I N D E X
2. VISION, MISSION AND VALUES OF EICHER
3. ABOUT EICHER
a. Introduction and History
b. Strengths of EMI
c. Product Range
d. About Finance and Accounts Department
e. Finance and Accounts Dept Structure Chart
f. Commercial Vehicles.
g. Billing Process
h. GR Process
4. RECEIVABLES MANAGEMENT
c. Debit Note & Credit Note
e. Channel Financing
f. Receivables Monitoring System
g. Channel Financing Limit V/S SAP Credit Check For
5. FIXED ASSETS MANAGEMENT
a. Process of Acquiring Fixed Assets
b. CIJ: Capital Item Justification
c. Writing-off assets.
d. Rate of depreciation used in EML.
e. Physical Verification of assets.
6. DATA ANALYSIS
7. SWOT ANALYSIS
The Eicher way…
To provide competitive commercial vehicles and related services of
quality exceeding customer expectations.
To be innovative in all that we do and be responsive to our internal
and external customer needs.
To be one of the top three commercial vehicle manufacturers in India
meeting customer needs anywhere anytime.
To be a prosperous company with a commitment to invest in the
development of our engineering capabilities and our future growth.
To be seen as a value driven organization caring for its employees
and all other stakeholders.
Legal, social, personal, conscience framework.
No bias against any of the stakeholders.
Encourage people to take risks, tolerate mistakes and learn from them.
Transparency of action and thought.
Encourage people to take risks, tolerate mistakes and learn from them
Awareness that every transaction has a customer, then to recognize his
needs and to delight them.
Excellence in everything we do and to enable self-actualization.
Without any bias against those with different o r certain belief.
Keeping away from political influences.
Relationship which allows openness and sharing of true inner feelings
Eicher Motors Limited (EML) is a leading Commercial Vehicle
manufacturer of India. IT was incorporated in 1982 and introduced its
first product, the Canter, a 6-ton GVW truck manufactured at its state of
the art plant at Pithampur, Indore in collaboration with Mitsubishi Motors
Corporation, Japan, in 1986. The company has fully absorbed the
technology and has successfully indigenised the vehicles.
From a single 6 Ton GVW truck in 1986, our range today extends from
5T to 16T GVW trucks and the Skyline and Voila range of Buses. All
our products are now been offered in BS I & II compatible options. We
also have arguably the best CNG technology in the world in our CNG
Buses. Pioneering the concept of Built Up vehicles in the country, we
make products that consistently deliver high value to our customers and
are increasingly becoming the preferred option for all CV users, not only
in India but overseas too. Eicher CVs today have significant presence in
more than 20 countries across the world.
In India, Eicher Motors has consistently outperformed the industry in
terms of growth and currently holds over 30% market share in the 6T-
11T GVW segments. In the 9T GVW segments, Eicher Motors
continues to be the leader with more than 50% market share. Our well-
equipped workshops result in faster turnaround of service. A network of
more than 4500 Eicher trained private mechanics, over 133 authorized
sales and service centers, and easy availability of genuine parts across
more than 300 authorized spares outlets means less downtime and
increased opportunities for our customers to earn.
Eicher Motors is now poised to further consolidate its position in the CV
industry by entering into the Medium & Heavy Commercial Vehicle
segments. Strategic plans are in place to ensure necessary
investments in technology and training to constantly sharpen our
development and manufacturing edge. EML is totally committed to
fulfilling the vision of being one of the top 3 CV manufacturers in the
country by giving customers what they want: vehicles that are safe, fuel
efficient, easy to maintain, enhance driver comfort and in turn
productivity. Vehicles that deliver value by providing lower cost of
ownership and increased profitability to our customers.
The excellent manufacturing and design capabilities of the group comes
as a result of the Engineering Services Center of Excellence which has
been set up as part of Eicher's major initiative to focus on product
development and engineering. This Center functions as an autonomous
unit catering to high-end CAD/ CAM requirements of all Eicher
Their products are manufactured at the Company's plant in Pithampur,
near Indore, Madhya Pradesh, and India. The company has absorbed
the technology and has successfully indigenised the vehicles.
To ensure that we continue to create products that offer unique
advantages and benefits to our customers, Eicher Motors Limited has
set up a Product Development group, consisting of competent
engineers. The team has developed several successful vehicles and
variants, an achievement made possible by the use of the latest
Computer Aided Design and Computer Aided Engineering (CAD-CAE)
software like NASTRAN and FEM analysis packages.
Eicher Motors Limited provides its customers the benefit of an
extensive sale and service network, customized solutions and an
efficient cost of ownership.
Our manufacturing capabilities are backed by a sales and service
network of over 133 EML authorized sales & service centers and more
than 300 authorized spares outlets.
Eicher 10.50 : 5.40 ton GVW
Eicher10.59 : 5.90 ton GVW
Eicher 10.75 : 7.45 ton GVW
Eicher 10.90 : 8.80 ton GVW
Eicher 11.10 : 10.50 ton GVW
Eicher Jumbo 20.16 : 16.20 ton GVW
Eicher Galaxy 30.25 : 25.00 ton GVW
(* GVW = Gross Vehicle Weight)
Skyline and Cruiser range of Buses (in Standard, HHR & Push Back
Skyline School Buses.
A wide range of ready to use built-up vehicles: Ambulances,
Aluminum Container Vans, Tippers, Water Tankers, Fire Tenders,
Postal Vans, Troop Carriers, Garbage Tippers, Dumper-placers,
Rear Drop Tippers, Cash Vans etc.
EICHER MOTORS NETWORK
4 Regional Offices and 12 Area offices
150 Authorized contact points inclusive of 78 Dealers, 30 Branches,
28 Authorized Service Centers, 14 Spare Parts Distributors/dealers
and 748 Spares/service Outlets
Over 6000 company trained mechanics on National and State
highways, spread all over the country
325 Material Vendors
A young and energetic work force comprising of 911 employees
ABOUT FINANCE AND ACCOUNTS
The Finance and Accounts department in EML handles accounts for the
various kinds of money matter related transactions. The financial
matters are categorized under six main categories. They are:
Under these categories there are different roles to be performed. We
have following roles/functions under the above categories:
Material Accounting Purchaser
Given below is a detailed description about the six categories in the
1. Accounts Payables
Payables has the following main functions:
LC payment Purchase accounting
Import clearing Cheque payment
TT payment Domestic clearing
Vendor clearing Travelling loan deduction
2. Accounts Receivables
Receivables has the following main functions:
Invoicing (Customer Billing, Dealer Billing, etc)
Price master maintenance
Credit note printing
3. General Ledgers
The main functions are:
Report generation for Report generation for Profit
Balance sheet and Loss accounts
Bank charges accounting Cost analysis
The main functions of assets are:
Internal order Sales or deletion of assets
Purchase of assets Asset accounting
Capitalization GL Master maintenance
The main functions are:
Modvat Clearing Accounts. Stock record
Availment. PLR accounting
Job Work RG23 records
Reversal of excise Export formalities
Capital assets Evaluation for excise purpose
Excise duty payment (finished goods)
Controlling includes the following key function:
Cost Center accounting
Internal Order Accounting
Product cost Accounting
Profit Center/Profit Analysis
Finance & Accounts Departments Structure
The Head of Finance
Indirect Taxation (Excise, sales Tax), Accounts Payable (Bill Passing & payroll)/FIRE IT, Material Acct, Audits, Fix
Banking, Insurance, AFC Operations, AR
Vendor reco and hundi payments PO activation, PLR reco, TDS certificates, All de
All liasoning work from Indore Office
BRS of all bank A/C s, interest computation & provisioning, treasury MIS, DLR generation
Material bill passing (including GRIR review & clearing) Tax fixed asset
Payroll, tax audits, Income
Banking, & Insurance Fund management
Material & Expense Vendor Payments, Cheque printing, freight outward bill pas
MIS, Budget and AFC
Expense/ Marketing/ Depot bill passing and freight inward bill passing
Attending appeal, SCN and custom refund Material accounts and Audit
Employee’s related payments
Depot sales tax assessments Tax (Plant & Depot)), VAT preparedness
Plant sales tax assessments
Record maintenance for Excise, MODVAT availments, Export documentation, GP preparation, excise returns
Junior Assistant Excise record maintenance
Sales, MR, CNR, dealer payments, dealer reconciliation, depot FG reconciliation (W, C & E regions) transfer price for
Sales, MR, CNR, dealer payments, dealer reconciliation, depot FG reconciliation (N1 & 2), marketing A/C s MIS
This industry of commercial vehicles comprises of very many players having
a big name and fame in market, not only in this segment but in other
Though there are many players in which competition is there in the industry
but here to compare the data we take Eicher motors and few very close
competitors of its in the industry. The competitors are:
To compare and make an analysis we do need to have its financial reports
i.e. profit & loss account and balance sheets here are the profit & loss
account and balance sheet for all the above companies for the past 15 years
that is from 1989-90 to 2003-04.
The Commercial Vehicle (CV) industry grew by 26% during the financial
year 2004-2005. Most of the segment of CV industry grew, though at
different rates, spurred by Government investments in road infrastructure,
lowest ever interest rates and good business environment.
The Company sold 23004 vehicles as compared to 15885 vehicles in the
immediately preceding year – a growth of 45% outperforming the industry
growth. The company’s entry into the Heavy Commercial Vehicle (HCV)
segment has gained momentum and during the year Company sold 4451
HCVs as compared to 1676 HCVs during the previous financial year
The turnover of CVs grew by 56% to RS. 1419 crores during the financial
year 2004-05 from RS. 909 crores in the previous year.
It has launched Multi Axle Model Eicher Galaxy (30.25 and 33.25) during
the year and sold 715 vehicles in the market in the very first year itself. A
15T GVW Cowl and chassis for inter city passenger segment has also
been introduced in select markets during the year.
The Company has tested and successfully piloted a few vehicles of its
indigenously developed 42 Tipper model during the year and is planning
to commence mass production during the current financial year. The
Company is also in the processes of development and testing of its new
variants like 62 Tipper and 35 and 40 tones Tractor trailer to improve
competitiveness in the market. This backed by development of new
dealers in identified areas, would further help in increasing the companies
sale in the short and medium term.
Auto Finance operations
739 Commercial Vehicles and 99 tractors were financed during the year.
Overall portfolio quality continues to be healthy with minimal
delinquencies. Encouraged by the overall performance of auto- financing
operations, generating significant revenues and also enabling incremental
sales, this company has set the significant growth targets of retail
financing of commercial vehicles in the current financial year.
1. Purchase order no. Is prepared by the company’s person authorized for
this purpose. There are three types of “purchase order” i.e.
45 series for General purchases
55 series for Scheduling agreement for production items
655 series for amortization
2. Authorized person of the company signs purchase order and a copy is
send to the vendor.
3. The Vendor prepares the ASN i.e. Advance shipment notice in which he
include the following details that are
4. When the material is dispatched from the vendor’s end for the company
then at the company’s gate, Gate Entry is made.
5. After Gate Entry process GR (Goods Receipt) is made which is of three
Original for buyer
Duplicate for transporter
Triplicate (extra copy)
6. GR Entry no. is made after that physical quantity verification is done
where the item is unloading for that only GR no. is made.
Format of GR
ASN No Invoice Invoice GR no Purchasing Actual Unload
NO. Date. No. NO
1. Inventory RM Dr
GR/IR (Goods Received Invoice not Received Provision) Cr.
2. GR/IR. Dr
Vendors A/c Cr.
On spares excise is not imposed, from 1st June 2006 spares also subject
CST (central sales tax is 4% when raw material is purchased out of M.P.
VAT (Madhya Pradesh Value Added Tax) = 12.5%
QC (Quality Control) In this if there is found that some material is defective
then invoice is prepared of no. of items remained after rejection.
RDA (Rejection dispatch advice) this is done on line.
The following heads are covered in receivable management :-
DEBIT NOTE AND CREDIT NOTE.
RECEIVABLES MONITORING SYSTEM
CHANNEL FINANCING LIMIT V/S SAP CREDIT CHECK FOR BILLING.
The company according to the schemes gives discounts to its dealers.
Schemes are different in different regions or branches. Sometimes dealers
are given certain amount of discount limit to be maintained on a particular
vehicle i.e. called Kitty.
For Ex:- For 10 vehicles the limit sanctioned to dealer is RS. 4,00,000 i.e.
RS. 40,000 per vehicle.
CASE:- Let’s take an example that a Dealer in West Region has been
sanctioned a discounting limit of 40,000 per vehicle. But what it does is he
gives Rs.30,000 discount on sale of 1st vehicle, on sale of 2nd vehicle it gives
discount of RS. 30,000 to the customer. So for maintaining balance of
discount per vehicle he can give discount of RS. 60,000 on the sale of its 3rd
In case if the discount limits exceeds due to some reason then first the dealer
have to get the exceeding limit approved from Finance Department.
For Ex. :- As the dealer is given discounting limit of RS. 4,00,000 but due to
competition prevailing in the market or some other reason, the dealer has to
give some additional discount to its customers, so for that additional discount
the dealer has to get approval from Finance Department.
For the sale of a vehicle the first and foremost procedure is to take out the
Inquiry about the demand of a vehicle in the market. And this Inquiry is
carried out by the Marketing Personnel / Dealer because they have the best
knowledge of the market and its segments. The Inquiry is of two types :-
Here, HOT INQUIRY means that there is immediate demand of a particular
vehicle, and it has to be manufactured as soon as possible.
And COLD INQUIRY means that the demand is there in the market but its not
After knowing the demand the Dispatch Advice has been given. Then
this advice is procured by the DCD for further processing. After procurement
the vehicle is manufactured as per due date. As the vehicle is manufactured,
it is moved to Depot of a particular region.
Then the dealer is informed about the vehicle and is asked for payment,
as per the rules of the company the vehicle is not billed to a dealer without
receiving the payment. There are two ways of receiving the payment i.e.
directly through Cash or through Channel Funding (Procedure is Explained
Sometimes the vehicle is issued on credit to the dealer but for certain time
period say, for 30 days and interest is charged to them from the 1st day itself.
DEBIT NOTES AND CREDIT NOTES
Debit notes and Credit notes are the Financial Instruments, which are
basically issued on Trade Discounts.
As the dealers are given discounts on invoice, but as stated in the rules of the
company the amount of discount is restricted on invoice so for balance
discount, the dealers account is credited by receiving the Debit note from
For Ex:- Suppose the dealer is sanctioned discount of Rs. 40,000. But on
invoice he has been given discount of Rs.15000 only. So, for remaining
25000 the dealer will give a debit note, so that his account gets debited and
the company’s account gets credited with Rs. 25000.
In case if the discounts given to them are more than required, then the Credit
note is received from the dealers and there account is debited and company’s
account is credited.
For Ex:- Suppose the dealer is sanctioned discount of Rs. 40,000. But the
dealers requirement is only Rs. 15000, so for balance 25000 the Credit Note
is received from dealer, therefore the company’s account is credited and
dealers account is debited.
Collection is the amount received by the company from the dealers for
clearing the dealers outstanding accounts.
Whatever collection received by the company from the particular
dealer, it is credited/cleared in the books according to FIFO (First in First out)
For Ex:- Suppose a dealer in South, have 3 outstanding bills :-
INV. NO. DATE AMOUNT
123 21/02/06 100000
138 10/04/06 200000 Now the total
216 15/05/06 200000 outstanding is Rs.
500000 500000. The
company receives rs.
400000 from a dealer so for clearing the outstanding, company will not clear
inv. no. 138 and 216, rather it will clear 100000 from inv. No. 123, 200000
from inv. No.138 and balance 100000 from inv. No. 216. So the balance
100000 will be the dealer outstanding of inv. No.216. This is because of
FIFO (First In First Out) basis.
Here, the fund can be collected either directly through cash or through
channel financing. (Guidelines for operating channel financing are explained
Guidelines for operating Channel Financing in EICHER MOTORS LTD.:
1. Dealer should keep rotate his channel financing a/c balance so that
there should not be overdue in his a/c (>30 days due to ICICI by dealer
treats as overdue).
2. Interest will be applicable on utilization from the 1St day (by ICICI to
3. If any due >45 days category, ICICI will put “COH” on his account. It
means even if positive balance in OTB, ICICI will not allow for funding
until dealer clears >45 days due.
4. Every day morning ICICI will send OTB (order to buy) report by 11-12
o’clock, based on that accounts will prepare proposal list for funding the
C.O. for confirmation. Co to confirm by next half an hour. The correct
figure will be forwarded to ICICI by 2 P.M daily, Ro to do receipt a/c
5. Same system would be followed for the other channel financing scheme
6. A dealer can have maximum of two channel financing a/c and total limit
should not exceed the paid stock limits.
7. In case dealer is opting two channel financing a/c, the credit limit would
be total of OTB limits of two a/c’s.
8. If two channel financing a/c is in operation, take most favorable bank
from dealer at the beginning itself.
9. We cant take disbursement, if the billing date is > 3 days of request.
B). For the dealer who is having AFC (auto finance) cases too,
Procedure will be as under:-
1. AFC finance to the end customer and we have channel financing for
funding to dealer’s stock hence after billing to dealer, we will forward the
daily billing to channel financing partner as we do for normal cases.
2. As soon as the case funded by AFC, the same amount may be refund to
dealer or deposit to his channel financing a/c or can be adjusted against
RECEIVABLES MONITORING SYSTEM
GUIDELINES FOLLOWED FOR RECEIVABLES MONITORING SYSTEM
IN EICHER MOTORS LIMITED IS AS FOLLOWS: -
1. Adjustment of payment and reporting will be based on FIFO, i.e. first
received payment will be treated against older bill.
2. Receipt a/c can be done with reference to DA number or without DA no.
3. Channel financing collection and CIFCO float advance receipt a/c may be
done with reference to DA number.
4. Advances under this system will be net balances of customer a/c only.
5. No change for Institutional Receivables, it will be monitored DA wise only
and receipt a/c should also be DA wise.
6. Benefits of system: -
Easy system, no complicity, hence easy for vehicle a/c reconciliation.
No unwanted transfer entries in the books.
Clear hang on customer advances.
Transparent vehicle a/c ledgers of dealers.
7. Cash Discount applicability under FIFO system:- Here we don’t have
DA wise collection cutting, CD will be treated applicable when billing is
done against actual credit balance.
8. AFC DO credit:- Credit entry against DO in dealer a/c. It will be treated
just like a collection entry.
9. SRN cases: - If any DA is appearing in outstanding list but actually got
SRN, in that case you need to clear it manually, as for FIFO system SRN
entry will be just like a normal credit entry.
CHANNEL FINANCING LIMIT v/s SAP CREDIT
CHECK FOR BILLING
1. Daily basis, as soon as ICICI/CENTURION sends available limit for
utilization, the same will update as credit limit of that particular dealer.
“COH”/”Debit Freeze” will be treated as NIL balance. In case any dealer is
not in channel financing its limit will always being Zero.
2. Dealer can be billed upto this credit limit i.e. 100% billing will be against
money available in ICICI/CENTURION bank which mean secured.
3. In vehicle allocation process treatment of advances is “ Net credit balance
of customer code + limit available in ICICI/Centurion bank channel
financing a/c” it is because upto the available balance he can be billed.
4. Receipt a/c of channel funding: - it will be done centrally at accounts after
getting credit confirmation from bank.
5. ICICI channel financing is like a CC a/c of dealer at bank, from their
withdrawal can be taken be EML against vehicle billing. By taking, funding
limit is getting reduced and by depositing it will be increased.
6. Interest will start from day 1 on all withdrawal hence dealer has to deposit
money as soon as he gets from retailing.
7. For dues to bank by dealer, automatic aging also getting made at bank
that should not be >30 days, on >30 days due, bank charges penal
interest and if any outstanding >45 days the bank will put “COH” on his
a/c. And COH a/c is not funded further until it gets cleared.
8. Adhoc limit: -
For taking adhoc limit proposal must be through EML a/c to bank.
If found OK by bank they will issue a sanctioned letter to dealer.
For activation of Adhoc limit dealer acceptance to bank on sanctioned
letter is must.
FIXED ASSETS MANAGEMENT
Fixed assets such as plant, machinery, land, building, furniture etc.
represent that part of a firm’s capital that is blocked on a permanent or fixed
Fixed assets are to be retained in business for carrying out regular operations
and without them the business of the concern cannot be carried out.
To acquire assets, first a budget is prepared of all the assets that would e
required in the coming financial year. This budget is sent to top management
and after their approval and amendments, it becomes a finalized budget. But
many a times it happens that some assets are required urgently. In such
cases, the entire process of budgeting is skipped.
CIJ: Capital item Justification
A CIJ document is prepared to justify the need of purchasing the asset. Every
CIJ has a unique number. It contains a purchase order number, a GRN
number, the quantity to be purchased, and the estimated cost of assets.
Once the CIJ entry is made, the asset can be purchased and the vendor can
be paid. Without a CIJ entry, no asset can be purchased.
NOTE: The personnel in accounts department will not pass the CIJ entry in
SAP until and unless he receives the copy of CIJ from a specific person.
After the CIJ entry is made, the asset goes into CWIP that is capital work in
progress. This means that the asset is in the process of becoming a capital
If the item is of such a nature that it needs to be installed, then a completion
certificate is required after installing the asset.
This process concludes that the asset has been capitalized and is part of the
fixed asset of the company.
When assets get obsolete or inappropriate to use, they are either sold or
If the assets are dumped, they do not produce any vale, except for the scrap
If assets are to be sold, the selling price is the residual price after
depreciation. Depreciation is calculated through the written down value
method and in some assets straight-line method is used.
Temporary Assets are depreciated at 100%.
Rate of Depreciation used in Eicher Motors Limited:
Sr. No. Particulars Method Rate
1. ADMN. Building *ST. line 1.63%
2. Computers *ST. line 16.21%
3. Factory Building *ST. line 3.34%
Equip/M&Dies ---- 100%
5. Moulds & dies *ST. line 11.31%
6. Off. Equipments *ST. line 6.33%
7. Plant & mach. *ST. line 4.75%
8. Cars (ICICI) *ST. line 20%
9. Cars *ST. line 9.5%
10. Design & *ST. line 7.42%
11. P&M General *ST. line 10%
12. Factory Building **WDV 10%
* Straight Line Method.
** Written Down Value Method.
In the balance sheet, assets are clubbed under the head Gross block.
A Gross block would contain the following sub heads:
Purchase and matrerials
Factory and furnishings
Cars / 2 wheelers
Gross block - Depreciation = Net block
The net block is the value of assets at the end of the year.
Once capitalized, these assets are moved to the department where they are
required. Each such department is called a cost center and has a unique
code called the CCN. This CCN would contain the list of assets present within
that department. Thus a CCN no. helps us to locate any asset in the
Physical verification is very important function in EML. This is done to know
the actual working condition of the assets. This function is performed every 3
years. Based on this the assets are replaced and the one in bad condition are
either dumped off or sale as scrap to get the residual value. This process also
helps us in knowing the authenticity and reliability of the Asset. It is useful for
knowing the actual value of assets available with the company, and the total
number of assets with the company.
FORMAT OF PHYSICAL VERIFICATION OF ASSETS:
Asset CCN Cap. Assets Aquis. % Avail condition Change
no. Date Descri value of CCN
Reason Asset plate Machine/equipment Name of Remarks
for Affixed (y/n) no. manufacturer
According to this format the Assets are verified. When assets are
capitalized they have been allotted a no. i.e. called Assets No. These assets
are placed in the place required which is called CCN no. The date on which
the Asset got capitalized is also taken into account. Acquisition value is the
amount paid to utilize the asset. The percentage sign let us know the high
After taking all this necessary information, the personnel from accounts
department goes for physical verification in a particular department and
checks the availability of the asset. If the asset is available, the next process
comes is to check the condition of the asset i.e. Good/Moderate/Bad. After
that it checks whether the asset is of particular department or acquired from
other department. While verifying, the personnel has to keep in mind to check
whether the asset plate is fixed or not, the machine/ equipment no. and also
the name of manufacturer.
If the Asset is not available then the personnel has to mention the reason
for write off of asset with the help of the personnel of concerned department.
CAPITAL ASSET MANAGEMENT
Budget for fixed assets
Verification of the
budget and approval
Allotment of CIJ no. in
SAP and handover to
pertaining to CIJ in
Monthly review of CIJ
value and CWIP a/c
&follow up with
concerned dept. for
Capitalization on the
basis of work
Creation of asset’s no.
and details in SAP
Disposal of scrap &
Depreciation runs on
sale of assets in SAP
as and when required
Preparation of fixed
assets schedule on Physical verification
quat.basis for audit and confirmation of
In the 9T segment, Eicher Motors is the leader with more than 50%
Very strong dealer network.
A network of more than 4500 Eicher trained private mechanics.
Research and Development.
The best CNG technology in the world for the CNG Buses.
Ability to customize designs to suit the requirement of the client.
Lack of presence in the HCV segment.
Low Economies of scale when compared to the competitors.
A revival in the CV market in the India due to revival of the Industry in
Booming Auto Export market.
High replacement demand due to low interest rates.
High competitive environment with large and very powerful competitors.
Foreign players setting up shop in India