It is universally believed that the wheel is one of the most important, if not the most important invention in the

history of mankind. The oldest wheel found in archaeological excavations is believed to be over fifty-five hundred years old. Down the centuries, the wheel has evolved significantly and has been put to an infinite number of uses from tiny mechanical watch gears to giant jet engines to simple facet calculators to computer disk drives. ut the most important

has been to facilitate speedy transportation of goods and people. !ere, tyres have played a vital role. CEAT Limited feels proud to be associated with this evolution of transportation. "#$T %imited was established in the year &'() and is one of the key players in the tyre industry in India. The "ompany achieved a lot in this span of time. *rom a modest beginning, it is now among the top tyre companies in the country- one of the very few to have a presence across all segments of the industry, be it two-wheelers or specialty tyres +weighing from a miniscule , kgs to over -.. kgs/. 0e will raise the bar of our performance and take it to the next level.

&

Company Snapshot
The Company: "#$T %imited was established in the year &'() and is one of the key players in the tyre industry in India. The "ompany, a part of the 123 conglomerate offers the widest range of tyres to leading 4riginal #5uipment 6anufacturers +4#6s/ across the world and is also one of the largest tyre makers for the replacement market in India. The "ompany has a strong presence in the domestic as well as the international markets. Operations: "#$T produces over 7 million tyres a year and commands around &89 share of the Indian tyre market. The "ompany manufactures a wide range of tyres catering to all user segments. This includes tyres for heavy duty Trucks and uses +T: /, %ight "ommercial ;ehicles +%";s/, #arthmovers and *orklifts +specialty segment/, Tractors, Trailers, 2assenger "ars +2"/, 6otorcycles, <cooters and $utorickshaws. "#$T earns around -(9 of its revenue from the T: The "ompany currently operates , plants in 6aharashtra, one in segment.

handup and

the other in =asik. It has a robust national network consisting of 8> regional offices and over 8,(.. dealers among which approximately &.. are exclusive dealers running the "#$T <hoppe outlets for passenger cars segments and ? 'exclusive dealers running the "#$T !@ s for Truck : us <egments. These initiatives have helped bring the "ompany closer to its customers. Aeeping pace with the demand for tyres in future, the "ompany is implementing a project at !alol, 3ujarat with initial capacity of '. 6T per day with an outlay of approximately 1s. (.. crores. The plant is expected to be ready for commercial production during the financial year ,.&.-&&. Reach: "#$TBs solid brand e5uity has helped it to achieve a strong footprint in both the domestic and the international market. It has a presence in over &&. countries. The "ompany is also one of the top tyre exporter in the country with exports valued at 1s. (.. crores.

Quality olicy: "#$T is the first tyre company in India to get the I<4CT< &-'>' certification, which is a combination of I<4 '... and D< '.... It is a 5uality management system that promotes continuous improvement. It ensuresE

F F F F F

The 2D"$ +2lan, Do, "heck and $ct/ cycle of process approach Trim supply chain by preventing defects and reducing waste #xport to almost all parts of the world *undamental 5uality management system re5uirements "ustomer satisfaction

Corporate !ocial Responsibility: "#$TBs motto is Gto positively impact the lives of employees and local communities directly affected by our businessH. It does this through a series of result oriented initiatives likeE

F F F F

2roviding opportunities for better education, health improvement and employment. <ocio-ecological projects to promote a healthy and safe environment. !ealthcare programmes and camps. $dopted the Tirat <hate village close to the plant in =asik, where the "ompany undertakes various development programmes.

"ew #ntiatives:

F F

$Connect% & a platform for state of the art communication across the employees C management. $'E(% & Identification of critical talent within the "ompany to unleash dynamism, innovation, discontinuity and empowerment and develop high caliber young business leader.

Awards and Achievements:

F F F F F F F F F F F F F F F

1eaders Digest Trusted

rand 3old $ward ,..'

G#xcellence in TrainingH $ward of the $sia 2acific !1 "ongress #mployer randing $wards ,..7 for the India 1egion =ational #xports $ward +"$2#II%/ J &8 times est #xports certificate of merit- 7 times in the last ,. years ""D" 6umbai "hapter Distinguish $ward for Duality "ircle in ,..7 ="D" Distinguish $ward for Duality "ircle in ,..0inner of 123 Duality $ward in ,..8, ,..> and ,..123 est TD6 Team $ward for "*T in ,..( and ,..TT <ix <igma Team $ward in

1ecognised with 123 ,..(-.-

"ertificate of merit in 1234# in ,..( est "ase <tudy $ward from "II in ,..( ="D" Distinguish $ward for Duality "ircle in ,..> I"D"" Distinguish $ward for Duality "ircle in ,.., 1ated amongst top four auto ancillaries &..9 vendors are I<4 certified erformance:

During ,..)-.', "#$T recorded sales of 1s. ,7() crores an increase of about -9 over the previous year. !owever, due to the global economic slowdown the "ompany suffered a loss of 1s. &- crores against a profit after tax of 1s. &>( crores in the previous year. The shares of the "ompany are listed on the ombay <tock #xchange %imited and the =ational <tock #xchange 4f India %imited.

>

Ten - Year Operating and Financial Record

+1s. in "rores/ )*&)+ O ERAT#"7 RECOR6 <ales-3ross %essE#xcise Duty 6iscellaneous Income ,-.* ,/. /. ,..* 6aterials : Traded 3oods 2ersonnel "ost #xpenses Interest : Depreciation Total "ost 2rofitC+%oss/ before taxation $s percentage of <ales + 9 / 2rovision for Taxation incl *ringe enfit Tax 2rofitC+loss/ after Taxation Dividend 2er <hare + 1s / 5#"A"C#AL RECOR6 <hare "apital 1eserves : <urplus <hareholderBs #5uity %oan *unds "apital : %oan *unds employed *ixed $ssets- 3ross Depreciation *ixed $ssets- =et Investments "urrent $ssets - =et "apital : %oan *unds applied L Inclusive of 6iscellaneous #xpenditure to the extent not written off or adjusted K Includes #xceptional Income *igures regrouped wherever necessary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

Financial Highlights
+1s. in %acs/ ,))*&)+ 3ross <ales 2rofit efore Taxation ,8-.*8/3.03 23-80-.,,4 201800.014 /**83*.0. 1108//.*) 3/.-. 9 9 -/8)/. 01)81+.,,..7-.) ,,-.,,'-.(7 &'7,8&..> &>),-..>> (&8,,(.78 (.>,'..,&,.'... >.9L &-,.,.>' --,)&. &>8,.,..(

2rofit $fter Taxation Total <hareholdersB #5uity Total %oan *unds : Deferred Tax %iability 6arket 2rice of #5uity <hare +1s./ 2roposed #5uity Dividend +9/ 2roposed Dividend +$ggregate/ =umber of <hareholders 2ersonnel "ost

L Including a M<pecial 3olden Nubilee yearM Dividend of ,.9.

Performance Highlights

Corporate Information
(oard of 6irectors: 1. 2. 3oenka !. ;. 3oenka 2aras A. "howdhary $. ". "hoksey <. Doreswamy 6ahesh <. 3upta !aigreve Ahaitan ansi <. 6ehta !ari %. 6undra A. 1. 2odar Re;istrar < !hare Transfer A;ents: Audit Committee: 6ahesh <. 3upta <. Doreswamy !ari %. 6undra Member Member Member (an=ers: !hareholders:#nvestors 7rievance Committee: 2aras A. "howdhary 6ahesh <. 3upta Member Member ank of aroda ank T<1 Darashaw %imited --&., !aji 6oosa 2atrawala Industrial #state ,., Dr. #. 6oses 1oad, 0orli, 6umbai >.. .&& Auditors: =. 6. 1aiji : "ompany Chairman Vice Chairman Managing Director Le;al Advisors: 6ulla : 6ulla and "raige, lunt : "aroe lants: ;illage 1oad, handup, 6umbai >.. .7) ),, 6ID", Industrial #state, <atpur, =ashik >,, ..7

ank of India "orporation #xim I"I"I Indian <tate @"4 Oes ank ank %imited ank ank of India ank of India ank %imited ank ank %imited

Company !ecretaryE !. =. <ingh 1ajpoot

Industrial Development The Aarnataka

Re;istered office: "#$T 6ahal, >-8 Dr. $nnie esant 1oad, 0orli, 6umbai >.. .8.

$nnual 1eport ,..)-.'

"otice
=4TI"# is hereby given that the fiftieth $nnual 3eneral 6eeting of the "ompany will be held at 1avindra =atya 6andir, 2. %. Deshpande 6aharashtra Aala $cademy, <ayani 1oad, 2rabhadevi, 6umbai - >.. .,( on Tuesday, $ugust ,(, ,..' at 8... p.m. to transact the following businessE OR6#"AR' (>!#"E!! &. To receive, consider and adopt the audited alance the information in respect of re-appointmentCappointment

<heet as at 6arch 8&, ,..' and 2rofit and %oss $ccount for the financial year ended on that date, the 1eport of the $uditors thereon and the 1eport of the Directors. ,. To appoint a Director in place of 6r. 6ahesh <. 3upta who retires by rotation and, being eligible, has offered himself for re-appointment. 8. To appoint a Director in place of 6r. !aigreve Ahaitan who retires by rotation and, being eligible, has offered himself for re-appointment. >. To appoint a Director in place of 6r. A. 1. 2odar who retires by rotation and, being eligible, has offered himself for re-appointment. (. To appoint 6essrs =. 6. 1aiji : "o., as $uditors of the "ompany to hold office from the conclusion of this $nnual 3eneral 6eeting to the conclusion of the next $nnual 3eneral 6eeting and to fix their remuneration. "OTE!: a/ $ 6#6 #1 #=TIT%#D T4 $TT#=D $=D ;4T# I< #=TIT%#D T4 $224I=T $ 214IO T4 $TT#=D $=D ;4T# I=<T#$D 4* !I6<#%* $=D T!# 214IO =##D =4T # $ 6#6 #1. b/ T!# I=<T1@6#=T $224I=TI=3 T!# 214IO <!4@%D, !40#;#1, T!$= *41TO#I3!T # D#24<IT#D $T T!# !4@1< #*41# T!# 1#3I<T#1#D 4**I"# 4* T!# "462$=O =4T %#<< "466#="#6#=T 4* T!# 6##TI=3. c/ 6embers are re5uested to kindly refer the "hapter on "orporate 3overnance 1eport in the $nnual 1eport for

of Directors, under "lause >' of the %isting $greement. =one of the Directors seeking re-appointment hold any e5uity shares in the "ompany. =one of the Directors seeking re-appointment is related to any member of the 6anagement 2ersonnel. d/ The 1egister of 6embers and the <hare Transfer to $ugust ,(, ,..' +both days inclusive/. e/ 2ursuant to the provisions of <ection ,.($ of the "ompanies $ct, &'(-, dividend for the financial year ended 6arch 8&, ,..,, which remained unclaimed or unpaid for the period of seven years will be transferred to the Investor #ducation and 2rotection *und +I#2*/ established under <ection ,.(" of the "ompanies $ct, &'(-. 6embers who have not encashed their dividend warrant+s/ so far for the financial year ended 6arch 8&, ,.., or any subse5uent financial year are re5uested to make their claims to the office of 1egistrar and <hare Transfer $gents, T<1 Darashaw %imited +*ormerly Tata <hare 1egistry %imited/, --&., !aji 6oosa 2atrawala Industrial #state, ,., Dr. #. 6oses 1oad, 6ahalaxmi, 6umbai - >.. .&&. It may also be noted that once the unclaimed dividend is transferred to I#2*, as above, no claim shall lie in respect thereof. The dividend for the *inancial Oear ended 6arch 8&, ,..,, if not claimed, will be transferred to the aforesaid account on or after 4ctober >, ,..'. f/ *or the convenience of the 6embers and for proper conduct of the 6eeting, entry to the place of the 6eeting will be regulated by the $ttendance <lip, which is annexed to the 2roxy *orm. 6embers are re5uested to affix their signature at the place provided on the attendance slip and hand it over at the entrance. g/ 6embers can avail of the nomination facility, under <ection &.'$ of the "ompanies $ct, &'(- by filing *orm =o., with the "ompany. re5uest. lank forms will be supplied on ooks oard of Directors or to any

of the "ompany shall be closed from $ugust &&, ,..'

h/

#f any of the members are holdin; shares in the same name or in the same order of names8 under different 5olios8 then members are re?uested to notify the same to T!R 6arashaw Limited at 1&0)8 @aAi Boosa atrawala #ndustrial Estate8 ,)8 6r. E. Boses Road8 BahalaCmi8 Bumbai /)) )00 for consolidation of their shareholdin; into a sin;le folio.

j/

In case the 6ailing $ddress mentioned on this $nnual 1eport is without a #"CO6E, 6embers are re5uested to kindly inform their #"CO6E please.

i/

6embers are re5uested to notify immediately any change of addressE

6umbai, DateE 6ay ,', ,..' @nder the $uthority of the oard of Directors

F F

To their Depository 2articipants +D2s/ in respect of their shares held in demat form, and To T<1 Darashaw %imited at --&., !aji 6oosa 2atrawala Industrial #state, ,., Dr. #. 6oses 1oad, 6ahalaxmi , 6umbai >.. .&&, in case of the shares being held in physical form. Re;istered office: "#$T 6ahal, >-8, Dr. $nnie esant 1oad, 0orli,

@. ". !in;h RaApoot Company Secretary

6umbai >.. .8..

&.

6irectors% Report
The Directors present their fiftieth report, together with the audited accounts for the year ended 6arch 8&, ,..'. 5#"A"C#AL @#7@L#7@T! 1upees in crores 5or the year ended Barch 308 ,))+ 4perating 2rofit +2rofit before Interest, Depreciation and Taxation/ %essE Interest Depreciation $ddE #xceptional Item +=et Income/ 2rofit before Taxation 2rovision forE "urrent Tax <hortC +#xcess/ provisions Deferred Tax *ringe enefit Tax =et 2rofit C+%oss/ <urplus brought forward from previous year <um available for $ppropriation $ppropriationsE 2roposed Dividend on #5uity <hares "orporate Tax on 2roposed Dividend Transfer to 3eneral 1eserve alance carried forward 6#D#6E"6 In view of the loss suffered by the "ompany for the financial year ended 6arch 8&, ,..', your directors consider it prudent 9 0)*.// (.... &,>.(9 ,.8, 9 &8.7. 0)*.// &'..() 0,/..1 >&.') 200.*+4 200.))4 0.-3 201.0,4 >..8 &.-) &>).-. ).0) >8... 9 23-.0*4 7'.'> &'7.8& .3.+1...3 ,..1, ,.7.8. (-.'> 8,.'' *or the year ended 6arch 8&, ,..) not to recommend a dividend. *or the previous financial year

ended 6arch 8&, ,..), the dividend paid was 1s. >... per share. #"6>!TR' !CE"AR#O The level of economic activity and the health of automotive industry directly influence the performance of the tyre industry. The $utomobile Industry had a strong growth in the last five years. !owever, the global financial melt down, higher raw material cost and recession have reversed the trend during the year under review. $dverse macro economic changes caused a steep fall in the demand of commercial vehicles leading to lower off take of tyres and business while vehicle manufacturers saw a significant decline in the year. The offtake for most tyre categories in the export market also declined during the said period, particularly after Nune ,..). !owever, the silver lining for the industry was the strong demand of tyres for truck and %ight "ommercial ;ehicles +%";/ in the replacement market. In addition to the adverse impact on revenue growth, the industry also witnessed unprecedented rise in cost of raw materials especially natural rubber and crude oil in the first nine months of the year. #nergy, transportation and interest costs also hardened leading to higher cost of operations. $s the entire cost push could not be passed on to customers, the industryBs profitability was severely impacted during the year under review. $uto majors have their India plans intact and are poised for launching their new brands in future. Increased transport activity, completion of major road development projects and thrust on infrastructure will also boost growth of the automobile industry which is expected to grow at a "ompounded $nnual 3rowth 1ate +"$31/ of --79 in the next five years. <timulus packages announced by @<$, #urope, "hina, India and other world economies are expected to boost the demand for automobile tyres during the current year. The future of tyre industry therefore does bode well and its operating margins too are expected to recover in ,..'-&.. CEAT%! ER5ORBA"CE "#$T ended the year with net sales of 1s. ,(&> crores as compared to 1s. ,88. crores in the previous year relating to

a growth of )9. The 4# segment and exports did not perform well during the year under review. !owever, this was compensated by gains in the replacement market. The "ompany recogniPed the problem of cost push 5uite early and implemented innovative initiatives in manufacturing and materials, which led to productivity enhancement and cost reduction. *inancing costs were kept on a very tight leash throughout the year despite increase in interest rates. $s a result of these initiatives, the "ompany recorded a significantly improved performance in the fourth 5uarter. EE ORT! "#$T has the distinction of being one of the largest exporters of tyres with exports of 1s. (.. "rores. During the year under review, considerable product mix diversification has also been achieved and new product ranges have been introduced in the potential market segments especially farm sector. This high end range of farm products has started contributing handsomely to the bottom line. "#$T has also made a concerted effort to move as close as possible to the end customer. This is helping the "ompany stay in tune with emerging trends in most export markets and to cement ties with its customers. 5>T>RE O>TLOOF The global economy in general and automobile sector in particular is slowly showing signs of revival. It is expected that demand growth will stay at a level of -9 in the domestic market in the current year. The proposed higher spending on infrastructure is expected to have a direct conse5uence on tyre demand in the country for commercial applications in future. Disposable incomes and more motorable roads will lead to higher levels of personal transportation. 0ith the entry of new small car models such as =ano, market for entry level passenger car tyres is expected to get a boost. Demand projections reflect robust growth in scooter and motorcycle segment. These developments are expected to strengthen the demand of tyres in all the three market segments viP. commercial vehicles, passenger cars and , wheelers.

ROGECT! To keep pace with the demand for tyres in future the "ompany is in process of setting up a plant in !alol, 3ujarat with initial capacity of about '. mt per day and a planned outlay of approximately 1s. (.. crores. The plant is expected to be ready for commercial production during the financial year ,.&.-&&. RE!EARC@ 6EDELO BE"T <

The "ompany is giving great emphasis to innovation in product and process technology and operational efficiencies. The year ,..)-.' saw significant 1:D efforts to develop new raw materials, products and enhancement of 5uality of tyres. The new products so developed have performed well in the domestic as well as international markets. <uccessful efforts were made in development of cheaper substitutes for costly raw materials without compromising on 5uality parameters. This has helped the "ompany to reduce cost and in optimiPation of material consumption. A!!OC#ATE6 CEAT FELA"# DE"T>RE 2Goint Denture in !ri Lan=a4 *or the joint venture operations in <ri %anka, the year ,..)-.' was marked by severe inflation, reduced consumer demand due to global recession and the ongoing civil war. =otwithstanding the challenging situation in <ri %anka, the "ompany maintained its market share in truck and light truck at -.9, grew 2assenger radial market share from '9 to &8.(9 with overall revenue of <%1 >.) billion during ,..)-.' as compared to <%1 >.' billion in the previous year. Despite lower revenue, the "ompanyBs net profit improved from <%1 &.' million to <%1 &8> million. CO"!ERDAT#O" A(!OR T#O"8 O>T7O $ statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo, in accordance with the "ompanies +Disclosure of O5 E"ER7'8 EEC@A"7E TEC@"OLO7' EAR"#"7! A"6

5ORE#7"

2articulars in the 1eport of the

oard of Directors/ 1ules,

&')), is annexed hereto and forms part of this report.

@>BA" RE!O>RCE! The "ompany continues to focus on performance management through leveraging alanced usiness <core usiness "ard and triggering "ulture Transformation. Initiatives have also been taken towards driving productivity through critical talent through coaching and mentoring. During the year under review, the "ompany launched two initiatives namely G#mpowerH and G"onnectH providing a platform to the employees to connect with the management resulting in better employee engagement and higher productivity. The "ompany has also launched a uni5ue initiative GOoung #xecutive oard +O# /H to function as a strategic cell, comprising of young managers, to bring in a fresh and young perspective to decision making. EB LO'EE !TATEBE"T In terms of <ection ,&7+,$/ of the "ompanies $ct, &'(- read with the "ompanies +2articulars of #mployees/ 1ules, &'7(, as amended, the names and other particulars of employees of the company, are re5uired to be set out in this report. !owever, as per provisions of <ection ,&' +&/ +b/ +iv/ of the said $ct, the $nnual 1eport excluding the aforesaid information is being sent to all the members of the "ompany and other entitled thereto. 6embers who are desirous of obtaining such particulars are re5uested to write to the "ompany. 6#RECTOR! In accordance with the "ompanies $ct, &'(- and $rticles of $ssociation, 6r. 6ahesh <. 3upta, 6r. !aigreve Ahaitan and 6r. A. 1. 2odar retire by rotation and being eligible, have offered themselves for re-appointment. 6r. N.=. 3uPder has resigned from the oard of Directors with effect from 6ay &&, ,..' due to his deteriorating health and advanced age. 6r. 6.$. personality, who was on the &'),, left for his heavenly services rendered by 6Cs. akre +7) years/, an eminent oard of the "ompany since abode on 6ay ,>, ,..'. Oour akre and 3uPder during their 2rocess 1e-engineering and in developing and retaining

6#RECTOR!% !TATEBE"T

RE! O"!#(#L#T'

2ursuant to <ection ,&7 +,$$/ of the "ompanies $ct, &'(-,

Directors place on record their appreciation for the invaluable association with the "ompany.

your Directors, to the best of their knowledge and belief, confirm thatE i/ ii/ the applicable $ccounting <tandards have been followed in the preparation of the annual accounts. such accounting policies have been selected and applied consistently and such judgements and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the "ompany in the alance <heet as at 6arch 8&, ,..' and of the 2rofit and %oss $ccount for the said financial year viP. $pril &, ,..) to 6arch 8&, ,..'. iii/ proper and sufficient care has been taken for the maintenance of ade5uate accounting records in accordance with the provisions of the "ompanies $ct, &'(- for safeguarding the assets of the "ompany and for preventing and detecting fraud and other irregularities. iv/ the annual accounts have been prepared on a going concern basis. COR ORATE 7ODER"A"CE $ report on corporate governance, along with a certificate from the auditors of the "ompany, regarding the compliance of conditions of corporate governance, as also the 6anagement Discussion and $nalysis 1eport, as stipulated under "lause >' of the %isting $greement, are annexed to this report. A>6#TOR! 6essrs =. 6. 1aiji : "o., auditors of the "ompany, retire at the ensuing $nnual 3eneral 6eeting and being eligible, offer themselves for re-appointment. ACF"OHLE67EBE"T The Directors place on record their appreciation for the continued support they have received from customers, suppliers, dealers, financial institutions, banks, members, 3overnment authorities and employees towards conducting the business of the "ompany during the year under review.

4n behalf of the 6umbai, @ D 7oen=a

oard of Directors, aras F Chowdhary Managing Director

DateE 6ay ,', ,..' Vice Chairman

AnneCure to the 6irectors% Report

CO"!ERDAT#O" O5 E"ER7'8 TEC@"OLO7' A(!OR T#O" A"6 5ORE#7" EEC@A"7E EAR"#"7! A"6 O>T7O. +2ursuant to the "ompanies +Disclosure of 2articulars in the 1eport of
CO"!ERDAT#O" O5 E"ER7' +a/ *ollowing are the measures taken during the above period for conservation of energy. &. "onversion of oil fired boiler to bri5uette fired boiler. ,. Insulation of all hot lines and domes of presses done to avoid 1adiation loss. 8. #fficiency of 2rocess $ir compressors enhanced by &.9 to save electrical energy. >. "hemical "leaning done for chilled water unit. (. om water pump speed automation done using ;*Ds. -. lower speed control using ;*Ds. 7. =atural air turbine introduced in the roof for hot air exhaust. ). "onversion of pneumatic hoist to electric hoist. '. Improvement in efficiency of tube lights resulting in removal of unwanted ,.. nos of tube lights. &.. ;*D Introduced in cooling tower fan motor. + b / $dditional Investments C 2roposals for reduction of consumption of energy. &. Installation of energy efficient screw compressor in place of reciprocating compressor. ,. 8. >. (. -. 7. ). + c /

oard of Directors/ 1ules, &'))/

Installation of electrical hoist in place of pneumatic hoist. "onversion of pneumatic carriage to electrical carriage in ias "utter +, =os./ Installation of auto feed control system of boiler using ;*D. 1eplacement of T) tube light with T( tube lights in shop floor. @p-gradation of air-conditioning system. Installation of #mulsion <ystem in oiler. Improvement in efficiency of process air compressor through 6@1I 2roject.

Impact of the measures at +a/ and +b/ above for reduction of energy consumption and conse5uent impact on the cost of production of goods. The above efforts have helped in reduction of power and fuel consumption per kg. of production. !owever, the actual power and fuel consumption has gone up due to change in product-mix.

+d/

Total energy consumption and energy consumption per unit of production, as per *orm $.
,))*&)+ *8108,*8)*3 /0.0. /.-* ,8+18*+,.-. 03.,* & & & & & & 3+), 1.3/ 01.,. 0380*/ 33.++ ,..-* 0*).).)* *.0+ /../ -0).** 3,.)+ 0/*./0)*.// ,..7-.) ),'8,&7,-.( 8).8) >.8. 8,'>,.)> 8... &,.., )8' &.-8 &'.87 ,,,.(7 8).)' &7.-8 &,7)7 ..-) 8.). -7&.(7 -.,) &8.8) &-(.&,

5ORB IAJ
A. ower and 5uel Consumption &. #%#"T1I"ITO +a/ 2urchased @nits +A0!/ Total amount +1s. crores/ 1ate per unit +1s./ +b/ 4wn generation +i/ Through Diesel 3eneratorE @nits +A0!/ @nits per C%itre of Diesel 4il +A0!/ "ost per unit +1s./ +ii/ Through <team C Turbine 3enerator @nits +A0!/ @nits per %itre of *uel 4il C3as +A0!/ "ost per @nit +1s./ ,. "4$% +<pecify 5uantity : where used/ Duantity +Tonnes/ Total "ost +1s. in crores/ $verage rate +1s./ *@1=$"# 4I% 8. Duantity +A. %trs/ Total amount +1s. in crores/ $verage 1ate +1s. per %itre/ >. %.<.!.< Duantity +A. %trs/ Total amount +1s. in crores/ $verage rate +1s. per %itre/ (. 4T!#1 + ri5uittes/ CI=T#1=$% 3#=#1$TI4= +%23 : 4ther 3ases/ Duantity +Ags./ Total "ost +1s. in "rores/ 1ate per @nit +1s. per Ag./ Consumption er >nit Of roduction +i/ #lectricity +A0! C6T./ +ii/ *urnace 4il +%trs. C6T/ +iii/ "oalC ri5uittes +AgC6T/ +iv/ %.<.!.<. +%trs.C6T/ +v/ 4thers

(.

"OTE:

The increase in consumption of #lectricity +A0!C6T/, *urnace 4il +%trs. C6T/ and %.<.!.<. +%trs.C6T/ is due to change in product-mix.

TEC@"OLO7' A(!OR T#O" 5ORB I(J 1esearch : Development +1 : D / &. <pecific areas in which 1 : D activities were carried out by the "ompany J

8.

*uture plans of action

F F

Develop super premium tyres in the bias truck segments Developments in passenger radial segment E o o o o !igh performance passenger radial tyres 0inter tyres #nergy saver tyres #co friendly green tyres

F F F F F F F F F F F

#valuation and application of new materials Development of alternate formulas for flexibility in using natural and synthetic rubbers Development of new compounds for performance enhancement in tyres Design creation for performance enhancement in tyres Development of new siPes for 4#6Bs,and 1eplacement market >.

F F F F

Develop radial truck and radial light truck tyres 2artnering with 4#6Bs for new developments Design capability enhancement Develop compounds with reliable predictive tyre performance characteristics

Development of <pecialty tyres for #uropean markets ;alue engineering projects 2rocess design for productivity and energy saving "ycle time reductions Development of new test methods 2roviding technical know-how to J ,. $ssociated "#$T +2rivate/ %td., <ri %anka $ssociated "#$T Aelani 1adials +2rivate/ %td., <ri %anka "#$T Aelani International Tyres +2rivate/ %td., <ri %anka $"# Tyres %imited, !yderabad Innovative Tyres : Tubes 2roject, aroda.

#xpenditure on 1 : D +1s. in "rores/ ,))*&)+ ,..7-.) &.8, ,..8.8) ..&8

a/ b/ c/ d/

"apital 1ecurring Total Total 1 : D expenditure as9 of total turn over

0.,/ ,.+) /.0/ ).01

Technolo;y Absorption8 Adaptation and #nnovation &. #fforts, in brief, made towards technology absorption, adaptation and innovation E

enefits derived as a result of above 1 : D-

The technology developments mentioned above were validated and adapted with horiPontal deployments for full absorption. =ew ideas are tried out to bring in innovation in process and products. This has been a key stimulus for technology up gradation.

F F F F F F F F

Technology up gradation =ew 2roducts with advanced features 2roduct performance enhancement Improvement in process efficiency #nhancement of product range and entry into niche markets Input cost reduction @sage of alternate materials 1educed energy cost ,.

enefits derived as a result of the above efforts e.g. product improvement, cost reduction, product development , entry to new markets etc. E

=ew products developed to meet the specific re5uirements of 4#6 and also provide higher value to the replacement customers Development of 6ile-I% series of high performance

tyres

F F F F
8.

Introduction of up siPe motor cycle tyres Introduction of 6I%$Q# range of passenger radial tyres with advanced performance attributes 0idened the range of speciality tyres which enabled strong positioning in the #uropean markets $chieved higher efficiency in process

5ORE#7" EEC@A"7E EAR"#"7! A"6 O>T7O +a/ $ctivities relating to exports, initiatives taken to increase exports, development of new export markets for products and services and export plans. 2lease refer to the main report. +b/ Total foreign exchange used and earned E+1s. in "rores/ ,))*&)+ i/ ii/ *oreign exchange earned *oreign exchange used /+3.)* 1+-.*, ,..7-.) >)8.(8 -&(.'-

In case of imported technology +imported during the last five years reckoned from the beginning of the financial year/ following information may be furnishedE a/ b/ c/ d/ Technology imported Oear of import !as the technology been fully absorbedR If not fully absorbed, areas where this has not taken place, reasons thereof and future plan of action E =il E =ot $pplicable E =ot $pplicable E =ot $pplicable

4n behalf of the oard of Directors, 6umbai, @ D 7oen=a DateE 6ay ,', ,..' Vice Chairman aras F Chowdhary Managing Director

Bana;ement 6iscussion and Analysis

0. Economic overview players. The healthy trend in the 3D2 growth of more than )9 over the last few years underwent a reversal during the year under review due to turmoil in the financial markets triggering a world wide recession. In India too, the effects of the slowdown have been felt across all segments of business. !owever, certain sectors like banking, telecom and infrastructure have performed reasonably well despite negative sentiments all around. It appears that macro economic measures taken by the 3overnment in the recent past have worked well, as the signs of recovery of Indian economy were 5uite visible in the fourth 5uarter of the year under review, particularly in cement, steel and the automobile industries. The country has a large contingent of young population with higher disposable income over recent years and they have increased spending across all categories including automobiles. This has prompted companies from all over the world, to set up facilities in India. Today, the country boasts of companies with world-class capabilities in diverse sectors such as Information Technology, Telecom, 2harmaceuticals and $utomobiles. The contribution of infrastructure in IndiaBs sustained economic development is well recogniPed. The 3overnment of India has increased spending in this sector to help in reducing the impact of the recent downturn. Infrastructure spending is expected to be a priority of the 3overnment of India going forward as well. 0ith the above developments and the expected revival in the near future, the countryBs 3D2 growth rate is likely to average about 79 during the #leventh *ive Oear 2lan. This bodes well for the tyre industry, as tyre consumption relates directly with 3D2 growth and infrastructure spending. ,. #ndustry overview Tyre

7lobal #ndustry

The global tyre market of over @<S &,. billion comprises of about -.9 of 2assenger "ars +2"/ and %ight "ommercial ;ehicles +%";/ segments while !eavy "ommercial ;ehicles +!";/ segment accounts for approximately ,79. 6ore than -.9 of the automobile tyre market is shared by the top four

2redominantly, 1adial tyres are used in 2", %"; and !"; segments. The radialisation in 2" is more than '(9 and about -.9 in %"; and !"; segments. The extent of radialisation in %"; and !"; is higher in developed countries. #ndian Tyre #ndustry 0ith the help of a "ompounded $nnual 3rowth 1ate +"$31/ of more than )9 over ,..8-.), siPe of the domestic tyre industry has grown to around 1s. &',... crores. The Indian tyre industry currently comprises of around >. players in the organiPed and unorganiPed sectors, with an aggregate capacity of over '. million tyres. !owever, the top 7 players account for over )(9 of the market share. 6emand drivers in the #ndian Tyre #ndustry a4 Automobile industry

Dismal performance of the $utomobile Industry during the year under review has impacted sales to vehicle manufacturers. !owever, with the visible signs of revival from the fourth 5uarter of last fiscal, the off take from vehicle manufacturers is expected to pick up in the second half of ,..'-&.. 2lans of automobile majors worldwide to set up manufacturing facilities in India are intact and India is therefore expected to emerge as an automobile manufacturing and outsourcing hub over the next few years. b4 Road infrastructure

0ith improved infrastructure, the freight and passenger traffic movement is expected to remain buoyant in future. This is expected to result into increased off take in the replacement market. *urther improvement in road infrastructure on completion of mega projects, such as the 3olden Duadrilateral, =orth-<outh and #ast-0est "orridors etc, will spur growth in freight and passenger movement in future, and conse5uently accelerate the growth of tyre business in India. c4 #ndustrial 7rowth

The slow down in the economy during the year under review impacted the growth of automobile and tyre industry. !owever, Indian economy is expected to grow at about 79 over the next five years. <ustained economic growth with conse5uential increase in per capita and disposable income will boost demand for products and services in general.

<trong 3D2 growth is also expected to enhance agricultural and industrial production which will ensure increased movement of labour and materials. This will fuel demand for Truck C us +T: / and farm tyres. d4 Radialisation

,..8-.) and, will contribute to be a major revenue driver for the industry in future also. !ales "etwor= "#$T has a robust sales network consisting of 8> regional offices and over 8(.. dealers. In addition, there are more than &.. "#$T <hoppes, an exclusive outlet for urban customers. "#$T has also implemented a new initiative during ,..)-.' and has already opened close to &.. "#$T !@ s, the exclusive outlets for addressing the needs of the T : segment. 0ith these initiatives, "#$TBs direct reach to the consuming community is expected to grow significantly and will also help "#$T in creating stronger bond with its customers. /. Opportunities

"urrently, the 2" segment in India is more than '(9 radialised, which is at par with the world average. !owever, T: segment is only &.-&,9 radialised against the world average of -.9. 1adialisation is expected to reach 8.9 in "ommercial ;ehicles +";s/ and ,.9 in %";s in approximately three years. This will improve demand of radial tyres in the country. Indian companies will have an opportunity to cash in on the steady switch from the traditional cross-ply tyres to radial tyres in the "; segment. e4 ECports

The downturn in the global economy has adversely affected exports from India during the year under review. !owever, the demand supply gap in cross-ply tyres in the international market is expected to continue for the next five to ten years. The industry therefore, is expected to re-position its manufacturing facilities, product portfolio and distribution network to meet the new market demands. 3. (usiness overview

The infrastructure boom in the country, rising per capita and disposable income, rising demand in the 2" segment, the emerging radialisation opportunity, expansion in the high margin off-the road segment, sustained tyre exports, growth in the auto industry and replacement demand are factors that indicate strong growth in the Indian tyre industry in the years to come. $ll this bodes well for "#$T. Its expertise and strong execution capabilities will allow the "ompany to exploit this opportunity. .. 6emand Outloo=

rofile "#$T %imited +"#$T/, is one of IndiaBs leading tyre manufacturers and over the last (. years, has established a strong presence in both the domestic and the international markets. Operations The "ompany currently manufactures over 7 million tyres every year and commands &89 share of the Indian market. 4ne of the most diversified tyre companies in India, "#$T offers the widest range of tyres to all user segments including heavy-duty T: , %";, #arthmovers and *orklifts +speciality segment/, Tractors, Trailers, 2", 6otorcyclesC <cooters and $uto-rickshaws. ECports $part from being a major player in the domestic market, "#$T exports to more than &,. countries across #urope, $frica and $sia, and has an established network in =orth and <outh $merica. The exports registered a "$31 of ?&)9 during

It is expected that the demand for tyres +in volume terms/ shall grow at of )-'9 during ,..)-&8. The T : and %"; categories are expected to register a growth of 79 and '9 respectively during the said period. $s stated above, the 2", two wheeler and farm segments are also expected to register growth during the said period. CEAT%s strate;y for ,))+&0) "#$T would like to dominate in select segments in the domestic as well as in the export market. 0ith globaliPation of the economy, new segments are getting created. "#$T has chosen some key segments where it will focus its entire marketing activities in the future with a view to achieve leadership status. T<elect and dominateB will be "#$TMs strategy in all product categories especially premium categories. *urther improvement in product mix and margins will be the key operational deliverables of the entire

strategy.

1.

Threats8 Ris=s and concerns

The "ompany is operating in an environment that is becoming more and more competitive. $s it gets into the expansion mode, it is poised to exploit several new opportunities. The "ompany seeks to ensure that the risks it undertakes are commensurate with returns. Economic Ris= *actors that may adversely affect the Indian economy and in turn the "ompanyBs business include slowdown in the rate of infrastructure development, rise in interest rates, inflation, changes in tax, trade, fiscal and monetary policies, scarcity of credit etc. The industry has already faced reduced demand during the year under review because of downturn in world economy. Competition Ris= "#$T faces competition from other major tyre manufacturers in the domestic industry. 0hile global tyre majors are also planning to enter the Indian market, some of them have already started operations. rice Ris= 2Raw Baterials4 The tyre industry is characteriPed by high raw material cost, which accounts for ?7(9 of a tyre manufacturerBs total operating costs. =atural 1ubber +=1/ accounts for ?>.9 of total raw material cost. <harp volatility in the raw material cost impacts profitability as it is not always possible to pass on the impact of cost push to customers in a competitive scenario. #mport Ris= Increased import of tyres into the country may reduce the potential of Indian markets for Indian tyre manufacturers. -. #nternal control systems and ade?uacy

4perational reports are tabled at each oard 6eeting, after being discussed at $udit "ommittee 6eetings. The internal control system is supplemented by extensive internal audits, regular reviews by management and standard policies and guidelines to ensure reliability of financial and all other records to prepare financial statements and other data. *. 5inancial performance

The "ompany registered a net sales of 1s. ,(&> crores during ,..)-.' as against 1s. ,88. crores in the previous year. The unprecedented cost push and subdued demand, reduced the margins of the "ompany during the year under review. "onse5uently, the "ompany closed its financial year with a net loss after tax of 1s. &- crores as against profit after tax of 1s. &>' crores in the previous year. +. Baterial developments in human resources

"#$T has a well-drawn recruitment policy to attract and retain the best talent. The "ompany is also pushing forward for a performance based culture, where the best performers get rewarded at a level that compares well across industries. "#$T has initiated several organiPation development processes which will create superior internal synergies and an exhilarating and demanding work ethos. The new visual identity of the brand is linked to these internal changes. 0). Cautionary statement <tatements in the 6anagement Discussion and $nalysis 1eport describing the "ompanyBs objectives, projections, estimates, expectations may be Gforward-looking statementsH within the meaning of applicable securities laws and regulations. $ctual results could differ materially from those expressed or implied. Important factors that could influence the "ompanyBs operations include economic developments within the country, demand and supply conditions in the industry, input prices, changes in 3overnment regulations, tax laws and other factors such as litigation and industrial relations. Identified as having been approved by the oard of Directors of "#$T %TD.

The "ompanyBs well defined organiPational structure, documented policy guidelines, defined authority matrix and internal controls ensure efficiency of operations, compliance with internal policies and applicable laws and regulations as well as protection of resources. 6oreover, the "ompany continuously upgrades these systems in line with the best available practices. 1egular 6anagement "ommittee 6eetings are held where reports on key performance indicators and variance analysis vis-U-vis budgets are discussed and action plans are drawn for proper follow up.

6umbai, RaApoot

@ " !in;h

DateE $pril ,', ,..'

Company Secretary

Corporate 7overnance Report

# COB A"' @#LO!O @' The "ompanyBs philosophy on "orporate 3overnance mirrors its belief that principles of transparency, fairness and accountability towards the stakeholders are the pillars of a good governance system. The "ompany believes that the discipline of "orporate 3overnance pertains to systems, by which companies are directed and controlled, keeping in mind long-term interests of shareholders, while respecting interests of other stakeholders and society at large. It aims to align interests of the "ompany with its shareholders and other key stakeholders. $ccordingly, this "ompany philosophy extends beyond what is being reported under this 1eport and it has been the "ompanyBs constant endeavour to attain the highest levels of "orporate 3overnance. This 1eport is for compliance of "lause >' of the %isting $greement, which the "ompany has entered into with the <tock #xchanges. ## (OAR6 O5 6#RECTOR! In terms of the "ompanyBs "orporate 3overnance 2olicy, all statutory and other significant and material information including information mentioned in $nnexure I$ of "lause >' of the %isting $greement are placed before the oard to enable it to discharge its responsibilities of strategic supervision of the "ompany with due compliance of laws and as trustees of stakeholders.
"ame Cate;ory

0.

Composition The oard of Directors of the "ompany consists of twelve +&,/ members, out of whom one +&/ is an T#xecutiveB Director and eleven +&&/ are T=on-#xecutiveB Directors. The "hairman, Dr. 1. 2. 3oenka is a =on-#xecutive Director and 6r. 2aras A. "howdhary, who is the T#xecutiveB Director, is the 6anaging Director. The Directors are eminent industrialistsC professionals with experience in industryCbusinessCfinanceClaw and bring with them the reputation of independent judgement and experience, which they exercise and also satisfy the criteria of independence. !owever, the oard of Directors, adopting a more exacting view, has decided to treat only the Directors, as indicated in 2ara II-, below, as independent directors.

,.

(oard Beetin;s held durin; the year and attendance thereat: During the financial year $pril &, ,..) to 6arch 8&, ,..', four +>/ meetings of the oard of Directors were held on $pril ,', ,..), Nuly ,(, ,..), 4ctober ,8, ,..), and Nanuary 8., ,..'. Details of Directors and their attendance in the said oard 6eetings and also at the last $nnual 3eneral 6eeting are given belowE

"o. of (oard Beetin;s attended durin; the year

Hhether attended last A7B held on ,..)-.,))*

"o. of 6irector ships in other public limited companies

"o. of Committee positions held in other public limited companiesK

Chairman B e m b e r

Dr. 1. 2. 3oenka 6r. !. ;. 3oenka 6r. 6ahesh <. 3upta 6r. 6. $. akre 6r. $. ". "hoksey 6r. <. Doreswamy 6r. N. =. 3uPder 6r. !aigreve Ahaitan 6r. ansi <. 6ehta 6r. !ari %. 6undra 6r. A. 1. 2odar L

=on-#xecutive =on-Independent =on-#xecutive =on-independent =on-#xecutive Independent =on-#xecutive Independent =on-#xecutive Independent =on-#xecutive Independent =on-#xecutive Independent =on-#xecutive Independent =on-#xecutive Independent =on-#xecutive Independent =on-#xecutive Independent

. > > > > , > & & 8 8 ,

=o Oes Oes Oes Oes Oes Oes =o Oes Oes =o Oes

> ) ( 7 , ) &> &> (

8 & > ( -

& , & ) ( -

6r. 2aras A. "howdhary #xecutive =on-Independent

4nly $udit "ommittee and <hareholdersCInvestors 3rievance "ommittee are reckoned for this purpose.

3.

6etails of 6irectors proposed for Re&Appointment at the forthcomin; Annual 7eneral Beetin; L ursuant To Clause /+ 2#D4274M

F F

"hamps #lysee #nterprises 2rivate %imited "ity 2arks 2rivate %imited

i4

Br. Bahesh !. 7upta 6r. 6ahesh 3upta is the 3roup 6anaging Director for the $shok 2iramal 3roup and oversees all business of the 3roup- 1eal #state +2eninsula %and %imited/, textiles +6orarjee Textiles %imited and Integra $pparels/, engineering +6iranda Tools 2rivate %imited, 262 "omponents 2rivate %imited, 262 akony 0iper<ystems %imited and 2$% International s.r.o/ and entertainment +Nammin 1ecreation 2rivate %imited/. $s a member of the apex board, 6r. 3upta provides strategic directions for all business initiatives of the $shok 2iramal 3roup and with his vast experience, he plays a key role in steering the company and identifying new business opportunities for the $shok 2iramal 3roup. 2reviously, he has worked with the 123 3roup as 3roup "*4 and management board member and also as a 0hole time Director of =icholas 2iramal India %imited. !e has played a pivotal role in the spree of ac5uisitions done by the 2iramal 3roup in the pharmaceutical sector in the past. !is exemplary stewardship has made him the proud recipient of the "*4 of Oear $ward, <pecial "ommendation for *inancial #xcellence +6erger : $c5uisitions "ategory/ by I6$ +formerly known as #I@/, =ew Delhi. 6r. 3upta is an accomplished "hartered $ccountant and "ompany <ecretary and from time to time has been associated with various committees of The Institute of "hartered $ccountants of India +I"$I/. !e had also been a member of the governing council of Indian $ssociation of "orporate "*4Bs and Treasurers +In$"T/ and is a member of $dvisory oard of "hennai usiness <chool. !e has an outstanding academic record- a rank holder and <ilver 6edalist in "ompany <ecretaries *inal #xamination. Other 6irectorships: F Delta "orp %imited F $shok 2iramal 6anagement "orporation limited

F F F F F F F F F F F

6enBs "lub <2$ 6orarjee Textiles %imited 2eninsula Investment 6anagement "ompany %imited 2eninsula %and %imited 2eninsula 2harma 1esearch "entre 2rivate %imited 0hitecity 6ercantile "ompany 2rivate %imited oom 1ealty 2rivate %imited 1enato *inance : Investments 2rivate %imited Topvalue rokers 2rivate %imited Delta 6agnets %imited 123 %ife <ciences %imited

Bembership:Chairmanship of Committees: Company Delta "orp %imited Committee $udit "ommittee 1emuneration "ommittee $udit "ommittee <hare Transfer "ommittee <hare Transfer "ommittee Chairman: Bember "hairman "hairman "hairman 6ember 6ember 6ember

Delta 6agnets %imited 6orarjee Textiles %imited 2eninsula %and %imited

2eninsula Investment $udit "ommittee 6anagement "ompany %imited 123 %ife <ciences %imited $udit "ommittee <hareholders and Investors 3rievance %imited

6ember "hairman

6r. 3upta is not related to any member of the oard of Directors or to any 6anagement 2ersonnel of the "ompany. ii4 Br. @ai;reve Fhaitan 6r. !aigreve Ahaitan, 8', is an $dvocate by profession, practicing law since &''(. 6r. AhaitanBs areas of expertise include "ommercial : "orporate %aws, Tax %aws, 6ergers and $c5uisitions, 1estructuring, *oreign "ollaboration and %icensing. Other 6irectorships:

F F F F

Dhunseri Tea : Industries %imited !arrisons 6alayalam %imited !industan "omposites %imited Inox %eisure %imited

F F F F F F F F F F F F F F F F

=ational #ngineering Industries %imited Nindal <teel : 2ower %imited 1ama =ewsprint : 2apers %imited <terlite Technologies %imited T"2% 2ackaging %imited The 6adras $luminum "ompany %imited The 4udh <ugar 6ills %imited Ipro India %imited $;T#"! %imited ennett, "oleman : "ompany %imited T< Investment $dvisors 2rivate %imited 3reat #astern #nergy "orporation %imited I.3.# +India/ %imited Ahaitan "onsultants %imited ;inar <ystems 2rivate %imited 6ilipore India 2rivate %imited

6r. Ahaitan is not related to any member of the oard of Directors or to any 6anagement 2ersonnel of the "ompany. iii4 Br. F. R. odar orn in 6umbai in &'8(, 6r. Aantikumar 2odar graduated from <ydenham "ollege of "ommerce and #conomics, 6umbai. !e has been in the forefront of Indian and Industry. !e was the youngest <heriff of appointed as <pecial ombay and was Nustice 4fficer by the usiness

of 2eace, then a <pecial #xecutive 6agistrate and now #xecutive 3overnment of 6aharashtra. !e has been on the <enate of @niversity of and Industry. $t the international level, 6r. 2odar was the 2resident of <$$1" "hamber of "ommerce and Industry with !ead5uarters in 2akistan and he represented the business community in the 2rime 6inisterBs delegation in the 6aiden us Nourney to %ahore in which only ,( usiness "ouncils and 6ember dignitaries of the country were members. !e has been "hairman of many Noint of many Trade and Industry bodies. $t the =ational level, 6r. 2odar has headed &- important Trade and Industry bodies like *ederation of Indian "hambers of "ommerce and Industry +*I""I/ +the $pex "hamber of Industries/, The Indian 6erchantsB "hamber +I6"/, The Indian "otton 6illsB *ederation +I"6*/ +now known as "onfederation of Indian Textile Industry, 2arent body of textile mills in India/, $ll India 4rganisation of #mployers +$I4#/ etc. Other 6irectorships: ombay for six years. 6r. 2odar has very usiness high presence in both International and Indian

Bembership:Chairmanship of Committees: Company !arrisons 6alayalam %imited Inox %eisure %imited Committee Chairman: Bember

$udit "ommittee 6ember 1emuneration 6ember "ommittee $udit "ommittee 6ember

=ational #ngineering $udit "ommittee 6ember <hareholderBs Industries %imited 6ember 3rievance "ommittee 1emuneration 6ember "ommittee 1ama =ewsprint : 2apers %imited <hareholderBs 3rievance "ommittee <hare Transfer "ommittee 6ember

6ember

<terlite Technologies $udit "ommittee 6ember %imited 1emuneration 6ember "ommittee Ipro India %imited $;T#" %imited ennett, "oleman : "ompany %imited <hare Transfer "ommittee 6ember

$udit "ommittee 6ember $udit "ommittee 6ember 6ember 6ember

3reat #astern #nergy 1emuneration "orporation %imited "ommittee "ompensation "ommittee

F F F F F F

6oscow 1egion 2odar International 2rivate %imited 2remier "onsultant and Traders %imited 2odar Infotech : #ntertainment %imited 2itti %aminations %imited <utlej Textiles : industries %imited ajaj $uto %imited oard of

6r. 2odar is not related to any member of the

Directors or to any 6anagement 2ersonnel of the

"ompany.

### 0.

COBB#TTEE! O5 T@E (OAR6 Audit Committee The terms of reference of the $udit "ommittee include the matters specified under "lause >' +II/ +D/ and +#/ of the %isting $greement as well as in <ection ,',$ of the "ompanies $ct, &'(-. The terms of reference of the $udit "ommittee, inter alia, include the followingE &. 4versight of the "ompanyBs financial reporting process and the disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible. ,. 1eviewing with the management the financial statements at the end of the 5uarter, half year and the annual statements before submission to the oard for approval with particular reference to V a/ 6atters re5uired to be included in the DirectorBs responsibility statement which forms part of the oardBs 1eport in terms of clause +,$$/ of <ection ,&7 of the "ompanies $ct, &'(-, b/ c/ d/ e/ f/ "hanges, if any, in accounting policies and practices and reasons for the same. 6ajor accounting policies and practices and reasons for the same. <ignificant adjustments made in the financial statements arising out of audit findings. "ompliance with the listing and other legal re5uirements relating to financial statements. Disclosure of any related party transactions.

(. 1eviewing the ade5uacy of the internal audit function,

g/ Dualifications, in the draft audit report. 8. "onsidering and recommending the appointment, re-appointment, of the statutory auditors, fixation of the audit fee and fee for any other services rendered by the <tatutory $uditors and, if re5uired, the replacement or removal of the <tatutory auditor. >. 1eviewing with the management, performance of the <tatutory and internal auditors and ade5uacy of the internal control systems.

if any, including the structure of the internal audit department, staffing and seniority of the official heading the department reporting structure coverage and fre5uency of the internal audit. -. 7. Discussion with internal auditors on any significant findings and follow up thereon. 1eviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the oard. ). %ooking into the reasons for substantial defaults in payment to the depositors, debenture holders, shareholders and creditors, if any. The "ompany has complied with the re5uirements of "lause >' +II/ +$/ as regards the composition of the $udit "ommittee. The $udit "ommittee has four +>/ membersV 6r. 6. $. 6undra. 6r. 6. $. "ommittee. The "ompany <ecretary functions as the <ecretary of the "ommittee. During the financial year ended 6arch 8&, ,..', six +-/ meetings of the $udit "ommittee were held on $pril ,', ,..), Nuly ,>, ,..), <eptember ,8, ,..), 4ctober ,8, ,..), Nanuary 8., ,..' and *ebruary ,>, ,..'. $ttendance at the $udit "ommittee 6eetingsE "ame of the Bember "o. of Beetin;s attended 6r. 6. $. akre 6r. 6ahesh <. 3upta 6r. <. Doreswamy 6r. !ari %. 6undra The necessary 5uorum was present at the meetings. The $udit "ommittee 6eetings are also generally attended by the representatives of <tatutory $uditors, the 6anaging Director, the "hief *inancial 4fficer, !eadInternal $udit and the 3eneral 6anager J $ccounts, 6I< : 1isk 6anagement. ( > akre, 6r. 6ahesh <. 3upta, 6r. <. Doreswamy and 6r. !ari %. akre is the "hairman of the $udit

The 6inutes of the 6eetings of the $udit "ommittee were discussed and taken note by the ,. oard of Directors. 3. !hareholders:#nvestors 7rievance Committee The "ommittee reviews and deals with complaints and 5ueries received from the investors. It also reviews and deals with responses to letters received from the 6inistry of "orporate $ffairs, the <tock #xchanges and <ecurities and #xchange oard of India. akre, 6r. The <hareholdersCInvestors 3rievance "ommittee comprises of three +8/ members, 6r. 6. $. akre is the "hairman of the "ommittee. The "ompany <ecretary functions as the <ecretary of the "ommittee. During the financial year ended 6arch 8&, ,..', four +>/ meetings of the <hareholders CInvestors 3rievance "ommittee were held on $pril ,', ,..), Nuly ,>, ,..), 4ctober ,8, ,..) and Nanuary 8., ,..'. $ttendance at <hareholdersCInvestor s 3rievance "ommittee 6eetingsE "ame of the Bember 6r. 6. $. akre 6r. 2aras A. "howdhary 6r. 6ahesh <. 3upta "o. of Beetin;s attended > > > 2aras A. "howdhary and 6r. 6ahesh <. 3upta. 6r. 6. $.

The

oard has designated 6r. !. =. <ingh 1ajpoot,

"ompany <ecretary, as the GCompliance OfficerH. Remuneration Committee The 1emuneration "ommittee reviews the remuneration package for the 6anaging Director and recommends it to the oard. The 1emuneration "ommittee comprises of four +>/ members, 6r. !. ;. 3oenka, 6r. 6. $. akre, 6r. <. Doreswamy, and 6r. !ari %. 6undra. 6r. !. ;. 3oenka is the "hairman of the 1emuneration "ommittee. This "ommittee meets the criteria as laid down in #xplanation I; in <ection II of 2art II of <chedule IIII of the "ompanies $ct, &'(- and is not formed pursuant to "lause >' of the %isting $greement, in which the formation of the "ommittee is not mandatory. During the financial year ended 6arch 8&, ,..', two +,/ meetings of the "ompany were held on 4ctober ,8, ,..) and 6arch 8, ,..'. "ame of the member "o. of Beetin;s attended 6r. !. ;. 3oenka 6r. 6. $. akre 6r. <. Doreswamy 6r. !ari. %. 6undra Remuneration olicy The 6anaging Director is paid remuneration as per the $greement entered between him and the "ompany and was approved by the shareholders at the $nnual 3eneral 6eeting of the "ompany held on <eptember ,(, ,..and as modified by the resolution passed on $pril ,7, ,..' through postal ballot. The remuneration structure of the 6anaging Director comprises of salary, per5uisites and allowances, contributions to provident fund, superannuation and gratuity. The =on-#xecutive Directors do not receive any , , , ,

The status of the complaints received from investors is as followsE !hareholders% : #nvestors% Complaints articulars of Complaints "omplaints pending as on $pril &, ,..) "omplaints received during ,..)-,..' "omplaints identified and reported under "lause >& of the %isting $greement "omplaints disposed off during the year ended 6arch 8&, ,..' "omplaints remaining unresolved as on 6arch 8&, ,..' Complaint "os. . && &&

&& .

remuneration from the "ompany except <itting *ees.

6irectors% Remuneration

The above remuneration was approved by a resolution passed by the Remuneration Committee constituted by !ittin; 5ees paid durin; ,))*&,))+ 2All fi;ures in Rs.4 the Board of Directors in terms of sub-paragraph !" of #aragraph $ of Section $$ of #art $$ of Schedule %$$$ the &Schedule'" to the Companies !ct( )*+,- .Refer to /ote /o- + of Schedule 012 The $greement with 6anaging director is for a period of ( years commencing from Nanuary &), ,..- to Nanuary '.,... &,>.,... &,(.,... >.,... &,>.,... ,.,... ,.,... -.,... &,&.,... >.,... !hareholdin; of 6irectors Dr. 1. 2. 3oenka, "hairman 6r. !. ;. 3oenka, ;ice "hairman 6r. 2aras A. "howdhary, 6anaging Director #xcept for the above, no other Director of the "ompany holds any e5uity shares in the "ompany. E 8,... #5uity <hares E &.,&88 #5uity <hares E 8,7'' #5uity <hares &7, ,.&&. #ither party to the $greement is entitled to terminate the $greement by giving not less than - months notice to either party, provided however that the "ompany shall be entitled to terminate the appointment at any time by payment to him - monthsB salary in lieu of such notice.

"on&ECecutive 6irectors Relationship with other 6irectors 2if any4 *ather of 6r. !. ;. 3oenka <on of Dr. 1. 2. 3oenka -

6irector

Dr. 1 2 3oenka "hairman 6r. ! ; 3oenka ;ice-"hairman L 6r. 6ahesh <. 3upta L 6r. 6. $. akre L 6r. $. ". "hoksey 6r. <. Doreswamy L 6r. N. =. 3uPder 6r. ansi <. 6ehta 6r. !ari %. 6undra L 6r. A. 1. 2odar

6r. !aigreve Ahaitan -

L Includes sitting fees for attending $udit "ommittee 6eetings and 1emuneration "ommittee 6eetings. <itting fees for attending meetings of <hareholdersC Investors 3rievance "ommittee have been waived by the Directors on the said "ommittee.

ECecutive 6irector =ame : Br. aras F. Chowdhary 1elationship with other Directors : "one #D

6ETA#L! O" 7E"ERAL (O6' BEET#"7! The details of the last three +8/ $nnual 3eneral 6eetings are as belowE

usiness 1elationships with the "ompany, if any : Bana;in; 6irector $ll elements of 1emuneration 2ackage : 6escription Amount in Rs. 2Lacs4 0.-.-. 3).))

Beetin;

6ay8 6ate

Time &&.8. a.m

Denue 2atkar !all, 6umbai.

<alary, $llowances : 2er5uisites 2erformance onus "ontribution to 2rovident and <uperannuation *unds and 3ratuity <tock 4ptions Total

>7th $36 6onday, <eptember, ,(, ,..>)th $36 *riday, Nuly ,7, ,..7

>... p.m.

2atkar !all, 6umbai.

,-.3+ & ,0..0/

>'th $36 *riday, Nuly ,(, ,..)

&&.8. a.m.

2atkar !all, 6umbai.

!pecial Resolutions passed at the last three 234 Annual 7eneral Beetin;s: 6ate of A7B 6escription of !pecial Resolution >7th $36 <eptember ,(, ,..>)th $36 Nuly ,7, ,..7

disclosing the related party transactions to the $udit "ommitteeE a/ $ statement in summary form of transactions with related parties in the ordinary course of business are placed periodically before the $udit "ommittee.

$ppointment of 6Cs. =. 6. 1aiji : "o. as <tatutory $uditors.

1elocation of <tatutory 1egisters from the premises of T<1 Darashaw %imited at $rmy =avy uilding, &>), 6ahatma 3andhi 1oad, *ort, 6umbai >.. ..& to their new premises at --&. !aji 6oosa 2atrawala Industrial #state, ,., Dr. #. 6oses 1oad, 6ahalaxmi, 6umbai >.. .&& pursuant to <ection &-8 of the "ompanies $ct, &'(-.

b/

Details of material individual transactions with related parties, which are not in the normal course of business, if any, are placed before the $udit "ommittee.

c/

Details of material individual transactions with related parties or others, which are not on armBs length basis, if any, are placed before the $udit "ommittee, together with 6anagementBs justification for the same.

>'th $36 Nuly ,(, ,..)

2ayment of "ommission to =on-#xecutive directors as per <ection 8.' of the "ompanies $ct, &'(-.

d/

=o

material,

financial

and

commercial

transactions were reported by the management to the oard, in which the management had personal interest having a potential conflict with the interest of the "ompany at large. Details of related party transactions are included in the =otes to the $ccounts as per $ccounting <tandard +$<-&)/ issued by the Institute of "hartered $ccountants of India. 3. 6isclosure of Accountin; !tandards The "ompany has followed the $ccounting <tandards issued by the Institute of "hartered $ccountants of India, to the extent applicable, in the preparation of the financial statements. /. 6isclosure of Ris= Bana;ement The "ompany has laid down procedures to inform oard 6embers about the risk assessment and minimiPation procedures. These procedures are periodically reviewed to ensure that executive management controls risks through means of a properly defined framework. .. 6etails of non&compliance by the Company8 enalties8 !trictures imposed on the Company by

During the year, a <pecial 1esolution for approval of increase in remuneration to the 6anaging Director was proposed to be passed by 2ostal allot and accordingly notice for the same was dispatched to the shareholders. 6r. 2. =. 2arikh is appointed as a <crutiniPer for the 2ostal allot exercise. The <pecial resolution has since been passed on $pril ,7, ,..'. There is no other immediate proposal for passing any resolution by postal ballot this year. D 6#!CLO!>RE! 0. 6isclosures on materially si;nificant related party transactions that may have potential conflict with the interests of Company at lar;e There were no material andCor significant transactions during the financial year ,..)-.' that were prejudicial to the interest of the "ompany. During the year under review, the "ompany made a payment of 1s. 7,&7,7..C- to Ahaitan : "o., of which 6r. !aigreve Ahaitan, a Director of the "ompany is a partner. ,. 6isclosures of Related arty Transactions The "ompany follows the following policy in

!toc= ECchan;e2s4 or !ecurities ECchan;e (oard of #ndia 2!E(#4 or any other statutory authority or any matters related to Capital Bar=ets. The "ompany has complied with all the

The 5uarterly results of the "ompany are normally published in the following newspapersE

re5uirements of the <tock #xchanges, <# I and <tatutory $uthorities on all matters related to the capital markets during the last three years. There are no penalties or strictures imposed on the "ompany by the <tock #xchanges or <# I or any statutory authorities relating to the above. There were no instances of non-compliance of any matter related to the capital market during the last three years. 1. 6etails of compliance with mandatory re?uirement "lause >' of the %isting $greement mandates to obtain a certificate from either the $uditors or practicing "ompany <ecretaries regarding compliance of conditions of corporate governance as stipulated in the "lause and annex the certificate with the DirectorsB 1eport, which is sent annually to all the shareholders. The "ompany has obtained a certificate from its $uditors to this effect and the same is given as an annexure to the DirectorsB 1eport. -. Adoption of the non&mandatory re?uirements The "lause states that the non-mandatory re5uirements may be implemented as per the discretion of the "ompany. The "ompany maintains an office for the "hairman, which is regularly used by the "hairman for interactions with the 6anagement. The disclosures of compliance with other non-mandatory re5uirements and adoption +and compliance/ C non-adoption of the nonmandatory re5uirements shall be need based. D# BEA"! O5 COBB>"#CAT#O" Duarterly results of the "ompany are published in major #nglish Dailies as well as in a 6arathi Daily.

F F F F F F F

usiness <tandard The #conomic Times The *inancial #xpress !industan Times The *ree 2ress Nournal 6aharashtra Times =avshakti

The 5uarterly results of the "ompany are displayed on the "ompanyBs 0ebsite www.ceatyres.com. The "ompany provides information to the <tock #xchanges where the shares of the "ompany are listed as per the %isting $greement entered into with the <tock #xchanges. The "ompany has provided an email address on its website investorsWceatltd.com , whereby investors can directly contact the "ompany. D## 7E"ERAL !@ARE@OL6ER #"5ORBAT#O" A7B: 6ate8 time and venue $s indicated in the notice accompanying this $nnual 1eport, the (.th $nnual 3eneral 6eting of the "ompany will be held on Tuesday, $ugust ,(, ,..' at 1avindra =atya 6andir, 2. %. Deshpande 6aharashtra Aala $cademy, <ayani 1oad, 2rabhadevi, 6umbai - >.. .,( at 8... p.m. 5inancial 'ear The "ompany follows & st $pril to 8& st 6arch as the financial year. 6ate of (oo= Closure Tuesday, $ugust &&, ,..' to Tuesday, $ugust ,(, ,..' +both days inclusive/ 6ividend ayment 6ate During the year under review, the oard of Directors have not recommended any dividend. Listin; on !toc= ECchan;es The #5uity shares of the "ompany are listed on the ombay <tock #xchange %imited and the =ational <tock #xchange of India %imited. The %isting fees have been paid to both the <tock #xchanges for the financial year ,..'-&..

!toc= Code ombay <tock #xchange %imited =ational <tock #xchange of India %imited Bar=et rice 6ata CEATLT6 .))*-*

Re;istrar and !hare Transfer A;ents:

Re;istered Office: T!R 6ARA!@AH LT6. --&., &st *loor, !aji 6oosa 2atrawala Industrial #state, ,. Dr.#. 6oses 1oad, 6ahalaxmi, 6umbai - >.. .&& #-mail E csg-unitWtsrdarashaw.com 0eb E ww w. t srdarasha w.com (ranch Offices: 0. (an;alore T!R 6ARA!@AH LT6. ,(8,.8,& (.8, arton "entre +(th *loor/ )>, 6ahatma 3andhi 1oad, angalore - (-. ..& #-mail E tsrdlbangWtsrdarashaw.com ,. Gamshedpur T!R 6ARA!@AH LT6. ,>,--&ungalow =o.&,H#H 1oad, =orthern Town, istupur, Namshedpur - )8& ..& #-mail E tsrdljsrWtsrdarasha w.com Fol=ata T!R 6ARA!@AH LT6. ,,))8.)7 Tata "entre, &st *loor,>8, ,,))8.-, N.%.=ehru 1oad 1oad Aolkata - 7.. .7& #-mail E tsrdlcalWtsrdarasha w.com "ew 6elhi T!R 6ARA!@AH LT6. ,8,7&).( ,C>,, <ant ;ihar,$nsari 1oad, ,8,7&)., Daryaganj, =ew Delhi - &&. .., #-mail E tsrdldelWtsrdarashaw.com Tel. .,,---(-)>)> *ax .,,---(-)>'>

5or E?uity !hare of face value of Rs. 0):& each

Bonth (!E "!E

@i;h 2Rs.4 Low 2Rs.4 @i;h 2Rs.4 Low 2Rs.4 $pril ,..) 6ay ,..) Nune ,..) Nuly ,..) $ugust ,..) <eptember ,..) 4ctober ,..) =ovember ,..) December ,..) Nanuary ,..' *ebruary ,..' 6arch ,..' &>8... &>&.>( &.8.)( ),.). )-.8. ),.>( -..'( >(... >8.-( >>.8. 8'.). 87.'. '(.,. '(..( 7-... -'.,. 7.... ((.(. 8(... 8,.'. 88.7. 88..( 88.,. 8&... &>8.>. ''.7. ).... 7,.7( 7-.7( -..'. >&.). 87.'( 8'.8. 87.'. 8>.>( 8(.>( &8,.(( '(.,. 78.&. 7..(. 7(..( (-.&. 87... 88.(. 8)... 88.(. 88... 88.7.

Tel. *ax

.).-

.).-,(()..&'

Tel.

.-(7-

*ax .-(7-,>,-'87

3.

Tel. *ax

.88.88-

!hare erformance of the Company in comparison to (!E !BLCA

/.

Tel. *ax

.&&.&&-

!hare Transfer !ystem $ll valid re5uests for transfer of #5uity shares in physical mode received for transfer at the office of the 1egistrar and Transfer $gents or at the 1egistered 4ffice of the "ompany are processed and returned within a period of 8. days from the date of receipt. The to the "ompany <ecretary. oard of Directors has delegated the power of approval of share transfers

#very effort is made to clear share transfersC transmissions and split and consolidation re5uests within ,& days.

6istribution of !hareholdin; as of Barch 308 ,))+ "o. of E?uity shares held "o. of !hareholders hysical & to (.. (.& to &... &..& to ,... ,..& to 8... 8..& to >... >..& to (... (..& to &.... 6ore than &...& Total 8,,'(, &>> (7 &8 ( & ( > 3380*0 6emat 8),>&7 &,>,' ((7 &-& 7) (> )7 )& /)8*1/ "o. of !hares hysical ',.>,>&8 '7,,-) 7),&>( 88,.&( &-,()( >,(8. >.,&(. &),,(,'7> 3)8))8)*) 6emat 8(,,',7)) &.,-),,,7 7,'-,.., 8,'7,-.& ,,).,'.7 ,,>-,-'& -,,&,)&. ,,>8,.,,>,) 380,8/38/./ N of E?uity Capital hysical ,.-> ..,) ..,8 ..&. ...( ...& ..&, (.88 *.-1 6emat &..8& 8.,& ,.8, &.&..), ..7, &.), 7..'7 +0.,/

6ematerilaisation of shares The "ompany has arrangement with =ational <ecurities Depository %imited +=<D%/ as well as "entral Depository <ervices +India/ %imited +"D<%/ for dematerialiPation of shares with I<I= =o. #"E /*,A)0),) for both "!6L and C6!L. $pproximately '&.,> 9 of the #5uity share capital corresponding to 8,&,,>8,>(> #5uity shares is held in dematerialised form as of 6arch 8&, ,..'. Cate;ories of !hareholdin; as of Barch 308 ,))+ Cate;ory "o. of !hares &,->,8(,8-' >.,>,,)>7 8,,,8,&8> ercenta;e

Outstandin; 76Rs : A6Rs : Harrants : Any Other Convertible #nstruments The "ompany has not issued any such instruments. lant Locations 6umbai 2lantE =asik 2lantE ;illage 1oad, ),, 6ID" =asik >,, ..7. Code of Conduct The oard has laid down a "ode of "onduct for all oard handup, 6umbai >.. .7). #state, <atpur,

Industrial

6embers and <enior 6anagement of the "ompany, which is >)... &&.)& '.>& posted on the website of the "ompany. $ll oard 6embers and <enior 6anagement 2ersonnel have

2romoters !oldings +Indian and *oreign/ 6utual *unds anks, *inancial Institutions, Insurance "ompanies and others *oreign Institutional Investors =on 1esident Indians "orporate odies, 2ublic and 4thers Total Indian

affirmed compliance with the "ode for the financial year ended 6arch 8&, ,..'. $ declaration to this effect signed by the 6anaging Director forms part of this 1eport.

>,7-,>8' ,,.','>& '),((,).> 38/,8/38.3/

&.8' ..-& ,).7) 0)).))

6eclaration & Code of Conduct $ll oard 6embers and the <enior 6anagement personnel have, for the year ended 6arch 8&, ,..', affirmed compliance with the "ode of "onduct laid down by the oard of Directors in terms of the %isting $greement entered with the <tock #xchanges. *or CEAT Limited <dC-

6umbai, DateE $pril ,', ,..' Compliance Officer Br. @. ". !in;h RaApoot Company !ecretary "#$T %imited "#$T 6ahal, >-8, Dr. $nnie esant 1oad 0orli, 6umbai >.. .8. TelE '&-,,-,>'8 .-,& *axE '&-,,----. -.8' #mailE investorsWceatltd.com

aras F. Chowdhary 6anaging Director

Identified as having been approved by the oard of Directors of "#$T %TD. @. ". !in;h RaApoot Company Secretary 6umbai, DateE $pril ,', ,..'

T4 T!# 6#6 #1< 4* "#$T %I6IT#D 0e have examined the compliance of conditions of "orporate 3overnance by "#$T %imited +the "ompany/ for the year ended 6arch 8&, ,..', as stipulated in "lause >' of the %isting $greement of the said "ompany with <tock #xchanges. The compliance of conditions of "orporate 3overnance is the responsibility of the 6anagement. 4ur examination has been limited to a review of the procedures and implementations thereof, adopted by the "ompany for ensuring compliance with the conditions of "orporate 3overnance as stipulated in the said "lause. It is neither an audit nor an expression of opinion on the financial statements of the "ompany. In our opinion and to the best of our information and according to the explanations given to us and the representations made by the Directors and the 6anagement, we certify that the "ompany has complied with the conditions of "orporate 3overnance as stipulated in "lause >' of the above

mentioned %isting $greement.

$s re5uired by the 3uidance =ote issued by the Institute of "hartered $ccountants of India, we have to state that based on the report issued by the 1egistrars of the "ompany to the <hareholdersCInvestors 3rievance "ommittee, as on 6arch 8&, ,..' there were no investor grievance matters against the "ompany remaining unattendedCpending for more than 8. days. 0e further state that such compliance is neither an assurance as to the future viability of the "ompany nor of the efficiency or effectiveness with which the 6anagement has conducted the affairs of the "ompany.

5or ". B. RA#G# < CO.8 Chartered !ccountants

CA Tha==ar #artner DateE $pril ,', ,..' =o. 888,'

'. ". 6umbai, 6embership

Auditors% Report
TO T@E BEB(ER! O5 CEAT L#B#TE6 &. 0e have audited the attached alance <heet of CEAT appears from our examination of those booksV L#B#TE6 , as at 8& st 6arch ,..', the 2rofit and %oss $ccount and also the "ash *low <tatement for the year ended on that date annexed thereto. These financial statements are the responsibility of the "ompanyBs management. 4ur responsibility is to express an opinion on these financial statements based on our audit. ,. 0e conducted our audit in accordance with the auditing standards generally accepted in India. Those <tandards re5uire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. $n audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. $n audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 0e believe that our audit provides a reasonable basis for our opinion. 8. $s re5uired by the "ompanies +$uditorBs 1eport/ 4rder, ,..8 issued by the "entral 3overnment of India in terms of sub-section +>$/ of section ,,7 of the "ompanies $ct, &'(- and on the basis of such checks of the books and records of the "ompany as we considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the $nnexure a statement on the matters specified in paragraphs > and ( of the said 4rder. >. *urther to our comments in the $nnexure referred to above and our comments in paragraph 8 above, we report thatE +i/ 0e have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our auditV +ii/ In our opinion, proper books of account as re5uired by law have been kept by the "ompany so far as

+iii/ The

alance <heet, 2rofit and %oss $ccount and

"ash *low <tatement dealt with by this report are in agreement with the books of accountV +iv/ In our opinion, the alance <heet, 2rofit and %oss

$ccount and "ash *low <tatement dealt with by this report comply with the accounting standards referred to in sub-section +8"/ of section ,&& of the "ompanies $ct, &'(- to the extent applicableV +v/ 4n the basis of written representations received from the directors, as on 8&st 6arch ,..', and taken on record by the oard of Directors, we report that none of the directors of the "ompany is dis5ualified as on 8&st 6arch ,..' from being appointed as a director in terms of clause +g/ of sub-section +&/ of section ,7> of the "ompanies $ct, &'(-V +vi/ In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon give the information re5uired by the "ompanies $ct, &'(-, in the manner so re5uired and give a true and fair view in conformity with the accounting principles generally accepted in IndiaE +a/ In the case of the alance <heet, of the state of affairs of the "ompany as at 8&st 6arch ,..'V +b/ In the case of the 2rofit and %oss $ccount, of the %oss for the year ended on that dateV and +c/ In the case of the "ash *low <tatement, of the cash flow for the year ended on that date.

*or ". B. RA#G# < CO., Chartered !ccountants CA. T@AFFAR #artner Date E $pril ,', ,..' =o. 888,' '. ".

6umbai, 6embership

AnneCure to The Auditors% Report

2Referred to in para;raph 3 of our report of even date4 +i/ +a/ The "ompany has maintained proper records showing full particulars, including 5uantitative details and situation of fixed assets. +b/ The "ompany has a programme of physical verification of fixed assets. $s per the said programme, certain assets were physically verified during the year. In our opinion, the fre5uency of physical verification is reasonable having regard to the siPe and operations of the "ompany and nature of its assets. =o material discrepancies were noticed on such verification. The "ompany has not disposed off substantial part of fixed assets during the year. The inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and ade5uate in relation to the siPe of the "ompany and the nature of its business. In our opinion, the "ompany is maintaining proper records of inventory. The discrepancies noticed on physical verification were not material in relation to the operations of the "ompany and the same have been properly dealt with in the books of account. +ix/ provisions of the "ompanies $ct, &'(- and the "ompanies +$cceptance of Deposits/ 1ules, &'7(, with regard to the deposits accepted from the public. $s informed to us, no order has been passed by the "ompany %aw oard or =ational "ompany %aw Tribunal or 1eserve ank of India or any other court or any other Tribunal. +vii/ In our opinion, the "ompany has an internal audit system commensurate with its siPe and nature of its business. 0e have broadly reviewed, without carrying out a detailed examination, the books of account maintained by the "ompany pursuant to the 1ules made by the "entral 3overnment for the maintenance of cost records under <ection ,.'+&/+d/ of the "ompanies $ct, &'(- and are of the opinion that prima facie, the prescribed accounts and records are being maintained. +a/ $ccording to the records of the "ompany, the "ompany is generally regular in depositing with the appropriate authorities undisputed statutory dues including 2rovident *und, Investor #ducation and 2rotection *und, #mployeesB <tate Insurance, Income-tax, <ales-tax, 0ealthtax, <ervice Tax, "ustom Duty, #xcise Duty, "ess and any other statutory dues applicable to it. ased on our audit procedures and according to the information and explanations given to us, there are no arrears of undisputed statutory dues which remained outstanding as at 8&st 6arch ,..' for a period of more than six months from the date they became payable. $ccording to the records made available to us and the information and explanations given by the management, the details of the dues of Income tax C <ales tax C 0ealth tax C <ervice Tax C "ustom duty C #xcise duty C "ess, which have not been deposited with the appropriate authorities on account of any dispute, are given in the $ppendix to this report.

+viii/

+c/ +ii/ +a/

+b/

+c/

+iii/

The "ompany has neither granted nor taken any loans, secured or unsecured to C from companies, firms or other parties covered in the register maintained under section 8.& of the "ompanies $ct, &'(-. $ccordingly, sub-clause +b/, +c/, +d/, +f/ and +g/ are not applicable. In our opinion, there are ade5uate internal control systems commensurate with the siPe of the "ompany and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls. =o transactions have been entered during the year in the register maintained in pursuance of section 8.& of the "ompanies $ct, &'(-. $ccordingly, sub-clause +b/ is not applicable. In our opinion, the "ompany has complied with the provisions of sections ()$, ()$$ or any other relevant +xi/

+b/

+iv/

+x/

+v/

The "ompany does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. $ccording to the records made available to us and the information and explanations given by the management, the company has not defaulted in the

+vi/

AnneCure to The Auditors% Report 2contd.4

repayment of dues to financial institutions or banks or debenture holders. +xii/ The "ompany has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. The "ompany is not a chit C nidhi C mutual benefit fund C society. The "ompany is not dealing in or trading in shares, securities debentures and other investments. During the year, the "ompany has not given any guarantee for loans taken by others from banks or financial institutions. In our opinion, the term loans availed by the "ompany during the year have been applied for the purposes for which they were obtained. $ccording to the information and explanations given to us and an overall examination of the balance sheet of the "ompany, we report that no short-term funds have been used for long-term purposes. During the year, the "ompany has not made any preferential allotment of shares to parties and T@AFFAR #artner Date E $pril ,', ,..' =o. 888,' +xix/ +xx/ +xxi/ companies covered in the register maintained under section 8.& of the "ompanies $ct, &'(-. During the year, the company has not issued any debentures. The company has not raised any money by public issue during the year. During the course of our examination of the books and records of the "ompany, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the "ompany, noticed or reported during the year, nor have we been informed of such case by the management.

+xiii/ +xiv/ +xv/

+xvi/

+xvii/

5or ".B. RA#G# < CO.8 Chartered !ccountants CA.'.". 6umbai, 6embership

+xviii/

AppendiC to Auditors% Report

"ame of the !tatute The "entral #xcise $ct,&'>> "ature of the 6ues #xcise Duty Amount2Rs. in Crores4 (.&' ..&8 8-.(& ..>7 <ervice Tax +"hapter ; of the *inance $ct, &'>>/ 6umbai 2rovincial 6unicipal "orporation $ct,&'>> <tate and "entral <ales Tax $ct <ervice Tax 4ctroi Duty Tax, Interest and 2enalty ..(& ..,, ...& ..8. ..)7 8).)& Income Tax $ct. &'-& 2enalty &.-( 5inancial year to which the matter pertains &''7 to&'') &''7-&'') &''(-,..( &''- -,..,..(-,..,..& to ,..8 6arch ,..' &')7 to &''., &''>-&''( &'))-)',&''--'7, ,..,-.8 &''8-'> to ,..7-.) ,..8-,..> 5orum where dispute is pendin; <upreme "ourt !igh "ourt "#<T$T L "ommissioner +$ppeals/ "#<T$T L !igh "ourt "ivil "ourt !igh "ourt Tribunal "ommissioner +$ppeals/ "ommissioner + $ppeals /

L The "ustoms, #xcise and <ervice Tax $ppellate Tribunal

(alance !heet as at Barch 308 ,))+

!C@E6>LE !O>RCE! O5 5>"6! !@ARE@OL6ER!% 5>"6! <hare "apital 1eserves and <urplus LOA" 5>"6! <ecured %oans @nsecured %oans 6E5ERRE6 TAE L#A(#L#T' 2"et4 3 / 3+*80,./3 ,/-8)0.++ 1/.80/./, 0183).3* 080/+8*,.+. A L#CAT#O" O5 5>"6! 5#EE6 A!!ET! 3ross =et lock %ess E Depreciation lock "apital 0ork-in-progress #"DE!TBE"T! C>RRE"T A!!ET!8 LOA"! A"6 A6DA"CE! Inventories <undry Debtors "ash and ank alances %oans and $dvances * + 0) ,0+8/0.13 30*8-).*. ,)08.0.*/ -+8/,.1/ *0+8)1.+1 %ess E C>RRE"T L#A(#L#T#E! A"6 ROD#!#O"! "urrent %iabilities 2rovisions "ET C>RRE"T A!!ET! 00 0, /*+8)..0, 0-8*).,+ .)18*../0 30,8,0... 080/+8*,.+. ,) 6umbai, $pril ,',,..' (,),,7.8, ,(,,>.)& ((8,(,.&8 ,&),>(.). &,.&),&(.'' 8>&,.-... 8.7,'..), >&,().7. )&,>,.>& 77&,'7.'8 1 . 08,3/8)..+* /.*81-.3+ --.83*..+ 0+8.1.0) -+/8+/.1+ /,811.-0 &,,&>,88.,, >,7,7&.&> 7)-,-,..) 8,>7.)) 7'.,.'.'',-..,8 ,-(,8'..) ,&,,,..77 >77,('.)( ,7,8..>& &,.&),&(.'' 0 , 3/8,/.3. /./803.*) /**83*.0. 8>,,>.,7 >7',.&.>(&8,,(.78 As at 30.)3.,))+ +1s. in %acs/ $s at 8&..8.,..)

=otes forming part of the $ccounts $s per our report attached 5or ".B.RaiAi < Co.8 "hartered $ccountants CA '.". Tha==ar 2artner

!unil !apre "hief *inancial 4fficer @.". !in;h RaApoot "ompany <ecretary

4n behalf of the @.D. 7oen=a "hairman

oard of Directors ;ice "hairman 6anaging

B.A. (a=re - $udit "ommittee aras F. Chowdhary Director 6umbai, $pril ,',,..'

rofit and Loss Account for the year ended Barch 308 ,))+
!C@E6>LE #"COBE <ales %ess E #xcise duty on <ales =et <ales 4ther Income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s. in %acs/ ,..7-,..) ,,-.,,'-.(7 ,7,,''.'. ,,8,','-.-7 ,,,(8.(& ,,8(,,(..&) &,>7),.'.-> 7.,,>.(> &>8,.,..( >7&,8).8, (-,'8.))

EE E"6#T>RE 6aterials 0/ "ost of Traded 3oods <old 0. 2ersonnel 01 4ther #xpenses 0Interest 0* Depreciation %ess E Transferred from 1evaluation 1eserve %ess E Transferred to 2re-4perative #xpenses

$dd C +%ess/ E Decrease C +Increase/ in stock 0+ RO5#T : 2LO!!4 (E5ORE EECE T#O"AL #TEB! #xceptional Items-=et Income +1efer =ote =o.,, of <chedule ,./ RO5#T : 2LO!!4 (E5ORE TAEAT#O" %ess E 2rovision for Taxation "urrent Tax <hortC+#xcess/ 2rovision Deferred Tax *ringe enefit Tax RO5#T : 2LO!!4 A5TER TAE $dd E alance brought forward ABO>"T ADA#LA(LE 5OR A RO R#AT#O" A RO R#AT#O"! 2roposed Dividend Tax on 2roposed Dividend Transferred to 3eneral 1eserve alance carried to alance <heet

#arnings 2er <hare - asic : Diluted +1s./ +1efer =ote =o.,> of <chedule ,./ =otes forming part of the $ccounts

$s per our report attached 5or ".B.RaiAi < Co.8 "hartered $ccountants CA '.". Tha==ar 2artner 6umbai, $pril ,',,..' !unil !apre "hief *inancial 4fficer @.". !in;h RaApoot "ompany <ecretary

4n behalf of the @.D. 7oen=a B.A. (a=re

oard of Directors ;ice "hairman "hairman - $udit "ommittee 6anaging Director

aras F. Chowdhary 6umbai, $pril ,',,..'

Cash 5low !tatement for the year ended 30st Barch ,))+
30.)3.,))+ A CA!@ 5LOH 5ROB O ERAT#"7 ACT#D#T#E! : =et 2rofit efore Tax AdAustments for : Depreciation Interest income @nrealised exchange variation +net/ Dividend income 2rovision for Doubtful debt 2rovision for Doubtful debt - 0ritten 2rovisions no longer re5uired 0ritten 2rovision for 4bsolescence of <tores $dvanceC ad debts 0ritten 4ff +2rofit/ C %oss on sale of fixed assets - =et #xceptional items Interest expense ack ack ,.810.-3 2008/0.,,4 .8/+.1208)3../4 ,80+.02,.)34 2,8),./.4 ,80-..+ 0..++ 30./) 9 1.8.3.30 *18++.1, Operatin; rofit (efore Hor=in; Capital Chan;es $djustments for E Trade and other receivables Trade payable C provisions 00*8/*.-0 23/8-+.3/4 *381+.3Cash 7enerated 5rom Operations Direct taxes paid +net of #xceptional item/ Cash 5low (efore ECceptional #tems #xceptional items "et Cash 5low from Operatin; Activities 2A4 0338.0.-2,83).3)4 0308,0./9 0308,0./+&7>,8).(-/ ,8,(7.>' /+8*,./) 8,,''.&, +8,>,.,>/ +7&.)>/ +,..8'/ &,.).'& +,&.)./ +>'.'-/ X &.>( +-.,,7.7'/ +&),)'.)&/ (-,'8.)) 23-80-.,,4

+1s. in %acs/ 8&..8.,..)

&'7,8&..>

-,7'.(8 ,.>,&..(7

+&(.,)&..7/ (8,,'.(. +8-,-).&&/ &-,-&.8' 8,)-.&,.,>7.((

CA!@ 5LOH 5ROB #"DE!T#"7 ACT#D#T#E! : 2urchase of fixed assets <ale of fixed assets 2urchase of Investments <ale of Investments Interest received Dividend received "et Cash >sed in #nvestin; Activities (efore ECceptional #tems #xceptional items "et Cash from #nvestin; Activities 2(4 2/)8*-.,04 0/80*.3* 2/08)).))4 *8)).)) 18)3./+ +-.). 2.,81*.,+4 9 2.,81*.,+4 +(,,(8..-/ X +),...&)/ X 8,>&.,8 ,..8' +(-,'&.-,/ &&),7&.-7 -&,)...(

$nnual 1eport ,..)-.'

Cash 5low !tatement for the year ended 30st Barch ,))+ 2Contd.4
+1s. in %acs/ 30.)3.,))+ C CA!@ 5LOH 5ROB 5#"A"C#"7 ACT#D#T#E! <hare $pplication 6oney 1efunded 1eceived out of <hare kept in abeyance 1epayment of *inance %ease %iability Interest paid +Decrease/CIncrease in borrowings Dividend paid + Inclusive of Dividend Distribution Tax / "et Cash Received:2>sed4 in 5inancin; Activities 2C4 =et +Decrease/ C Increase in "ash or "ash #5uivalent +$Y Y"/ "ash and cash e5uivalents - 4pening balance "ash and cash e5uivalents - "losing balance "et 26ecrease4 : #ncrease as 6isclosed Above "ote : & , 8 2revious yearBs figures have been regrouped wherever necessary. "losing cash : cash e5uivalents represents G "ash and ank alances G includes 1s. 8'.'7 lacs +2revious year 1s. ,'..- lacs/ in unclaimed dividend which is not available for use by the "ompany. $ll figures in brackets are outflows. 9 9 9 21*8//.-.4 01.8+*.0, 201803./04 *083+.+1 0.+8+3.0/ /08.*.-) ,)08.0.*/ 0.+8+3.0/ X X X +(-,'..))/ +&>,-(.-8/ +',-7.(,/ +)&,,>..8/ &,.8.(7 >.,((.&8 >&,().7. &,.8.(7 8&..8.,..)

$s per our report attached 5or ".B.RaiAi < Co.8 "hartered $ccountants CA '.". Tha==ar 2artner 6umbai, $pril ,',,..' !unil !apre "hief *inancial 4fficer @.". !in;h RaApoot "ompany <ecretary

4n behalf of the @.D. 7oen=a B.A. (a=re

oard of Directors ;ice "hairman "hairman - $udit "ommittee 6anaging Director

aras F. Chowdhary 6umbai, $pril ,',,..'

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

+1s.in %acs/ As at 30.)3.,))+ $s at 8&..8.,..)

!C@E6>LE 0
!@ARE CA #TAL Authorised : >,-&,..,... +>,-&,..,.../ #5uity <hares of 1s. &. each 8',..,... +8',..,.../ 2reference <hares of 1s. &. each &,..,..,... +&,..,..,.../ @nclassified <hares of 1s. &. each /180).)) 38+).)) 0)8)).)) 1)8)).)) #ssued : 8,>,,>>,,,, +8,>,,>>,,,,/ #5uity <hares of 1s. &. each +Includes -)) +&,>-8/ <hares offered on 1ight basis and kept in abeyance/ 3/8,/./, 8>,,>.>, >-,&.... 8,'.... &.,..... -.,.....

3/8,/./, !ubscribed and paid&up : 8,>,,>8,(8> +8,>,,>,,7('/ #5uity <hares of 1s. &. each, fully paid-up %ess E Transfer to "apital 1eserve $dd E 1eceived during the year out of shares kept in abeyance 3/8,/.,9 ).)* 9 3/8,/.3. "otes: 4f the above #5uity <hares +a/ +b/

8>,,>.>,

>(,-7.'' ,.88 ...> &&,>&.>8 8>,,>.,7

%ess E "ancellation of paid-up <hare capital as per scheme of arrangement

-,'.,(7- <hares of 1s. &. each were allotted pursuant to <chemes of $malgamation without payment being received in cash. >.,>.,,,8 <hares were allotted as fully paid 1eserve. onus <hares by capitalisation of <hare 2remium and 3eneral

$nnual 1eport ,..)-.'

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

+1s. in %acs/ As at 30.)3.,))+ $s at 8&..8.,..)

!C@E6>LE ,
RE!ERDE! A"6 !>R L>! Capital Reserve : alance - & $pril, ,..) $dd E Transfer from forfeited <hares ,8-0./. 9 ,8-0./. !hare remium : alance - & $pril, ,..) $dd E 1eceived during the year 01.8,3.,3 )./, 01.8,3.1. Capital Redemption Reserve : 7eneral Reserve : alance - & $pril, ,..) $dd E Transfer from Debenture 1edemption 1eserve $dd E Transfer from 2rofit and %oss $ccount 01+80..+* 9 9 01+80..+* Revaluation Reserve : alance - & $pril, ,..) $dd E 1evalued during the year +$dd/ C%ess E $djustments as per <cheme of $rrangement %ess E Depreciation 038/..,3 9 2).)34 *8-1.+/ /81*.3, 6ebenture Redemption Reserve : alance - & $pril, ,..) %ess E Transfer to 3eneral 1eserve rofit and Loss Account 9 9 9 0)*8//./) /./803.*) >.... >.... &,>,((.(>7',.&.>X &,),,>.-&&>,7'.>8 X &8,>(.,8 &&),7(.') >.... (.,..... &-',&(.') 38+).)) &-(,,8..) ..&( &-(,,8.,8 8,'.... ,,-'.&8 ,.88 ,,7&.>-

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

+1s. in %acs/ As at 30.)3.,))+ $s at 8&..8.,..)

!C@E6>LE 3
!EC>RE6 LOA"! Loans from (an=s : 5inancial #nstitutions : ID I I"I"I I"I"I ank %imited - +=ote &/ ank %imited - +=ote ,/ ank %imited - +=ote 8/ ank %imited - +=ote >/ +8)).)) 318-1.)) 1)8-).0+ 9 9 33833.33 .)8)).)) .)8)).)) &&,,(... >(,'(... X -,.>8 ,-,-'.8) (.,..... X X

The *ederal Indian Oes

ank - +=ote >/ ank %imited - +=ote (/

#xim ank %td. - +=ote (/ "orporation ank %td. - +=ote (/

(an= (orrowin;s : 2"ote 14 "ash "redit *acilities #xport 2acking "redit Dehicle loan 2"ote -4 0.8*0.3, 0/,8,..3+ ,1.,) 3+*80,./3 In respect of the above loans, 1s.-7,8'.7) %acs +2revious year 1s. 8,,>).8> %acs/ due and repayable within a year "otes: &. Term loan availed from ID I ank %imited of 1s. ',..... lacs +1s &&,,(... lacs/ is secured by first pari passu charge on handup and =asik plants both present and future. ,>,8-.7&.-,&&.)( 8).-,-(,8'..)

movable and immovable properties of the "ompany situated at ,. #" loan availed from I"I"I

ank %imited of @<D ).... lacs + @<D &,..... lacs / e5uivalent to 1s. 8-,7-... lacs

+1s. >(,'(... lacs / is secured by first pari passu charge on all movable and immovable properties of the "ompany situated at 8. #" handup and =asik plants, both present and future. ank %imited of @<D &,,(... %acs + @<D =il %acs / e5uivalent to 1s. -.,7..&' lacs + 1s. =il

loan availed from I"I"I

lacs / is secured by a first pari passu charge on the Immovable and movable properties of the "ompany situated at =asik and upcoming 2roject at !alol both present and future. "harge is created on the movable properties of the "ompany. The company is in the process of creating the charge on its immovable properties held at =asik and upcoming 2roject at !alol, 3ujrat. >. Term loan availed from The *ederal ank %imited of 1s. =il +1s -,.>8 lacs/ and Indian ank of 1s =il +1s ,-,-'... lacs/ has been repaid during the year. 2ursuant to the repayment, the charge created for the term loan has been satisfied.

$nnual 1eport ,..)-.'

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

!C@E6>LE 3 & !EC>RE6 LOA"! 2Continued4 (. Term %oan availed from Oes ank %imited of 1s 88,88.88 lacs +1s.(.,..... lacs /, #xim lacs / and "orporation immovable property of the "ompany situated at "#$T 6ahal, 0orli, 6umbai. -. *undC=on fund based 0orking "apital facilities from "onsortium of hypothecation of first pari passu charge on Inventories and properties of the "ompany situated at 7. The vehicle loans availed from financed by them. anks led by ank of India are secured by ank of 1s.(.,..... lacs +1s. =il

ank of 1s.(.,..... lacs +1s.=il lacs/ has been secured by a first pari passu charge on the

ook debts and by second pari passu charge on immovable

handup and =asik 2lants and "#$T 6ahal property at 0orli.

anks and *inancial "ompanies are secured by way of hypothecation of the vehicles

+1s. in %acs/ As at 30.)3.,))+ $s at 8&..8.,..)

!C@E6>LE /
>"!EC>RE6 LOA"! Term %oan from 2ublic Deposits Interest *ree <ales Tax %oan Deferred <ales Tax Incentive - +<I"46 %TD/ Deposits from dealers ank .8)).)) 338+...+ ,,.,0 ,38*3..+ 0*/8)).1) ,/-8)0.++ (,..... 8-,'(.)( ,,.,& ,,,>>.)& &>7,(7.'. ,&,,,..77

In respect of the above loans, 1s. ,.,(-.78 %acs +2revious year 1s. &',7..)& %acs/ due and repayable within a year

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

!C@E6>LE .
5#EE6 A!!ET!
CO!T $s at $dditionsC DeductionsC .&..>.,..) $djustments $djustments Owned Assets %and *reehold 8'8,88.)+88,,&&.>-/ %easehold ,-,8-.8+,(,)8.,7/ uildings &,7,'..&) +&,',(>.>(/ 2lant and 6achinery -8,,&-.8& +('7,(,.8'/ *urniture and *ixtures 7,,&.&+7,,,.8./ ;ehicles &,,.'.(' +&.,>7.'./ <oftware (,,&.-+,7..-/ &,,.>,,'.&, +&,&.,,').)8/ Leased Assets 2lant and 6achinery &.,.>.&. +&.,.>.&./ &.,.>.&. +&.,.>.&./ &,,&>,88.,, +&,&&8,.,.'8/ X +-/ X +-/ ,7,7).8, +&)),.>.&./ X +-/ X +-/ ),.(.(&.,.>.&. +&.,.>.&./ &.,.>.&. +&.,.>.&./ &,,8>,.(.') 7,7'.&& +7,>7.>-/ 7,7'.&& +7,>7.>-/ >,7,7&.&> +>&8,.&.'-/ 8&.-( +8&.-(/ 8&.-( +8&.-(/ 8>,(,.., +8,,''.&&/ X +-/ X +-/ 8,((.77 ),&..7+7,7'.&&/ ),&..7+7,7'.&&/ >(),-7.8' &,'8.8> +,,,>.''/ &,'8.8> +,,,>.''/ 77(,8).(' &>,->.(' +&,>,>8.7./ X +(8..'/ -'.>& +,,8).&8/ &&,-..(, +(,,>&.''/ &-.(, +&8.78/ -7.,) +8,&).)-/ X +>,'>.-./ ,7,7).8, +&)),.>.&./ X +-8,,&.8./ X +-/ X +>,.,.>./ ,,>>.7' +&7,7)..7/ ,-.,. +&>.)7/ (,8>.>, +&,(7.&7/ ..&( +-/ ),.(.(>.7,').>( +8'8,88.)-/ ,-,8-.8+,-,8-.8-/ &,),('.(' +&,7,'..&)/ ->&,8,..> +-8,,&-.8&/ 7,&&.>) +7,,&.&-/ 7,>,.>( +&,,.'.('/ (,,&.(& +(,,&.--/ &,,,>,.&.)) X +-/ &,(&... +&,.)..>/ 8.,'&.(8 +,',.,.7,/ 87-,7,.)' +8--,.,.,(/ (,8&.', +(,.)..'/ >,,7.&> +>,&>.7'/ &,&7.(( +&).-&/ >&',',..8 +>.(,(>.(./ X +-/ >8.&) +>,.'-/ ,,7&.') +,,-,.)7/ ,),,'.'8 +,7,>,..'/ 8..'( +8>.>(/ 7(.,> +)-.&(/ &,-'..' +').'>/ 8>,,..87 +8,,-7.>-/ X +-/ X +-/ X +7>..-/ ,,8'.8& X >.7,').>( $s at 8&..8.,..' 6E REC#AT#O" $s at *or the year 4n deductionsC $djustments .&..>.,..) ,..)-,..' $s at 8&..8.,..' "ET DAL>E $s at 8&..8.,..'

+1s. in %acs/

+ - / +8'8,88.)-/ &,'>.&) +&,(&.../ 88,-8.(& +8.,'&.(8/ >.,,-8.(& ,>,>,.&) +,>,)(.8-/ '>,'-..) +'-,').-(/ ,8),-).(8

+&-,7&.>(/ +87-,7,.)'/ +,((,>8.>,/ &(.'( +&..-,/ &,...87 +78.)./ ..&> +-/ 8,((.77 (,>-.', +(,8&.',/ >,.,..& +>,,7.&>/ ,,)-.(. +&,&7.((/ >(.,(-.-8 &,->.(+&,)'.,>/ 8,>..>> +7,),.>(/ ,,8(..& +>,.>.&&/ 778,>(.,(

+)-,78.)&/ +&,,.>,,'.&,/

+&),,'.'8/ +>&',',..8/ +7)>,87..'/

+)-,78.)&/ +&,,&>,88.,,/

+&),,'.'8/ +>,7,7&.&>/ +7)-,-,..)/ &',(-.&. +8,>7.))/

"apital 0ork-in-2rogress -Includes $dvances against "apital $ccount

3rand Total

7'>,'>.-' +7'.,.'.'-/

=otes &. uilding includes 1s. ..&& lakhs +2revious year 1s. ..&& lakhs/ being value of shares held in co-operative housing societies. ,. *reehold %and includes land under development amounting to 1s. &>,->.(' lakhs +2revious year E =il/ for upcoming 2roject at !alol. 8. *ixed assets cost includes assets revalued during last five years on the basis of valuation report submitted by approved valuers about their market value as summarised below E +1s in %akhs/ 3ross amount written Depreciation provided $mount written up up on revaluation upto 8&..8.,..' +=et of depreciationCadjustments/ +=et of deletionsCadjustments/ +=et of deletionsCadjustments/ %and ,).,-,.&8 &,&&..,7',(&..7 uildings 7,>,.'. &,)).), (,(>..) 2lant : 6achinery '..(' (.-)>.'8 ,)),'(.-, 8,.(.(> ,)(,'...) "apital 0ork-in-progress includes pre-operative expenses incurred for upcoming 2roject at !alol amounting to 1s. ',7).(- lakhs. +1efer note &( of <chedule ,. for details/

>.

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

+1s.in %akhs/ *ace ;alue +1s./ !oldings As at !oldings +=os./ $s at 8&..8.,..)

+=os./ 30.)3.,))+

!C@E6>LE 1
#"DE!TBE"T! 2At cost4 A LO"7 TERB & 5ully aid E?uity !hares >n?uoted 2Trade4 $ssociated "#$T !oldings "o. 2vt. %imited. 1ado Tyres %imited. &. &. &,)..,... &,-.-,8(. 080*.,* /0.-&,)..,... &,-.-,8(. &,&).,) >&.77

C>RRE"T >n?uoted 2 "on&Trade 4 6ividend 6aily Reinvest lan @nits Li?uid < I 2remier %i5uid *und - <uper Institutional irla "ash 2lus Institutional 2remium 2lan 1eliance %i5uidity *und *idelity "ash *und Institutional *idelity "ash *und <uper Institutional Templeton India Treasury 6anagement $ccount <uper Institutional 2lan D0< Insta "ash 2lus *und - <uper Institutional 2lan Li?uid lus irla <un %ife <avings *und - Institutional I"I"I 2rudential *lexible Income 2lan 2remium Total &. -,-8',>.8.'-8),.)0 /,811.-0 X X ',-..,8 &. &.,.&&,.-'.8' 0)8)0.-* X X &. 8,''8,,,).(8 /8)).0, X X &. 7.,.(&.)' -8)).++ X X &. &. &. &. ,,''>,-&>.>. X -,.&-,8'-..> 8,''),(.&.88 38)).). 9 18)0.1. /8)).)1 8,'',,'),.&' &,''',7)(.&X X >,....) ,,....> X X &. X 9 &,''>,&->.)7 ,,....*ace ;alue +1s./ + =os / @nits + =os /

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

*ace ;alue +1s./ !oldings +=os./ As at 30.)3.,))+ !oldings +=os./

+1s.in %akhs/ $s at 8&..8.,..)

!C@E6>LE 1
#"DE!TBE"T! 2At cost4 +"ontinued/ "otes : *ollowing investments were purchased and sold during the year "on trade Current un?uoted 6ividend 6aily Reinvest lan Li?uid & 6aily 6ividend Reinvest lan Templeton India Treasury 6anagement $ccount - <uper Institutional 2lan D0< Insta "ash 2lus *und - 1egular 2lan D0< Insta "ash 2lus *und - Institutional 2lan D0< Insta "ash 2lus *und - <uper Institutional 2lan *idelity "ash *und Institutional *idelity "ash *und <uper Institutional I"I"I 2rudential Institutional %i5uid 2lan <uper Institutional irla <un %ife "ash 6anager - I2 irla <un %ife "ash 2lus - Institutional 2remium < I 2remier %i5uid *und - <uper Institutional < I 2remier %i5uid *und - Institutional growth 1eliance %i5uid *und - Treasury 2lan Institutional 1eliance %i5uidity *und %I" %i5uid *und @TI %i5uid "ash 2lan Institutional @TI 6oney 6arket *und Li?uid lus & 6aily 6ividend Reinvest lan irla <un %ife <avings *und - Institutional D<2 lack 1ock 6oney 6anager *und Institutional 2lan 1eliance 6oney 6anager *und Institutional %I" %i5uid 2lus *und &. &..,.&7,(&(.)> &. -.,...,...... &. &)(,...,...... &. 7.,...,...... *ace ;alue 1s. @nits

&. ,'(,...,...... &. &(.,...,...... &. &.,...,...... &. &..,...,...... &. 8.(,...,...... &. &..,...,...... &. ,)>,'),,>)>.&&. &..,...,...... &. &. 8.,...,...... (.,...,......

&. >->,'),,.),.8> &. --.,8-&,&>-.7' &,... >.,...,...... &. ,..,...,......

&. &..,.&7,'&7.-&. &7>,-8),)(8.,&

$nnual 1eport ,..)-.'

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

+1s.in %acs/ As at 30.)3.,))+ $s at 8&..8.,..)

!C@E6>LE #"DE"TOR#E! <tores and <pares +=et/ <tock - in - Trade E 1aw 6aterials Z+including in transit 1s. ','(.>) %acs/ +2revious year 1s.>.,').8) %acs/[ <emi-*inished 3oods *inished 3oods Z+including in transit 1s.'8.>8 %acs/ +2revious year 1s.&.,-).7- %acs/[ 1.8.3.+0-8,).-+ 00*8**./+ ,0+8/0.13 &)-,('.7, ,,,(,..&&>,)..,7 8>&,.-... 0-8-*.3* &7,&8.'(

!C@E6>LE *
!>"6R' 6E(TOR! 6ebts outstandin; for a period eCceedin; siC months "onsidered 3ood "onsidered Doubtful %ess E 2rovided for Other 6ebts "onsidered 3ood 30-80/.11 30*8-).*. As at 30.)3.,))+ <undry Debtors <ecured @nsecured Total 0/-8,).,* 0-08.)..30*8-).*. &.',(..8, &'),>..(. 8.7,'..), $s at 8&..8.,..) 8.7,.>.,' 8.7,'..), ,8*,.*0 ,8*,.*0 9 08.1.0+ 08.1.0+ )-.(8 '8.), '8.), )-.(8

!C@E6>LE +
CA!@ A"6 (A"F (ALA"CE! "ash on !and ZIncluding che5ues on hand 1s. (7.'( %acs +2revious Oear 1s.,..8. %acs/[ 1emittance in Transit 0ith <cheduled anks E 0.83..03 0.-8++.,1 ..)0 3+.+,)08.0.*/ L %odged with anks. ',,).>& 8,&8.8' )'.','..>&,().7. In "urrent $ccounts In Deposit $ccounts In 6argin Deposit $ccountsL In @nclaimed Dividend $ccounts ,18*3.-, ,7,(8.>' **.-. >>.8'

!chedules formin; part of the (alance !heet as at Barch 308 ,))+

+1s.in %acs/ As at 30.)3.,))+ $s at 8&..8.,..)

!C@E6>LE 0)
LOA"! A"6 A6DA"CE! $dvances receivable in "ash or Aind or for ;alue to be received alances with "ustoms, 2ort Trust , #xcise , etc. $dvance payment of Tax +net of provision/ Interest 1eceivables 4ther 1eceivables %oan, $dvances and Deposits +considered doubtful/ %ess E 2rovided for 30../ 30../ 9 -+8/,.1/ ,38*0.1. ,*8-,.0+ 0*8+*.0. -8)0.,3 *+./, ,),-).-. 8(,&,.(. -,-&..( ''.(. &.,...7&,&&.,) +&,&&.,)/ )&,>,.>&

!C@E6>LE 00
C>RRE"T L#A(#L#T#E! $cceptances <undry "reditors E Due to 6icro, <mall and 6edium #nterprises +1efer note no.&) of <chedule ,./ Due to 4thers 9 ,+/8+1.0,+/8+1.0Interest $ccrued but not due Deposit from 4thers 4ther %iabilities %iability towards Investors #ducation and 2rotection *und under <ection ,.(" of the "ompanies $ct, &'(-. Due as at end of the year =ot due as on 8&..8.,..' @nclaimed Dividends @nclaimed interest and matured Deposits 3+.+).0* /).0. /*+8)..0, ,'....&( X (,),,7.8, 9 X .8,*.** ./.0, /.8,/..* -,.8.'. (>.>. >>,88.8. X 87.,8'.88 0/,810.,, &.-,-7.&)

!C@E6>LE 0,
ROD#!#O"! 2roposed Dividend "orporate Tax on 2roposed Dividend $dditional #xcise Duty 1etirement and other #mployee enefits 9 9 9 0-8*).,+ 0-8*).,+ &8,-'.7& ,,8,.7) ,,78.8-,>).',(,,>.)&

$nnual 1eport ,..)-.'

!chedules formin; part of the rofit and Loss Account for the year ended Barch 308 ,))+
+1s.in %acs/ ,))*&,))+ ,..7-,..)

!C@E6>LE 03
OT@ER O ERAT#"7 #"COBE *oreign #xchange *luctuation +=et/ <ale of <crap 2rofit on <ale of $ssets Interest +Tax deducted at <ource 1s.&,>,.-' %acs +2revious year 1s.,...8 %acs/ 1oyalty 2rovisions for Doubtful Debts C $dvances 0ritten 2rovisions no longer re5uired written back Dividend on Investments 6iscellaneous ack .).1+83/.0. +... 008/0.,, 081..*+ ,.)3 ,8),./. 08)3../ 0*8*1.,1 //8+..-1 X 7,,..-) 8(.)8,>,.,> &,,8.(> ,&.). >'.',..8' ',8'..> ,,,(8.(&

!C@E6>LE 0/
BATER#AL! 1aw 6aterials <tock - &st $pril, ,..) $dd E 2urchases %ess E <tock - 8&st 6arch, ,..' 0/.810.3/ 0810/8,..11 08-.+8*-.)) ..8.*./+ 08-)/8,*..0 (&,.(.)) &,(7,,-(.&. &,-,8,7..') &>(,-&.8> &,>7),.'.->

!C@E6>LE 0.
CO!T O5 TRA6E6 7OO6! !OL6 <tock - &st $pril, ,..) $dd E 2urchases %ess E <tock - 8&st 6arch, ,..' -81-./0)*80/.,1 00.8*0.-3 +80-.00)181/..1 &,)..-8 7-,&&.8) 77,',..& 7,-7.>7 7.,,>.(>

!C@E6>LE 01
ER!O""EL <alaries, 0ages and 0elfare #xpenses onus 03)811.)0.83../3 0/81-.-01)81+.,&&-,--..> &.,(>.>, &(,)&.(' &>8,.,..( 2rovident *und, 3ratuity *und and <uperannuation <cheme etc.

!chedules formin; part of the rofit and Loss Account for the year ended Barch 308 ,))+
+1s.in %acs/ ,))*&,))+ ,..7-,..)

!C@E6>LE 0OT@ER EE E"!E! "onversion "harges <tores and <pares "onsumed 2rovision for 4bsolescence of <tores 2ower and *uel *reight and Delivery "harges 1ent 1ates and Taxes Insurance 1epairs E 6achinery uildings 4thers Travelling and "onveyance 2rinting and <tationery DirectorsB *ees $uditorsB 1emuneration E $udit *ees Taxation 6atters 4ther <ervices +"ertification, Tax $udit, etc./ 1eimbursement of #xpenses $dvertisement and <ales 2romotion #xpenses 1ebates and Discounts "ommission "ommunication #xpenses $dvances 0ritten off %ess E 2rovision for doubtful advances written back to the extent provided ad Debts 0ritten off %ess E 2rovision for doubtful debts written back to the extent provided 2rovision for Doubtful Debts C $dvances %oss on $ssets <old C Discarded *actory #xpenses %egal "harges *inance "harges *oreign #xchange *luctuations +=et/ 2rofessional and "onsultancy "harges 3eneral #xpenses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

$nnual 1eport ,..)-.'

!chedules formin; part of the rofit and Loss Account for the year ended Barch 308 ,))+
+1s.in %acs/ ,))*&,))+ !C@E6>LE 0* #"TERE!T 4n Term %oans 4thers ,/803.,/ /083+.3, 1.8.,..1 ,.,('.8, 8-,8>.((-,'8.)) ,..7-,..)

!C@E6>LE 0+ 6ECREA!E : 2#"CREA!E4 #" !TOCF <tock - &st $pril, ,..) <emi-*inished *inished ,,8.,.)1 +18//.)00*8+1.03 <tock - 8&st 6arch, ,..' <emi-*inished *inished 0-8,).-+ 0)*8--.*+ 0,.8+*.1* 2-8),...4 Differential #xcise Duty on 4pening and "losing <tock of *inished 3oods 2/8--.,*4 2008-+.*34 ,,8).&( +&7,(8.)-/ ,,,(,..'-,>>..7 &&),'-.&8 +&',',..&/ ,,,,>.7) 7-,7'.8> '',.>.&,

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 NOTES FORMING PART OF THE ACCOUNTS
&/ A4 !i;nificant Accountin; olicies 5iCed Assets *ixed $ssets are stated at cost C revalued cost wherever applicable. "ost comprises of cost of ac5uisition, cost of improvements, borrowing cost and any attributable cost of bringing the asset to the condition for its intended use. "ost also includes direct expenses incurred upto the date of capitalisation C commissioning. %eased $ssets comprise of assets ac5uired under *inance %eases which have been stated at cost of ac5uisition plus entire cost component amortiPable over the useful life of these assets. (4 (orrowin; Cost orrowing costs include interest, fees and other charges incurred in connection with the borrowing of funds and is considered as revenue expenditure for the year in which it is incurred except for borrowing costs attributed to the ac5uisition C improvement of 5ualifying capital assets and incurred till the commencement of commercial use of the asset and which is capitalised as cost of that asset. C4 6epreciation Depreciation is provided on the <traight %ine 6ethod, at the rates prescribed in <chedule II; to the "ompanies $ct, &'(-. "ertain 2lants have been treated as "ontinuous 2rocess 2lants based on technical and other evaluations. %easehold land is amortised over the period of the lease. <oftware expenditure have been amortised over a period of three years. 64 #nvestments Investments being long term are stated at cost. 2rovision against diminution in the value of investments is made in case diminution is considered as other than temporary, as per criteria laid down by the oard of Directors after considering that such investments are strategic in nature. "urrent Investment is stated at lower of cost or fair value. E4 #nventories 1aw materials, <tores and spares and <tock-in-process are valued at weighted average "ost. *inished 3oods are valued at lower of cost or net realisable value. 6aterial-in-transit is valued at cost. 54 Revenue Reco;nition <ales are recognised on despatch to customers. <ales include excise duty but exclude sales tax. Interest is accounted on an accrual basis. Dividend is accounted when right to receive payment is established. 74 ECport #ncentive #xport Incentives are recognised in the year of entitlement and credited to the 1aw 6aterial "onsumption $ccount. @4 5orei;n Currency Transactions *oreign currency transactions other than those covered by forward contracts are recorded at current rates. *orward premia in respect of forward exchange contracts are recognised over the life of the contract. 6onetary $ssets and %iabilities denominated in foreign currency are restated at year-end rates. $ll exchange gains and losses arising out of transactionCrestatement, are accounted for in the 2rofit and %oss $ccount except for those which relate to the ac5uisition of "apital $ssets ac5uired out of long term foreign currency borrowing are adjusted to the cost of the $sset.

$nnual 1eport ,..)-.'

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
#4 Lease Rentals The cost components in respect of *inance %eases is being amortised over the primary lease period or effective life of the $ssets as depreciation on %eased $ssets and the interest component is charged as a period cost. <econdary %ease rentals are being charged to 2rofit and %oss $ccount. %eases that do not transfer substantially all the risks and rewards of ownership are classified as 4perating %eases and recognised as expenses as and when payments are made over the lease term. G4 Research and 6evelopment 1evenue expenditure on 1esearch and Development is recognised in the year in which it is incurred. "apital expenditure is shown as an addition to the fixed assets and are depreciated at applicable rates. F4 Employee (enefits a. 6efined Contribution lan "ontribution to Defined "ontribution <chemes such as 2rovident *und, <uperannuation, #mployees <tate Insurance "orporation and %abour 0elfare *und are charged to the 2rofit and %oss account as and when incurred. b. 6efined (enefit lan The "ompany also provides for retirement C post-retirement benefits in the form of 3ratuity and %eave #ncashment. "ompanyBs liability towards these benefits is determined using 2roject @nit "redit 6ethod. These benefits are provided based on the $ctuarial ;aluation as on alance <heet date by an Independent $ctuary. c. d. e. L4 a4 b4 <hort term benefits are recogniPed as an expense in the profit and loss account of the year in which the related service is rendered. %ong term leave benefits are provided as per actuarial valuation as on alance <heet date by an independent $ctuary using 2roject @nit "redit 6ethod. Termination benefits are recogniPed as an expense as and when incurred. Current TaC: "urrent Tax is determined in accordance with the provisions of Income Tax $ct, &'-&. 6eferred TaC rovision: Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year, and 5uantified using the tax rates and laws enacted or substantively enacted on the alance <heet date. Deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. ,))*&)+ ,4 Contracts remainin; to be eCecutedE #stimated amount of contracts remaining to be executed on "apital $ccount and not provided for - net of advance payments Contin;ent Liabilities: a/ Direct and Indirect Taxation 6atters on which there are decisions of the appellate authorities in the "ompanyBs favour, but appeals made by tax authorities Income Tax 0ealth Tax #xcise Duty <ales Tax b/ Direct and Indirect Taxation matters in respect of which the "ompany is in appeal Income Tax 0ealth Tax #xcise Duty <ales Tax ,8,/.-) 3..1 ,80...* /)81+.*. 8&.>( (.'' &,)7..> &,((.'& ,8)/.1) -.,1 /)8**.., 0..1 ,,.>.), 7.,>7,.&.7, &.(,..7-.) +1s. in %acs/

TaCes on #ncome

/)8+,.,0

8,-..''

34

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
,))*&)+ c/ d/ e/ f/ Disputed demands of 4ctroi Duty ills discounted with anks and *inance "ompanies "orporate 3uarantees given on behalf of others - "overed by indemnity undertakings from 123 #nterprises %td. The "ompany has given Indemnity in respect of %ease transactions entered into with I"I"I ank %td., liability for which is indeterminable in respect of labour matters other claims 08/3.-+ ,)8.3.0+ ,.8.).)) +1s. in %acs/ ,..7-.) )(... -8,>,.'& ,(,(....

/4

Claims a;ainst the Company not ac=nowled;ed as 6ebts 2Estimated4: i/ ii/ +833.1, 0)831.,/ 081*.1) 0+.0. ,-.3+ ,80..0/ 7,-'.&7 &.,8-.,> &,>8.>7 -.>7 ,&.,8 &,7&.&7

.4

Remuneration to Bana;in; 6irector <alaries $llowances and 2er5uisites "ontribution to 2rovident and <uperannuation *unds and 3ratuity

=oteE The above remuneration is exceeding the limits under section &') of the "ompanies $ct, &'(-, read along with the 2rovisions laid down in schedule IIII. The excess amount is approved by the 6embers as per results of postal ballot dated ,>th $pril, ,..', but is subject to approval of The "entral 3overnment. 14 roduction8 !ales and !toc=s of each class of manufactured ;oods : traded ;oods: Class of ;oods Licensed Capacity #nstalled Capacity 204 >(.>, +>(.>,/ ----+----/ ----+----/ ----+----/ Openin; !toc= roduction 2,4 >.)> +>.,-/ )8,-7.8+(',)'..&/ 7.8) +).)-/ &(,'7.,> +&-,-).7)/ 7,.,' +7).'(/ X +----/ 7-.&8 +)-.&,/ ---+----/ ,8.,> +,7.88/ ---+----/ ---+----/ ---+----/ ,..7 +,.8./ '',,8.,+7-,&&.8)/ &... +----/ ),(>... +----/ >.), 7>.8) +>.)>/ +)..-)/ ),,(7.'7 +)8,-7.8-/ +,,8>>,)&..'/ &..-+7.8)/ 8.,().), +&(,'7.,>/ 78.'> +)7.-./ +,,&,7'.'&/ urchase Closin; !toc= 7ross !ales

$utomotive Tyres =os. in %acs ;alue ,,>78,'>.>> $utomotive Tube =os. in %acs ;alue ,>,,,)..8 $utomotive *laps =os. in %acs ,8.>)

>'.>7 +>'.>7/ ---+----/ >'.>7 +>'.>7/ ---+----/

-------,.'> +----/ +----/ +&.--/ ;alue ------->,>-.'( >,,&)..8 +----/ +----/ +,,.,.&)/ +8-,88.7>/ 4thers J ;alue -----------,.-8 +----/ +----/ +----/ +&.)8/ Total ;alue -------&.>,&&.(( ,,7(),>8.&8 -------+7),-..'7/ / 6anagement. +&/ Installed "apacity is as +,,-.,,'-.(7 certified by the

----,.)' +----/ +,.'>/ 87... >,77.>7 +----/ +>,>-.'>/ ----..). +----/ +------/ &.),&>.,- &&7,'(..7 +7-,&&.8)/ +&.>,&&.(>/

+,-..(/

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
+,/ 2roduction 5uantity includes the following procured under conversion basis. +=os. in %acs/ Current 'ear $utomotive Tyres $utomotive Tubes $utomotive *laps Total -4 Raw Baterials Consumed: ,))*&)+ Quantity 2B.T4 1ubber *abrics "arbon lack -8-*8.. 08/)8,1 381/8*0 ,8)-8-+ Dalue ++,83-.++ ,+-831.3/ 0+*8.).30//80/.1-08*+.0/ 08-)/8,*..0 Duantity+6.T/ ),>>,&' &,(),&7 >,.(,)> ,,&8,'. 3*.0* -1.03 ,3.,/ 083-...

+1s. in %acs/

2revious Oear >&.,7 )-.&, ,7.88 &,(>.7,

,..7-.) ;alue ),-,)).88 ,7>,7,.8> &7.,-,.,> &8',7).8, --,.).>& &,>7),.'.->

"hemicals 4thers Total *4 Dalue of #mports calculated on C#5 basis:

,))*&)+ 1aw 6aterials Traded 3oods "omponents and <pares "apital 3oods +4 ECpenditure in 5orei;n Currency: Interest Travelling 4thers 0)4 Dalue of #mported:#ndi;enous Raw Baterials:!tores and !pares consumed: ,))*&)+ 9 Raw Baterials Imported Indigenous !tores and !pares Imported Indigenous 0).,, *+.-* 0)).)) 081/..0 0/8//./0 018)*.+, ,.'7 '7..8 &..... /0.). .*.+. 0)).)) 1++8.3.-1 08))/8-/.-. 08-)/8,*..0 8(.'( ->..( &..... ,..7-.) Dalue 9 +8-,.0. 080..-0 ,81/.*) 1)08*+.00 -08*,.3, 08)).-3 *8*..13

,..7-.) (8>,(,.'. (-,-8.&) ,-.78 &,,'&.((

7,>,.&( &,&-.&& ,,-..),

;alue (8&,>'.7'>-,('.)) &,>7),.'.-> 87.)&,,8(..' &,,7,.'(

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
,))*&)+ 004 6ividend Remittance in 5orei;n currency : $mount remitted +=et/ =umber of =on-resident <hareholders =umber of <hares on which remittance was made Oear for which the Dividend was paid 0,4 Earnin;s in 5orei;n Currency: #xport <ales calculated on *4 1oyalty Dividend 4thers 034 Research < 6evelopment ECpenses: "apital 1evenue 0/4 Operatin; Lease The "ompany has entered into a sale and lease back agreement with the leasing company for vehicles, resulting in a noncancellable operating lease as defined in G$< &'H +%eases/. %ease rental on the said lease of 1s.&,&>.8. %acs +2revious year 1s.=il %acs / has been charged to 2rofit and %oss $ccount. *uture 6inimum %ease 2ayment *or a period not later than one year *or a period later than one year but not later than five years 0.4 re&Operative ECpenses pendin; capitalisation 2articulars 1ent Depreciation Travelling and "onveyance 3eneral #xpenses Technical Anow-how "onsultancy and 2rofessional *ees *inance "harges 2ersonnel "ost Interest on %oan 2roject $ppraisal "harges %ess E Interest received Total Amount 0).33 03.3. ,*.10 3+.3) 1,.++ 13.-1 *,.+) 080..+) ,8*).., 38/..)) 0)8/,.11 1/.0) +8-*..1 $mount X X X X X X X X X X X X 9 As on 30.)3.,))+ ,8,..)/ 38/..,, $s on 8&..8.,..) ------basis /+)80-.,0 081..03 ,..108))./08,3.-, ,8+)./0 >)&,'-.)8 &,,8.(> &>..8 &).>. &,8&.(7 ,,.-.'-0.,+ , 0-8*,83*. ,))-&)* >,.7) , ,8,7-,(&( ,..--.7 +1s. in %acs/ ,..7-.)

014 ECchan;e 6ifferences reco;nised in rofit and Loss Account =et foreign exchange loss recognised in 2rofit and %oss $ccount of 1s.8>,)..&> %acs +2revious year gain of 1s.&8,'-.>%acs / is in addition to net foreign exchange gain of 1s.(..-7 %acs +2revious year loss of 1s. &(.8' %acs/ disclosed separately in 2rofit and %oss $ccount as the same have been included under appropriate heads of items in the 2rofit and %oss $ccount.

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
0-4 Retirement (enefits The re5uired disclosure under the 1evised $ccounting <tandard &( is given below (rief description: The type of Defined enefit 2lans is as follows. 7ratuity

+1s. in %acs/

The #mployees 3ratuity *und <cheme managed by %ife Insurance "orporation of India is a Defined enefit 2lan. The present value obligation is determined based on actuarial valuation using projected unit credit method. Leave Encashment The present value obligation of %eave #ncashment is determined based on actuarial valuation using 2rojected @nit "redit 6ethod. i4 Chan;e in 6efined (enefit obli;ation durin; the year ended Barch 308 ,))+ ,))*&)+ !r. "o. &. ,. 8. >. (. articulars 7ratuity 25unded4 ,))*&)+ Leave Encashment 2>nfunded4 -,>).'( 8,8>..' +&,.>.'(/ +&,>).>8/ 7,,'.-,))-&)* 7ratuity 25unded4 ,))-&)* Leave Encashment 2>nfunded4 7,(,.(8 >,&,.&) +8,--..>/ +&,>'.7,/ -,>).'(

2resent value of Defined enefit obligation as at $pril&, ,..) "urrent <ervice "ost Interest "ost C $ctuarial +gain/ C %oss on obligation enefits paid 2resent value of obligation as at 6arch 8&, ,..'.

8-,-..>) &,)>.(> 7,('.), +8,7..'-/ >,,88.))

8>,'>.>) &,)>.(> ,,)7.-> +8,.-.&)/ 8-,-..>)

ii/ !r. "o. &. ,. 8. >. (. -.

Chan;es in 5air value of lan Assets durin; the year ended Barch 308 ,))+ articulars 7ratuity 25unded4 8-,'&.() 8,8,.-> ).77 +8,7..'-/ ---8-,-,..8 Leave Encashment 2>nfunded4 --------&,>).>8 &,>).>8 --------7ratuity 25unded4 88,.&.)& 8,...-& 8,)>.8> +8,.-.&)/ &&..& 8-,'&.() Leave Encashment 2>nfunded4 ------&,>'.7, +&,>'.7,/ -------

*air value of 2lan $ssets as at $pril & ,..) #xpected return on 2lan $ssets "ontributions made enefits paid $ctuarial gain C +%oss/ on 2lan $ssets *air value of 2lan $ssets as at 6arch 8&, ,..'

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
iii4 !r. "o. &. ,. 8. >. ECpenses reco;niOed in the statement of rofit < Loss Account for the year ended Barch 308 ,))+ articulars 7ratuity 25unded4 &,)>.(> 7,('.), +8,8,.->/ -,&&.7, Leave Encashment 2>nfunded4 8,8>..' +&,.>.'(/ ---,,,'.&> 7ratuity 25unded4 &,)>.(> ,,)7.-> +8,...-&/ &,7&.(Leave Encashment 2>nfunded4 >,&,.&) +8,--..>/ --->-.&( +1s. in %acs/

"urrent <ervice "ost Interest "ost C $ctuarial +gains/ and losses +=et/ #xpected return on 2lan $ssets Total included in #mployee enefit expense

$mount recogniPed as an expense C +income/ and included in <chedule &- G<alaries, 0ages and onusH includes 1s.-,)(.87 %acs towards %eave #ncashment, G2rovident *und, 3ratuity *und and <uperannuation <cheme, etcH includes 1s.(,').8. %acs towards 3ratuity. iv4 !r. "o. &. ,. 8. v4 !r. "o. &. ,. 8. vi4 !r. "o. &. vii4 !r. "o. &. ,. 8. "et Assets : 2Liability4 reco;niOed in the (alance !heet as at Barch 308 ,))+. articulars 7ratuity 25unded4 enefit obligation >,,88.)) 8-,-,..8 +(,7&.)(/ alance +7,,'.--/ ---+-,>).'(/ 7,,'.----8-,-..>) 8-,'&.() -,>).'( ---Leave Encashment 2>nfunded4 7ratuity 25unded4 Leave Encashment 2>nfunded4

2resent value of the Defined as at 6arch 8&, ,..'

*air value of 2lan $ssets as at 6arch 8&, ,..' =et $ssets C +%iability/ recogniPed in the <heet

Actual return on lan Assets for the year ended Barch 308 ,))+ articulars 7ratuity 25unded4 8,8,.-> ---8,8,.-> Leave Encashment 2>nfunded4 ---------7ratuity 25unded4 8,...-& &&..& 8,&&.-, Leave Encashment 2>nfunded4 ----------

#xpected return on 2lan $ssets $ctuarial gain C +loss/ on 2lan $ssets $ctual return on 2lan $ssets

ercenta;e of each cate;ory of lan Assets to Total 5air Dalue of plan Assets articulars 7ratuity 25unded4 &..9 Leave Encashment 2>nfunded4 7ratuity 25unded4 &..9 Leave Encashment 2>nfunded4 -

Insurer 6anaged *und rincipal Actuarial assumption at the (alance !heet date articulars

7ratuity 25unded4 )...9 >...9 %I"+&''>-'-/ @ltimate

Leave Encashment 2>nfunded4 )...9 >...9 %I"+&''>-'-/ @ltimate

7ratuity 25unded4 )...9 >...9 %I"+&''>-'-/ @ltimate

Leave Encashment 2>nfunded4 7.(.9 >...9 %I"+&''>-'-/ @ltimate

Discount 1ates $nnual increase in salary 6ortality 1ate

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority and other relevant factors, such as supply and demand in then employment market.

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
viii4 6etails of revious 'ears 7ratuity 5unded 2resent value of Defined year end. <urplus C +Deficit/ =et $ssets C +%iability/ recognised in the alance <heet Leave Encashment 2>nfunded4 2resent value of Defined year end. <urplus C +Deficit/ =et $ssets C +%iability/ recognised in the alance <heet ix/ x/ enefit obligation as at the 7,,'.----+7,,'.--/ +7,,'.--/ -,>).'( ---+-,>).'(/ +-,>).'(/ 7,(,.(8 ---+7,(,.(8/ +7,(,.(8/ 7,.>.&) ---+7,.>.&)/ +7,...../ enefit obligation as at the )*&)+ >,,88.)) 8-,-,..8 +(,7&.)(/ +(,7(.,'/ )-&)* 8-,-..>) 8-,'&.() 8&.&. ---)1&)8>,'>.>) 88,.&..( +&,'8.>>/ +&,'(.../ ).&)1 8&,'>.&& ,7,&...8 +>,)>..)/ +>,)>..)/

+1s. in %acs/

)/&). ,),').>( ,(,88.-) +8,->.77/ +8,7(.77/

*und value as at the year end

-,,>.8' ---+-,,>.8'/ +-,(,.>,/

*und value as at the year end

The contribution expected to be paid to the 3ratuity fund during the annual period beginning after the alance <heet date is 1s.,,&8.-7 %acs. %ong Term %iability includes 1s.&,.>.'- %acs on account of 2rivilege %eave long term benefits and 1s.&,8-.>, %acs on account of compensated sick leave absences.

0*4 Bicro and !mall !cale (usiness Entities: There are no 6icro and <mall #nterprises, to whom the "ompany owes dues, which are outstanding for more than >( days as at 6arch 8&, ,..'. This information as re5uired to be disclosed under the 6icro, <mall and 6edium #nterprise Development $ct, ,..- has been determined to the extent such parties have been identified on the basis of information available with the "ompany, This has been relied upon by the $uditors. 0+4 BaAor components of 6eferred TaC Assets and 6eferred TaC Liabilities: articulars Assets "arried forward tax losses and depreciation Disallowance under section >8 Liability Difference between book and tax depreciation Deferred Tax %iability +=et/ ,)4 6isclosure of related parties:related party transactions: a/ 1elated partiesE +$s certified by the 6anagement/ +i/ 1elated partiesE $ssociated "#$T !oldings "ompany +2vt./ %imited +L/, "#$T-Aelani $ssociated !oldings "ompany +2vt./ %imited +L/, $ssociated "#$T +2vt./ %imited, "#$T-Aelani International Tyres +2vt./ %imited, $"T %imited +L/, $ssociated "#$T Aelani 1adials %imited ,*8-0.-) ,*8-0.-) 20183).3*4 8.,8(.,7 8.,8(.,7 +,7,8..>&/ of the Income Tax $ct +8-*.0. ,813.00,8/0.3, ---8,.>.)8,.>.),))*&)+ ,..7-.)

1ado Tyres %imited

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
+ii/ Aey 6anagement 2ersonnel E L b/ 6r. 2aras A. "howdhary, 6anaging Director +L/ Indicates no transactions during the year with these related parties. The following transactions were carried out during the year with the related parties in the ordinary course of businessE Other Related arties ,))*&)+ Transactions &. ,. 8. >. (. -. 1eimbursement of #xpenses Dividend received #xport <ales 1oyalty 1eceivedC1eceivable Imports of traded goods "onversion charges paidCpayable 1,.*,..1---0811.0) 3)8,).0) ,810.3, >&.,&>..8 8'.). &,,8.(> >,,-&.&. (,>..&& ,..7-.) +1s. in %acs/

Amount due to : from related parties &. ,. 8. >. (. -. Debtors for #xpenses Debtors for #xport %oans, $dvances and Deposits given 1oyalty receivable "reditors Investments in <hares and debentures 08.).-0 ----/.*0 08/3./* 0.8,1.+/ 081).)/ )..-. ,.7. &,-..)8 --.&8 &8,&8.7&,-...>

Transactions with 6r. 2aras A. "howdhary, 6anaging Director being the remuneration paid to him have been given in =ote =o. ( of <chedule ,.. ,04 6isclosures as re?uired under clause 3, of listin; a;reement. i/ ii/ iii/ iv/ %oans and $dvances in the nature of %oans to $ssociates 1s. =il +2revious year 1s. =il/ %oans and $dvances in the nature of %oans where there is no repayment schedule, or no interest or interest below <ection 87,$ of "ompanies $ct, &'(-E 1s. =il +2revious year 1s.=il/ %oans and $dvances in the nature of %oans to firms C "ompanies in which Directors are interestedE 1s. =il +2revious year 1s.=il/ Investment by the %oanee in shares of the "ompany as at 6arch 8&, ,..' is =il.

,,4 ECceptional #tems: include the followin;s for the year ended Barch 308 ,))+ #xcess 2rovision of Income Tax J 1efund Interest on Income Tax 1efund "redit of #xcise Duty 4ctroi 1efund 1eceived 2rofit on transfer of %and %ess E 1eversal of #xport Incentive %oss on transfer of uilding =et ,))*&)+ 9 9 9 9 9 9 9 9 9 X ,..7-.) >,((.,8 &.,>).>, -,('.87 8,7'.7' -,,88..) )7,7(.)' -,(8... &,,).8> 7,)&.8> 7','>.((

!chedule formin; part of the Accounts for the year ended Barch 308 ,))+.
SCHEDULE 20 (Continued)
,34 !e;ment Reportin;: "onsidering the organisation structure, nature of products and risk and return profile based on geographical distribution, the tyre business is considered as a single segment. ,/4 Earnin;s er !hare 2E !4: ,))*&)+ a/ b/ c/ d/ 0eighted $verage =umber of shares at the beginning and end of the year =et 2rofit C +%oss/ after Tax available for #5uity <hareholders +1upees in %acs/ *ace value per share +1upees/ asic and Diluted #arnings 2er <hare +1upees/ 3/,8/38.3/ 201800.014 0) 2/.-04 ,..7-.) 87.,'-,,,&>),-..>> &. >...+1s. in %acs/

,.4 Auditor%s Remuneration: 4ther <ervices shown in <chedule &7 includes an $mount of 1s...). %acs +2revious year 1s...7. %acs/ $udit *ees paid to "ost $uditor. ,14 Dividend on Investments includes dividend on trade investments 1s. ,(.-7 %acs and non-trade investments 1s. 77.)7 %acs ,-4 2rovision for Taxation includes provision for 0ealth Tax 1s. '.'> %acs ,*4 2revious yearBs figures have been regrouped wherever necessary to conform to current OearBs classification.

(ALA"CE !@EET A(!TRACT A"6 COB A"'%! 7E"ERAL (>!#"E!! 2in term of amendment to schedule D# part #D4 is ;iven below.
#. Re;istration 6etails 1egistration =o. alance sheet date ##. & & . > & <tate "ode

RO5#LE

&

&

8&-.8-,..'

Capital raised durin; the year 2Amount in Rs. Lacs4 2ublic issue onus issue = = I I % % 1ight issue 2rivate 2lacement = = I I % %

###.

osition of Bobilisation and 6eployment of funds 2Amount in Rs. Lacs4

Total %iabilities

&

&

>

'

'

Total $ssets

&

&

>

'

'

!ources of 5unds 2aid up "apital <ecured %oans Deferred Tax %iability +net/ Application of 5unds =et *ixed $ssets =et "urrent $ssets $ccumulated %osses #D. 7 8 ' & > , ' , > & . . = ( I ' ( % Investments 6isc. #xpenditure > , . = 7 I & % 8 8 ' & > ) , & 8 > , . . . . 8 > 8 ( 8 ) 1eserves and <urplus @nsecured %oans > , ( > > 7 & . 8 & . . ) ' . '

erformance of Company 2Amount in Rs. Lacs4 Turnover , ( ( ) ( . . & Total #xpenditure , ( ' ( ) , . , 8

+Includes 4ther income/ %oss before tax + 8 7 & 7 . , , / %oss after tax Dividend rate 9 + & & & . & = I / %

#arning per share in 1s.+>.7&/ D.

7eneric names of three principal products : services of the company +as per monetary terms/ Item "ode =o. 2roduct Description >.&& $utomotive Tyres >.&, *laps >.&8 Tubes

<ignatories to <chedule B&T to T,.T $s per our report attached 5or ".B.RaiAi < Co.8 "hartered $ccountants CA '.". Tha==ar 2artner 6umbai, $pril ,',,..' !unil !apre "hief *inancial 4fficer @.". !in;h RaApoot "ompany <ecretary 4n behalf of the @.D. 7oen=a B.A. (a=re aras F. Chowdhary 6umbai, $pril ,',,..' oard of Directors ;ice "hairman "hairman - $udit "ommittee 6anaging Director