Professional Documents
Culture Documents
MOTOR CORPORATION
COMPILED BY:
Shadman Tauheed
051
MBA (2013-2015)
SEC B
Acknowledgement
This satisfaction and euphoria that accompany the successful completion of any task that would be
incomplete without mentioning the name of the people whose constant guidance and encouragement
has crowned all our efforts and success.
Firstly, we would like to thank Ms. Teena Bagga who has through her vast experience and knowledge
has been able to guide us, both ably and successfully toward the completion of the term paper for
information and technology for managers project.
It is my growing feeling to place on record my best regards, deepest sense of gratitude to all those
who have helped us by imparting the judicious and precious guidance which were extremely valuable
for our study both theoretically and practically.
FORD
Henry Ford designed his first moving assembly line in 1913
Wheels for the world-the motto behind popularization of cars
Each section of the production process was divided into component parts
Combination of precision, continuity, and fast-paced brought the world mass production
In Highland Park, Model T production reached record levels, every day a car came off the
assembly line every ten seconds
The fourth-largest automotive company in the world in terms of sales
Sells cars on 6 continents
Car Brands: Ford, Mercury, Lincoln and Volvo
in March of 2010 confirmation of sale of Geely Automobile Holdings Ltd)
Since the mid-90s Ford continually loses significance in the American market
Over the same period steadily increases its share in the European market
Reasons for the gap between the development of the brand in the U.S. and Europe:
high labor costs in the U.S.
high expenditure on healthcare in the U.S.
strong trade unions in the U.S. (high pension commitments)
strong economic growth in lower combustion cars
Risk Factors
Ford is exposed to various kinds of risk not only to the market risk
currency risk, commodity price changes, interest rate risk,
financing risk, risk of extraordinary events are just some of the most important kinds of
risk present
risk of loss of liquidity: hedge against it by sale of receivables (securitization), issue of
debt and bank loans
insurable risks: the loss (damage) of property, civil liability companies insure
themselves privately
they use derivatives to hedge currency, interest rate or change
in commodity prices risk by forwards, swaps, options
TOYOTA
Toyota's history began at the end of XIX century
Sakichi Toyoda invented Japan's first power loom which revolutionized the countrys textile
industry
Two years later, he founded the company Toyoda Automatic Loom Works
ToyodaSakichis son, Kiichiro Toyoda invested 100,000 pounds in the creation of Toyota
Motor Corporation in 1937 (TMC)
Sakichi Toyoda received this money for selling the patent rights to an automatic loom
The biggest carmaker in the world in 2009 (more than 7.5 million cars)
Main markets are Japan and North America, but recently we can see a strong growth in Asian
and South American markets
Toyota has three brands: Toyota, Lexus and Scion
in 1990 10% of Japan's population was over 65 years, in 2006, the number
suppose to double
older society saves more and raises the demand for more luxury goods
USA
collapse of the real estate market
strength of real estate market has always been related to car market because
consumers often fund the purchase of car with a mortgage owed
oil prices are rising, resulting in increased demand for cars Hybrid (Prius model)
hybrid legislation
World Market
demand for cars will depend on the trend in oil, steel and aluminum prices
Risk factors
Toyota is exposed to risks arising from:
changes in exchange rates
interest rates
availability of materials
changes in prices of materials
Instruments used to protect:
forward contracts
currency and interest rate options
swaps
Unfortunately, Toyota does not protect itself from price changes and changes in supply of
materials
only protection is to maintain reserves of some materials
Toyota settles its invoices in Japanese yen which increases its currency risk
Changes in exchange rates reflect very strongly on company results
change in the dollar-yen exchange rate of 1% will change revenues by about $42
million
Toyota protect itself from risk with the help of swaps and futures
Despite this, the company is unable to protect itself from a falling demand for exports of
Japanese cars due to a change in exchange rates
SWOT analysis
FORD
Strengths
Weaknesses:
Hybrid technology
Opportunities:
Promotion of ecology-friendly cars
TOYOTA
Appeal of a national brand in crisis
Threaths:
TOYOTA
Strengths
Hybrid technology
Weaknesses:
Lack of protection against changes
Opportunities:
Promotion of economical and
ecology-friendly cards
In crisis, lesser importance of
competitors
Threaths:
+
+
+
Investing
Financing
TOYOTA
Operating
+
-
+
+
+
Investing
Financing
From the table above it can be seen that for Ford in the year 2011 there has been in flow of cash form
operating as well as financing activities and cash outflow in investing activities. Whereas Toyota has
only inflow from operating activities i.e. it has not gone for cash inflow from financing activities (no
loan, no issue of shares).
For the year 2012 and 2013 the cash inflow for both the companies are the same i.e. from operating
activities and there is outflow by mean of investing and financing.
Financial
Revenue USD Mil
Gross Margin %
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
164,196 171,652 177,089 160,123 172,455 146,277 118,308 128,954 136,264 134,252 142,501
20.9
20.9
18.2
7.0
16.9
11.8
15.5
19.0
16.8
16.1
15.6
8,116
10,681
7,493
-7,926
8,031
-4,130
-2,824
6,658
6,943
6,291
6,097
Operating Margin %
4.9
6.2
4.2
-4.9
4.7
-2.8
-2.4
5.2
5.1
4.7
4.3
495
3,487
2,024
-12,613
-2,723
-14,672
2,717
6,561
20,213
5,665
6,073
0.27
1.73
1.05
-6.72
-1.38
-6.46
0.86
1.66
4.94
1.42
1.52
Dividends USD
0.40
0.40
0.40
0.25
0.20
0.30
Payout Ratio %
80.0
22.2
35.1
14.2
19.8
1,832
1,830
1,846
1,879
1,979
2,273
2,992
4,178
4,111
4,015
4,004
6.62
8.77
7.24
-1.83
2.67
-6.98
-2.34
-0.18
3.94
4.04
4.87
20,195
24,514
21,679
9,611
17,098
-179
16,042
11,477
9,784
9,045
9,355
-7,749
-9,237
-7,517
-6,848
-6,022
-6,696
-4,561
-4,092
-4,293
-5,488
-6,281
12,446
15,277
14,162
2,763
11,076
-6,875
11,481
7,385
5,491
3,557
3,074
6.79
8.35
7.67
1.47
5.60
-3.02
3.84
1.77
1.34
0.89
36,806
99,358
81,737
82,690
74,816
Shares Mil
Margins % of Sales
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Revenue
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
COGS
79.06
79.15
81.85
92.97
83.07
88.17
84.54
81.00
83.18
83.86
84.42
Gross Margin
20.94
20.85
18.15
7.03
16.93
11.83
15.46
19.00
16.82
16.14
15.58
SG&A
10.65
14.63
13.92
11.98
12.28
14.65
11.21
9.24
8.50
9.07
9.11
Other
5.35
6.64
4.60
3.23
2.38
2.19
Operating Margin
4.94
6.22
4.23
-4.95
4.66
-2.82
-2.39
5.16
5.10
4.69
4.28
-4.11
-3.40
-3.10
-4.45
-6.83
-7.02
4.94
0.38
1.28
1.06
1.36
0.83
2.83
1.13
-9.40
-2.17
-9.85
2.56
5.54
6.37
5.75
5.63
R&D
EBT Margin
Profitability
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
Tax Rate %
9.85
19.31
2.28
8.28
Net Margin %
0.30
1.94
1.14
-7.88
-1.58
-10.03
2.30
5.09
14.83
4.22
4.26
0.54
0.56
0.63
0.58
0.62
0.59
0.57
0.72
0.79
0.73
0.76
Return on Assets %
0.16
1.10
0.72
-4.60
-0.98
-5.90
1.32
3.65
11.78
3.07
3.22
27.12
18.24
20.80
49.62
11.87
11.95 10.23
Return on Equity %
5.74
24.08
13.96
-265.76
-251.78
281.62
36.58 33.54
-3.31
-1.35
-2.05
-10.92
-5.76
16.24
Interest Coverage
2012-12
TTM
26.63 24.35
2.42
2.88
16.20 15.52
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
Latest Qtr
0.47
4.54
3.17
-9.58
7.70
-15.18
-19.12
9.00
5.67
-1.48
14.71
3-Year Average
-1.16
1.86
2.71
-0.83
0.16
-6.17
-9.60
-9.23
-2.34
4.30
5-Year Average
2.60
1.09
0.81
-0.28
1.08
-2.28
-7.17
-6.15
-3.18
-4.89
10-Year Average
4.23
2.94
2.59
0.86
1.16
0.13
-3.13
-2.73
-1.74
-1.95
-17.66
31.60
-29.85
4.28
-9.39
-3.94
3-Year Average
-22.91
-8.74
-9.07
-6.06
5-Year Average
-13.76
-10.49
-15.81
-4.01
-2.34
-4.77
10-Year Average
-2.64
-4.00
-7.37
-8.78
-9.32
-4.39
604.44
-41.96
141.48
208.08
-71.97
3-Year Average
-47.73
27.75
5-Year Average
-53.21
-13.59
-10.21
-4.87
26.52
10-Year Average
-15.05
-4.11
-6.90
-9.33
6.59
540.74
-39.31
93.02
197.59
-71.26
15.38
3-Year Average
-51.04
18.19
5-Year Average
-52.62
-14.24
-14.51
-13.05
9.59
10-Year Average
-18.55
-4.79
-6.78
-13.65
-3.21
Revenue %
Operating Income %
Net Income %
EPS %
200312
200412
200512
TTM
8.38
9.61
22.75
Cap Ex as a % of Sales
4.72
5.38
4.24
4.28
3.49
4.58
3.86
3.17
3.15
4.09
4.41
7.58
8.90
8.00
1.73
6.42 -4.70
9.70
5.73
4.03
2.65
2.16
25.14
4.38
7.00
4.23
1.13
0.27
0.63
0.51
-0.22 -4.07
0.47
2003-12 2004-12
2005-12 200612
2007-12 200812
Latest
Qtr
12.44 11.64
15.79 19.97
18.19 18.07
28.82
Accounts Receivable
35.96 39.88
42.49 41.51
41.99 45.60
42.48
Inventory
2.91
3.68
3.81
4.16
3.62
3.95
2.80
3.59
3.31
3.86
4.18
3.19 16.60
12.18
54.50
74.27
65.64
63.80
67.62
77.05
79.31
74.60
74.57
75.48
Net PP&E
13.29 15.22
13.18
Intangibles
2.30
71.81
2.48
15.11 13.82
2.21
2.49
12.98 13.08
0.74
0.73
0.11
0.06
0.06
0.05
0.04
29.91 10.48
8.42 18.05
22.48 18.57
10.13
11.29
Total Assets
100.00 100.00
100.00 100.00
100.00 100.00
100.00
Accounts Payable
6.46
7.34
8.47
8.45
Short-Term Debt
9.36
9.94
Taxes Payable
7.46
6.77
8.18
7.86
7.93
10.68
10.12 29.16
9.09
6.64
9.88 17.11
19.30
Accrued Liabilities
10.18 10.66
27.08
8.72
8.44 13.16
5.97
9.11
1.48
1.35
6.38
0.04
1.69
1.47
1.68
11.00
5.76
9.02
8.91
1.75
26.05
18.00
35.55
28.80
27.49
50.76
26.06
29.68
28.23
35.31
38.13
Long-Term Debt
47.55 59.10
57.27 51.83
50.22 41.47
35.67
22.71 17.41
2.37 20.62
20.27 15.70
16.43
Total Liabilities
96.31
94.52
95.19 101.24
97.98 107.93
104.01 100.41
3.69
5.48
Liquidity/Financial Health
100.00 100.00
4.81
-1.24
100.00 100.00
2.02
-7.93
100.00 100.00
91.57
91.63
90.23
8.43
8.37
9.77
100.00
-4.01
-0.41
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
Latest Qtr
Current Ratio
2.09
3.99
2.09
2.28
2.32
1.33
2.96
2.67
2.64
2.11
1.98
Quick Ratio
1.86
2.86
1.64
2.13
2.19
1.25
2.85
2.55
2.52
2.00
1.87
Financial Leverage
27.12
18.24
20.80
49.62
11.87
11.95
10.23
Debt/Equity
12.89
10.78
11.91
24.92
5.46
4.54
3.65
Efficiency
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
5.32
9.24
124.15
252.29
228.49
252.69
274.68
229.33
208.93
218.70
206.97
Days Inventory
22.72
26.80
26.49
26.78
27.64
26.52
25.67
19.86
19.03
21.50
23.48
Payables Period
55.39
56.30
55.78
56.84
56.54
50.38
53.58
49.03
44.25
47.21
61.62
-27.35
-20.26
94.86
222.24
199.60
228.83
246.77
200.16
183.71
192.99
168.84
Receivables Turnover
68.62
39.50
2.94
1.45
1.60
1.44
1.33
1.59
1.75
1.67
1.76
Inventory Turnover
16.07
13.62
13.78
13.63
13.20
13.77
14.22
18.38
19.18
16.98
15.54
4.11
3.97
4.15
4.04
4.61
4.51
4.44
5.38
5.98
5.68
5.86
Asset Turnover
0.54
0.56
0.63
0.58
0.62
0.59
0.57
0.72
0.79
0.73
0.76
Financial
Revenue JPY Mil
Gross Margin %
Operating Income JPY Mil
Operating Margin %
2004-03
2005-03
2006-03
2007-03
2008-03
2009-03
2010-03
2011-03
2012-03
2013-03
TTM
17,059,73818,524,36921,078,50823,901,50126,163,52620,529,57018,950,97318,993,68818,583,65322,064,19222,817,938
19.8
10.1
12.0
12.5
147,516
468,279
-2.2
0.8
2.5
1.9
209,456
408,183
283,559
9.6
19.8
9.0
19.5
8.9
19.7
9.3
18.1
8.6
11.8
15.5
16.8
6.0
7.1
962,163 1,234,010
687.16
712.37
841.19
1021.39
1082.79
-278.26
133.58
260.32
180.40
607.56
779.04
81.32
101.05
193.24
225.43
281.86
204.98
92.84
39.71
94.29
52.68
52.68
12.0
14.2
22.9
22.1
26.2
59.6
13.4
40.2
7.7
6.1
Shares Mil
1,695
1,648
1,627
1,606
1,589
1,570
1,568
1,568
1,572
1,584
1,584
46.47
51.64
55.35
63.01
75.60
64.84
71.16
79.21
80.96
81.31
83.58
Dividends JPY
Payout Ratio %
2,251,981 2,367,487 2,520,480 3,231,929 2,967,395 1,476,905 2,558,530 2,024,009 1,452,435 2,451,316 2,777,963
Mil
783,674
4.44
447,054 -256,238
401,649
220,560
2.53
-1.34
2.13
1.39
1,233,528 1,211,088
707,863
16,848
144,780
1,120,929
332,818
-79,647
477,164
599,575
2.55
-0.62
3.19
539,615
872,370
7.70
Key Ratios
Margins % of Sales
2004-03
2005-03
2006-03
2007-03
2008-03
2009-03
2010-03
2011-03
2012-03
2013-03
TTM
Revenue
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
COGS
80.20
80.16
80.55
80.29
81.86
89.90
88.04
87.48
88.19
84.49
83.23
Gross Margin
19.80
19.84
19.45
19.71
18.14
10.10
11.96
12.52
11.81
15.51
16.77
SG&A
10.16
10.83
10.52
10.36
9.50
12.35
11.18
10.06
9.90
9.53
9.63
R&D
Other
Operating Margin
9.64
9.01
8.93
9.35
8.64
-2.25
0.78
2.47
1.91
5.99
7.15
0.57
0.44
0.99
0.60
0.63
-0.48
0.76
0.50
0.42
0.38
0.36
EBT Margin
10.21
9.46
9.92
9.95
9.27
-2.73
1.54
2.97
2.33
6.36
7.51
2013-03
TTM
Profitability
2004-03
2005-03
2006-03
2007-03
2008-03
2009-03
2010-03
2011-03
2012-03
38.58
37.49
38.09
37.70
37.40
Net Margin %
6.72
6.31
6.52
6.87
6.53
-2.13
1.11
2.15
1.53
4.36
5.41
0.82
0.80
0.79
0.78
0.81
0.67
0.64
0.63
0.61
0.67
0.68
Return on Assets %
5.52
5.08
5.18
5.35
5.28
-1.42
0.71
1.36
0.94
2.91
3.67
2.69
2.69
2.72
2.75
2.73
2.89
2.93
2.89
2.91
2.92
2.88
15.23
13.68
14.02
14.65
14.47
-4.00
2.05
3.95
2.72
8.48 10.54
7.65
7.00
7.06
7.17
7.02
-2.05
0.82
1.70
1.18
3.88
-10.95
9.72
20.21
19.88
Tax Rate %
Return on Equity %
Interest Coverage
39.30 34.85
4.89
62.12 80.60
Revenue %
Year over Year
12.13
8.59
13.79
13.39
9.46
-21.53
-7.69
0.23
-2.16
18.73
13.70
3-Year Average
8.46
9.06
11.48
11.90
12.20
-0.88
-7.44
-10.13
-3.27
5.20
5-Year Average
6.24
8.54
9.53
10.85
11.45
3.77
0.46
-2.06
-4.91
-3.35
10-Year Average
6.35
8.39
6.89
6.94
8.31
5.00
4.42
3.57
2.67
3.79
31.75
1.55
12.72
18.72
1.13
217.44
-24.06
271.43
87.85
3-Year Average
26.89
15.25
14.68
10.76
10.61
-59.58
-40.82
107.66
5-Year Average
17.27
19.81
18.52
15.42
12.61
-38.45
-24.29
-30.76
-10.18
10-Year Average
29.09
20.41
18.26
12.91
11.66
-14.12
-5.27
-10.60
0.57
55.54
2.03
17.55
19.35
4.19
94.88
-30.53
239.32
3-Year Average
18.61
28.19
23.10
12.70
13.49
-49.65
-37.96
66.23
5-Year Average
20.77
20.18
14.89
24.20
18.33
-29.11
-21.56
-29.61
-10.86
10-Year Average
25.42
24.14
18.14
15.59
14.08
-7.70
-5.07
-6.50
2.70
63.42
3.67
18.08
21.42
6.01
94.88
-30.70
236.78
93.41
3-Year Average
23.64
32.62
26.00
14.12
14.98
-49.24
-37.82
65.68
5-Year Average
23.85
23.43
18.27
27.31
20.83
-28.45
-20.91
-29.30
-10.91
10-Year Average
26.95
26.12
20.27
17.68
16.28
-6.02
-3.29
-5.13
3.75
Operating Income %
Net Income %
EPS %
2004-03
2005-03
2006-03
2007-03
2008-03
2009-03
2010-03
2011-03
2012-03
2013-03 TTM
10.04
5.13
6.46
28.23
-8.19
-50.23
73.24
-20.89
-28.24
68.77
68.13
-42.95
-45.09
-70.31
Cap Ex as a % of Sales
8.61
10.37
13.17
11.84
10.50
7.59
8.90
8.24
8.95 9.55
4.59
2.41
-1.22
1.68
0.84
5.91
1.75
-0.43
2.16 2.63
0.68
0.38
-0.19
0.24
0.13
5.35
0.82
-0.28
0.50 0.49
2004-03
2005-03
2006-03
2007-03
2008-03
2009-03
2010-03
2011-03
2012-03
2013-03
Latest Qtr
10.19
8.59
7.67
7.25
7.10
10.27
13.35
11.77
9.59
9.22
9.77
Accounts Receivable
20.65
20.81
20.51
20.10
21.15
19.33
21.27
19.76
21.28
21.20
20.21
Inventory
4.92
5.37
5.64
5.54
5.62
5.02
4.69
4.37
5.29
4.84
5.01
4.39
4.02
3.53
3.29
3.36
4.26
3.77
3.77
4.03
3.60
3.67
40.15
38.79
37.36
36.18
37.24
38.88
43.08
39.67
40.20
38.85
38.66
Net PP&E
24.29
23.82
24.60
24.74
24.07
25.47
22.11
21.16
20.34
19.31
18.99
Intangibles
35.56
37.39
38.04
39.08
38.70
35.65
34.81
39.17
39.46
41.84
42.35
Total Assets
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Accounts Payable
7.76
7.63
7.26
6.79
6.82
4.47
6.45
5.04
7.32
5.96
5.47
Short-Term Debt
15.04
14.52
16.56
18.01
19.19
21.74
18.12
19.96
19.46
19.15
18.30
0.18
0.51
0.38
0.44
0.44
0.73
Accrued Liabilities
5.14
5.30
5.10
5.12
4.95
5.30
5.72
5.95
5.97
6.16
6.18
6.54
6.36
5.99
6.21
5.83
4.75
4.42
4.86
5.26
4.69
4.39
34.47
33.81
34.90
36.12
36.79
36.44
35.21
36.19
38.44
36.39
35.08
Long-Term Debt
19.27
20.61
19.63
19.23
18.43
21.68
23.12
21.63
19.71
20.68
21.28
9.15
8.42
8.71
8.31
8.21
7.26
7.54
7.53
7.43
8.69
8.94
Total Liabilities
62.89
62.83
63.24
63.67
63.43
65.38
65.87
65.35
65.58
65.76
65.30
37.11
37.17
36.76
36.33
36.57
34.62
34.13
34.65
34.42
34.24
34.70
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Taxes Payable
Liquidity/Financial Health
2004-03
2005-03
2006-03
2007-03
2008-03
2009-03
2010-03
2011-03
2012-03
2013-03
Latest Qtr
Current Ratio
1.16
1.15
1.07
1.00
1.01
1.07
1.22
1.10
1.05
1.07
1.10
Quick Ratio
0.89
0.87
0.81
0.76
0.77
0.81
0.98
0.87
0.80
0.84
0.85
Financial Leverage
2.69
2.69
2.72
2.75
2.73
2.89
2.93
2.89
2.91
2.92
2.88
Debt/Equity
0.52
0.55
0.53
0.53
0.50
0.63
0.68
0.62
0.57
0.60
0.61
Efficiency
2004-03
2005-03
2006-03
2007-03
2008-03
2009-03
2010-03
2011-03
2012-03
2013-03
TTM
31.66
30.79
61.50
57.33
28.25
30.43
31.58
32.05
33.87
32.85 28.87
Days Inventory
27.68
29.17
31.48
32.57
30.82
32.40
31.52
29.95
32.59
32.68 33.53
Payables Period
42.54
43.51
42.40
40.87
37.57
34.63
35.62
38.00
41.71
42.65 39.11
16.80
16.45
50.58
49.03
21.50
28.20
27.48
24.00
24.75
22.88
Receivables Turnover
11.53
11.86
5.94
6.37
12.92
11.99
11.56
11.39
10.78
11.11 12.64
Inventory Turnover
13.19
12.51
11.59
11.21
11.84
11.27
11.58
12.19
11.20
11.17 10.89
3.28
3.35
3.28
3.16
3.31
2.71
2.69
2.92
2.96
3.37
3.48
Asset Turnover
0.82
0.80
0.79
0.78
0.81
0.67
0.64
0.63
0.61
0.67
0.68
23.29
Conclusion
The conclusion derived from the above analysis is very much clear that Ford though a very big brand
in the world is still lagging behind Toyota in terms of financial power, overall productivity and
consistency in performance. The ratios show us a clear picture that Ford is not as consistent as Toyota.
From the Indian perspective Toyota is way ahead of Ford because of many reasons firstly it has failed
to cater to every segment on the other hand Toyota has very well understood the Indian market and has
launched different cars over the years as and when they have that the particular segment is mature
enough.
Ford should now take corrective action and target all those segments where Toyota already is this will
lead to more profit and revenue for the firm. Growing market like India is vital for any car
manufacturer to keep earning profits and also generate revenue.
Ford with the launch of Eco-Sport has shown aggressiveness and the car is huge hit in urban areas.
Decision like these will help them to generate more demand.
Toyota can easily be said as the number one car manufacturer in the world as they have worked upon
quality in every field to create a brand name for them which has become like a synonym for quality.
They have been doing well in India be it commercial sector or household sector, they have understood
the market well and acted accordingly.
Reference
http://financials.morningstar.com/