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Annual Report 2014-16

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Annual Report 2014-16 ANNUAL REPORT 2014-16 BLAZING NEW RECORDS FOR THREE DECADES CONTENT Page Page Chairman’s Message 1 Board’s Report 13 India’s Most Awarded Tyre Brand 2 Annexures I - IV to the Board’s Report 18 Forbes India Super 50 Company 3 Management Discussion and Analysis 35 New Product Launches 4 Corporate Governance 39 World-class Tyre Care 5 Auditors’ Report 50 Speciality Coatings 6 Balance Sheet 54 APRC/MRF Challenge 2015 7 Statement of Prot and Loss 55 AB de Villiers - MRF Brand Ambassador 8 Cash Flow Statement 56 ICC Global Partnership 9 Notes Forming Part of the Financial Statements 57 Racing Ahead 10-11 Consolidated Financial Statements 86 Board of Directors 12 Form AOC-1 112 CHAIRMAN’S MESSAGE Dear Shareholder, With the change in our nancial year, we have had an extended nancial period from October 2014 to March 2016. This period was indeed challenging with the Automobile sector recording a lacklustre performance. This was compounded by increased tyre production capacity being added by major players. This scenario was further aggravated by signicant import of Chinese truck radial tyres at prices far below those of domestic manufacturers thereby impacting the industry. The Automotive sector is seeing a revival in the last two quarters especially in the heavy commercial segment and we are hopeful that this trend would continue in the coming year. MRF’s turnover grew to an unprecedented Rs.22,495 crores for the 18 month period October 2014 - March 2016. MRF’s entrenched position in the replacement market has been one major reason for our ability to do well even in such adverse circumstances. MRF’s wide network, brand dominance and product superiority are major reasons for our continued customer preference in the market. This was recognised by our peers when we were featured on the Forbes India Super 50 list and the Brandz Top 50 list of India’s most valuable brands. Now with our global footprint broadening, signicant investments continued in brand building through our sponsorship of the ICC Cricket World Cup xtures. Looking ahead, a growing economy coupled with our enhanced and upcoming production capacities should see us not just safeguard our position but also gain new ground. It is here that our understanding of the fast changing customer needs and our speed to market in addressing them with nimbleness, that will set us apart from the others in the coming years. K. M. Mammen Chairman & Managing Director 1 INDIA’S MOST AWARDED TYRE BRAND India’s preferred tyre brand is also India’s most awarded tyre brand and has been recognised for communication excellence and brand value. INDIAA AWARDS - MRF received the best campaign award for the 2015 ICC World Cup “There’s a lot riding on us” campaign. BRANDZ-Top 50 - MRF was rated as one of India’s 50 most valuable brands. 2 FORBES INDIA SUPER 50 COMPANY A focus on growth and innovation coupled with the resilience to tide over tough times ensured that MRF featured in the Forbes listing of India’s Super 50 Companies. 3 NEW PRODUCT LAUNCHES Passenger Car Radial: MRF ZLX tubeless radials are designed for absolute comfort and are perfect for long drives and weekend getaways. Farm Tyres: MRF Shakti Life Plus tyres are designed for excellent performance in the field and on the road. Its strong casing increases the retreadability factor. OTR: Musclerok-I, Musclerok G-2 and Musclerok L-3 OTR tyres are targeted at the port/container freight stations, road construction and infrastructure segments. 4 WORLD-CLASS TYRE CARE MRF TireTok is a unique retail concept oering the complete range of MRF tyres and tubes and a range of services for premium cars from Robotic Wheel Alignment to A/C Recovery & Recharging. MRF Musclezone is a state-of-the-art tyre servicing facility for commercial vehicles oering services like Wheel Balancing, Nitrogen Filling and many more. MRF Tyredrome, Ernakulam is the ultimate destination for vehicle care. With an impressive host of services that range from robotic wheel alignment, diagnostic wheel balancing and automated car wash with robotic under chassis washing, MRF Tyredrome services are tailored to ensure absolute safety and comfort , making every drive a dream. 5 SPECIALITY COATINGS MRF Corp Limited has undertaken a number of projects with our premium products - AquaFresh, MetalCoat and Acrylic SuperFine in addition to the popular Wood Coatings range. These products have found favour for their superior performance characteristics along with high aesthetic value. The company has expanded its dealer network by over 400 dealers and added around 30 premium dealers for their "Colordrome" tinting system to provide over 3000 shades for the AquaFresh range of water-based PU wall finishes. 6 APRC/MRF CHALLENGE Team MRF created history by winning the prestigious FIA Asia Pacic Rally Championship (APRC) for the 7th time. In addition to this, Team MRF also scored an emphatic victory in the Team Trophy and the Manufacturers Championship. The MRF Challenge, an FIA sanctioned event, is India’s fastest racing series featuring the MRF F2000 racing car. The 2015 edition of the MRF Challenge was held in Abu Dhabi, Bahrain and Dubai with the season nale in Chennai. 7 AB de VILLIERS - MRF BRAND AMBASSADOR The world's leading batsman in Tests and ODIs, South Africa's AB de Villiers, was signed on as MRF’s brand ambassador. The popular South African ODI captain is the latest in an elite line of batsmen who have been associated with India's largest tyre brand. 8 ICC GLOBAL PARTNERSHIP The International Cricket Council (ICC) and MRF announced a four-year partnership with MRF Tyres as a Global Partner for ICC events from 2016-19. Association with the ICC and all its major tournaments presents a great opportunity for brand MRF to reach markets across the world. 9 RACING AHEAD 3410.27 6790.09 4513.40 3640.90 2853.56 1338.89 1226.80 2293.53 893.65 833.12 1686.44 1357.18 534.66 1116.55 981.91 398.48 820.05 260.96 211.39 99.81 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘16* ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘16* Sep Sep Sep Sep Sep Sep Sep Sep Sep Mar Sep Sep Sep Sep Sep Sep Sep Sep Sep Mar *For the 18 months period ended 31.03.2016 10 RACING AHEAD 22495.36 6794.33 4517.64 14640.94 13444.75 13054.03 3645.14 10637.03 2857.80 8080.45 2297.77 6141.94 5715.52 1690.68 5036.75 1361.42 4233.66 1120.79 986.15 824.29 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘16* ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘16* Sep Sep Sep Sep Sep Sep Sep Sep Sep Mar Sep Sep Sep Sep Sep Sep Sep Sep Sep Mar *For the 18 months period ended 31.03.2016 11 BOARD 0F DIRECTORS K.M. MAMMEN Chairman & Managing Director ARUN MAMMEN Managing Director RAHUL MAMMEN MAPPILLAI Whole-time Director Dr. K. C. MAMMEN ASHOK JACOB V. SRIDHAR VIJAY R. KIRLOSKAR N. KUMAR Company Secretary RANJIT I. JESUDASEN RAVI MANNATH Dr. SALIM JOSEPH THOMAS Auditors JACOB KURIAN SASTRI & SHAH, Chennai M. MEYYAPPAN M.M. NISSIM & Co., Mumbai Dr. CIBI MAMMEN Registered Oce: AMBIKA MAMMEN No.114, Greams Road, Chennai - 600 006. 12 Ten Year Financial Summary 2014-16 2014 2013 2012 2011 2010 2009 2008 2007 2006 (` Crore) Sales 22495.36 14640.94 13444.75 13054.03 10637.03 8080.45 6141.94 5715.52 5036.75 4233.66 Other Income 210.92 73.47 37.40 39.73 33.14 29.13 34.40 40.83 24.17 27.07 Total Income 22706.28 14714.41 13482.15 13093.76 10670.17 8109.58 6176.34 5756.35 5060.92 4260.73 Profit before Taxation 3410.27 1338.89 1226.80 833.12 893.65 534.66 398.48 211.39 260.96 99.81 Provision for Taxation 1082.55 441.00 424.59 260.76 274.23 180.68 145.45 66.83 89.18 19.90 Profit after Taxation 2327.72 897.89 802.21 572.36 619.42 353.98 253.03 144.56 171.78 79.91 Share Capital 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24 Reserves 6790.09 4513.40 3640.90 2853.56 2293.53 1686.44 1357.18 1116.55 981.91 820.05 Net Worth 6794.33 4517.64 3645.14 2857.80 2297.77 1690.68 1361.42 1120.79 986.15 824.29 Fixed Assets Gross 9205.63 6954.43 5834.14 5477.16 4874.07 3865.62 3020.57 2866.24 2289.77 1955.99 BOARD’S REPORT Performance Overview Your Directors have pleasure in presenting to you the Fifty Fifth Annual During the 18 months period ended 31st March, 2016, your Company’s Report and the Audited Financial Statements for the 18 months period total income increased to ` 22,706 crore from ` 14,714 crore in the ended 31st March, 2016. previous 12 months period ended 30th September,2014. Across the board, there was an overall increase in production in all segments adding As per section 2(41) of the Companies Act, 2013, all Companies are up to a 9% increase in total tyre production. During the period under required to have a uniform financial year ending 31st March of every review, the price of natural rubber and the fuel price have softened, year. This requirement is to be complied within two years from the resulting in lower raw material cost.
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