Project Report On Commercial Vehicles Industry
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CONTENTS
Preface Executive Summery Acknowledgement Evolution and Growth of Industry Market Size of Industry Product Mix of Commercial Vehicle Industry in India Competitive Analysis Outlook Declaration Bibliography
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PREFACE Master of Business administration is a course, Which combines both theory and its applications as its contents of study in the field of management. As part and parcel of thisco ur se , ev er y aspirant has to prepare Market Research Report on particular Industry .The purpose of this report is to get the in depth knowledge regarding the Industry and enhance student‟s analytical skills. One of the Indian booming Indian commercial vehicle industry which is being researched byour group from the management perspective. By studying Indian commercial vehicle industryfrom a management perspective we would be able analysis potential opportunity as well asthreats of the commercial vehicle industry. Also, attractiveness of new en trant would be analysis with the help of Michael Porters five force model. Environmental scanning would be with the help of PEST analysis (Political, Economic, Social and technology). The data for analysis is being collected through the secondary sources like internet, Newspaper and published journal.
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EXECUTIVE SUMMERY This report is the study of Indian commercial vehicles industry. This report has helped us togetting some very useful insight of the commercial vehicles industry. Tata Motor, Eicher Motor, Mahindra & Mahindra,Swaraj Mazda are the dominant player of the Indian commercial vehicle Industry. India is 13th largest commercial vehicle market in the world. The last five years industry has grown CAGR of 14%. Commercial vehicle‟s Industry‟s sharein Indian automobile is 5.05% in the year 2007-08.T h e i n d u s t r y w h i c h g r e w a t a r a t e o f a b o v e 2 5 % o v e r 2 0 0 1 - 0 7 h a s g r o w n b y j u s t 5 % i n F Y 2 0 0 8 , s o t he e co no mi c f lu ct ua ti on aff ect gre atl y to Indi an com mer cia l v ehi cle Indu str y. Ability to enhance and vary product mix, Sales and distribution service network, Access tonew technologies are the key success factor of Indian commercial vehicle Industry.An Indian railway is the only one com pet ito r o f In dia n c omm erc ial veh icl e Ind ust ry but because of several advantage commercial vehicle Industry ruled over the Indian railway. Inn e a r f u t u r e w e a r e n o t s e e i n g a n y s u b s t i t u t e o f c o m m e r c i a l v e h i c l e I n d u st r y. In d i an commercial vehicle Industry use sales promotional tool as ma rk et in g to ol mo st an d fo r advertisement the print media is preferred by the most of the Indian players. Here we got chance to understand the fundamentals of Indian commercial vehicles industryand also ident ifies t he positi on o f the indust ry, t hat how t hey had built its image in the market.
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ACKNOWLEDGEMENT
I take this opportunity to express my deep sense of gratitude to those who have contributed significantly by sharing their knowledge and experience in the competition of this project work. I am greatly obliged to, for providing me with the right kind of opportunity and facilities to complete this venture. I am highly thankful to Mr., my faculty under whose able guidance this project work was carried out. I thank him for his continuous support and mentoring during the tenure of the project .Finally, I would also like to thank to all my dear friends for their cooperation, advice and encouragement during the long and arduous task of carrying out the project and preparing this report.
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Evolution and Growth of Industry A Nations economy is well known from its transport system for instant and rapid growth in economy, a well-developed and well-networked transportation system isessential. As India's transport network is developing at a fast pace, Indian AutomobileIndustry is growing too. Also, the Automobile industry has strong backward andforward linkages and hence provides employment to a large section of the population. Thus the role of Automobile Industry is very essential in Indian economy. Varioustypes of vehicles are manufactured by the Automobile Industry. Indian Automobile Industry includes the manufacturing of trucks, buses, passenger cars, defense vehicles, two-wheelers, etc.
The industry can be broadly segmented into the following category :-
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Commercial Vehicle (CV) industry in India has surged over the past decade and the market is
expected to grow at a CAGR of over 15% until 2016 (Source: Society of Indian Automobile Manufacturers (“SIAM”)) with many companies competing to expand. Commercial vehicle is a
type of motor vehicle that is used for transporting goods or carrying passengers with former contributing around 87% in India. Commercial vehicles are classified into Light, Medium & Heavy depending upon its gross vehicle weight. The CV industry enables quick, easy departure
of goods and accepts smaller loads than railways and also commercial vehicles can access remote and hilly areas where rail lines cannot be constructed. The main growth drivers for CV Industry are modernization of the trucking industry, structural shift to Hub & Spoke model, improved road infrastructure, growing freight capacity and increase in exports from remote areas enabling the producers/manufacturers to move their goods to ports. The key risk factors for this industry are low freight demand and truck rentals, non-availability of cargos, fuel price, risk prone area of occupation, sudden transport strike, competition with alternate mode of transport (Railways) and any new government regulations related to restrictions based on age of the vehicle and other environmental safety issues. Also, recent study on CV industry by ICRA found that the India‟s GDP and IIP numbers are very closely correlated
with the development of Commercial Vehicle Industry, which in turn has made this industry the lifeline of Indian Economy.
CV Financing and Securitisation CV Financing Industry in India has seen an impressive growth and in the last five years till 201213, CV loan disbursements grew by around 11 per cent (Source: CRISIL Research, Retail Finance- Auto, June 2013). Major players in CV Financing in India are Tata Motors
Cholamandalam Finance, Sundaram Finance, AU Finance, Shriram Transport Finance, Magma, L&T, M&M and Religare. The key factors that could impact vehicle financing in India are growth in vehicle sales, finance penetration and average ticket size (players offering marginally higher LTV because of competition from other players). The process of pooling the loans given by these CV financiers and selling the securities backed by cash flows from the loans to investors is termed as „Securitization‟ of CV pools and the bank or finance company that has originated the pool of receivables/loans is termed as „Originator‟. While selecting the loans for
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securitization, Originator should take into account the factors such as loan tenure, Interest rates, vehicle type (LCV/UCV), geographical diversity, recovery rates, etc.
Growth of the industry is taking place in clusters. The automotive industry is developing in clusters. There are four major clusters in the automotive indu stry in India. They are in and around New Delhi, Gurgaon and Manesar in North India, Pune, Nasik, Halol and Aurangabad in West India, Chennai, Bangalore and Hosur in South India and Jamshedpur and Kolkata in East India. Of course there are several manufacturing units in many other parts of India but these four clusters are expected to become the main hubs for manufacturing in the automotive industry. The Government of India (GOI) is taking initiatives to develop the automotive clusters. For example, the GOI, in its 11th Five Year Plan (2007 – 2012), is planning to create the Specialized Education and Training Institute for the automotive industry. It is also taking measures to enhance transportation, communication, and infrastructure facilities in these clusters. After a few years of strong growth, India‟s commercial vehicle (CV) industry hit a rough patch last year, impacted by the overall economic slowdown, delay in infrastructure projects and weak investment sentiment. However, the industry has long-term growth potential, subject to the economy accelerating back to 7% – 8% GDP growth per annum and the Government expediting policies that support growth of manufacturing and infrastructure development. While deregulation of diesel prices will make the industry less dependent on subsidies, it is likely to create demand uncertainty in the short-term as truck owners and manufacturers adjust to the new normal.
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Market Size Of Industry Industry performance in 2011-12
Production The cumulative production data for April-March 2012 shows production growth of 13.83 percent over same period last year. In March 2012 as compared to March 2011, production grew at a single digit rate of 6.83 percent. In 2011-12, the industry produced 20,366,432 vehicles of which share of two wheelers, passenger vehicles, three wheelers and commercial vehicles were 76 percent, 15 percent, 4 percent and 4 percent respectively.
Domestic Sales The growth rate for overall domestic sales for 2011-12 was 12.24 percent amounting to 17,376,624 vehicles. In the month of only March 2012, domestic sales grew at a rate of 10.11 percent as compared to March 2011. Passenger Vehicles segment grew at 4.66 percent during April-March 2012 over same period last year. Passenger Cars grew by 2.19 percent, Utility Vehicles grew by 16.47 percent and Vans by 10.01 percent during this period. In March 2012, domestic sales of Passenger Cars grew b y 19.66 percent over the same month last year. Also, sales growth of total passenger vehicle in the month of March 2012 was at 20.59 percent (as compared to March 2011). For the first time in history car sales crossed two million in a financial year. The overall Commercial Vehicles segment registered growth of 18.20 p ercent during AprilMarch 2012 as compared to the same period last year. While Medium & Heavy Commercial Vehicles (M&HCVs) registered a growth of 7.94 percent, Light Commercial Vehicles grew at 27.36 percent. In only March 2012, commercial vehicle sales registered a growth of 14.82 percent over March 2011. Three Wheelers sales recorded a decline of (-) 2.43 percent in April-March 2012 over same period last year. While Goods Carriers grew by 6.31 percent during April-March 2012, Passenger Carriers registered decline by (-) 4.50 percent. In March 2012, total Three Wheelers sales declined by (-) 9.11 percent over March 2011. Total Two Wheelers sales registered a growth of 14.16 percent during April-March 2012. Mopeds, Motorcycles and Scooters grew by 11.39 percent, 12.01 percent and 24.55 percent respectively. If we compare sales figures of March 2012 to March 2011, the growth for two wheelers was 8.27 percent.
Exports During April-March 2012, the industry exported 2,910,055 automobiles registering a growth of 25.44 percent. Passenger Vehicles registered growth at 14.18 percent in this period. Commercial
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Vehicles, Three Wheelers and Two Wheelers segments recorded growth of 25.15 percent, 34.41 percent and 27.13 percent respectively during April-March 2012. For the first time in history car exports crossed half a million in a financial year. In March 2012 compared to March 2011, overall automobile exports registered a growth of 17.81 percent.
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PRODUCT MIX OF COMMERCIAL VEHICLE INDUSTRY IN INDIA
AMBULANCE: Ambulance forms the important category of commercial vehicle. The sole purpose of this vehicle is to carry the sick and injured persons. Modern-day ambulances are typically large automobiles on a van or light truck chassis with a maximum road weight up to 7.5 tonnes. They are categorized into various sub-categories such as Emergency ambulance, Patient Transport Ambulance, Response Unit and Charity Ambulance depending on their functional use. The major producers of these vehicles are-
Force Motors Traveller Ambulance
Hindustan Motors Ltd RTV Ambulance
Mahindra & Mahindra Ltd. Mahindra Voyager Ambulance Mahindra MM 540 DP Ambulance
Maruti Suzuki India Ltd. Omni Ambulance
Swaraj Mazda Swaraj Mazda Ambulance
Tata Motors Tata Winger
TRUCKS: Trucks are basically used for carrying goods and materials in bulk. These trucks are classified into sub-categories like depending on their size and functional use: haulage, rigid trucks, tippers, cabs, delivery vans and trailers. They come u nder the intrinsic
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category of vehicle due to India's growing commercial sector. The fuel efficiency of these vehicles has also improved to a great extent in the past few years.
The major players of truck manufacturers in India are: Ashok Leyland Haulage : 4x2 Haulage Models
Multiaxle Vehicles
1613 H
2214 (6X2)
1612 H
2516 H (6X2)
Comet 1611
2514 H (6X2)
1613H/2 (12M Goods)
2516 H (6X 4)
4/51GS
2516H/4C
1613 S 1616 H 1616H - BS III Hippo Haulage
Beaver Haulage
Tippers : Hippo Tipper
Stallion Mk III Tipper
4x2 and Multixled Tippers CT 1613 H/1 (4X2) Taurus 2516/2 (6x4) 1613 ST (4x2) Taurus HD 2516MT/1 (6x4) CT 1613 H/2 (4x2)
Rigid Trucks : Beaver Tractor
Hippo Tractor
Ecomet Ecomet 912 Ecomet 1112
Force Motors Haulage : CLA 40.280
CLA 49.280
Hindustan Motors Ltd. Rigid Trucks : Mascot T-480 FC
Pick-Up
Cargo
Porter Plus
Mahindra & Mahindra Ltd. Cabs : Pic-Up Range
Hard Top Range
Mahindra Utilty
Mahindra Economy
Mahindra Pik-up
Mahindra Marshal DI
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Mahindra NC640DP Pik-Up CBC
Mahindra 775 XDB Mahindra 3door Hard Top Mahindra 5door Hard Top
LCV Range Mahindra CabKing 576 Mahindra DI 3200 Mahindra Cab King 576 DI Mahindra Load King DI Maxx Maxi Truck
Delivery Van Mahindra Voyager Delivery Van
Swaraj Mazda Rigid Trucks : Sartaj V W 26-S
Premium Truck
Swaraj 4 Wheel Drive
Applications Super ZT54
Swaraj Mazda Water Tank
Tata Motors Rigid Trucks : Tata Motors' Range of
Tata Ace
'World Trucks'
Rigid Trucks
Tata Novus
LPT 1109 Turbo Truck LP 1109 Turbo Truck TL 4x4 SFC 407 Ex Turbo Truck SFC 407 Turbo Truck LPT 709 E Truck LPT 407 Turbo Truck SFC 709 E Aerial Lift Turbo Truck
Pic-Up Tata Xenon XT
Volvo Rigid Trucks Volvo FM
Volvo FH
Tippers Volvo FM9 Tippers FM400 8x4 Tipper M340 6x4 Tipper
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TRACTORS: Tractors are heavy vehicles serving the purpose of hauling at an extremely low speed. India being one of the major agricultural countries makes the use of tractors on a large scale. It is one of the heaviest vehicle basically used for carrying out the agricultural tasks in an effective way. Modern tractors usually employ diesel engines which delivers 18 to 575 horsepower
The major producers of tractors in India are: Escorts Ltd. Farmtrac Farmtrac 45 Farmtrac 50 Farmtrac 60 New Farmtrac 70
Powertrac Powertrac 430 Powertrac 435 Powertrac 440 Powertrac 455
Force Motors Balwan Tractor Balwan 300 Balwan 400 Balwan 450 Balwan 500 OX 25
Swaraj Enterprise Swaraj Tractor Swaraj 722 Super Swaraj 724 FE Swaraj 733 FE Swaraj 735 FE Swaraj 744 FE Swaraj 834 FE Swaraj 855 Swaraj 939 FE
Swaraj Forklift Tractors Swaraj EL. Forklift 15 Swaraj Forklift 15 Swaraj Forklift 20 Swaraj Forklift 30 Swaraj Harvester Combine
Sonalika Tractors DI 35 DI 60 2WD DI 60 Senior DI 75 4WD DI 340 S DI 730 III DI 735 DI 740 III DI 750 DI 750 III
DI 55 DI 60 4WD DI 75 2WD DI 90 4WD DI 730 II DI 732 III DI 740 DI 745 III DI 750 II
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Mahindra Kisanmitra Mahindra Arjun Arjun 445 DI Arjun 605 DI
Mahindra Bhoomiputra Bhoomiputra 265 DI Bhoomiputra 275 DI TU Bhoomiputra 475 DI Bhoomiputra 575 DI Mahindra Yuvraj
Arjun 555 DI
Mahindra Sarpanch Sarpanch 265 DI Sarpanch 275 DI TU Sarpanch 475 DI Sarpanch 585 DI Sarpanch 575 DI Sarpanch 595 DI Super Turbo
HMT Tractors HMT Yuva 2522 OS 3522 DX 4022 4922 DX 7511
2522 FX 3522 CS 3522 FX 4922 6522
Tafe Tractors MF 241 Eagle MF 1035 Std. Tafe 25 DI TAFE 4410 Samrat Tafe 8502 - 4WD
MF 1035 DI MF 5245 Mahaan Tafe 30 DI Tafe 5900 DI Gajraj
Indofarm Tractors Indo Farm 2030 DI Indo farm 2040 DI
Indo farm 2035 DI Indo farm 2050 DI
BUSES:
A bus is a huge commercial vehicle, said to have originated in France in the year 1826 by StanislasBaudry under the name of 'Omnibus'. The basic purpose of this vehicle is to carry the passengers as it is an easy and cost-effective medium of transport. The major producers of buses in India are Ashok Leyland and Tata Motors whereas Swaraj Mazda and Hindustan Motors have made a big name in manufacturing mini-buses. However there are huge sub-categories of buses like-Commuter Bus, School buses, Electric buses and so on. In India,CNG buses have occupied the huge market thus making it an fuel efficient and environmental friendly vehicle.
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The major players in this sector are : Ashok Leyland Airport Tarmach Coach
Cheetah BS-II
Cheetah BS-III
Double Decker
Lynx BS-II
Panther BS-II
Stag-BS II
Vestibule Bus
Viking BS-II
Viking BS-III
Viking CNG BS-III
Viking SLF BS-III
12-M Bus-II
12-M Bus
Eicher Skyline Bus
School Bus
Cruiser
Skyline CNG Bus
Force Motors Citiline 25+D Traveller Mini Bus 14 +D
Citiline School Bus (25+D)
Commuter 32+D
Traveller Long 17+D
Hindustan Motors Ltd. RTV Custom
RTV Passenger
RTV School Bus
Mahindra & Mahindra Ltd Mahindra FJ Minibus
Mahindra FJ 470
Tourister 15
Swaraj Enterprise Bus
CNG Bus
LHD Bus
School Bus
Tata Motors Starbus
Other Buses
StarbusSkool
SFC 407 Turbo Mini-Bus
StarbusSkool 17
LPO 1510 CGS Bus (CNG Bus)
StarbusSkool 32 StarbusSkool 52
LP / LPO 1510 Bharat stage II Bus LPO 1616 TC Luxury Bharat Stage - I I Bus
Starbus Low Floor
Globus
Starbus LF
Globus 13
Starbus ULF CNG
Globus 18
Starbus Standard
Globus 20
Starbus 16
Globus 45
Starbus 18 CNG Starbus 20
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Starbus 32 Starbus 54 Starbus 67 Starbus Deluxe StarbusDlx 18 StarbusDlx 20 StarbusDlx 28 StarbusDlx 35
Competitive Analysis Two decades ago, India opened its doors for multinational automobile companies allowing them topenetrate the market, modernize the Indian transportation picture and make it beneficial for the end-users. The “India Commercial Vehicle Market Analysis” observed that the commercial vehicle segment of the Indianautomobile industry has shown great recovery after withstanding the effects of the global economic crisis.With economic revival, increasing public & private spending on infrastructure and higher penetration offinancing facilities, we expect the growth trend in each segment of commercial vehicles to continue in thecoming years. As per our analysis, LCV goods carrier is the fastest growing segment that is estimated toregister a sales growth of around 20% during FY 2012-FY 2015.
Our report has studied the Indian commercial vehicle market from various perspectives. It facilitatesinformation on production, sales, exports and key players in each segment (M&HCV, LCV and threewheelers)that has been further divided into passenger carrier and goods carrier sections. A comprehensivestudy on commercial vehicle tyre has also been included in the extensive research, which also foreseesgrowth in CV auto component industry. We observed that hub and spoke model and small commercial vehicles are among the major trends whichwould drive the Indian CV market in near future. During the regional analysis, it was found that South Indialeads the country in terms of commercial vehicle market. Besides, the growth in the CV industry will boostup demand for used commercial vehicles in coming years. With a view to understanding the industry's competitive landscape and presenting its balanced outlook toclients, we have included profiles of key players like Tata Motors and Ashok Leyland in our research study.
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MAJORPLAYERSOFINDIANCOMMERCIAL VEHICLE INDUSTRY
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Mahindra & Mahindra (M&M): M&M is the dominant player in multi utility vehiclesegment. In UV market The Company has around 51% market share in FY08. M&M has amarket share of 11.2% in C-segment cars during FY08. M&M is second biggest player in theIndian LCV segment. The company has recently announced an investment of Rs 15 billion inthe upcoming Greenfield Chakan facility in Pune. It plans to use the capacity for the production of LCV, M&HCV and UV at this plant with the initial capacity of around 2.5 lakhunits. ASHOK LEYLAND Ashok Leyland (ALL): ALL is the second-largest commercial vehicles manufacturer in India.The company plans to increase the installed capacity from 84,000 vehicles in FY08 to184,000 vehicles by FY10 with a capital expenditure of Rs 30 billion over the next threeyears. Nissan Motor and ALL have stepped up planned investment in their three new jointventure companies to $575 million. The JV will set up manufacturing capacity of one lakhvehicles in the first phase which would be scaled up subsequently. The plant is expected tostart production by FY10-11
Tata Motors Tata Motors (TML): TML is the world‟s fifth largest and India‟s largest medium and heavycommercial vehicle manufacturer. The company has plants in Jamshedpur, Pune, Lucknow, andDharwad and R&D centers in Pune, Jamshedpur, and Lucknow in India and in South Korea, Spain and the UK. The company markets its products in Europe, Africa, Middle East, South Asia, South East Asia and Australia. Tata Motors has planned a capacity of 2.25 lakh units for Ace, the sub-one-tonne truck, while the existing capacity in Pune is just around 60,000 units a year. Recently, TML has acquired Jaguar and Land Rover from Ford Motors for $2.3 billion.
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Eicher Motors (EML): EML produces commercial vehicles including trucks, buses, motorcycles, automotive gears and components. The company has sold 8.1% of promoter‟s holding to Swedish bus maker Volvo to form a joint venture, in which Volvo will pump upRs 1,082 crores. The JV would be a subsidiary of EML, where Eicherwould hold 54.4%equity and Volvo 45.6%. The manufacturing facility of Eicher Motors is located inP itham pur, Madhya Pradesh. The plant houses some top-of-the-line equipments, a robust infrastructure and has an annual production capacity of 30,000 vehicles. The company is one of the leading manufacturers of commercial vehicles in India with a 33% market share in the7T-11T segment.
Eicher motor is another leading company in commercial vehicle Industry although we cannotcompare it with Tata motor as EML‟s market share is not more than 10% in any segment of Indian commercial vehicle industry. Eicher motor‟s highest market share in medium andheavy commercial vehicle segment it has 9 % market share in multi and heavy goods carrier.
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Outlook Growth:
although rise in interest rates and fuel price may dampen the growth of the sector in short run and long run:term outlook for the domestic cv industry remains strong. The expectedcontinuance of economic growth and investments in infrastructure will help the sector report robust growth going forward. the entry of new players in the industry and the s i g n i f i c a n t capacity additions expected are however likely to keep the competitive pressures high. on thed e m a n d s i d e , a c o m b i n a t i o n o f t i g h t e n i n g r e g u l a t o r y n o r m s ( o n emissions and vehicle scrapping) and increasing customer selectivity is expected to drive a shift towards high tonnage quality products. The top players in the domestic cv industry have robust financials, s u p p o r t e d b y s t r o n g c a s h a c c r u a l s an d a co mf or ta bl e c ap it al st ru ct ur e. Th es e pl ay er s ar e capable of funding their significant investment plans over the medium term without resorting t o a n y l a r g e b o r r o w i n g s . M o r e o v e r , t h e o n g o i n g c a p a c i t y e x p a n s i o n s a r e b a s e d l a r g e l y o n outsourcing models, which aim at better sharing of risks with component suppliers and lower the break-even levels. The significant export drives being made by the leading cv players are likely to lower the risks arising from concentration on the domestic market and mitigate the impact of cyclical downturns to an extent
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Rising commercial vehicle loan defaults increase risk for lenders The inevitable fallout of the long decline in commercial vehicle (CV) sales is the rise in delinquencies in loans to this sector. Prolonged sluggishness in the economy along with high interest rates has led to defaults of commercial vehicle loans. Obviously, th is puts at risk the non banking finance firms, which have a reasonably high exposure to this segment. A report by India Ratings and Research Pvt. Ltd says that for the quarter ended September, the weighted average of 90- plus days‟ dues rose by 23% from the immediate preceding quarter to 3% of the loans. An earlier report by Equifax Credit highlighting the 30-day outstanding loan delinquencies were up by about 18% in the first half of fiscal year 2013. The data is backed by the corporate results of leaders in CV lending. Shriram Transport Finance Co. Ltd reported a margin decline, albeit a small one, compared with the June quarter, mainly due to high cost of borrowing, growth moderation in assets under management and inching up non-performing assets. Non-banking financial companies in this segment like Cholamandalam Investment and Finance Co. Ltd and Sundaram Finance Ltd have reduced the loan amount given as a percentage to value of the asset and tightened eligibility norms. But risks on existing assets continue to rise. A report from Antique Stock Broking Ltd points out some worrisome trends in the industry. Utilization of trucks has fallen as number of trips per month has come down to six from 10, with no return trip. This has strained cash flows of transporters. Delay in payment of loan instalments has spread from heav y trucks to even intermediate and light CVs. The deteriorating fundamentals of finance firms are due to all-round sluggishness in the economy, ranging from agricultural product movements to industrials, mining and infrastructure. More worrisome is the recently noticed trend of rise in early delinquency rate against a scenario of stable repayment of loans at least in the first two to three years. The handful of listed firms has shown stress on cash flows in the last several quarters, which is unlikely to improve immediately, in spite of improved collection procedures and lending norms. Meanwhile, year-till-date sales volume of trucks is down 27% compared with a year ago for Ashok Leyland Ltd and Tata Motors Ltd. A rise in truck rentals, which has been falling for many months, will bring hope. A 3-4% rise in truck rentals seen in the last two months, however, could be due to arrival of the agricultural harvest. This is too early to signal a revival.
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BIBLIOGRAPHY
http://www.icra.in/Files/ticker/SH-2013-Q1-1-ICRA-Commercial%20Vehicles.pdf
http://www.indiacommercialvehiclesummit.com/
http://www.ey.com/IN/en/Newsroom/News-releases/PR_Mega-trends-shaping-theIndian-commercial-vehicle-industry
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