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TOWARDS a SAFER, SMARTER TOMORROW Corporate Overview Statutory Reports Financial Section Annual Report 2016-17 TOWARDS A SAFER, SMARTER TOMORROW Corporate Overview Statutory Reports Financial Section 02 Corporate Review 28 Management Discussion 136 Standalone Financial 03 Manufacturing Landscape and Analysis Statements 04 Expanding Global Footprint 51 Discussion on the Financial 219 Consolidated Financial Performance Statements 06 Board of Directors 64 Notice 08 Product Portfolio 74 Board’s Report 09 Year in Review 108 Corporate Governance Report 10 Key Performance Indicators (Consolidated) 128 Business Responsibility Report 14 Committed towards a SAFER Tomorrow 16 Driving towards a SMARTER Tomorrow 18 Creating a SUSTAINABLE Tomorrow 20 Brand Initiatives promoting Safer & Smarter Tomorrow 22 Safer & Smarter Customer Orientation 23 Environment, Health & Safety Practices 24 Corporate Social Responsibility 26 Awards 27 Corporate Information Forward-looking statement In this Annual Report, we have disclosed forward looking information to enable investors to comprehend our prospects and take investment decisions. This report and other statements - written and oral - that we periodically make contain forward looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried, wherever possible, to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realised, although we believe we have been prudent in our assumptions. The achievements of results are subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should keep this in mind. We undertake no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise. Enthused by innovation, CEAT IS COMMITTED technological capabilities and product diversity, our strength TO “MAKING MOBILITY is a combination of our legacy with the new mantras of youth SAFER AND SMARTER. and dynamism. Driven by the passion to build a safe ecosystem EVERYDAY.” for mobility , we have world-class high performance tyres for a wide variety of vehicles. We are one of India’s most trusted brands and remain committed to innovate, rebuild and be agile on- road and off-road. THANK YOU FOR BEING A PART OF OUR JOURNEY. WE VALUE YOUR ASSOCIATION. Delhi to Paris journey with CEAT tyres without a single puncture. CORPORATE OVERVIEW CORPORATE REVIEW RPG Group Established in 1979, RPG Group is a conglomerate with a diversified portfolio in the areas of infrastructure, tyres, information technology, health, energy and plantations. Founded by Mr. R. P. Goenka, the group represents 15 companies in these sectors predominantly CEAT, Zensar Technologies, KEC International and RPG Life Sciences amongst others. Built on a solid foundation of trust and tradition, RPG is growing with a relentless focus on excellence. CEAT –Journey So Far Established in 1958, CEAT is one of India’s leading tyre manufacturers with strong presence across global markets. The Company is built on strong ethos of passion, values, dynamism and resilience and remains committed to helping millions of vehicles travel distances safely. Today, CEAT produces over 26 million tyres a year promising safe rides to all its customers. Manufacturing operations of CEAT are carried out through a combination of in-house manufacturing facilities and outsourcing units. A state-of-the-art Research & Development (R&D) centre in Halol has enabled CEAT to come up with safer and smarter products to fulfill the mobility needs of its end consumers. New Brand logo, Bangladesh JV, TBR/PCR Greenfield TBR/PCR expansion, 2W Capacity facility, R&D Centre Expansion 2000-2005 2005-2010 2010-2017 Turnaround Capability Building Growth and Expansion Liberalization of The Indian Economy 1990’s 1980’s 1958-1982 Challenging Times RPG Group takes over CEAT Italian ownership of CEAT 02 CEAT LIMITED STATUTORY REPORTS FINANCIAL STATEMENTS Integrity Being authentic, transparent Aspiration led and keeping Result Purpose-led, passion commitments obsession for superior Passion, High performance, Energy, Speed and walking the Collaboration extra mile Values CAIRO, the acronym used to Challenger define CEAT’s values has shaped Innovative and agile, the culture and the character of Openness questioning existing the Company. Led by dynamic Approachable, open ways, promoting systems, processes and a strong and boundary-less experimentation TQM culture, CEAT inculcates CAIRO in all its employees building a customer centric organization . MANUFACTURING LANDSCAPE OPERATIONAL FACILITIES Halol WIP Nagpur Nashik Bhandup KEY OUTSOURCING FACILITIES Hyderabad Ambernath Map not to scale Calicut Sri Lanka Distribution Network 4,500+ 250+ 450+ Dealers Two-Wheeler Distributors Franchisees (CEAT Shoppes and CEAT Hubs) 600+ 350+ Launched CEAT Districts covered Multi Brand Outlet & Bike Shoppes Shop-in-Shop Concepts ANNUAL REPORT 2016-17 03 CORPORATE OVERVIEW EXPANDING GLOBAL FOOTPRINT Europe Middle East ASEAN cluster cluster cluster US cluster LATAM cluster West Africa East Africa cluster cluster KEY CLUSTERS Map not to scale Financial Highlights NET SALES ROCE PAT ` 5,722 Cr. 11% ` 361Cr. EBIDTA EARNING PER SHARE DIVIDEND PER SHARE ` 675 Cr. ` 89 115% 04 CEAT LIMITED STATUTORY REPORTS FINANCIAL STATEMENTS CEAT developed a new range of Passenger Car tyres for the coveted European market. Designed and engineered in association with the top industry experts and designers, these tyres are benchmarked against the best in the industry. CEAT entered Italy and Spain last year and with the help of focused in-store brandings and marketing communications, it has successfully established itself as a preferred brand in these countries.The Financial Year 2018 shall see CEAT entering several new countries proving its commitment to become the brand of choice when it comes to quality tyres. Other extremely important market for CEAT in passenger car tyres is Middle East. In countries like UAE and Iran, CEAT has successfully established itself as one of the most important brands when it comes to superior tyre performance and mileage. With the backing of continuous branding initiatives CEAT has become an important brand in the high-potential taxi/fleet segment in UAE. CEAT has been focusing extensively to prove its mettle in the segment of two-wheeler tyres in the International markets. On the domestic front CEAT has established a robust distribution channel and has grown to become one of the leading two-wheeler tyre brand. The international team is working towards replicating the same success story in certain strategic countries across globe such as Egypt, Kenya and Colombia. In these geographies, the products and customer expectations are in synergy with CEAT offerings. ANNUAL REPORT 2016-17 05 CORPORATE OVERVIEW BOARD OF DIRECTORS H. V. Goenka Anant Vardhan Goenka Arnab Banerjee Chairman, Non-Executive, Managing Director Executive Director - Operations Non-Independent Director Atul C. Choksey Haigreve Khaitan Hari L. Mundra Independent Director Independent Director Non-Independent Director 06 CEAT LIMITED STATUTORY REPORTS FINANCIAL STATEMENTS Mahesh S. Gupta Paras K. Chowdhary Punita Lal Independent Director Independent Director Independent Director Ranjit V. Pandit S. Doreswamy Vinay Bansal Independent Director Independent Director Independent Director ANNUAL REPORT 2016-17 07 CORPORATE OVERVIEW PRODUCT PORTFOLIO 2-3 wheeler Tyres Light Commercial Vehicle Tyres Last Mile Tyres Buland Zoom XL Buland Mile XL Rib Lug XL Pro Zoom D Buland Mile XL Pro Buland Mile XL Milaze Buland Mile XL Rib Pro Passenger Car and Utility Vehicle Tyres Tractor Tyres Truck Bus Radial Tyres Fuelsmarrt Aayushmaan Plus WinSuper -D Milaze For SUV CZAR Sport 08 CEAT LIMITED STATUTORY REPORTS FINANCIAL STATEMENTS YEAR IN REVIEW 1. Awards and Recognitions 3. New Product launches CEAT ranked No. 1 in J.D Power 92 new SKUs were introduced in 2017 Study Results in Passenger FY 2016-17. Prominent few amongst car and Utility vehicle segment for them were: new vehicles Halol Plant awarded with the WIN Series in TBR Launched ‘Sword of Honour’ award by British Launched Puncture Safe Tyres Safety Council for 2 wheelers Halol plant received 5 Star rating CEAT’s fuel-efficient tyre range from British Safety Council for – ‘Fuelsmarrt’ in passenger car upgraded safety measures category implemented at the plant. Milaze range for taxi segment CEAT ranked No. 2 in the “middle ‘Aayushmaan Plus’ range of weight” category in the India’s tractor front and rear tyres with Fastest Growing Companies issue unique puncture pads of Business World CEAT won the “End to End 4. Branding Initiatives Customer Solution” category at 6th around Safety Annual Manufacturing & Supply Social Media campaign Chain Awards, 2016 #NoMoreFunny trended with 2016 edition of CEAT Cricket over 1.3 Mn views on Youtube. Rating Awards was successfully 2. Enduring OEM partnership Campaign endorsed by Mumbai conducted CEAT was the first source for new Police Official partner for IPL’s Strategic vehicles like Hero Achiever, Bajaj CEAT “Drive Safe Dad - Timeout Partner V12, Honda Navi and Mahindra Bobblehead” Campaign Bolero Power+. launched 6. Launch of CEAT
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