MIRA INFORM REPORT
|
Report Date : |
16TH June, 2006 |
IDENTIFICATION DETAILS
|
Name : |
CEAT
LIMITED |
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Registered Office : |
Ceat Mahal, 4653, Dr. Annie
Besant Road, Worli, Mumbai – 400025, Maharashtra, India |
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Country: |
India |
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Financials (as on): |
31.03.2005 |
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Date of Incorporation : |
10.03.1958 |
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Com. Reg. No.: |
11-11041 |
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CIN No.: [Company Identification No.] |
L25100MH1958PLC011041 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUMC10660G MUMC11397B |
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PAN No.: (Permanent Account No.) |
AAACC1645G
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Legal Form : |
Public Limited Liability
Company. The company’s shares are
listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing
and Marketing of Automotive Tyres, Automotive Tubes and Automotive Flaps. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by average 30 days |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Directors are reported as
experienced, respectable and having substantial means of their own. Their trade
relations are fair. Payments are reported as slow by average 30 days. The company can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Ceat Mahal, 4653, Dr. Annie
Besant Road, Worli, Mumbai – 400025, Maharashtra, India |
|
Tel. No.: |
91-22-24930621/24616054/25640461/25660461/63 |
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Fax No.: |
91-22-24606039/25640301/25663964 |
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E-Mail : |
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Website : |
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Head Office : |
6, Lotus House, Sir
Vithaldas Thakersey Marg, New Marine Lines, Mumbai – 400 020, Maharashtra,
India |
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Tel. No.: |
91-22-28570014/0378/0376 |
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Factory 1 : |
·
Village Road, Bhandup,
Mumbai – 400 078, Maharashtra |
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Factory 2 : |
· 82, MIDC Industrial Estate, Satpur, Nasik – 422 007, Maharashtra |
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Regional Offices: |
DELHI 1207, 12th Fl, Modicrop Tower 98, Nehru
Place New Delhi - 110 019 Telephone 91-11-51618491 Fax 91-11-26444098 CHANDIGARH Sco 201, 2, 3, 1st Floor, Sub City
Centre Telephone 91-172-622057/8 Fax 91-172-622728 JALANDHAR 2nd Floor, Satnam Complex, Near BMC
Chowk Telephone 91-181-2244094 Fax 91-181-2244094 FARIDABAD Scf No 70, 2nd Floor, Sector 15,
Market Telephone 91-129-5008021/2 Fax 91-129-2429823 ROHTAK C/O Umeed Auto, Auto Market Hissar
Road Telephone 91-1262-49895 MEERUT Sahni Motors Building, 62 Punjab Pura 91-121-513635 Fax 91-121-513871 VARANASI 201 A, R H Tower, The Mall Telephone 91-542-2503919 Fax 91-542-341919 KANPUR 39, Factory Area, Fazalganj Telephone 91-512-219741 Fax 91-512-216522 JAIPUR 307, 3rd Floor, Paradise C-61-A Telephone 91-141-2372808 Fax 91-141-2372022 JODHPUR DRTC House, 1st Floor Cinema Bldg Telephone 91-291-616237 Fax 91-291-640721 AGRA Plot No 85, Bypass Road, 36-232, D Telephone 91-562-2524840 Fax 91-562-2524839 DEHRADHUN HCL Compound, Niranjan Pur Telephone 91-135-2001237 LUDHIANA CEAT Ltd Telephone 91-161-2675577 Fax Telephone 91-161-2674755 BHATINDA CEAT Ltd, 1st Floor, Dhesagar
Complex, Telephone 91-164-2216706 CALCUTTA 3rd Floor, Duncan House 31, N.S. Road Telephone 91-33- 22130343 Fax 91-33- 22130346 ASANSOL 1st Floor 189, G T Road (East) Telephone 91-341-213017 Fax 91-341-213017 PATNA 7, I A S Colony, Kidwaipuri Telephone 91-612-2524550 Fax 2520511 RANCHI Arjan Place, 3rd Floor Telephone 91-651-2207252 Fax 91-651-206067 BHUBANESWAR R No 407, 4th Floor Nirmala Plaza Telephone 91-674-2595494 Fax 2595092 GUWAHATI Udyog Bikas Bhavan Bhangagarh, G S
Road Telephone 91-361-2529060 Fax 91-361-529315 NAGPUR CEAT Ltd, 5th Floor, Akarshan Complx, Telephone 91-712- 2547443,55 Fax 91-712- 2547444 PUNE 13/A, 2nd Floor, Krishna Keval Telephone 91-20-6835402/3 Fax 91-20-6835404 JABALPUR 15, South Civil Lines Caravs Building Telephone 91-761-325712 Fax 91-761-320531 INDORE 219, 220, 2nd Floor 6, Indraprastha
Tower Telephone 91-731-5091909 Fax 91-731-2524261 AHMEDABAD Neeldhara, 1st Floor Pritamrai Road,
Ellis Bridge Telephone 91-79-26577672/73 Fax 91-79-26577297 RAJKOT 404, Star Chambers, Harihar Chowk, Telephone 91-281-220217/8 Fax 91-281-291302 RAIPUR S J Logistics, B-29/4 Devendra Telephone 91-771- 2582712 KOLHAPUR C/O Rajkiran Agency Telephone 91-95231- 2462701/2 VASHI 108/109, Thakkar Tower Telephone 91-22 55912641 CHENNAI No 2, Vijayaraghava Road Telephone 91-44-24356387/044-24360769 Fax 91-44-24362519 COIMBATORE Sri Sai Baba Chambers, No 2 Telephone 91-422-453939 Fax 91-422-450157 MADURAI Pritam Plaza, 1st Floor Telephone 91-452-2387763/4 ERNAKULAM Safeena Mansion, P B No 1755 Telephone 91-484-353640 Fax 91-484-372720 BANGALORE Jasmine Mansion, 19, J C Road Telephone 91-80-2222388 Fax
91-80-2235027 BELGAUM 8, Havelock Road Telephone 91-831-2423482 Fax 91-831-2426552 HYDERABAD Flat No 418, Maheshwari Chamber Telephone 91-40-23396722 Fax 91-40-23396539 VIJAYAWADA 54/15-3, Srinagar Colony Telephone 91-866-450170 Fax 91-866-450073 |
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Corporate CEAT Mahal 463, Dr
Annie Besant Road, Worli Mumbai – 400
030 Telephone:
+91 22 2493 0621 Fax: +91 22
2493 8933 e-mail: response@ceatltd.com Exports CEAT Mahal 463, Dr.
Annie Besant Road, Worli Mumbai – 400
030 Telephone: +91 22 2493
0621 Fax: +91 22 2493 8933 America, Europe and Far East e-mail: sgulati@ceatltd.com Middle
East and Africa e-mail: jyoti@ceatltd.com Customer Cell CEAT Mahal Telephone: +91 22 2493 0621 Fax: +91 22 2493 8933 e-mail: customercare@ceatltd.com OEM CEAT Mahal Telephone: +91 22 2493 0621 Fax: +91 22 2493 8933 e-mail: pkshukla@ceatltd.com |
DIRECTORS
|
Name : |
Mr.
R. P. Goenka |
|
Designation : |
Chairman |
|
Other Directorship : |
Ø
CESC Limited –
Director Ø
Saregama India Limited
– Director Ø
Jubilee Investments
and Ind. Limited - Director Ø
Hilltop Holdings India
Limited – Director |
|
|
|
|
Name : |
Mr.
H. V. Goenka |
|
Designation : |
Vice
Chairman |
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|
Name : |
Mr.
Paras K. Chowdhary |
|
Designation : |
Managing
Director (Appointed on 18/01/2001) |
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|
Name : |
Dr.
G. Accornero |
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Designation : |
Director |
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|
Name : |
Mr.
M. A. Bakre |
|
Designation : |
Director |
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Other Directorship ; |
Ø
Garware Wall Ropes
Limited – Director Ø
FGP Limited - Director |
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|
|
|
Name : |
Mr.
A. C. Choksey |
|
Designation : |
Director
[Appointed on 28/01/2000] |
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|
Name : |
Mr.
S. Doreswamy |
|
Designation : |
Director
(Appointed on 27/07/2000) |
|
Other Directorship : |
Ø
Can Fin Homes Limited
- Chairman Ø
Pantaloon Retail
[India] Limited – Director Ø
Kaytee Switchgear
Limited – Director Ø
Sakthi Sugar Limited –
Director Ø
Sakthi Auto Component
Limited – Director Ø
Deposit Insurance and
Credit Guarantee Corporation Limited – Director Ø
Caliberpoint Business
Solutions Limited – Director |
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|
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|
Name : |
Mr.
J. N. Guzder |
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Designation : |
Director |
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|
Name : |
Mr.
H. Khaitan |
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Designation : |
Director |
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|
Name : |
Mr.
B. S. Mehta |
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Designation : |
Director |
|
Other Directorship : |
Ø
Atul Limited –
Director Ø
Bharat Bijlee Limited
– Director Ø
Century Enka Limited –
Director Ø
Housing Development
Finance Corporation Limited – Director Ø
IL & FS Investment
Mergers Limited [Formerly known as IL & FS Venture Corporation Limited] –
Director Ø
J. B. Chemicals &
Pharmaceuticals Limited - Director Ø
Pidilite Industries
Limited – Director Ø
Procter and Gamble
Hygiene and Health Care Limited – Director Ø
Sasken Communication Technologies
Limited – Director Ø
SBI Capital Markets
Limited – Director Ø
Sudarshan Chemical
Industries Limited – Director Ø
The Dawn Mills Company
Limited – Director Ø
Varun Shipping Company
Limited – Director Ø
Vinyl Chemicals
[India] Limited - Director |
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|
Name : |
Mr.
H. L. Mundra |
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Designation : |
Director |
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|
Name : |
Mr.
N. Srinivasan |
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Designation : |
Director |
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Name : |
Mr.
K. R. Podar |
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Designation : |
Director |
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Name : |
Mr.
M. S. Gupta |
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Designation : |
Director
(Appointed on 02/05/2002) |
KEY EXECUTIVES
|
Name : |
Mr.
H. N. Singh Rajpoot |
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Designation : |
Company
Secretary |
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|
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|
Name : |
Mr.
T. M. Elavia |
|
Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Category |
No. of Shares held |
% of Shares |
|
Foreign holding (FIIs, OCBs
and NRIs) |
3,149,862 |
8.94% |
|
FIs, Insurance Companies
and Banks |
7,329,854 |
20.81% |
|
Other Bodies Corporation |
14,947,688 |
42.45% |
|
Directors and their
relatives |
30,972 |
0.09% |
|
Mutual Funds |
1,315,713 |
3.74% |
|
Others |
8,439,231 |
23.97% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of Automotive Tyres, Automotive Tubes and Automotive Flaps. |
PRODUCTION STATUS
The company’s production
status as on 31st March, 2005 was as under :
|
PARTICULARS |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Automotive Tyres |
Nos in
Millions |
4.947 |
4.311 |
0.504 |
|
Automotive Tubes |
Nos in
Millions |
4.947 |
-- |
0.578 |
|
Automotive Flaps |
Nos in
Millions |
-- |
-- |
0.142 |
GENERAL INFORMATION
|
No. of Employees: |
4928 |
|
|
|
|
Bankers : |
·
Bank of India Mumbai
Corporate Banking Branch, 70-80,
Mahatma Gandhi Road, Mumbai
– 400023, Maharashtra ·
Bank of Baroda ·
Indian Bank ·
State Bank of India ·
UCO Bank ·
Vijaya Bank ·
Corporation Bank ·
State Bank of
Travancore ·
The Dhanalakshmi Bank
Limited ·
ICICI Bank Limited ·
The Karnataka Bank
Limited ·
The United Western
Indian Bank ·
ABN Amro N.V. ·
Export-Import Bank of
India |
|
Facilities : |
(Rs. in millions)
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
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Auditors : |
·
N. M. Raiji &
Company Chartered
Accountants |
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|
Associates/Subsidiaries
: |
·
Associated CEAT
Holdings Company Private Limited ·
CEAT-Kelani Associated
Holdings Company Private Limited ·
Associated CEAT
Private Limited ·
CEAT-Kelani
International Tyres Private Limited ·
ACT Limited ·
Rado Tyres Limited ·
Zensar Technologies
Limited Subsidiaries: ·
Ceat Ventures Limited ·
Malabar Coastal
Holdings Limited ·
Atlantic Holdings
Limited ·
Meteoric Industrial
Finance Company Limited ·
Ceat Holdings Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35,213,320 |
Equity
Shares |
Rs.10/- each |
Rs.352.133 millions |
|
3,900,000 |
Preference
Shares |
Rs.10/- each |
Rs. 39.000
millions |
|
20,886,620 |
Unclassified
Shares |
Rs.10/- each |
Rs.208.867 millions |
|
GRAND TOTAL |
|
Rs. 600.000 millions |
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35,213,320 |
Equity
Shares |
Rs.10/- each |
Rs.352.133 millions |
|
Less : |
Allotment
Money/Calls in Arrears |
|
Rs. 1.213
millions |
|
GRAND TOTAL |
|
Rs. 350.920 millions |
|
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
350.981 |
350.920 |
350.920 |
|
|
2] Reserves & Surplus |
5950.397 |
5894.682 |
5875.485 |
|
NETWORTH
|
6301.378 |
6245.602 |
6226.405 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3388.534 |
3195.188 |
3692.198 |
|
|
2] Unsecured Loans |
1117.832 |
1508.928 |
1130.412 |
|
TOTAL
BORROWING
|
4506.366 |
4704.116 |
4822.610 |
|
|
DEFERRED TAX LIABILITIES |
419.265 |
420.854 |
408.732 |
|
|
|
|
|
|
|
TOTAL
|
11227.009 |
11370.572 |
11457.747 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
5294.435 |
4981.986 |
5169.639 |
|
Capital work-in-progress
|
150.327 |
106.570 |
24.543 |
|
|
|
|
|
|
|
INVESTMENT
|
1907.936 |
1908.403 |
1928.433 |
|
DEFERREX TAX ASSETS
|
289.380 |
280.969 |
322.447 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
1682.042 |
1723.017 |
1742.468 |
|
|
Sundry Debtors
|
2366.003 |
2471.371 |
1869.256 |
|
|
Cash & Bank Balances
|
312.363 |
388.930 |
661.587 |
|
|
Loans & Advances
|
5252.361 |
5260.508 |
4520.479 |
Total Current Assets
|
9612.769
|
9843.826 |
8793.79 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
5562.147 |
5500.765 |
4692.430 |
|
|
Provisions
|
465.691 |
250.417 |
141.887 |
Total Current Liabilities
|
6027.838
|
5751.182
|
4834.317 |
|
Net Current
Assets
|
3584.931 |
4092.644 |
3959.473 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
53.212 |
|
|
|
|
|
|
|
TOTAL
|
11227.009 |
11370.572 |
11457.747 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
15669.754 |
15018.285 |
15158.097 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
[28.742] |
222.179 |
293.108 |
Provision for Taxation
|
[10.000] |
81.600 |
109.007 |
Profit/(Loss) After Tax
|
[18.742] |
140.579 |
184.101 |
|
|
|
|
|
Export Value
|
2595.019 |
2067.508 |
1619.715 |
|
|
|
|
|
Import Value
|
3381.377 |
2331.421 |
1697.195 |
|
|
|
|
|
Total Expenditure
|
15747.009 |
14589.888 |
14864.989 |
SUMMARISED RESULTS
|
Particulars |
|
|
31.03.2006 (Full
Year) |
|
|
|
|
|
|
Sales Turnover |
|
|
17474.200 |
|
Other
Income |
|
|
213.500 |
|
Total
Income |
|
|
17687.700 |
|
Total
Expenditure |
|
|
16779.500 |
|
Operating
Profit |
|
|
908.200 |
|
Interest |
|
|
634.00 |
|
Gross
Profit |
|
|
274.200 |
|
Depreciation |
|
|
224.500 |
|
Tax |
|
|
36.000 |
|
Reported
PAT |
|
|
3.700 |
KEY RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt Equity Ratio |
1.46 |
1.44 |
1.58 |
|
Long Term Debt Equity Ratio |
0.88 |
0.96 |
1.11 |
|
Current Ratio |
1.23 |
1.32 |
1.41 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
3.25 |
3.11 |
3.01 |
|
Inventory |
10.46 |
9.51 |
9.49 |
|
Debtors |
7.36 |
7.59 |
7.94 |
|
Interest Cover Ratio |
0.89 |
1.45 |
1.31 |
|
Operating Profit Margin (%) |
4.87 |
8.88 |
9.92 |
|
Profit Before Interest and Tax Margin (%) |
3.63 |
7.54 |
8.44 |
|
Cash Profit Margin (%) |
0.87 |
2.82 |
2.72 |
|
Adjusted Net Profit Margin (%) |
[0.37] |
1.47 |
1.24 |
|
Return on Capital Employed (%) |
8.33 |
15.49 |
15.33 |
|
Return on Net Worth (%) |
[2.09] |
7.38 |
5.81 |
STOCK PRICES
|
Face
Value |
Rs.
10.00/- |
|
High |
Rs.
65.70/- |
|
Low |
Rs.
36.10/- |
LOCAL AGENCY FURTHER INFORMATION
History:
Subject was incorporated on
10th March 1958 at Mumbai in Maharashtra having Company Registration
Number 11041.
The company was set up with a
capital of Rs. 11.500 millions contributed in a 60:40 ratio by CEAT (Cavi
Electric Affini Torino) of Turin, Italy, and the Investment Corporation of
India (A TATA Group Company). Its’
first tyre rolled out from its factory at Bhandup in Maharashtra on February
22, 1960. By the end of that year, the rapidly expanding workforce consisting
of 200 workers, produced a total of 45,246 tyres. Today, company's total
production per annum is close to 6 million units, making the company among the
top 20 tyre companies in the world.
Over the past few years, the company has restructured by divesting loss
making non-core businesses of glass fibber, NTCF and photocopiers. The company divested its other business viz.
nylon tyre cord division and fibreglass plant and now consolidating its
position through takeovers and joint ventures.
The flagship of the RPG
group, manufactures steel-belted radials for passenger cars. The various range
of tyres manufactured are marketed under “Ceat”, “Samrat” and “Secura” brand
names.
With the amalgamation of Deccan
Fibre Glass in 1983 and Murphy India (a BIFR company) in 1970, Ceat acquired
the glass fibre unit and the electronics division respectively. It also
acquired Murphy’s photocopier division, which had Ricoh, Japan, as the
technology supplier. The glass fibre unit was sold to FGP in June 1993. While
the operations of Electronics Division have been suspended from 1992-93
onwards, Associated Ceat (Private) Limited, the company’s joint venture in Sri
Lanka, commenced production of tyres for LCVs towards the end of 1993.
The Photocopier Division was
sold to RPG Ricoh in May 1994. The
company also transferred its Aurangabad unit to South Asia Tyres, a joint
venture with Goodyear India, in financial collaboration with Goodyear Tyre Company,
US, to manufacture radial and earthmover tyres.
The radial tyre plant has
commenced commercial production in Nasik and the formula one radial tyres have
been well received in the market.
The company is planning to
acquire the capacity in the newer plants in Baroda and Hyderabad to produce two
wheeler tyres for the company. The
production in Hyderabad plant was expected in August, 2002.
The company is the first tyre
company in India to have been awarded the International accreditation ISO/TS
16949 - 2002 Quality Standard Certification.
The company has entered into
agreement with Pirelli of Italy for outsourcing radial tyres, which are
marketed in the brand name, CEAT Spider Radials. The company is exporting its
products to nearly 50 countries and is entering into the new markets namely
Thailand, Hong Kong, Eritrea and Israel
Business:
Subject is engaged in the
business as manufacturers and marketers of Automotive Tyres, Automotive Tubes
and Automotive Flaps.
The company is the second
largest tyre manufacturer in the country.
Generic Names of Three
Principal Products of the company are:-
|
Item Code No. (ITC Code) |
4011 |
|
Product Description |
Automotive
Tyres |
|
|
|
|
Item Code No. (ITC Code) |
4012 |
|
Product Description |
Automotive
Flaps |
|
|
|
|
Item Code No. (ITC Code) |
4013 |
|
Product Description |
Automotive
Tubes |
CEAT'S PERFORMANCE:
The year 2004-05 was a mixed year for the tyre industry. The industry, both in India
and internationally, saw encouraging growth in demand, led mainly by the boom
in the automobile sectors. The Indian tyre industry benefitted from growth in
demand, particularly from the OE segments and two-wheeler markets.
On input costs, however, the industry was confronted with multiple challenges.
Prices of crude oil rose by more than 40% during the year. Growing demand from
emerging economies like China and India and the continuing uncertainty over the
security situation in producing nations have caused an all time high spurt in
crude prices. The prices of major crude
derivatives, including nylon and carbon black also rose in tandem. The widening
supply gap in natural rubber, and increase in price of its alternative
synthetic rubber, led to a significant rise in prices of rubber, a major input
for the tyre industry.
CEAT was no exception to these challenges posed by increasing cost of raw
materials. The Company's continued focus on market development and operational
efficiencies have helped in mitigating some of the setbacks. During the year,
CEAT's turnover grew by 8%. This was brought about by improved market share of
premium products, growth in two-wheeler segments, introduction of new tyres in
radial and speciality segments.
Conversion cost efficiency was a focused initiative during the year. The
Company has realized sustainable benefits in conversion efficiencies to emerge
as a low cost producer. Further, the efforts of the 'Total Quality Management'
teams across various levels of the organization have borne rich dividends by
reducing costs across many key activities.
The increased flexibility in manufacturing has also equipped the Company to
meet varying demands of target segments. Simultaneously, the Company has
continued its initiatives in exploring and developing newer sources of raw
materials and re-engineering its products to mitigate the impact of rising
input costs.
EXPORTS
During the year under report, the performance of the Company's export business
was very promising. Exports at Rs. 2730.000 millions were higher by 26% over
the previous year which entitled the Company to an additional benefit under the
Target Plus Scheme of the Foreign Trade Policy 2004-09.
Apart from consolidating its position in existing markets, CEAT has opened up
new markets in the Middle East and Latin America. A significant portion of the
incremental revenue came from speciality tyres segment where CEAT has unique
capabilities and expertise.
ASSOCIATED CEAT-KELANI VENTURE
During the period under report, Associated CEAT Kelani venture in Sri Lanka
recorded improved performance. Sales grew by 17% from SL Rs. 2322 million to SL
Rs. 2713 million. Export growth was 56% powered by rising exports to the Free
Trade Agreement regions and all round world trade. Profit for the year
increased by 153%, rising from SL Rs.32.5 million in the previous year to SL
Rs.82.2 million. A new dual extruder line has been installed and commissioned
which has enabled a significant improvement in product quality. The Company is
poised for further growth in sales and profits, but the extent of growth in
profitability may be tempered by the impact of, rising raw material
prices.
BRAND
NAMES
The company uses the various
brand names, viz., CEAT, CEAT SECURA, CEAT ENDURA, CEAT MAESTRO, etc.
The company is in trade terms
with the following :
·
Acmechem Private Limited
·
Bharat Rubber
Regenerating Limited
·
E Eyres Rubber Chemicals
Private Limited
·
Grand Wood Works &
Saw Mill
·
Micro Tyres and Belts
Private Limited
·
Burad Chemicals Private
Limited
·
Cutch Oil & Allied
Industries Private Limited
·
Elder Instruments
Private Limited
·
Jaishil Sulphur &
Chemical Industries
·
Nav Bharat Metallic
Oxide Industry
·
Aloha Engineers Works
·
Alfa Engineers
·
Shanmukha Laboratories
·
Solar Chemferts Private
Limited
·
Tech-India Enterprises
·
Vibros Rubber Products
Private Limited
·
Premier Polymer
Industries
·
Sah Petroleum Limited
·
Vita Technology Private
Limited
·
Zircon Metal Enterprises
The company’s fixed assets of
important value includes land, building, plant and machinery, furniture and
fixtures and vehicles.
As
per Web Details :
About us
The oldest of the RPG Enterprises
companies, CEAT Tyres was established in 1958. Today, they are one of India’s
leading tyre manufacturers, with an annual turnover of Rs 1,780 crores (US $400
million). Their solid brand equity has empowered us to establish a strong
presence in both, domestic and international markets. Their tyres, tubes and
flaps are renowned for their superior quality and durability, and are
recognised as being ‘born tough’.
They offer the widest range of tyres to all user segments, and manufacture
world-class radials for all Indian vehicles including:
Ø Heavy-duty Trucks
and Buses
Ø Light Commercial
Vehicles
Ø Earthmovers
Ø Forklifts
Ø Tractors
Ø Trailers
Ø Cars
Ø Motorcycles and
Scooters
Ø Auto-rickshaws
They also market tubes and flaps, which
are outsourced from 7 to 8 units.
Possessing an enviable list of clients
They enjoy long-standing business tie-ups
with major OEMs including TATA Motors, Ashok Leyland, Mahindra & Mahindra,
Maruti, L&T, Eicher, Swaraj Mazda, Caterpillar, Bajaj Tempo, Piaggio, Hero
Honda, HMSI (wholly owned subsidiary of Honda Motors, Japan) and TVS Motors.
Focused on Quality
At CEAT, they continue to stay committed
to enhancing the quality of their products and upgrading their technologies. It
goes without saying that they adhere to the highest standards of safety.
Testimony to their endeavours is the fact that they are the first and only
Indian tyre company to be awarded the ISO/TS 16949:2002 certification, by TUV,
a reputed certification body, based in Netherlands.
CEAT Quality Policy
They are customer-centric and
consistently deliver excellent products and services at competitive prices. It
is their endeavour to continually improve all their business processes and
ensure conformance to the established quality systems. They accomplish this
through constant upgrading of their employees’ skills.
History
Ø
CEAT stands for Cavi Electrici
Affini Torino (Electrical Cables and Allied Products of Turin).
Ø
CEAT International was first
established in 1924 at Turino in Italy and manufactured cables for telephones
and railways.
Ø
In 1958, CEAT came to India, and
CEAT Tyres of India Ltd was established in collaboration with the TATA Group.
Ø
In 1982, the RPG Group took
over CEAT Tyres of India, and in 1990, renamed the company CEAT Ltd.
Current Scenario
Ø
Manufactures over 6 million
tyres every year.
Ø
Enjoys 55% of the local market
for light truck and truck tyres.
Ø
Operates from plants in Mumbai
and Nasik.
Ø
Exports to USA, Africa and
other parts of Asia.
Ø
Has a robust network consisting
of 36 regional offices, over 3,500 dealers and more than 100 C&F agents.
Ø
Has a dedicated Customer
Service department, comprising Customer Service Managers in all four divisional
offices, assisted by 50 Service Engineers.
Vision and Mission
“CEAT will each time every time
provide Total Customer Satisfaction through products and services of highest
quality and reliability.
CEAT will nurture an exciting and challenging working
environment embedded with fairness and free, frank exchange of views.”
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the
subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation
with Government :
No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.89 |
|
UK
Pound |
1 |
Rs.84.65 |
|
Euro |
1 |
Rs.57.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and to set the
amount of credit to be extended. It is calculated from a composite of weighted
scores obtained from each of the major sections of this report. The assessed
factors and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability to
overcome financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |