APPENDIX I Annual production of selected automobile industry in India (in thousands)

APPENDIX I Annual production of selected automobile industry in India (in thousands) Industry 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 Commercial Ashok Leyland 37.90 45.26 33.20 26.50 36.28 33.78 31.82 33.65 49.15 52.35 56.62 Tata Motors 181.40 218.39 154.79 129.32 204.52 171.03 180.06 234.98 320.07 384.09 423.45 Eicher Motors 5.89 6.63 5.35 5.19 6.95 8.52 9.66 12.81 44.76 32.18 38.26 Swaraj Mazda 4.50 4.01 2.93 2.88 4.01 5.21 6.36 8.20 10.23 12.12 14.56 Passenger Cars and Multiutility Hindustan Motors 31.30 28.57 26.92 23.51 37.86 28.24 23.22 21.58 15.86 19.21 21..52 Mahindra and Mahindra 65.38 80.48 79.00 72.12 76.98 63.15 66.33 87.10 117.67 123.63 141.42 Maruthi Udyog 277.78 336.81 354.34 338.10 407.60 350.38 358.11 359.96 472.91 523.62 562.75 Daewoo Motors India 11.19 18.42 5.40 8.56 35.54 34.24 7.67 6.24 5.15 - - Two and Three Wheelers Bajaj Auto 1302.03 1439.18 1354.28 1381.76 1269.13 1212.76 1294.63 1457.03 1516.87 1626.94 1723.82 Maharastra Scooters 126.62 154.36 145.02 153.66 140.53 91.74 60.13 31.36 17.90 22.18 26.14 TVS Motors India 442.81 576.02 649.14 712.43 794.18 868.83 871.87 1134.54 1143.34 1282.80 1322.81 Hero Honda Motors 230.08 269.48 407.30 532.74 761.21 1035.68 1423.00 1680.28 2064.70 2124.82 2322.65 Source: CMIE Database

APPENDIX II Capacity utilisation of selected automobiles industry (production as percentage of installed capacity) (in thousands) Industry 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 Commercial Ashok Leyland 81.75 86.00 63.84 52.50 71.54 66.30 62.74 66.62 96.54 102.81 113.26 Tata Motors 40.19 43.95 23.30 16.91 37.02 16.57 23.45 27.27 34.32 42.41 48.24 Eicher Motors 98.17 55.25 44.58 43.25 57.92 53.25 80.50 106.75 76.51 87.81 103.83 Swaraj Mazda 90.00 80.20 58.60 57.60 80.20 104.20 106.00 136.67 170.50 182.50 196.92 Passenger Cars and Multiutility Hindustan Motors 61.09 55.22 49.11 31.64 41.67 40.25 32.23 32.06 24.78 36.85 42.18 Mahindra and Mahindra 82.62 73.40 62.30 57.57 61.76 47.09 50.26 58.02 73.54 86.18 93.94 Maruthi Udyog 107.50 131.54 138.66 94.40 113.91 98.43 100.85 101.85 135.12 161.82 194.94 Daewoo Motors India 12.86 21.17 6.21 9.84 40.85 39.36 8.82 11.26 15.19 - - Two and Three Wheelers Bajaj Auto 45.68 38.62 40.81 31.13 28.44 19.26 15.99 11.51 64.82 71.92 86.23 Maharastra Scooters 101.30 102.91 96.68 102.44 93.69 61.16 40.09 20.91 11.93 16.23 22.41 TVS Motors Company 52.10 67.77 76.37 56.99 63.53 69.51 69.75 75.64 76.22 82.14 97.83 Hero Honda Motors 95.87 59.88 81.46 81.96 80.13 86.31 88.94 93.35 91.76 94.26 98.29 Source: CMIE Database

APPENDIX III Annual sales quantity of selected automobile industry in India (in thousands) Industry 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 Commercial Ashok Leyland 37.40 43.35 31.55 29.74 38.22 32.48 29.68 36.44 48.65 52.23 67.82 Tata Motors 181.22 209.26 152.93 128.86 199.14 170.51 171.57 232.29 295.46 321.42 383.73 Eicher Motors 5.88 6.58 5.28 5.32 6.93 8.44 9.63 12.72 44.24 56.14 63.83 Swaraj Mazda 4.23 3.73 3.30 2.98 3.98 5.07 6.22 8.10 10.28 12.14 14.68 Passenger Cars and Multiutility Hindustan Motors 33.57 29.01 25.69 23.55 38.03 28.20 23.10 21.05 16.50 20.12 24.15 Mahindra and Mahindra 69.97 75.57 76.95 70.55 76.43 62.93 77.39 86.89 117.40 123.14 142.91 Maruthi Udyog 275.26 338.56 353.26 333.77 353.16 350.62 352.20 362.25 472.12 502.13 523.25 Daewoo Motors India 10.98 16.62 6.50 8.49 35.79 33.39 8.28 11.29 13.25 - - Two and Three Wheelers Bajaj Auto 1301.97 1415.82 1333.80 1423.50 1412.61 1209.09 1358.97 1445.67 1518.13 1623.14 1720.25 Maharastra Scooters 126.27 150.04 138.34 152.60 146.67 96.76 65.34 30.93 16.93 20.21 22.42 TVS Motors India 410.81 513.40 648.40 703.25 801.00 863.45 866.31 1119.1 1146.86 1321.83 1426.92 Hero Honda Motors 230.16 268.93 407.55 530.55 761.62 1029.51 1425.30 1677.54 207.15 2242.81 2620.42 Source: CMIE Database

APPENDIX IV Annual market share of selected automobile industry in India (in thousands) Industry 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 Commercial Ashok Leyland 31.41 31.05 35.47 39.28 38.46 39.39 35.15 31.68 31.88 34.28 36.94 Tata Motors 35.46 39.94 34.00 34.00 27.04 24.93 25.85 30.64 57.67 62.14 65.25 Eicher Motors 6.47 5.75 9.80 9.80 11.69 13.84 18.68 17.93 15.15 17.12 19.24 Swaraj Mazda 4.57 3.33 5.72 5.72 7.18 8.51 12.12 10.97 9.18 12.14 16.23 Passenger Cars and Multiutility Hindustan Motors 9.10 6.98 6.41 6.33 7.18 6.50 4.88 4.71 2.67 8.21 11.23 Mahindra and Mahindra 43.97 48.40 48.97 54.21 57.23 42.44 36.45 39.03 41.13 46.13 56.18 Maruthi Udyog 41.29 36.62 41.33 36.36 29.27 26.01 25.04 24.48 23.82 29.42 32.18 Daewoo Motors India 5.64 8.00 3.29 3.20 6.32 5.71 1.38 1.35 0.00 0.00 0.00 Two and Three Wheelers Bajaj Auto 16.12 18.30 21.35 19.26 21.23 20.45 22.05 22.45 24.65 26.26 32.18 Maharastra Scooters 9.06 10.13 10.47 9.21 10.50 9.18 5.71 2.98 1.59 17.21 3.14 TVS Motors Company 12.70 13.26 12.42 11.74 10.31 12.21 11.50 14.94 16.78 13.26 18.21 Hero Honda Motors 8.40 8.27 10.79 10.08 10.21 9.99 10.31 11.45 12.25 2.21 14.24 Source: CMIE Database

APPENDIX LXXXV Economic Value Added (Automobile Industry) (Rs.in crores) Commercial Passenger Cars and Multiutility Two and Three Wheelers Industry Average 1995-96 258.42 244.97 125.70 209.70 1996-97 175.57 106.06 78.00 119.88 1997-98 307.38 326.25 185.74 273.12 1998-99 -187.54-214.68-102.75-168.32 1999-00 542.00 626.20 513.17 560.46 2000-01 128.81 45.90 199.46 124.72 2001-02 70.86 225.05 365.13 220.35 2002-03 -448.79-1040.32 505.23-327.96 2003-04 163.09 17.04 181.02 120.38 2004-05 194.46 31.68 89.19 105.11 2005-06 196.35 34.82 100.26 110.48 APPENDIX LXXXVI Economic Value Added (Commercial Vehicle) (Rs. in crores) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 226.19 777.68 18.21 11.60 1996-97 244.25 433.04 14.28 10.71 1997-98 249.12 961.36 8.58 10.46 1998-99 134.05-900.70 3.33 4.54 1999-00 250.08 1888.03 22.81 7.08 2000-01 283.39 199.99 23.00 8.85 2001-02 222.16 25.98 22.82 12.48 2002-03 129.23-1937.03 5.21 7.43 2003-04 234.91 360.56 38.26 18.62 2004-05 337.84 372.16 46.42 21.43 2005-06 340.41 384.26 41.41 19.31

APPENDIX LXXXVII Economic Value Added (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog (Rs.in crores) Daewoo Motors India 1995-96 116.58 216.76 584.49 62.03 1996-97 47.50 113.71 311.83-48.81 1997-98 134.10 423.90 834.13-87.12 1998-99 -66.55-178.50-452.34-161.33 1999-00 138.27 961.95 1419.86-15.29 2000-01 6.58 307.59-39.45-91.12 2001-02 68.64 395.52 621.12-185.09 2002-03 -167.24-1040.02-2852.98-101.02 2003-04 -44.35 139.67 30.86-58.01 2004-05 -59.23 146.82 39.14 0.00 2005-06 -62.18 157.61 43.84 0.00 APPENDIX LXXXVIII Economic Value Added (Two and Three Wheelers) ( Rs.in crores) Bajaj Auto Maharastra Scooters TVS Motors Company Hero Honda Motors 1995-96 414.44 15.66 43.23 29.46 1996-97 237.60-2.29 38.87 37.81 1997-98 535.21 19.08 103.30 85.38 1998-99 -425.16-28.90 3.07 39.97 1999-00 1452.80 69.39 252.27 278.14 2000-01 422.51 7.58 112.90 254.86 2001-02 811.70 23.43 129.29 496.11 2002-03 2223.75 135.48-304.01-34.30 2003-04 87.48 25.14 117.14 494.32 2004-05 87.46 9.16 3.21 256.94 2005-06 110.24 11.21 6.42 273.18

APPENDIX LXXXIX Market Value Added (Automobile Industry) Commercial Passenger cars and Multiutility vehicles Two and Three Wheelers (Rs. in crores) Industry Average 1995-96 2858.53 2826.06 1366.99 2340.53 1996-97 2837.48 2844.75 1380.89 2354.37 1997-98 1180.40 2969.40 2068.52 2072.77 1998-99 355.29 3119.87 2518.66 1977.94 1999-00 731.19 3746.39 1788.42 2096.67 2000-01 696.30 2547.31 1960.63 1734.75 2001-02 1399.38 2465.70 2830.46 2231.85 2002-03 838.70 2810.43 4061.76 2570.30 2003-04 1103.16 3710.86 5208.11 3340.71 2004-05 1540.59 4727.96 6903.97 4390.84 2005-06 2216.73 7677.84 8387.47 6094.01 APPENDIX LXXXX Market Value Added (Commercial Vehicle) (Rs. in crores) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 1233.30 10112.67 57.96 30.18 1996-97 611.30 10700.65 12.44 25.53 1997-98 328.25 4334.61 29.20 29.55 1998-99 1027.56 295.41 55.56 42.64 1999-00 511.40 2345.58 39.90 27.89 2000-01 676.77 2054.88 31.74 21.88 2001-02 1047.77 4359.15 128.56 62.12 2002-03 2137.17 727.81 317.30 172.52 2003-04 2468.99 1206.66 443.52 293.49 2004-05 3370.48 1668.97 750.68 372.24 2005-06 4897.54 2846.64 835.62 287.13

APPENDIX LXXXXI Market Value Added (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog (Rs. in crores) Daewoo Motors India 1995-96 150.23 1575.30 9478.58 100.11 1996-97 43.35 1685.95 9461.12 188.56 1997-98 -8.39 928.68 10979.28-21.98 1998-99 9.49 1785.92 10544.05 140.00 1999-00 -28.47 926.04 14144.72-56.74 2000-01 -84.34 417.72 10156.94-301.09 2001-02 -23.38 462.88 9771.41-348.11 2002-03 664.39 1465.79 9361.00-249.46 2003-04 101.59 2643.29 12219.21-120.64 2004-05 405.73 3320.60 15185.50 0.00 2005-06 449.75 6550.05 23711.58 0.00 APPENDIX LXXXXII Market Value Added (Two and Three Wheelers) (Rs. in crores) Bajaj Auto Maharastra Scooters TVS Motors Company Hero Honda Motors 1995-96 4887.86 55.22 269.35 255.52 1996-97 4552.39 46.47 268.88 655.81 1997-98 6777.89 64.08 315.08 1117.02 1998-99 5365.98 54.10 301.92 4352.66 1999-00 3180.98 27.96 411.64 3533.07 2000-01 3180.98 17.10 331.72 4312.72 2001-02 4697.99 70.24 1021.94 5531.69 2002-03 7714.77 120.15 1778.70 6633.43 2003-04 9212.27 156.58 1800.73 9662.88 2004-05 12556.04 313.52 1966.88 12779.44 2005-06 15710.98 358.79 2406.59 15073.52

Commercial APPENDIX XXXVII Current ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 1.50 1.18 1.18 1.29 1996-97 1.45 1.15 1.16 1.25 1997-98 1.62 1.25 1.26 1.38 1998-99 1.73 1.21 1.24 1.39 1999-00 1.53 1.13 1.17 1.28 2000-01 1.39 1.04 1.16 1.20 2001-02 1.19 0.98 1.02 1.06 2002-03 1.10 1.18 0.84 1.04 2003-04 1.08 1.10 0.75 0.98 2004-05 1.12 0.99 0.72 0.94 2005-06 1.15 1.15 0.75 1.02 Commercial Vehicle APPENDIX XXXVIII Liquidity ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 1.22 0.67 1.38 1.09 1996-97 1.38 1.34 1.36 1.36 1997-98 1.54 1.31 1.44 1.43 1998-99 1.46 1.02 1.37 1.28 1999-00 1.53 0.88 1.40 1.27 2000-01 1.08 1.24 1.18 1.17 2001-02 0.89 0.85 1.06 0.93 2002-03 0.76 1.08 0.96 0.93 2003-04 0.75 0.90 0.54 0.73 2004-05 0.97 1.02 0.54 0..84 2005-06 1.06 1.07 0.54 0.89

Commercial APPENDIX XXXIX Debt equity ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 0.71 5.29 0.31 2.10 1996-97 5.62 5.86 0.32 3.93 1997-98 1.82 4.01 0.34 3.06 1998-99 1.23 3.47 0.35 1.68 1999-00 1.10 4.13 0.27 1.83 2000-01 1.00 4.40 0.25 1.88 2001-02 1.05 5.83 0.25 2.38 2002-03 0.72 3.64 0.21 1.52 2003-04 0.50 5.42 0.18 2.03 2004-05 0.56 4.27 0.18 1.67 2005-06 0.69 4.48 0.22 1.80 Commercial APPENDIX XL Fixed assets to networth ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 0.00 1.44 1.02 0.79 1996-97 2.06 1.07 1.09 1.41 1997-98 1.46 1.04 0.92 1.14 1998-99 1.46 2.76 1.01 1.74 1999-00 1.52 3.46 0.81 1.93 2000-01 1.64 4.13 0.97 2.25 2001-02 1.99 17.31 1.05 6.78 2002-03 1.89 3.22 3.14 2.75 2003-04 1.92 4.35 3.74 3.34 2004-05 1.67 2.22 4.91 2.93 2005-06 1.18 3.08 1.16 1.81

Commercial APPENDIX XLI Interest coverage ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 3.02 4.41 25.42 10.95 1996-97 2.74 4.87 50.13 19.25 1997-98 1.77 3.45 195.57 66.93 1998-99 1.53 4.86 132.99 46.46 1999-00 2.23 2.83 119.10 41.39 2000-01 2.85-0.28 51.31 17.96 2001-02 3.12 0.76 172.64 58.84 2002-03 7.09 1.90 350.18 119.71 2003-04 9.40 4.28 289.15 100.94 2004-05 8.98 15.22 568.51 197.57 2005-06 7.01 28.68 1285.36 440.35 Commercial APPENDIX XLII Inventory turnover ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 6.56 6.53 19.88 10.99 1996-97 6.46 6.90 17.40 10.25 1997-98 5.53 7.44 15.25 9.41 1998-99 6.68 7.57 15.31 9.85 1999-00 8.68 8.75 17.45 11.63 2000-01 8.46 8.76 14.43 10.55 2001-02 9.57 9.70 20.21 13.16 2002-03 11.34 12.46 22.31 15.37 2003-04 12.54 16.50 21.48 16.84 2004-05 12.05 11.84 24.70 16.20 2005-06 10.21 10.30 24.86 15.12

Commercial APPENDIX XLIII Debtors turnover ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 6.49 12.41 30.07 16.32 1996-97 5.80 15.86 26.01 15.89 1997-98 4.87 17.36 26.25 16.16 1998-99 5.50 21.17 33.08 19.92 1999-00 7.11 16.42 40.67 21.40 2000-01 8.32 12.45 37.91 19.56 2001-02 8.54 14.08 31.15 17.92 2002-03 9.67 20.79 30.73 20.40 2003-04 12.41 19.06 46.06 25.84 2004-05 14.75 14.16 63.55 30.82 2005-06 15.52 14.76 50.30 26.86 Commercial APPENDIX XLIV Fixed assets turnover ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 5.13 4.24 7.91 5.76 1996-97 5.20 4.04 7.33 5.52 1997-98 3.92 3.23 6.07 4.41 1998-99 3.40 1.74 5.68 3.61 1999-00 4.23 1.57 5.84 3.88 2000-01 4.56 1.44 4.25 3.42 2001-02 4.60 1.29 3.89 3.26 2002-03 4.93 1.59 3.71 3.41 2003-04 5.80 2.43 3.37 3.87 2004-05 6.58 2.42 3.69 4.23 2005-06 6.62 2.50 3.63 4.25

Commercial APPENDIX XLV Working capital turnover ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 6.44 8.64 31.51 15.53 1996-97 4.26 17.35 63.28 28.30 1997-98 4.95 12.16 33.32 16.81 1998-99 4.89 5.31-3.33 2.29 1999-00 8.23 9.01 1.15 6.13 2000-01 20.68 7.36-2.66 8.46 2001-02 17.71 10.16-25.75 0.71 2002-03 1.49-15.02 110.65 32.37 2003-04 9.90 14.49-33.43-3.01 2004-05 -4.07 27.12-10.19 4.29 2005-06 16.05 0.77-27.00-3.01 APPENDIX XLVI Current ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 2.38 1.12 1.50 0.99 1996-97 2.13 1.20 1.42 1.04 1997-98 2.47 1.36 1.57 1.07 1998-99 2.93 1.27 1.62 1.08 1999-00 2.48 1.08 1.50 1.06 2000-01 2.20 0.91 1.40 1.04 2001-02 1.87 0.88 0.98 1.02 2002-03 1.71 0.88 0.78 1.04 2003-04 1.58 0.76 0.89 1.10 2004-05 1.54 0.87 0.95 1.13 2005-06 1.54 1.08 0.90 1.12

APPENDIX XLVII Liquidity ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Motors 1995-96 2.32 0.98 1.01 0.56 1996-97 1.98 1.52 1.33 0.67 1997-98 2.60 1.68 1.19 0.68 1998-99 2.56 1.18 1.28 0.83 1999-00 2.33 1.91 0.91 0.98 2000-01 1.93 0.63 0.89 0.86 2001-02 1.26 0.73 0.61 0.94 2002-03 1.27 0.52 0.56 0.68 2003-04 0.95 0.51 0.70 0.83 2004-05 1.36 0.84 0.76 0.90 2005-06 0.94 1.05 0.83 1.41 APPENDIX XLVIII Debt equity ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Motors 1995-96 0.76 0.64 1.42 0.00 1996-97 0.99 0.63 1.12 19.72 1997-98 1.13 0.79 0.89 4.48 1998-99 1.03 0.90 0.69 2.28 1999-00 0.88 0.86 0.62 2.04 2000-01 0.84 0.86 0.49 1.79 2001-02 0.84 0.93 0.50 1.92 2002-03 0.83 0.74 0.39 0.90 2003-04 0.62 0.44 0.77 0.16 2004-05 0.64 0.49 0.78 0.32 2005-06 0.62 0.56 0.46 1.12

APPENDIX XLIX Fixed assets to networth ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 0.96 1.11 1.31-37.62 1996-97 1.09 0.99 1.15 5.01 1997-98 1.14 1.22 1.27 2.20 1998-99 1.29 1.44 1.27 1.84 1999-00 1.32 1.83 1.27 1.67 2000-01 1.37 2.39 1.13 1.67 2001-02 1.64 2.34 2.27 1.69 2002-03 1.91 2.29 2.04 1.30 2003-04 1.84 1.68 3.20 0.95 2004-05 1.71 1.61 2.63 0.73 2005-06 1.51 1.44 1.12 0.63 APPENDIX L Interest coverage ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 2.35 5.22 2.36 2.14 1996-97 2.15 4.74 2.32 1.76 1997-98 1.04 1.80 1.55 2.67 1998-99 1.05 0.98 2.44 1.64 1999-00 1.69 0.60 4.71 1.93 2000-01 1.77-0.02 7.54 2.12 2001-02 2.15 0.85 6.74 2.75 2002-03 2.78 2.65 14.78 8.14 2003-04 5.82 7.38 3.40 21.00 2004-05 12.68 8.58 4.29 10.38 2005-06 12.79 8.00 2.83 4.43

APPENDIX LI Inventory turnover ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 5.56 8.69 7.17 4.81 1996-97 4.64 9.23 8.46 3.51 1997-98 3.15 6.80 8.62 3.56 1998-99 3.87 7.02 11.97 3.85 1999-00 6.04 9.41 13.39 5.88 2000-01 5.47 7.56 13.65 7.17 2001-02 4.85 8.29 17.73 7.40 2002-03 6.22 9.86 21.36 7.91 2003-04 8.68 13.15 19.28 9.04 2004-05 9.09 14.66 15.38 9.06 2005-06 8.39 13.10 11.53 7.80 APPENDIX LII Debtors turnover ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 3.45 5.91 8.05 8.55 1996-97 2.86 4.86 7.98 7.50 1997-98 2.11 3.21 7.41 6.74 1998-99 2.53 3.75 9.22 6.53 1999-00 3.53 7.19 11.73 5.98 2000-01 3.75 9.77 14.57 5.18 2001-02 4.65 11.24 12.82 5.44 2002-03 6.18 12.23 13.66 6.59 2003-04 8.62 19.43 15.13 6.47 2004-05 11.31 28.51 14.13 5.03 2005-06 13.97 31.27 13.48 3.36

APPENDIX LIII Fixed assets turnover ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 2.29 3.41 5.87 8.92 1996-97 2.36 3.42 6.32 8.70 1997-98 1.73 2.00 4.64 7.30 1998-99 1.62 1.54 4.23 6.19 1999-00 1.88 1.78 4.81 8.46 2000-01 1.79 1.43 5.11 9.91 2001-02 1.69 1.52 4.16 11.04 2002-03 1.81 1.82 3.80 12.29 2003-04 2.19 2.55 4.02 14.44 2004-05 2.55 3.20 3.67 16.91 2005-06 3.02 3.25 3.28 16.93 APPENDIX LIV Working capital turnover ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 1.81 8.20 6.11 9.64 1996-97 1.84 4.11 5.86 5.21 1997-98 1.48 3.19 7.64 7.47 1998-99 2.00 4.58 8.19 4.79 1999-00 2.59 11.05 12.18 7.10 2000-01 2.61 52.85 19.20 8.07 2001-02 3.40 85.27-26.12 8.29 2002-03 5.39-17.23-25.06 30.96 2003-04 8.83-10.27 22.86 18.16 2004-05 5.95-10.11-23.35 11.23 2005-06 9.58 12.31 37.84 4.45

APPENDIX LV Current ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 1.25 1.35 0.71 1.42 1996-97 1.44 1.49 0.84 0.81 1997-98 1.48 1.81 1.11 0.58 1998-99 1.26 1.85 1.29 0.42 1999-00 1.19 1.79 1.25 0.30 2000-01 1.18 1.55 1.22 0.20 2001-02 1.12 1.34 135 0.12 2002-03 1.15 1.25 1.47 0.86 2003-04 1.17 1.09 1.37 0.75 2004-05 1.03 1.06 1.42 0.43 2005-06 0.88 1.18 1.73 0.81 APPENDIX LVI Liquidity ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 0.91 0.94 0.32 0.49 1996-97 1.16 1.31 0.65 2.24 1997-98 1.10 1.53 0.74 1.86 1998-99 0.08 1.60 1.14 1.24 1999-00 0.84 1.27 0.72 0.67 2000-01 0.90 1.25 1.09 1.71 2001-02 0.91 1.06 0.98 0.44 2002-03 0.76 0.91 1.55 1.08 2003-04 0.68 0.62 1.03 1.26 2004-05 0.72 0.87 1.43 1.06 2005-06 0.51 0.91 1.44 1.42

APPENDIX LVII Debt -equity ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 1.46 17.48 0.43 1.79 1996-97 1.34 19.18 0.15 2.77 1997-98 1.50 10.89 0.05 3.61 1998-99 1.99 7.26 0.04 4.59 1999-00 2.85 8.16 0.12 5.38 2000-01 2.57 7.82 0.30 6.89 2001-02 1.95 6.15 0.33 14.87 2002-03 2.38 7.64 0.19 4.36 2003-04 3.73 12.70 0.11 5.14 2004-05 2.96 8.91 0.08 5.13 2005-06 1.64 10.12 0.04 6.12 APPENDIX LVIII Fixed assets to net worth ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 2.05 0.71 1.52 1.46 1996-97 1.89 0.99 1.09 0.30 1997-98 1.80 1.03 0.86 0.45 1998-99 3.06 1.09 0.91 5.99 1999-00 4.58 0.91 1.22 7.14 2000-01 3.40 1.06 1.50 10.56 2001-02 4.37 1.38 1.69 61.79 2002-03 5.10 1.59 1.50 4.68 2003-04 10.78 1.43 1.28 3.96 2004-05 3.48 1.36 0.87 3.16 2005-06 5.26 0.97 1.10 4.98

APPENDIX LIX Interest coverage ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 2.04 6.91 5.86 2.84 1996-97 1.80 5.08 11.50 1.10 1997-98 1.83 3.68 20.01-11.72 1998-99 0.66 2.84 16.87-0.92 1999-00 0.42 3.48 7.40-0.01 2000-01 -0.19 2.14-2.55-0.51 2001-02 0.11 1.84 2.54-1.46 2002-03 0.26 2.70 5.79-1.16 2003-04 -0.81 6.70 19.82-0.86 2004-05 -0.35 24.62 37.25-0.65 2005-06 -4.16 33.02 86.78-0.92 APPENDIX LX Inventory turnover ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 6.18 7.40 9.92 2.61 1996-97 5.67 8.31 11.61 2.00 1997-98 5.34 8.20 13.93 0.82 1998-99 4.61 8.45 13.56 0.93 1999-00 5.02 9.03 11.88 3.86 2000-01 6.13 8.00 9.62 4.94 2001-02 6.37 7.70 11.75 1.72 2002-03 5.65 9.61 15.38 3.82 2003-04 4.62 12.18 23.84 2.16 2004-05 9.10 12.01 24.11 2.14 2005-06 8.92 11.08 19.06 2.12

APPENDIX LXI Debtors turnover ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 9.88 17.48 53.79 17.59 1996-97 9.14 19.18 38.50 7.18 1997-98 8.92 10.89 32.05 2.26 1998-99 7.56 7.26 28.93 3.73 1999-00 7.91 8.16 25.08 16.37 2000-01 7.85 7.82 15.64 9.16 2001-02 6.82 6.15 12.00 2.90 2002-03 7.85 7.64 11.89 3.60 2003-04 7.61 12.70 16.24 4.20 2004-05 15.40 16.59 20.69 3.94 2005-06 15.70 15.80 23.52 4.02 APPENDIX LXII Fixed assets turnover ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 2.69 4.59 4.68 5.01 1996-97 2.65 4.17 4.76 4.59 1997-98 2.64 3.38 4.70 1.39 1998-99 2.36 2.86 3.72 0.17 1999-00 2.34 2.69 3.18 0.32 2000-01 2.23 2.36 2.42 0.28 2001-02 1.69 1.97 2.20 0.07 2002-03 1.48 1.99 2.02 1.28 2003-04 1.17 2.37 2.43 2.42 2004-05 1.81 2.91 2.77 2.18 2005-06 1.60 3.27 2.95 2.16

APPENDIX LXIII Working capital turnover ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 6.42 5.21-9.51 32.44 1996-97 4.77 4.20 60.22 0.21 1997-98 4.67 4.18 39.13 0.67 1998-99 5.00 5.64 9.80 0.81 1999-00 6.45 5.42 15.60 8.57 2000-01 9.29 7.17 9.07 3.92 2001-02 8.94 13.03 14.10 4.56 2002-03 7.22-77.98 6.89 3.81 2003-04 10.59 20.13 23.22 4.01 2004-05 73.93 21.60 8.75 4.21 2005-06 -27.74 16.50 10.63 3.69 APPENDIX LXIV Current ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 1.56 1.09 1.17 0.90 1996-97 1.39 1.10 1.25 0.89 1997-98 1.40 0.99 1.60 1.06 1998-99 1.41 0.98 1.55 1.02 1999-00 1.34 1.00 1.46 0.89 2000-01 1.32 1.05 1.40 0.86 2001-02 1.19 1.04 1.18 0.65 2002-03 1.02 0.91 0.94 0.47 2003-04 0.92 0.91 0.79 0.39 2004-05 0.87 0.89 0.76 0.36 2005-06 0.83 0.89 0.84 0.42

APPENDIX LXV Liquidity ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 1.18 3.25 0.68 0.40 1996-97 1.14 2.65 1.04 0.59 1997-98 1.25 2.30 1.58 0.64 1998-99 1.32 2.33 1.08 0.73 1999-00 1.21 2.76 1.09 0.54 2000-01 1.23 1.96 1.07 0.47 2001-02 1.09 1.76 0.90 0.49 2002-03 1.00 1.71 0.57 0.57 2003-04 0.80 0.90 0.05 0.40 2004-05 0.85 0.52 0.55 0.23 2005-06 0.73 0.53 0.51 0.38 APPENDIX LXVI Debt -equity ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 0.16 0.05 0.45 0.57 1996-97 0.13 0.06 0.44 0.67 1997-98 0.12 0.06 0.64 0.55 1998-99 0.13 0.06 0.86 0.35 1999-00 0.14 0.07 0.67 0.19 2000-01 0.17 0.06 0.66 0.11 2001-02 0.21 0.06 0.59 0.14 2002-03 0.24 0.06 0.39 0.16 2003-04 0.27 0.05 0.24 0.15 2004-05 0.29 0.05 0.24 0.14 2005-06 0.30 0.05 0.40 0.11

APPENDIX LXVII Fixed assets to net worth ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 0.84 0.13 1.61 1.50 1996-97 0.76 0.16 1.47 1.95 1997-98 0.74 0.17 1.34 1.44 1998-99 0.64 0.20 1.90 1.28 1999-00 0.64 0.19 1.27 1.13 2000-01 0.94 0.21 1.73 1.01 2001-02 0.89 0.20 2.08 1.04 2002-03 0.81 0.19 1.91 0.91 2003-04 0.73 0.18 2.02 0.81 2004-05 1.51 0.16 1.90 1.35 2005-06 1.65 0.15 1.48 1.36 APPENDIX LXVIII Interest coverage ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 60.39 19.59 13.59 8.13 1996-97 92.36 83.62 16.11 8.44 1997-98 82.33 679.00 6.08 14.85 1998-99 163.36 332.57 6.28 29.74 1999-00 214.25 194.35 6.36 61.43 2000-01 45.97 4.70 4.56 149.99 2001-02 176.39 47.71 5.59 460.85 2002-03 704.80 164.50 18.90 512.31 2003-04 1022.34-27.50 21.83 139.91 2004-05 1622.01 0.00 20.32 631.70 2005-06 4648.62 0.00 8.16 484.64

APPENDIX LXIX Inventory turnover ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 11.45 46.76 11.84 9.45 1996-97 13.95 29.09 14.59 11.97 1997-98 13.53 15.14 17.85 14.46 1998-99 17.17 12.66 18.28 13.12 1999-00 16.89 12.21 25.96 14.72 2000-01 13.88 13.09 13.45 17.23 2001-02 19.17 23.24 14.72 23.70 2002-03 24.67 20.52 17.15 26.90 2003-04 26.53 9.57 15.15 34.68 2004-05 30.78 9.46 14.76 43.81 2005-06 34.48 5.51 12.63 46.82 APPENDIX LXX Debtors turnover ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 26.45 28.55 26.57 38.72 1996-97 25.02 19.20 26.32 33.49 1997-98 23.48 17.25 25.17 39.10 1998-99 20.62 31.65 29.16 50.90 1999-00 18.50 32.89 34.73 76.55 2000-01 23.48 24.39 18.61 85.15 2001-02 26.01 12.82 22.88 62.89 2002-03 26.15 9.62 44.85 42.30 2003-04 36.18 12.60 62.63 72.83 2004-05 42.32 10.32 72.63 128.94 2005-06 35.86 7.03 76.35 81.97

APPENDIX LXXI Fixed assets turnover ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 2.59 19.08 5.39 4.58 1996-97 2.50 17.84 5.16 3.83 1997-98 2.18 13.25 4.71 4.15 1998-99 2.15 12.41 3.68 4.46 1999-00 1.97 10.71 5.52 5.14 2000-01 1.60 6.61 3.10 5.68 2001-02 1.66 3.68 3.44 6.77 2002-03 1.85 1.95 4.21 6.84 2003-04 2.04 1.24 3.36 6.85 2004-05 2.41 1.08 2.75 8.51 2005-06 3.04 0.83 2.80 7.83 APPENDIX LXXII Working capital turnover ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 7.29 7.39 48.92 62.45 1996-97 8.41 44.54 15.11 185.04 1997-98 5.75 85.45 9.21 32.87 1998-99 5.27 48.27 16.00-82.86 1999-00 5.86 33.25 14.44-48.97 2000-01 6.13 17.88 13.01-47.65 2001-02 12.37-122.47 19.74-12..62 2002-03 22.26-11.77 440.07-7.98 2003-04 -1.99-7.91-116.05-7.76 2004-05 -19.08-7.00-22.96 8.29 2005-06 -11.04-62.26-46.48 11.72

Commercial APPENDIX V Operating profit margin ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 16.70 13.07 14.39 14.72 1996-97 11.04 10.82 14.66 12.17 1997-98 9.93 8.36 15.25 11.18 1998-99 8.83 8.05 14.71 10.53 1999-00 7.74 10.65 15.29 11.23 2000-01 7.38 5.89 9.39 7.55 2001-02 8.66-4.46 11.70 5.30 2002-03 10.22 6.89 13.95 10.35 2003-04 9.51 7.32 11.97 9.60 2004-05 8.68 7.87 15.42 10.66 2005-06 8.05 6.70 18.78 11.18 Commercial APPENDIX VI Net profit margin ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 5.32 6.26 7.94 6.51 1996-97 2.81 3.96 8.11 4.96 1997-98 2.60 1.51 8.14 4.08 1998-99 1.77-0.25 8.59 3.37 1999-00 2.40-0.72 9.28 3.65 2000-01 0.97-6.18 5.06-0.05 2001-02 2.08-3.22 6.61 1.82 2002-03 3.88-4.33 6.78 2.11 2003-04 4.06-3.68 15.16 5.18 2004-05 4.21-1.43 6.40 3.06 2005-06 1.46-3.13 6.42 1.58

Commercial APPENDIX VII Return on assets Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 15.08 18.32 21.96 18.45 1996-97 10.21 11.71 21.19 14.04 1997-98 7.12 10.61 19.27 12.33 1998-99 4.28 5.47 19.24 9.66 1999-00 6.90 1.99 21.68 10.19 2000-01 5.79-7.16 14.45 4.36 2001-02 7.97-2.07 20.50 8.80 2002-03 22.47-0.69 22.66 14.81 2003-04 20.55-1.99 21.43 13.33 2004-05 19.04-12.03 15.85 7.62 2005-06 4.57 1.44 15.53 7.18 Commercial APPENDIX VIII Return on net worth Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 30.41 32.69 32.69 31.93 1996-97 27.66 19.44 34.16 27.09 1997-98 19.42 17.84 31.10 22.79 1998-99 9.19 6.86 30.27 15.44 1999-00 12.32 0.62 38.02 16.99 2000-01 12.61-16.24 18.87 5.08 2001-02 16.14 2.64 26.20 14.99 2002-03 32.50 3.51 31.84 22.62 2003-04 32.56 9.91 28.76 23.74 2004-05 33.67 0.69 25.60 19.99 2005-06 24.73 13.06 24.68 20.82

Commercial APPENDIX IX Return on capital employed Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 23.76 33.75 42.09 33.20 1996-97 22.37 26.29 41.99 30.22 1997-98 14.86 22.44 35.03 24.11 1998-99 12.69 14.06 32.33 19.69 1999-00 14.42 9.44 42.24 22.03 2000-01 16.36 0.05 23.60 13.34 2001-02 20.23 3.23 33.36 18.94 2002-03 35.90 5.11 40.75 27.25 2003-04 43.34 11.38 35.37 30.03 2004-05 36.48 15.50 32.07 28.02 2005-06 22.46 15.25 30.47 22.73 Commercial APPENDIX X Earnings per share Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 11.20 87.41 27.41 42.01 1996-97 12.36 101.81 32.44 48.87 1997-98 5.15 129.28 29.50 54.66 1998-99 2.82 103.38 30.91 45.70 1999-00 4.66 66.81 40.16 37.21 2000-01 5.63 2.59 16.37 8.20 2001-02 5.86 21.96 25.31 17.71 2002-03 12.49 4.18 32.23 16.30 2003-04 18.14 23.73 28.43 23.43 2004-05 19.26 19.08 31.16 23.17 2005-06 32.99 18.98 41.38 31.12

Commercial APPENDIX XI Dividend per share Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 25.00 18.75 50.50 31.42 1996-97 35.00 20.00 52.50 35.83 1997-98 18.75 21.25 47.50 29.17 1998-99 13.75 21.25 61.25 32.08 1999-00 22.50 20.00 75.00 39.17 2000-01 18.75 13.75 80.00 37.50 2001-02 23.75 20.00 260.00 101.25 2002-03 42.50 21.25 291.50 118.42 2003-04 65.00 30.00 350.00 148.33 2004-05 85.00 42.50 351.25 159.58 2005-06 86.25 42.50 393.75 174.17 Commercial APPENDIX XII Dividend payout ratio Passenger Cars and Multiutility Two and Three Wheelers Industry average 1995-96 17.26 13.58 19.68 16.84 1996-97 22.76 14.33 15.48 17.52 1997-98 41.25 14.08 16.24 23.86 1998-99 43.87 8.25 18.16 23.43 1999-00 51.26 8.32 17.85 25.81 2000-01 27.06 12.60 45.73 28.46 2001-02 30.94 23.12 43.59 32.55 2002-03 35.77 19.19 57.04 37.33 2003-04 36.27 9.23 62.39 35.96 2004-05 37.46 9.32 56.48 34.42 2005-06 38.22 21.14 57.03 38.80

APPENDIX XIII Operating profit margin ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 14.03 14.28 9.43 5.37 1996-97 14.29 14.92 8.16 6.77 1997-98 12.12 13.90 5.96 7.72 1998-99 11.31 10.96 7.06 5.98 1999-00 11.64 07.24 7.82 4.26 2000-01 12.08 04.27 8.05 5.11 2001-02 12.71 08.14 8.42 5.35 2002-03 11.80 11.16 11.32 6.59 2003-04 11.11 12.38 7.91 6.65 2004-05 10.12 11.51 6.52 6.58 2005-06 9.99 12.11 5.03 5.05 APPENDIX XIV Net profit margin ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 5.53 6.85 4.16 4.75 1996-97 4.96 0.01 2.66 3.62 1997-98 0.89 4.11 3.94 1.44 1998-99 0.96 1.52 1.68 2.93 1999-00 2.93 0.82 1.33 4.51 2000-01 3.43-6.31 1.48 5.29 2001-02 3.42-0.62 2.02 3.48 2002-03 3.85 2.84 3.48 5.36 2003-04 4.86 5.34 3.87 2.15 2004-05 4.69 5.89 2.66 3.59 2005-06 4.50 5.34-6.40 2.40

APPENDIX XV Return on assets (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 5.89 14.82 15.24 24.35 1996-97 5.51 13.12 12.04 10.15 1997-98 0.79 4.51 4.69 18.49 1998-99 0.98 1.51 8.92 05.71 1999-00 3.74 1.19 15.97 06.68 2000-01 4.36-9.33 19.90 08.24 2001-02 4.81-1.13 16.42 11.79 2002-03 7.17 7.46 29.49 45.74 2003-04 12.75 16.79 8.98 43.69 2004-05 11.31 18.02 16.40 30.42 2005-06 13.15 14.94-19.16 9.33 APPENDIX XVI Return on networth (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 11.60 27.63 39.50 42.90 1996-97 12.04 25.15 27.69 45.75 1997-98 0.59 7.96 08.03 61.11 1998-99 0.62-0.26 15.64 20.76 1999-00 7.16-4.98 27.37 19.74 2000-01 8.10-14.28 32.14 24.48 2001-02 8.53-0.29 23.99 32.34 2002-03 12.37 11.86 43.51 62.24 2003-04 19.75 26.20 23.37 60.90 2004-05 25.02 32.12 27.51 50.03 2005-06 25.86 31.36 14.28 27.41

APPENDIX XVII Return on capital employed (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 13.62 30.95 28.57 21.91 1996-97 14.26 26.99 24.70 23.52 1997-98 07.90 11.94 13.39 26.19 1998-99 07.43 06.45 17.54 19.33 1999-00 11.15 04.60 24.35 17.56 2000-01 11.29-0.16 27.26 27.04 2001-02 12.47 06.95 30.54 30.97 2002-03 14.99 18.64 52.56 57.41 2003-04 22.00 33.77 32.52 85.05 2004-05 22.04 32.76 25.63 65.47 2005-06 24.07 31.25 9.39 25.15 APPENDIX XVIII Earnings per share (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 9.51 21.92 6.18 7.20 1996-97 10.01 29.01 5.74 4.70 1997-98 1.45 10.97 1.80 6.36 1998-99 1.60 3.48 3.75 2.44 1999-00 6.21 2.23 7.71 2.49 2000-01 7.30 0.00 11.56 3.65 2001-02 7.76 0.00 9.24 6.45 2002-03 9.47 8.87 18.28 13.35 2003-04 15.32 21.93 16.17 19.12 2004-05 2.14 32.44 20.39 22.05 2005-06 2.50 37.59 76.65 15.23

APPENDIX XIX Dividend per share (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 40.00 60.00 0.00 0.00 1996-97 50.00 80.00 10.00 0.00 1997-98 10.00 55.00 10.00 0.00 1998-99 10.00 30.00 15.00 0.00 1999-00 35.00 25.00 20.00 10.00 2000-01 40.00 0.00 20.00 15.00 2001-02 45.00 0.00 25.00 25.00 2002-03 50.00 40.00 35.00 4500 2003-04 75.00 80.00 35.00 70.00 2004-05 100.00 125.00 40.00 75.00 2005-06 120.00 135.00 40.00 55.00 APPENDIX XX Dividend payout ratio (Commercial ) Ashok Leyland Tata Motors Eicher Motors Swaraj Mazda 1995-96 42.07 26.98 0.00 0.00 1996-97 47.60 26.31 17.12 0.00 1997-98 64.58 47.77 52.63 0.00 1998-99 58.37 78.76 38.36 0.00 1999-00 58.02 89.83 25.22 36.97 2000-01 51.89 0.00 17.00 39.35 2001-02 58.01 0.00 27.06 38.70 2002-03 49.46 42.62 18.69 32.31 2003-04 46.08 34.81 29.24 34.95 2004-05 49.41 38.75 26.23 35.43 2005-06 51.03 37.43 28.01 36.42

APPENDIX XXI Operating profit margin ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 10.00 13.63 14.58 14.06 1996-97 09.93 13.53 13.90 05.92 1997-98 10.13 13.98 14.94-05.63 1998-99 05.92 13.52 13.17-0.40 1999-00 04.90 14.31 07.06 16.31 2000-01 01.56 08.92 01.44 11.65 2001-02 03.90 08.94 05.92-36.61 2002-03 05.21 10.75 06.98 04.61 2003-04 -0.40 11.67 12.64 05.38 2004-05 2.54 12.27 13.48 3.19 2005-06 -3.40 12.00 13.93 4.27 APPENDIX XXII Net profit margin ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 4.07 6.11 6.55 8.30 1996-97 3.11 6.01 6.33 0.38 1997-98 3.03 6.37 7.78-11.14 1998-99 -1.91 5.68 6.29-11.07 1999-00 -3.39 6.13 3.48-09.09 2000-01 -7.07 2.82-3.22-17.24 2001-02 -2.84 2.61 1.16-113.79 2002-03 -2.78 3.27 1.44-19.23 2003-04 -9.63 5.98 5.50-16.56 2004-05 -4.53 6.54 6.40-14.11 2005-06 -10.51 5.59 8.06-15.65

APPENDIX XXIII Return on assets (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 9.32 12.86 31.15 19.95 1996-97 6.43 10.02 30.27 0.11 1997-98 5.29 09.60 28.67-1.13 1998-99 -3.34 07.96 18.19-0.95 1999-00 -7.97 9.36 9.52-2.95 2000-01 -19.82 4.05-7.78-5.07 2001-02 -6.52 3.56 3.24-8.56 2002-03 -5.68 5.45 3.74-6.26 2003-04 -18.67 13.97 2.00-5.26 2004-05 -65.26 16.41 7.82-7.12 2005-06 -23.26 13.44 21.81-6.20 APPENDIX XXIV Return on networth (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 25.36 20.35 50.14 34.92 1996-97 16.71 20.91 39.41 0.74 1997-98 14.97 20.95 35.45 0.00 1998-99 -10.79 16.28 21.95 0.00 1999-00 -29.53 15.13 11.93 0.00 2000-01 -61.22 05.95-09.70 0.00 2001-02 0.00 6.64 03.91 0.00 2002-03 0.00 9.57 04.47 0.00 2003-04 0.00 21.03 18.59 0.00 2004-05 -46.14 27.47 21.42 0.00 2005-06 0.00 28.03 24.19 0.00

APPENDIX XXV Return on capital employed (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 20.52 28.03 65.24 21.20 1996-97 18.42 24.38 59.96 02.42 1997-98 16.37 19.38 54.03 0.00 1998-99 07.17 15.05 34.03 0.00 1999-00 05.77 17.41 14.60 0.00 2000-01 -2.78 8.38-05.44 0.00 2001-02 0.00 7.28 05.63 0.00 2002-03 0.00 11.34 09.10 0.00 2003-04 0.00 20.06 25.45 0.00 2004-05 3.54 27.16 31.28 0.00 2005-06 0.00 26.33 34.68 0.00 APPENDIX XXVI Earnings per share (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 4.75 16.51 323.27 5.41 1996-97 3.56 20.06 383.57 0.06 1997-98 3.56 23.77 489.99 0.00 1998-99 000 21.51 391.99 0.00 1999-00 0.00 23.24 243.99 0.00 2000-01 0.00 10.35 0.00 0.00 2001-02 0.00 08.85 78.99 0.00 2002-03 0.00 11.84 04.88 0.00 2003-04 0.00 28.89 18.56 0.00 2004-05 3.54 27.16 31.28 0.00 2005-06 0.00 26.33 34.68 0.00

APPENDIX XXVII Dividend per share (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 10.00 45.00 20.00 0.00 1996-97 10.00 50.00 20.00 0.00 1997-98 0.00 55.00 30.00 0.00 1998-99 0.00 55.00 30.00 0.00 1999-00 0.00 55.00 25.00 0.00 2000-01 0.00 55.00 0.00 0.00 2001-02 0.00 50.00 30.00 0.00 2002-03 0.00 55.00 30.00 0.00 2003-04 0.00 90.00 30.00 0.00 2004-05 0.00 130.00 40.00 0.00 2005-06 0.00 100.00 70.00 0.00 APPENDIX XXVIII Dividend payout ratio (Passenger Cars and Multiutility ) Hindustan Motors Mahindra and Mahindra Maruthi Udyog Daewoo Motors India 1995-96 21.77 26.26 6.30 0.00 1996-97 27.54 24.32 5.45 0.00 1997-98 27.31 22.72 6.27 0.00 1998-99 0.00 24.87 8.11 0.00 1999-00 0.00 23.06 10.21 0.00 2000-01 0.00 50.41 0.00 0.00 2001-02 0.00 54.74 37.73 0.00 2002-03 0.00 43.84 32.92 0.00 2003-04 0.00 29.96 6.96 0.00 2004-05 0.00 30.17 7.12 0.00 2005-06 0.00 32.17 10.11 0.00

APPENDIX XXIX Operating profit margin ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 24.20 11.92 11.92 9.52 1996-97 25.00 11.19 12.10 9.26 1997-98 25.41 09.15 12.75 11.34 1998-99 26.63 08.24 14.24 11.90 1999-00 25.39 08.03 11.88 13.55 2000-01 22.25 11.26 13.23 14.41 2001-02 14.37 01.67 8.15 13.36 2002-03 18.71 04.60 6.76 16.73 2003-04 20.12 07.67 9.39 18.61 2004-05 20.95 02.27 9.35 17.72 2004-05 19.37 19.29 7.79 15.22 2005-06 20.67 32.16 7.11 15.17 APPENDIX XXX Net profit margin ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 15.27 6.63 5.69 4.17 1996-97 13.69 5.58 6.57 6.58 1997-98 13.68 5.57 6.63 6.69 1998-99 14.43 5.56 6.25 8.12 1999-00 13.57 8.41 6.83 8.31 2000-01 8.39 0.54 3.46 7.85 2001-02 10.58 3.47 2.45 9.94 2002-03 11.66 0.96 4.00 10.49 2003-04 12.88 4.57 4.23 11.16 2004-05 9.69 5.46 2.51 7.92 2005-06 11.50 3.59 2.42 8.15

APPENDIX XXXI Return on assets (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 25.72 14.08 30.42 17.61 1996-97 21.90 12.80 28.73 21.31 1997-98 18.17 11.22 21.34 26.35 1998-99 16.67 11.44 17.14 31.70 1999-00 13.60 15.34 20.01 37.78 2000-01 9.63 0.67 10.66 36.86 2001-02 12.60 2.42 10.89 56.07 2002-03 13.64 0.35 22.87 53.79 2003-04 14.92 1.00 20.26 49.56 2004-05 11.87 0.95 10.40 40.17 2005-06 15.81 0.43 8.47 37.43 APPENDIX XXXII Return on networth (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 33.73 15.91 50.56 30.55 1996-97 27.81 14.91 51.11 42.79 1997-98 23.93 12.43 43.79 44.26 1998-99 22.43 12.96 37.86 47.82 1999-00 17.03 16.75 66.98 51.30 2000-01 10.33 0.69 18.63 45.82 2001-02 15.94 2.55 15.89 70.41 2002-03 17.63 0.36 34.29 75.09 2003-04 21.10 1.05 27.76 65.11 2004-05 19.59 3.60 17.62 61.58 2005-06 24.74 4.16 14.36 55.46

APPENDIX XXXIII Return on capital employed (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 41.96 24.71 66.03 35.66 1996-97 38.17 21.57 59.86 38.37 1997-98 32.07 16.16 47.41 44.49 1998-99 28.12 16.58 31.36 53.29 1999-00 20.12 20.63 62.08 66.15 2000-01 9.94 0.84 18.75 64.86 2001-02 18.03 1.97 18.59 94.84 2002-03 20.88 1.90 41.04 99.22 2003-04 21.89-0.31 36.68 83.21 2004-05 21.63 2.76 22.84 81.04 2005-06 27.27 3.45 18.43 72.75 APPENDIX XXXIV Earnings per share (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 52.53 28.69 15.22 13.19 1996-97 54.35 27.20 23.19 25.03 1997-98 38.08 12.69 29.26 37.96 1998-99 44.39 14.77 34.77 29.70 1999-00 50.13 21.71 44.81 46.99 2000-01 25.13 1.97 26.31 12.06 2001-02 51.50 4.66 22.42 22.67 2002-03 51.42 0.22 54.49 26.78 2003-04 69.09 5.04 5.65 33.91 2004-05 72.28 8.99 5.61 37.75 2005-06 103.27 11.68 4.74 45.84

APPENDIX XXXV Dividend per share (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 100 40 30 32 1996-97 100 40 35 35 1997-98 80 20 50 40 1998-99 80 20 70 75 1999-00 100 20 80 100 2000-01 80 10 80 150 2001-02 140 10 90 850 2002-03 140 6 120 900 2003-04 250 20 130 1000 2004-05 250 25 130 1000 2005-06 400 45 130 1000 APPENDIX XXXVI Dividend payout ratio (Two and Three Wheelers) Bajaj Auto Maharastra Scooters TVS Motors Hero Honda 1995-96 19.20 15.57 19.71 24.24 1996-97 18.42 14.79 14.85 13.84 1997-98 22.13 15.57 16.84 10.43 1998-99 18.77 13.38 19.71 20.77 1999-00 23.74 8.75 17.55 21.37 2000-01 26.83 102.70 29.32 24.06 2001-02 32.30 27.34 38.26 76.45 2002-03 25.45 113.33 22.25 67.14 2003-04 36.07 129.88 22.76 61.35 2004-05 35.82 105.18 24.16 60.75 2005-06 34.13 112.13 23.17 58.67

APPENDIX LXXIII Altman Z Score of Ashok Leyland X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 58.7 11.3 12.1 13.4 1.07 2.41 1996-97 60.4 11.6 13.0 10.1 1.11 2.49 1997-98 59.4 9.3 8.2-9.5 1.14 2.20 1998-99 50.8 8.4 8.6 12.4 1.02 2.10 1999-00 49.2 8.5 10.9 12.3 1.28 2.30 2000-01 48.7 8.7 11.1 12.7 1.27 2.42 2001-02 41.3 9.1 12.9 13.4 1.40 2.53 2002-03 34.6 8.5 15.8 16.6 1.86 3.01 2003-04 29.7 8.6 22.8 23.8 2.62 3.99 2004-05 40.1 7.9 18.8 13.5 2.38 2.59 2005-06 30.6 8.1 23.3 17.6 2.93 5.24 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed APPENDIX LXXIV Altman Z Score of Tata Motors X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 26.3 12.1 26.3 18.9 2.16 3.62 1996-97 41.3 12.8 21.8 10.1 1.70 3.15 1997-98 34.3 10.2 11.3 7.7 1.10 2.07 1998-99 21.5 8.3 8.3 7.4 0.99 1.68 1999-00 13.2 6.3 9.2 8.5 1.46 2.06 2000-01 2.70-0.1-0.2 8.5 1.48 1.56 2001-02 2.10 3.5 6.4 13.9 1.82 2.19 2002-03 -15.3 7.7 20.4 21.5 2.63 3.36 2003-04 -30.6 9.8 31.0 28.0 3.14 3.59 2004-05 -0.3 9.3 28.3 14.5 3.05 4.20 2005-06 10.9 9.9 27.7 11.2 2.79 4.03 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed

APPENDIX LXXV Altman Z Score of Eicher Motors X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 52.5 8.2 26.5 45.5 3.21 5.01 1996-97 56.8 6.8 22.7 39.7 3.33 5.09 1997-98 42.6 4.5 14.7 59.7 3.26 4.67 1998-99 37.1 5.5 16.9 56.1 3.05 4.47 1999-00 29.0 6.4 22.9 55.9 3.54 5.07 2000-01 19.6 6.6 25.1 56.3 3.77 5.26 2001-02 -18.0 6.6 31.3 48.4 4.72 5.91 2002-03 -21.9 9.0 49.6 76.5 3.50 5.97 2003-04 11.8 5.2 21.8 10.2 4.18 5.17 2004-05 4.7 4.3 25.3 20.3 5.89 8.01 2005-06 7.9 11.6 34.7 15.8 2.98 5.24 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed APPENDIX LXXVI Altman Z Score of Swaraj Mazda X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 60.7 6.3 37.4 33.2 5.85 8.09 1996-97 73.4 6.1 23.5 23.7 3.82 5.70 1997-98 62.7 7.0 33.0 41.9 0.21 2.40 1998-99 71.1 5.1 17.5 33.6 3.41 4.84 1999-00 70.5 3.5 18.0 38.3 5.01 6.72 2000-01 69.0 4.5 25.4 33.8 5.57 7.41 2001-02 70.5 4.8 28.5 36.8 5.85 7.92 2002-03 42.5 6.1 35.0 36.4 5.16 7.12 2003-04 62.2 6.2 30.8 9.5 5.30 7.18 2004-05 75.3 6.2 51.2 44.4 8.46 13.78 2005-06 87.4 4.6 18.2 9.2 3.89 11.03 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed

APPENDIX LXXVII Altman Z Score of Hindustan Motors X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 35.72 8.26 18.93 37.04 2.29 3.68 1996-97 43.34 8.00 16.51 31.79 2.07 3.44 1997-98 37.39 8.21 14.33 23.79 1.75 2.33 1998-99 34.98 3.74 6.55 18.26 1.75 2.55 1999-00 35.59 2.53 5.81 17.64 2.29 3.05 2000-01 30.16 4.82 13.51 41.63 2.80 3.92 2001-02 25.72 0.53 1.23 45.20 2.30 2.93 2002-03 28.26 1.33 0.27 42.36 2.04 2.66 2003-04 18.31-5.20 10.08 43.19 1.94 2.68 2004-05 6.07 11.17 15.17 97.04 4.49 5.80 2005-06 -7.90-5.11 11.20 100.16 2.19 3.00 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed APPENDIX LXXVIII Altman Z Score of Mahindra and Mahindra X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 27.09 12.09 28.75 26.94 2.11 3.71 1996-97 32.03 11.73 19.58 9.90 1.67 2.92 1997-98 36.10 11.46 17.27 7.74 1.51 2.72 1998-99 33.52 10.73 15.04 7.05 1.40 2.49 1999-00 27.02 11.44 17.47 11.58 1.44 2.57 2000-01 26.40 5.64 8.10 9.74 1.44 3.75 2001-02 18.87 5.00 6.83 8.42 1.37 1.94 2002-03 12.79 7.03 11.72 10.18 1.67 2.37 2003-04 0.30 8.84 20.64 15.90 2.34 3.27 2004-05 11.52 9.84 24.49 10.67 2.49 3.64 2005-06 14.52 12.40 29.70 26.42 2.39 3.88 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed

APPENDIX LXXIX Altman Z Score of Maruthi Udyog X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 50.02 12.26 58.33 42.66 4.76 6.45 1996-97 7.94 11.54 55.22 155.22 3.78 6.79 1997-98 9.42 12.65 46.63 158.22 2.69 5.47 1998-99 29.56 10.71 30.96 136.81 2.89 5.23 1999-00 17.57 4.78 18.07 24.23 2.74 3.76 2000-01 26.65 2.16-5.23 11.89 2.42 3.01 2001-02 19.88 2.15 6.02 20.17 2.80 3.39 2002-03 37.64 3.72 9.66 31.69 2.59 3.97 2003-04 12.53 7.22 21.02 46.33 2.91 4.13 2004-05 26.76 10.05 28.61 46.98 2.84 4.53 2005-06 30.51 12.12 32.05 201.53 2.67 5.47 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed APPENDIX LXXX Altman Z Score of Daewoo Motors India X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 7.40 12.82 30.81 72.16 2.40 4.12 1996-97 23.60 4.53 1.29 20.09 0.28 0.79 1997-98 15.19-0.99-0.10 16.69 0.10 0.37 1998-99 10.38-5.29-0.45 13.87 0.09 0.21 1999-00 3.78-0.07-0.02 15.14 0.32 0.45 2000-01 7.49-5.80-1.70 14.54 0.29 0.33 2001-02 1.65-3.44-0.26 14.16 0.08 0.13 2002-03 2.52-2.96-0.16 16.12 0.12 0.20 2003-04 1.86-2.46-0.92 14.18 0.26 0.30 2004-05 1.76-1.97-0.86 13.17 0.28 0.32 2005-06 2.11-3.20 0.94 15.26 0.29 0.39 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed

APPENDIX LXXXI Altman Z Score of Baja Auto X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 23.09 22.28 37.53 38.81 1.68 3.74 1996-97 19.02 21.68 34.68 37.21 1.60 3.41 1997-98 23.13 22.08 29.35 46.24 1.33 3.16 1998-99 21.96 21.63 25.01 34.14 1.16 2.76 1999-00 17.10 22.35 22.38 24.09 1.00 1.74 2000-01 18.74 8.24 9.46 19.70 1.15 1.19 2001-02 9.64 17.07 20.34 16.16 1.19 2.31 2002-03 5.25 16.53 19.34 12.04 1.17 2.17 2003-04 -5.81 17.65 20.45 10.06 1.16 2.07 2004-05 -6.42 16.55 20.27 8.25 1.22 2.06 2005-06 -12.44 18.44 25.34 6.90 1.37 2.43 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed APPENDIX LXXXII Altman Z Score of Maharastra Scooter X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 28.73 0.55 1.77 115.35 2.12 3.22 1996-97 5.15 0.10 0.24 67.49 2.30 2.77 1997-98 2.36 0.01 0.02 176.66 2.01 3.01 1998-99 4.26 0.02 0.05 107.52 2.06 2.76 1999-00 5.48 0.05 0.10 110.22 1.82 2.55 2000-01 6.98 0.14 0.18 149.41 1.25 2.24 2001-02 -0.57 0.06 0.04 109.06 0.70 1.35 2002-03 -3.07 0.03 0.01 119.43 0.36 1.04 2003-04 -2.77 0.05 0.01 135.11 0.22 0.91 2004-05 -2.48 0.15 5.12 125.47 0.17 1.07 2005-06 -0.20 0.12 6.77 119.31 0.12 1.06 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed

APPENDIX LXXXIII Altman Z Score of TVS Motors India X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 10.94 10.61 56.79 69.35 5.35 7.91 1996-97 28.96 11.01 48.18 37.82 4.38 6.69 1997-98 34.41 11.89 37.69 16.46 3.17 5.09 1998-99 17.15 9.55 26.21 10.01 2.74 4.00 1999-00 20.29 10.60 31.04 10.91 2.93 4.41 2000-01 23.68 5.75 17.72 9.87 3.08 4.09 2001-02 22.47 4.54 20.14 13.84 4.44 5.72 2002-03 1.30 6.83 38.98 18.95 5.71 7.22 2003-04 -4.12 6.90 33.01 19.96 4.79 6.14 200 4-05 -16.71 6.29 24.11 12.71 3.84 4.59 2005-06 -6.97 5.08 16.46 6.17 3.24 4.44 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed APPENDIX LXXXIV Altman Z Score of Hero Honda Motors X 1 X 2 X 3 X 4 X 5 Z Score 1995-96 6.76 7.57 31.94 37.31 4.22 5.68 1996-97 1.75 9.62 31.16 19.18 3.23 4.53 1997-98 11.98 10.25 40.40 22.73 3.90 5.65 1998-99 -4.71 12.04 47.02 45.60 4.54 6.47 1999-00 -9.28 12.87 58.49 78.18 3.33 4.06 2000-01 -9.85 11.97 56.18 60.08 4.69 6.95 2001-02 -44.68 15.58 87.87 34.30 3.64 6.42 2002-03 -64.62 17.37 89.11 29.74 4.13 6.72 2003-04 -57.18 18.42 81.78 22.86 4.44 6.84 2004-05 -61.75 14.18 71.92 19.79 5.07 7.00 2005-06 -39.19 14.03 64.47 21.50 4.59 6.56 X 1 -Working capital to total assets; X 2 - Net operating profit to net sales X 3 - Earnings before interest and taxes to total assets X 4 - Market value of equity to book value of debt; X 5 -Sales to total assets Source: Computed

RANGE OF VEHICLES MADE IN INDIA INDIAN AUTOMOBILE INDUSTRY THREE WHEELERS MULTI UTILITY VEHICLES TWO WHEELER PASSENGER CARS PASSENGER CARRIERS GOODS CARRIERS MOTOR CYCLES SCOOTER MOPEDS COMMERCIAL VEHICLES BUSES TRUCKS OTHERS

Market Share of Selected Sectors of Indian Automobile Industry (2004-05) Category Percentage Commercial 03 Passenger 12 Two Wheelers 81 Three Wheelers 04 Total 100 Market Share (2004-05) 4% 3% 12% 81% Commercial Two Wheelers Passenger Three Wheelers

MANUFACTURERS OF VARIOUS VEHICLE CATEGORY IN INDIA MEDIUM AND HEAVY COMMERCIAL VEHICLES Tata Groups (engines in collaboration with Cummins) Ashoks Leyland (in collaboration with IVECO, Italy) Volvo India Pvt.. (wholly-owned subsidiary of Sweden) Defense Vehicle factory (in collaboration with MAN, Germany) LIGHT COMMERCIAL VEHICLES Tata Group Bajaj Tempo Limited Eicher Motors Limited Mahindra and Mahindra Swaraj Mazda Hindustan Motors Ashok Leyland Limited Daewoo Motors (India) Limited PASSENGER CARS AND MULTI UTILITY VEHICLES Maruthi Udyog. Hindustan Motors. Daewoo Motors (India). Premier Automobile. PAL Peugeot. General Motors (India). Tata Group Mahindra and Mahindra. Mercedes Benz (India). Ford India. Hyundai India. Honda SIEL India. Toyota India. Skoda India.