MIRA
INFORM REPORT
|
Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
GOODYEAR INDIA LIMITED |
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|
|
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Formerly Known
As : |
GOODYEAR TIRE AND RUBBER COMPANY ( |
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Registered
Office : |
Mathura Road, Ballabgarh, Faridabad – 121004, Haryana |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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|
|
Date of
Incorporation : |
28.03.1961 |
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Com. Reg. No.: |
05-008578 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.230.665 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L25111HR1961PLC008578 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG00070A / RTKG03767B |
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|
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|
PAN No.: [Permanent Account No.] |
AAACG3511H |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing and selling of Automotive Tyres, Truck, Bus,
Car, Tractor, Jeep and LCV Tyres. |
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|
|
|
No. of Employees
: |
976 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12000000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having good track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office /Factory : |
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Tel. No.: |
91-129-6611000 / 6611111 |
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Fax No.: |
91-129-2305309 |
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E-Mail : |
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Website : |
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Head Office : |
Godrej Bhavan, Mathura Road, New Delhi - 110 065, India |
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Tel. No.: |
91-11-26836567 (8 Lines) |
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Fax No.: |
91-11-26836170 |
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Corporate Office : |
1st Floor, ABW Elegance Tower, Plot No.8, Commercial Centre, Jasola, New Delhi – 110025, India |
DIRECTORS
As on 31.12.2011
|
Name : |
Mr. Daniel Lawrence Smytka |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Rajeev Anand |
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Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
Diploma Mech. Engg. |
|
Experience : |
30 Years |
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Date of Appointment : |
01.01.1982 |
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|
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|
Name : |
Mr. Yashwant Singh Yadav |
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Designation : |
Director – Hr and Corporate Affairs |
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Date of Birth/Age : |
53 Years |
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Qualification : |
LL.B, MBA |
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Experience : |
30 Years |
|
Date of Appointment : |
12.11.2009 |
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|
Name : |
Mr. R V Gupta |
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Designation : |
Director |
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Name : |
Mr. Rajiv Lochan Jain |
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Designation : |
Director |
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Name : |
Mr. C. Dasgupta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Gupta |
|
Designation : |
Head – Legal and Company Secretary |
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|
|
|
Name : |
Mr. Philippe Lecerf |
|
Designation : |
Chief Financial Officer |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Business Degree (Institut Commercial Supérieur) / Diplôme d’Expertise-Comptable (CPA) |
|
Experience : |
24 Years |
|
Date of Appointment : |
01.07.2010 |
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|
|
|
Name : |
Mr. Dipinder Singh |
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Designation : |
VP - Consumer Business |
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|
|
|
Name : |
Sanjay Gupta |
|
Designation : |
Director – Procurement |
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|
Name : |
P. K. Walia |
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Designation : |
VP - Farm and Commercial PBU |
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|
Name : |
Jatinder S. Gujral |
|
Designation : |
VP - Farm, Commercial |
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|
|
|
Name : |
Tarun Kumar Lall |
|
Designation : |
Head – Pricing |
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|
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|
Name : |
Saroj Kumar Samant |
|
Designation : |
Manager - OTR (East) |
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|
Name : |
Randeep Singh |
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Designation : |
National Sales Manager -Replacement sales |
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Name : |
Randeep Singh |
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Designation : |
Head - Sales Consumer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
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|
|
|
17,069,215 |
74.00 |
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17,069,215 |
74.00 |
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|
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|
Total
shareholding of Promoter and Promoter Group (A) |
17,069,215 |
74.00 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1,326,109 |
5.75 |
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|
9,764 |
0.04 |
|
|
59,663 |
0.26 |
|
|
577,286 |
2.50 |
|
|
1,972,822 |
8.55 |
|
|
|
|
|
|
|
|
|
|
479,948 |
2.08 |
|
|
|
|
|
|
2,903,973 |
12.59 |
|
|
392,528 |
1.70 |
|
|
248,021 |
1.08 |
|
|
5,840 |
0.03 |
|
|
144,185 |
0.63 |
|
|
18,885 |
0.08 |
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|
79,111 |
0.34 |
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4,024,470 |
17.45 |
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|
|
|
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Total
Public shareholding (B) |
5,997,292 |
26.00 |
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|
|
|
Total
(A)+(B) |
23,066,507 |
100.00 |
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|
|
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|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
23,066,507 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of Automotive Tyres, Truck, Bus, Car, Tractor, Jeep and LCV tyres. |
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Products : |
|
PRODUCTION STATUS (As on 31.12.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Automotive Tyres |
(Nos.) |
1431 |
1264 |
NOTE:
1.
The Installed capacity is
as certified by the Management and relied upon by the Auditor’s being a
technical matter.
2.
Production does not
include conversion by outside sources.
|
Tubes (Nos.) |
1156 |
(1685) |
|
Flaps (Nos.) |
21 |
(77) |
GENERAL INFORMATION
|
No. of Employees : |
976 (Approximately) |
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|
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Bankers : |
· Citibank, Faridabad, Haryana, India ·
Bank of ·
Punjab National Bank, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Gurgaon, Haryana, India |
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Cost Auditor : |
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Name : |
Dr. Ashok K. Agarwal Cost Auditor |
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Ultimate holding
company : |
The Goodyear Tire and Rubber Company, Akron, Ohio, USA. (since November 29, 2011) |
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Holding company : |
· The Goodyear Orient Company (Private) Limited, Singapore (since November 29, 2011) |
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Fellow subsidiaries
: |
· Goodyear International Corporation · Goodyear Dunlop Tires Operations SA · Goodyear Middle East, FZE · Goodyear Earthmovers Pty Limited · Goodyear Dalian Tire Company Limited · Goodyear and Dunlop Tyres (NZ) Limited · Goodyear Nippon Giant (Japan NGT) · Goodyear (Thailand) Public Company Limited · Goodyear Taiwan Limited · Goodyear Do Brasil Produtos De Borracha Ltda · Goodyear De Colombia S.A. · Goodyear Great Britain Limited · P T Goodyear Indonesia TBK · Goodyear SA (Luxembourg) · Compania Goodyear Del Peru SA · Goodyear South Africa (Pty) Limited · Goodyear Wingfoot KK Japan · Goodyear Philippines Inc. · Goodyear Lastikleri T.A.S. · Goodyear Dunlop Tires France · Goodyear Singapore Tyres · Goodyear Marketing and Sales SDN Bhd. · TC Debica SA. · Goodyear and Dunlop Tyres (Australia) Pty Limited · Goodyear South Asia Tyres Private Limited ·
Goodyear Chile S.A.I.C |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23066507 |
Equity Shares |
Rs.10/- each |
Rs.230.665 Millions |
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|
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Notes :
1) 17,069,215 shares are held by Goodyear Orient Company (Private) Limited, Singapore {the Holding Company} since November 29, 2011. The Goodyear Tire and Rubber Company, Akron, USA {the ultimate Holding Company} held such shares until November 28, 2011.
2) During the year 2011, The Goodyear Tire & Rubber Company, USA (“GTRC”), has transferred its entire holding of 17,069,215 equity shares by way of contribution without any consideration to Goodyear Orient Company (Private) Limited, Singapore, in accordance with Regulation 10(1)(a)(iii) of the Takeover Regulations.
3) Out of the aforesaid 17,069,215 (17,069,215) shares 1,203,926 (1,203,926) shares were alloted to The Goodyear Tire and Rubber Company, Akron, Ohio, USA as fully paid up pursuant to a contract without payment being received in cash and 1,21,59,379 (1,21,59,379) shares were alloted as fully paid up by way of bonus shares by capitalisation of general reserve Rs.114.188 Millions (Rs.114.188 Millions) and share premium account Rs.7.406 Millions (Rs.7.406 Millions).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
230.665 |
230.665 |
230.665 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2934.606 |
2476.884 |
1917.672 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3165.271 |
2707.549 |
2148.337 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
110.313 |
101.760 |
107.723 |
|
|
|
|
|
|
|
|
TOTAL |
3275.584 |
2809.309 |
2256.060 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1898.100 |
1385.059 |
1203.241 |
|
|
Capital work-in-progress |
208.905 |
594.744 |
363.173 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
855.011
|
612.988
|
516.629
|
|
|
Sundry Debtors |
1307.897
|
976.632
|
986.667
|
|
|
Cash & Bank Balances |
2490.996
|
2179.401
|
1587.722
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
220.833
|
182.026
|
163.831
|
|
Total
Current Assets |
4874.737
|
3951.047 |
3254.849 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2748.005
|
1803.249
|
1569.690
|
|
|
Other Current Liabilities |
543.402
|
885.443
|
551.788
|
|
|
Provisions |
414.751
|
432.849
|
443.725
|
|
Total
Current Liabilities |
3706.158
|
3121.541 |
2565.203 |
|
|
Net Current Assets |
1168.579
|
829.506
|
689.646
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3275.584 |
2809.309 |
2256.060 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15134.315 |
12972.278 |
10151.036 |
|
|
|
Other Income |
112.909 |
171.047 |
48.704 |
|
|
|
TOTAL (A) |
15247.224 |
13143.325 |
10199.74 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material Consumed |
8220.673 |
6528.379 |
4296.745 |
|
|
|
Work in Process and finished Goods |
3077.976 |
2888.364 |
2660.605 |
|
|
|
Increase/ (Decrease) in Excise duty on finished Goods |
11.323 |
4.924 |
(13.522) |
|
|
|
Other manufacturing expenses |
2725.810 |
2423.452 |
1981.668 |
|
|
|
TOTAL (B) |
14035.782 |
11845.119 |
8925.496 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1211.442 |
1298.206 |
1274.244 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.118 |
35.569 |
34.034 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1159.324 |
1262.637 |
1240.210 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
196.893 |
153.386 |
126.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
962.431 |
1109.251 |
1114.121 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
316.461 |
361.140 |
383.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
645.970 |
748.111 |
730.942 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1513.498 |
1033.047 |
571.012 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
80.000 |
80.000 |
80.000 |
|
|
|
Dividend |
161.466 |
161.466 |
161.466 |
|
|
|
Tax on Dividend |
25.570 |
26.194 |
27.441 |
|
|
BALANCE CARRIED
TO THE B/S |
1892.432 |
1513.498 |
1033.047 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
468.188 |
594.020 |
572.050 |
|
|
|
Other Earnings |
26.547 |
25.010 |
7.168 |
|
|
TOTAL EARNINGS |
494.735 |
619.03 |
579.218 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1351.801 |
889.180 |
511.987 |
|
|
|
Stores & Spares |
2.109 |
5.120 |
16.605 |
|
|
|
Capital Goods |
78.447 |
100.580 |
182.652 |
|
|
|
Others |
0.000 |
885.590 |
0.000 |
|
|
TOTAL IMPORTS |
1432.357 |
1880.470 |
711.244 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.00 |
32.43 |
31.69 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 |
|
Type |
1st
Quarter |
|
Net Sales |
3310.600 |
|
Total Expenditure |
3112.300 |
|
PBIDT (Excl OI) |
198.300 |
|
Other Income |
29.300 |
|
Operating Profit |
227.600 |
|
Interest |
7.800 |
|
Exceptional Items |
0.000 |
|
PBDT |
219.800 |
|
Depreciation |
57.700 |
|
Profit Before Tax |
162.100 |
|
Tax |
52.900 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
109.200 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
109.200 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
4.24
|
5.69
|
7.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.36
|
8.55
|
10.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.21
|
20.79
|
24.99
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.41
|
0.52
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
1.15
|
1.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.27
|
1.27
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
FINANCIAL
During the year, the net sales and other income increased from Rs.13143.325 millions in the previous year to Rs. 15247.224 millions. The export sales stood at Rs 468.188 millions.
The depreciation for the year is inclusive of the accelerated depreciation amounting to Rs 3.200 Millions, in respect of a category of equipment due for replacement.
OPERATIONS
The Company manufactures automotive bias tyres viz. Farm tyres and Medium Commercial Truck tyres at its Ballabgarh plant and also trades in “Goodyear” branded tyres (including Radial passenger and Off-the-road Bias Tyres) manufactured by Goodyear South Asia Tyres Private Limited (GSATPL) Aurangabad, pursuant to an off-take agreement entered into with that company. The other products in which the Company markets and sells include tubes and flaps.
The Company feels proud to have been recognized as one of the best suppliers in the overall category by one of the leading tractor manufacturers in the world – John Deere. The Company has also won accolades from several other key tractor manufacturers including Mahindra and Mahindra Swaraj and International Tractors Limited in the past.
Last but not least, the Company has been awarded the prestigious “Superbrand” status for 2010 - 2011. This recognition speaks of the business excellence of Goodyear as a brand, and is a reward reflecting on the high quality of products and services delivered by the Company.
FINANCE AND ACCOUNTS
During the year, additions to fixed assets amounted to Rs.723.000 millions as against Rs.342.000 million in the previous year. The Capital expenditure incurred amounted to Rs.337.000 millions.
The interest cost during the year has increased from Rs. 35.569 Millions in the previous year to Rs. 52.118 Millions.
As of the end of December 2011, an amount of NIL matured deposits remained unclaimed.
The Company has not accepted any fixed deposits and, as such, no amount of principal or interest was outstanding as on the balance sheet date.
FINANCIAL STATEMENTS
(Full and Abridged)
In terms of amended Clause 32 of the Listing Agreement, the Company shall supply:
(i) Soft copies of full annual reports containing its Balance Sheet, Profit and Loss account and Directors’ Report to all those shareholder(s) who have registered their email address(es) for the purpose;
(ii) Abridged Annual Report - Hard copy of statement containing the salient features of all the documents, as prescribed in subclause (iv) of clause (b) of proviso to section 219 of the
(iii) Companies Act, 1956 to those shareholder(s) who have not so registered their email address(es); and (iii) Hard copies of full annual reports to those shareholders, who request the same.
FUTURE OUTLOOK
As per the Central Bank’s (RBI) estimates, the growth in the Indian economy is expected to continue to moderate, with GDP growth forecasted at 7.3% for 2012-2013.
In this context, the Company will continue to focus on the review of activities in different areas of operations under the umbrella of the Continuous Improvement System (CIS). The CIS is an integral part of the Company’s philosophy to maximize gains and reduce costs in order to address market realities.
As far as the industry is concerned, moderation in growth rates is expected in the consumer tyre segment. The Company will continue to seek new OEM fitments and introduce award winning new products in its existing consumer tyre portfolio.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Developments
At macroeconomic level, the growth momentum of Indian economy has slowed with Central Bank (Reserve Bank of India) revising its GDP forecasts to 7.0% during its third quarter review of macroeconomic and monetary developments for 2011-2012. Inflationary pressures leading to high interest rates, global uncertainty and higher fuel prices, coupled with depreciating currency value have posed challenges in maintaining the growth rate momentum of the economy.
The tractor industry in India has witnessed a growth of 18.3% in 2011 (Source: Crisil research). This has resulted in an increased demand for tyres which the Company capitalized on, with strong sales growth of tractor tyres.
Passenger vehicles sales grew at 9% (Source: Society of Indian Automobile Manufacturers), which translated into slight moderation in consumer tyres demand from the Original Equipment Manufacturers’ (OEM) customers. The
Consumer Replacement Tyres also felt some softening of demand due to rising pressure on consumers wallets as a result of higher interest rates, fuel prices and food inflation.
Outlook
As per the Central Bank’s (RBI) estimates, the growth in the Indian economy is expected to continue to moderate, with GDP growth forecasted at 7.3% for 2012-2013.
In this context, the Company will continue to focus on the review of activities in different areas of operations under the umbrella of the Continuous Improvement System (CIS). The CIS is an integral part of the Company’s philosophy to maximize gains and reduce costs in order to address market realities.
As far as the industry is concerned, moderation in growth rates is expected in the consumer tyre segment. The
Company will continue to seek new OEM fitments and introduce award winning new products in its existing consumer tyre portfolio.
CONTINGENT LIABILITIES*
Rs. In Millions
|
Particulars
|
31.12.2011 |
31.12.2010 |
|
|
|
|
|
1] Bills Discounted |
-- |
14.957 |
|
|
|
|
|
2] Guarantee to Gurgaon Gramin Bank |
11.500 |
11.765 |
|
|
|
|
|
3] Claims against the company not acknowledged as debts |
|
|
|
Rent Cases ** |
-- |
43.875 |
|
Sales tax |
45.166 |
30.176 |
|
Excise and services Tax
matters |
100.228 |
82.714 |
|
Income Tax Matters |
107.328 |
48.447 |
|
Price Differential pending
Settlement |
47.392 |
47.392 |
|
Others |
27.956 |
28.146 |
* (excluding interest and penalty, if any)
** During the year, in compliance of order passed by the Hon’ble Delhi High Court in August 2011 in respect of Delhi branch rent case, the Company deposited with the court a sum of Rs.16.200 Millions (including interest Rs.8.100 Millions) by way of demand drafts in the name of landlord(s), after deducting applicable TDS. However subsequent to such deposit, the Company received notice from Hon’ble Supreme Court of India revealing that the landlord(s) have preferred Special Leave Petition challenging the said order of High Court.
UNAUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2012
(sRs.
In Millions)
|
Particulars
|
3
Months Ended
31.03.2012 |
|
|
(Unaudited) |
|
|
|
|
1. (a) Net sales/ Income from Operations |
33017 |
|
(b) Other operating income |
89 |
|
Total Income
[(a) + (b)] |
33106 |
|
|
|
|
Expenditure |
|
|
a) Cost of materials consumed |
20654 |
|
b) Purchase of stock -in- trade |
6264 |
|
c) Changes in Inventories of finished goods, work- in- progress and stock-in-trade |
(2526) |
|
d) Employee benefits expense |
2137 |
|
e) Depreciation and amortisation expense |
577 |
|
f) Other expenditure |
4594 |
|
g) Total |
31700 |
|
|
|
|
3. Profit/ (Loss) from operations before other income, interest and
Exceptional items (1-2) |
1406 |
|
4. Other income |
293 |
|
5. Profit / (Loss) before interest and Exceptional items (3+4) |
1699 |
|
6. Interest/ Finance Charges |
78 |
|
7. Profit / (Loss) after interest but before Exceptional items (5-6) |
1621 |
|
8. Exceptional items |
-- |
|
9. Profit/ (Loss) from Ordinary Activities before tax (7+8) |
1621 |
|
10. Tax Expenses |
529 |
|
11. Net Profit/ (Loss) from Ordinary Activities after tax (9-10) |
1092 |
|
12. Extraordinary Item (Net of Tax expense Rs. Nil) |
-- |
|
13. Net profit/ (loss) for the period (11-12) |
1092 |
|
|
|
|
14. Paid up equity share capital (Face value of Rs.10 per share) |
2307 |
|
15. Reserves (excluding revaluation reserves as per Balance Sheet of
previous accounting year) |
-- |
|
|
|
|
16. Earning Per
Share (Rs.) (EPS) |
|
|
a) Basic and diluted EPS before Extraordinary Item for the year |
4.73 |
|
b) Basic and diluted EPS after Extraordinary Item for the year |
4.73 |
|
|
|
|
17. Public
shareholding |
|
|
- Number of shares |
5,997,292 |
|
- Percentage of shareholding |
26% |
|
|
|
|
18. Promoter and Promoter Group Shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of
Shares |
-- |
|
- Percentage of
Shares (as a % of total shareholding of promoter & promoter group) |
-- |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
-- |
|
|
|
|
b) Non-Encumbered |
|
|
- Number of
Shares |
17,069,215 |
|
- Percentage of
Shares (as a % of total shareholding of promoter & promoter group) |
100% |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
74% |
Notes for the quarter
ended on March 31, 2012
1. Tax Expense includes following:
Current tax 51.200
Deferred tax 1.700
2. The Company's business activity falls within a single primary business segment viz. •Automotive tyres, lubes, flaps and related rubber product.
3. In terms of the Hon'ble Supreme Court order dated March 15, 2012, the Company is required to furnish 75% of award amount as "Pre-deposit" with the Madras High Court to hear on merits the original petition (appeal) filed by the Company challenging the Order dated December 31, 2009 passed by the Micro And Small Enterprises Facilitation Council, Chennal. The Company believes It has a strong case on merits and no amount is payable.
4. The above unaudited results were approved at the meeting of the Board of Directors held on May 11, 2012.
5. Figures have been regrouped wherever necessary to confirm current quarter classification.
6. The statutory auditors have carried out a Limited Review of the above quarterly results for the quarter ended 31.03.2012.
FIXED ASSETS
·
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
WEBSITE DETAILS
THE HISTORY OF THE
BRAND
The Goodyear Tire and Rubber Company began in 1898, when founder Frank A. Seiberling purchased the company’s first production plant using money he borrowed from his brother-in-law. Naming the company after Charles Goodyear, the pioneer who discovered the process of vulcanisation, Seiberling also fashioned the distinctive winged-foot trademark based on a statue of Mercury he kept in his home. Though the symbol has since been altered over the years, it remains a recognisable signature for Goodyear till this very day.
MILESTONES
For over a hundred years, Goodyear has been at the forefront of tyre technology. Through advanced research and manufacturing practices, Goodyear continues to push the boundaries of innovation and remains One Revolution Ahead.
1898 Frank Seiberling starts the Goodyear Tire and Rubber Company. He chooses to name it in honour of the inventor
Charles Goodyear.
1908 Henry Ford's Model T, fitted with Goodyear tyres, is a sensation with middle class consumers. Car
registrations skyrocket.
1922 Goodyear enters India Market.
1961 Starts production in India at Ballabgarh Plant.
1964 Using Goodyear tyres, Craig Breedlove becomes the first man to top 600 miles (960km) an hour.
1969 Goodyear Aerospace helps send astronauts safely to the moon and back.
1971 Goodyear tyres are the first tyres to land on the Moon.
1984 India's largest tyre, over 8 feet tall, rolls out of the factory.
1998 Goodyear celebrates its 100th anniversary.
2002 Goodyear becomes first company to launch tubeless tyre in India.
2006 Launch of 'Shop-in-shop' Branded Retail Outlet .
2008 Launch of Goodyear Assurance - passenger tire made with Dupont KEVLAR.
2009 Launch of new farm tyre Vajra Super and commercial tyres Timber King and CTD 21.
2009 Launch of Goodyear DuraPlus and Duraco Hi-Miler - long milage passenger tyres made with TredLife Technology.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
63 |
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 EXPLANATIONS
|
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.