors like Daimler, Volvo, Beiqi Foton will see a CAGR growth of 15% till 2016-17.
The overall commercial vehicle sales in India grew by 18.20% in 2011-12 at 809,532 untis
Vs 684,905 units in 2010-11. The sales of medium & heavy trucks posted a growth of 8.79%
in 2011-12 at 299,309 vs 275,121 units in 2010-11 & light commercial vehicles grew faster at
almost 30% with 4,11,460 units sold in the last fiscal.
TATA Motors & Ashok Leyland continues to dominate the domestic truck scene in India
with a combined market share of over 85-90% and rest of the players making up the rest of
the pie.
Force Motors Inaugurates New Plantin Chennai
Force Motors' new manufacturing facility has been strategically located to strengthen its
operations in its engine deal with BMW. Force Motors will produce engines for the BMW 3
Series, 3 GT, 5 series, 7 Series, X1,X3 and the X5 range in this facility.
Force Motors to invest around Rs 1,000 crin 4 yrs to develop BMW engine
assembly facility
Panaji: Force Motors plans to invest around Rs 1,000 crore over the next four years on
various activities, including product development and setting up of a dedicated facility for
assembling engines for BMW vehicles.
"We are looking to invest around Rs 1,000 crore in the next four years on technology
advancement, new vehicle development and also on a dedicated engine assembly facility for
BMW in Chennai," Force Motors Managing Director Prasan Firodia told PTI here.
This investment would be in addition to the Rs 1,000 crore that the company had announced
in 2012, he added. The Pune-based firm, which markets a range of vehicles, is in the process

28. 28
of developing an all new light commercial vehicle, which would add to the already popular
Traveller portfolio.
"We are working on a completely new van which will come out in the next few years,"
Firodia said.
Force motors share holding
Category No. of Shares Percentage
Promoters 7,921,495 60.12
General Public 3,733,627 28.34
Foreign Institutions 795,447 6.04
Other Companies 588,913 4.47
NBFC and Mutual Funds 106,437 0.81
Financial Institutions 24,711 0.19
Foreign – Others 5,632 0.04
REFRENCES
http://auto.economictimes.indiatimes.com/news/passengervehicle/cars/mm-steps-on-the-
pedal-to-lift-market-share/47562171
http://www.foundryinfoindia.org/Indian%20commercial%20vehicle%20market%20to%20do
uble%20by%202016-17%20-%20EY%20Report.aspx
http://info.shine.com/company/force-motors-ltd/3792.html
http://www.moneycontrol.com/competition/forcemotors/comparison/FM01
http://money.rediff.com/companies/Force-Motors-Ltd/10510002/balance-sheet
http://money.rediff.com/companies/Force-Motors-Ltd/10510002/profit-and-loss
http://www.forcemotors.com/page/index/tooling#&panel1-3
http://www.forcemotors.com/page/index/company_profile
https://en.wikipedia.org/wiki/Force_Motors
http://www.driveinside.com/cars/force-motors
http://www.moneycontrol.com/company-facts/forcemotors/shareholding-pattern/FM01#FM01
http://articles.economictimes.indiatimes.com/2015-07-21/industry/64683536_1_force-
motors-chennai-plant-bmw