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Force Motors Ltd (500033)
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IntroductionForce Motors Limited is an India-based
automobilecompany
Key features:
SCV, LCV, MUV, SUV(product rane! "ricultural tractors
Vertically interated
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Shareholding Pattern
60.12
0.810.196.04
6.03
4.47
28.38
Share Holding Pattern
Indian Promoter
Mutual Funds / UTIFI/Bank/Insurance
FII
Other
Bodies Corporate
Others
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Financial
Si#ts
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*+**
)**+**
'**+**
**+**
**+**
%,***+**
%,)**+**
%,'**+** 1,316.88 1,226.021,152.95 1,143.30
334.28
Networth
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*+**
)**+**
'**+**
**+**
**+**
%,***+**
%,)**+**
%,'**+** 1,327.61 1,246.391,194.95 1,202.99
558.62
Total Assets
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*+**
)**+**
'**+**
**+**
**+**
%,***+**
%,)**+**
%,'**+** 1,327.61 1,246.401,194.94 1,202.99
558.61
Total Liabilities
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*+**
&**+**
%,***+**
%,&**+**
),***+**
),&**+**2,222.84
1,922.94 1,949.282,000.44
1,448.77
Total Expeses
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*
&**
%***
%&**
)***
)&**
***
&**
2435.62
2079.6 2046.81
3107.24
1598.67
Total !"o#e $s. %r.
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*+**
&**+**
%,***+**
%,&**+**
),***+**
),&**+** ),+.)
2,021.631,972.722,085.00
1,564.79
Net &ales i $s. %r.
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*
%**
)**
**
'**
&**
**
.**
**
/**
101.36 77.6914.28
824.33
58.62
Net 'ro(t )Total $e+ee -Total Expeses
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Mar $%& Mar $%' Mar $%( Mar $%) Mar $%%
*
%**
)**
(**
'**
&**
,**
.**
76.93 58.9710.84
625.62
44.49
E'& ) et i"o#e a+era/e o,tstai/ "o##o shares
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%
*
)**
'**
**
**
%***
%)**
)%)+.%&+
/.+&
%%*+
%'/+/%)'+/&)+' %/+%
%*%%+)/
%+/%*%+
..+/
%'+)
)'+
&+)
01I23" 412 4"2
E!TA, 'T 'AT $s. %r.
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5atios
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*
*+&
%
%+&
)
)+&
1.71.75 1.75
2.43
0.86
%rret ratio ) %rret Assets %rret Liabilities
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Mar $%& Mar $%' Mar $%( Mar $%) Mar $%%
*
*+)
*+'
*+,
*+-
%
%+)
%+'
%+,
%+-
1.091.04 1
1.64
0.56
,i" ratio ) ",rret assets 7 i+etories8 ",rret liabilities
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Mar $%& Mar $%' Mar $%( Mar $%) Mar $%%
*
*+%
*+)
*+(
*+'
*+&
*+,
*+.
*+-
0.01 0.020.04 0.05
0.67
ebt E,it: $atio ) Total Liabilities &hareholers; E,it:
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*
)
'
%*
%)
5
3 3
10
5
i+ie 'er &hare) i+ie N#ber o< &hares
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Mar $%& Mar $%' Mar $%( Mar $%) Mar $%%
*
&
%*
%&
)*
)&
(*
6.495.08
27.68
1.59
11.23
i+ie 'a:o,t $atio Net 'ro(t ) i+ie Net !"o#e
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Mar $%& Mar $%' Mar $%( Mar $%) Mar $%%
*
)
'
,
-
%*
%)
%'
%,
%-
)*
9.9
5.76
2.29
7.12
18.81
$et,r = %apital E#plo:e> ) E!T ?100 %apital E#plo:e
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Mar $%& Mar $%' Mar $% Mar $%) Mar $%%*
%
)
'
&
.
6.72
5.36 5.17
6.54
5.72
!+etor: Tro+er $atio ) &ales !+etor:
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Mar $%& Mar $%' Mar $%( Mar $%) Mar $%%
*
*+&
%
%+&
)
)+&
(
(+&
1.84 1.66 1.65
2.37
3.16
Asset T,ro+er $atio ) &ales or $e+e,es Total Assets
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In6estment 5ationale
4ost e7it by 1a8a8 roup in "u )*%', t#ecompany #as seen
acceleration in itsro9t# in sales and tie-upscontracts+
It caters to 9orld reno9ned companies
li;e Mercedes 1en< India, 1M= byassemblin enines and a7les
for t#em+
" debt free balance s#eet i6es t#e
company enou# cus#ion to raise fundsfor its future e7pansion
plans+
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5is;s and Concerns 07tended slo9do9n in t#e
economy could impact its sales andmarins
0le6ated le6els of commodity
prices (steel, rubber, crude oil,etc+! could lead to
lo9erpro>tability
5isin price of diesel could impactsale of diesel 6e#icles+
Slo9do9n in tractors industry (dueto failure of monsoon or
ruralslo9do9n! could a?ect fortunes ofits tractor sement+
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Future 4rospect Forein collaboration for ne9 M4V @
postponed but not cancelled
4romoters increased t#eir sta;e as 1a8a8ends decade old
alliance
Company is also settin up t9omanufacturin facilities, one eac#
inMad#ya 4rades# and Au8arat to
manufacture auto-components
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2rends For Bne ear
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Conclusion D5ecommendations
2#e stoc; does not seem e7pensi6e from 40,41V, Mar;et CapSales
or 0V01I23" from F%.perspecti6e+
Eo9e6er if t#e current mar;et sentiments do not
impro6e soon, it could underperform in t#ee7tremely s#ort term
before impro6in later on+
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A
Th @
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Tha @oMad#ur 2elan (%.%!imson 2ellis (%.)!5is#ira8 2#a;ar
(%.!Sub#an 2#a;ur (%.'!Karan 2ri6edi (%.&
