Apollo Tyres Ltd.
Regd. Office: 6th Floor, Cherupushpam Building, Shanmugham Road, Kochi-682 031 (Kerala)
(CIN-L25111KL1972PLC002449) Tel: +91 484 2372767 Fax: +91 484 2370351, Email : investors@apollotyres.com
Web: apollotyres.com
NOTICE
NOTICE is hereby given that the 42nd Annual General Meeting of the members of APOLLO TYRES LTD. will be held as under: DAY
DATE :
August 11, 2015
TIME :
10.00 A.M.
:
PLACE:
Tuesday
Kerala Fine Arts Theatre,
Fine Arts Avenue,
Foreshore Road, Ernakulam,
Kochi (Kerala), India
to transact the following businesses:-
ORDINARY BUSINESS:
1. To consider and adopt:
(a) the audited financial statement of the Company for the financial year ended March 31, 2015, the reports of the Board of
Directors and Auditors thereon; and
(b) the audited consolidated financial statement of the Company for the financial year ended March 31, 2015.
2.
To declare dividend on equity shares.
3.
To appoint a Director in place of Mr.Sunam Sarkar (DIN – 00058859), who retires by rotation, and being eligible, offers himself
for re-appointment.
4.
To ratify the appointment of the Auditors and fix their remuneration and in this regard to consider and if thought fit, to pass with
or without modification(s), the following resolution as an Ordinary Resolution :-
“RESOLVED THAT pursuant to the provisions of Section 139 and all other applicable provisions, if any of the Companies Act, 2013
and rules made thereunder (including any statutory modification(s) or re-enactment thereof), the appointment of M/s Deloitte
Haskins & Sells, Chartered Accountants (Registration No.008072S) which has been approved at the Annual General Meeting
held on August 6, 2014 for a term of 3 years, i.e. from the conclusion of the 41st Annual General Meeting until the conclusion of
the 44th Annual General Meeting, be and is hereby ratified for the financial year 2015-16 and the Board of Directors/Committee
of the Board be and is hereby authorised to fix their remuneration plus travelling and other out of pocket expenses incurred by
them in connection with statutory audit and/or continuous audit under the Companies Act, 2013.
SPECIAL BUSINESS:
5.
To ratify the payment of remuneration to the Cost Auditor for the financial year 2015-16 and in this regard to consider and if
thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:-
“RESOLVED THAT pursuant to the provisions of Section 148 and all other applicable provisions of the Companies Act, 2013
and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the
time being in force), the cost auditor, M/s.N.P.Gopalakrishnan & Co., Cost Accountants appointed by the Board of Directors of
the Company for carrying out Cost Audit of the Company’s plants at Perambra, Vadodara and Chennai as well as Company’s
leased operated plant at Kalamassery for the financial year 2015-16 be paid out a remuneration of Rs.2 lac per annum plus
reimbursement of out of pocket expenses.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to do all acts and take all such
steps as may be necessary, proper or expedient to give effect to this resolution.”
6.
To pay commission to the Non-Executive Directors and in this regard to consider and if thought fit, to pass with or without
modification(s), the following resolution as an Ordinary Resolution:-
8.
Members intending to require information about accounts to be explained at the meeting are requested to write to the Company
at least 10 (ten) days in advance of the annual general meeting.
“RESOLVED THAT pursuant to Section 197 and other applicable provisions, if any, of the Companies Act, 2013, and pursuant
to the provisions of the Articles of Association of the Company, a sum not exceeding 1% of the net profits of the Company per
annum, calculated in accordance with the provisions of Section 198 of the Companies Act, 2013 be paid and distributed among
the directors of the Company (other than the managing director(s) and the whole-time director(s)) in such proportion and in such
manner as may be decided by the Board of Directors and such payments shall be made with respect to the net profits of the
Company for each year commencing from April 01, 2015.”
9.
The shares of the Company are under compulsory demat list of Securities & Exchange Board of India w.e.f. November 11, 1999.
The trading in equity shares can now only be in demat form. In case you do not hold shares in demat form, you may do so by
opening an account with a depository participant and complete dematerialisation formalities.
By Order of the Board
For Apollo Tyres Ltd
Place: Gurgaon.
Dated: May 12, 2015.
10. Members holding shares in dematerialised mode are requested to intimate all changes with respect to their bank details,
mandate, nomination, power of attorney, change of address, e-mail address, change in name etc. to their depository participant.
These changes will be automatically reflected in the Company’s records which will help the Company to provide efficient and
better service to the members.
11. Members holding shares in physical form are requested to intimate changes with respect to their bank account (viz. name and
address of the branch of the bank, MICR code of branch, type of account and account number), mandate, nomination, power of
attorney, change of address, e-mail address, change in name etc. immediately to the Company.
12. Voting through Electronic Means
(Seema Thapar)
Company Secretary
NOTES:
1.
A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY/ PROXIES TO
ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF. SUCH A PROXY/ PROXIES NEED NOT BE A MEMBER OF THE
COMPANY.
A person can act as proxy on behalf of members not exceeding 50 (fifty) and holding in the aggregate not more than 10 (ten)
percent of the total share capital of the Company carrying voting rights. A member holding more than 10 (ten) percent of the
total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as
a proxy for any other person or shareholder.
I.
In compliance with Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and Administration)
Rules, 2014, substituted by Companies (Management and Administration) Amendment, Rules 2015, and Clause 35B of the
Listing Agreement, the Company has provided a facility of casting the votes by the members using an electronic voting
system from a place other than venue of AGM (“remote e-voting”)through the electronic voting service facility arranged by
National Securities Depository Limited(NSDL).
The facility for voting, through polling paper, will also be made available at the AGM and the members attending the AGM
who have not already cast their votes by remote e-voting shall be able to exercise their right at the AGM through polling
paper. Members who have cast their votes by remote e-voting prior to the AGM may attend the AGM but shall not be entitled
to cast their votes again.
The Instructions for e-voting are as under:
(A) In case of members’ receiving e-mail from NSDL;
The instrument of Proxy in order to be effective, should be deposited at the Registered Office of the Company, duly completed
and signed, not less than 48 hours before the commencement of the meeting. A Proxy form is enclosed herewith.
i) Open e-mail and PDF file viz. “ATL e-voting.pdf” with your Client ID or Folio No. as password. The said PDF file
contains your user id and password for e-voting. Please note that the password is an initial password.
2.
Members/ Proxies should fill the Attendance Slip for attending the meeting and bring their Attendance Slip along with their copy
of the annual report to the meeting.
ii) Launch internet browser by typing the following URL: https://www.evoting.nsdl.com/
iii) Click on Shareholder – Login
The Register of Members and Share Transfer Books shall remain closed from August 6, 2015 to August 11, 2015 (both days
inclusive) for payment of dividend on equity shares. The Dividend, as recommended by the Board of Directors, if declared at
the meeting, will be paid, within 30 days from the date of declaration, to the members holding shares as on the record date i.e.
August 5, 2015 on 509,024,770 equity shares of the Company. In respect of shares held in dematerialised form, the dividend
will be paid on the basis of beneficial ownership as per details furnished by the respective depositories for this purpose.
iv) Put user id and password as initial password in step (i) above. Click Login.
v) Password change menu appears. Change the password with new password of your choice with minimum 8 digits/
characters or combination thereof. Note new password. It is strongly recommended not to share your password
with any other personand take utmost care to keep your password confidential.
vi) Home page of e-voting opens. Click on e-voting: Active Voting Cycles.
vii) Select “EVEN” of Apollo Tyres Ltd.
3.
4.
Corporate members are requested to send a duly certified copy of the Board resolution/authority letter, authorizing their
representative(s) to attend and vote on their behalf at the meeting.
5.
The relevant explanatory statement pursuant to Section 102 of the Companies Act, 2013, in respect of the special businesses
set out above is annexed hereto.
viii)Now you are ready for e-voting as Cast Vote page opens.
ix) Cast your vote by selecting appropriate option and click on “Submit” and also click “Confirm” when prompted.
All documents referred to in the notice are open for inspection at the registered office of the Company between 11.00 am to
5.00 pm on any working day prior to the date of the meeting and will also be available at the meeting venue on the date of the
meeting.
x)
6.
Every member entitled to vote at a meeting of the Company, or on any resolution to be moved thereat, shall be entitled during the
period beginning twenty-four hours before the time fixed for the commencement of the meeting and ending with the conclusion
of the meeting, to inspect the proxies lodged, at any time during the business hours of the company, provided not less than three
days’ notice in writing of the intention so to inspect is given to the company.
7.
The Register of Contracts or Arrangements in which Directors are interested maintained under Section 189 of the Companies
Act, 2013 and the Register of Director and Key Managerial Personnel and their shareholding maintained under Section 170 of
the Companies Act, 2013 will be available for inspection by the members at the annual general meeting.
Institutional shareholders (i.e. other than individuals, HUF, NRI etc are required to send scanned copy (PDF/JPG Format)
of the relevant Board Resolution/Authority letter etc. together with attested specimen signature of the duly authorised
signatory(ies) who are authorised to vote, to the scrutinizer through e-mail tenrose@vsnl.com or investors@apollotyres.
com with a copy marked to evoting@nsdl.co.in.
(B) In case of members’ receiving physical copy of the Notice of annual general meeting and attendance slip:
(i) Initial password is provided below the attendance slip.
(ii) Please follow all steps from Sl. No (ii) to (x) above, to cast vote.
II. If you are already registered with NSDL for e-voting then you can use your existing user id and password for casting
your vote.
III.The e-voting period commences on August 8, 2015 (10:00 am) and ends on August 10, 2015 (5:00 pm). During this period
shareholders’ of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date of
August 5, 2015, may cast their vote electronically. The e-voting module shall be disabled by NSDL for voting thereafter.
Once the vote on a resolution is cast by the shareholder, the shareholder shall not be allowed to change it subsequently.
IV. The voting rights of shareholders shall be as per the number of equity shares held by members as on the cut-off date of
August 5, 2015.
V. Mr P P Zibi Jose, Practicing Company Secretary has been appointed as the scrutinizer to scrutinize the e-voting process in
a fair and transparent manner.
VI.
VII.The Results shall be declared by the Chairman or the person authorised by him in writing
not later
than three days of conclusion of the annual general meeting of the Company. The Results declared along with
the Scrutinizer’s Report shall be placed on the Company’s website www.apollotyres.com and on the website
of the NSDL immediately after the result is declared by the Chairman . Members may also note that the Notice
of the 42nd annual general meeting and the Annual Report 2015 will be available on the Company’s and NSDL
website.
The Scrutinizer shall, immediately after the conclusion of voting at the general meeting, first count the votes cast at
the meeting, thereafter unblock the votes cast through remote e-voting in the presence of at least two witnesses not in
the employment of the Company and make, not later than three days of conclusion of the meeting, a consolidated
Scrutinizers Report of the total votes cast in favour or against, if any, to the Chairman or a person authorised by him in
writing who shall counter sign the same.
Any person, who acquires shares of the Company and become member of the Company after dispatch of the notice and
holding shares as of the cut-off date i.e. August 5, 2015, may obtain the login ID and password by sending a request at
evoting@nsdl.co.in or to the Company.
However, if you are already registered with NSDL for remote e-voting then you can use your existing user ID and password
for casting your vote. If you forgot your password, you can reset your password by using “Forgot User Details/Password”
option available on www.evoting.nsdl.com or contact NSDL at the following toll free no.: 1800-222-990.
In case of any grievance connected with the facility for voting by electronic means, Members can directly contact Mr Rajiv Ranjan, Assistant Manager, NSDL, 4th Floor, ‘A’ Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel,
Mumbai- 400 013. Email: evoting@nsdl.co.in or rajivr@nsdl.co.in, Toll free no- 1800-222-990. Members may also write to the
Company Secretary at the email ID: investors@apollotyres.com.
13. Electronic copy of the Annual Report and Notice of the 42nd annual general meeting of the Company inter alia indicating the
process and manner of e-voting along with Attendance Slip and Proxy Form is being sent to all the members whose email IDs
are registered with the Company/Depository Participants(s) for communication purposes unless any member has requested for
a hard copy of the same. For members who have not registered their email address, physical copies of the Annual Report and
Notice of the 42nd annual general meeting of the Company inter alia indicating the process and manner of e-voting along with
Attendance Slip and Proxy Form is being sent in the permitted mode.
14. Those members who have so far not encashed their dividend warrants for the below mentioned financial years, may claim or
approach the Company for the payment thereof, as the same will be transferred to the “Investor Education and Protection
Fund” of the Central Government pursuant to section 125 of the Companies Act, 2013 (Section 205C of the Companies Act,
1956) on the respective dates mentioned there against. Kindly note that after such transfer, the members will not be entitled to
claim such dividend.
Financial Year Ended
Due date of Transfer
31.03.2008
17.09.2015
31.03.2009
22.09.2016
31.03.2010
28.09.2017
31.03.2011
15.10.2018
31.03.2012
13.10.2019
31.03.2013
06.10.2020
31.03.2014
05.10.2021
15. Pursuant to section 101 and section 136 of the Companies Act, 2013 read with relevant rules made thereunder, Companies can
serve annual reports and other communications through electronic mode to those members who have registered their e-mail
address with the Company or with the Depository Participant(s). Members who have not registered their e-mail address with
the Company can now register the same by submitting the duly filled in “E-mail Registration Form”, available on the website of
the Company, to the Company. Members holding shares in demat form are requested to register their e-mail address with their
Depository Participant(s) only. Members of the Company, who have registered their e-mail address, are entitled to receive such
communication in physical form upon request.
16. The Notice of annual general meeting and the copies of audited financial statements, directors’ report, auditors’ report etc. will
also be displayed on the website (www.apollotyres.com) of the Company.
17. As per the provisions of clause 5A(II) of the Listing Agreement (SEBI circular no. CIR/CFD/DIL/10/2010 dated December 16,
2010) the unclaimed/undelivered shares lying in possession of the Company had been dematerialised and transferred into an
“Unclaimed Suspense Account”. Shareholders who have not yet claimed their shares are requested to immediately approach
the Company by forwarding a request letter duly signed by all the shareholders furnishing the necessary details to enable the
Company to take necessary action.
18. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account Number (PAN) by
every participant in securities market. Members holding shares in electronic form are, therefore, requested to submit the PAN
to their depository participants with whom they are maintaining their demat accounts. Members holding shares in physical form
are requested to submit their PAN details to the Company.
19. To prevent fraudulent transactions, members are advised to exercise due diligence and notify the Company of any change in
address or staying abroad or demise of any member as soon as possible. Members are also advised not to leave their demat
account(s) dormant for long. Periodic statement of holdings should be obtained from the concerned Depository Participants and
holdings should be verified.
20. Details under clause 49 of the Listing Agreement with the Stock Exchange in respect of the Director seeking re-appointment at
the annual general meeting, forms integral part of the notice. The concerned Director has furnished the requisite declarations
for his re-appointment and his brief profile forms part of the explanatory statement.
21. Kindly register your email address and contact details with us, by writing to us addressed to the Secretarial Department at our
corporate office, or at our e-mail ID: investors@apollotyres.com.This will help us in prompt sending of notices, annual reports
and other shareholder communications in electronic form.
22. The route map of the venue for the Annual General Meeting is attached herewith and also available on the website of the
Company.
23. As per Section 118(10) of the Companies Act, 2013 read with the Secretarial Standards for General Meeting issued by Institute
of Company Secretaries of India “No gifts, gift coupons or cash in lieu of gifts shall be distributed to member at or in connection
with the meeting.”
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
Item No. 5
The Board at its meeting held on May 12, 2015, on the recommendation of the Audit Committee, had re-appointed
M/s.N.P.Gopalakrishnan & Co., Cost Accountants for carrying out Cost Audit of the Company’s plants at Perambra, Vadodara and
Chennai as well as Company’s leased operated plant at Kalamassery for the financial year 2015-16 on remuneration of Rs.2 lac per
annum plus reimbursement of out of pocket expenses.
As per Rule 14 of The Companies (Audit and Auditors) Rules, 2014 the remuneration of the Cost Auditors which is recommended
by the Audit Committee shall be considered and approved by the Board of Directors and subsequently ratified by the shareholders.
None of the Directors or Key Managerial Personnel (KMPs) of the Company or their relatives is concerned or interested in the
resolution.
The Board of Directors recommends resolution set out at item no.5 for your consideration and ratification.
Item No. 6
The resolution proposes to seek approval of members in accordance with Section 197 of the Companies Act, 2013 in order to continue payment of commission to non-executive Directors. The Board of Directors will determine each year, keeping in view the remuneration policy of the Company, the specific amount to be paid as commission to the non-executive directors, which shall not exceed
1% of the net profits of the Company for that year, as computed in the manner referred to in Section 198 of the Companies Act, 2013.
The payment of commission would be in addition to the sitting fees payable for attending meetings of the Board and committees
thereof, if any.
All non-executive Directors of the Company may be deemed interested in the resolution to the extent of commission payable to them
in accordance with the proposed resolution.
None of the Key Managerial Personnel (KMPs) of the Company or their relatives is concerned or interested in the resolution.
The Board of Directors recommends resolution set out at item no.6 for your consideration and approval.
DETAILS OF DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT AS REQUIRED UNDER CLAUSE 49 OF THE LISTING AGREEMENT WITH THE STOCK EXCHANGE
Item No. 3
Mr Sunam Sarkar, aged about 50 years holds a Bachelor of Commerce (Honours) degree from St Xavier’s College, Calcutta University, a Diploma in International Management from INSEAD, France, and a Masters in Management from Lancaster University, UK
and has over 27 years experience in the field of sales, marketing, business operations and corporate strategy. He began his career as
a management trainee at General Electric Limited. Subsequently, he joined Modi Xerox where he was one of the youngest executives
to head a business unit as General Manager. His acumen in the area of alliances, business development and corporate communications has enabled our organisation to evolve into a market leader in tyre industry. Mr.Sunam Sarkar is currently President and Chief
Business Officer of our Company. He joined the Board of Directors of the Company in the year 2004.
Mr. Sunam Sarkar holds Directorship in the following companies:- Apollo (South Africa) Holdings (Pty) Ltd
- Apollo Vredestein B.V and
- Apollo Tyres Holdings (Singapore) Pte Ltd
He is not holding any shares in the Company.
There is no inter‑se relationship between Mr. Sunam Sarkar and other Directors.
None of the Directors or KMPs of the Company or their relatives except Mr.Sunam Sarkar is concerned or interested in the resolution.
By Order of the Board
For Apollo Tyres Ltd
Place: Gurgaon.
Dated: May 12, 2015.
(Seema Thapar)
Company Secretary
Regd. Office: 6th Floor, Cherupushpam Building, Shanmugham Road, Kochi-682 031 (Kerala)
(CIN-L25111KL1972PLC002449) Tel: +91 484 2372767 Fax: +91 484 2370351, Email : investors@apollotyres.com
Web: apollotyres.com
CONTENT
CHAIRMAN’S MESSAGE
03
VICE CHAIRMAN’S MESSAGE
05
SUPERVISORY BOARD
08
MANAGEMENT BOARD
10
PERFORMANCE HIGHLIGHTS
12
MANAGEMENT DISCUSSION & ANALYSIS 19
SUSTAINABILITY
39
FINANCIALS
59
- DIRECTORS’ REPORT
- CORPORATE GOVERNANCE REPORT
- STANDALONE ACCOUNTS
- CONSOLIDATED ACCOUNTS
CHAIRMAN’S MESSAGE
Dear Member,
It has been said that companies that build scale for the
benefit of their customers and shareholders more
often succeed over time. These are words which have
always defined our guiding principles at Apollo, and
have been in evidence this year too. The brave and
determined steps we took this year have thrown up
results already and are bound to have far-reaching
consequences for the company.
We took a leaf out of the new government’s focus on
changing the established order and brought this
ethos into Apollo in the hope of creating a better
future for ourselves. If we feel we deserve more, we
need to be willing to fight for what should rightfully be
ours. We realised that operations on a global scale
could give us the leverage to manage increasingly
consolidated customers on the one hand and everlarger suppliers on the other. We saw that a balanced
presence across the globe and varied product lines
would be the best insulation from market cycles and
short term product challenges.
This decision though was possible because of our
faith in our team and you, our shareholders. It
enabled us to put a global expansion strategy into
action which would help us grow. It also saw us taking
determined strides in making Apollo a global
company with an Indian heart.
Today, thanks to the business decisions taken in the
T
past year and the geographies we entered, I can
proudly say that we have become a multi-cultural
company. Globalisation has ensured that we
transform into a company that searches and traverses
the world, not just to sell or to source, but to find
intellectual capital - the world’s best minds and
greatest ideas. We have taken every step to induct
new people who come from diverse cultures and
geographies and ethnicities into the global Apollo
family. It is because we have been able to successfully
assimilate those from across the globe into the Apollo
culture, that our performance is that much better. We
have a clear vision that 60% of our business should be
international, while the remaining 40% Indian.
There were a large number of milestones – and a few
hurdles – which I would like to highlight. As Jack
Welch said, an organisation’s ability to learn, and
translate that learning into action rapidly, is the
ultimate competitive advantage.
We widened our global footprint by entering new
markets. We made Thailand our ASEAN hub, while
also entering new markets like Malaysia, Qatar and
Jordan. Our company was commended for its
investments in increasing Apollo Vredestein capacity
to 6.2 million tyres annually - up from 5.8 million tyres
per annum. There was a significant increase in the
capacity of Off Highway Tyr
T es to 25 tonnes in
Kalamassery plant in Kerala and there are plans to
ramp up to 100 tonnes in the near future. We
expanded our association with Manchester United to
66 countries. We successfully sold part of our African
subsidiary to Sumitomo. Through the year, the one
fact that has bolstered me and taken this company
forward is that we are a sound company with a clear
vision and with a team which can help us achieve
that vision.
Much like India is racing towards taking its rightful
place in the global economy, so is Apollo. We will once
again go back to the years of sustained high growth in
India, and Apollo will be at the forefront of that
growth.
Our Social Responsibility and Sustainability efforts
continue to win us laurels, because we undertake
these with the same beliefs and conviction as we do
our commercial activities. What makes us different
from other companies is that we have made these
efforts intrinsic to our commercial activity or strategy,
and not something that we are forced to do by
regulatory mandate.
T
Today
, it gives me great pride to say that we are a
multi-cultural global company. I would like to thank
each one of you, our valuable shareholders, for being
our co-passengers on this journey. We have received
unending support from banks, financial institutions
and various State and National Governments where
we operate, which has allowed us to surpass the goals
we had set for ourselves. On behalf of the Board of
Directors, I would like to acknowledge every single
employee, network partner and business partner for
having stood by Apollo and actively contributed to its
success.
Always remember that each employee, each person
involved in this company in any small or large
measure, has an ownership over this company. We
are what we are because we stand together as a
family. This would not have been possible without
your support.
Y
Yours
sincerely,
Onkar S Kanwar
Chairman & Managing Director
ANNUAL REPORT 2014-15 03
VICE CHAIRMAN’S MESSAGE
Dear Member,
Fiscal 2014-15 was a year marked with frantic activity
at Apollo Tyr
T es. New Greenfield plant, international
launches, high decibel brand campaign... I am sure as
you read through the pages, you will see a small
glimpse of the enthusiasm and exhilaration at the
company.
investments in R&D is the mantra to Apollo’s next
level of growth. The company does not believe in a
‘one size fits all’ philosophy and it is important to
provide products suiting to market requirements.
R&D is providing the impetus to take forward this
mindset. Our dedicated R&D centres for Passenger
and Commercial vehicle tyres have sharpened our
focus on various product categories and helped us
Despite the ups and downs, the year was momentous
launch new products that are in tune with customer
and will be etched in the annals of Apollo Tyr
T es. It was
needs. For example, last year, we launched a new
our decision to go ahead with our first Greenfield in
cross ply technology based tyre, AWR-HD
A
with the
Hungary, the first time that an Indian tyre company
Apollo HDF technology, for the Indonesian market.
has ventured to set up a new plant outside the national
boundaries. This 2nd manufacturing facility in Europe,
the most demanding and exciting of tyre markets, is
critical to further our growth in the continent. It will
augment our capacity in the region and give us a
stronger presence in Europe as we reach out to the OE
players in the region. Importantly, it will help the
company to narrow the gap for the growing demand
for its two brands – Apollo and Vredestein, in Europe.
We continued to explore new geographies, new
product categories and new customer segments to
grow our business. We recognise that the world is
evolving very rapidly and social media and ecommerce are changing traditional ways of doing
business. We are alive to the realities of
environmental and technological challenges. Our
teams are working on all these areas to ensure that
Apollo always remains at the forefront of innovation
While the Greenfield plant in Hungary was the big
and keeps breaking new paths in customer
news, our commitment to India continued. After the
experiences.
mega investment in the Chennai plant a few years
back, we announced plans to ramp up the capacity for
the second phase of growth for this plant. Similarly,
we have drawn investment plans for our other plants
to expand our off-highway tyres manufacturing
capacity in Kerala.
In the end, I believe that the company’s success is
based on people. All the above measures will be
wasted if the right people are not at the helm. Last
year was momentous in this sense as well. To
T further
augment Apollo’s fast paced growth journey, we
created several key new positions worldwide. We
Even as we scale our capacities across the two
expanded the management team and brought in top-
continents, we continued to focus on building our
notch talent across various functions including R&D,
brands across our key markets. In India, our
HR, Quality, etc. to bring a new perspective to the
association with Manchester United is paying a rich
organisation.
dividend as it has raised the brand recognition several
notches higher. Taking the sports partnership
forward, we increased the scope of partnership
during the year. Now the campaign, Performance –
there are no shortcuts, is available in multiple
markets. This has helped in raising the brand
awareness in many other countries and made
I am sure these investments and changes will fuel our
growth in the years ahead. I will certainly continue to
share details and update you on an annual basis of
this fantastic journey as we race ahead to the next
chapter of the company’s story.
With best regards,
customers aware of our high performance brand. The
past fiscal year also saw the launch of the co-brand
Apollo Tyr
T es-Manchester United tyres in UK and
Thailand to an enthusiastic response.
A sharp focus on marketing coupled with continuing
Neeraj Kanwar
Vice Chairman & Managing Director
ANNUAL REPORT 2014-15 05
EXPLORE A
Explore a different possibility
A sense of community.
A dedication to teamwork.
A respect for our fellow workers.
The more we focus on these values,
the stronger we become.
DIFFERENT POSSIBILITY
101
57
79
102
58
80
56
78
36
100
103
59
81
37
55
77
99
33
54 5361 60
76 7583 82
98 97 105 104
32 39 38
31
107
63
85
41
29
95
51
73
50 52 62 64
42
72 74 84 86
28 3040
94 96 106 108
93
71
109
49
27
65
87
43
221
70
197
118 110
92
48
26
66
88
44
145
171 150
202
176
117 111
47 198
3
67 69 172
89 91
23 25 222
45
247
119
146
116 112
196 177
170 151
220 203
245 227 225
2
144 120
149 90
175 68
201 46
24
115 113
248
199
1
152
121
178
204
228 224 223 219
244
169
174 173
148 147143
133
161
200 195 187
114
249
211
122
236
153
205
142
179 168 162
229 218
212
134 132 123
243 237
194
188
235
131 124
160 154 141
210
186
206
135
230
180
217
130 125
167 163
213
242 238
193
140 136
189
234
159
185 181
209
155
129
207
231
166
126
139
182
192
216
241
190
137
239 233
214
156
128
164
158
184
208
232
127
191
157
240
138
215
183 165
13
14
15
11
10 17 16
9
19
7
8 18 20
6
5
21
4 246 226 22
12
34
35
SUPERVISORY
R BOARD
(Standing L-R): n Sunam Sarkar, President, Chief Business Officer & Whole-time Director n Neeraj Kanwar, Vice
Chairman & Managing Director n Akshay Chudasama, Partner, J Sagar Associates n A K Purwar, Former Chairman,
State Bank of India n Onkar S Kanwar, Chairman & Managing Director n Nimesh N Kampani, Chairman, JM Financial
Group
08 APOLLO TYRES L
LTD
(Sitting L-R): n Pallavi Shroff, Managing Partner, Shardul Amarchand Mangaldas & Co n Dr. S Narayan, Principal
Secretary to the Former Prime Minister of India n Robert Steinmetz, Former Chief of International Business, Continental
AG
(Not in picture): n Vikram S Mehta, Former Chairman, Shell Group of Companies n P H Kurian, Principal Secretary
(Industries & IT), Government of Kerala
ANNUAL REPORT 2014-15 09
MANAGEMENT BOARD
(Standing L-R): n Satish Sharma, President, APMEA n Mathias Heimann, President, EA n Marco Paracciani, Chief
Marketing Officer n Atulya Sharma, Chief Legal Counsel n Markus J Korsten, Chief Manufacturing Officer n Sunam
Sarkar, President and Chief Business Officer n Pedro Matos, Chief Quality Officer n Dr Seshu Bhagavathula, Chief
T
Technology
Officer n Peter Snel, Chief, R&D PV n Gaurav Kumar, Chief Financial Officer
10 APOLLO TYRES L
LTD
(Sitting L-R): n Martha Desmond, Chief Human Resources Officer n Neeraj Kanwar, Vice Chairman & Managing Director
Onkar S Kanwar, Chairman & Managing Director n Robert Steinmetz, Non Executive Director n P K Mohamed, Chief
Advisor, R&D
(Not in picture): n K Prabhakar, Chief, Projects
n
ANNUAL REPORT 2014-15 11
PERFORMANCE HIGHLIGHTS
CAPACITY
REVENUE SEGMENTATION BY GEOGRAPHY
2100
1785
1800
MT/Day
1500
1685
1595
1640
1395
1200
APMEA 72.1%
900
600
EA 27.9%
300
0
FY11
FY12
FY13
FY15
FY14
NET SALES
140
121.53
120
` Billion
100
127.95
133.10
127.26
88.68
80
60
40
REVENUE SEGMENTATION BY CUSTOMER
20
0
FY11
FY12
FY13
FY14
FY15
Replacement 71 %
NET PROFIT
OEM 22.8%
12
` Billion
10
10.05
9.78
FY14
FY15
Export 6.2%
8
6
6.13
4.40
4.10
FY11
FY12
4
2
0
FY13
CAPITAL EXPENDITURE (Capex)
12
10
` Billion
REVENUE SEGMENTATION BY PRODUCT
11.40
8.94
8
Truck-Bus 47.4%
6.56
6
5.84
6.38
4
Off Highway 9.5%
2
Light Truck 6.8%
0
FY11
12 APOLLO TYRES LTD
Passenger Vehicles 34.6%
FY12
FY13
FY14
FY15
Other 1.7%
ANNUAL REPORT 2014-15 13
EBIDTA
19.73
20
19.84
15.51
` Billion
15
10
11.99
10.16
5
NATURAL RUBBER PRICE MOVEMENT
0
FY11
FY12
FY13
FY15
FY14
150
145
RSS4 `/Kg India
DEBT: EQUITY
1.2
1.01
1.03
1
0.78
Ratio
0.8
140
135
130
125
120
0.6
0.35
0.4
115
Apr-14
0.22
Jun-14
Aug-14
Oct-14
Dec-14
Mar-15
Aug-14
Oct-14
Dec-14
Mar-15
0.2
0
FY11
FY12
FY13
FY14
FY15
DEBT: EBITA
3.5
3.33
3.29
CRUDE OIL PRICE MOVEMENT
3
120
2.30
BRENT Crude $/Barrel
Ratio
2.5
2
1.5
1.03
1
0.69
0.5
0
FY11
FY12
FY13
FY15
FY14
RETURN ON CAPITAL EMPLOYED
% Return
90
80
70
60
50
40
Apr-14
25
20
110
100
23.6
23.9
FY14
FY15
Jun-14
18.3
16.3
15.4
FY11
FY12
15
10
5
0
14 APOLLO TYRES LTD
FY13
ANNUAL REPORT 2014-15 15
EXPLORE YOUR
More efficient processes.
Superior technologies.
Greater Innovations.
The more we unleash our potential,
the more we will achieve.
POTENTIAL
35 34 33
32
31
97 98
40
99
93 94 95 96
30
92
41
29
100 101
176
177
91
42
102
28
179 178
175
180
103
43
90
27
195 196
174
89
104
197
44
193
26
173 172
182 181
194
88
198
25
192
171
45
105
147 148
204
199
87 183 190 191
24
149
46
146
205
203 201
189
150 170 106 23
145
200
86 184 188 187
144
47
206 202
169107
22
140 141 143151
138
139
186 207
168
85 185
48
152
21
142
108
137
208
157 156 155
84
136
153 167
20
49
83
154
109
159 158
163 164
82 81 135
50
19
162
124
165 166
110
161
160
51
134
18
125
111
52
133
126 123
17
112
130
127
53
132
129128
16
122
131
113
54
119
15
121
120
114
55
14
115
56
118
13
117 116
57
58
12
59
11
60 61
10
62
63
9
64
8
65
7
66
6
70 71
67 68 69
72
5
73
4
74
3
75
2
1
76
77
80
79
78
39
36
38 37
MANAGEMENT DISCUSSION AND ANALYSIS
It was a year of mixed fortunes for the global economy. Many high-income economies continued to
struggle to gain the growth momentum as they grappled with legacies of the global financial crisis.
Few emerging economies emerged as the saviour with healthy growth but the growth engine of the
world, China, underwent a carefully managed slowdown. US and UK had gathered pace but the
recovery sputtered across Europe and Japan.
Despite the local and global economic conditions, Apollo Tyres continued on its strategy to invest
during lean times to build for tomorrow’s growth. The company had invested to set up a new plant in
Chennai, India even as the world was going through a severe economic recession. In a re-run of its
2009 strategy, the company announced investment of Euro 475 million in a Greenfield facility in
Hungary. During the year, the company introduced top-notch products for the European and Asian
markets and saw an infusion of top talent in the organisation.
During the FY, the company exited its manufacturing activities in South Africa impacting the topline
growth. The Company’s net sales dropped by 4.4% to ` 127,257 million. Operating profit at ` 19,844
million was up by 1%, while Net Profit saw a marginal fall of 3% at ` 9,776 million.
MARKET OVERVIEW
The fiscal year (FY) in India started with a ‘good feel’
factor of a new majority government and possibilities
of external vulnerabilities on the wane. Coupled with
continuing softening of oil prices since September
2014, it was projected as the year of revival. Early in
the year, India’s Central Statistical Organisation
(CSO) released the advance estimates of growth
numbers which indicated that the Indian economy
will see a growth of 7.4% for FY15.
However, the good feel factor did not translate into
high growth for the various segments in the
automobile industry. While there were the usual silver
linings like the Goods Carrier segment which grew by
over 21%, the other main drivers of the industry
witnessed negative or muted growth. Even for the
Goods Carrier segment, it is important to note that
growth has come after two years of de-growth
resulting in a low base. The overall growth numbers
for the key segments like passenger and commercial
vehicles stood at a mere 2.5%. It is only due to the
high volume two-wheelers and three-wheelers
segments that the industry could post an overall
growth of 7.2%.
Given the direct correlation of the tyre industry and
the automobile industry, the former posted a
ANNUAL REPORT 2014-15 19
passenger cars, bus and truck, agriculture and two
wheelers, the growth was a tepid 2% as compared to
its previous year.
material) attracts a higher duty levy, the Indian
market was flooded with low cost tyres in the last
quarter of FY15. According to market estimates,
Chinese tyre imports grew 138% to 555,438 tyres in
INDUSTRY STRUCTURE AND
DEVELOPMENTS
FY15 for the truck radial segment and accounted for
11% of the total availability in the Indian market.
The Scooters (two/three wheelers) and the
Motorcycle tyre accounted for 52% of the total
volumes, while the other heavyweights (M&HCV,
passenger cars, LCV, tractors and off road highway,
etc.) accounted for the balance 48%. As per industry
estimates, the key heavyweights, passenger car
segment posted a healthy clip of 12.4% and the truck
segment grew at a 7.9% in volume terms. For the
segments under consideration, passenger car and
truck, as per estimates, OEMs accounted for 42% and
17% respectively. The replacement market
continued to support the tyre majors and accounted
for 45% and 78% for the mentioned segments.
Imports has become an important source of tyres into
the country and, as per industry estimates, accounted
for 13% and 14% for the passenger car and TBR
segments. This will continue to haunt the industry in
the current fiscal as the growth of low cost tyres from
China continues unabated. Given the ‘inverted’
import duty structure in India, where tyres (finished
product) attract lower duty, whereas raw rubber (raw
Similarly, the imports for the passenger car segment
were up by 10% to 1,480,044 units and now accounts
for 4.2% of the Indian market.
In terms of raw material, natural rubber prices ruled
lower in FY15 due to weak demand from major
consuming blocks such as BRICS, EU, ASEAN and
Japan. The domestic rubber production in India
continued to fall short of the demand and imports of
rubber from ASEAN region were necessary to offset
the shortfall in domestic supplies.
In order to ensure long-term sustainability of its
natural rubber supply chain, the company supported
the Kerala Government scheme of sourcing domestic
rubber at 20% higher than international prices.
Given weakness in oil prices, synthetic rubber prices
remained subdued in the fiscal. Other crude based
raw materials such as carbon black displayed a
similar trend.
In FY15, the European passenger vehicle tyre sales in
replacement market has remained flat as per data
Apollo Tyres’ promotional tour for its industrial tyres across 8 countries in Europe
Apollo Tyres showcasing its product range at the Geneva Motor Show
marginally higher growth rate than the automotive
segment. Based on the data available for 11 months
from Automotive Tyres Manufacturers’ Association,
the Indian tyre industry registered a 9% growth with
the truck segment growing by 7.9% and the
passenger car segment jumping by 12.4%. This is
against a full year growth of 5% in FY14.
For Europe, it was a year of tentative recovery in
Calendar Year (CY) 2014. The overall GDP growth in
Euro area countries in CY14 was 0.8% (CY13 -0.4%).
Germany continued to outperform the region with
GDP growth for CY14 at 1.6% (CY13 0.5%). While it
was marginally better than the estimates, it was not
strong enough to pull the economy out of the
doldrums. The pace of the recovery remained slow as
Europe continued to struggle to leave the legacies of
the crisis behind it.
While private consumption has been the main engine
of growth in the current recovery, investment has
failed to recover and exports have done little to
support growth. While determined policy action and
20 APOLLO TYRES LTD
the fall in crude oil prices supported growth, the
economic recovery is being restrained by high public
and private debt, high levels of unemployment and
low confidence levels.
Nevertheless, it was a year of gradual domestic
healing as consumer confidence became stronger.
The strong consumer confidence during the year
showed itself in new car registrations. For CY14, with
a 5.7% growth, new car registrations increased for
the first time since 2007. Similarly, the commercial
segment posted an overall growth of 7.6% led by the
light commercial vehicles which grew sharply by
11.3% and accounted for 83% of total new
commercial vehicle registrations.
The year started with good demand for summer and
all season tyres. Even the winter pre-season sales was
good. However, a warm winter situation for the 3rd
year in a row coupled with high inventory position
with the customers affected the performance of
winter tyre sales during the year. For the entire CY,
especially in the four key segments including
ANNUAL REPORT 2014-15 21
from the Industry Association in Europe. The growth
tyre changes between summer and winter is expected
for almost all segments has remained flat with an
to become time consuming and costlier due to the
exception of 7% growth in the SUV tyres segement.
TPMS legislation.
In passenger vehicle tyre category, there were some
The other big trend is the growing impact of the
signs of recovery evident in markets such as Hungary,
internet, both on B2B as well as on B2C. Initiatives in
France, Spain, Switzerland & Nordics, while countries
B2C are to bring products and end-consumers
like Germany, Netherlands, Belgium, UK & Austria,
together and pushing the retail business into a more
Poland stayed longer on a descending slope. The
service minded approach.
agricultural tyre market showed a negative growth
in FY15.
The beginning of the new year 2015 brought mixed
Like India, Europe is witnessing the growth of low
cost non-European imported brands. While the
introduction of the European tyre label in November
results for the European tyre industry. The all season
2012 has forced many imported brands to invest in
tyre market is getting more mature and the recent
improved quality, the European tyre landscape is
introduction of such products by another major tyre
changing very quickly.
player only confirms the growing importance of all
In terms of raw material, prices remained soft during
season tyres in Europe. Further, the introduction of
the year with further decline during second half of the
TPMS (Tyre Pressure Monitoring System), mandatory
financial year. However, these benefits were passed
SWOT ANALYSIS
in new cars from November 2014 onward, pushes
on to the market with lower sales prices due to a
Strengths
European consumers to use all season tyres as
highly competitive market situation.
Launch of the 'go the distance' pitch at Old Trafford
1.
8.
Apollo Tyres has the advantage of a diversified
market base across geographies and is
therefore, not dependent on a single domestic
market. Furthermore, the company is working
Weaknesses
1.
India has a large and growing 2-3 wheeler tyre
s e g m e n t . H o w e v e r, A p o l l o d o e s n o t
manufacture tyres for this category and has
continued to focus on other product segments.
2.
At times in the past, the company has been
unable to timely pass on raw material cost
escalations to consumers, due to intense
competition and various market dynamics. This
has a direct impact on the margins.
3.
The company is currently not present in the
European OEM market for regular passenger
car tyres which to a certain extent drives the
replacement market sales.
to establish and grow operations in other large
international markets as well.
2.
The company is powered by strong global
product brands in its markets – Apollo and
Vredestein.
3.
Apollo Tyres enjoys an extensive distribution
network for its key brands across its key home
markets.
4.
In Europe, the company’s brand ‘Vredestein’
has an established presence and enjoys
premium positioning in ultra high performance
(UHP), winter and all season passenger car tyre
segments.
5.
The company is a leading player in the Indian
Opportunities
1.
In India, Apollo Tyres enjoys early mover
advantage in the truck-bus radial segment and
has a healthy lead over its competition in terms
of capacity and market share. This implies
healthy growth prospects with increasing
radialisation.
2.
The company’s Apollo branded passenger
vehicle tyres are being sold in Europe and this
could develop into a sizable market for the
same, leveraging its already existing network in
Europe.
3.
With the announcement of Apollo’s Greenfield
plant in Hungary, the company is positioned to
grow in the European market through an added
cost competitive manufacturing facility.
commercial vehicle segment – which accounts
for the bulk of the industry’s revenue. Since the
company assumed an early lead, Apollo is best
positioned to maintain its leadership position in
the truck-bus radial segment and drive growth
through the same.
6.
Global and culturally diversified management
team driving growth across geographies.
7.
The presence of modern Research &
Development facilities for passenger and
commercial vehicle tyres will play a key role in
bringing cutting-edge technology and
innovation to drive growth for the company.
22 APOLLO TYRES LTD
Increased spends on corporate brand including
Apollo Tyres’ association with Manchester
United is starting to make Apollo a globally
recognised brand.
ANNUAL REPORT 2014-15 23
for short and long haul applications on roads, which
are more than 50% unpaved, have a unique
requirement from their tyres; low inflation pressures
for heavy load applications.
To consolidate its leadership position in India and
offer innovative and 360 degree solutions to
customers, the APMEA operations has started to
focus on the retreading business in the country. As
radialisation makes deep inroads into the commercial
sector, there exists a huge opportunity to tap the
growing retreading market. While the unorganised
players cater to the current market requirements,
customers are increasing looking for retread
solutions from tyre manufacturers. The company
plans to open 20 branded retread outlets by the end of
the current fiscal year.
Furthering its strategy of building higher visibility in
its markets outside India, the APMEA operations
Apollo Tyres introduced the next generation cross ply tyres in the Indonesian market with Apollo HDF technology
4.
The company continues to increase its focus to
new geographies like South America, Middle
East and South East Asia. These would be
growth avenues for the future.
5.
The company can convert excess bias capacity
into industrial tyres capacity and tap into a new
product segment.
6.
The company is talking to auto majors for OEM
fitments in Europe. This would establish the
brand even more strongly and drive significant
growth in European market.
7.
The company would look to introduce
products and make an entry into the European
Truck, Bus & OHT segments.
Threats
1.
Economic downturn or slowdown in the key
markets – Europe and India – can lead to
decreased volumes and capacity utilisation.
2.
3.
Increased competition from global players like
Michelin, Bridgestone, Continental in India.
Increased competition from truck radial imports
from China resulting in a quicker than expected
decline in volumes within the truck-bus cross
ply segment, creating redundant capacities
requiring investment to convert into other
product segments.
4.
Continued threat of raw material price volatility
translating into pressure on margins during a
rapid rise in raw material prices.
5.
Weak currency resulting in pressure on
24 APOLLO TYRES LTD
6.
opened its first Apollo Zone in Kuwait. The outlet is
margins, since the company is a net importer.
designed to provide customers with an enhanced
Growing influence of budget tyres, mainly tier 2
and 3 brands from established European
manufacturers as well as Chinese and Korean
imports.
retail experience for the brand and products
SEGMENT WISE PERFORMANCE
Apollo Tyres is divided into two key regions - Asia
Pacific Middle East and Africa (APMEA) and Europe
and Americas (EA).
For Apollo Tyres’ APMEA operations, it was a year of
consolidating its leadership position in India,
expanding the product portfolio in existing APMEA
markets and pushing into new markets in the region.
displayed.
Given the importance of building a strong brand, the
company expanded its sponsorship agreement with
Manchester United to cover many markets in the
APMEA region. In India, it continued to ramp its
branding presence with a high-decibel brand
campaign – Performance: There are no Shortcuts –
during the year.
The Company’s multi-product strategy, supported by
its two-brand strategy, has helped the region to cross
significant milestones. In India, Apollo Tyres became
the first company to cross the 100,000 Truck Bus
Radial (TBR) monthly sales in March 2015.
The strategy on investing in the radial technology is
paying dividends as the company grew at a healthy
clip of 30.8%. The TBR exports story was no different
for the company as it grew by 53%. While the Truck
Bus Bias (TBB) saw the expected decline, the APMEA
operations’ strategy of looking at new markets paid
dividend as exports in the segment grew by 14%. In
the replacement passenger car segment, the
operations saw tepid growth but this was slightly
offset by the higher than industry growth in the OE
segment as the operations increased its market share
in the OE segment to 21%.
The EA operations managed all odds including slow
market demand, influx of low cost products and lower
sales prices to marginally exceed the net sales in
FY15 in Euro terms. The operations accounts for 28%
of Apollo Tyres’ consolidated revenue. In terms of
volume, passenger car tyre sales grew by 4%, spare
tyres sales grew by 12% and agriculture tyres sales
grew marginally by 2%. The operations gained
market share in Agricultural tyre and saw a marginal
rise in passenger car tyre category. The operations’
strategy of focusing on all season and SUV tyres had
helped it reduce dependence on the winter tyres sold
during the cold months. The continuing warm spells
in Europe for the 3rd year in a row did impact the
winter tyre sales, but it has been compensated with
For the APMEA operations, it was a year of product
innovations and launches. The year began with the
launch of India’s largest loader tyre at the IMME
2014. The company also introduced the ALT 188 TL
tyre which had the industry’s first traction tread
design. It further led its product expansion strategy
by introducing Apollo Tyres and Manchester United
co-branded tyres launched in Thailand. After the UK
market, Thailand was the first country to have the
Apollo-Manchester United co-branded tyres in Asia.
The region also leveraged Apollo’s global R&D skills
to launch a new cross ply technology based tyre,
AWR-HD with the Apollo HDF technology, for the
Indonesian market. This tyre was specifically
engineered for the Indonesian market based on a
detailed market study by Apollo’s product and R&D
teams on the application of commercial vehicles in
this country. The higher horsepower vehicles used
ANNUAL REPORT 2014-15 25
strong growth of all season and SUV tyres.
The EA operations began the year with the
announcement of the Apollo Alnac 4G – All Season and
Winter tyres. The two new tyres expanded the existing
portfolio of the Apollo brand in Europe. Coupled with
the Vredestein brand, the EA operations offered a
complete range of tyres catering to different
segments. This was followed by the launch of
Vredestein Quatrac 5 and Snowtrac 5 tyres launch in
Scotland. The Vredestein Quatrac 5 is a completely
new generation of four-season tyres. The winter tyre
Vredestein Snowtrac 5 has been designed and
manufactured to handle the most extreme and
unpredictable weather conditions, including wet, cold
or slippery roads. To further engage with the
consumers and create higher visibility of the Apollo
brand, the operations embarked on a six-month
promotional tour across 8 countries in Europe to
introduce its full range of Apollo branded industrial
tyres to end users and tyre specialists. Across the year,
new sizes in Vredestein agricultural and Apollo
industrial tyres became available, including the
launch of Vredestein Endurion and Vredestein
Traxion Versa at the SIMA in Paris, February 2015.
During the mid of 2014, the EA operations initiated a
road show and visited construction and rental
companies, tyre and machine dealers to create and
increase the brand awareness for Apollo Tyres.
Given the increase usage on social media across the
globe, even for buying products like tyres, the EA
operations focussed on the online space and now has
a strong presence on social media. Also, an Ecommerce platform was launched last year which will
be rolled out and used by all countires under the EA
operations.
As both the operations relied heavily on
understanding the consumer requirements and
leveraging on its R&D skills to develop and
manufacture products, various test results in Europe
were a testimony to the success of this strategy. The
Vredestein Sportrac 5 and Vredestein Ultrac Vorti
were rated highly in various independent European
tyre tests, pinpointing the excellent results on dry
handling, low sound levels and lower fuel
consumption.
The EA operations won the ‘Tire Manufacturing
Innovation of the Year’- an award for its tandem mixer
inaugurated in 2014
Launch of Snowtrac 5 tyres in Edinburgh, Scotland
growing economy in 2015, overtaking neighbouring
OUTLOOK
China and widening the gap further in 2016.
The global economic growth for FY16 will continue to
be a mixed bag. According to estimates, the global
growth is expected to rise moderately to 3.0% in
2015, and average about 3.3% through 2017.
However, all eyes will be focussed on India.
According to forecasts by international agencies
including World Bank and International Monetary
Fund, India is set to emerge as the world’s fastest
Vredestein Ultrac Vorti
The current government in India is looking at
addressing structural and supply-side constraints
which will give a big impetus to the investment
activities in the country. Coupled with strong public
and private consumption, India continues to be a
bright spot in the global landscape. The strong
growth, lower external vulnerabilities, higher
disposable income will be a boost to the auto
segment. The sales in the beginning of the FY16
points to a sustained momentum and the sector can
emerge as the showstopper for the Indian economy.
We expect that the bullishness will bring back the
demand from the OE segment. We hope the optimism
in the auto industry is translated as sales in the tyre
industry.
Likewise, there is an air of optimism across Europe. It
is for the first time since 2007 that the economies
across Europe are expected to grow again. As per the
European Commission’s winter forecast, growth in
CY15 is forecasted to rise to 1.7% for the EU as a
whole and to 1.3% for the Euro area. The growth is
expected to inch up further in CY16 to 2.1% and
1.9% respectively, on the back of strengthened
domestic and foreign demand, very accommodative
monetary policy and a broadly neutral fiscal stance.
Further, lower oil prices will boost real household
income putting more disposable income with
consumers and result in increased spending
accelerating the growth.
Despite another year of flat market forecast by the
26 APOLLO TYRES LTD
industry association, outlook for EA operations
remains positive. The main drivers for growth will be
further expansion and promotion of Apollo brand in
all the countries in Europe as well as new products
introduction. The Vredestein brand has maintained
its position amongst the premium brand and is well
positioned to further gain market share in Europe.
Sales strategy for the coming year will focus on
distribution network expansion, product range
enhancement and consumer marketing.
To support the long term growth plans, the company
will be making significant investments in all its plants
across both the regions. Given the focus on OE in
Europe, investment will be made to prepare the
Enschede plant for supplies to car manufacturers and
expand the capacity of spare tyre production. The
company has also undertaken a major project to
implement SAP ERP system across all the European
operations covering all the functional areas. SAP
implementation will bring efficiency improvement by
eliminating duplicate activities, improve internal
control, enable faster decision making and share best
practices.
RISKS AND CONCERNS
The impact of the key risks and opportunities listed
below has been identified through a formal process
driven by Apollo’s Risk Management Steering
Committees. The company’s approach has allowed
for a systematic appraisal of the business
environment it operates in and a response aimed at
capitalising and maximising benefits for all its
operations.
ANNUAL REPORT 2014-15 27
7.
Labour activism
down internal audit methodology, which emphasise
a. Increased labour activism across India may
pose challenge for any manufacturing
organisation.
on risk based internal audits using data analytics and
INTERNAL CONTROLS AND SYSTEMS
Apollo Tyres has a robust Internal Control framework,
which has been instituted considering the nature, size
and risk in the business. The framework comprises,
inter alia, of a well-defined organisation structure,
roles and responsibilities, documented policies and
procedures, etc. Information Technology policies and
processes were also updated to ensure that they
satisfy the current business needs. This is
complemented by a management information and
monitoring system, which ensures compliance to
internal processes, as well as with applicable laws and
regulations. The operating management is not only
responsible for revenue and profitability, but also for
maintaining financial discipline and hygiene.
b. In Europe, the company’s winter tyre sales
are subject to seasonal requirements, which
can be adversely impacted in case of a mild
winter season.
FINANCIALS
1.
Raw material price volatility
a. Natural rubber is an agricultural commodity
and subject to price volatility and
production concerns.
4.
c. Both natural rubber and crude prices are
little can be done to control the raw material
price movement internally.
a. Demand supply situation must remain in
favour of the industry to enable it to
undertake price increases.
5.
all the locations, operations and geographies of the
company. The audit plan for the year is reviewed and
approved by the Audit Committee at the beginning of
each financial year.
The Internal Audit reports on quarterly basis to the
Audit Committee, the key internal audit findings, and
action plan agreed with the management, the status
of audits vis-à-vis the approved annual audit plan and
status of open audit issues.
DISCUSSION ON FINANCIAL
PERFORMANCE WITH RESPECT TO
OPERATIONAL PERFORMANCE
The financial statements have been prepared in
accordance with the requirement of the Companies
Act 2013, and applicable accounting standards
issued by the Institute of Chartered Accountants of
India. The management of Apollo Tyres accepts the
integrity and objectivity of these financial statements
as well as the various estimates and judgements used
Future Growth
b. Increased competition from global players
like Michelin, Bridgestone and Continental
in India.
Continued economic growth
SOCIAL
a. Demand in the tyre industry is dependent on
economic growth and/or infrastructure
development. Any slowdown in the
economic growth across regions impacts
the industry fortunes.
6.
28 APOLLO TYRES LTD
compliance and information systems audits, covering
a. Lower profitability due to some of the above
factors impacts the ability to invest in future
growth
b. This is further impacted by competitive
activities and a general reluctance as seen in
the past, particularly in India, to make quick
and significant price hikes.
3.
audit plan, comprising of operational, financial,
b. At the same time, an unexpected quicker
increase in the level of radialisation can
result in faster redundancy of cross ply
capacities and create a need for fresh
investments.
controlled by external environment and
Ability to pass on increasing cost in a timely
manner
The Internal Audit prepares a rolling annual internal
a. Slower increase in radialisation level in
truck tyre segment, than expected, may
impact Indian operations. Excess capacity
may result in competitive pressures and
decline in profit.
b. Most other raw materials are crude linked
and are affected by the movement in crude
prices. Any increase in crude oil prices may
impact prices of some of the raw materials.
2.
Radialisation levels in India
In order to ensure efficient Internal Control systems,
the company also has a well established independent
in-house Internal Audit function that is responsible
for providing assurance on compliance with
operating systems, internal policies and legal
requirements, as well as, suggesting improvements
to systems and processes. The function has a well laid
tools.
Manpower retention
a. Retaining skilled personnel may become
increasingly difficult in India, due to the
entry of global majors in the Indian tyre
industry.
ANNUAL REPORT 2014-15 29
` Million
Year Ended
Sl.
Particulars
31.3.2015
Year Ended
31.3.2014
31.3.2015
Standalone
1.
2.
31.3.2014
Consolidated
Revenue from Operations:
Gross Sales
98,773
95,893
137,247
142,895
Less: Excise Duty
9,990
9,792
9,990
9,792
Net Sales
88,783
86,101
127,257
133,103
971
1,809
1,133
1,995
89,754
87,910
128,390
135,098
197
(1,158)
875
(311)
56,499
59,746
69,753
78,031
5,451
4,533
16,070
15,812
Other Income
Total
3.
Total Expenditure
a)
Decrease/(Increase) in Finished Goods &
Work in Process
b)
Consumption of Raw Materials/Purchase
Onkar S Kanwar and Neeraj Kanwar with Viktor Orbán, Prime Minister of Hungary
during the foundation stone laying ceremony held in Hungary
of Stock in Trade
c)
d)
Employee Benefits Expense
Other Expenses
14,076
13,008
21,848
21,832
Total
76,223
76,129
108,546
115,364
therein. The estimates and judgment relating to the
financial statements have been made on a prudent
and reasonable basis, in order that the financial
statements are reflected in a true and fair manner and
also reasonably present the company’s state of affairs
4.
Operating Profit
13,531
11,781
19,844
19,734
5.
Finance Costs
1,721
2,446
1,828
2,838
6.
Depreciation & Amortisation
2,468
2,480
3,883
4,109
and profit for the year.
DEVELOPMENT IN HUMAN
RESOURCES & INDUSTRIAL
RELATIONS
One of the key elements of Apollo Tyres’ strategy is
profitable growth. The organisation knows that
7.
Profit before Exceptional Items & Tax
9,342
6,855
14,133
12,787
profitable growth is solely dependent on its
employees’ performance in diverse areas including
8.
Exceptional Items
-
711
825
468
sales, marketing, R&D, manufacturing, logistics and
across every function in the organisation. The
9.
Profit After Exceptional Items & Before Tax
9,342
6,144
13,308
12,319
company has continuously endeavoured to build a
high performance culture and the Human Resources
function plays a key role in enabling this. The HR at
Apollo Tyres has always remained a strategic partner
10. Provision for Tax
- Current
- Deferred
Total
2,545
1,327
3,535
1,942
346
391
(3)
326
2,891
1,718
3,532
2,268
in the growth and globalisation journey of the
company.
Hungary, Thailand, London, Brazil... as Apollo Tyres
moves in new geographies, HR has evolved itself into
a global function responsible for all HR activities
11. Profit after Tax
6,451
4,426
9,776
10,051
across geographies and is completely aligned with
business requirements.
12. Share of Loss in Associates/Interest
-
-
-
-
For HR, the previous fiscal year was a year of change
and consolidation. The year saw a change in HR
13. Net Profit
30 APOLLO TYRES LTD
6,451
4,426
9,776
10,051
leadership with Martha Desmond joining in as the
Chief Human Resources Officer. Based out of
London, Martha has a rich global exposure in all
aspects of HR including Global Talent Management,
Total Rewards and Global Mobility.
In order to further augment Apollo’s fast paced
growth journey, several key new positions were
created worldwide. To homogenise the company’s
manufacturing standards worldwide, the Chief
Manufacturing Officer joined Apollo Tyres. Quality
has always been an epicentre of our product
differentiation. To spearhead the Global Quality
Standards journey, a Chief Quality Officer also came
onboard. Technology will be the key differentiator in
outpacing our competitors. Focussing on this priority,
Apollo welcomed a Chief Technology Officer to the
company.
As the global footprint of Apollo Tyres has increased
significantly, so has the global movement of its
people. Global mobility of employees is enabling
them achieve their career and personal aspiration of
development and growth and enhancing the
company’s value proposition. The HR department,
thereby, has become a fulcrum propelling people
development and job enrichment. Championing the
cause of employees, it is HR’s endeavour to ease
resettlement and reduce challenges in the movement,
so that employees are ready to take on their enhanced
responsibilities globally.
In line with this philosophy, the Hungary Greenfield
project led to the relocation of 17 employees with
their families. HR developed the global mobility
policy to assist the relocation process. Given the
ANNUAL REPORT 2014-15 31
responsibilities across international locations.
Apart from creating the best talent, it is important to
recognise them. Across Apollo and its two key
operations, there are enough opportunities to
recognise and reward the best performing talents.
The annual ‘Employee of the Year’ award is a key
initiative in this direction at an organisation level. In
Honour’, where the high performers of the year are
Tyres. The fact has been acknowledged by external
honoured. The European operations and the
agencies. The company was recognised as India’s and
Netherlands based Apollo Tyres Global R&D selected
then Asia’s best company to work for in the Auto
eight winners who travelled to Barcelona as part of
Component category by the Great Place to Work
the incentive. The APMEA operations identified high
organisation.
One of the company’s core values, ‘One Family’, is
hiring practices and global policies have led to a
greater gender mix. Further, along with the best-inclass policies and practices, greater emphasis on
competency profiling of each candidate has ensured
getting the right person for the right job.
Capability building - functional and technical,
and also empower the latter.
All these initiatives foster a spirit of inclusiveness and
rewarded with a trip to Malaysia and Langkawi
gender diversity. However, the company’s refreshed
suggestion box, intranet, etc. These initiatives help
the senior leadership to connect with the employees
have resulted in an engaged workforce at Apollo
Islands.
Enschede plant.
multiple channels including town halls, emails,
the previous fiscal, the Indian and European
across various locations in India and they were
nature of the business, the industry has seen low
will be concluded soon in the Limda plant. Further,
the company engages with its employees through
operations organised their respective ‘Roll of
employees among the junior management staff
Celebrating togetherness: Employees with families during the Apollo One Family event at Manchester
completed in the Kalamassery plant and the process
Sustainability and social responsibility are an
inherent component of our corporate strategy. Long
before the Government started mandating social
responsibility, Apollo Tyres identified the need to
work with stakeholder communities to strengthen our
lived across the organisation and includes the
bonds with them and focus on ‘continuously
unionised members of the organisation. Led by the
enhancing stakeholder value’. Our CSR strategy
AMPEA operations’ HR team, regular interaction
focuses on combining corporate goals with
between the management and unions ensured that
development goals thereby optimising scarce
re l a t i o n s re m a i n e d c o n d u c i v e a c ro s s a l l
existing resources and enabling inclusive growth.
manufacturing facilities. Long-term settlement was
With this strategy, the company focus on areas for its
continues to be the focus area for HR at Apollo Tyres.
Managers from the R&D function from Europe and
Apollo Tyres honoured as Asia's best company to work for in the Auto Component industry by the Great Place to Work Institute
India attended the ‘Technology Leadership
Development’ program. The same was a focus area at
the operations level. Based on the success of the
HR continued work on its on-boarding program. The
Customer Centric training initiatives, the APMEA
company’s orientation process has tried and tested
operations conducted programs like ‘Fact Based
elements ranging from creating awareness about the
Management Training’, ‘Customer Service Training
company’s culture and key processes, a mentoring
in association with Volvo’, etc. for its field sales teams.
program to handhold new employees and on job
The operations also further built on its success of the
training. All these ensure that new employees are
‘Step-Up’ program for its junior field staff which has
trained and equipped with the necessary skills -
produced a responsive customer focused sales force.
cultural and technical, required to perform the job at
the desired level.
Like the APMEA operations, Apollo’s EA operations
had several trainings and development programmes
In terms of fostering greater team spirit and
cohesiveness amongst the senior leadership and their
families, the company organised the ‘Apollo One
Family’ event, a trip to the United Kingdom. Similarly,
the European operations had organised its Family Day
event early in the previous fiscal. On the day,
at different levels within the region centered to
enhance professional and non-professional
competencies. One of the programs was focused
around training the team in entrepreneurship, quality
and costs.
employees of the European operations invite their
The company’s earlier focus on hiring fresh
family and show them the factory. The EA operations
engineering graduates since 2008 has now started to
had also organised the ‘Apollo Vredestein family day’
pay rich dividends for the company with several of
in the early part of FY15. During this festivity, over
these graduates now part of the APMEA operations’
6000 employees and their family members visited the
middle management base and others moving to take
32 APOLLO TYRES LTD
ANNUAL REPORT 2014-15 33
CSR initiatives including health, environment and
community development.
The APMEA operations continued its long standing
CSR initiative on HIV/AIDS prevention and awareness
for truck drivers in India. The health programme spans
across 25 locations across the country. The
programme reached out to over 415,643 people
through one-to-one and one-to-group awareness
sessions and peer educated activities. More than
54,168 people were treated out of which 3,305
truckers were treated for sexually transmitted
infection and over 39,990 people counselled for HIVAIDS.
The programme, originally designed for the trucker
community to promote awareness on HIV, was
extended to cover other health related issues. A pilot
project on vision correction was organised for the
customers.
With the health programmes firmly established, the
APMEA operations had been focussing on
environmental conversation and community
development projects under the expanded CSR scope.
The shift is evident in the spending. The operations
has spent 42% of its total CSR budget in FY15
on these two areas, up from just 15% in FY13.
On the environment front, CSR has already initiated
projects in different cities of India on waste
management, afforestation and emission reduction,
biodiversity enhancement and watershed
management. In line with the National Agenda of
Swach Bharat Abhiyan, the Clean My Transport
Nagar flagship project (started in 2012) has
recovered almost 16,000 kgs of waste in a single year
from Delhi and Agra Transport Nagars respectively,
offering a cleaner and healthier workplace for the
customers and dealers.
across the value chain, also engaged in small
activities for the suppliers community (natural rubber
grading centre employees) in the state of Kerala.
Apollo’s EA operations undertook various CSR
initiatives within the Netherlands such as employee
participation towards the ‘The Ice Bucket Challenge’
for the ALS foundation. The operations also
sponsored the ‘Good Cause Rally’, an initiative to give
critically ill children a moment in which they can
‘forget’ about their illness for a little while and get to
chance to be co-drivers in high performance and
exclusive cars.
Within the livelihood generation theme, the operation
provided 10 long-time unemployed people with
labour training-experience at the plant in the effort to
re-integrate them into work. This initiative will
provide further support and enable their chances of
getting back to employment.
It was an endorsement for the organisation’s CSR
when the company was ranked 1st in the Auto
Ancillary category in the list of ‘India’s Best
Companies for CSR’, a detailed study by Indian
Institute of Management, Udaipur and Futurescape
Technologies.
A supplementary food programme for the Anganwadis near the Limda plant in India
In the previous fiscal, APMEA operations delivered a
diverse range of initiatives in communities from
livelihood generation (through vocational training
and skills building) to improving sustainable
agriculture (through improved farming practices and
livestock management). There were 349 unemployed
youths and women who were provided training under
‘Project U’, for livelihood generation.
Over 37%
have either taken up employment outside or are selfemployed. Further, the CSR team, with its initial
efforts to look at the overall impact points
For a cause: Employees at Enschede plant in the Netherlands participating in the 'Ice Bucket Challenge'
34 APOLLO TYRES LTD
ANNUAL REPORT 2014-15 35
EXPLORE FOR
97
95
94
93
92
91
90
103
102
88
87
86
85
98
101 100
89
84 83
96
81
106
107
110
111
112
114
113
Taking responsibility.
Creating a better environment.
115
116
119 118
Protecting our most valuable asset.
82
99
78
104
105
108
80 79
71 70
74 72
73
77
75
76
64
109
the better will be our reward tomorrow.
62
61
60
56
117
123
124 125
126 127
129
131 130
132
135
134
133
136 137
128
138
42 43
41
37
39 38
40
26 27
25
150
139 140
141
149
143 142
148
145
147
146
144
151
152
153
154
155
156
157
158
TOMORROW
66
65
59 58
57
120
122
67
63
121
The more committed we are today,
68
69
159
24
29 30
22
23 28
19 20 21
15
16
17
14
18
12 13
11
10
78 9
6
5
4
3
2
1
160
31
32
55
54
51
53
52
50
49
48
47
46
45
44
36
33
35
34
SUSTAINABILITY
Apollo Tyres Ltd understands and respects its role and responsibility towards ensuring benefits to
its stakeholders and society at large. This section gives an overview of the sustainability approach
and performance in the manufacturing operations.
Period of Report
The period covered for the purpose of this report is
MANAGEMENT APPROACH
TOWARDS SUSTAINABILITY
April 1, 2014 to March 31, 2015 and the reporting
Organisations around the world are becoming more
cycle is annual.
conscious of socially responsible behaviour,
integrating social and environmental concerns in
Scope of Report
their business operations and interacting with their
The information disclosed in the report relates to
stakeholders. The aim of social responsibility is to
Apollo Tyres’ operations in two regions - EA (Europe
contribute to sustainable development for all
and Americas) and APMEA (Asia Pacific, Middle East
stakeholders and to promote business accountability.
and Africa). The information is restricted to the
manufacturing operations in the two regions, with the
exception of our employees section which provides
information about our non-manufacturing operations
too.
Apollo Tyres acknowledges the significance of its
performance in relation to the society in which it
operates and its impact on the environment, both now
and in the future. The company’s social responsibility
and sustainability commitment flows from this
understanding and is based on its vision of growth,
The manufacturing locations are:
Ÿ
EA Operations: Enschede in the Netherlands
Ÿ
APMEA Operations: Chennai, Limda, Perambra
and Kalamassery* in India
development and expectations of all its stakeholders.
The company’s sustainability journey began in 2010.
Over the years, it has established strong management
systems to aid planning and implementation of
Apollo Tyres has developed its own Sustainability
sustainability led initiatives across all its operations.
Reporting Framework drawing elements from
In FY15, the company formalised the structure and
ISO26000 and National Voluntary Guidelines. The
constituted a Sustainability Committee with
company has made efforts to ensure disclosure on
representation from the Management Board. This
parameters which it considers to be consequential.
highlights the commitment of the top
Figure 1
MANUFACTURING LOCATIONS
Enschede
Limda
Kalamassery Chennai
Perambra
* Kalamassery location is a leased unit
ANNUAL REPORT 2014-15 39
Figure 3
F
WE CARE
Aspire to be the best in customer service in the
Indian tyre industry by 2020
In India (APMEA),
adopted 360˚ approach to
influence all customer
CUSTOMERS
touchpoints
& CONSUMERS
Committed to
support the
supply chain,
from upstream to
downstream"
SUPPLIERS/
DISTRIBUTORS/
DEALERS
Over 95% suppliers
have signed Partners
Code of Conduct (PCC)
Women making organic manure in a village near the Limda plant in India
W
management to drive its sustainability strategy
forward.
their concerns. This assists the company in
The committee is responsible for management of
improving its decision-making processes and
sustainability statement, sustainability framework
accountability to them.
and works towards achieving sustainability goals.
The company’s endeavour is to build a trustworthy
‘Customer First’ is one of the key values enshrined in
WORKING TOGETHER
and long-term relationship with all its stakeholders.
the Apollo Way. Our customers, and those whom they
Apollo is committed to create value for all its
The strategy is to:
replacement) and dealers; suppliers; investors and
CARE FOR CUSTOMERS
serve, are central to everything that we do.
The APMEA operations aspires to be the best in
Ÿ
strengthen strategic partnerships with its
stakeholders
analysts; shareholders; regulatory bodies and
Total Employee Strength: 14,587
Employee Attrition: 5.11%
EMPLOYEES/
WORKERS
COMMUNITY
Engaged with
communities around
our operations with
focus on Livelihood
generation
In India (APMEA),
trained unemployed youth
and women. Over 37% have
been employed
In Netherlands (EA), provided labour training to
unemployed to re-integrate them into work
with the stakeholders’ groups helps it to understand
stakeholders – employees; customers (OEM and
Create value for the organisation by developing human
capital
customer service in the Indian tyre industry by 2020
by winning customer confidence through excellent
service quality and hassle free product experience. It
adheres to the highest standards of customer care
services and is proud to declare that there has been no
incident of non-compliance with regards to product
Workshop with rag picckers, Agra, India
W
community – by pursuing sustainable business
Ÿ
increase stakeholder participation and
policies and practices all along the value chain.
Ÿ
achieve organisational goals
The company believes that engaging with its
The company’s engagement with its stakeholders
stakeholders is crucial to building a sustainable
(customers, employees, supply chain partners and
business. The process of holding structured dialogue
community) is detailed in the section “We Care”.
Figure 2
F
WORKING TOGETHER
EMPLOYEES /
WORKERS
PROCUREMENT /
PURCHASE
40 APOLLO TYRES L
LTD
CUSTOMERS /
CONSUMERS
SUPPLIERS /
DEALERS
MANUFA
F CTURING /
DELIVERY
R
SHAREHOLDERS /
INVESTORS /
ANALYS
L TS
SALES / DISTRIBUTION
SOCIETY
T
END OF LIFE
ANNUAL REPORT 2014-15 41
Figure 4
A
Ce pollo
rt
Fit ified
(AC ter
F)
o
oll
Ap ect
Dir
Teams in the operations regularly conduct product
and safety awareness workshops and health
assistance programmes and also encourage
customers to share their experiences through a
Our Work Ways
In the APMEA operations, the company has a
dedicated customer service department which has
A
p
Ra oll
o
As Serv dial
s
i
( ist ce
A
RS anc
A) e
Apollo
Radial
Repair
Centre
(ARRC)
ss
ele ce
b
Tu ervi t
S oin )
P SP
(T
360˚
CUSTOMER
APPROACH
Apollo
Certified
Retreader
(ACR)
Apollo
Tracto
r
Owne
rs
Meet
(ATOM
)
dedicated mechanism.
members with specialised knowledge on products,
technical expertise and commercial understanding to
provide value-added services to our customers. It also
acts as a key support function for other departments
like Sales & Marketing and Plant Technology by
sharing (Voice of Customers) feedback from the
customers.
safety, product labelling, marketing communications
or data privacy from any of its operations in the
Regional Inspection Centres (RICs) have been set up
reporting period.
across India to carry out checks on returned products
The operations has traversed a long distance in the
past decade. Over the years, its focus has shifted to a
wider ambit of ‘complaint management’. The
approach not only addresses basic aspects like claim
and share insights so gained with the Production
(Manufacturing) and Research & Development units
for improving quality of products and minimising
wastes (scrap).
educating customers to sharpen its 360˚ Customer
Apollo’s HR vision is to be a strategic partner to the
Approach that connects with all the customer service
business and create value for the organisation by
touch points. Under the Apollo 360˚ Customer
developing human capital. In line with this vision, the
Approach, the company carries out multiple
company believes in empowering its employees and
redressal, product testing, mass customer campaigns
The strategies of the department include developing
initiatives including Apollo Certified Fitter
hone their skills. At Apollo, the endeavour is to ensure
but also seeks to eliminate any scope for complaint in
TBR leadership, educating drivers in tyre care and
Programme, Apollo Certified Retreader Programme
and provide employee benefits, maintain gender
its products and services.
maintenance, organising drivers’ welfare camps and
and Apollo Tyre Road Assistance Programme.
HIV-AIDS awareness programme in India
Going forward, the plans include introduction of the
Services Super7 Approach which aims to bring in the
neutrality, facilitate collective bargaining and
maintain a healthy and safe environment at all its
operations. Under the integrated management
system, the company is certified for OHSAS 18001 in
cultural shift of empowering customers with relevant
all its manufacturing locations in India. The company
knowledge and technical expertise by way of planned
follows labour policies compliant with statutory and
programmes like ‘Do it Yourself’ (DIY) and ‘Know
regulatory requirements for payment of wages and
Your Customer’ (KYC). Better knowledge of products
other benefits.
will enable its customers to utilise products more
efficiently.
A majority of the company’s workforce in all its
operations is employed on a permanent basis,
For Apollo’s EA operations, it continues to improve
constituting 72.96% of the total.
tyre label values on rolling resistance, noise and wet
grip as per the European Tyre Labelling Regulation.
For example, the recently introduced product line,
Quatrac 5,
reduces rolling resistance by, on an
Figure 5
EMPLOYEE BREAKDOWN
Total workforce: 14,587
average, 10%.
CARE FOR EMPLOYEES
EA 11.1%
CORP 2.4%
APMEA 86.5%
One of Apollo’s core values is to celebrate oneness
and foster team spirit in the workforce by building
trusting relationships, shared vision and passion for
common goals. We encourage Apolloites to lead a
healthy lifestyle, take pride in each other’s work,
irrespective of hierarchy, race, religion or gender and
connect with each other as One Family.
42 APOLLO TYRES LTD
Corporate offices include employees at our corporate offices in
Gurgaon, London, Singapore and R&D division in the Netherlands.
ANNUAL REPORT 2014-15 43
Safety across its manufacturing locations and follow
technology, etc.
international standards. The Indian operations are
In the Corporate Offices, a total of 2,4693 man-days of
certified under OHSAS18001 (Occupational Health
training were provided to the managerial staff.
and Safety Management Systems).
Human Development
In all its operations, the company has instituted
The company not only empowers its employees with
formal health and safety committees at unit and
right skills, but also develops their capabilities by
department levels to ensure effective governance and
constantly monitoring their performances which is
management of health and safety performance. It has
key to achieve better results.
taken several initiatives to ensuring a safe working
The Performance Management System is aimed at
environment for its employees. Some of these are
objective evaluation of performance, identification of
highlighted in figure 9.
training needs and reward for good performance.
No fatalities and occupational diseases were reported
Apollo believes in recognising and rewarding
in any of the manufacturing locations.
employees for outstanding performances to motivate
In the APMEA operations, there were 2,172 accidents
them to achieve their targets and guide others to
(including first-aid and major accidents) during the
accomplish identified objectives and goals of the
reporting period and 8,657 man-days were lost due to
organisation. Programs like ‘Employee of the Year’
BREAK-UP OF PERMANENT AND
CONTRACT EMPLOYEES
Contract 27%
Permanent 73%
5.1%2 in the reporting period. One of the reasons for
a tool to enhance employee engagement.
this is that a majority of our workforce is drawn from
Health and Safety at Work
the local communities which gives us an added
advantage in the form of a closer tie with the
communities in which we operate.
The gender composition is primarily male, with
females comprising 1.7%1 of its workforce. The
organisation, however, is consciously working
towards recruiting more female employees to bring a
gender balance.
Figure 7
employees is the company’s top priority. There has
4.95%.
Training and Development
our equipment by bringing in effective engineering
Apollo is committed to empowering its workforce to
controls and implementing projects which obviate the
take ownership for their actions and responsibility for
need for manual interventions.
results, as well as to innovate and embrace change.
The company’s focus is on driving Behaviour Based
There were no fatalities in either operations.
-
Across the two operations, the company continues to
have various health assistance programmes for
Figure 9
p ro g ra m m e s l i k e Te c h n o l o g y L e a d e r s h i p
SAFETY MEASURES TAKEN IN APMEA REGION
Development Programme is carried out for R&D and
manufacturing professionals at the corporate level.
SAFETY MEASURES
CHENNAI
LIMDA
Fall arrest system installed
3
3
Safety induction training
3
3
Contractors’ safety management
3
3
PERAMBRA
3
3
organisations in India and abroad.
Figure 8
AVERAGE TRAINING MANDAYS (APMEA)
2.9
Road safety programme
2.8
3
2.8
Work permit system for non-routine
3
3
activities strengthened
5.3%
2.7
4.00%
3.2%
Management
Other Employees
For the EA operations, 1,235 employees were
2.00%
provided training in marketing, sales and
development, workshop values, production
APMEA
KALAMASSERY
R&D professionals are sponsored for programmes in
2.9
8.00%
Health Assistance Programmes
For the APMEA operations, highly specialised
8.4%
0.00%
which has sharply come down from 62.2 in the
previous year. The absenteeism rate was recorded at
10.00%
6.00%
79 accidents. The lost rate due to injury was 1.82,
been a steady improvement of the safety standards of
operations is low, with the overall rate touching
REGION-WISE EMPLOYEE ATTRITION
For the EA operations, 400 man-days were lost due to
Providing a healthy and safe environment to its
foreign universities and other tyre related
The employee attrition rate at all the company’s
the injuries caused.
and ‘Roll of Honour’ help in this goal and also serve as
Figure 6
Corporate
EA
Hazardous chemical handling training
3
3
Equipment installed for safety
3
3
3
3
Regular inspection and awareness
processes, skills, technical, management, tyre
3
3
programmes
1
2
Breakdown of male and female employees doesn't include contract employees of Chennai plant
The calculation does not include the 123 employees in the Netherlands' R&D operations
44 APOLLO TYRES LTD
3
The calculation does not include 123 employees for Netherlands' R&D operation
ANNUAL REPORT 2014-15 45
Figure 10
HEALTH RELATED TRAINING AND COUNSELLING PROGRAMMES
Education/
Training
Counselling
Prevention/
Risk Control
Treatment
Workforce
Worker’s Families
Community Members
3
3
3
3
3
3
3
3
3
3
-
Workforce
Worker’s Families
Community Members
3
3
-
3
3
3
3
3
3
3
-
Workforce
Worker’s Families
Community Members
3
-
3
-
3
-
3
-
Workforce
Worker’s Families
Community Members
3
-
3
-
3
-
3
-
Kalamassery
Perambra
Limda
Chennai
Women undertaking Khakra making - A livelihood generation initiative in a village around the Limda plant in India
employees and their families. These include the HIV-
focus area of its operations. The supply chain spans
AIDS awareness and prevention initiative, anti-
from upstream (sourcing raw materials ) through to
tobacco and anti-alcohol programmes and the
Dealership (RED), whereby workshops are held to
downstream (selling the product through the
enable the customers to choose the right products
disease prevention initiatives.
company’s network of distributors and dealers)
and use it safely in order to increase efficiency.
Figure 10 gives details of the health-related training
activities. The organisation is constantly looking for
The company considers its suppliers as long-term
and counselling programmes conducted.
avenues to develop new channel networks and create
business partners and works together with them on
awareness of fair practices amongst the distributors.
environmental, economic and social aspects to
One such key initiative is a distinct retail concept for
enable sustainable business practices. The company
CARE FOR SUPPLY CHAIN PARTNERS
The company has identified supply chain to be a key
the rural markets, known as the Rural Exclusive
encourages its suppliers to develop their
environmental systems in compliance with the
requirements of ISO14001 and to get their systems
certified by a third party. The company expects its
partners to comply with all national and other
applicable laws and regulations in their operations.
The company’s suppliers have either pre-registered
for REACH compliance or are in the process of such
registration as per the registration deadline
requirements, as applicable. The purchase policy is
implemented in spirit through sustainable practices
throughout its value chain. The Partner Code of
Conduct (PCC) designed by the organisation, covers a
wide spectrum of social, economic and
environmental concerns. About 95% of the raw
46 APOLLO TYRES LTD
supply of tyres to Europe.
The company is also geared up to meet all the current
and future tyre labelling requirements, as and where
applicable.
Also, the company conducts CSR workshops for its
partners to spread awareness about HIV-AIDS
prevention and substance abuse with the help of its
Corporate Purchase and CSR teams on a regular
basis. This is in line with the risk minimisation
strategy and creates synergy with its corporate CSR
initiatives. Until now, 36 supplier plants have been
covered under this programme by the master trainers
and about 790 participants from suppliers have been
trained.
CARE FOR COMMUNITY
Apollo Tyres is continuously engaging with the
communities around its operations to develop
mutually beneficial relationships with them. The
activities are aligned with its business sustainability
programme.
material suppliers have joined the company in
For the APMEA operations, the engagements are
accepting its code helping to strengthen the
aimed at improving livelihood and general well-being
sustainability journey in its upstream supply chain.
of the communities and include activities to provide
Further, the company is geared up to meet all raw
income avenues, skill-building, healthcare,
material related requirements with reference to usage
environmental awareness and conservation and other
of Polycyclic aromatic hydrocarbon free materials for
social programmes.
ANNUAL REPORT 2014-15 47
-
Livelihood Initiatives
The EA operations provided labour training to 10
individuals who were unemployed for long to
improve their job prospects. It also provided a certain
percentage of employment to the disabled as per the
local law mandate.
The company carried out various initiatives in the
reporting period to preserve the environment.
Clean My Transport Nagar
biodegradable waste of 9,469 kg and nonbiodegradable of 4,496 kg.
-
Clean My Village
called Clean My Village, was initiated in Tamil Nadu.
The project offers many services like daily waste
collection, waste segregation, compost production,
spreading awareness and advocacy on the integrated
issues of waste, sanitation and health amongst
The Clean My Transport Nagar (CMTN) initiative
various stakeholders in the community.
aims at improving waste management and
-
cleanliness of identified transport hubs in India, along
with generating awareness on health and sanitation.
It offers a spectrum of services like waste collection,
waste segregation, daily cleaning of the streets and
lanes, creating compost from biodegradable waste,
waste recycling and creation of livelihood
opportunities for rag-pickers.
Project U - Take home ration project
collected through the project, which included
A community-based solid waste management project
Environmental Protection
-
During the reporting period, 15,959 kg of waste was
The first CMTN project was started in 2012 in Delhi’s
Sanjay Gandhi Transport Nagar, followed by another
Pond revival in Peringakulam
The company and the local gram panchayat jointly
organised a cleaning drive in collaboration with the
Tropical Institute of Ecological Sciences (TIES) of
Kottayam to clean and revive the pond in
Peringakulam. The drive was completed in 13 days
during which 500 kg of waste was removed.
-
Tree plantation
The tree plantation project is aimed at both carbon
programme being carried out in three locations in the
at the Agra’s Transport Nagar. Other transport hubs
capture and livelihood generation for the farmers in
and well-defined strategy with the objective of
APMEA operations– Chennai, Kochi and Vadodara.
are being identified for replication and expansion of
the water starved areas of Tamil Nadu. The company
meeting the key needs of these communities, as
The targeted audience is being trained in many
the project in the coming years.
has partnered with TIST Private Ltd of Chennai, India
shown in figure11.
vocational skills such as apparel making,
The nature of its community projects follow a clear
Figure 11
1. Understanding needs and requirements
of the community
2. Developing priority areas and aims based
on community needs
housekeeping, personal care, hospitality, making
Clean my Village – A community based solid waste management project near the Chennai plant in India
home cleaning agents, bouquet and cotton waste
products for industry, etc.
Besides, Apollo Tyres Foundation has set up self-help
groups in the villages as a part of Project U for the
empowerment of women. Village women are trained
3. Planning, implementing and monitoring
projects under the identified priority areas
to deal with various social issues like domestic
4. Reviewing outcomes and understanding
impacts of implemented activities
for further improvement
In the reporting period, the programme provided
The company’s initiatives and projects fall under four
thrust areas, namely, livelihood generation, health,
environment and supply chain
Livelihood Generation and Skill Building
The company seeks to develop entrepreneurial skills
and impart vocational trainings to the unemployed
youth and women and provide improved farming
practices to raise income levels of the communities.
-
Project U
This is a skill building and livelihood generation
48 APOLLO TYRES LTD
violence, dowry, women’s rights, etc.
skills training to 349 unemployed youth and women,
out of which 131 have started earning.
-
Improved Farming Practices
This project supports the farming community around
the Limda plant by providing capacity building
services such as modern ways of farming techniques,
use of improved varieties of seeds and other ways to
increase agricultural productivity and income. The
project also offers services related to livestock care
and management and breeding camps. In all, 207
farmers benefitted in various ways during the
reporting period.
ANNUAL REPORT 2014-15 49
for this project in various districts of Tamil Nadu and
aims to plant 1,00,000 saplings in four phases.
programme through various awareness programmes.
More than 54,168 people, including truckers and
In the reporting period, the company has planted
allied population, were treated out of which 3,305
44,000 teak wood saplings through the project which
truckers were treated for sexually transmitted
has benefitted 52 farmers.
infection (STI) and 39,951 counselled for HIV/AIDS.
In all, 15,459 HIV tests were carried out, of which 111
Health Initiatives
The third thrust area is health for which the company
runs one of the biggest and most inclusive
Other health initiatives included six eye check-up
camps organised at Sanjay Gandhi Transport Nagar
programmes.
-
tested positive.
in Delhi for drivers and allied population. The
HIV/AIDS Awareness and Prevention
programme benefited 503 people, including 179
The company has a comprehensive programme on
truck drivers. There were blood donation drives and
HIV/AIDS awareness and prevention for all key
hygiene improvement activities during which water
stakeholders – employees, customers (truckers and
dispensers were distributed.
allied population), supply chain partners and
community, including partners/spouse of patients.
The company has targeted interventions in the form of
25 healthcare centres in transport hubs across India,
including Mumbai, Chennai, Delhi, Kolkata and
Ahmedabad, focusing on truck drivers, commercial
sex workers and migrant labour. Three such centres
were opened during the reporting period in Farakka
(West Bengal), Patna and Nagpur.
Supply Chain Initiatives
The fourth thrust area is within our supply chain,
where the company conducted a few initiatives for the
Rubber Tapper community and Grading Centre
employees. Eye check-up camp was organised for the
employees of rubber grading centre in Kerala in
which 29 employees were examined. Eighteen were
diagnosed with vision problems and were prescribed
Apollo Tyres' 23rd health care clinic in West Bengal, India
spectacles. General medical camps were also
In the reporting period, we reached out to over 41,953
organised for the tappers and grading centre workers
people in the trucker targeted intervention
in which 111 were given medical care.
Apollo Tyres' initiative to encourage tree plantation in Tamil Nadu, India
Philanthropic Activities
The company also supports social causes as a part of
its Corporate Social Responsibility (CSR) spending
within India under the APMEA operations. The EA
operations has also undertaken sponsorship of events
and donations which are primarily targeted at
disadvantaged and disabled women and children.
people and provided livelihood support to the
unemployed. In January 2015, the operations also
signed a co-operation agreement with the ROC van
Twente and AOC Oost together with other companies
in the processed food and feed industry for the startup of a vocational centre for process technology in
Eastern Netherlands.
The activities are focused around support towards
GO GREEN
health, education and the disabled. Some of the
The company’s Go Green initiatives stem from the
initiatives included donations to the hospital to raise
belief that it can significantly contribute towards
awareness about balanced diet and anaemia, support
mitigating the environmental challenges and
for education of blind school students and girls from
creating a positive impact on the ecosystem.
under privileged sector, and donations made during
natural disasters such as floods in Kashmir.
The EA operations is in direct contact with its local
Tyre manufacturing relies on three primary raw
communities in Enschede and participates in various
materials: natural rubber, synthetic rubber and
activities like providing information and attending
carbon black. Currently, these three comprise 68.2%
question and answer sessions with the deans/
of our total raw material volume consumption. For the
teachers and students at technical education
APMEA operations, natural rubber claims the bulk of
institutions, joining excursions with students and
the raw material with a 67.9% share of the total
representatives from the universities, industries, etc.
rubber usage. In its EA operations, the company
During the reporting period, the operations
50 APOLLO TYRES LTD
Raw Material Sourcing and Management
depends on natural and synthetic rubber.
participated in ‘The ALS Ice Bucket Challenge’,
The use of raw material is determined by cost and
supported chronically ill children and disabled
availability. Since traditional natural rubber has seen
ANNUAL REPORT 2014-15 51
The APMEA operations account for 86.3%
At present, most of energy requirement of the
(35,58,543.1 GJ) of total energy consumption.
organisation is met from non-renewable sources. The
Though coal is the primary source of direct energy for
company is consciously exploring possibilities of
the India operations, the company has consciously
using clean energy even if it comes at a premium. For
adopted clean energy sources to cut down carbon
instance, the company uses wind energy in its
footprint. It uses wind energy in its Chennai and
Chennai and Limda plants.
Limda plants, which is sourced through the grid. In
As an effort to reduce emissions, the corporate R&D
the reporting year, 4.8% of total energy consumption
function at Enschede, the Netherlands, has a set of
of the India operations was sourced from wind power.
bicycles with allocated bay space at the premises,
In the EA operations, energy consumption is 13.7%
of the total energy (5,65,448 GJ) consumption. The
company uses natural gas for all direct and electricity
for indirect energy consumption as it is the
predominant energy source in the Netherlands.
whereby employees are encouraged to use these as a
mode of transport. There is also a battery operated car
service, shuttling between the plant and the R&D
office, to transport personnel with the aim to save fuel
and emissions.
In the APMEA operations, GHG emissions in its
Greenhouse Gas (GHG) Emissions
The company is continuously working towards
Community engagement in Limda village, India
Figure 12
Energy Sourcing and Management
TOTAL RAW MATERIAL CONSUMED IN APMEA
AND EA REGIONS
In metric ton
manufacturing process as the component
Carbon Black 23.2%
preparation and curing processes require intensive
Other Raw Materials 31.8%
Direct energy sources play a direct role in the tyre
Perambra and Chennai plants were reduced by taking
a number of initiatives.
reducing Greenhouse Gas (GHG) emissions and
Water Sourcing and Management
climate change impacts in our sustainability journey.
Apollo recognises the importance of acting
It has taken various initiatives which include
responsibly and implementing water conservation
reduction in energy consumption, focus on products
methods. The company is proud to declare that no
like low rolling resistance and emission in
water source was significantly affected by withdrawal
transportation and logistics etc.
of water for any of its operations. Further, the
Waste management and segregation project in Tamil Nadu, India
heat for stimulating chemical reactions between
rubber and other materials.
Indirect energy sources (electricity and wind power)
is used for functioning of utilities, fixtures and other
peripheral requirements supplementing the
manufacturing processes. The blend of energy
sources is determined by availability, price and
Natural Rubber 30.6%
Synthetic Rubber 14.4%
Total raw material consumed across all
our operations: 4,79,206 metric ton
Total recycled material: 6,868 metric ton (1.43% of
the total raw material consumed)
high market volatility, the company has been actively
seeking alternative natural sources such as Dandelion
and Guayule through its EU PEARLS project.
environmental considerations where climate change
impacts are the most pressing issues.
Figure 13
SHARE OF ENERGY CONSUMED BY SOURCE
(DIRECT AND INDIRECT)
Total energy consumption (both direct and indirect) 41,23,990 GJ
Furnace Oil 5.9%
Coal 27.9%
Wind 4.0%
Gas 13.7%
Others 0.2%
The company continuously endeavours to cut down
consumption by reducing material use through
innovation in design of its tyres, without
compromising on product quality and safety. Its R&D
centres are dedicated to achieve this objective. In
addition, it tries to recycle materials to the maximum
extent to conserve resources.
52 APOLLO TYRES LTD
Steam 21.0%
Electricity 27.3%
ANNUAL REPORT 2014-15 53
Figure 14
TOTAL WATER WITHDRAWAL BY SOURCE
Figures in %
98.3
100
focus is on minimising waste generated in its plants.
In all its operations, the total solid waste (waste
rubber, scrap tyre, rubberised fabric etc.) generated
has come down from 19,500 metric ton in FY14 to
15,149 metric ton in the reporting period.
75
Conservation of Biodiversity at our plant locations
50
Apollo is committed to protect and improve its
25
ecosystem. With this in mind, several initiatives have
environment to create a positive impact on the
0
r
ce
fa
ur
S
ate
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nd
ou
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Total annual water withdrawal: 66,51,959 mᵌ
company has initiated a few projects in the APMEA
operations to conserve water in the reporting period at
been carried out including waste management,
protection of biodiversity, tree plantation, etc.
-
Biodiversity Enhancement
The company has mapped the impact on biodiversity
in its manufacturing locations through formal risk and
impact assessment studies. As an outcome of this
study, biodiversity conservation projects were
initiated at our Perambra and Kalamassery plants.
the plant level. These included effective utilisation of
These were:
sanitary water through wastage minimisation,
Ÿ
Development of snake repellent shrubs at the
employee awareness programmes, increasing in
Perambra plant: Shrubs that repel snakes were
water recycling capacity, etc.
planted in areas of high snake density to secure
the main manufacturing premises;
Waste Reduction and Management
The company has a well-structured waste
Ÿ
Apiculture at the Perambra plant: Boxes for
management system at all its manufacturing locations
beehives were placed on rubber trees for honey
which takes into account ISO14000 requirements. Our
collection.
The snake repellent belt and fruit tree garden within the plant premises at Kalamassery and Perambra in India
Ÿ
Theme gardens at the Perambra and
company also saves energy and lowers rolling
Kalamassery plants: Butterfly gardens, fruit tree
resistance, which in turn, lowers fuel consumption of
and herbal gardens were set up with relevant
vehicles and reduces their CO2 emissions.
flora species.
Baseline surveys have been conducted for the other
plants to identify biodiversity conservation projects
which will be initiated in the near future.
INNOVATION
To achieve the goal of becoming a preferred global
brand in the tyre industry, Apollo is continuously
seeking to develop sustainable technologies and
products that reduce risks and increase value for our
stakeholders.
The company focuses on research and development
Use of Silica Technology
The company is increasingly using silica as
reinforcement material in place of carbon black,
which is produced by burning petroleum oil, in
developing new tyres. This helps us to cut down the
use of fossil fuel. Besides, tyres with silica
reinforcement give better fuel efficiency to vehicles,
thereby, reducing CO2emission. Ford’s upcoming
vehicles will be using the product range, Apollo 3G
Maxx.
Green Compound Technology
of new materials, compound development, design
The company has invented a new tread compound
and simulation that make our products more
with the carbon black reinforcing material whose
competitive and environment friendly.
performance in regards to rolling resistance is
Weight Reduction
equivalent to that of the silica tread compound. This
gives a winning edge to increase tyre fuel efficiency
Tyre weight optimisation without compromising tyre
without compromising in manufacturing cost. This
performance is a priority for the company. The
invention fulfils the need of new OE requirements in
company optimised the material usage by 2% for its
the Indian market. The target for the coming years is
high performance and ultra-high performance tyre
to further improve the label values of the existing
range in the reporting period, which means reduction
product lines.
in total material used. Through this innovation, the
54 APOLLO TYRES LTD
ANNUAL REPORT 2014-15 55
FINANCIALS
DIRECTORS’ REPORT
59
CORPORATE GOVERNANCE REPORT
89
STANDALONE ACCOUNTS
- AUDITORS’ REPORT
114
- BALANCE SHEET
118
- STATEMENT OF PROFIT & LOSS
119
- CASH FLOW STATEMENT
120
- NOTES
121
CONSOLIDATED ACCOUNTS
56 APOLLO TYRES LTD
- AUDITORS’ REPORT
165
- BALANCE SHEET
170
- STATEMENT OF PROFIT & LOSS
171
- CASH FLOW STATEMENT
172
- NOTES
173
- INFORMATION PERTAINING TO
SUBSIDIARIES/
ASSOCIATES / JVs U/S 129(3)
220
ANNUAL REPORT 2014-15 57
DIRECTORS’ REPORT
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RAW MATERIALS
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were necessary to offset the shortfall in domestic supplies.
In order to ensure long term sustainability of our natural rubber supply chain, your Company supported the Kerala
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350%8$&56R
Synthetic Rubber prices remained subdued in the year under review, in view of general weakness in commodities and also
due to softness in its inputs. Other Crude based raw materials such as carbon black displayed a similar trend.
)&!/7*N%8.3*/(%87<$0/7*/8&%0/*.305760'<-0/<5&05%'!#5*$'50.)*/!!/%$!5#0/#-!$,*.30576'50.)*/!S
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7)&!/7*%8.3*/(0/$&57!*/58##&5$)&.*$!-6'50.)*/!!/%05&!:!6*/$5&!6&%%85*/(7)&-!67?6$!-R
)&!9&5!(&&;$)!/(&5!7&0'583&&)!6:&!,&/&%#<!508/%”‚!(!*/677)&%0--!5%85*/(7)&35&9*086<&!5R
)& 0.3!/<c6 '0$86 0/ -*48*%*7< .!/!(&.&/7 !/% 5*6, .*7*(!7*0/ 7)508() !-7&5/!7& 6085$& %&9&-03.&/7 $0/7*/8&%
during the year.
58 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 59
In India with the Government committed to investment in Infrastructure, it should augur well for the automobile and the
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demand and pick-up in economic activity.
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6&&.!)!3!5)!6#&&/!330*/7&%!60.3!/<&$5&7!5<0'7)&0.3!/<:*7)&''&$7'50.¨35*-”S•“”˜%8&70
5&7*5&.&/70'5!)!-R
DIVIDEND
C)
Declaration by Independent Director(s)
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•{N|•““‚}3&56)!5&0' ”{N&!$)0/48*7<)!5&!3*7!-0'7)&0.3!/<'05”˜'05<085!33509!-R)&5&:*--#&/0
7!;%&%8$7*0/!76085$&0/%*9*%&/%3!<.&/76S#87<0850.3!/<:*--)!9&70#&!57!;0/%*9*%&/%M•“R–™‚S*/$-86*9&
of surcharge.
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submitted a declaration that they meet the criteria of Independence.
D)
Formal Annual Evaluation
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3&5'05.!/$&!/%7)!70'*76$0..*77&&6!/%*/%*9*%8!-*5&$7056R)&0.*/!7*0/!/%&.8/&5!7*0/0..*77&&0'
7)&0!5%*6!-605&48*5&%70$!55<087&9!-8!7*0/0'&9&5<*5&$705a63&5'05.!/$&R¨$$05%*/(-<<0850.3!/<)!6
$!55*&%0877)&&5'05.!/$&9!-8!7*0/!65&48*5&%%85*/(7)&<&!58/%&55&9*&:R
05!//8!-3&5'05.!/$&&9!-8!7*0/0'7)&0!5%!6!:)0-&S*760..*77&&|6}!/%*/%*9*%8!-*5&$7056*/$-8%*/(7)&
)!*5.!/0'7)&0!5%S7)&0.3!/<)!6'05.8-!7&%!48&67*0//!*5&70!66*67*/&9!-8!7*0/0'7)&3&5'05.!/$&R
)&700-7!,&67)&'05.0'!6&5*&60'!66&57*0/6{48&67*0/6:)*$)6)08-%#&!:!5%&%!5!7*/(0/!6$!-&0'”70˜
#<!--*/%*9*%8!-*5&$7056R9&5<*5&$705)!670?--7)&48&67*0//!*5&5&-!7&%707)&3&5'05.!/$&0'7)&0!5%S*76
0..*77&&6!/%*/%*9*%8!-*5&$7056&;$&37)*.6&-'R/7)&#!6*60'7)&5&630/6&707)&48&67*0//!*5&S!'05.!-
annual evaluation has been made by the Board of its own performance and that of its Committees and individual
Directors.
E)
Separate Meeting of Independent Directors
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!6&3!5!7&.&&7*/(0'7)&/%&3&/%&/7*5&$7056:!6)&-%0/$70#&5•œS•“”—R
)&/%&3&/%&/7*5&$7056!77)&.&&7*/(5&9*&:&%7)&'0--0:*/(UN
I
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I
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/0/N&;&$87*9&*5&$7056R
I
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Board that is necessary for the Board to effectively and reasonably perform their duties.
F)
Remuneration Policy
)& 0!5% )!6S 0/ 7)& 5&$0..&/%!7*0/ 0' 7)& 0.*/!7*0/ &.8/&5!7*0/ 0..*77&&S -!*% %0:/ ! 0.*/!7*0/
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the Corporate Governance Report.
)&%*9*%&/%S*'!33509&%S6)!--#&3!<!#-&707)&6)!5&)0-%&565&(*67&5&%*/7)&#00,60'7)&0.3!/<!/%707)&#&/&?$*!-
0:/&56!63&5%&7!*-6'85/*6)&%#<7)&%&306*705*&6S%&7&5.*/&%:*7)5&'&5&/$&707)&#00,$-0685&'50.¨8(867™S•“”˜
70¨8(867””S•“”˜|#07)%!<6*/$-86*9&}R
RESERVES
)&!.08/7!9!*-!#-&'05!335035*!7*0/6S*/$-8%*/(6853-86'50.35&9*086<&!5!.08/7&%70 ”šS˜š”R•š.*--*0/R853-86
of ”˜S“—˜Rœš.*--*0/)!6#&&/$!55*&%'05:!5%707)&#!-!/$&6)&&7!'7&53509*%*/('05%*9*%&/%0' ”S“”›R“˜.*--*0/S
%*9*%&/%7!;0' •“šR•˜.*--*0/S%&#&/785&5&%&.37*0/5&6&59&0' –““R““.*--*0/!/%(&/&5!-5&6&59&0' ”“““R““
million.
RESTRUCTURING
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.!*/ #86*/&66 70 8.*70.0 8##&5 /%8675*&6 -!67 <&!5} 90-8/7!5*-< */*7*!7&% 86*/&66 &6$8& 50$&&%*/(6 0/
&37&.#&5 ”˜S •“”—S !6 3&5 7)& 3509*6*0/6 0' 7)& 087) ¨'5*$! 0.3!/*&6 ¨$7 %8& 70 35&9!*-*/( !%9&56& #86*/&66
conditions. A Business Rescue Plan, to help the Subsidiary Company to restructure its operations, was submitted to
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Due to uncompetitive cost structure and continuous labour unrest and related activities resulting in lack of viability,
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personnel.
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5&6$8&3-!/R0:7)&!'05&6!*%8#6*%*!5<0.3!/<)!65&785/&%70!67!7860'c*/#86*/&66cR¨/07*$&'05$0/?5.*/(7)&
termination of Business Rescue Process has been submitted to Commissioner of Companies and Intellectual Property
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continent.
BOARD OF DIRECTORS
A)
Appointment/Re-appointment of Directors
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0'¨660$*!7*0/0'7)&0.3!/<S58/!.!5,!5|U“““˜››˜œ}S*5&$7050'7)&0.3!/<S*6-*!#-&705&7*5&#<
rotation and being eligible, offers himself for re-appointment.
58/!.!,!5*6/07%*648!-*?&%8/%&5&$7*0/”™—|•}0'7)&0.3!/*&6¨$7S•“”–R
B)
Changes in Directors and Key Managerial Personnel
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$&!6&%70#&!*5&$7050'7)&0.3!/<:*7)&''&$7'50.09&.#&5•™S•“”—R
5 !$0# )0.!6 |U“““”˜™“–} )!6 5&6*(/&% '50. 7)& *5&$7056)*3 0' 7)& 0.3!/< :*7) &''&$7 '50.
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UK.
60 | APOLLO TYRES LTD
PRODUCT & MARKETING
05¨30--0<5&6S*7:!6!<&!50'.!*/7!*/*/(*76-&!%&56)*3306*7*0/*//%*!S&;3!/%*/(7)&350%8$73057'0-*0!$50667)&
globe and pushing into new markets.
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:*7)7)&*/%8675<a6?56775!$7*0/75&!%%&6*(/R)&0.3!/<*/750%8$&%*76¨30--0!/%!/$)&67&5/*7&%$0N#5!/%&%
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350.07*0/!-7085!$5066›$08/75*&6*/8503&70*/750%8$&*76'8--5!/(&0'¨30--0#5!/%&%*/%8675*!-7<5&670&/%86&56
and tyre specialist.
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ANNUAL REPORT 2014-15 | 61
EXPANSION PROGRAMME AND FUTURE OUTLOOK
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MATERIAL CHANGES AND COMMITMENTS
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SIGNIFICANT MATERIAL ORDERS PASSED BY REGULATORS
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CHANGE IN THE NATURE OF BUSINESS, IF ANY
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INTERNAL FINANCIAL CONTROLS
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through management ongoing monitoring and review process and independently by the Internal Audit. In our view the
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DEBENTURES
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Redemption Date
Particulars
Redemption Amount
( Million)
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DEPOSITS
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AUDITORS
{6R &-0*77& !6,*/6 &--6S )&//!*S )!57&5&% ¨$$08/7!/76S |&(*675!7*0/ 0R““›“š•}S )!% #&&/ !330*/7&% !6
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)&0.3!/<)!65&$&*9&%!-&77&5'50.7)&!8%*7056$0/?5.*/(7)!77)&<!5&&-*(*#-&'055&N!330*/7.&/7!6!8%*70560'
7)&0.3!/<8/%&56&$7*0/”–œ0'0.3!/*&6¨$7S•“”–!/%.&&77)&$5*7&5*!'05!330*/7.&/763&$*?&%*/6&$7*0/”—”
0'7)&0.3!/*&6¨$7S•“”–R
!6&%0/7)&5&$0..&/%!7*0/60'7)&¨8%*70..*77&&!/%!63&57)&3509*6*0/60'&$7*0/”–œ|”}S0'7)&0.3!/*&6
¨$7S •“”– 7)& 0!5% 0' *5&$7056 0' <085 0.3!/< 350306&6 70 5!7*'< 7)& !330*/7.&/7 {6R &-0*77& !6,*/6 &--6S
)&//!*S)!57&5&%¨$$08/7!/76S!67)&7!78705<¨8%*70560'7)&0.3!/<'05”™R
AUDITORS’ REPORT
)&$0..&/760/67!7&.&/70'!$$08/765&'&55&%70*/7)&5&30570'7)&!8%*7056!5&6&-'&;3-!/!705<R)&¨8%*7056a
&3057%0&6/07$0/7!*/!/<48!-*?$!7*0/S5&6&59!7*0/05!%9&56&5&.!5,R
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
COST AUDIT
¨65&48*5&%#<$-!86&—œ0'7)&-*67*/(!(5&&.&/7:*7)7)&70$,;$)!/(&6S!%&7!*-&%!/!(&.&/7*6$866*0/!/%
Analysis Report is presented in a separate section forming part of the annual report.
{603!-!,5*6)/!/ 0RS067¨$$08/7!/76S:&5&!330*/7&%:*7)7)&!33509!-0'7)&0!5%70$!55<0877)&$067
!8%*7*/5&63&$70'7)&0.3!/<a6'!$*-*7*&6!7&5!.#5!S!%0%!5!!/%)&//!*!6:&--!60.3!/<a6-&!6&%03&5!7&%
3-!/7!7!-!.!66&5<'057)&”˜R
SUBSIDIARY/ASSOCIATE & JOINT VENTURE COMPANIES
As the Company follows its global ambition to become a global tyre brand of choice, it had to create multiple subsidiaries/
!660$*!7&!/%+0*/79&/785&'05'!$*-*7!7*/(7)&6&03&5!7*0/6*/9!5*086$08/75*&6R¨60/!5$)–”•“”˜S<0850.3!/<)!6
–˜68#6*%*!5*&6*/$-8%*/(67&368#6*%*!5*&6S”!660$*!7&!/%”+0*/79&/785&R
85*/(7)&<&!58/%&55&9*&:S7)&0.3!/<)!%*/$05305!7&%¨30--0<5&6|5&&/?&-%}0N3&5!7*&'R¨!6*7668#6*%*!5<
0/8/&—S•“”—*/¨.67&5%!.R
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8/(!5<'7!6*76:)0--<0:/&%68#6*%*!5<0/8/&—S•“”—*/
8/(!5<R
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”•S•“”—*/0/%0/R
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0-%*/(6|*/(!305&}7&7%R:!6:08/%830/
!<”œS•“”—R
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¨ 0-%*/(6 *.*7&%S !-0/( :*7) *76 68#6*%*!5*&6 9*=R 8/-03 *.#!#:& |7<} 7%RS !%8/ /9&67.&/76 7< 7%S
!/%¨*/*/(|97}7%!/%!660$*!7&9*=R!7*0/!-<5&&59*$&67%RS$&!6&%70#&68#6*%*!5*&6!/%!660$*!7&0'7)&
0.3!/<:R&R'!5$)–S•“”˜R
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!/%*7668#6*%*!5*&6!5&!77!$)&%*/7)&!//8!-5&3057R¨67!7&.&/7$0/7!*/*/(#5*&'?/!/$*!-%&7!*-60'!--7)&68#6*%*!5*&6
0'7)&0.3!/<'057)&<&!5&/%&%!5$)–”S•“”˜'05.63!570'7)&!//8!-5&3057R)&!//8!-!$$08/760'68#6*%*!5<
$0.3!/*&6:*--#&.!%&!9!*-!#-&706)!5&)0-%&560/5&48&67!/%:*--!-60#&,&37'05*/63&$7*0/#<!/<6)!5&)0-%&5
62 | APOLLO TYRES LTD
!6&%0/7)&5&$0..&/%!7*0/0'7)&¨8%*70..*77&&S{6R03!-!,5*6)/!/ 0RS067¨$$08/7!/76S#&*/(&-*(*#-&S
)!9&!-60#&&/!330*/7&%#<7)&0!5%!67)&067¨8%*7056'05”™68#+&$7706)!5&)0-%&5a6!33509!-R)&0.3!/<)!6
received a letter from them to the effect that their re-appointment would be within the limits prescribed under Section
”—”|–}|(}0'7)&0.3!/*&6¨$7S•“”–!/%7)!77)&<!5&/07%*648!-*?&%'0568$)5&N!330*/7.&/7:*7)*/7)&.&!/*/(0'
&$7*0/”—”0'7)&0.3!/*&6¨$7S•“”–R
MEETINGS OF THE BOARD OF DIRECTORS
¨$!-&/%!50'.&&7*/(6*635&3!5&%!/%$*5$8-!7&%*/!%9!/$&707)&*5&$7056R85*/(7)&<&!5˜|?9&}#0!5%.&&7*/(6:&5&
$0/9&/&%!/%)&-%R)&*/7&59&/*/((!3#&7:&&/7)&.&&7*/(6:!6:*7)*/7)&3&5*0%35&6$5*#&%8/%&57)&0.3!/*&6
¨$7S•“”–!/%7)&*67*/(¨(5&&.&/7:*7)70$,;$)!/(&6R)&%&7!*-60'!--0!5%{0..*77&&.&&7*/(6)&-%!5&(*9&/
in the Corporate Governance Report.
EXIT/DELISTING FROM STOCK EXCHANGE
&$85*7*&6!/%;$)!/(&0!5%0'/%*!|})!6(5!/7&%&;*705%&5%!7&%&$&.#&5•–S•“”—707)&0$)*/70$,
;$)!/(&|}!/%7)&70$,;$)!/(&)!65&785/&%*76-*$&/6&70R/-*()70'7)&6!*%05%&5S!--7)&3509*6*0/6
0'*67*/(¨(5&&.&/7S:08-%#&!33-*$!#-&700.3!/*&6-*67&%:*7)S7*--7)&48!57&5&/%&%&$&.#&5–”S•“”—R¨6
7)&0$)*/70$,;$)!/(&*6/0-0/(&5*/&;*67&/$&S<0850.3!/<:08-%5&.!*/-*67&%0/7)&70$,;$)!/(&6/!.&-<
R
ANNUAL REPORT 2014-15 | 63
AUDIT COMMITTEE
PARTICULARS OF EMPLOYEES
)& %&7!*-6 0' 7)& ¨8%*7 0..*77&& */$-8%*/( *76 $0.306*7*0/ !/% 7&5.6 0' 5&'&5&/$& .&/7*0/&% */ 7)& 05305!7&
09&5/!/$&&3057'05.63!570'*5&$7056a&3057R
)&0!5%S%85*/(7)&<&!58/%&55&9*&:S)!%!$$&37&%!--5&$0..&/%!7*0/6.!%&70*7#<7)&¨8%*70..*77&&R
!57*$8-!560'&.3-0<&&6!65&48*5&%*/7&5.60'7)&3509*6*0/60'&$7*0/”œš0'7)&0.3!/*&6¨$7S•“”–S5&!%:*7)58-&
˜|•}0'7)&0.3!/*&6|¨330*/7.&/7!/%&.8/&5!7*0/0'!/!(&5*!-&560//&-}8-&6S•“”—S!5&6&7087*/¨//&;85&¨
707)&*5&$7056a&3057R
VIGIL MECHANISM / WHISTLE BLOWER POLICY
PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
)& 0.3!/< )!6 '05.8-!7&% ! 9*(*- .&$)!/*6. 7)508() )*67-& -0:&5 0-*$< 70 %&!- :*7) */67!/$&6 0' 8/&7)*$!-
#&)!9*085S!$78!-056863&$7&%S'5!8%059*0-!7*0/0'0.3!/<a6$0%&0'$0/%8$705&7)*$630-*$<R)&%&7!*-60'7)&30-*$<
*6&;3-!*/&%*/7)&05305!7&09&5/!/$&&3057!/%!-603067&%0/7)&:&#6*7&0'7)&0.3!/<R
0850.3!/<)!6*/3-!$&!'05.!-30-*$<'0535&9&/7*0/0'6&;8!-)!5!66.&/70'*76:0.&/&.3-0<&&6*/-*/&:*7)^)&
&;8!-
!5!66.&/70'0.&/!705,3-!$&|5&9&/7*0/S50)*#*7*0/!/%&%5&66!-}¨$7S•“”–R
COMMITTEES OF BOARD
8568!/7705&48*5&.&/78/%&50.3!/*&6¨$7S•“”–!/%*67*/(¨(5&&.&/7S7)&0!5%0'*5&$7056)!6$0/67*787&%9!5*086
$0..*77&&6 0' 0!5% 68$) !6 ¨8%*7 0..*77&&S 0.*/!7*0/ &.8/&5!7*0/ 0..*77&&S 7!,&)0-%&56 &-!7*0/6)*3
0..*77&&!/%05305!7&0$*!-&630/6*#*-*7<0..*77&&R)&%&7!*-60'$0.306*7*0/!/%7&5.60'5&'&5&/$&0'7)&6&
committees are mentioned in the Corporate Governance Report.
SHARE CAPITAL
During the year under review, the Issued, Subscribed and Paid-up Share Capital of the Company has been
*/$5&!6&% '50. ˜“S—“S•—Sšš“ )!5&6 0' ” &!$) 70 ˜“Sœ“S•—Sšš“ 6)!5&6 0' ” &!$)S %8& 70 !--07.&/7 0' ˜“S““S“““
48*7< )!5&6 0' '!$& 9!-8& 0' ” &!$) 0/ 8/& ”œS •“”—S 38568!/7 70 $0/9&56*0/ 0' ˜“S““S“““ :!55!/76 *668&% 70
350.07&560/&$&.#&5•”S•“”•0/35&'&5&/7*!-#!6*6R
a)
Issue of equity shares with differential rights
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b)
Issue of sweat equity shares
0850.3!/<)!6/07*668&%!/<:&!748*7<)!5&6%85*/(7)&<&!58/%&55&9*&:R
c)
Issue of employee stock options
0850.3!/<)!6/07*668&%!/<&.3-0<&&670$,037*0/6%85*/(7)&<&!58/%&55&9*&:R
85*/(7)&<&!58/%&55&9*&:S7)&5&:&5&/0$!6&6?-&%38568!/7707)&&;8!-
!5!66.&/70'0.&/!705,3-!$&
|5&9&/7*0/S50)*#*7*0/!/%&%5&66!-}¨$7S•“”–R
SECRETARIAL AUDITOR
8568!/7703509*6*0/60'&$7*0/•“—0'7)&0.3!/*&6¨$7S•“”–!/%7)&0.3!/*&6|¨330*/7.&/7!/%&.8/&5!7*0/
0' !/!(&5*!- &560//&-} 8-&6S •“”—S <085 0.3!/< )!6 !330*/7&% {6 RRR ¨660$*!7&6S 0.3!/< &$5&7!5*&6 !6
&$5&7!5*!-¨8%*7050'7)&0.3!/<'05”˜708/%&57!,&&$5&7!5*!-¨8%*70'7)&0.3!/<R
)&&$5&7!5*!-¨8%*7&3057%0&6/07$0/7!*/!/<48!-*?$!7*0/S5&6&59!7*0/05!%9&56&5&.!5,R&$5&7!5*!-¨8%*7&3057
(*9&/#<&$5&7!5*!-¨8%*7056*6!//&;&%:*7)7)&5&3057!6¨//&;85&R
AWARDS AND RECOGNITIONS
/*76$0/67!/748&67'05(50:7)!/%!$)*&9&.&/7S<0850.3!/<:!6)0/085&%!/%5&$0(/*6&%!79!5*086'058.6R)&
prominent Awards are listed below for your reference.
Name of the Award
Category
Awarded By
Intermedia Globe
Advertising
05-%&%*!&67*9!-O-0#!-0.3&7*7*0/
for Modern Media
/9&67050'7)&&!5•“”—
!5(&675&&/?&-%/9&67.&/7 ¨(&/$<|
¨}!/%7)&*/*675<0'05&*(/
of the year
¨''!*56!/%5!%&
8+!5!77!7&&9&-8!-*7<*5$-&
0.3&7*7*0/•“”˜
-
CII
¨6*!a6&670.3!/<70:05,'05•“”—
Auto Component
5&!7-!$&7005,•“”—
/%*!a6&670.3!/<'05
Auto Ancillary
)&$0/0.*$*.&6
8##&5!/0'7)&&!5
-
Rubber Asia
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
&;7&/&5!7*0/&!%&5¨:!5%•“”—
-
!/8'!$785*/(0%!<
During the year under review, your Company has not given any loan or guarantee which is covered under the provisions
0'&$7*0/”›™0'7)&0.3!/*&6¨$7S•“”–R
0:&9&5S%&7!*-60'*/9&67.&/7.!%&%85*/(7)&<&!5S!5&(*9&/8/%&5/07&6
to the Finanacial Statements.
!7*0/!-50%8$7*9*7<0.3&7*7*0/•“”— -
G 3URYLVLRQRIPRQH\E\&RPSDQ\IRUSXUFKDVHRILWVRZQVKDUHVE\HPSOR\HHVRUE\WUXVWHHVIRUWKHEHQH¿WRI
employees
0850.3!/<)!6/07.!%&!/<3509*6*0/0'.0/&<'05385$)!6&0'*760:/)!5&6#<&.3-0<&&605#<75867&&6'05
7)&#&/&?70'&.3-0<&&6%85*/(7)&<&!58/%&55&9*&:R
)&¨/%*!¨:!5%6•“”—
RELATED PARTY TRANSACTIONS
¨--$0/75!$76{!55!/(&.&/76{75!/6!$7*0/6&/7&5&%#<7)&0.3!/<%85*/(7)&?/!/$*!-<&!5:*7)5&-!7&%3!57*&6:&5&
*/7)&05%*/!5<$0856&0'#86*/&66!/%0/!/!5.a6-&/(7)#!6*6!/%%0/07!775!$77)&3509*6*0/60'&$7*0/”››0'7)&
0.3!/*&6¨$7S•“”–R85*/(7)&<&!5S7)&0.3!/<)!%/07&/7&5&%*/70!/<$0/75!$7{!55!/(&.&/7{75!/6!$7*0/:*7)
related parties which could be considered material in accordance with the policy of the Company on materiality of related
party transactions.
8*7!#-& %*6$-0685& !6 5&48*5&% #< 7)& ¨$$08/7*/( 7!/%!5%6 |¨”›} )!6 #&&/ .!%& */ 7)& /07&6 70 7)& */!/$*!-
7!7&.&/76R)&30-*$<0/&-!7&%!57<5!/6!$7*0/6!6!33509&%#<7)&0!5%*683-0!%&%0/7)&0.3!/<a6:&#6*7&R
MANAGERIAL REMUNERATION
!} )& %&7!*-6 5&48*5&% 38568!/7 70 8-& ˜|”} 0' 7)& 0.3!/*&6 |¨330*/7.&/7 !/% &.8/&5!7*0/ 0' !/!(&5*!-
&560//&-}8-&6S•“”—!5&3509*%&%*/7)&05305!7&09&5/!/$&&3057R
In-App Advertising Gaming or
Other
/%*!a6&670.3!/<70:05,'05•“”— Auto Component
/%*!//67*787&0'/%8675*!-/(*/&&5*/(
|}
0#*-&!5,&7*/(¨660$*!7*0/|¨}
5&!7-!$&7005,•“”—
RISK MANAGEMENT
)& 0.3!/< )!6 ! :&-- -!*% 087 *6, !/!(&.&/7 0-*$<S $09&5*/( 7)& 350$&66 0' *%&/7*'<*/(S !66&66*/(S .*7*(!7*/(S
5&3057*/(!/%5&9*&:*/($5*7*$!-5*6,6*.3!$7*/(7)&!$)*&9&.&/70'0.3!/<a60#+&$7*9&6057)5&!7&/*76&;*67&/$&R
)& *6, !/!(&.&/7 7&&5*/( 0..*77&&6 )!9& #&&/ '05.&% )&!%&% #< 5&6*%&/7 |¨¨} !/% 5&6*%&/7|¨} !6
)!*5.!/0'7)&5&63&$7*9&0..*77&&6!/%5&35&6&/7&%#<7)&'8/$7*0/!-)&!%6!6)*&'*6,'?$&56R)&0..*77&&6
5&9*&:&!$)5*6,0/!48!57&5-<#!6*6S!/%&9!-8!7&*76*.3!$7!/%3-!/6*76.*7*(!7*0/R)&5*6,6!5&%0$8.&/7&%*/'05.
0'5*6,5&(*67&5S:)*$)*63-!$&%#&'05&!8%*7$0..*77&&S!7*76.&&7*/(R)&!8%*7$0..*77&&0'7)&0.3!/<5&9*&:67)&
5*6,60'¨¨!/%¨5&(*0/6!/%3509*%&6*76%*5&$7*0/6707)&.!/!(&.&/7S*'!/<R)&!8%*7$0..*77&&83%!7&67)&
Board on the key risks placed before it.
#} 85*/(7)&<&!58/%&55&9*&:S5&&5!+!/:!5|U“““˜›œ˜”}S*$&)!*5.!/ !/!(*/(*5&$705!-605&$&*9&%
5&.8/&5!7*0/'50.¨30--0<5&6|}97R7%RS:)0--<0:/&%68#6*%*!5<0'7)&0.3!/<R
64 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 65
CORPORATE SOCIAL RESPONSIBILITY
ACKNOWLEDGEMENT
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*7 )!6 #&&/ 35&6$5*#&% 7)508() 7)& 0.3!/*&6 ¨$7 •“”–R )& 0.3!/< )!6 ! :&-- %&?/&% 0-*$< 0/ !6 3&5 7)&
5&48*5&.&/70'&$7*0/”–˜0'7)&0.3!/*&6¨$7S•“”–:)*$)$09&567)&!$7*9*7*&6!635&6$5*#&%8/%&5$)&%8-&0'
7)&0.3!/*&6¨$7S•“”–R)&0.3!/<)!6*/N)086&%&3!57.&/7:)*$)*6&;$-86*9&-<:05,*/(70:!5%67)!7#+&$7*9&R
)&0.3!/<*6$!55<*/(087*76¨$7*9*7*&67)508()5&(*67&5&%75867$5&!7&%#<7)&0.3!/<'057)*6385306&!/%
which is monitored by CSR Committee.
085 0.3!/<a6 05(!/*6!7*0/!- $8-785& 83)0-%6 350'&66*0/!-*6.S */7&(5*7< !/% $0/7*/8086 *.3509&.&/7 !$5066 !--
'8/$7*0/6S!6:&--!6&'?$*&/787*-*6!7*0/0'7)&0.3!/<a65&6085$&6'056867!*/!#-&!/%350?7!#-&(50:7)R
085*5&$7056:*6)703-!$&0/5&$05%7)&*5!335&$*!7*0/707)&5&63&$7*9&7!7&09&5/.&/760'&5!-!S8+!5!7S
!5<!/!
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8/(!5<!/%7)&&7)&5-!/%6R&!-607)!/,085
customers, business partners, members, bankers and other stakeholders for their continued support during the year.
&3-!$&0/5&$05%085!335&$*!7*0/'057)&$0/75*#87*0/.!%&#<!--&.3-0<&&670:!5%67)&(50:7)0'<0850.3!/<R
During the year under review, your Company has carried out activities primarily related to promoting preventive health,
&/685*/(&/9*50/.&/7!-6867!*/!#*-*7<S-*9&-*)00%&/)!/$&.&/7350+&$76S585!-%&9&-03.&/7350+&$76S350.07*/(&%8$!7*0/
!/%&5!%*$7*/(0')8/(&5S309&57< .!-/875*7*0/R
For and on behalf of the Board of Directors
05305!7&0$*!-&630/6*#*-*7<&3057S38568!/770$-!86&|0}0'68#N6&$7*0/|–}0'&$7*0/”–—0'7)&¨$7!/%8-&œ0'
7)&0.3!/*&6|05305!7&0$*!-&630/6*#*-*7<}8-&6S•“”—'05.63!570'7)&0!5%6&3057!6¨//&;85&R
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
-!$&U85(!0/ !57*$8-!565&48*5&%8/%&5&$7*0/”–—|–}|.}0'7)&0.3!/*&6¨$7S•“”–5&!%:*7)58-&›0'7)&0.3!/*&6|¨$$08/76}
8-&6S•“”—S5&(!5%*/($0/6&59!7*0/0'&/&5(<S7&$)/0-0(<!#60537*0/!/%'05&*(/&;$)!/(&&!5/*/(6!/%087(0S!5&(*9&/
*/¨//&;85&S'05.*/(3!570'7)*65&3057R
!7&U!<”•S•“”˜
)!*5.!/ !/!(*/(*5&$705
|/,!5!/:!5}
EXTRACT OF THE ANNUAL RETURN
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CORPORATE GOVERNANCE REPORT
085 0.3!/< !-:!<6 3-!$&6 .!+05 7)5867 0/ .!/!(*/( *76 !''!*56 :*7) %*-*(&/$&S 75!/63!5&/$<S 5&630/6*#*-*7< !/%
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linked to high performance.
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strives to serve their interests, resulting in creation of value and wealth for all stakeholders.
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accountants, Statutory Auditors of the Company, regarding compliance of the conditions of corporate governance, as
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report.
DIRECTORS’ RESPONSIBILITY STATEMENT
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66 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 67
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SECRETARIAL AUDIT REPORT
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SECRETARIAL AUDIT REPORT
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our opinion thereon.
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representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during
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provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place
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made hereinafter.
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68 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 69
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Annual Report on Corporate Social Responsibility (CSR) activities for the Financial Year 2014-15
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Outline of Company’s CSR Policy
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through registered trusts established by the Company
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made there under.
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of communities are met:
During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned.
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different initiatives such as Green O Bin Paper recycling, employee engagement on environment sustainability, afforestation, organic farming and clean my transport nagar etc. are undertaken
We further report that:
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period under review were carried out in compliance with the provisions of the Act.
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agenda items before the meeting and for meaningful participation at the meeting.
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operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
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issue of warrants.
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Projects or Programs proposed to be undertaken
Following are the proposed initiatives which will be undertaken by the Company:
a)
Environmental Initiatives
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b) Social Initiatives
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For PI & Associates,
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Company Secretaries
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ANNUAL REPORT 2014-15 | 73
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for compressed air and steam.
1.23
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Total
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following reasons:
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will be implemented this year.
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and budget utilisation.
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and Policy of the Company.
(iii) Additional investment and proposal for reduction of energy usage: (Investment in Energy Front to reduce cost
and consumption
I
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to adventure into the different sources of renewable energy suitable to locations
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across all locations in the coming year.
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Management Function in Manufacturing is established.
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Chairman of CSR Committee
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energy and enhanced usage of renewable sources of energy.
B)
TECHNOLOGY ABSORPTION
(i)
Efforts made towards Technology Absorption
&:350+&$76)!9&#&&/*/750%8$&%70,/*7.0%&5/7&$)/0-0(<*/7)&350%8$7%&9&-03.&/7!/%.!/8'!$785&R)*6
76 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 77
*/$-8%&6 5!7*0/!-*6!7*0/ !/% 67!/%!5%*=!7*0/ 0' !: .!7&5*!-6S $0.308/%6S 63&$*?$!7*0/6S 6*.8-!7*0/ 7&$)/*48&6
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stability for Retreading operation etc were developed and industrialised. Impact resistance of tyres in harsh Indian
environment were improved by using new generation Steel cords. Research also focussed on three fundamental
350+&$76-*,&&!5S0--*/(&6*67!/$& 5*370)!9&!#&77&58/%&567!/%*/(*/!--5&63&$76-*,&.!7&5*!-S350%8$7S
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product portfolio which enabled us to get advantage of technical superiority over competition. Currently, the tools
%&9&-03&%!5&#&*/(86&%'0598-$!/*=!7*0/7*.&037*.*=!7*0/!/%350%8$7*9*7<*.3509&.&/7R&6&!5$)350+&$76*6
undertaken to improve recycling of used tyres and reuse back into tyres .
ANNEXURE - IV
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
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REGISTRATION & OTHER DETAILS:
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reduced cure cycle by introduction of addition steam cavity in the presses. Cost optimisation activities were carried
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tyre was improved by innovative curing done with Low hot water temperature and uniform cure. As a step towards
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!57).09&5 7<5&6 )!9& !-60 .!%& ! .!5, :*7) 7)& 5!/(& 0' !$,)0& -0!%&5 7<5&6R *7) 7)& &67!#-*6).&/7 0'
shearography as a sophisticated forensic analysis tool, knowledge library for product life cycle investigation as well
as for carcass screening prior to retreading are created.
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II
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Registration Date
&37&.#&5•›S”œš•
iii
Name of the Company
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details
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PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
SL No Name & Description of main
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NIC Code of the products/
services
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Republic of Mauritius
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For and on behalf of the Board of Directors
APPLICABLE
SECTION
Name & Address of the Company
( Million)
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Subsidiary Companies
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% OF SHARES
HOLDING/
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FOREIGN EXCHANGE EARNINGS AND OUTGO
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(iv) Expenditure incurred on Research and Development
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78 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 79
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IV. SHAREHOLDING PATTERN (Equity Share Capital Break up as % to total Equity)
(i) CATEGORY-WISE SHARE HOLDING
Category of
Shareholders
No. of Shares held at the beginning of the year
Demat
”““
Physical
Total
% of Total
Shares
No. of Shares held at the end of the year
Demat
Physical
Total
% of Total
Shares
% change
during the
year
A. Promoters
(1) Indian
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˜––“šœ”
“
”R“™
-
˜––“šœ”
“
“
“
˜––“šœ”
“
”R“˜
-
|“R“”}
-
š—˜“
“
“
•””œ—œœ˜”
“
“
—•R“˜
-
•”™œ—•˜“”
“
“
š—˜“
“
“
•”™œ—œœ˜”
“
“
•|›š}
SUB TOTAL (A) (1):-
•”š•š–•œ•
š—˜“
•”š•›“š—•
—–R””
••••š–•œ•
š—˜“
••••›“š—•
—•R™•
—–R™š
•|›š}
(2) Foreign
!}N/%*9*%8!-6
#}7)&5/%*9*%8!-6
$}0%*&6053R
%}!/,6{
&}¨/<07)&5T
”œšš“““
“
“
“
“
“
“
“
“
“
”œšš“““
“
“
“
“
“R–œ
-
”œšš“““
“
“
“
“
“
“
“
“
“
”œšš“““
“
“
“
“
“R–œ
-
SUB TOTAL (A) (2):-
”œšš“““
“
”œšš“““
“R–œ
”œšš“““
“
”œšš“““
“R–œ
“R˜š
“R˜™
|“R““}
|“R““}
ANNUAL REPORT 2014-15 | 81
Total Shareholding 219250292
of Promoter
(A)= (A)(1)+(A)(2)
B. PUBLIC
SHAREHOLDING
(1) Institutions
!}878!-8/%6
”œ”–—–™–
#}!/,6{jj
”š—˜“
}&/75!-(097
“
%}7!7&097R
”“““““““
&}&/785&!3*7!-
“
Fund
'}/685!/$&
”™“““““
Companies
(}
”š––™š—“–
“
)}05&*(/&/785&
Capital Funds
*}7)&56|63&$*'<}N
š—”œ”——
Other Insurance
Companies
SUB TOTAL (B) (1):- 211538360
(2) Non Institutions
!}0%*&6$05305!7&6
*}/%*!/jj
”™™”–œ››
**}9&56&!6
“
#}/%*9*%8!-6
*}/%*9*%8!-
”›••œ˜””
shareholders holding
nominal share capital
83706R”-!,)6jj
”š”““˜“
**}/%*9*%8!-6
shareholders holding
nominal share capital
*/&;$&660' ”-!,)6
$}7)&56|63&$*'<}
NRIs
”™”•–™“
Clearing Members
•™›˜š˜”
Foregin National
”“““
Foreign Bank
“
Unclaimed Suspense
”—˜œš–“
A/c
5867
0-%&56
”›œ›˜›““
SUB TOTAL (B) (2):Total Public
Shareholding
(B)= (B)(1)+(B)(2)
C. Shares held by
Custodian for
GDRs & ADRs
61298190
•š•›–™˜˜“
7450
219257742
43.50
224250292
7450
224257742
44.06
0.56
”•˜™•““
”˜“—™›
“
“
“
•“–œ“˜™–
”™šœ”›
“
”“““““““
“
—R“˜
“R“–
”Rœ›
-
–›”“•œ—–
ӪϪӥ
“
”“““““““
“
”•–˜•““
”•˜•˜“
“
“
“
–œ––›”—–
•œ—›™•
“
”“““““““
“
šRš–
“R“™
”Rœ™
-
–R™›
“R“–
|“R“•}
-
—˜“““
”™—˜“““
“R––
•““““““
—˜“““
•“—˜“““
“R—“
“R“š
˜“”››“
“
”š–›™œ•›–
“
–—R˜“
-
”˜˜š˜™˜˜›
“
˜“”››“
“
”˜™•˜›—–›
“
–“Rš“
-
|–R›“}
-
“
š—”œ”——
”R—š
–œ—•œ›œ
“
–œ—•œ›œ
“Ršš
|“Rš“}
1953548
213491908
42.36
209972102
1907330
211879432
41.62
(0.74)
•–›š•“
“
”™›˜•š“›
“
–R–—
-
”“”š—–™š
“
•–›••“
“
”“—”•˜›š
“
•R“˜
-
|”R•œ}
-
œ”“—–”“
•š–––›•”
˜R—•
•—”œš“–“
›™•”™›•
–•›”›š”•
™R—˜
”R“–
“
”š”““˜“
“R–—
”–œ““˜“
“
”–œ““˜“
“R•š
|“R“š}
™––œ““
“
“
“
“
••—™•™“
•™›˜š˜”
”“““
“
”—˜œš–“
“R—˜
“R˜–
“R““
“R•œ
•“”“›“™
•š™˜—––
™›“
“
”—––—›“
˜œ“•—“
“
“
“
“
•™“”“—™
•š™˜—––
™›“
“
”—––—›“
“R˜”
“R˜—
“R““
“R•›
“R“™
“R“”
|“R““}
|“R“”}
“
”›œ›˜›““
•”—™˜™“›
“
•”—™˜™“›
9976930
””œ–“—š›
71275120
•›—š™š“•›
–Ršš
14.14
˜™R˜“
63437454
•š–—“œ˜˜™
9450142
””–˜š—š•
72887596
•›—š™š“•›
—R••
14.32
˜˜Rœ—
“R—˜
0.18
|“R˜™}
Sl No. Shareholders Name
Mr Onkar S. Kanwar
Global Capital Ltd.
Ms Shalini Chand
&/67!5/9&67.&/7 */!/$&
Pvt Ltd.
5&&5!+!/:!5
5!!+!!/:!5
Ms Simran Kanwar
6!58!/:!5
Total
””
”•
”–
”—
”˜
”™
”š
”›
“
“
“
“
“
“
“
-
100.00
-
“
Sl. No. Particulars
11937928
504024770
100.00
497659848
11364922
509024770
&&5!+0/68-7!/767%R
Constructive Finance Pvt. Ltd.
Apollo Finance Ltd.
8/5!<6503&57*&6 /9&67.&/7
Co. Pvt. Ltd.
Apollo International Ltd.
Motlay Finance Pvt. Ltd.
!$5&%
&!57/9&67.&/70R
Pvt. Ltd.
Classic Autotubes Ltd.
!/(!!9&5*5&%*7 0-%*/(
Pvt. Ltd.
/%86!--&</9&67.&/7 Finance Pvt. Ltd.
Shareholding at the beginning of the year
Shareholding at the end of the year
% change in
% of shares
% of shares No. of shares % of total
No. of
% of total
share holding
pledged
shares of the
pledged
shares
shares of the
Company encumbered to during the year
Company encumbered to
total shares
total shares
—•˜“›”—•
›R—–
“R™•
—•˜“›”—•
›R–˜
“R›š
|“R“›}
•œ™–“›˜š
˜R››
“
•œ™–“›˜š
˜R›•
“R–›
|“R“™}
–™š˜œ™˜“
šR•œ
“R™›
–™š˜œ™˜“
šR••
“R˜”
|“R“š}
–˜š•˜™—›
šR“œ
•Ršœ
–˜š•˜™—›
šR“•
•R—“
|“R“š}
”
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
˜“S““S“““:!55!/76)&-%#<
-!66*$¨8708#&67%R:&5&
$0/9&57&%*/70&48*7<6)!5&60/
¨35*-”œS•“”—R
At the end of the year
(March 31, 2015)
“R“—
“R“—
“R““
“R““
44.06
“
“
“
“
5.25
|“R““}
|“R““}
|“R““}
|“R““}
0.56
Cumulative Share holding
during the year
No. of shares
% of total shares
of the Company
•”œ•˜šš—•
—–R“š‚
•”œ•˜šš—•
—–R“š‚
˜“““““
“Rœ›‚
••—•˜šš—•
——R“˜‚
224257742
44.05%
224257742
44.05%
(iv) SHAREHOLDING PATTERN OF TOP TEN SHAREHOLDERS (OTHER THAN DIRECTORS, PROMOTERS &
HOLDERS OF GDRs & ADRs)*
Shareholding at the beginning/
end of the year
•
Cumulative Shareholding
during the year
% of total shares No. of shares % of total shares
of the Company
of the Company
Custodian A/c - Ashwin Shantilal
Mehta
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
-
-
-
-
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
”–˜“š–““
•R™˜‚
”–˜“š–““
•R™˜‚
At the end of the year
|!5$)–”S•“”˜}
”–˜“š–““
•R™˜‚
”–˜“š–““
•R™˜‚
•š“•“›—–
˜R–”‚
•š“•“›—–
˜R–”‚
|”—™™–•›–}
|•R››‚}
”•–˜š˜™“
•R—–‚
”•–˜š˜™“
•R—–‚
”•–˜š˜™“
•R—–‚
-
-
-
-
,!(&/0/N*,*&5%*3!3*5'0/%
”š˜•š“›“
”•™”›“–™
œ—˜–”›“
–R—›
•R˜“
”R››
“
“
“
”š˜•š“›“
”•™”›“–™
œ—˜–”›“
–R——
•R—›
”R›™
“
”R“œ
“
|“R“—}
|“R“•}
|“R“•}
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
œ—œ–˜““
š™››–›“
”R››
”R˜–
“
“
”——œ–˜““
š™››–›“
•R›˜
”R˜”
“
“
“Rœš
|“R“•}
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
˜“š™“—“
”R“”
“
˜“š™“—“
”R““
“
|“R“”}
At the end of the year
|!5$)–”S•“”˜}
–
5!/,-*/&.3-&70//9&67.&/7
Funds
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
82 | APOLLO TYRES LTD
•”•–›“
”›“››“
”›˜““
”••˜“
224257742
Share holding at the beginning
of the Year
No. of shares
Sl No. Shareholders Name
”“
“
“
“
“
4.09
No. of Shares % of total shares
of the Company
(ii) SHARE HOLDING OF PROMOTERS
8
9
“R“—
“R“—
“R““
“R““
43.50
(iii) CHANGE IN PROMOTERS' SHAREHOLDING*
”
˜
™
7
•”•–›“
”›“››“
”›˜““
”••˜“
219257742
Sl. No Name of the Shareholder
Grand Total (A+B+C) 492086842
”
•
–
—
Shareholding at the beginning of the year
Shareholding at the end of the year
% change in
% of shares
% of shares No. of shares % of total
No. of
% of total
share holding
pledged
shares of the
pledged
shares
shares of the
Company encumbered to during the year
Company encumbered to
total shares
total shares
—œ“™š›”
“Rœš
“
—œ“™š›”
“Rœ™
“
|“R“”}
–™•š”˜›
“Rš•
“
–™•š”˜›
“Rš”
“
|“R“”}
”œšš“““
“R–œ
”œšš“““
“R–œ
“
|“R““}
”›—••›“
“R–š
“
”›—••›“
“R–™
“
|“R“”}
ANNUAL REPORT 2014-15 | 83
—
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
œ–™”“••
”R›—‚
œ–™”“••
”R›—‚
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
•“›š•™—
“R—”‚
—–œ˜š”™
“R›™‚
At the end of the year
|!5$)–”S•“”˜}
œ–™”“••
”R›—‚
œ–™”“••
”R›—‚
At the end of the year
|!5$)–”S•“”˜}
—–œ˜š”™
“R›™‚
—–œ˜š”™
“R›™‚
Government Pension Fund Global
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
At the end of the year
|!5$)–”S•“”˜}
˜
|”™›—œ›—}
|“R––‚}
˜“˜•š™—
“Rœœ‚
˜“˜•š™—
“Rœœ‚
˜“˜•š™—
“Rœœ‚
––›˜—˜—
“R™š‚
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
”™–š”•”
“R–•‚
˜“••˜š˜
“Rœœ‚
˜“••˜š˜
“Rœœ‚
˜“••˜š˜
Sl. No Name of the Director/
KMP
”
”R“˜‚
˜–—š›™˜
5!/6!$7*0/|85$)!6&{
6!-&}'50.¨35*-”S•“”—
8370!5$)–”S•“”˜
At the end of the year
|!5$)–”S•“”˜}
”R“˜‚
5R&&5!+!/:!5N
*$&)!*5.!/ Managing Director
At the Beginning of the
&!5|¨35*-”S•“”—}
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
|•›œ“˜—}
|“R“™‚}
˜“˜››””
“Rœœ‚
At the end of the year
|!5$)–”S•“”˜}
˜“˜››””
“Rœœ‚
˜“˜››””
“Rœœ‚
5!/6!$7*0/|85$)!6&{
6!-&}'50.¨35*-”S•“”—
8370!5$)–”S•“”˜
Kerala State Industrial
Development Corporation
At the end of the year
|!5$)–”S•“”˜}
˜““““““
“Rœ›‚
˜““““““
“Rœ›‚
-
-
˜““““““
“Rœ›‚
˜““““““
“Rœ›‚
˜““““““
“Rœ›‚
5!/6!$7*0/|85$)!6&{
6!-&}'50.¨35*-”S•“”—
8370!5$)–”S•“”˜
˜““““““
“Rœ›‚
˜““““““
“Rœ›‚
At the end of the year
|!5$)–”S•“”˜}
–
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
At the end of the year
|!5$)–”S•“”˜}
-
-
˜““““““
“Rœ›‚
˜““““““
“Rœ›‚
˜““““““
“Rœ›‚
5&%*78*66&|*/(!305&}*.*7&%
—
At the Beginning of the
&!5|¨35*-”S•“”—}
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
—š—œš—™
“Rœ–‚
—š—œš—™
“Rœ–‚
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
™œ—š–›•
”R–™‚
””™œš”•›
•R–“‚
At the end of the year
|!5$)–”S•“”˜}
””™œš”•›
•R–“‚
””™œš”•›
•R–“‚
•–“›—˜•
“R—˜‚
•–“›—˜•
“R—˜‚
N330578/*7*&68/%
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
84 | APOLLO TYRES LTD
% of total shares
of the Company
—œ“™š›”
“Rœ™‚
—œ“™š›”
“Rœ™‚
-
-
-
-
—œ“™š›”
“Rœ™‚
—œ“™š›”
“Rœ™‚
•”•–›“
“R“—‚
•”•–›“
“R“—‚
-
-
-
-
•”•–›“
“R“—‚
•”•–›“
“R“—‚
——•“˜“
“R“œ‚
——•“˜“
“R“œ‚
-
-
-
-
——•“˜“
“R“œ‚
——•“˜“
“R“œ‚
™“““
“R““‚
™“““
“R““‚
-
-
-
-
™“““
“R““‚
™“““
“R““‚
5R*,5!.&)7!N
Director
5!/6!$7*0/|85$)!6&{
6!-&}'50.¨35*-”S•“”—
8370!5$)–”S•“”˜
At the end of the year
|!5$)–”S•“”˜}
No. of shares
5!$0#)0.!6N
Director
At the Beginning of the
&!5|¨35*-”S•“”—}
Governor of Kerala
% of total shares
of the Company
Cumulative Shareholding during
the year
Mr Onkar S Kanwar
N)!*5.!/ !/!(*/(
Director
At the Beginning of the
&!5|¨35*-”S•“”—}
•
˜–—š›™˜
Shareholding at the beginning/end of
the year
No. of shares
“Rœœ‚
Investec Global Strategy Fund A/c
¨6*!/48*7<8/%
At the end of the year
|!5$)–”S•“”˜}
”“
”R–•‚
“R™š‚
5!/6!$7*0/|85$)!6&{6!-&}'50.
¨35*-”S•“”—8370!5$)–”S•“”˜
9
™š–šš—›
––›˜—˜—
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
8
”R–•‚
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
¨77)&&(*//*/(0'7)&&!5
|¨35*-”S•“”—}
7
™š–šš—›
*.&/6*0/!-.&5(*/(!5,&76
!-8&8/%
At the end of the year
|!5$)–”S•“”˜}
™
(v) SHAREHOLDING OF DIRECTORS & KMPs*
*The shareholding percentage at the beginning/end of the year has been calculated on the share capital as on March 31, 2015.
)&'0--0:*/(*5&$7056{&<!/!(&5*!-&560//&-|}%*%/07)0-%!/<6)!5&6%85*/(?6$!-•“”˜U
|*}5¨,6)!<)8%!6!.!S*5&$705|**}5¨85:!5S*5&$705|***}5*.&6)!.3!/*S*5&$705|*9}5
85*!/S*5&$705|9}50#&577&*/.&7=S
*5&$705|9*}5R8/!.!5,!5S*5&$705|9**}5!5!<!/S*5&$705|9***}6!--!9*)50''S*5&$705|*;}5!+!/&5+*SN|;}5!)!-S
Company Secretary-KMP
ANNUAL REPORT 2014-15 | 85
V. INDEBTEDNESS
INDEBTEDNESS OF THE COMPANY INCLUDING INTEREST OUTSTANDING/ACCRUED BUT NOT DUE FOR PAYMENT
| *--*0/}
Particulars
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
”“S™›—Rš—
—S˜“˜R”—
-
”˜S”›œR››
-
-
-
-
”–›R˜•
œ“Rœ™
-
••œR—›
10,823.26
4,596.10
-
15,419.36
B. REMUNERATION TO OTHER DIRECTORS:
Sl.No
Total
Indebtedness
*}5*/$*3!-¨.08/7
**}/7&5&67%8&#87/073!*%
***}/7&5&67!$$58&%#87/07%8&
Total (i+ii+iii)
Reduction
–Sœ•˜R–“
Net Change
-
•Sš˜šRœ“
–S“““R““
-
™Sœ•˜R–“
|–Sœ•˜R–“}
-
|•—•R”“}
K. JACOB Nimesh N Pallavi
)0.!6
Kampani Shroff
Robert
S Narayan Shardul S *,5!.
7&*/.&7=
Shroff
S.Mehta
“R™“
”R”“
”R”“
“R˜“
“R˜“
“R˜“
”R–“
“R““
“R—“
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|#}0..*66*0/
˜R˜™
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˜R˜™
˜R˜™
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˜R˜™
˜R˜™
“R™š
˜R˜™
——R—›
-
-
-
-
-
-
-
-
-
-
6.16
6.66
6.66
6.06
5.39
6.06
6.86
0.67
6.23
50.48
7)&50/;&$87*9&
Directors
85*!/j
|!}&&'05!77&/%*/(
“R–“
“R–“
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˜R˜˜
˜R˜˜
-
-
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specify.
|—S”™šR—“}
Askhay
Chudasama
Total
Amount
|!}&&'05!77&/%*/(
board committee
meetings
Total (1)
•
•Sš˜šRœ“
Name of the Directors
|$}7)&56S3-&!6&
specify
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Additions
Particulars of
Remuneration
Independent Directors A.K.
Purwar
”
,QGHEWQHVVDWWKHEHJLQQLQJRIWKH¿QDQFLDO\HDU
| *--*0/}
,QGHEWHGQHVVDWWKHHQGRIWKH¿QDQFLDO\HDU
Total (2)
*}5*/$*3!-¨.08/7
Total (B)=(1+2)
56.33
Total Managerial Remuneration
781.93
™Sš˜œR——
—S•™–R“—
-
””S“••R—›
-
-
-
-
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-
-
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6,904.38
4,263.04
-
11,167.42
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Total (i+ii+iii)
Sl.No Particulars of Remuneration
1
| *--*0/}
Name of the MD/WTD/Manager
Onkar S
Kanwar
Neeraj
Kanwar
Sunam
Sarkar
|!}!-!5<!63&53509*6*0/6
$0/7!*/&%*/6&$7*0/”š|”}0'7)&
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””–Rš›
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-
•
Stock option
-
-
-
-
-
–
:&!748*7<
-
-
-
-
-
—
0..*66*0/!6‚0'350?7
˜
-
“R•œ
-
U S Oberoi
Total
Amount
Gross salary
“Ršœ
| *--*0/}
Sl. No.
Particulars of Remuneration
Key Managerial
Personnel
1
Gross Salary
Company Secretary
(P.N. WAHAL)
••”R”“
“R•š
”R—˜
-
-
”–R–™
|#}!-8&0'3&548*6*7&68{6”š|•}0'7)&/$0.&!;¨$7S”œ™”
“R—œ
|$}50?76*/-*&80'6!-!5<8/%&56&$7*0/”š|–}0'7)&/$0.&!;¨$7S”œ™”
-
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Stock Option
-
–
:&!748*7<
-
—
0..*66*0/!6‚0'350?707)&56S63&$*'<
-
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Others, please specify
-
Total
•œ˜R““
”œ˜R““
”“R”–
•Rœ•
˜“–R“˜
-
-
-
-
-
Others, please specify
-
-
-
-
-
—“›R››
•™œR”œ
—“R—“
šR”–
š•˜R™“
Ceiling as per the Act
j!*%700970'&5!-!
|!}!-!5<!63&53509*6*0/6$0/7!*/&%*/6&$7*0/”š|”}0'7)&/$0.&!;¨$7S”œ™”R
–Rœ—
07)&56|63&$*'<}
07!-|¨}
Overall Cieling as per ”“œ›R•š*--*0/6|#&*/(””‚0'7)&&750?760'7)&0.3!/<$!-$8-!7&%!63&5&$7*0/”œ›0'7)&0.3!/*&6¨$7
the Act.
•“”–}
A. REMUNERATION TO MANAGING DIRECTOR, WHOLE TIME DIRECTOR AND/OR MANAGER:
5.85
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
5.85
13.85
5!+!/&5+*:!6!330*/7&%!6*/3-!$&0'58/!.!5,!5:R&R'R&#58!5<™S•“”˜R5!+!/&5+*)!65&$&*9&%
5&.8/&5!7*0/'50.:)0--<0:/&%09&56&!668#6*%*!5<0'7)&0.3!/<R5!/&5+*)!65&6*(/&%:R&R'R¨35*-–“S•“”˜R
VII. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES
)&5&:&5&/03&/!-7*&6{38/*6).&/7{$0.308/%*/(0'0''&/$&68/%&50.3!/*&6¨$7'057)&<&!5&/%*/(!5$)–”S•“”˜R
œœ›R—–*--*0/6|#&*/(”“‚0'7)&&750?760'7)&0.3!/<
$!-$8-!7&%!63&5&$7*0/”œ›0'7)&0.3!/*&6¨$7•“”–}
For and on behalf of the Board of Directors
Sd/-
86 | APOLLO TYRES LTD
!7&U!<”•S•“”˜
/,!5!/:!5
-!$&U85(!0/
|)!*5.!/ !/!(*/(*5&$705}
ANNUAL REPORT 2014-15 | 87
CORPORATE GOVERNANCE REPORT
ANNEXURE - V
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create value for all stakeholders. It continues to focus on good corporate governance, in line with emerging local and
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$05305!7&(09&5/!/$&35!$7*$&6!63&5-!86&—œ0'7)&-*67*/(!(5&&.&/7S7)&0.3!/<90-8/7!5*-<(09&5/6*76&-'!63&5
highest standards of ethical and responsible conduct of business in all facets of its operations and in all interactions with
its stakeholders, including shareholders, employees, consumers, lenders and the community at large.
)&.!+05*7<0'7)&3509*6*0/60'0.3!/*&6¨$7S•“”–#&$!.&&''&$7*9&'50.¨35*-”S•“”—R)&35*.&'0$860'0.3!/*&6
¨$7S•“”–*60/6)!5&)0-%&56a%&.0$5!$<S)*()&575!/63!5&/$<!/%.05&%*6$-0685&6SN09&5/!/$&S*/9&67053507&$7*0/
{.*/05*7<6)!5&)0-%&56!/%0/50'&66*0/!-6a&/)!/$&%50-& !$$08/7!#*-*7<R0850.3!/<)!6*/*7*!7&%7)&350$&660'
75!/6'05.!7*0/'50.0.3!/*&6¨$7S”œ˜™700.3!/*&6¨$7S•“”–*/!3)!6&%.!//&56*/$&*76/07*?$!7*0/R)&$855&/7
!//8!-5&30570'<0850.3!/<$0/7!*/6!--7)&!%%*7*0/!-*/'05.!7*0/!/%%*6$-0685&6:)*$)!5&5&48*5&%70#&(*9&/
8/%&50.3!/*&6¨$7S•“”–R
)*6 5&3057S !-0/( :*7) 7)& 5&3057 0/ !/!(&.&/7 *6$866*0/ !/% ¨/!-<6*6 !/% !%%*7*0/!- 6)!5&)0-%&56 */'05.!7*0/
3509*%&67)&%&7!*-60'*.3-&.&/7!7*0/0'7)&$05305!7&(09&5/!/$&$0%&#<<0850.3!/<!6$0/7!*/&%*/$-!86&—œ0'
the listing agreement:
1.
Corporate Governance Philosophy
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in a fashion that ensures optimum return for stakeholders. Corporate governance is the broad framework which
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regulations in each of the markets the Company operates, leading to effective management of the organisation.
05&09&5S ¨30--0 */ *76 +085/&< 70:!5%6 6867!*/!#*-*7< *6 */7&(5!7*/( 6867!*/!#*-*7< 35!$7*$&6 */ *76 $05305!7&
governance system which goes beyond compliance.
)&0.3!/<*6(8*%&%#<!,&<6&70'9!-8&6'05!--*76*/7&5/!-!/%&;7&5/!-*/7&5!$7*0/6R
*.8-7!/&086-<S */ ,&&3*/( :*7) 7)& #&67 35!$7*$&6S <085 0.3!/< 6&&,6 70 &;&$87& 7)& 35!$7*$&6 0' $05305!7&
governance by maintaining strong business fundamentals and by delivering high performance through relentless
focus on the following:
|!}
5!/63!5&/$<#<$-!66*'<*/(!/%&;3-!*/*/(7)&0.3!/<c630-*$*&6!/%!$7*0/6707)06&70:!5%6:)0.*7)!6
5&630/6*#*-*7*&6S*/$-8%*/(*76&.3-0<&&6R)*6*.3-*&67)&.!;*.8.3066*#-&%*6$-0685&6:*7)087)!.3&5*/(7)&
*/7&5&6760'7)&0.3!/<!/%7)06&0'*766)!5&)0-%&56R)&0.3!/<#&-*&9&6*/350.07*0/0'&7)*$!-9!-8&6!/%
6&77*/(83&;&.3-!5<67!/%!5%60'&7)*$!-#&)!9*085*/085$0/%8$770:!5%6085#86*/&663!57/&56S$0--&!(8&6S
6)!5&)0-%&56!/%(&/&5!-38#-*$V
|#} ¨$$08/7!#*-*7<*6!,&<3*--!5S:)&5&7)&5&$!//07#&!$0.350.*6&*/!/<!63&$70'!$$08/7!#*-*7<!/%'8--
5&630/6*#*-*7<S&9&/!67)&.!/!(&.&/738568&6350?7!#-&(50:7)'057)&0.3!/<V
|$} 50'&66*0/!-*6.&/685&67)!7.!/!(&.&/77&!.6!7!---&9&-6!5&48!-*?&%'057)&*5306*7*0/6S)!9&!$-&!5
8/%&567!/%*/(0'7)&*550-&6!/%!5&$!3!#-&0'&;&5$*6*/(7)&*50:/+8%(.&/7S,&&3*/(*/9*&:7)&0.3!/<c6
*/7&5&676S:*7)087#&*/(68#+&$7708/%8&*/@8&/$&'50.!/<&;7&5/!-05*/7&5/!-35&6685&6V
|%} 5867&&6)*3 #5*/(6 */70 '0$86 7)& ?%8$*!5< 50-& 0' 7)& .!/!(&.&/7 70 !-*(/ !/% %*5&$7 7)& !$7*0/6 0' 7)&
05(!/*6!7*0/70:!5%6$5&!7*/(:&!-7)!/%6)!5&)0-%&59!-8&*/7)&0.3!/<a648&6770&67!#-*6)!(-0#!-
/&7:05,S:)*-&!#*%*/(:*7)(-0#!-/05.6!/%$8-785&6V
|&} ¨63!570'05305!7&&630/6*#*-*7<S7)&0.3!/<#&-*&9&6*/:05,*/(70:!5%66867!*/!#-&%&9&-03.&/7N
&/9*50/.&/7!-!/%60$*!-R)08()7)&+085/&<0/6867!*/!#*-*7<*65&$&/7S*7*6!-5&!%<!,&<3*--!5*/*76/&;7?9&
<&!5(50:7)+085/&<V
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!'&(8!5%*/(*/7&(5*7<&/685&6*/%&3&/%&/79&5*?$!7*0/!/%7587)'8-35&6&/7!7*0/0'7)&0.3!/<c6?/!/$*!-
position. For this purpose, the Company has also constituted an Audit Committee which pays particular
!77&/7*0/707)&?/!/$*!-.!/!(&.&/7350$&66V
|(} 0/7*/8086'0$860/75!*/*/(!/%%&9&-03.&/70'&.3-0<&&6!/%:05,&5670!$)*&9&7)&09&5!--$05305!7&
0#+&$7*9&6:)*-&&/685*/(&.3-0<&&*/7&(5!7*0/!$5066/!7*0/!-#08/%!5*&6R
085 0.3!/< *6 03&/S !$$&66*#-& !/% $0/6*67&/7 :*7) *76 $0..8/*$!7*0/R ¨30--0 <5&6 6)!5&6 ! -0/( 7&5.
3&563&$7*9&!/%?5.-<#&-*&9&67)!7(00%$05305!7&(09&5/!/$&35!$7*$&68/%&56$05&*76%5*9&70:!5%6$0.3&7*7*9&
675&/(7)!/%6867!*/&%3&5'05.!/$&R)86S09&5!--$05305!7&(09&5/!/$&/05.6)!9&#&&/*/67*787*0/!-*6&%!6!/
enabling and facilitating business process at the board, management and at all operational levels.
2.
Board of Directors (Supervisory Board)
At Apollo, we believe that an active, well-informed and independent board is necessary to ensure highest standards
0' 05305!7& 09&5/!/$&R )& 0!5% 0' *5&$7056 |*R&R 83&59*605< 0!5%} 0' ¨30--0 <5&6S #&*/( !7 7)& $05& 0'
its Corporate Governance practice, plays the most pivotal role in overseeing how the management serves and
3507&$767)&-0/(O7&5.*/7&5&6760'!--08567!,&)0-%&56R
88 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 89
¨30--0a60!5%$0/6*6760'!/037*.!-$0.#*/!7*0/0';&$87*9&*5&$7056!/%/%&3&/%&/7*5&$7056S5&35&6&/7*/(
! +8%*$*086 .*; 0' 350'&66*0/!-*6.S ,/0:-&%(& !/% &;3&5*&/$&R )& *5&$7056 #5*/( */ &;3&57*6& */ 7)& ?&-%6 0'
)8.!/ 5&6085$& %&9&-03.&/7S 675!7&(<S .!/!(&.&/7S -&(!-S ?/!/$& !/% &$0/0.*$6S !.0/( 07)&56R )& 0!5%
3509*%&6 -&!%&56)*3S 675!7&(*$ (8*%!/$&S 0#+&$7*9& !/% */%&3&/%&/7 9*&: 70 7)& 0.3!/<a6 .!/!(&.&/7 :)*-&
%*6$)!5(*/( *76 ?%8$*!5< 5&630/6*#*-*7*&6S 7)&5&#< &/685*/( 7)!7 7)& .!/!(&.&/7 !%)&5&6 70 )*() 67!/%!5%6 0'
ethics, transparency and disclosure.
|”}
|•}
|–}
(a) Composition of Board:)&6*=&!/%$0.306*7*0/0'7)&0!5%!60/!5$)–”S•“”˜&;$&&%67)&5&48*5&.&/76
0'$-!86&—œ0'7)&-*67*/(!(5&&.&/7&/7&5&%:*7)7)&670$,&;$)!/(&6R)&0.3!/<a60!5%0'*5&$7056
$0/6*670'””;&$87*9&!/%0/;&$87*9&*5&$7056S*/$-8%*/(-&!%*/(350'&66*0/!-6*/7)&*55&63&$7*9&?&-%6R
)&'0--0:*/(*67)&3&5$&/7!(&0';&$87*9&!/%0/;&$87*9&*5&$70560'7)&0.3!/<:
|—}
Category of Directors
No. of
Directors
% of Total no. of
Directors
–
8
””
•š
š–
”““
;&$87*9&
0/;&$87*9&*/$-8%*/(/%&3&/%&/7*5&$7056
07!
No. of Board
Meetings
Attended(3)
No. of positions
held in Other
Companies
Executive/
Non-Executive/
Independent
Board(1)
Committee(2)
For the purpose of committees of Board of Directors, only Audit and Stakeholders Relationship Committees in
other public ltd. companies and subsidiaries of public ltd. companies are considered.
85*/(”˜S?9&0!5%&&7*/(6:&5&)&-%R
8568!/770&$7*0/”—œ|™}0'7)&0.3!/*&6¨$7S•“”–S5
85*!/6)!--/07#&75&!7&%!6!//%&3&/%&/7
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|˜}
5#&50*S)*&'|05305!7&¨''!*56} )0-&7*.&*5&$705$&!6&%70#&*5&$7050'7)&0.3!/<:*7)
&''&$7'50.09&.#&5•™S•“”—0/5&7*5&.&/7R
|™}
5!$0#)0.!6$&!6&%70#&*5&$705:*7)&''&$7'50.!<›S•“”˜0/5&6*(/!7*0/R
0/&0'7)&*5&$70560'<0850.3!/<*6!.&.#&50'.05&7)!/”“$0..*77&&605*67)&)!*5.!/0'.05&
7)!/?9&$0..*77&&6!$5066!--7)&$0.3!/*&6*/:)*$))&*6!*5&$705R
6!--!9*)50''S!57/&50'{6R¨.!5$)!/% !/(!-%!6 85&6)¨R)50'' 0RS$!55<*/(08735!$7*$&0'
solicitors and advocates on record, to whom the Company has paid fee of œR˜“.*--*0/'05”˜'05350'&66*0/!-
!%9*$&5&/%&5&%#<7)&?5.*/:)*$)6)&*6*/7&5&67&%R)&0!5%)!6%&7&5.*/&%7)!768$)3!<.&/7*/7)&
$0/7&;70'09&5!--&;3&/%*785&#<7)&0.3!/<S*6/076*(/*?$!/7!/%%0&6/07!''&$7)&5*/%&3&/%&/$&R
)&$0/67*787*0/0'7)&0!5%!/%!77&/%!/$&5&$05%0'*5&$7056*6(*9&/#&-0:U
Name/Designation of
Director
)*6*/$-8%&6%*5&$7056)*36)&-%*/38#-*$-7%R$0.3!/*&6!/%68#6*%*!5*&60'38#-*$-7%R$0.3!/*&6!/%&;$-8%&6
directorships in private ltd. companies and overseas companies.
Attendance
at last AGM
Mr Akshay Chudasama is the Partner of M/s. J. Sagar Associates, carrying out practice of solicitors and
advocates on record, to whom the Company has paid fee of ™Rš“.*--*0/'057)&”˜'05350'&66*0/!-!%9*$&
5&/%&5&%#<7)&?5.*/:)*$))&*6*/7&5&67&%R)&0!5%)!6%&7&5.*/&%7)!768$)3!<.&/7*/7)&$0/7&;70'
09&5!--&;3&/%*785&#<7)&0.3!/<S*6/076*(/*?$!/7!/%%0&6/07!''&$7)*6*/%&3&/%&/$&R
Mr Onkar S Kanwar
)!*5.!/ Managing Director
50.07&5O
;&$87*9&
˜
•
—
No
5&&5!+!/:!5
*$&)!*5.!/ Managing Director
;&$87*9&
•
•
˜
&6
Mr Akshay Chudasama
0/N;&$87*9&
Independent
”
”
˜
&6
Mr A K Purwar
0/N;&$87*9&
Independent
7
—
˜
&6
Mr Nimesh N Kampani
0/N;&$87*9&
Independent
7
˜
—
&6
5
85*!/|—}
Nominee Director
O0970'&5!-!
|48*7</9&6705}
0/N;&$87*9&
””
-
–
No
50#&577&*/.&7=
0/N;&$87*9&
Independent
-
-
—
&6
(c) Board Functioning & Procedure: ¨30--0 <5&6a 0!5% *6 $0..*77&% 70 &/685& (00% (09&5/!/$& 7)508() !
67<-&0''8/$7*0/*/(7)!7*66&-'N(09&5/*/(R)&.&.#&560'7)&0!5%!-:!<6)!9&$0.3-&7&-*#&57<70&;35&66
7)&*503*/*0/!/%%&$*6*0/6!5&7!,&/0/7)&#!6*60'$0/6&/686!55*9&%!7!'7&5%&7!*-&%%*6$866*0/6R)&<!5&
also free to bring up any matter for discussion at the Board Meetings.
Mr Sunam Sarkar
)0-&7*.&*5&$705
;&$87*9&
-
-
˜
&6
Dr S Narayan
0/N;&$87*9&
Independent
—
-
—
&6
5*,5!.&)7!
0/N;&$87*9&
Independent
8
”
—
&6
Ms Pallavi Shroff
0/N;&$87*9&
Independent
˜
”
–
No
I &5'05.!/$&0'/0/*/%&3&/%&/7*5&$7056!/%#0!5%!6!:)0-&V
I &5'05.!/$& 0' 7)& )!*5.!/ 0' 7)& 0.3!/<S 7!,*/( */70 !$$08/7 7)& 9*&:6 0' &;&$87*9& *5&$7056 !/%
/0/N&;&$87*9&*5&$7056V
I ¨66&66&%7)&48!-*7<S48!/7*7<!/%7*.&-*/&660'@0:0'*/'05.!7*0/#&7:&&/7)&0.3!/<.!/!(&.&/7!/%
the Board that was necessary for the Board to effectively and reasonably perform their duties.
(b) Performance evaluation of Independent Directors.
Ceased to be Director
Mr U S Oberoi|˜}
)*&'|05305!7&¨''!*56} )0-&7*.&*5&$705
;&$87*9&
•
-
5!$0#)0.!6|™}
0/N;&$87*9&
Independent
–
”
90 | APOLLO TYRES LTD
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)&-%0/$70#&5•œS•“”—R)&/%&3&/%&/7*5&$7056!77)&.&&7*/(5&9*&:&%7)&'0--0:*/(UN
—
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Company Secretary discuss the items to be included in the agenda and the detailed agenda, management reports
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are called to provide additional inputs on the matters being discussed by the Board/Committee. Overseas
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their respective companies.
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their follow up action report is placed at the immediately succeeding meeting for information of the Board.
(d) Relationship amongst Directors:5R&&5!+!/:!5S*$&)!*5.!/ !/!(*/(*5&$705*67)&60/0'5/,!5
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became a professionally managed and a globally recognised tyre manufacturer. As a visionary entrepreneur, he
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ANNUAL REPORT 2014-15 | 91
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guidance transformed itself from an Indian manufacturer of commercial vehicle tyres, to a global entity with
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emphasis on bettering the lives of people -- be it employees, customers, business partners, shareholders or any
other stakeholder - and responsiveness to change and continuous learning.
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promoted by him, is an enterprise focusing on state-of-the-art medical care and runs a cutting edge
multi-specialty medical facility which focuses on holistic treatment. An initiative close to his heart is Apollo
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across India.
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4.
Audit Committee
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processes and safeguards employed by each. All possible measures are taken by the Committee to ensure the
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(a) Composition & Terms of Reference of Committee
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has been entrusted with the following responsibilities:-
A Science and Administration graduate from the University of California, Mr Onkar S Kanwar is a widely travelled
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practices and their successful application in business.
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into a multi-geography Company with operations across geographies.
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skills helped him bring overarching changes in industrial relations, upgradation of technology and benchmarking
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initiatives in establishing the company in the global arena.
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combine work with liberal doses of fun.
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in the offer document / prospectus / notice and the report submitted by the monitoring agency, monitoring the
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(g) No. & Dates of Board Meetings held:85*/(7)&”˜S˜|*9&}0!5%.&&7*/(6:&5&)&-%0/!<S”˜S•“”—S
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(h) Statutory Compliance of Laws:)&0!5%3&5*0%*$!--<5&9*&:67)&$0.3-*!/$&5&30570'7)&-!:6!33-*$!#-&70
the Company as well as steps taken by the Company to rectify the instances of non-compliance, if any.
3.
Management Board:0&/685&&;3&%*&/7!/%&''&$7*9&'0$860/*.3057!/7*668&6S7)&0.3!/<)!6$0/67*787&%!
Management Board with a primary aim to maintaining strong business fundamentals and delivering high performance
through relentless focus on the affairs of the Company across all its geographies
92 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 93
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suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the
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candidate.
(b) Meetings of Audit Committee and attendance of members during the year
Designation
Category of Director
No. of meetings attended
Chairman
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—
Mr Akshay Chudasama
Member
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N.A.
Dr S Narayan
Member
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heads, Internal Auditor, Cost Auditor and Statutory Auditor of the Company, wherever necessary, and those
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(c) Role of Internal Auditor
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94 | APOLLO TYRES LTD
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management information and monitoring system, which ensures compliance to internal processes, as well as
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in-house Internal Audit function that is responsible for providing, assurance on compliance with operating
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internal audits using data analytics and tools.
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!/%*/'05.!7*0/6<67&.6!8%*76S$09&5*/(!--7)&-0$!7*0/6S03&5!7*0/6!/%(&0(5!3)*&60'7)&0.3!/<R)&
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)&/7&5/!-¨8%*75&305760/48!57&5-<#!6*6707)&¨8%*70..*77&&S7)&,&<*/7&5/!-!8%*7?/%*/(6S!/%!$7*0/
plan agreed with the management, the status of audits vis-à-vis the approved annual audit plan and status of
open audit issues.
(d) Subsidiary Companies
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transactions and arrangements entered into by the subsidiary companies, included in the minutes of the above
overseas subsidiary companies are placed before the Board of Directors of the Company and are duly noted by
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Nomination and Remuneration Committee
(a) Constitution and Composition of the Committee
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committee ceased to be the member of the committee as he has resigned from the Directorship of
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)& 0.*/!7*0/ !/% &.8/&5!7*0/ 0..*77&& )!6 %&9*6&% ! 30-*$< 0/ 0!5% %*9&56*7< */ 7&5.6 :*7) 7)&
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)&0.3!/<&$5&7!5<!$76!66&$5&7!5<0'7)&0..*77&&R
Ceased to be Member
Mr U S Oberoi
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5.
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•“”—!/%&#58!5<™S•“”˜R
Name of Director
(b) Brief description of the Terms of Reference
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grant annual increments, vary and/or modify the terms and conditions of appointment/re-appointment
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ceiling of remuneration as approved by the members.
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recommend to the Board a policy, relating to the remuneration of the Directors, key managerial personnel and
other employees.
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ANNUAL REPORT 2014-15 | 95
accordance with the criteria laid down, and recommend to the Board their appointment and removal.
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market conditions and applicable legal provisions.
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benchmarks.
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performance, risk management, resources, key appointments and standards of conduct.
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working of the Company and its goals.
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relationship with the senior management of the Company.
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Directors.
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employees.
(c) Policy for appointment and remuneration
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been formulated by the Nomination and Remuneration Committee of the Company and approved by the Board
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Criteria for determining Independence:
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3.
REMUNERATION OF DIRECTORS, KMP, SENIOR MANAGEMENT PERSONNEL AND OTHER EMPLOYEES
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30-*$<
of the Company.
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run the Company successfully.
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)& 5&.8/&5!7*0/ 6)08-% !-60 */90-9& ! #!-!/$& #&7:&&/ ?;&% !/% */$&/7*9& 3!< 5&@&$7*/( 6)057 !/% -0/(N7&5.
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1. CRITERIA FOR APPOINTMENT OF DIRECTOR AND SENIOR MANAGEMENT
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Director and who can be appointed in senior management:
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person for appointment as Director or at Senior Management level and recommend to the Board his /
her appointment
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$0/6*%&5&%'05!330*/7.&/7R)&0..*77&&)!6%*6$5&7*0/70%&$*%&:)&7)&548!-*?$!7*0/S&;3&57*6&
!/%&;3&5*&/$&3066&66&%#<!3&560/!5&68'?$*&/7{6!7*6'!$705<'057)&$0/$&5/&%306*7*0/R
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for appointing such person.
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or any other enactment for the time being in force.
3.1 General:
3.2 Remuneration to Whole-time / Managing Director
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the Committee and shall be within the overall remuneration approved by the shareholders and Central Government,
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70*76)0-&N7*.&*5&$705{!/!(*/(*5&$705*/!$$05%!/$&:*7)7)&3509*6*0/60'7)&0.3!/*&6¨$7S•“”–R
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68$)68.6*/&;$&660'7)&-*.*7635&6$5*#&%8/%&57)&¨$705:*7)0877)&35*056!/$7*0/0'7)&&/75!-09&5/.&/7S
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7)&0.3!/<R)&0.3!/<6)!--/07:!*9&5&$09&5<0'68$)68.5&'8/%!#-&70*78/-&663&5.*77&%#<7)&&/75!-
Government.
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listing agreement or any other enactment for the time being in force.
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58-&6.!%&7)&5&8/%&5!/%{05!663&$*?&%*/-!86&—œ|}|}0'7)&-*67*/(!(5&&.&/7R
)& 7&5. b&/*05 !/!(&.&/7b .&!/6 7)& 3&560//&- 0' 7)& 0.3!/< :)0 !5& .&.#&56 0' *76 $05&
.!/!(&.&/7 7&!. &;$-8%*/( 0!5% 0' *5&$7056 $0.35*6*/( !-- .&.#&56 0' .!/!(&./&7 0/& -&9&-
#&-0:7)&&;&$87*9&%*5&$7056S*/$-8%*/(7)&'8/$7*0/!-)&!%6R
)&0.*/!7*0/!/%&.8/&5!7*0/0..*77&&6)!--)!9&%*6$5&7*0/70$0/6*%&5!/%?;!/<07)&5$5*7&5*!05/05.6'056&-&$7*0/0'7)&.06768*7!#-&$!/%*%!7&|6}R
2. CRITERIA FOR DETERMINING POSITIVE ATTRIBUTES & INDEPENDENCE OF DIRECTORS
Criteria for determining positive attributes:
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*/%&3&/%&/7%*5&$7056}U
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*/$-8%*/(7)&$0..*66*0/#!6&%0/7)&/&7350?760'7)&0.3!/<'057)&0/N;&$87*9&*5&$7056!/%)0-&N7*.&
*5&$705!/%07)&5;&$87*9&*5&$7056R)&5&.8/&5!7*0/6)!--#&68#+&$7707)&35*05{3067!33509!-0'7)&6)!5&)0-%&560'7)&0.3!/<!/%&/75!-09&5/.&/7S:)&5&9&55&48*5&%R
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constructively, and the willingness to address issues proactively.
96 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 97
(e) Payment of remuneration/sitting fee to the Directors etc.
3.3 Remuneration to Non- Executive / Independent Director:
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0' 0!5% 05 0..*77&& 7)&5&0'R 509*%&% 7)!7 7)& !.08/7 0' 68$) '&&6 6)!-- /07 &;$&&% /& -!,) 3&5
meeting of the Board or Committee or such amount as may be prescribed by the Central Government from time
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Remuneration Committee and approved by the Board of Directors of the Company. Further, the boarding and
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)&350?7N-*/,&%0..*66*0/6)!--#&3!*%:*7)*/7)&.0/&7!5<-*.*7!33509&%#<7)&0!5%{)!5&)0-%&560'
7)&0.3!/<68#+&$7707)&6!.&/07&;$&&%*/(”‚0'7)&/&7350?760'7)&0.3!/<$0.387&%!63&57)&
applicable provisions of the Regulations.
–R–R–70$,37*0/6U
Pursuant to the provisions of the Act, an Independent Director shall not be entitled to any stock option of
the Company. Only such employees of the Company and its subsidiaries as approved by the Nomination and
&.8/&5!7*0/0..*77&&:*--#&(5!/7&%6R
)& S &/*05 !/!(&.&/7 &560//&- !/% 07)&5 &.3-0<&&6 0' 7)& 0.3!/< 6)!-- #& 3!*% .0/7)-<
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In other respects, the Remuneration Policy shall be of guidance for the Board.
Particulars
85*/( ”˜S • |7:0} 0.*/!7*0/ !/% &.8/&5!7*0/ 0..*77&& .&&7*/(6 :&5& )&-% 0/ !< ”˜S •“”— !/%
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Name of Director
Dr S Narayan
Designation
Category of Director
No. of meetings attended
Chairman
0/N;&$87*9&/%&3&/%&/7
•
Mr Onkar S Kanwar
|!330*/7&%!6.&.#&5:R&R'R
09&.#&5”“S•“”—}
Member
;&$87*9&
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Mr Akshay Chudasama
Member
0/N;&$87*9&/%&3&/%&/7
•
Mr Nimesh N Kampani
|!330*/7&%!6.&.#&5:R&R'R
!<”•S•“”˜}
Member
0/N;&$87*9&/%&3&/%&/7
N.A.
Mr Onkar
S Kanwar,
Managing
Director
98 | APOLLO TYRES LTD
Member
0/N;&$87*9&/%&3&/%&/7
•
Mr Sunam
Sarkar,
Whole Time
Director
Mr U S Oberoi
(ceased to be
Director w.e.f.
November 26,
2014)
Mr P N
Wahal,
Company
Secretary*
—›R““
•›R›“
šR——
”R›—
•R••
Contribution to PF/
Superannuation/
Gratuity
”˜R•š
›R““
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“R™“
•œ˜R““
”œ˜R““
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—”R•“
•”R™•
”R™š
›R•–
417.10
273.00
41.82
7.00
14.22
&548*6*7&6
Total Remuneration
Mr Raj
Banerji,
CFO (w.e.f.
February
6, 2015)
jj
Stock Option
N.A
N.A
N.A
N.A
N.A
N.A
Service contracts,
notice period,
severance fees
N.A
N.A
N.A
N.A
N.A
N.A
j5!)!-$&!6&%70#&7)&0.3!/<&$5&7!5<:R&R'R¨35*-”S•“”˜R
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:R&R'R¨35*-–“S•“”˜R5!85!98.!5)!6#&&/!330*/7&%!6:R&R'R!<”•S•“”˜R
Notes:-
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commission as approved by the members.
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the ratio to median remuneration of employees are as under:
Name of Director
Ceased to be Member
5!$0#)0.!6
|:R&R'R!<›S•“”˜}
Mr Neeraj
Kanwar,
Managing
Director
Salary
Commission/
Performance Bonus
(d) Meetings of Nomination and Remuneration Committee and Attendance of members during the year
( Million)
(i) Executive Directors/CFO/Company Secretary:
3.4 Remuneration to KMP, Senior Management Personnel and Other Employees
)&%&7!*-60'5&.8/&5!7*0/3!*%70*5&$7056%85*/(”˜!5&(*9&/#&-0:R
Mr A K Purwar
Mr Akshay Chudasama|”}
5
85*!/|•}
5!$0#)0.!6
Mr Nimesh N Kampani
Ms Pallavi Shroff|–}
50#&577&*/.&7=
Dr S Narayan
Mr Shardul S Shroff|—}
5*,5!.&)7!
58/+!|˜}
Remuneration for
FY15 (` Million)
Remuneration for
FY14 (` Million)
% increase in
Remuneration
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›˜
NA
NA
›˜
›˜
NA
›˜
›˜
NA
›˜
NA
Ratio to median
remuneration of
employees
”—R•–
NA
NA
”—R•–
”—R•–
NA
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NA
”—R•–
NA
ANNUAL REPORT 2014-15 | 99
|”}
¨330*/7&%:R&R'R09&.#&5””S•“”–
Name of Director
Sitting fee ( Million)
Commission provided for
the FY15 ( Million)
No. of Shares held as on
March 31, 2015
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remuneration:
Sitting fee/Commission payable to Government of Kerala
|”}
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Stakeholders Relationship Committee
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looks after the share transfer work besides redressal of shareholder complaints.
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processed by the Committee itself.
(a) Constitution and Composition of the Committee
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Director acts as the Chairman of the Committee.
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(b) Terms of reference
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(ii) Non-Executives Directors: *77*/( '&& !/% $0..*66*0/ 3!*%{70 #& 3!*% 70 7)& 0/N;&$87*9& *5&$7056 *6 */
pursuance of the resolution passed by the Board.
Name of Director
Sitting fee ( Million)
Commission provided for
the FY15 ( Million)
No. of Shares held as on
March 31, 2015
Mr A K Purwar
“R™“
˜R˜™
-
Mr Akshay Chudasama
”R”“
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-
5
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100 | APOLLO TYRES LTD
(c) Meetings of Stakeholders Relationship Committee and attendance of members during the year
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Designation
Category of Director
No. of meetings attended
Dr S Narayan
|:R&R'R09&.#&5”“S•“”—}
Chairman
0/N;&$87*9&/%&3&/%&/7
”
Mr Onkar S Kanwar
|:R&R'R09&.#&5”“S•“”—}
Member
;&$87*9&
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5&&5!+!/:!5
Member
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Mr Sunam Sarkar
Member
;&$87*9&
9
Ms Pallavi Shroff
|:R&R'R09&.#&5”“S•“”—}
Member
0/N;&$87*9&/%&3&/%&/7
”
ANNUAL REPORT 2014-15 | 101
(b) Resolutions passed last year through postal ballot:
Ceased to be a Member
Name of Director
Designation
Category of Director
No. of meetings attended
Mr U S Oberoi
|:R&R'R09&.#&5•™S•“”—}
Member
;&$87*9&
8
5!$0#)0.!6
|:R&R'R09&.#&5”“S•“”—}
Member
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-
(d) No. of shareholders’ complaints received
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which are under litigation, disputes or court orders. All other complaints were attended and resolved to the
satisfaction of the shareholders.
7.
Corporate Social Responsibility(CSR) Committee
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passed through postal ballot :Last Date of Dispatch of
Postal Ballot Forms
Items approved by the
shareholders
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connection with the borrowings of the
Company.
(a) A brief outline of the Company’s CSR Policy
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rests on the principle of sustainability and self reliance. It also embeds a dimension of philanthropy. At the core
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Number of Postal Ballots received
07&6!#67!*/&%'50.$!67*/(
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Special Resolution
!+05*7<0'907&65&$&*9&%*/'!90850'7)&&60-87*0/
(c) Meetings of CSR Committee and attendance of members during the year.
Number of invalid Postal Ballots
85*/(”˜S”|0/&}.&&7*/(0'0..*77&&:!6)&-%0/$70#&5–”S•“”—UN
Number of invalid votes
Category of Director
No. of meetings attended
Chairman
;&$87*9&
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Dr S Narayan
Member
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Mr Sunam Sarkar
Member
;&$87*9&
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Mr Onkar S Kanwar
Physical
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Designation
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Board.
9.
General Body Meetings
Special Resolutions
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Particulars
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Mr Sunam Sarkar. Mr Onkar S Kanwar acts as the Chairman of the Committee.
Name of Director
Ordinary/ Special
resolution
Item No. 1: Limits of Borrowing under Section 180 (1) (c) of the Companies Act 2013
(b) Composition of CSR Committee
Date of passing of
resolution
Item No. 2: Creation of Security under Section 180 (1) (a) of the Companies Act 2013
Particulars
Number of Postal Ballots received
07&6$!67!(!*/677)&&60-87*0/
07&6!#67!*/&%'50.$!67*/(
&48*6*7&.!+05*7<0'907&6'05$!55<*/(7)&5&60-87*0/!6!
Special Resolution
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(a) The last three Annual General Meetings were held as under:
Number of invalid Postal Ballots
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Financial Year
Date
Time
Venue
Special Resolution Passed
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Kerala Fine Arts
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Avenue, Foreshore
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issue of Securities.
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process in a fair and transparent manner.
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Convertible Debentures.
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voting by post or through electronic means within a period of thirty days from the date of dispatch of the notice.
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Postal Ballot for the items mentioned above.
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102 | APOLLO TYRES LTD
Number of invalid votes
ANNUAL REPORT 2014-15 | 103
10. Disclosures
(a) Related Party Transactions
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'50.$70#&5”S•“”—R
During the year, no transaction of material nature has been entered into by the Company with its Promoters, the
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&/%&%!5$)–”S•“”˜R
Aggregate number of shareholders and the outstanding shares in the suspense account
-<*/(!77)&#&(*//*/(0'7)&<&!5S*R&RS¨35*-”S•“”—
)& 0.3!/<a6 !$7*9*7*&6 &;306& *7 70 ! 9!5*&7< 0' 5*6,6 */$-8%*/( .!5,&7 5*6,S 6!-&6 5*6,S 5!: .!7&5*!- 5*6,S
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potential adverse effects on its performance.
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Company.
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Audit Committee periodically reviews the risks and opportunities and plans to mitigate the same.
Aggregate number of shareholders and the outstanding shares in the suspense account
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Company to credit/issue the shares to the rightful owner.
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until the rightful owner has claimed the shares.
(f) Disclosure in terms of Clause 49 of the Listing Agreement
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Kanwar being father and son.
11. Means of communication
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results are displayed at our website at www.apollotyres.com for the information of all shareholders.
N
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developments.
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12. General Shareholder Information
D 5HJLVWHUHG2I¿FH
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Cherupushpam Building
Shanmugham Road
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b) Annual General Meeting:
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Financial Calendar for FY16
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(e) Transfer of Unclaimed/Undelivered Shares
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addresses, PAN details etc. registered with the Company in order to avoid transfer of such unclaimed shares to
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104 | APOLLO TYRES LTD
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authorities on all matters relating to capital markets during the last three years. No penalties or strictures
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assurance to the Management and the Board of Directors regarding effectiveness of timely compliances.
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(d) Compliance by the Company
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Number of shareholders to whom shares were transferred from suspense account during
the year
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(c) Risk Management
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Number of shareholders who approached to the Company for transfer of shares from
suspense account during the year
(b) Disclosure of accounting treatment
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ANNUAL REPORT 2014-15 | 105
d) Dates of Book-Closure
The Company’s share price on BSE and Sensex
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statutory time limit.
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folio, to avoid mailing of multiple annual reports.
l)
Share Transfer System
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formalities.
m) Distribution of Shareholding
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Category
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n) Reconciliation of Share Capital Audit
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Audit of the Company for the purpose of reconciliation of total admitted capital with the depositories, i.e. NSDL
and CDSL, and the total issued and listed capital of the Company.
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Dematerialisation of Shares and Liquidity
v)
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w) Adoption of mandatory and non-mandatory requirements of Clause 49
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NSDL/CDSL for carrying out demat completely in house.
q) Share Transfer Department
All communications regarding change of address for shares held in physical form, dividend etc. should be sent
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Plant Location:
Address for correspondence
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As on March 31, 2015, there were no outstanding GDRs/ADRs/ Warrants or any convertible instruments.
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13. Additional Information
a)
Investor Relations Section
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writing to the Company.
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passed at general meetings.
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ICIC Bank Ltd
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IDBI Bank Ltd
Bank of India
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Barclays Bank PLC
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document, to members in electronic form at the e-mail address provided by them and/or available to the
Company by the Depositories.
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108 | APOLLO TYRES LTD
c)
Auditors
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ANNUAL REPORT 2014-15 | 109
d) Cost Auditors
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Government of India, Ministry of Corporate Affairs, Cost Audit Branch, New Delhi, following are the details of
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Particulars of the Cost Auditor
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ended March 31, 2014
Mr N P Sukumaran
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Code of Conduct for Prevention of Insider Trading
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access to unpublished price sensitive information.
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f)
Code of Conduct for Directors and Senior Management
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must act within the bounds of the authority conferred upon them and with a duty to make and keep themselves
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in respect of the Company and/or its subsidiary companies, including overseas subsidiaries.
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i)
Policy to prevent and deal with sexual harassment
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any profession or to carry on any occupation, trade or business, which also includes a right to have a safe and
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j)
Declaration by Independent Directors under sub-section (6) of section 149 & Clause 49 of the Listing Agreement
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k)
Web link for various documents
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Particulars
Web link
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http://www.apollotyres.com/uploads/policy-for-determining-material-subsidiaries.pdf
Policy on dealing with related party transactions
http://www.apollotyres.com/uploads/policy-on-related-party-transaction.pdf
CSR policy
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Code of conduct for Directors and Senior Management
http://www.apollotyres.com/uploads/code-of-conductfor-directors-and-senior-management.pdf
g)
Whistle Blower Policy / Vigil Mechanism
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highest standards of professionalism, honesty, integrity and ethical behavior. In order to inculcate accountability
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and other stakeholders to raise their genuine concerns internally in a responsible and effective manner if and
when they discover information which they believe shows serious malpractice or irregularity within the Company
and/or to report to the management instances of unethical behavior, actual or suspected, fraud or violation of
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which is headed by the Chairman of the Audit Committee of the Board. Company Secretary of the Company acts
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to the Audit Committee .
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Board members and the Senior Management Personnel have fully complied with the provisions of the Code of
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For and on behalf of the Board of Directors
h) Code of Practices and Procedures for Fair Disclousure
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110 | APOLLO TYRES LTD
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ANNUAL REPORT 2014-15 | 111
CEO AND CFO CERTIFICATE
COMPLIANCE:
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this annual report and the same is given herein:
(UNDER SUB CLAUSE IX OF CLAUSE 49 OF THE LISTING AGREEMENT)
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limited to a review of procedures and implementation thereof, adopted by the Company for ensuring the compliance
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and the management, we certify that the Company has complied with the conditions of corporate governance as
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For Deloitte Haskins & Sells
Chartered Accountants
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these statements do not contain any materially untrue statement or omit any material fact or contain
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controls for the period covered by this report.
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and accounting policies of the Company. Furthermore, no instance of fraud found by management or employees
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sd/M.K. Ananthanarayanan
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Place: Chennai
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112 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 113
STANDALONE ACCOUNTS
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are in agreement with the books of account.
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foreseeable losses, if any, on long-term contracts including derivative contracts.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF APOLLO TYRES LTD.
Report on the Standalone Financial Statements
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Management’s Responsibility for the Standalone Financial Statements
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accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for
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fair view and are free from material misstatement, whether due to fraud or error.
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Auditor’s Responsibility
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to be included in the audit report under the provisions of the Act and the Rules made thereunder.
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An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
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statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances,
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evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates
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Chartered Accountants
sd/M.K. Ananthanarayanan
Partner
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Place of Signature: Gurgaon
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Opinion
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and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
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Report on Other Legal and Regulatory Requirements
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were necessary for the purposes of our audit.
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114 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 115
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT
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the Company and the nature of its business.
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|*9} /08503*/*0/!/%!$$05%*/(707)&*/'05.!7*0/!/%&;3-!/!7*0/6(*9&/7086S)!9*/(5&(!5%707)&&;3-!/!7*0/67)!7
some of the items purchased are of special nature and suitable alternative sources are not readily available for
0#7!*/*/($0.3!5!#-&4807!7*0/6S7)&5&*6!/!%&48!7&*/7&5/!-$0/750-6<67&.$0..&/685!7&:*7)7)&6*=&0'7)&
0.3!/<!/%7)&/!785&0'*76#86*/&66:*7)5&(!5%70385$)!6&60'*/9&/705<!/%?;&%!66&76!/%7)&6!-&0'(00%6
!/%6&59*$&6R85*/(7)&$0856&0'085!8%*7S:&)!9&/070#6&59&%!/<.!+05:&!,/&66*/68$)*/7&5/!-$0/750-
system.
|9} ¨$$05%*/( 70 7)& */'05.!7*0/ !/% &;3-!/!7*0/6 (*9&/ 70 86S 7)& 0.3!/< )!6 /07 !$$&37&% !/< %&306*7 '50. 7)&
public during the year. In respect of unclaimed deposits, the Company has complied with the provisions of Sections
š–S&$7*0/š™05!/<07)&55&-&9!/73509*6*0/60'7)&¨$7R
|9***} )&0.3!/<%0&6/07)!9&!$$8.8-!7&%-066&6!77)&&/%0'7)&?/!/$*!-<&!5!/%7)&0.3!/<)!6/07*/$855&%
$!6)-066&6%85*/(7)&?/!/$*!-<&!5$09&5&%#<085!8%*7!/%*/7)&*..&%*!7&-<35&$&%*/(?/!/$*!-<&!5R
|*;} /08503*/*0/!/%!$$05%*/(707)&*/'05.!7*0/!/%&;3-!/!7*0/6(*9&/7086S7)&0.3!/<)!6/07%&'!8-7&%*/7)&
5&3!<.&/70'%8&670?/!/$*!-*/67*787*0/6S#!/,6!/%%&#&/785&)0-%&56R
|;} / 085 03*/*0/ !/% !$$05%*/( 70 7)& */'05.!7*0/ !/% &;3-!/!7*0/6 (*9&/ 70 86S 7)& 7&5.6 !/% $0/%*7*0/6 0' 7)&
(8!5!/7&&6(*9&/#<7)&0.3!/<'05-0!/67!,&/#<07)&56'50.#!/,6!/%?/!/$*!-*/67*787*0/6!5&/07S35*.!'!$*&S
35&+8%*$*!-707)&*/7&5&6760'7)&0.3!/<*/$-8%*/(7)&#!/,%&306*763-&%(&%#<7)&0.3!/<'05-0!/67!,&/#<
07)&56!65&'&55&%70*/07&”“|$}707)&?/!/$*!-67!7&.&/76R
|;*} /08503*/*0/!/%!$$05%*/(707)&*/'05.!7*0/!/%&;3-!/!7*0/6(*9&/7086S7)&7&5.-0!/6)!9&#&&/!33-*&%#<
the Company during the year for the purposes for which they were obtained.
|;**} 07)&#&670'085,/0:-&%(&!/%!$$05%*/(707)&*/'05.!7*0/!/%&;3-!/!7*0/6(*9&/7086S/0'5!8%#<7)&0.3!/<
and no material fraud on the Company has been noticed or reported during the year.
|9*} &)!9&#50!%-<5&9*&:&%7)&$0675&$05%6.!*/7!*/&%#<7)&0.3!/<38568!/7707)&0.3!/*&6|067&$05%6
!/%¨8%*7}8-&6S•“”—S!6!.&/%&%!/%35&6$5*#&%#<7)&&/75!-09&5/.&/78/%&568#N6&$7*0/|”}0'&$7*0/
”—›0'7)&¨$7S!/%!5&0'7)&03*/*0/7)!7S35*.!'!$*&S7)&35&6$5*#&%$0675&$05%6)!9&#&&/.!%&!/%.!*/7!*/&%R
&)!9&S)0:&9&5S/07.!%&!%&7!*-&%&;!.*/!7*0/0'7)&$0675&$05%6:*7)!9*&:70%&7&5.*/&:)&7)&57)&<!5&
accurate or complete.
For Deloitte Haskins & Sells
Chartered Accountants
|*5.6c&(*675!7*0/0R““›“š•}
|9**} ¨$$05%*/(707)&*/'05.!7*0/!/%&;3-!/!7*0/6(*9&/7086*/5&63&$70'67!78705<%8&6U
sd/-
|!} )&0.3!/<)!6#&&/5&(8-!5*/%&306*7*/(8/%*6387&%67!78705<%8&6S*/$-8%*/(509*%&/78/%S.3-0<&&6a
7!7&/685!/$&S/$0.&N7!;S!-&6!;S&!-7)!;S&59*$&!;S8670.687<S;$*6&87<S!-8&¨%%&%!;S
Cess and other material statutory dues applicable to it with the appropriate authorities.
M.K. Ananthanarayanan
|#} )&5&:&5&/08/%*6387&%!.08/763!<!#-&*/5&63&$70'509*%&/78/%S.3-0<&&6a7!7&/685!/$&S/$0.&N
7!;S!-&6!;S&!-7)!;S&59*$&!;S8670.687<S;$*6&87<S!-8&¨%%&%!;S&66!/%07)&5.!7&5*!-
67!78705<%8&6*/!55&!56!6!7!5$)–”S•“”˜'05!3&5*0%0'.05&7)!/6*;.0/7)6'50.7)&%!7&7)&<#&$!.&
payable.
|&.#&56)*30R”œ˜•”}
|$} &7!*-60'%8&60'/$0.&N7!;S!-&6!;!/%;$*6&87<:)*$))!9&/07#&&/%&306*7&%!60/!5$)–”S•“”˜
on account of disputes are given below:
Name of the Statute Nature of Dues
Forum where
Dispute is pending
Period to which
the amount relates
(Financial Year)
!-&67!;
!-&6!;¨$7
applicable to various
States
!5*086¨33&--!7&
Authorities /
Revenue Board /
*()0857R
*/!/$*!-&!56
”œœ“Nœ”70•““•N“–S
•““—N“˜70•““™N“š
!/%•“”“N””R
116 | APOLLO TYRES LTD
Partner
Place of Signature: Gurgaon
!7&U!<”•S•“”˜
Amount involved
( Million)
””˜Rššj
ANNUAL REPORT 2014-15 | 117
BALANCE SHEET
STATEMENT OF PROFIT & LOSS
AS AT MARCH 31, 2015
FOR THE YEAR ENDED MARCH 31, 2015
Notes
A.
1.
|!}
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|$}
EQUITY & LIABILITIES
Shareholders’ Funds :
)!5&!3*7!-
&6&59&6!/%853-86
0/&<&$&*9&%!(!*/67)!5&!55!/76
2.
|!}
|#}
|$}
|%}
Non-Current Liabilities:
0/(N7&5.0550:*/(6
&'&55&%!;*!#*-*7*&6|&7}
7)&50/(N7&5.*!#*-*7*&6
0/(N7&5.509*6*0/6
3.
|!}
|#}
|$}
|%}
Current Liabilities:
)057N7&5.0550:*/(6
5!%&!<!#-&6
7)&5855&/7*!#*-*7*&6
)057N7&5.509*6*0/6
”
•
š
–
”›|!}
–
–
ASSETS
Non-Current Assets:
*;&%¨66&76
!/(*#-&¨66&76
/7!/(*#-&¨66&76
!3*7!-05,N*/N50(5&66
|#} 0/N855&/7/9&67.&/76
|$} 0/(N7&5.0!/6 ¨%9!/$&6
|%} 7)&50/N855&/7¨66&76
2.
|!}
|#}
|$}
|%}
|&}
|'}
Current Assets:
855&/7/9&67.&/76
/9&/705*&6
5!%&&$&*9!#-&6
!6) !6)48*9!-&/76
)057&5.0!/6 ¨%9!/$&6
7)&5855&/7¨66&76
509.09
32,197.76
-
32,706.85
3,339.39
4,122.42
69.14
78.43
7,609.38
As at
!5$)–”S•“”—
Million
˜“—R“œ
•™Sš›™R–•
”“šRš˜
•šS–œ›R”™
šS”–šR––
–Sœ“œR—˜
™•R”•
™šR™”
””S”š™R˜”
—
TOTAL
B.
1.
|!}
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|**}
|***}
As at
March 31, 2015
Million
4,626.60
6,621.81
5,616.92
4,032.50
20,897.83
”S›“™Rš–
›Sœ›–R—”
›S›œ•R““
•S›™–R•“
••S˜—˜R–—
61,214.06
™”S”•“R“”
118 | APOLLO TYRES LTD
&!5/%&%
!5$)–”S•“”—
Million
”–|¨}
98,772.72
9,990.04
88,782.68
œ˜S›œ•R›–
œSšœ•R“–
›™S”““R›“
Revenue from Operations:
5066!-&6
&66U;$*6&87<
Net Sales
7)&53&5!7*/(/$0.&
”–
595.49
89,378.17
”S“”™R˜•
›šS””šR–•
2.
Other Income
”—
375.46
šœ•R•™
3.
Total Revenue (1 +2)
89,753.63
›šSœ“œR˜›
4.
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|&}
|'}
|(}
Expenses :
0670'!7&5*!-60/68.&%
85$)!6&0'70$,N*/N5!%&
)!/(&6*//9&/705*&60'*/*6)&%00%6S
05,*/50(5&66 70$,N*/N5!%&
.3-0<&&&/&?76;3&/6&6
*/!/$&0676
&35&$*!7*0/ ¨.057*=!7*0/&;3&/6&6
7)&5;3&/6&6
”˜
”˜
54,007.14
2,492.19
˜šS•—–R“™
•S˜“•Rš™
”™
”˜
”š
˜
”˜
197.29
5,451.32
1,720.88
2,467.80
14,075.59
|”S”˜›R™š}
—S˜–•R˜—
•S——™R”“
•S—›“R—™
”–S““›R—”
80,412.21
›”S“˜—R™™
9,341.42
™S›˜—Rœ•
Total Expenses
™
š
›
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”“
”“
”“
””
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30,965.27
105.15
1,296.48
32,366.90
–•S—•”R™”
””—R•”
–—œRš”
–•S››˜R˜–
6,519.19 1,780.28
360.18
41,026.55
™S˜”—R™—
”S•–“R–›
•”—R”—
—“S›——R™œ
1,000.00
11,851.86
3,200.10
2,078.40
1,681.19
375.96
”•S›–™Rœ•
•S—“˜R—˜
•S•””R”“
•S——˜R›“
–š™R“˜
20,187.51
•“S•š˜R–•
61,214.06
™”S”•“R“”
See ac$0.3!/<*/(/07&6'05.*/(3!570'7)&?/!/$*!-67!7&.&/76
M K ANANTHANARAYANAN
Partner
85(!0/
!<”•S•“”˜
Year Ended
March 31, 2015
Million
1.
˜
TOTAL
In terms of our report attached
For DELOITTE HASKINS & SELLS
)!57&5&%¨$$08/7!/76
Notes
¨¨¨
)!*5.!/ Managing Director
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)*&'*/!/$*!-'?$&5
3UR¿WEHIRUH([FHSWLRQDO,WHPVDQG7D[
6.
Exceptional Items
3UR¿WEHIRUH7D[
8.
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Tax Expense
855&/7!;;3&/6&
&'&55&%!;;3&/6&
07!-!;;3&/6&
3UR¿WIRUWKH<HDU
|!}
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Earnings per Share of
!6*$
*-87&%
™
1 each:
•›
-
š”“R—š
9,341.42
™S”——R—˜
2,544.70
345.91
2,890.61
”S–•šR•”
–œ”R“˜
”Sš”›R•™
6,450.81
—S—•™R”œ
12.70
12.69
8.78
8.77
&&!$$0.3!/<*/(/07&6'05.*/(3!570'7)&?/!/$*!-67!7&.&/76
¨¨¨
*$&)!*5.!/ Managing Director
¨¨¨
*5&$705
¨
¨¨
0.3!/<&$5&7!5<
In terms of our report attached
For DELOITTE HASKINS & SELLS
)!57&5&%¨$$08/7!/76
M K ANANTHANARAYANAN
Partner
85(!0/
!<”•S•“”˜
¨¨¨
)!*5.!/ Managing Director
¨¨¨
*$&)!*5.!/ Managing Director
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*5&$705
¨¨¨
)*&'*/!/$*!-'?$&5
¨
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0.3!/<&$5&7!5<
ANNUAL REPORT 2014-15 | 119
CASH - FLOW STATEMENT
FOR THE YEAR ENDED MARCH 31, 2015
Year Ended
March 31, 2015
Million
A
CASH FLOW FROM OPERATING ACTIVITIES
L1HW3UR¿W%HIRUH7D[
Add: Adjustments for:
&35&$*!7*0/!/%¨.057*=!7*0/;3&/6&6
0660/!-&0'!/(*#-&*;&%¨66&76|&7}
*9*%&/%'50.5!%& 0/5!%&/9&67.&/76
509*6*0/'0508#7'8-5!%&&$&*9!#-&6{¨%9!/$&6:5*77&/#!$,
509*6*0/'050/6758$7*9&*!#*-*7<
509*6*0/'050.3&/6!7&%¨#6&/$&6
*!#*-*7*&6{3509*6*0/6/0-0/(&55&48*5&%:5*77&/#!$,
*/!/$&067|&70'/7&5&67!3*7!-*=&%}
/7&5&67/$0.&
509*6*0/'05&67*.!7&%-0660/%&5*9!7*9&6
/5&!-*=&%|!*/}{0660/05&*(/;$)!/(&-8$78!7*0/6
509*6*0/'05$0/7*/(&/$*&6
08#7'8-&$&*9!#-&6{¨%9!/$&65*77&/''
LL2SHUDWLQJ3UR¿W%HIRUH:RUNLQJ&DSLWDO&KDQJHV
Changes in Working Capital
Adjustments for (increase) / decrease in operating assets:
/9&/705*&6
5!%&&$&*9!#-&6
)057N7&5.-0!/6!/%!%9!/$&6
0/(N7&5.-0!/6!/%!%9!/$&6
7)&50/N855&/7¨66&76
Other Current Assets
Adjustments for increase / (decrease) in operating liabilities:
5!%&!<!#-&6
7)&5855&/7*!#*-*7*&6
7)&50/(N7&5.*!#*-*7*&6 3509*6*0/6
Short-term Provisions
(iii) Cash Generated from Operations
&66U*5&$7!;&6!*%|&70'&'8/%}
Net Cash From Operating Activities
B
CASH FLOW FROM INVESTING ACTIVITIES
85$)!6&0'*;&%¨66&76|*/$-8%*/(*/7&5&67$!3*7!-*=&%}
50$&&%6'50.6!-&0'*;&%¨66&76
/9&67.&/76*/878!-8/%6
0/(&5./9&67.&/7.!%&*/8#6*%*!5<
0/(&5./9&67.&/7.!%&*/7)&50.3!/*&6
0/(&5.*;&%&5.&306*76*7)!/,67!,&/{.!785&%
*9*%&/%65&$&*9&%'50.5!%& 0/5!%&/9&67.&/76
Interest received
Net Cash Used in Investing Activities
C
CASH FLOW FROM FINANCING ACTIVITIES
50$&&%6'50.*668&0')!5&!3*7!-*/$-8%*/()!5&5&.*8.
!3*7!-8#6*%<5&$&*9&%
8#6*%<5&$&*9&%
&3!<.&/70'0/(&5.0550:*/(6
!/,9&5%5!'7{)057&5.0550:*/(6|/&70'5&3!<.&/76}
!<.&/70'*9*%&/%6|*/$-8%*/(*9*%&/%!;}
*/!/$&)!5(&63!*%|&70'/7&5&67$!3*7!-*=&%}
Net Cash Used in Financing Activities
&7/$5&!6&*/!6) !6)48*9!-&/76
!6) !6)48*9!-&/76!6!7&(*//*/(0'7)&<&!5
&66U!/,&306*76:*7)5*(*/!-!785*7<09&5)5&&0/7)6
Less: Unpaid Dividends Bank Accounts
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|š™–R•“}
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-
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(2,216.83)
11,511.73
1,997.96
9,513.77
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Adjusted Cash & Cash Equivalents as at Beginning of the year
!6) !6)48*9!-&/76!6!77)&&/%0'7)&<&!5
&66U!/,&306*76:*7)5*(*/!-!785*7<09&5)5&&0/7)6
Less: Unpaid Dividends Bank Accounts
!*/0/&*/67!7&.&/70'05&*(/855&/$<!6) !6)48*9!-&/76
Adjusted Cash & Cash Equivalents as at the end of the year
In terms of our report attached
For DELOITTE HASKINS & SELLS
)!57&5&%¨$$08/7!/76
M K ANANTHANARAYANAN
Partner
85(!0/
!<”•S•“”˜
120 | APOLLO TYRES LTD
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)!*5.!/ Managing Director
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CORPORATE INFORMATION
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*7603&5!7*0/6*/”œš•:*7)*76?567.!/8'!$785*/(3-!/7!7&5!.#5!*/&5!-!R
)&$0.3!/<c6-!5(&6703&5!7*0/6!5&*//%*!!/%$0.35*6&0''0857<5&.!/8'!$785*/(3-!/76N-0$!7&%7:0*/
0$)*/!/%0/&&!$)!7!%0%!5! )&//!*5&63&$7*9&-<!/%9!5*0866!-&6 .!5,&7*/(0'?$&6635&!%!$5066
7)&$08/75<R)&$0.3!/<c68503&!/68#6*%*!5<¨30--05&%&67&*/|¨})!6!.!/8'!$785*/(3-!/7*/7)&
&7)&5-!/%6!/%6!-&6 .!5,&7*/(68#6*%*!5*&6!--09&58503&R)&$0.3!/<!-60)!66!-&6!/%.!5,&7*/(
68#6*%*!5*&6*/*%%-&!67!/%¨¨5&(*0/R 2.
SIGNIFICANT ACCOUNTING POLICIES
2.1
BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS
)& ?/!/$*!- 67!7&.&/76 0' 7)& 0.3!/< )!9& #&&/ 35&3!5&% */ !$$05%!/$& :*7) 7)& &/&5!--< ¨$$&37&%
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”––0'7)&0.3!/*&6¨$7S•“”–S5&!%:*7)8-&š0'7)&0.3!/*&6|¨$$08/76}8-&6S•“”—!/%7)&5&-&9!/7
3509*6*0/60'7)&0.3!/*&6¨$7S•“”–|b7)&•“”–¨$7b}{0.3!/*&6¨$7S”œ˜™|b7)&”œ˜™¨$7b}S!6!33-*$!#-&R
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&;$&37*0/0'$&57!*/?;&%!66&76S7)!7!5&$!55*&%!75&9!-8&%!.08/76R)&!$$08/7*/(30-*$*&6!%037&%*/7)&
35&3!5!7*0/0'7)&?/!/$*!-67!7&.&/76!5&$0/6*67&/7:*7)7)06&'0--0:&%*/7)&35&9*086<&!5&;$&37'05$)!/(&
*/7)&!$$08/7*/(30-*$<'05%&35&$*!7*0/!6.05&'8--<%&6$5*#&%*/07&”“R
2.2
2.3
2,211.10
56.87
32.45
2,121.78
(0.12)
2,121.66
2,078.40
41.01
35.91
2,001.48
(0.06)
2,001.42
¨¨¨
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/ $!6& 0' 5!: .!7&5*!-6S 6705&6 63!5&6 !/% 75!%&% (00%6S $067 |/&7 0' ¨{¨ $5&%*76 :)&5&9&5
!33-*$!#-&}*6%&7&5.*/&%0/!.09*/(:&*()7&%!9&5!(&#!6*6S!/%S*/$!6&0':05,*/350(5&66!/%?/*6)&%
goods, cost is determined on a First In First Out basis.
2.4
”S˜—”Rœ•
š”R”›
–“R•—
”S——“R˜“
|“R“œ}
”S——“R—”
•S•””R”“
˜™R›š
–•R—˜
•S”•”Rš›
|“R”•}
•S”•”R™™
¨¨¨
*5&$705
¨
¨¨
0.3!/<&$5&7!5<
INVENTORIES
/9&/705*&6!5&9!-8&%!77)&-0:&50'$067!/%&67*.!7&%/&75&!-*=!#-&9!-8&|/&70'!--0:!/$&6}!'7&53509*%*/(
'050#60-&6$&/$&!/%07)&5-066&6S:)&5&$0/6*%&5&%/&$&66!5<R)&$067$0.35*6&60'$0670'385$)!6&S$0670'
$0/9&56*0/!/%07)&5$0676*/$-8%*/(!335035*!7&350%8$7*0/09&5)&!%6*/7)&$!6&0'?/*6)&%(00%6!/%:05,*/
progress, incurred in bringing such inventories to their present location and condition.
|•S“”šRš›}
|›S˜™šR˜œ}
™›”R•˜
USE OF ESTIMATES
)& 35&3!5!7*0/ 0' ?/!/$*!- 67!7&.&/76 5&48*5&6 7)& .!/!(&.&/7 70 .!,& &67*.!7&6 !/% !668.37*0/6
considered in the reported amounts of assets and liabilities, including the disclosure of contingent liabilities as
0'7)&%!7&0'7)&?/!/$*!-67!7&.&/76!/%7)&5&3057&%*/$0.&!/%&;3&/6&6%85*/(7)&5&3057*/(3&5*0%-*,&
3509*6*0/ '05 &.3-0<&& #&/&?76S 3509*6*0/ '05 %08#7'8- %&#76{!%9!/$&6S !--0:!/$& '05 6-0: !/% /0/N.09*/(
*/9&/705*&6S 86&'8- -*9&6 0' ?;&% !66&76S 3509*6*0/ '05 6!-&6 5&-!7&% 0#-*(!7*0/6 !/% 3509*6*0/ '05 7!;!7*0/ &7$R
)&!/!(&.&/7#&-*&9&67)!77)&&67*.!7&686&%*/35&3!5!7*0/0'7)&?/!/$*!-67!7&.&/76!5&358%&/7!/%
reasonable. Future results could differ due to these estimates and the differences between the actual results
and the estimates are recognised in the periods in which the results are known / materialise.
–S–š“R•š
”•S˜•“Rœ›
”S•˜—R–™
””S•™™R™•
N
N
N
|•S•—šR••}
|–S˜–˜R˜•}
|•œ—R›—}
|•S—œ“R“”}
(6,070.58)
(120.24)
1.
™S”——R—˜
•S—›“R—™
•–Rœ–
|œ•R˜š}
|”šR”–}
N
šR›“
|•™R–š}
•S——™R”“
|”›•R™“}
™šR”—
|š–R”š}
—•˜R““
”šR”–
4,257.45
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
&!5/%&%
!5$)–”S•“”—
Million
9,341.42
•S—™šR›“
•™R•—
|•™R–“}
N
šR˜“
–šR›–
|•“R““}
”Sš•“R››
|˜šR”œ}
›•R™—
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N
A.
CASH AND CASH EQUIVALENTS
!6)$0.35*6&6$!6)0/)!/%!/%%&.!/%%&306*76:*7)#!/,6R!6)&48*9!-&/76!5&6)057N7&5.#!-!/$&6|:*7)
!/ 05*(*/!- .!785*7< 0' 7)5&& .0/7)6 05 -&66 '50. 7)& %!7& 0' !$48*6*7*0/}S )*()-< -*48*% */9&67.&/76 7)!7 !5&
5&!%*-<$0/9&57*#-&*/70,/0:/!.08/760'$!6)!/%:)*$)!5&68#+&$770*/6*(/*?$!/75*6,0'$)!/(&6*/9!-8&R
2.5
CASH FLOW STATEMENT
!6)@0:6!5&5&3057&%86*/(7)&*/%*5&$7.&7)0%S:)&5&#<350?7{|-066}#&'05&&;75!05%*/!5<*7&.6!/%7!;*6
!%+867&%'057)&&''&$760'75!/6!$7*0/60'/0/N$!6)/!785&!/%!/<%&'&55!-605!$$58!-60'3!6705'8785&$!6)
5&$&*376 05 3!<.&/76R )& $!6) @0:6 '50. 03&5!7*/(S */9&67*/( !/% ?/!/$*/( !$7*9*7*&6 0' 7)& 0.3!/< !5&
segregated based on the available information.
2.6
DEPRECIATION AND AMORTISATION
Tangible Fixed Assets
&35&$*!7*0/0/?;&%!66&76*63509*%&%86*/(675!*()7-*/&.&7)0%!63&57)&86&'8--*'&35&6$5*#&%*/$)&%8-&
707)&0.3!/*&6¨$7S•“”–R&57!*/3-!/7!/%.!$)*/&5<!5&$-!66*?&%!6$0/7*/8086350$&663-!/76#!6&%
on technical evaluation by the management and are depreciated at the applicable rates.
¨%%*7*0/!-%&35&$*!7*0/$0/6&48&/7707)&&/)!/$&.&/7*/7)&9!-8&0'?;&%!66&760/7)&5&9!-8!7*0/*6!%+867&%
*/7)&?;&%!66&765&9!-8!7*0/5&6&59&!$$08/7R
ANNUAL REPORT 2014-15 | 121
&!6&)0-%-!/%{.3509&.&/767)&5&0/!5&!.057*=&%09&57)&35*.!5<3&5*0%0'-&!6&R
2.11
Government grants and subsidies are recognised when there is reasonable assurance that the Company will
comply with the conditions attached to them and the grants / subsidy will be received. Government grants
:)06&35*.!5<$0/%*7*0/*67)!77)&0.3!/<6)08-%385$)!6&S$0/6758$70507)&5:*6&!$48*5&$!3*7!-!66&76
!5&35&6&/7&%#<%&%8$7*/(7)&.'50.7)&$!55<*/(9!-8&0'7)&!66&76R)&(5!/7*65&$0(/*6&%!6*/$0.&09&5
the life of a depreciable asset by way of a reduced depreciation charge.
/5&63&$70'?;&%!66&76:)06&86&'8--*'&)!6#&&/5&9*6&%S7)&8/!.057*=&%%&35&$*!#-&!.08/7*6$)!5(&%
over the revised remaining useful life.
Intangible Assets
)& */7!/(*#-& !66&76 !5& !.057*=&% 09&5 ! 3&5*0% 0' ?9& <&!56 #!6&% 0/ *76 &67*.!7&% 86&'8- -*'& !/% 7)&
!.057*6!7*0/3&5*0%!5&5&9*&:&%!77)&&/%0'&!$)?/!/$*!-<&!5!/%7)&!.057*6!7*0/.&7)0%*65&9*6&%70
5&@&$77)&$)!/(&%3!77&5/R
2.7
;3057/$&/7*9&6*/7)&'05.0'!%9!/$&-*$&/$&6{$5&%*76&!5/&%8/%&5%87<&/7*7-&.&/73!66#00,6$)&.&
!5&75&!7&%!6*/$0.&*/7)&<&!50'&;3057!77)&&67*.!7&%5&!-*=!#-&9!-8&{!$78!-$5&%*7&!5/&%0/&;30576
made during the year.
REVENUE RECOGNITION
&9&/8&*65&$0(/*=&%:)&/7)&6*(/*?$!/75*6,6!/%5&:!5%60'0:/&56)*30'(00%6)!9&#&&/3!66&%707)&
#8<&5:)*$)(&/&5!--<$0*/$*%&6:*7)7)&%&-*9&5<0'(00%670$8670.&56R50666!-&6!5&*/$-86*9&0'&;$*6&%87<
!/%!5&/&70'75!%&%*6$08/76{6!-&65&785/6{¨R
2.8
2.9
09&5/.&/7(5!/76*/7)&/!785&0'350.07&56c$0/75*#87*0/-*,&*/9&67.&/768#6*%<S:)&5&/05&3!<.&/7*6
05%*/!5*-<&;3&$7&%*/5&63&$77)&5&0'S!5&75&!7&%!6$!3*7!-5&6&59&R
Other government grants and subsidies are recognised as income over the periods necessary to match them
with the costs for which they are intended to compensate, on a systematic basis.
OTHER INCOME
Interest income is accounted on accrual basis. Dividend income on investments is accounted for when the
right to receive the payment is established. Royalty income is accounted when the right to receive the same is
established.
2.12
2.13
*!#*-*7<'05(5!78*7<70&.3-0<&&6%&7&5.*/&%0/7)&#!6*60'!$78!5*!-9!-8!7*0/S86*/(350+&$7&%8/*7.&7)0%S
!60/#!-!/$&6)&&7%!7&*6'8/%&%:*7)7)&*'&/685!/$&05305!7*0/0'/%*!!/%*65&$0(/*=&%!6!/&;3&/6&
in the year incurred.
*!#*-*7<'056)0577&5.$0.3&/6!7&%!#6&/$&6*65&$0(/*=&%!6&;3&/6&#!6&%0/7)&&67*.!7&%$0670'&-*(*#-&
leave to the credit of the employees as at the balance sheet date on undiscounted basis. Liability for long term
$0.3&/6!7&%!#6&/$&6*6%&7&5.*/&%0/7)&#!6*60'!$78!5*!-9!-8!7*0/S86*/(350+&$7&%8/*7.&7)0%S!60/7)&
balance sheet date.
0/75*#87*0/670%&?/&%$0/75*#87*0/6$)&.&668$)!63509*%&/7'8/%S&.3-0<&&6a3&/6*0/'8/%S683&5!//8!7*0/
'8/%!/%$0670'07)&5#&/&?76!5&5&$0(/*=&%!6!/&;3&/6&*/7)&<&!5*/$855&%R)&6)057'!--S*'!/<S#&7:&&/
7)&5&785/'50.7)&*/9&67.&/760'0.3!/<c6.3-0<&&6509*%&/78/%5867!/%7)&/07*?&%*/7&5&675!7&
*65&$0(/*=&%!6!/&;3&/6&*/67!7&.&/70'50?7!/%066*/7)&<&!5*/:)*$)7)&6)057'!--*6&;3&$7&%70
arise.
*;&%!66&767!,&/0/?/!/$&-&!6&!5&$!3*7!-*=&%!/%%&35&$*!7*0/*63509*%&%0/68$)!66&76S:)*-&7)&*/7&5&67
*6$)!5(&%707)&67!7&.&/70'350?7!/%-066R *;&%!66&765&7*5&%'50.!$7*9&86&!/%)&-%'056!-&!5&67!7&%!77)&-0:&50'7)&*5/&7#00,9!-8&!/%/&7
realisable value and are disclosed separately in the Balance Sheet.
2.10
¨$78!5*!-(!*/6!/%-066&6!5*6*/('50.&;3&5*&/$&!%+867.&/76!/%&''&$760'$)!/(&6*/!$78!5*!-!668.37*0/6
!5&*..&%*!7&-<5&$0(/*=&%*/7)&67!7&.&/70'350?7!/%-066!6*/$0.&05&;3&/6&R
2.14
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS
;$)!/(&%*''&5&/$&!5*6*/(0/!.0/&7!5<*7&.7)!7S*/68#67!/$&S'05.63!570'7)&0.3!/<a6/&7*/9&67.&/7
in a non-integral foreign operation has been accumulated in a foreign currency translation reserve in the
0.3!/<a6?/!/$*!-67!7&.&/768/7*-7)&%*6306!-0'/&7*/9&67.&/7S!7:)*$)7*.&7)&<:08-%#&5&$0(/*=&%
!6*/$0.&05!6&;3&/6&R 122 | APOLLO TYRES LTD
EMPLOYEE SHARE BASED PAYMENTS
70$,!335&$*!7*0/5*()76|)!/70.670$,8/*76}(5!/7&%70&.3-0<&&68/%&57)&!6)N6&77-&%.3-0<&&)!5&N
#!6&%!<.&/7-!/|)!/70.70$,-!/}*65&$0(/*=&%#!6&%0/*/75*/6*$9!-8&.&7)0%R/75*/6*$9!-8&0'
7)&3)!/70.670$,8/*7*6%&7&5.*/&%!6&;$&660'$-06*/(.!5,&735*$&0/7)&5&3057*/(%!7&09&57)&&;&5$*6&
35*$&0'7)&8/*7!/%*6$)!5(&%!6&.3-0<&&#&/&?709&57)&9&67*/(3&5*0%*/!$$05%!/$&:*7)^8*%!/$&07&
0/¨$$08/7*/('05.3-0<&&)!5&N#!6&%3!<.&/76_*668&%#</67*787&0')!57&5&%¨$$08/7!/760'/%*!R
05&*(/$855&/$<75!/6!$7*0/6!5&5&$05%&%!75!7&60'&;$)!/(&35&9!*-*/(0/7)&%!7&0'75!/6!$7*0/R0/&7!5<
assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the rate
0'&;$)!/(&35&9!*-*/(!77)&<&!5N&/%R;$)!/(&%*''&5&/$&6!5*6*/(0/!$78!-3!<.&/76{5&!-*=!7*0/6!/%<&!5N
&/%5&67!7&.&/76!5&%&!-7:*7)*/7)&67!7&.&/70'350?7!/%-066R
)&0.3!/<&/7&56*/70'05:!5%&;$)!/(&$0/75!$76!/%07)&5*/6758.&/767)!7!5&*/68#67!/$&!'05:!5%
&;$)!/(&$0/75!$770)&%(&*765*6,6!660$*!7&%:*7)'05&*(/$855&/$<@8$78!7*0/6R)&35&.*8.05%*6$08/7
!5*6*/(!77)&*/$&37*0/0'!'05:!5%&;$)!/(&$0/75!$7|07)&57)!/'05!?5.$0..*7.&/705!)*()-<350#!#-&
'05&$!67} 05 6*.*-!5 */6758.&/7S :)*$) !5& /07 */7&/%&% '05 75!%*/( 05 63&$8-!7*0/ 385306&6S *6 !.057*=&% !6
&;3&/6&05*/$0.&09&57)&-*'&0'7)&$0/75!$7R¨/<350?705-066!5*6*/(0/$!/$&--!7*0/055&/&:!-0'68$)!
'05:!5%&;$)!/(&$0/75!$7*65&$0(/*6&%!6*/$0.&05!6&;3&/6&*/7)&3&5*0%*/:)*$)68$)$!/$&--!7*0/05
5&/&:!-*6.!%&R;$)!/(&%*''&5&/$&0/68$)$0/75!$76*65&$0(/*=&%*/7)&67!7&.&/70'350?7!/%-066*/7)&
<&!5*/:)*$)7)&&;$)!/(&5!7&6$)!/(&R
EMPLOYEE BENEFITS
.3-0<&&#&/&?76*/$-8%&3509*%&/7'8/%S683&5!//8!7*0/'8/%S(5!78*7<'8/%!/%$0.3&/6!7&%!#6&/$&6R
¨-- $0676 5&-!7*/( 70 7)& !$48*6*7*0/ !/% */67!--!7*0/ 0' ?;&% !66&76 |/&7 0' &/9!7 {¨ $5&%*76 :)&5&9&5
!33-*$!#-&}!5&$!3*7!-*=&%!/%*/$-8%&?/!/$&$0670/#0550:&%'8/%6!775*#87!#-&70!$48*6*7*0/0'48!-*'<*/(
?;&%!66&76'057)&3&5*0%83707)&%!7&:)&/7)&!66&7*65&!%<'05*76*/7&/%&%86&S!/%!%+867.&/76!5*6*/(
'50.'05&*(/&;$)!/(&%*''&5&/$&6!5*6*/(0/'05&*(/$855&/$<#0550:*/(6707)&&;7&/77)&<!5&5&(!5%&%!6
!/!%+867.&/770*/7&5&67$0676R7)&5*/$*%&/7!-&;3&/%*785&!775*#87!#-&70#5*/(*/(7)&?;&%!66&76707)&*5
:05,*/($0/%*7*0/'05*/7&/%&%86&!5&$!3*7!-*=&%R8#6&48&/7&;3&/%*785&5&-!7*/(70?;&%!66&76*6$!3*7!-*6&%
0/-< *' 68$) &;3&/%*785& 5&68-76 */ !/ */$5&!6& */ 7)& '8785& #&/&?76 '50. 68$) !66&7 #&<0/% *76 35&9*086-<
assessed standard of performance.
Capital work-in-progress:50+&$768/%&5:)*$)!66&76!5&/075&!%<'057)&*5*/7&/%&%86&!/%07)&5$!3*7!-
:05,N*/N350(5&66 !5& $!55*&% !7 $067S $0.35*6*/( %*5&$7 $067S 5&-!7&% */$*%&/7!- &;3&/6&6 !/% !775*#87!#-&
interest.
INVESTMENTS
Long term investments are stated at cost and provision for diminution is made if the decline in value is other
than temporary in nature. Current investments are stated at lower of cost and fair value determined on the
basis of each category of investments.
TANGIBLE FIXED ASSETS
*;&% !66&76 !5& 67!7&% !7 $067S !6 !%+867&% #< 5&9!-8!7*0/ 0' $&57!*/ -!/%S #8*-%*/(6S 3-!/7 !/% .!$)*/&5*&6
#!6&% 0/ 7)& 7)&/ 5&3-!$&.&/7 $067 !6 %&7&5.*/&% #< !33509&% */%&3&/%&/7 9!-8&5 */ ”œ›™ !/% ”œ›šS -&66
depreciation.
GOVERNMENT GRANTS, SUBSIDIES AND EXPORT INCENTIVES
2.15
BORROWING COSTS
0550:*/($0676*/$-8%&*/7&5&67S!.057*6!7*0/0'!/$*--!5<$0676*/$855&%!/%&;$)!/(&%*''&5&/$&6!5*6*/('50.
'05&*(/$855&/$<#0550:*/(6707)&&;7&/77)&<!5&5&(!5%&%!6!/!%+867.&/7707)&*/7&5&67$067R0550:*/(
$0676!5&$!3*7!-*=&%!6!3!570'7)&$0670'48!-*'<*/(!66&7:)&/*7*63066*#-&7)!77)&<:*--5&68-7*/'8785&
&$0/0.*$#&/&?76!/%7)&$067$!/#&.&!685&%5&-*!#-<R7)&5#0550:*/($0676!5&5&$0(/*=&%!6!/&;3&/6&
in the period in which they are incurred.
2.16
SEGMENT REPORTING
)&0.3!/<*%&/7*?&603&5!7*/(!/%(&0(5!3)*$6&(.&/76#!6&%0/7)&%0.*/!/76085$&S/!785&0'5*6,6!/%
5&785/6!/%7)&*/7&5/!-05(!/*6!7*0/!/%.!/!(&.&/76758$785&R)&03&5!7*/(6&(.&/76!5&7)&6&(.&/76
'05:)*$)6&3!5!7&?/!/$*!-*/'05.!7*0/*6!9!*-!#-&!/%'05:)*$)03&5!7*/(350?7{-066!.08/76!5&&9!-8!7&%
5&(8-!5-<#<7)&&;&$87*9&!/!(&.&/7*/%&$*%*/()0:70!--0$!7&5&6085$&6!/%*/!66&66*/(3&5'05.!/$&R
)&!$$08/7*/(30-*$*&6!%037&%'056&(.&/75&3057*/(!5&*/-*/&:*7)7)&!$$08/7*/(30-*$*&60'7)&0.3!/<R
&(.&/75&9&/8&S6&(.&/7&;3&/6&6S6&(.&/7!66&76!/%6&(.&/7-*!#*-*7*&6)!9&#&&/*%&/7*?&%706&(.&/76
on the basis of their relationship to the operating activities of the segment.
ANNUAL REPORT 2014-15 | 123
2.17
LEASES
&!6&6:)&5&7)&-&6605&''&$7*9&-<5&7!*/668#67!/7*!--<!--7)&5*6,6!/%#&/&?760'0:/&56)*30'7)&-&!6&%
!66&76 !5& 5&$0(/*=&% !6 03&5!7*/( -&!6&6R 3&5!7*/( &!6& 3!<.&/76 !5& 5&$0(/*=&% !6 !/ &;3&/6& */ 7)&
67!7&.&/70'350?7!/%-066!63&57)&-&!6&7&5.6R .!,*/(7)&!66&75&!%<'05*76*/7&/%&%86&R*;&%!66&7687*-*6&%'055&6&!5$)!/%%&9&-03.&/7!5&$!3*7!-*6&%
!/%%&35&$*!7&%*/!$$05%!/$&:*7)7)&30-*$*&667!7&%'05!/(*#-&*;&%¨66&76!/%/7!/(*#-&¨66&76R
2.22
)&$!55<*/(9!-8&60'!66&76{$!6)(&/&5!7*/(8/*76!7&!$)#!-!/$&6)&&7%!7&!5&5&9*&:&%'05*.3!*5.&/7
*'!/<*/%*$!7*0/0'*.3!*5.&/7&;*676R)&'0--0:*/(*/7!/(*#-&!66&76!5&7&67&%'05*.3!*5.&/7&!$)?/!/$*!-
year even if there is no indication that the asset is impaired:
Assets leased by the Company in its capacity as lessee where substantially all the risks and rewards of
0:/&56)*39&67*/7)&0.3!/<!5&$-!66*?&%!6?/!/$&-&!6&6R8$)-&!6&6!5&$!3*7!-*6&%!77)&*/$&37*0/0'
the lease at the lower of the fair value and the present value of the minimum lease payments and a liability is
$5&!7&%'05!/&48*9!-&/7!.08/7R!$)-&!6&5&/7!-3!*%*6!--0$!7&%#&7:&&/7)&-*!#*-*7<!/%7)&*/7&5&67$067
so as to obtain a constant periodic rate of interest on the outstanding liability for each year.
2.18
2.19
|!}!/*/7!/(*#-&!66&77)!7*6/07<&7!9!*-!#-&'0586&V!/%|#}!/*/7!/(*#-&!66&77)!7*6!.057*6&%09&5!3&5*0%
&;$&&%*/(7&/<&!56'50.7)&%!7&:)&/7)&!66&7*6!9!*-!#-&'0586&R
'7)&$!55<*/(!.08/70'7)&!66&76&;$&&%7)&&67*.!7&%5&$09&5!#-&!.08/7S!/*.3!*5.&/7*65&$0(/*6&%
'0568$)&;$&66!.08/7R)&*.3!*5.&/7-066*65&$0(/*6&%!6!/&;3&/6&*/7)&7!7&.&/70'50?7!/%066S
unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is
75&!7&%!6!5&9!-8!7*0/%&$5&!6&707)&&;7&/7!5&9!-8!7*0/5&6&59&*6!9!*-!#-&'057)!7!66&7R
EARNINGS PER SHARE
Basic earnings per share *6 $0.387&% #< %*9*%*/( 7)& 350?7 { |-066} !'7&5 7!; |*/$-8%*/( 7)& 3067 7!; &''&$7
0'&;75!05%*/!5<*7&.6S*'!/<}#<7)&:&*()7&%!9&5!(&/8.#&50'&48*7<6)!5&608767!/%*/(%85*/(7)&<&!5R
Diluted earnings per share*6$0.387&%#<%*9*%*/(7)&350?7{|-066}!'7&57!;|*/$-8%*/(7)&30677!;&''&$7
0'&;75!05%*/!5<*7&.6S*'!/<}!6!%+867&%'05%*9*%&/%S*/7&5&67!/%07)&5$)!5(&670&;3&/6&05*/$0.&|/&70'
!/<!775*#87!#-&7!;&6}5&-!7*/(707)&%*-87*9&307&/7*!-&48*7<6)!5&6S#<7)&:&*()7&%!9&5!(&/8.#&50'&48*7<
6)!5&6 $0/6*%&5&% '05 %&5*9*/( #!6*$ &!5/*/(6 3&5 6)!5& !/% 7)& :&*()7&% !9&5!(& /8.#&5 0' &48*7< 6)!5&6
:)*$)$08-%)!9&#&&/*668&%0/7)&$0/9&56*0/0'!--%*-87*9&307&/7*!-&48*7<6)!5&6R07&/7*!-&48*7<6)!5&6
!5&%&&.&%70#&%*-87*9&0/-<*'7)&*5$0/9&56*0/70&48*7<6)!5&6:08-%%&$5&!6&7)&/&7350?73&56)!5&'50.
$0/7*/8*/(05%*/!5<03&5!7*0/6R07&/7*!-%*-87*9&&48*7<6)!5&6!5&%&&.&%70#&$0/9&57&%!6!77)&#&(*//*/(
0'7)&3&5*0%S8/-&667)&<)!9&#&&/*668&%!7!-!7&5%!7&R)&%*-87*9&307&/7*!-&48*7<6)!5&6!5&!%+867&%
'057)&350$&&%65&$&*9!#-&)!%7)&6)!5&6#&&/!$78!--<*668&%!7'!*59!-8&|*R&R!9&5!(&.!5,&79!-8&0'7)&
08767!/%*/(6)!5&6}R*-87*9&307&/7*!-&48*7<6)!5&6!5&%&7&5.*/&%*/%&3&/%&/7-<'05&!$)3&5*0%35&6&/7&%R
)&/8.#&50'&48*7<6)!5&6!/%307&/7*!--<%*-87*9&&48*7<6)!5&6!5&!%+867&%'056)!5&63-*76{5&9&56&6)!5&
splits and bonus shares, as appropriate.
)&5&$09&5!#-&!.08/7*67)&(5&!7&50'7)&/&76&--*/(35*$&!/%7)&*59!-8&*/86&R!-8&*/86&*6!55*9&%!7#<
%*6$08/7*/(7)&'8785&$!6)@0:6707)&*535&6&/79!-8&#!6&%0/!/!335035*!7&%*6$08/7'!$705R
)&/7)&5&*6*/%*$!7*0/7)!7!/*.3!*5.&/7-0665&$0(/*6&%'05!/!66&7|07)&57)!/!5&9!-8&%!66&7}*/&!5-*&5
!$$08/7*/(3&5*0%6/0-0/(&5&;*67605.!<)!9&%&$5&!6&%S68$)5&9&56!-0'*.3!*5.&/7-066*65&$0(/*6&%*/
7)&7!7&.&/70'50?7!/%066S707)&&;7&/77)&!.08/7:!635&9*086-<$)!5(&%707)&7!7&.&/70'50?7
and Loss. In case of revalued assets such reversal is not recognised.
2.23
855&/77!;*67)&!.08/70'7!;3!<!#-&0/7)&7!;!#-&*/$0.&'057)&<&!5!6%&7&5.*/&%*/!$$05%!/$&:*7)
7)&!33-*$!#-&7!;5!7&6!/%7)&3509*6*0/60'7)&/$0.&!;¨$7S”œ™”!/%07)&5!33-*$!#-&7!;-!:6R
&'&55&%7!;*65&$0(/*=&%0/7*.*/(%*''&5&/$&6#&7:&&/7)&!$$08/7*/(*/$0.&!/%7)&7!;!#-&*/$0.&'057)&
<&!5!/%48!/7*?&%86*/(7)&7!;5!7&6!/%-!:6&/!$7&%0568#67!/7*9&-<&/!$7&%!60/7)&#!-!/$&6)&&7%!7&R
&'&55&%7!;-*!#*-*7*&6!5&5&$0(/*6&%'05!--7*.*/(%*''&5&/$&6R&'&55&%7!;!66&76!5&5&$0(/*=&%0/-<707)&
&;7&/77)&5&*6!5&!60/!#-&$&57!*/7<7)!7!66&76$!/#&5&!-*=&%*/'8785&R
0:&9&5S:)&5&7)&5&*68/!#605#&%
%&35&$*!7*0/05$!55<'05:!5%0'-066&6!/%*7&.65&-!7*/(70$!3*7!--066&6S%&'&55&%7!;!66&76!5&5&$0(/*=&%
0/-<*'7)&5&*6!9*578!-$&57!*/7<6833057&%#<$0/9*/$*/(&9*%&/$&0'5&!-*=!7*0/0'68$)!66&76R
0/7*/(&/7 -*!#*-*7< *6 %*6$-06&% '05 |*} 066*#-& 0#-*(!7*0/ :)*$) :*-- #& $0/?5.&% 0/-< #< '8785& &9&/76 /07
:)0--<:*7)*/7)&$0/750-0'7)&0.3!/<05|**}5&6&/70#-*(!7*0/6!5*6*/('50.3!67&9&/76:)&5&*7*6/07
350#!#-& 7)!7 !/ 087@0: 0' 5&6085$&6 :*-- #& 5&48*5&% 70 6&77-& 7)& 0#-*(!7*0/ 05 ! 5&-*!#-& &67*.!7& 0' 7)&
!.08/7 0' 7)& 0#-*(!7*0/ $!//07 #& .!%&R 0/7*/(&/7 !66&76 !5& /07 5&$0(/*=&% */ 7)& ?/!/$*!- 67!7&.&/76
6*/$&7)*6.!<5&68-7*/7)&5&$0(/*7*0/0'*/$0.&7)!7.!</&9&5#&5&!-*=&%R
2.24
2.25
2.21
¨--07)&5%&5*9!7*9&$0/75!$76!5&.!5,&%N70N.!5,&7!/%-066&6!5&5&$0(/*6&%*/7)&7!7&.&/70'50?7!/%
Loss. Gains arising on the same are not recognised, until realised, on grounds of prudence.
2.26
124 | APOLLO TYRES LTD
INSURANCE CLAIMS
/685!/$&$-!*.6!5&!$$08/7&%'050/7)&#!6*60'$-!*.6!%.*77&%{&;3&$7&%70#&!%.*77&%!/%707)&&;7&/7
that there is no uncertainty in receiving the claims.
2.27
SERVICE TAX INPUT CREDITS
&59*$&7!;*/387$5&%*7*6!$$08/7&%'05*/7)&#00,6*/7)&3&5*0%*/:)*$)7)&8/%&5-<*/(6&59*$&5&$&*9&%*6
accounted and when there is no uncertainty in availing / utilising the credits.
RESEARCH AND DEVELOPMENT EXPENSES
&9&/8&&;3&/%*785&3&57!*/*/(705&6&!5$)*6$)!5(&%707)&7!7&.&/70'50?7!/%066R&9&-03.&/7$0676
0'350%8$76!5&!-60$)!5(&%707)&7!7&.&/70'50?7!/%0668/-&66!350%8$7a67&$)/0-0(*$!-'&!6*#*-*7<)!6
#&&/&67!#-*6)&%S*/:)*$)$!6&68$)&;3&/%*785&*6$!3*7!-*6&%R)&!.08/7$!3*7!-*6&%$0.35*6&6&;3&/%*785&
that can be directly attributed or allocated on a reasonable and consistent basis to creating, producing and
DERIVATIVE CONTRACTS
)&0.3!/<&/7&56*/70%&5*9!7*9&$0/75!$76*/7)&/!785&0''05&*(/$855&/$<6:!36S$855&/$<037*0/6S'05:!5%
$0/75!$76:*7)!/*/7&/7*0/70)&%(&*76&;*67*/(!66&76!/%-*!#*-*7*&6S?5.$0..*7.&/76!/%)*()-<350#!#-&
75!/6!$7*0/6R&5*9!7*9&$0/75!$76:)*$)!5&$-06&-<-*/,&%707)&&;*67*/(!66&76!/%-*!#*-*7*&6!5&!$$08/7&%
!63&57)&30-*$<67!7&%'0505&*(/855&/$<5!/6!$7*0/6!/%5!/6-!7*0/6R
INTANGIBLE ASSETS
/7!/(*#-&!66&76!5&$!55*&%!7$067-&66!$$8.8-!7&%!.057*6!7*0/!/%*.3!*5.&/7-066&6S*'!/<R)&$0670'
!/*/7!/(*#-&!66&7$0.35*6&6*76385$)!6&35*$&S*/$-8%*/(!/<*.3057%87*&6!/%07)&57!;&6|07)&57)!/7)06&
68#6&48&/7-< 5&$09&5!#-& '50. 7)& 7!;*/( !87)05*7*&6}S !/% !/< %*5&$7-< !775*#87!#-& &;3&/%*785& 0/ .!,*/(
7)&!66&75&!%<'05*76*/7&/%&%86&!/%/&70'!/<75!%&%*6$08/76!/%5&#!7&6R8#6&48&/7&;3&/%*785&0/!/
*/7!/(*#-&!66&7!'7&5*76385$)!6&{$0.3-&7*0/*65&$0(/*6&%!6!/&;3&/6&:)&/*/$855&%8/-&66*7*6350#!#-&
7)!7 68$) &;3&/%*785& :*-- &/!#-& 7)& !66&7 70 (&/&5!7& '8785& &$0/0.*$ #&/&?76 */ &;$&66 0' *76 05*(*/!--<
!66&66&%67!/%!5%60'3&5'05.!/$&!/%68$)&;3&/%*785&$!/#&.&!685&%!/%!775*#87&%707)&!66&75&-*!#-<S
*/:)*$)$!6&68$)&;3&/%*785&*6!%%&%707)&$0670'7)&!66&7R
PROVISION FOR SALES RELATED OBLIGATIONS
)& &67*.!7&% -*!#*-*7< '05 6!-&6 5&-!7&% 0#-*(!7*0/6 *6 5&$05%&% :)&/ 350%8$76 !5& 60-%R )&6& &67*.!7&6
!5& &67!#-*6)&% 86*/( )*6705*$!- */'05.!7*0/ 0/ 7)& /!785&S '5&48&/$< !/% !9&5!(& $067 0' 0#-*(!7*0/6 !/%
.!/!(&.&/7&67*.!7&65&(!5%*/(3066*#-&'8785&*/$*%&/$&R)&7*.*/(0'087@0:6:*--9!5<!6!/%:)&/7)&
obligation will arise - being typically upto three years.
855&/7!/%%&'&55&%7!;5&-!7*/(70*7&.6%*5&$7-<5&$0(/*6&%*/5&6&59&6!5&5&$0(/*6&%*/5&6&59&6!/%/07*/
7)&7!7&.&/70'50?7!/%066R 2.20
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
¨ 3509*6*0/ *6 5&$0(/*=&% :)&/ 7)& 0.3!/< )!6 ! 35&6&/7 0#-*(!7*0/ !6 ! 5&68-7 0' 3!67 &9&/76 !/% *7 *6
350#!#-&7)!7!/087@0:0'5&6085$&6:*--#&5&48*5&%706&77-&7)&0#-*(!7*0/S*/5&63&$70':)*$)!5&-*!#-&
&67*.!7&$!/#&.!%&R509*6*0/6|&;$-8%*/(5&7*5&.&/7#&/&?76}!5&/07%*6$08/7&%707)&*535&6&/79!-8&!/%
!5&%&7&5.*/&%#!6&%0/#&67&67*.!7&65&48*5&%706&77-&7)&0#-*(!7*0/!77)&#!-!/$&6)&&7%!7&R)&6&!5&
5&9*&:&%!7&!$)#!-!/$&6)&&7%!7&!/%!%+867&%705&@&$77)&$855&/7#&67&67*.!7&6R
TAXES ON INCOME
*/*.8.¨-7&5/!7&!;|¨}3!*%*/!$$05%!/$&:*7)7)&7!;-!:6S:)*$)(*9&6'8785&&$0/0.*$#&/&?76*/
7)&'05.0'!%+867.&/770'8785&*/$0.&7!;-*!#*-*7<S*6$0/6*%&5&%!6!/!66&7*'7)&5&*6$0/9*/$*/(&9*%&/$&
7)!77)&0.3!/<:*--3!</05.!-*/$0.&7!;R¨$$05%*/(-<S¨*65&$0(/*6&%!6!/!66&7*/7)&!-!/$&)&&7
:)&/*7*6350#!#-&7)!7'8785&&$0/0.*$#&/&?7!660$*!7&%:*7)*7:*--@0:707)&0.3!/<R
IMPAIRMENT OF ASSETS
2.28
OPERATING CYCLE
!6&%0/7)&/!785&0'350%8$76{!$7*9*7*&60'7)&0.3!/<!/%7)&/05.!-7*.&#&7:&&/!$48*6*7*0/0'!66&76
!/%7)&*55&!-*6!7*0/*/$!6)05$!6)&48*9!-&/76S7)&0.3!/<)!6%&7&5.*/&%*7603&5!7*/($<$-&!6”•.0/7)6
'057)&385306&0'$-!66*?$!7*0/0'*76!66&76!/%-*!#*-*7*&6!6$855&/7!/%/0/N$855&/7R
ANNUAL REPORT 2014-15 | 125
B. NOTES FORMING AN INTEGRAL PART OF THE ACCOUNTS
B 2 RESERVES AND SURPLUS
As at
March 31, 2015
Million
B 1 SHARE CAPITAL
As at
March 31, 2015
Million
(a)
AUTHORISED
730,000,000|š–“S“““S“““}48*7<)!5&60' ”&!$)
200,000|•““S“““}8.8-!7*9&&%&&.!#-&5&'&5&/$&
Shares of ”““&!$)
As at
!5$)–”S•“”—
Million
730.00 š–“R““
20.00 •“R““
750.00
(b)
(a) Capital Subsidy - Note C 5
(b) Capital Redemption Reserve
(c) Securities Premium Account
As per last Balance Sheet
Add: Received during the year - Note C 7
š˜“R““
ISSUED, SUBSCRIBED, CALLED AND FULLY PAID UP
Equity Shares of 1 each:
509,024,770|˜“—S“•—Sšš“}48*7<)!5&6
509.02 Add: Forfeited Shares : 13,565|”–S˜™˜}
0.07
(d) Debenture Redemption Reserve
As per last Balance Sheet
¨%%U5!/6'&5'50.853-86*/7!7&.&/70'50?7 066
Less: Utilised during the year
˜“—R“•
“R“š
509.09
˜“—R“œ
(c) Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the year:
As at March 31, 2015
Opening Balance
Closing Balance
¨6!7!5$)–”S•“”—
No. of Shares
Million
No. of Shares
Million
504,024,770
504.02
˜“—S“•—Sšš“
˜“—R“•
5,000,000
5.00
-
-
509,024,770
509.02
504,024,770
504.02
Add: Shares allotted on conversion of Share
!55!/76|07&š}
(d) Details of Shareholders holding more than 5% of the Paid Up Equity Share Capital of the Company with Voting
Rights:
As at March 31, 2015
S.No.
Name of the Shareholder
”
(e) Revaluation Reserve
(f) Share Forfeiture 1,375/- | ”–š˜{N}
(g) General Reserve
As per last Balance Sheet
¨%%U5!/6'&5'50.853-86*/7!7&.&/70'50?7 066
K 6XUSOXVLQ6WDWHPHQWRI3UR¿W/RVV
As per last Balance Sheet
¨%%U5!/6'&5'50.&#&/785&&%&.37*0/&6&59& Less: Depreciation on transition to Schedule II of the Companies
¨$7S•“”–0/7!/(*#-&?;&%!66&76:*7)/*-5&.!*/*/(86&'8-
-*'&|/&70'%&'&55&%7!;0' ”–•Rœ—*--*0/N07&”“
¨%%U&750?7'057)&<&!5
Balance available for Appropriation
¨6!7!5$)–”S•“”—
No. of Shares
%age
No. of Shares
&&5!+0/68-7!/767%
42,508,142
8.35%
—•S˜“›S”—•
‚!(&
›R—–‚
•
Apollo Finance Ltd
36,759,650
7.22%
–™Sš˜œS™˜“
šR•œ‚
–
8/5!<6503&57*&6 /9&67.&/70R977%
35,725,648
7.02%
–˜Sš•˜S™—›
šR“œ‚
—
Constructive Finance Pvt Ltd
29,630,857
5.82%
•œS™–“S›˜š
˜R››‚
˜
,!(&/0/N*,*&5%*3!3*5'0/%
-
-
•šS“•“S›—–
˜R–™‚
25.50
44.40
As at
!5$)–”S•“”—
Million
3.00
44.40
5,659.71
426.00
6,085.71
˜S™˜œRš”
˜S™˜œRš”
1,658.33
300.00
1,000.00
958.33
31.22
-
”S”š“R›–
˜œ”R™š
”“—R”š
”S™˜›R––
–”R••
-
9,006.63
1,000.00
10,006.63
›S““™R™–
”S“““R““
œS““™R™–
10,383.03
1,000.00
šS››™R™“
”“—R”š
258.18
6,450.81
17,575.66
—S—•™R”œ
”•S—”™Rœ™
Closing Balance
1,000.00 300.00
1,018.05
207.25
3.75
0.64
2,529.69
15,045.97
”S“““R““
˜œ”R™š
–š›R“•
™—R•—
•S“––Rœ–
”“S–›–R“–
Total Reserves and Surplus
32,197.76
•™Sš›™R–•
Less: Appropriations made during the year:
General Reserve
Debenture Redemption Reserve
Proposed Dividend: 2.00 per share| “Rš˜3&56)!5&}
*9*%&/%!;
j*9*%&/%'0535&9*086<&!5
j*9*%&/%!;0/%*9*%&/%'0535&9*086<&!5
(e) The rights, preferences and restrictions attached to equity shares of the Company:
)&$0.3!/<)!60/-<0/&$-!660'6)!5&65&'&55&%70!6&48*7<6)!5&6)!9*/(!3!59!-8&0' ”&!$)R)&)0-%&50'
&48*7<6)!5&6!5&&/7*7-&%700/&907&3&56)!5&R
(f) /7)&&9&/70'-*48*%!7*0/0'7)&$0.3!/<S7)&)0-%&560'&48*7<6)!5&6:*--#&&/7*7-&%705&$&*9&5&.!*/*/(!66&76
0'7)&$0.3!/<S!'7&5%*675*#87*0/0'!--35&'&5&/7*!-!.08/76R)&%*675*#87*0/:*--#&*/3503057*0/707)&/8.#&50'
&48*7<6)!5&6)&-%#<7)&6)!5&)0-%&56R
(g) Shares issued towards outstanding share warrants - Note C7.
126 | APOLLO TYRES LTD
j *9*%&/% *9*%&/% 7!; '05 35&9*086 <&!5 5&-!7& 70 %*9*%&/% 3!*% 0/ ˜S“““S“““ &48*7< 6)!5&6 :)*$) :&5&
!--077&%0/$0/9&56*0/0'˜S“““S“““:!55!/76!'7&5!5$)–”S•“”—#87#&'05&8-<•“S•“”—|#00,$-0685&%!7&}
|07&Nš}R ANNUAL REPORT 2014-15 | 127
NOTE B 3 (a)
B3 NON - CURRENT LIABILITIES
As at
March 31, 2015
Million
LONG - TERM BORROWINGS
(a) SECURED : *
(i) Debentures
”S“““NœR—“‚0/0/9&57*#-&&#&/785&60'
”*--*0/&!$)
” S“““N”“R”˜‚0/0/9&57*#-&&#&/785&60'
”*--*0/&!$)
”S•˜“N””R˜“‚0/0/9&57*#-&&#&/785&60'
”*--*0/&!$)
(ii) Term Loans
From Banks:
;7&5/!-0..&5$*!-#0550:*/(6|}
83&&&5.0!/6
From Others:
/7&5/!7*0/!-*/!/$&05305!7*0/N0!/¨
International Finance Corporation - Loan B
)!5!7!57).09&567%R|}
(iii) Deferred Payment Liabilities:
&'&55&%!<.&/75&%*7N07&•™
&'&55&%!<.&/75&%*7N07&•™
As at
!5$)–”S•“”—
Million
DEBENTURES:
Nature
Particulars
ing
1,000.00
”S“““R““
”S“““R““
-
-
1,000.00
—”™R™š
•S—”™R™š
™ššR“™
–œœR”—
1,076.20
N
1,076.20
œ“•Rš—
˜œ›Rš”
•S–“™R““
–––R––
•S™–œR––
107.49
8.15
115.64
14.53
54.61
78.43 78.43
Offered
Long Term
Current
Long Term
Current
Borrow-
Maturities of
Borrowings
Maturities of
ings
Long Term
Long Term
Borrowings
Borrowings
-
”S“““R““
-
”S“““R““
”S“““N”“R”˜‚0/
Bullet Repayment on
Refer
”™N“—N•“”˜R
07&¨– -
”S“““R““
-
”S“““R““
”#&-0:
”“R”˜‚
”S“““N”“R”˜‚0/
Bullet Repayment on
Refer
Convertible Debentures
•œN“–N•“”˜R
07&¨– -
-
-
”S“““R““
”#&-0:
”“R”˜‚
”S•˜“N””R˜“‚0/
&3!<.&/7*/–
Convertible Debentures
&48!-*/67!-.&/760'
-
—”™R™š
—”™R™š
—”™R™š
””R˜“‚
—”™R™š*--*0/0/
Refer
07&¨• ”#&-0:
“•N“•N”—S“•N“•N”˜ “•N“•N”™5&63&$7*9&-<R
”˜˜R–•
”•R””
”™šR—–
™šR™”
™šR™”
07&¨• ”#&-0:
œR—“‚
•S“““N”“R”“‚0/
Bullet Repayment on
Unse-
Convertible Debentures
–“N“›N•“”—
cured
”S“““NœRš“‚0/
Bullet Repayment on
Unse-
Convertible Debentures
”šN”•N•“”—
cured
of ”*--*0/&!$)
-
-
-
•S“““R““
-
-
-
”S“““R““
1,000.00
1,416.67
2,416.67
4,416.67
”“R”“‚
œRš“‚
EXTERNAL COMMERCIAL BORROWINGS FROM BANKS:
!/,”
˜™R”–
””•R•˜
”™›R–›
””•R•˜
œN”“‚
&3!<.&/7*/›&48!- Refer Note
installments of USD
¨” ”
”R•˜*--*0/)!-'
below
yearly started from
™•R”•
Refer
Convertible Debentures
of ”*--*0/&!$)
”S˜“”R—˜
—”•R—˜
”Sœ”–Rœ“
ӥRϥ
—œR•“
Security
Million
”“N””N•“”š
of ”*--*0/&!$)
šS”–šR––
Details of
Repayment
Bullet repayment on
of ”*--*0/&!$)
Terms of
Interest
”S“““NœR—“‚0/
of ”*--*0/&!$)
1,147.55 -
1,147.55
Rate of
Convertible Debentures
of ”*--*0/&!$)
69.14
LONG-TERM PROVISIONS:
509*6*0/'050/6758$7*9&*!#*-*7<N07&”œ|$}
March 31, 2014
Million
Total Debentures
Amount outstanding as at
March 31, 2015
Borrow-
3,339.39
OTHER LONG - TERM LIABILITIES:
Security Deposits Received from Dealers
&$85*7<&306*76&$&*9&%'50..3-0<&&6
Amount outstanding as at
of
”šN”•N”•R
!/,•
-
-
-
–—œRœœ
œN”“‚
&3!<.&/7*/”)!-'N
Refer Note
yearly installment of
¨” •
”R•˜*--*0/!/%
below
7)&/˜)!-'N<&!5-<
installments of USD
j05%&7!*-65&(!5%*/(5&3!<.&/77&5.6S/7&5&67!7&!/%!785&0'&$85*7<0/0/(&5.0550:*/(6N07&–|!}
–Rš˜*--*0/67!57&%
'50.”™N“šN”•R
”–—R›˜
•™œRš“
—“—R˜˜
•™œRš“
œN”“‚
&3!<.&/7*/•)!-'N
Refer Note
yearly installments of
¨” •
•R˜“*--*0/!/%
below
7)&/˜)!-'N<&!5-<
installments of USD
–R““*--*0/67!57&%
'50.•šN“™N”–R
128 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 129
!/,–
-
•–”R”“
•–”R”“
•–”R”“
šN›‚
&3!<.&/7*/—&48!- Refer Note
annual installments
¨” •
0'˜*--*0/
below
DEFERRED PAYMENT CREDIT:
Others
Deferred Payment
”“šR—œ
—šR›—
”˜˜R–•
——R˜—
šN›‚
Credit I
started from
“–N“›N”•R
”–œR”œ
”–œR”œ
•š›R–›
”–œR”›
œN”“‚
•““R“”
•››R•š
99.99
”——R””
-
–““R““
-
—–•R–œ
šN›‚
›Nœ‚
*/%*--6
along with
purchased
Interest in
under the
•—“$0/6&$8-
scheme.
&3!<.&/7*/—&48!- Refer Note
tive monthly
annual installments
¨” •
installments
0'–R”•˜*--*0/
below
started from
started from
!/,—
Repayment
”˜N“˜N•““š
”™N“šN”–R
Deferred Payment
&3!<.&/7*/–&48!- Refer Note
Credit II
›R”˜
›R•›
”•R””
7.97
›Nœ‚
Repayment
/(*/&&5*/(
along with
materials
annual installments
¨” ”
/7&5&67*/•“
purchased
*/&48*9!-&/770
below
&48!-48!57&5-<
under the
`”““*--*0/67!57*/(
installments
scheme
'50.•œN“œN”˜R
started from
&3!<.&/7*/–&48!- Refer Note
annual installments
¨” ”
0'•Rœ“*--*0/
below
¨35*-S•“”“R
115.64
56.12
167.43
52.51
starting from
DETAILS OF SECURITY OFFERED TO EXISTING LENDERS:
•™N”“N”˜R
!/,˜
–•œR”“
”™•R”“
-
—œ”R•“
”“N””‚
&3!<.&/7*/–&48!- Refer Note
annual installments
¨” ”
0'–R––*--*0/
below
starting from
•›N“œN”˜R
Total External Commercial
Borrowings
1,147.55
1,158.44
2,306.00
1,102.22
RUPEE TERM LOANS FROM BANKS:
!/,”
83&&&5.0!/6
Total Rupee Term Loans
-
-
–––R––
”™™R™š
-
-
333.33
”™™R™š
”•‚
Prepaid during this year.
TERM LOANS FROM OTHERS:
IFC
Loan A
™ššR“™
••˜R™œ
œ“•Rš—
••˜R™œ
œN”“‚
Repayment in
&'&507&¨”
”•)!-'N<&!5-<
•#&-0:
installments
Note A1
¨3!5*3!668?567$)!5(&!-0/(:*7)07)&5-&/%&56$5&!7&%#<:!<0'.057(!(&0/7)&0.3!/<a6!/%
5&.*6&6!7*--!(&0%!,!5!*/&5!-!S!7*--!(&*.%!*/8+!5!7S!7/%8675*!-50:7)&/75&!7
5!(!%!. /&!5 )&//!* !/% !7 &!% '?$& */ 85(!0/S !5<!/! 70(&7)&5 :*7) 7)& '!$705< #8*-%*/(6S
-!/7 .!$)*/&5< 48*3.&/76S#07)35&6&/7 '8785&R Note A2
¨3!5*3!668?567$)!5(&!-0/(:*7)07)&5-&/%&56$5&!7&%#<:!<0'.057(!(&0/7)&0.3!/<a6!/%
5&.*6&6 !7 *--!(& 0%!,!5! */ &5!-! !/% !7 *--!(& *.%! */ 8+!5!7 70(&7)&5 :*7) 7)& '!$705<
#8*-%*/(6S-!/7 .!$)*/&5< 48*3.&/76S#07)35&6&/7 '8785&R
Note A3
¨3!5*3!668?567$)!5(&!-0/(:*7)07)&5-&/%&56$5&!7&%#<:!<0'.057(!(&0/7)&0.3!/<a6!/% 5&.*6&6!7*--!(&*.%!*/8+!5!770(&7)&5:*7)7)&'!$705<#8*-%*/(6S-!/7 .!$)*/&5< 48*3
.&/76S#07)35&6&/7 '8785&R
Note B1
¨3!5*3!668?567$)!5(&!-0/(:*7)07)&5-&/%&56#<:!<0')<307)&$!7*0/09&57)&.09!#-&!66&760'
7)&$0.3!/<S#07)35&6&/7!/%'8785&|&;$&37670$,6 #00,%&#76}R
Note B2
¨3!5*3!668?567$)!5(&0/7)&.09!#-&!66&76!/%3!5*3!6686&$0/%$)!5(&0/7)&$855&/7!66&760'
the company.
0'•R˜“
Million each
started from
”šN“™N•“”–
Loan B
–œœR”—
”œœR˜š
˜œ›Rš”
”œœR˜š
œN”“‚
Repayment in
&'&507&¨”
9 half-yearly
•#&-0:
installments of
•R••*--*0/
each started
from
”™N”•N•“”–
0!/”
-
-
—”•R—˜
›•R—œ
•R•˜‚
Prepaid during this year.
lower than
prevailing
SBI PLR
Total Term Loans from Others
130 | APOLLO TYRES LTD
1,076.20
425.26
1,913.90
507.75
ANNUAL REPORT 2014-15 | 131
B 4 CURRENT LIABILITIES (Continued)
B 4 CURRENT LIABILITIES
As at
March 31, 2015
Million
SHORT-TERM BORROWINGS
Securedj
Packing Credit
Banks - Cash Credit
Unsecured
Buyers Credit - RM
Packing Credit
TRADE PAYABLES
!<!#-&70*$50S.!-- &%*8./7&535*6&6N07&›
Acceptances
¨$$08/76!<!#-&N!:!7&5*!-6 &59*$&6
5&*()7S057)!5(&6S
¨)!5(&6!<!#-&
;3&/6&6!<!#-&
.3-0<&&&-!7&%!<!#-&6jj
Payable to Related Parties
OTHER CURRENT LIABILITIES:
Current Maturities of Long-Term Debt ***
Secured
(a) Debentures:
”S•˜“N””R˜“‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
”S“““N”“R”˜‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
”S“““N”“R”˜‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
(b) Term Loan from Banks:
;7&5/!-0..&5$*!-#0550:*/(6|}
83&&&5.0!/6
(c) Term Loan from Others:
International Finance Corporation - Loan A
International Finance Corporation - Loan B
)!5!7!57).09&567%R|}
(d) Finance Lease - Deferred Payment Liabilities:
&'&55&%!<.&/75&%*7N07&•™
&'&55&%!<.&/75&%*7N07&•™
Unsecured
(e) Debentures:
•S“““N”“R”“‚0/0/9&57*#-&&#&/785&60' R”*--*0/&!$)
”S“““NœRš“‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
j
jj
Trade Payables Includes due to Related Parties:
|07&N•–}
Subsidiary Companies
Companies in which Directors are interested
As at
!5$)–”S•“”—
Million
•œœR˜š
•R“•
-
4,263.04
4,626.60
”š–R›“
”S––”R–—
”S›“™Rš–
23.81
187.79
3,607.14
664.56
299.03
1,002.35
837.13
6,621.81
•”R–˜
”S•—–R˜“
˜S—›šRš”
—š”Rœ–
–™–R˜—
š•œRš”
™™˜R™š
›Sœ›–R—”
—”™R™š
”S“““R““
”S—”™R™š
1,158.44
-
1,158.44
”S”“•R••
”™™R™š
”S•™›R›œ
225.69 199.57
-
425.26
••˜R™œ
”œœR˜š
›•R—œ
˜“šRš˜
47.84
8.28
56.12
——R˜—
7.97
˜•R˜”
••œR—›
–•R—˜
35.91
!<!#-&670*$50S.!-- &%*8./7&535*6&6N!3&;
&/%056N07&›
7.21
šR——
10.58
”“R˜›
¨$$08/76!<!#-&N!3*7!-
–”–R–”
—”™R›–
;$*6&87<0/$-06*/(670$,
/7&5&673!<!#-&70*$50S.!-- &%*8./7&535*6&6N07&›
Other payables: **
•››R”˜
–•—R•™
7!78705<5&.*77!/$&6|0/75*#87*0/70 S¨S
S;$*6&87<S8670.87<S&59*$&7!;!/%07)&56}
›˜”R”—
šš“Rœ›
šR™š
™—R“˜
!<!#-&70&-!7&%!57*&6
—šR˜–
˜R™›
&$85*7<&306*76N&/%056
•›šR›˜
––“R›”
™˜R“•
˜”R›—
¨%9!/$&6&$&*9&%'50.8670.&56
–“•Ršœ
–˜–R–˜
Others
“R“›
;3057#-*(!7*0/6N¨%9!/$&*$&/$&&/&?7
2,163.54
Gratuity Payable
- •S–”šR›“
198.25
2,560.43
•S™—™R”›
5,616.92
›S›œ•R““
509*6*0/'050/6758$7*9&*!#*-*7<N07&”œ|$}
22.88
”˜R–›
227.69
”›œR›™
425.00
—•˜R““
05&*(/;$)!/(&0/75!$76
150.49
™šR›˜
50306&%*9*%&/%0/48*7<)!5&6
1,018.05
–š›R“•
*9*%&/%!;
207.25
™—R•—
””S“™›R–“
›S˜›•R”•
Provision for Compensated Absences
509*6*0/'050/7*/(&/$*&6N07&”œ|#}
509*6*0/'0567*.!7&%0660/05:!5%
&66U¨%9!/$&!;
—˜“R”–
”“S–”–R—”
304.76
˜›R˜•
›S–”˜R—˜
•“›R”˜
509*6*0/'05&!-7)!;
7.00
šR““
509*6*0/'05!-&65&-!7&%0#-*(!7*0/6N07&”œ|!}
1,669.38
”S˜“šRš“
4,032.50
805.46
31.67
837.13
™–—R“•
–”R™˜
™™˜R™š
.3-0<&&&-!7&%!<!#-&6*/$-8%&6$0..*66*0/0//&7350?763!<!#-&70:)0-&N7*.&%*5&$7056 490 Million
| ••›*--*0/}
jjj 05!785&0'&$85*7<0/855&/7!785*7*&60'0/(&5.&#76N07&–|!} —›R—–
SHORT-TERM PROVISIONS:
&66U¨5&%*7¨%+867&%
•S“““R““
”S“““R““
–S“““R““
™S•—˜R›•
509*6*0/'05!;!7*0/
-
-
3,056.49
144.94
/$-!*.&%*9*%&/%6j
&$85*7<&306*76N&!-&56{.3-0<&&6
416.67
1,000.00
- 1,416.67
As at
!5$)–”S•“”—
Million
OTHER CURRENT LIABILITIES (Continued):
Interest accrued but not due on borrowings
362.40
1.16
!6)5&%*76S8<&565&%*7'05!:!7&5*!-6!/%!$,*/(5&%*7!5&6&$85&%#<!?567$)!5(&0/!:.!7&5*!-6S
05,N*/N50(5&66S70$,6S705&6!/%00,&#76!/%#<!6&$0/%$)!5(&0/7)&0.3!/<a6-!/%!7*--!(&0%!,!5!*/&5!-!S!75!(!%!.!/%!7)85*--!(&*/!.*-!%8!/%!7
&!%'?$&*/85(!0/S
!5<!/!70(&7)&5:*7)
7)&!$705<8*-%*/(6S-!/7 !$)*/&5<!/%48*3.&/76S#07)35&6&/7!/%'8785&R
132 | APOLLO TYRES LTD
As at
March 31, 2015
Million
•S›™–R•“
** Other Payables Includes due to Related Parties:
|07&N•–}
Subsidiary Companies
Companies in which Directors are interested
4.38
”R•“
43.15
—R—›
47.53
˜R™›
j/$-8%&6 3.60 Million| •Rœ•*--*0/}:)*$))!6/07#&&/75!/6'&55&%707)&/9&6705%8$!7*0/!/%507&$7*0/8/%
8/%&5&$7*0/”•—0'7)&0.3!/*&6¨$7S•“”–S!63&57)&05%&56{*/6758$7*0/60'7)&63&$*!-$0857|5*!-0'0''&/$&6
5&-!7*/(7075!/6!$7*0/6*/6&$85*7*&6}S8.#!*R
ANNUAL REPORT 2014-15 | 133
134 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 135
”S”œ—R—”
Furniture & Fixtures
47,983.02
––“R““
47,653.02
—™œR”–
|$}
1,486.94
”œRœ•
1,467.02
”˜›R–—
–R•›
|#}
—”R™›
|#}
225.43
”S”–šR™š
Furniture & Fixtures
43,774.77
•™œRš•
43,505.05
–š•Rœœ
|$}
4,419.61
™“R•›
4,359.33
•–›R–š
–R–˜
|#}
™–R”™
|#}
—“R”œ
|#}
–S˜—›R–™
|#}
—™˜Rœ“
-
-
Additions
211.36
-
211.36
”—•R•–
“R•˜
™R—•
-
–šR”œ
•˜R•š
-
-
Deductions
GROSS BLOCK
47,983.02
330.00
47,653.02
469.13
38.85
1,194.41
1,419.05
36,332.40
7,851.85
172.19
175.14
391.12
-
391.12
•Rš›
-
œšR•›
˜—R•”
”“šR”™
”•œR™œ
-
-
132.01
-
132.01
–˜R””
“R“–
•–R›œ
-
™—R•”
8.77
-
-
Deductions
13,061.23
”œ“R“›
12,871.15
””—Rš—
”–R–”
—››R›—
–š–Rœ˜
”“Sšœ›R›™
”S“š”R“–
”“R—•
-
|%}
2,480.46
•˜Rš”
2,454.75
—›R“—
”R››
˜›R•“
š“R“•
•S“•šR•—
•—šR—–
|!}
”Rœ—
-
Additions
94.49
-
94.49
™—R›–
“R”˜
–Rš—
-
•˜Rš–
“R“—
-
-
Deductions
15,447.20
215.79
15.231.41
97.95
15.04
543.30
443.97
12,800.37
1,318.42
12.36
-
32,535.82
114.21
32,421.61
371.18
23.81
651.11
975.08
23,532.03
(e)
6,533.43
159.83
175.14
Million
32,535.82
””—R•”
32,421.61
–š”R”›
•–R›”
™˜”R””
œš˜R“›
•–S˜–•R“–
™S˜––R—–
”˜œR›–
”š˜R”—
30,713.54
šœR™—
30,633.90
•˜›R•˜
••R——
™—›R›–
”S““—Rœ”
••S“••R–š
™S–—“R”œ
”™”Ršš
”š˜R”—
As at
March 31,
2013
NET BLOCK
31,070.42
105.15
30,965.27
371.80
19.96
467.96
813.75
22,929.17
(e)
6,029.60
157.89
175.14
As at March
31, 2014
NET BLOCK
As at March
31, 2015
As at March
31, 2014
18,174.11
244.77
17,929.34
174.90
22.11
740.63
654.92
14,400.98
1,921.50
14.30
-
As at March
31, 2015
As at March
31, 2014
DEPRECIATION / AMORTIZATION
|%}
2,467.80
•›Rœ›
2,438.82
”“œR•›
šR”“
”•–Rœ—
”˜™Rš—
”S˜˜šR™™
—›•R”™
|!}
”Rœ—
-
Transferred
to Surplus
in Statement
RI3UR¿WDQG
Loss
DEPRECIATION / AMORTIZATION
Additions
As at March
31, 2013
15,447.20
•”˜Ršœ
15,231.41
œšRœ˜
”˜R“—
˜—–R–“
——–Rœš
”•S›““R–š
”S–”›R—•
”•R–™
-
As at
March 31,
2014
As at March
31, 2014
49,244.53
349.92
48,894.61
546.70
42.07
1,208.59
1,468.67
37,330.15
7,951.10
172.19
175.14
As at
March 31,
2015
Million
j&!6&)0-%!/%*6&70' 9.59 Million| œR˜œ*--*0/}68#-&!6&%70-!66*$¨8708#&67%RS!$0.3!/<*/:)*$)%*5&$7056!5&*/7&5&67&%%85*/(7)&<&!5•““œN”“R jj-!/7 !$)*/&5<*/$-8%&6*;&%¨66&76
&-%'05!-&:*7)!506600,!-8&0'Nil|Rs.–›R˜•*-*0/}!/%!&700,!-8&0'Nil|*-}R
-!/7 !$)*/&5<*/$-8%&60*/7-<:/&%¨66&76:*7)!506600,!-8&0' 254.87 Million| ”›šR™›*--*0/}!/%!&700,!-8&0' 231.21 Million | ”ššRšš*--*0/}R
-!/7 !$)*/&5<*/$-8%&6!66&767!,&/0/*/!/$&&!6&:*7)!506600,!-8&0' 400.00 Million| —““R““*--*0/}!/%!&700,!-8&0' 233.61 Million| •˜“R—“*--*0/}
|!}&35&6&/763503057*0/!7&-&!6&35&.*8. 1.94 Million| ”Rœ—*--*0/}!.057*=&%R |#}8*-%*/(6*/$-8%& 90.26 Million| ”˜”Rš•*--*0/}S-!/7 !$)*/&5<*/$-8%&6 66.43 Million| ”—R•“*--*0/}S-&$75*$!-/67!--!7*0/6*/$-8%& 2.79 Million
| ””R˜•*--*0/}!/%85/*785& *;785&6*/$-8%& 8.03 Million| ›Rš“*--*0/}'05$!3*7!-&;3&/%*785&0/&6&!5$) &9&-03.&/7|07&””}R
|$}/$-8%&6%*5&$7-<!775*#87!#-&&;3&/6&6$!3*7!-*=&%707)&&;7&/70' 27.66 Million| ””˜R›”*--*0/}*/$-8%*/(Nil| ”–R–™*--*0/}$!3*7!-*=&%'50. 0'35&9*086<&!5|07&”˜}R
|%}/$-8%&63509*6*0/'05.3!*5.&/7!.08/7*/(70Nil | R–˜R–”*--*0/}0/$&57!*/*7&.60'8*-%*/(6 -!/7 !$)*/&5<5&$0(/*=&%*/7)&7!7&.&/70'50?7 066%85*/(7)&<&!5R
|&} 8*-%*/(6 */$-8%& 8*-%*/(6 $0/6758$7&% 0/ &!6&)0-% !/% :*7) ! 5066 00, !-8& 0' 6,782.11 Million | ™S™š–R˜– *--*0/} !/% &7 00, !-8& 0' 5,213.50 Million
| ˜S™–•R—›*--*0/}
|'}-!/7 !$)*/&5<*65&%8$&%#< 3.00 Million#&*/(8#6*%<5&$&*9&%'50.7)&09&5/.&/70'!.*-/!%8R
TOTAL FIXED ASSETS
Computer Software
ASSETS
B) INTANGIBLE
Total Tangible Assets
Vehicles
–˜Rš˜
”S–š›R›™
Electrical Installation
2I¿FH(TXLSPHQWV
–•S›•”R•–
Plant & Machinery **
šS—””R••
”š•R”œ
Leasehold Land *
Buildings
”š˜R”—
As at
March 31,
2013
Freehold Land
Land:
A) TANGIBLE ASSETS
Description of Assets
-
225.43
›“Ršš
“R“™
•šR˜“
-
|'}
|#}
—œR™•
›–Rš˜
––R–˜
-
-
”S“›”R˜“
|#}
”–•R™“
-
-
Deductions
GROSS BLOCK
Additions
FIXED ASSETS AS AT MARCH 31, 2014
TOTAL FIXED ASSETS
Computer Software
ASSETS
B) INTANGIBLE
Total Tangible Assets
Vehicles
–›R›˜
”S—”œR“˜
Electrical Installation
2I¿FH(TXLSPHQWV
–™S––•R—“
Plant & Machinery **
šS›˜”R›˜
”š•R”œ
Leasehold Land *
Buildings
”š˜R”—
As at March
31, 2014
Freehold Land
Land:
A) TANGIBLE ASSETS
Description of Assets
B5 FIXED ASSETS AS AT MARCH 31, 2015
B 6 NON-CURRENT INVESTMENTS
(AT COST)
B 7 LONG TERM LOANS & ADVANCES
As at
March 31, 2015
Million
TRADE INVESTMENTS
(a) Investment in Equity Instruments (Quoted): *
16,394|”™S–œ—}48*7<)!5&60' ”“{N&!$)*/)!5!7
Gears Ltd. - Fully Paid Up
As at
!5$)–”S•“”—
Million
As at
March 31, 2015
Million
Long-Term Loans & Advances:
|/6&$85&%!/%0/6*%&5&%00%}
0.36
“R–™
Capital Advances - Others
Capital Advances to Related Parties
(b) Investment in Equity Instruments (Unquoted):
Subsidiary Companies:
125,906,207|”•˜Sœ“™S•“š}48*7<6)!5&60'”&!$)*/¨30--0
|!85*7*86}
0-%*/(6977%RN:)0--<0:/&%68#6*%*!5<N8--<!*%3
Other Companies:
312,000|–”•S“““}48*7<)!5&60' ”“&!$)*/5&&//'5!*/%
0:&550+&$76N8--<3!*%83R
5,500|˜S˜““}48*7<)!5&60' ”“&!$)*/85<!%&9¨--0<6!/%
Power Pvt Ltd. - Fully paid up.
(c) Investment in Membership Interest:
¨30--0<5&6|5&&/?&-%}0N03&5!7*&'R¨RN:)0--<0:/&%68#6*%*!5<
Doubtful Capital Advances
6,507.97
4.05
-
•R”“
(b) Others:
Investment in 5,000|˜S“““}48*7<)!5&60' ”““{N&!$)*/¨30--0<5&6
.3-0<&&6c8-7*385306&0N03&5!7*9&0$*&7<*.*7&%
0.50
“R˜“
134.18
”–—R”›
707.81
—”›R˜•
Security Deposits
636.84
–›”R”œ
Security Deposits to Related Parties
418.01
—”›R“”
.3-0<&&¨%9!/$&6N!-!5<0!/
15.05
”“R“œ
2.57
•R˜š
1,780.28
™S˜”—R™—
j
¨((5&(!7&!.08/70'4807&%/9&67.&/76
0.36
“R–™
¨((5&(!7&.!5,&79!-8&0'-*67&%!/%4807&%*/9&67.&/76
1.19
“R™—
¨((5&(!7&!.08/70'8/4807&%/9&67.&/76
6,518.83
™S˜”—R•›
Companies in which Directors are interested
09&5/.&/70'!.*-!%8
B 9 CURRENT INVESTMENTS
Add: Reinvestment of dividend during the year - 17,736|*-}
0.50
“R““
¨
No. of units at the end of the year -
2.60
•R”“
/9&67.&/7*/878!-8/%6j
5.23
—R“œ
360.18
•”—R”—
360.18
•”—R”—
1,000.00
-
1,000.00
-
* Particulars
No. of Units
Value ( Million)
NAV
SBI
•“S“““S“““
•““R““
”“R›•›•
ICICI
•˜S“““S“““
•˜“R““
”“R›––™
˜S“““S“““
˜“R““
”“R›“•š
Reliance
136 | APOLLO TYRES LTD
˜—”Rœ“
Investment promotion Subsidy Receivable from
•R”“
jjj &385$)!6&35*$&0'8/*76
497.61
B 8 OTHER NON-CURRENT ASSETS
2.10
179,562|”™”S›•™}
”S•–“R–›
Includes Advances given to Related Parties:
|07&N•–}
6,519.19
”•–R›œ
˜˜•Rš“
7)&50!/6!/%¨%9!/$&6N;$*6&87<&$09&5!#-&
2.60
79.60
841.99
–R”•
“R˜œ
•œ—R™–
”–—R”›
Less: Provision for Doubtful Advances
3.12
0.59
628.21
134.18
™S˜“šRœš
OTHER NON CURRENT INVESTMENTS (NON TRADE):
(a) Investment in Mutual Funds: **
/*760'b!-!/$&%8/%N*9*%&/%-!/N&*/9&67.&/7bjjj
|!$&!-8&0' ”“{N&!$)}
jj 0R0'8/*76!77)&#&(*//*/(0'7)&<&!5N161,826|”™”S›•™}
As at
!5$)–”S•“”—
Million
*5-!|$)&.&”}
•˜S“““S“““
•˜“R““
”“R›–˜›
*5-!|$)&.&•}
•˜S“““S“““
•˜“R““
”“R›•œ—
100,000,000
1,000.00
ANNUAL REPORT 2014-15 | 137
B 10 CURRENT ASSETS
B 11 SHORT TERM LOANS & ADVANCES
As at
March 31, 2015
Million
(a) INVENTORIES:
|9!-8&%!7-0:&50'$067!/%/&75&!-*=!#-&9!-8&}
(i) Raw Materials:
N/
!/%
N/5!/6*7
(ii) Work-in-Progress #
(iii) Finished Goods:
N/
!/%
N/5!/6*7
(iv) Stock-in-Trade:
N/
!/%
N/5!/6*7
2,942.90
94.76
3,037.66
(v) Stores and Spares
&66U509*6*0/'0508#7'8-5!%&&$&*9!#-&6
* Trade Receivables Include due from Related Parties:
|07&N•–}
Subsidiary Companies
Companies in which Directors are interested
(c) CASH AND CASH EQUIVALENTS **
(i) Cash on hand
(ii) Cheques on hand
(iii) Remittances in Transit
(iv) Balances with Banks:
Current Accounts
Other deposit accounts
N05*(*/!-.!785*7<0'–.0/7)605-&66
(v) Other Bank Balances:
Unpaid Dividend Accounts
Unclaimed Deposits Accounts
&306*76:*7)!785*7<&;$&&%*/(–0/7)6jjj
–S›“˜R›™
”—™R•š
–Sœ˜•R”–
588.67
™š˜R—•
6,078.18
1,129.80
7,207.98
™S–“šR˜•
œ˜—Rš–
šS•™•R•˜
157.10
29.65
186.75
”›“R››
”œR•˜
•““R”–
830.80
11,851.86
(b) TRADE RECEIVABLES - UNSECURED
|8767!/%*/('05!3&5*0%&;$&&%*/(6*;.0/7)6'50.7)&
%!7&7)&<:&5&%8&'053!<.&/7}
Considered Good
Considered Doubtful
7)&56N0/6*%&5&%00%j
As at
!5$)–”S•“”—
Million
š—™Rœœ
”•S›–™Rœ•
1.12
24.40
3,198.98
3,224.50
24.40
3,200.10
”R•˜
•—R—“
•S—“—R•“
•S—•œR›˜
•—R—“
•S—“˜R—˜
993.24
113.49
1,106.73
š˜œRš›
”˜›R“—
œ”šR›•
1.75
1,180.64
452.55
•Rœš
›š—R–•
–›—Rœ—
Year Ended
March 31, 2015
Million
Short-Term Loans & Advances:
|/6&$85&%!/%0/6*%&5&%00%}
Advances given to Related Parties
-
35.91
1.07
39.94
2,078.40
—˜œR˜˜
135.77
”––R•–
Others:
5!%&¨%9!/$&6
709.17
œššR˜š
.3-0<&&¨%9!/$&6
129.42
”“˜R—š
¨&$09&5!#-&
102.93
”™–Rœ›
¨&$09&5!#-&
349.18
–”˜R”˜
&59*$&!;&$09&5!#-&
91.05
š˜R˜”
;3057/$&/7*9&6&$09&5!#-&
85.87
—“Rœ›
5&3!*%;3&/6&6
77.80
”–šR”–
—™R™˜
Others
-
1,681.19
Considered Doubtful
”Sœœ˜R™š
20.56
1,701.75
Less: Provision for Doubtful Advances
¨5&%*7/7*7-&.&/7!9!*-&%
&66U¨5&%*787*-*6&%
—˜“R”–
|—˜“R”–}
Companies in which Directors are interested
•“R˜™
”Sœœ˜R™š
˜“›R™˜
-
|˜›R˜•}
1,681.19
Advances given to Related Parties:
|07&N•–}
Subsidiary Companies
•“R˜™
•S“”™R•–
20.56
1,681.19
—˜“R”–
•S——˜R›“
90.09
˜•R™“
45.68
›“R™–
135.77
”––R•–
B 12 OTHER CURRENT ASSETS
Investment promotion Subsidy Receivable from
09&5/.&/70'!.*-!%8
Interest accrued on Deposits
366.54
&!5/%&%
!5$)–”S•“”—
Million
375.00
–š˜R““
0.96
”R“˜
375.96
–š™R“˜
—““R““
–•R—˜
”R“š
˜˜R›“
•S•””R”“
jj
870'7)&!#09&#!-!/$&0'!6) !6)48*9!-&/76S7)&#!-!/$&7)!7.&&767)&%&?/*7*0/0'!6) !6)
48*9!-&/76!63&5¨N–S!6)-0:7!7&.&/76*6 2,001.48 Million| •S”•”Rš›*--*0/}
jjj /$-8%&6&306*70' 37.97 Million| ˜–R›–*--*0/}3-&%(&%:*7)!#!/,!(!*/67:)*$):05,*/($!3*7!--0!/)!6
been availed by Apollo Finance Ltd, a company in which directors are interested.
Includes deposits of 1.97 Million| ”Rœš*--*0/}:)*$))!9&!/05*(*/!-.!785*7<0'.05&7)!/”•.0/7)6R
„ 05,*/50(5&66$0/6*6760'¨870.07*9&<5&60/-<R 138 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 139
B 13 OTHER OPERATING INCOME
B 15 MANUFACTURING AND OTHER EXPENSES
Year Ended
March 31, 2015
Million
&!5/%&%
!5$)–”S•“”—
Million
OTHER OPERATING INCOME
Investment promotion Subsidy from Government
0'!.*-!%8N07&—
521.04
-
<5&6&9&-03.&/7&&65&$&*9&%'50.8670.&56
!5-<!<.&/7*6$08/7&$&*9&%'50.!:!7&5*!-833-*&56
œ–œR”—
74.45
—•R”™
595.49
–˜R••
”S“”™R˜•
B 14 OTHER INCOME
(a) Interest earned on Deposits
- Bank
43.34
”—œR›—
- Others
13.85
–•Rš™
57.19
”›•R™“
(b) Dividend Income from Long Term Investments:
Bharat Gears Ltd.
/*758670'/%*!
0.02
“R“–
0.50
-
0.52
“R“–
(c) Dividend Income from Short Term Investments:
Mutual Funds
25.78
œ•R˜—
20.00
•™R–š
73.83
˜šR•›
86.65
””–R—“
111.49
–•“R“—
(d) Other Non-Operating Income:
Unclaimed Credit Balances / Provisions no longer
5&48*5&%:5*77&/#!$,
Royalty Income
!*/0/05&*(/;$)!/(&-8$78!7*0/|&7}
Miscellaneous Receipts
291.97
˜”šR“œ
375.46
šœ•R•™
Year Ended
March 31, 2015
Million
Cost of Materials Consumed:
!:!7&5*!-60/68.&%N07&”–|}
Less: Scrap Recoveries
Purchase of Stock-in-Trade:
85$)!6&0'*/*6)&%00%6N<5&6S8#&6 -!36
(PSOR\HH%HQH¿WV([SHQVH
!-!5*&6!/%!(&6
0/75*#87*0/70509*%&/7!/%7)&58/%6N07&— ”™ &-'!5&&;3&/6&6
.3-0<&&670$,¨335&$*!7*0/*()76N07&”š
Other Expenses:
0/68.37*0/0'6705&6!/%63!5&3!576N07&”
0:&5!/%8&-N07&•
Conversion Charges
Repairs and Maintenance
- Machinery
- Buildings
- Others
&/7N07&–
Lease Rent - Factory
Insurance
!7&6!/%!;&6
*5&$7056c*77*/(&&6
0..*66*0/700/N)0-&7*.&*5&$7056
0660/!-&0'!/(*#-&*;&%¨66&76|&7}
5!9&--*/(S0/9&<!/$&!/%&)*$-&;3&/6&6
067!(&S&-&;S&-&3)0/&!/%7!7*0/&5<
0/'&5&/$&;3&/6&6
Royalty Paid
Freight and Forwarding
Commission on Sales
!-&650.07*0/;3&/6&6
Advertisement and Publicity
05305!7&0$*!-&630/6*#*-*7<;3&/6&6N07&˜ •“ &6&!5$)!/%&9&-03.&/7N07&””
Bank Charges
7!78705<¨8%*7056&.8/&5!7*0/N07&”•
08#7'8-&$&*9!#-&6{¨%9!/$&65*77&/0''
&66U5!/6'&55&%'50.509*6*0/
&(!-!/%50'&66*0/!-;3&/6&6
509*6*0/'050/7*/(&/$*&6N07&”œ|#}
*6$&--!/&086;3&/6&6
&!5/%&%
!5$)–”S•“”—
Million
54,302.28
295.14
54,007.14
˜šS—™™R•—
••–R”›
˜šS•—–R“™
2,492.19
•S˜“•Rš™
4,200.67
472.96
774.11
3.58
5,451.32
–S—™“R”š
•œ›R”“
™œ˜Rš•
š›R˜˜
—S˜–•R˜—
605.88
2,797.04
1,053.25
˜–›Rœ•
•Sš™“R–˜
”S“œ˜R”›
118.63
25.05
674.39
299.89
400.00
79.33
160.49
6.30
50.00
26.24
956.68
119.11
294.90
8.86
2,615.31
90.00
870.39
564.48
57.37
875.25
36.62
12.45
-
-
416.70
-
860.98
14,075.59
76,026.24
”•™R˜”
”›R™™
˜œ˜R•–
•™›R“•
—““R““
›–R™“
”š˜R•—
”R–›
–“R““
•–Rœ–
œ–—R–š
””œR››
””œR›•
šR›–
•S“š“R–›
–›Ršœ
—œ—R›œ
š™˜R™™
–šR–›
š˜šR˜“
˜šRœ“
””R—“
”šR”–
|”šR”–}
–——R–›
—•˜R““
š“™R•”
”–S““›R—”
ššS•›™Ršš
Notes:
”}705&6 3!5&60/68.&%*/$-8%&66705&6*668&%'055&3!*56 2.63 Million| ”R˜˜*--*0/}R
•}0:&5!/%8&-*/$-8%&6705&60/68.&% 523.11 Million| ™™›R“›*--*0/}R –}&70'&/7&$&*9&% 1.45 Million| ”R—š*--*0/}R
—}&70'5066N)!5(& 1.08 Million| “R”˜*--*0/}
˜}05305!7&0$*!-&630/6*#*-*7<;3&/6&6*/$-8%&6 0.55 Million!9!*-!#-&!60/!5$)–”S•“”˜:*7)7)&
implementation partner to be deployed in due course.
140 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 141
B 16 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS & STOCK-IN-TRADE
Year Ended
March 31, 2015
Million
&!5/%&%
!5$)–”S•“”—
Million
˜šœR—›
Finished Goods
7,262.25
™S“–šR•“
70$,N*/N5!%&
200.13
•–›R™”
8,137.80
™S›˜˜R•œ
Less:
588.67
™š˜R—•
Finished Goods
7,207.98
šS•™•R•˜
70$,N*/N5!%&
186.75
•““R”–
7,983.40
Decrease / (Increase)
;$*6&87<0//$5&!6&{|&$5&!6&}0'*/*6)&%00%6
2014-15
Million
2013-14
Million
76.17
”””Rœ•
451.30
”›“R—™
-!*.6!(!*/677)&0.3!/</07!$,/0:-&%(&%!6%&#76O.3-0<&&&-!7&%
48.64
˜”R“•
O7)&56
43.00
•›R˜—
PARTICULARS
/$0.&!;„
675.42
CLOSING STOCK
05,*/50(5&66
1. Contingent Liabilities
!-&6!;
OPENING STOCK
05,*/50(5&66
C. OTHER NOTES ON ACCOUNTS:
›S”–šR›“
154.40
|”S•›•R˜”}
42.89
”•–R›—
|07&œ}
197.29
|”S”˜›R™š}
509*6*0/0'&$85*7<|!/,&306*763-&%(&%:*7)!!/,!(!*/67:)*$):05,*/(
capital loan has been availed by Apollo Finance Ltd, a Company in which Directors
!5&*/7&5&67&%}
37.97
˜–R›–
;$*6&87<j
57.93
–™–R˜˜
j;$-8%&6%&.!/%0' 532.12 Million| ˜–•R”•*--*0/}5!*6&%0/0/&0'7)&0.3!/<a68/*765&-!7*/(70*668&6
:)*$))!9&#&&/%&$*%&%#<7)&¨33&--!7&¨87)05*7<*/0.3!/<a6'!9085*/!33&!-63&57!*/*/(70!/07)&58/*70'7)&
Company. Show-cause notices received from various Government Agencies pending formal demand notices have not
been considered as contingent liabilities.
„;$-8%&6!.08/70' 441.66 Million| ——”R™™*--*0/}*/!33&!-6:)*$))!9&#&&/%&$*%&%#<¨33&--!7&!87)05*7*&6
*/0.3!/<c6'!9085#870/:)*$)7)&%&3!57.&/7)!6(0/&'05'857)&5!33&!-R In the opinion of the management, no provision is considered necessary for the disputes mentioned above on the
ground that there are fair chances of successful outcome of appeals.
2. Commitments
PARTICULARS
B 17 FINANCE COSTS
Year Ended
March 31, 2015
Million
&!5/%&%
!5$)–”S•“”—
Million
As at
March 31, 2014
Million
800.14
1,743.19
800.14
1,743.19
/7&5&670/*;&%N7&5.0!/6
473.02
š”šR”“
Interest on Debenture
536.79
š–™Rš•
Other Commitments:
0/N%*6306!-0'*/9&67.&/76*/*/%*5&$768#6*%*!5<S¨30--0<5&6|*%%-&!67}
S7)508()¨30--0|!85*7*86}
0-%*/(697R7%R!-8&0'*/9&67.&/7*6
34.14 Million| –•R™”*--*0/}
)&0.3!/<)!6'857)&5?/!/$*!-6833057$0..*7.&/763509*%&%70$&57!*/
Subsidiaries
Interest on Other Loans
694.05
œ˜™R•–
TOTAL
17.02
–™R“˜
3. )&0.3!/<)!6*/7&5/!7*0/!-75!/6!$7*0/6:*7)5&-!7&%3!57*&6R057)&$855&/7<&!5S7)&.!/!(&.&/7$0/?5.67)!7
•S——™R”“
*7.!*/7!*/6%0$8.&/76!635&6$5*#&%#<7)&/$0.&7!;¨$7S”œ™”703509&7)!77)&6&*/7&5/!7*0/!-75!/6!$7*0/6!5&
!7!5.a6-&/(7)!/%7)&!'05&6!*%-&(*6-!7*0/:*--/07)!9&!/<*.3!$70/7)&?/!/$*!-67!7&.&/76S3!57*$8-!5-<0/7)&
!.08/70'7!;&;3&/6&!/%7)!70'3509*6*0/'057!;!7*0/R
(a) Interest Expense:
67*.!7&%!.08/70'$0/75!$765&.!*/*/(70#&&;&$87&%0/$!3*7!-!$$08/7
and not provided for
As at
March 31, 2015
Million
(b) Other Borrowing Cost
1,720.88
4. Investment Promotion Subsidy From Government Of Tamilnadu
)&0.3!/<)!6&67!#-*6)&%5!%*!-7<5&.!/8'!$785*/('!$*-*7<*//%8675*!-!5,S5!(!%!./&!5)&//!*
!/% !9!*-&% */$&/7*9&6 '50. 7)& 7!7& 09&5/.&/7 0' !.*- !%8 '05 &67!#-*6)*/( 68$) 350+&$7R )& $0/6758$7*0/
0' ?567 3)!6& 0' 7)& /&: (5&&/ ?&-% 5!%*!- 7<5& 3-!/7 :!6 $0.3-&7&% !6 3&5 350+&$7 6$)&%8-&S :)*$) $0..&/$&%
03&5!7*0/6'50.!5$)””S•“”“R)&58$,{865!%*!-6&(.&/7)!6$0..&/$&%03&5!7*0/6'50.!<””S•“”“R
8568!/7707)&&.05!/%8.0'/%&567!/%*/(|0}%!7&%¨8(867šS•““™5&!%!-0/(:*7)!833-&.&/7!5<0
%!7&%!/8!5<””S•“””&;&$87&%#&7:&&/7)&09&5/.&/70'!.*-!%8|0}!/%7)&0.3!/<S06!/$7*0/&%
!758$785&%!$,!(&0'¨66*67!/$&707)&0.3!/<*/7&5.60'7)&&:/%8675*!-0-*$<S•““šR¨63&57)*6758$785&%
!$,!(&0'¨66*67!/$&S7)&0.3!/<*6&/7*7-&%S*/7&5!-*!S'055&'8/%0'!/!.08/7&48!-70&787387¨Š3!*%
#<7)&0.3!/<700*/7)&'05.0'/9&67.&/750.07*0/8#6*%<'05!3&5*0%0'”—<&!56|:)*$)$!/#&&;7&/%&%
#<!/07)&5—<&!56}S'50.7)&%!7&0'$0..&/$&.&/70'$0..&5$*!-350%8$7*0/057*--7)&$8.8-!7*9&!9!*-.&/70'7)&
142 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 143
6!*%68#6*%<5&!$)&6˜“‚0'7)&*/9&67.&/7.!%&*/&-*(*#-&?;&%!66&76%85*/(7)&!33509&%*/9&67.&/73&5*0%!6
%&?/%#<7)&0S:)*$)&9&5*6&!5-*&5R)*6&-*(*#-*7<*668#+&$770'8-?--.&/70'$&57!*/0#-*(!7*0/6#<7)&0.3!/<R
¨6 7)& 0.3!/< )!6 '8-?--&% 7)& 5&-&9!/7 0#-*(!7*0/6S 7)& 0.3!/< )!6 5&$0(/*=&% 68#6*%< */$0.& 0' 521.04
Million| œ–œR”—*--*0/}!607)&503&5!7*/(*/$0.&|07&”–}S#&*/(7)&&-*(*#-&!.08/70'5&'8/%0'&787387¨
Š3!*%#<7)&0.3!/<700R8#6*%<5&$05%&%%85*/(7)&35&9*086<&!55&35&6&/7668#6*%<'50.7)&%!7&0'
$0..&/$&.&/70'$0..&5$*!-350%8$7*0/7*--!5$)–”S•“”—R!6&%0/7)&-&(!-03*/*0/0#7!*/&%#<7)&0.3!/<S
7)&6!*%68#6*%<*6$0/6*%&5&%/0/N7!;!#-&R
5. Capital Subsidy
¨63&5&:/%8675*!-0-*$<•““šS/&:!/%&;3!/6*0/8/*76*/9&67*/( •“““*--*0/!/%!#09&!/%&.3-0<*/(.05&
7)!/—““%*5&$7:05,&56:*--#&&-*(*#-&'05!#!$,&/%&%$!3*7!-68#6*%<0' ”˜*--*0/R857)&5.!/8'!$785*/(8/*76
-0$!7&% :*7)*/ ! /%8675*!- 3!5, :*-- #& &-*(*#-& '05 !/ !%%*7*0/!- ˜“‚ $!3*7!- 68#6*%< 09&5 !/% !#09& 7)&
eligible limit. During the year, the Company received the capital subsidy of ••R˜*--*0/0/'8-?--*/(7)&&-*(*#*-*7<
$0/%*7*0/6:)*$))!6#&&/$5&%*7&%70$!3*7!-68#6*%<%*6$-06&%8/%&5&6&59&6 853-86R
11. Research and development Expenditures:
PARTICULARS
2014-15
Million
(A) Revenue Expenditure
Materials
.3-0<&&&/&?7;3&/6&6
5!9&--*/(;3&/6&6
Others
SUB - TOTAL
(B) Capital Expenditure
TOTAL(A+B)
7. Issue Of Shares On Conversion Of Share Warrants
)&$0.3!/<)!%!--07&%˜S“““S“““:!55!/76S$0/9&57*#-&*/70˜S“““S“““&48*7<6)!5&60' ”&!$)70!350.07&5
50830.3!/<0/&$&.#&5•”S•“”•S0/!35&'&5&/7*!-!--07.&/7#!6*638568!/770&$7*0/›”|”¨}0'7)&0.3!/*&6¨$7S”œ˜™S!7!$0/9&56*0/35*$&0' ›™R•“3&56)!5&%&7&5.*/&%*/!$$05%!/$&:*7)7)&|668&0'!3*7!-
!/%*6$-0685&&48*5&.&/76}&(8-!7*0/6S•““œR¨/!.08/7&48*9!-&/770•˜‚0'7)&35*$&!((5&(!7*/(70 ”“šRš˜
Million was received on allotment of the warrants previous year. On receipt of the balance amount of –•–R•˜*--*0/
0/8/&”œS•“”—S7)&$0.3!/<)!6!--077&%˜S“““S“““&48*7<6)!5&60' ”&!$)!7!35&.*8.0' ›˜R•“3&56)!5&R
8. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
PARTICULARS
2014-15
Million
2013-14
Million
|*}5*/$*3!-!.08/75&.!*/*/(8/3!*%70!/<6833-*&5!6!77)&&/%0'7)&!$$08/7*/(<&!5
31.02
•›Ršœ
|**} /7&5&67 %8& 7)&5&0/ 5&.!*/*/( 8/3!*% 70 !/< 6833-*&5 !6 !7 7)& &/% 0' 7)&
accounting year
10.58
”“R˜›
|***} )& !.08/7 0' */7&5&67 3!*% !-0/( :*7) 7)& !.08/76 0' 7)& 3!<.&/7 .!%& 70 7)&
supplier beyond the appointed day
-
-
|*9})&!.08/70'*/7&5&67%8&!/%3!<!#-&'057)&<&!5
-
-
|9})&!.08/70'*/7&5&67!$$58&%!/%5&.!*/*/(8/3!*%!77)&&/%0'7)&!$$08/7*/(
year
10.58
”“R˜›
|9*})&!.08/70''857)&5*/7&5&67%8&!/%3!<!#-&&9&/*/7)&68$$&&%*/(<&!5S8/7*-
such date when the interest dues as above are actually paid
10.58
”“R˜›
9.
8&670*$50!/%.!--/7&535*6&6)!9&#&&/%&7&5.*/&%707)&&;7&/768$)3!57*&6)!9&#&&/*%&/7*?&%0/7)&
#!6*60'*/'05.!7*0/$0--&$7&%#<7)&!/!(&.&/7R)*6)!6#&&/5&-*&%830/#<7)&!8%*7056R
;$*6& %87< 5&-!7*/( 70 6!-&6 )!6 #&&/ %*6$-06&% !6 ! 5&%8$7*0/ '50. 785/09&5R ;$*6& %87< 5&-!7&% 70 %*''&5&/$&
#&7:&&/7)&$-06*/(670$,!/%03&/*/(670$,)!6#&&/%*6$-06&%*/07&”™b)!/(&6*//9&/705*&60'*/*6)&%
00%6S05,*/50(5&66 70$,N*/N5!%&_R
10. 85*/(7)&<&!5S38568!/7707)&/07*?$!7*0/0'$)&%8-&707)&0.3!/*&6¨$7S•“”–:*7)&''&$7'50.¨35*-”S
•“”—S 7)& $0.3!/< 5&9*6&% 7)& &67*.!7&% 86&'8- -*'& 0' *76 !66&76 70 !-*(/ 7)& 86&'8- -*'& :*7) 7)06& 63&$*?&% */
schedule II.
8568!/7707)&75!/6*7*0/3509*6*0/35&6$5*#&%*/$)&%8-&707)&0.3!/*&6¨$7S•“”–S7)&$0.3!/<)!6'8--<
depreciated the carrying value of assets, net of residual value, where the remaining useful life of the assets is
%&7&5.*/&% 70 #& /*- !6 0/ ¨35*- ”S •“”— !/% )!6 !%+867&% !/ !.08/7 0' •˜›R”› *--*0/ |/&7 0' %&'&55&% 7!; 0'
”–•Rœ— *--*0/} !(!*/67 7)& 03&/*/( 6853-86 #!-!/$& */ 7)& 7!7&.&/7 0' 50?7 !/% 066 8/%&5 &6&59&6 !/%
Surplus.
)&%&35&$*!7*0/&;3&/6&*/7)&67!7&.&/70'350?7!/%-066'057)&<&!5*6-0:&5#< ™—Rœ˜*--*0/$0/6&48&/770
the change in the useful life of the assets.
144 | APOLLO TYRES LTD
84.86
135.08
20.11
635.20
875.25
167.51
1,042.76
œ›R˜š
”•™R•š
”–R”“
˜”œR˜™
š˜šR˜“
”›™R”—
œ—–R™—
2014-15
Million
2013-14
Million
12. Statutory Auditors’ Remuneration:
PARTICULARS
6. Exceptional Items
;$&37*0/!-*7&.%85*/(7)&35&9*086<&!55&35&6&/76&;3&/6&6*/$855&%*/$0//&$7*0/:*7)7)&350306&%!$48*6*7*0/0'
003&5*5& 8##&50.3!/<|003&5}:)*$):!67&5.*/!7&%#<003&50/&$&.#&5–“S•“”–R
2013-14
Million
For Audit
For Company Law matters
058!57&5-<&9*&: 0/60-*%!7*0/
For Other Services
TOTAL
6.00
0.40
2.60
3.45
5.00
0.30
2.20
3.90
12.45
11.40
13. (A) Turnover and stock of Finished goods & Stock-in-Trade
PARTICULARS
Unit
¨870.0#*-&<5&6S
8#&6!/%-!36
Opening Stock
Turnover
Closing Stock
2014-15
2013-14
2014-15
2013-14
2014-15
2013-14
Million
7,356.09
™S”œ“R—˜
98,158.55
œ˜S–•›R™•
7,252.83
šS–˜™R“œ
Others
Million
106.29
›˜R–™
614.17
˜™—R•”
141.90
”“™R•œ
TOTAL
Million
7,462.38
™S•š˜R›”
98,772.72
œ˜S›œ•R›–
7,394.73
šS—™•R–›
(B) Raw Materials Consumed
PARTICULARS
2014-15
Million
2013-14
Million
Fabric
Rubber
Chemicals
Carbon Black
Others
6,743.31
27,926.29
5,052.65
8,037.87
6,542.16
šS”•”R”˜
–•S™“•R—œ
—S–—›Rœœ
šS›”œR”–
˜S˜š—R—›
TOTAL
54,302.28
˜šS—™™R•—
(C) Break-up of Consumption
PARTICULARS
Raw Materials - Imported
- Indigenous
705&6 3!5&6N.3057&%
- Indigenous
2014-15
Million
%
45.74%
24,838.26
54.26%
29,464.02
100.00%
54,302.28
9.67%
58.58
90.33%
547.30
100.00%
605.88
2013-14
%
Million
——R“›‚
•˜S––•Rš•
˜˜Rœ•‚
–•S”––R˜•
”““R““‚
˜šS—™™R•—
šR–—‚
–œR˜›
œ•R™™‚
—œœR–—
”““R““‚
˜–›Rœ•
(D) C.I.F. Value of Imports
PARTICULARS
2014-15
Million
2013-14
Million
Raw Materials
705&6 3!5&6
Capital Goods
24,098.07
64.50
447.93
•˜S—œ•R”˜
™˜R””
˜“–R™œ
ANNUAL REPORT 2014-15 | 145
(E) Expenditure in Foreign Currency (Remitted) :
'H¿QHG%HQH¿W3ODQV
Gratuity
|;$-8%*/(9!-8&0'*.30576}
PARTICULARS
2014-15
Million
2013-14
Million
Interest
Dividend for the year 2013-14|•“”•N”–}j
Royalty
7)&56|*/$-8%*/($5066N$)!5(&0' &;3&/6&6!/%.!/!(&.&/7&;3&/6&63!*%70
05&*(/8#6*%*!5<0.3!/*&6}R
577.07
1.48
6.76
š—–R›•
“Rœœ
”“R——
j
1,320.91
”S”œšRœš
8.#&50'/0/N5&6*%&/7)!5&)0-%&56O2|•}S8.#&50')!5&6)&-%#<0/5&6*%&/7)!5&)0-%&56N1,978,000
|”Sœš›S“““}R
14. Earnings in Foreign Exchange (Gross)
PARTICULARS
!-8&0';30576
Royalty Received
5066)!5(&0'!/!(&.&/7;3&/6&6
&*.#856&.&/70';3&/6&6&$&*9&%
2014-15
Million
2013-14
Million
9,222.31
73.83
54.74
209.27
›S”—•R•›
˜šR•›
•›R”“
–“R”“
15. Directly attributable expenses capitalized / included in capital work in progress during the year:
PARTICULARS
)&'0--0:*/(7!#-&68..!5*=&67)&$0.30/&/760'/&7#&/&?7&;3&/6&5&$0(/*=&%*/7)&67!7&.&/70'350?7!/%
-066!/%7)&'8/%&%67!786!/%!.08/765&$0(/*=&%*/7)&#!-!/$&6)&&7'057)&5&63&$7*9&3-!/U
6WDWHPHQWRI3UR¿WDQG/RVV
1HWHPSOR\HHEHQH¿WH[SHQVHV
PARTICULARS
2014-15
Million
2013-14
Million
Current service cost
/7&5&670670/&/&?7#-*(!7*0/
;3&$7&%5&785/0/3-!/!66&76
Curtailment Cost
Settlement Cost
&7¨$78!5*!-|!*/}{0665&$0(/*=&%*/7)&<&!5
;3&/6&5&$0(/*=&%*/7)&7!7&.&/70'50?7 066
56.39
61.01
(57.95)
138.80
198.25
——Rœ•
—›R—™
|˜—R–œ}
œR——
—›R—–
2014-15
Million
48.72
(82.66)
2013-14
Million
—˜R”›
|™˜R›”}
$FWXDO&RQWULEXWLRQDQG%HQH¿WSD\PHQWVIRUWKH\HDU
2014-15
Million
2013-14
Million
Raw Materials Consumed
!-!5*&6S!(&6!/%0/86
Contribution to Provident and Other Funds
&-'!5&;3&/6&6
Rent
5!9&--*/(S0/9&<!/$&!/%&)*$-&&;3&/6&6
067!(&S&-&;S&-&3)0/&!/%7!7*0/&5<
Power and Fuel
&(!- 50'&66*0/!-;3&/6&6
*6$&--!/&086;3&/6&6
10.76
3.35
4.94
1.45
4.04
0.20
1.64
0.55
0.72
”˜R–œ
™–R›™
—R••
—R˜”
“Rš›
—R˜™
“R•™
–R—“
“R––
˜R”—
Total
27.65
”“•R—˜
(PSOR\HH%HQH¿W3ODQV
'H¿QHG&RQWULEXWLRQ3ODQV
a.
Superannuation Plan: )& 0.3!/< $0/75*#87&6 ! 68. &48*9!-&/7 70 ”˜‚ 0' 7)& &-*(*#-& &.3-0<&&6 6!-!5< 70 !
683&5!//8!7*0/ '8/% !%.*/*67&5&% !/% .!*/7!*/&% #< *'& /685!/$& 05305!7*0/ 0' /%*! |}R )& 0.3!/<
)!6 /0 -*!#*-*7< '05 '8785& 683&5!//8!7*0/ '8/% #&/&?76 07)&5 7)!/ *76 !//8!- $0/75*#87*0/ !/% 5&$0(/*=&6 68$)
$0/75*#87*0/6!6!/&;3&/6&*/7)&<&!5*/$855&%R)&!.08/70'$0/75*#87*0/3!*%#<7)&$0.3!/<7083&5!//8!7*0/
Fund is 59.83 Million| ˜šR”˜*--*0/}R
b.
Provident Fund:0/75*#87*0/6!5&.!%&707)&0.3!/<a6.3-0<&&6509*%&/78/%5867{&(*0/!-509*%&/7
8/%*/!$$05%!/$&:*7)7)&'8/%58-&6R)&*/7&5&675!7&3!<!#-&707)&#&/&?$*!5*&6&9&5<<&!5*6#&*/(/07*?&%#<
the Government.
/7)&$!6&0'$0/75*#87*0/707)&5867S7)&0.3!/<)!6!/0#-*(!7*0/70.!,&(00%7)&6)057'!--S*'!/<S#&7:&&/
7)&5&785/'50.7)&*/9&67.&/760'7)&5867!/%7)&/07*?&%*/7&5&675!7&!/%5&$0(/*=&668$)0#-*(!7*0/!6!/
&;3&/6&R
)&!.08/70'$0/75*#87*0/.!%&#<7)&0.3!/<70.3-0<&&6509*%&/78/%5867{&(*0/!-509*%&/78/%*6
215.96 Million| ”œ•R–š*--*0/}R
146 | APOLLO TYRES LTD
)&0.3!/<)!6!%&?/&%#&/&?7(5!78*7<3-!/R9&5<&.3-0<&&:)0)!6$0.3-&7&%?9&<&!5605.05&0'6&59*$&
5&$&*9&6(5!78*7<0/-&!9*/(7)&0.3!/<!7”˜%!<66!-!5<|-!67%5!:/6!-!5<}'05&!$)$0.3-&7&%<&!50'6&59*$&R
)&6$)&.&*6'8/%&%:*7)*'&/685!/$&05305!7*0/0'/%*!R
PARTICULARS
Actual Contributions
¨$78!-&/&?7!<.&/76
Balance Sheet:
Net Asset / (Liability) recognised in the Balance Sheet including experience adjustment impact
PARTICULARS
5&6&/79!-8&0'%&?/&%#&/&?70#-*(!7*0/!7
the end of the year
Fair value of plan assets at the end of the
year
¨66&7{|*!#*-*7<}5&$0(/*=&%*/7)&#!-!/$&
sheet
;3&5*&/$&¨%+867.&/70'0#-*(!7*0/
- Loss
;3&5*&/$&¨%+867.&/70'3-!/!66&76
N!*/{|066}
2014-15
Million
2013-14
Million
2012-13
Million
2011-12
Million
2010-11
Million
852.80
™›”Rš˜
™—™R”š
™“–Rš™
˜”œRš–
654.55
™––R–•
™““Rœœ
˜•šR™˜
—–šR›•
(198.25)
|—›R—–}
|—˜R”›}
|š™R””}
|›”Rœ”}
75.99
–“R“•
œR–™
—•R“—
˜”R“–
(1.85)
|”R—–}
“R–”
”Rš˜
•R–™
2014-15
Million
681.75
61.02
56.39
(82.67)
136.31
852.80
2013-14
Million
™—™R”š
—›R—™
——Rœ•
|™˜R›”}
›R“”
™›”Rš˜
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGH¿QHGEHQH¿WREOLJDWLRQDUHDVIROORZV
PARTICULARS
Present value of obligations as at the beginning of the year
Interest cost
Current service cost
&/&?763!*%
Actuarial loss on obligation
Present value of obligations as at the end of the year
ANNUAL REPORT 2014-15 | 147
Changes in the fair value of plan assets are as follows:
17. Employees Stock Appreciation Rights (Employees Phantom Stock Plan 2010)
PARTICULARS
2014-15
Million
2013-14
Million
Fair value of plan assets as at the beginning of the year
;3&$7&%5&785/0/3-!/!66&76
Contributions
&/&?763!*%
Actuarial gain on plan assets
Fair value of plan assets as at the end of the year
633.32
57.95
48.44
(82.67)
(2.49)
654.55
™““Rœœ
˜—R–œ
—˜R”›
|™˜R›”}
|”R—–}
™––R–•
!} 85*/( 7)& <&!5 •“”“N””S 7)& $0.3!/< )!% !//08/$&% !6)N6&77-&% .3-0<&& )!5&N#!6&% !<.&/7 -!/
|)!/70.70$,-!/}'057)&&-*(*#-&&.3-0<&&60'7)&$0.3!/<R/%&57)&6$)&.&S”S•““S“““3)!/70.670$,8/*76
)!9&#&&/(5!/7&%0/¨35*-”S•“”“Sœ““S“““)!/70.670$,8/*76)!9&#&&/(5!/7&%0/¨35*-”S•“””!/%š˜S“““
/*76)!9&#&&/(5!/7&%0/¨35*-”S•“”•#<7)&#0!5%!330*/7&%$0..*77&&R¨--7)5&&037*0/6:*--#&9&67&%!63&5
the following schedule:
Percentage of Grant
Vesting Schedule
•˜‚
•˜‚
•˜‚
•˜‚
/”67!//*9&56!5<0'5&63&$7*9&(5!/7%!7&
/•/%!//*9&56!5<0'5&63&$7*9&(5!/7%!7&
/–5%!//*9&56!5<0'5&63&$7*9&(5!/7%!7&
/—7)!//*9&56!5<0'5&63&$7*9&(5!/7%!7&
)&0.3!/<a6(5!78*7<'8/%6!5&.!/!(&%#<7)&*'&/685!/$&05305!7*0/0'/%*!!/%7)&5&'05&7)&$0.306*7*0/0'
the fund assets in not presently ascertained.
Principal actuarial assumptions for Gratuity:
PARTICULARS
2014-15
Rate (%)
2013-14
Rate (%)
›R““
™R““
œR”˜
›Rœ˜
™R““
œR“˜
!}*6$08/75!7&
#}8785&6!-!5<*/$5&!6&j
$};3&$7&%5!7&0'5&785/0/3-!/!66&76
j )& &67*.!7&6 0' '8785& 6!-!5< */$5&!6& 7!,& */70 !$$08/7 */@!7*0/S 6&/*05*7<S 350.07*0/ !/% 07)&5 5&-&9!/7 '!$7056R
67*.!7&%!.08/70'$0/75*#87*0/*/7)&*..&%*!7&/&;7<&!5*6 98.72 Million | ™›R“š*--*0/}R
Demographic Assumptions for Gratuity:
PARTICULARS
!}&7*5&.&/7¨(&|&!56}
#}057!-*7<!#-&
$}¨(&6
370–“&!56
50.–”70——&!56
¨#09&——&!56
2014-15
2013-14
58
˜›
IALM (2006-08)
¨|•““™N“›}
Withdrawal Rate (%) *7)%5!:!-!7&|‚}
3.00
–R““
2.00
•R““
1.00
”R““
8568!/7707)&!#09&6$)&.&S7)&&-*(*#-&&.3-0<&&6!5&&/7*7-&%70(&7$!6)$0.3&/6!7*0/830/&;&5$*6&0'7)&
phantom stock unit within seven years of the vesting date
#}&7!*-60'7)&&;3&/6&5&$0(/*=&%%85*/(7)&<&!5!/%08767!/%*/(3)!/70.670$,8/*760'7)&$0.3!/<8/%&57)&
)!/70.70$,-!/•“”“!5&!68/%&5U
PARTICULARS
Date of Grant
Phantom Stock Units Outstanding
)!/70.70$,/*76&;&5$*6&%
;&5$*6&5*$&0')!5&| }
!5,&75*$&0')!5&| }
!*5!-8&0')!5&| }
Amount charged to Statement of
50?7 066|/$-8%&%*/07&N
”˜N.3-0<&&
&/&?76;3&/6&}
*!#*-*7<!60/–”R“–R•“”˜|/$-8%&%*/07&N—|5!%&!<!#-&6}}
As at March 31,2015
As at March 31, 2014
“”R“—R•“”“
”•S““S“““
-
“”R“—R•“””
•Sœ”S•˜“
™S“›Sš˜“
˜“R““
”™›R•˜
”•™Ršš
“”R“—R•“””
˜S˜•S˜““
–S—šS˜““
˜“R““
”˜œR–“
””šR•˜
“”R“—R•“”•
š˜S“““
˜“R““
”˜œR–“
””›R”œ
-
–R“œ
Million
–šRš—
Million
—™R”•
Million
˜—R•—
Million
˜R”œ
Million
™R˜“
Million
-
“”R“—R•“”• “”R“—R•“”“
š˜S“““
–S““S“““
œS““S“““
˜“R““
˜“R““
”™›R•˜
”˜œR–“
”•˜Rš™
””™Rœ˜
“R—œ
Million
›R–”
Million
•šR•—
Million
–•Ršœ
Million
Phantom Stock outstanding units summary sheet is as follows 2WKHU/RQJ7HUP(PSOR\HH%HQH¿WV
PARTICULARS
2014-15
Opening Phantom Stock Units
Number of Units issued during the year
8.#&50'/*76&67&%%85*/(7)&<&!5
Closing Phantom Stock units
Long Term Compensated Absences
Actuarial Assumption for Long term compensated absences:
PARTICULARS
2014-15
2013-14
8.00
6.00
›Rœ˜
™R““
!}*6$08/75!7&
#}8785&6!-!5<*/$5&!6&j
j)&&67*.!7&60''8785&6!-!5<*/$5&!6&7!,&*/70!$$08/7*/@!7*0/S6&/*05*7<S350.07*0/!/%07)&55&-&9!/7'!$7056R
Demographic Assumptions for Long term compensated absences:
PARTICULARS
!}&7*5&.&/7¨(&|&!56}
#}057!-*7<!#-&
$}¨(&6
370–“&!56
50.–”70——&!56
¨#09&——&!56
148 | APOLLO TYRES LTD
2014-15
2013-14
58
˜›
IALM (2006-08)
¨|•““™N“›}
Withdrawal Rate (%)
*7)%5!:!-!7&|‚}
3.00
2.00
1.00
–R““
•R““
”R““
927,500
561,250
366,250
2013-14
2012-13
”S—›™S•˜“
˜˜›Sš˜“
œ•šS˜““
•S“–“S“““
š˜S“““
™”›Sš˜“
”S—›™S•˜“
The details of Variables used for Fair Valuation under the Black-Scholes Model are given in the table below:
Grant date
Remeasurement date
March 31, 2015
Variables
70$,5*$&| }
0-!7*-*7<
Riskfree Rate
;&5$*6&5*$&| }
*.&0!785*7<|/&!56}
Dividend yield
Fair Value per vest ( )
Vesting Percentage
Option Fair Value ( )
Vest1
April 1, 2011
April 1, 2010
Vest 2
Vest 3
April 1, 2012
April 1, 2013
Vest 4
April 1, 2014
)&037*0/6'50.&67”S&67•S&67–!/%
&67—)!9&#&&/$0.3-&7&-<
&;&5$*6&%!/%7)&5&'05&%0/a7
have to be valued
ANNUAL REPORT 2014-15 | 149
Grant date
Remeasurement date
March 31, 2015
Variables
70$,5*$&| }
0-!7*-*7<
Riskfree Rate
;&5$*6&5*$&| }
*.&0!785*7<|/&!56}
Dividend yield
Fair Value per vest ( )
Vesting Percentage
Option Fair Value ( )
Vest1
April 1, 2012
18(a) The components of Deferred Tax Liability (Net) are as follows:
April 1, 2011
Vest 2
Vest 3
April 1, 2013
April 1, 2014
)&037*0/6'50.&67”!/%&67•
)!9&#&&/$0.3-&7&-<&;&5$*6&%!/%
7)&5&'05&%0/a7)!9&70#&9!-8&%
Vest 4
April 1, 2015
”™›R•˜
—•R™š‚
šR›•‚
˜“R““
–R““
“R›™‚
127.40
50%
”™›R•˜
—•R™š‚
šR›“‚
˜“R““
–R˜”
“R›™‚
126.14
50%
PARTICULARS
Deferred Tax Liability on timing differences arising on:
Depreciation
Sub Total (A)
Deferred Tax Assets on timing differences arising on:
!<.&/78/%&50-8/7!5<&7*5&.&/7$)&.&
509*6*0/'055!78*7<!/%&!9&/$!6).&/7
Provision for Doubtful Debts / Advances
Others
Sub Total (B)
126.77
Net Deferred Tax Liability (A-B)
Grant date
Remeasurement date
March 31, 2015
Variables
70$,5*$&| }
0-!7*-*7<
Riskfree Rate
;&5$*6&5*$&| }
*.&0!785*7<|/&!56}
Dividend yield
Fair Value per vest ( )
Vesting Percentage
Option Fair Value ( )
Vest1
April 1, 2013
”™›R•˜
—–R˜›‚
šR›–‚
˜“R““
•R˜“
“R›™‚
124.02
25%
April 1, 2012
Vest 2
Vest 3
April 1, 2014
April 1, 2015
”™›R•˜
—•R˜•‚
šR›•‚
˜“R““
–R““
“R›™‚
125.02
25%
Vest 4
April 1, 2016
”™›R•˜
—•R™š‚
šR›”‚
˜“R““
–R˜”
“R›™‚
126.04
25%
”™›R•˜
—–R”œ‚
šR›“‚
˜“R““
—R˜”
“R›™‚
127.96
25%
125.76
!%$0.3&/6!7*0/$067'057)&)!/70.70$,8/*76(5!/7&%8/%&57)&$)&.&#&&/%&7&5.*/&%#!6&%0/'!*59!-8&
!3350!$)S 7)& 0.3!/<c6 /&7 350?7 !/% &!5/*/(6 3&5 6)!5& :08-% )!9& #&&/ !6 3&5 7)& 350'05.! !.08/76 */%*$!7&%
below:
2014-15
2013-14
6,450.81
—S—•™R”œ
3.58
š›R˜˜
49.02
š“R›”
6,405.37
—S—––Rœ–
,PSDFWRQ1HW3UR¿W` Million)
&750?7|¨65&3057&%}
¨%%UN!6)#!6&%&.3-0<&&$0.3&/6!7*0/&;3&/6&*/$-8%&%*//&7350?7
&66UN!6)#!6&%$0.3&/6!7*0/&;3&/6&%&7&5.*/&%8/%&5'!*59!-8&#!6&%.&7)0%
|50'05.!}
&750?7|50'05.!}
2013-14
Million
4,453.68
—S“•œRš“
4,453.68
—S“•œRš“
2.60
113.87
15.56
199.23
–Rš˜
œ•Rš—
”˜R•œ
›R—š
331.26
”•“R•˜
4,122.42
–Sœ“œR—˜
PARTICULARS
Amount
Million
&'&55&%!;*!#*-*7*&6!6!7!5$)–”S•“”—
&66U&9&56!-0'&'&55&%!;*!#*-*7<5&-!7*/(7075!/6*7*0/!%+867.&/70'%&35&$*!7*0/5&$05%&%
!(!*/676853-86#!-!/$&*/7!7&.&/70'50?7!/%066
¨%%U&'&55&%!;*!#*-*7*&6'057)&<&!5•“”—N”˜
3,909.45
Deferred Tax Liabilities as at March 31, 2015
4,122.42
132.94
345.91
18(b))&3509*6*0/'057!;'057)&<&!5)!6#&&/%&7&5.*/&%#!6&%0/7)&3509*6*0/607)&57)!/””˜0'7)&/$0.&
!;¨$7S”œ™”R05%&7&5.*/*/(7)&6!*%3509*6*0/S7)&0.3!/<)!6$0/6*%&5&%%&%8$7*0/8/%&56&$7*0/–˜|•¨}
*/5&63&$70'7)&&;3&/%*785&*/$855&%'05*76 !$7*9*7*&6*/7)& &/75&!7)&//!*R¨-7)08()7)&0.3!/<a6
!33-*$!7*0/'057)&!33509!-0'7)*6$&/7&5*63&/%*/(#&'05&S7)&0.3!/<*6$0/?%&/70'0#7!*/*/(7)&!33509!-
#&'05&?-*/(7)&5&785/0'*/$0.&'057)&?/!/$*!-<&!5•“”—N”˜R
19(a)509*6*0/'056!-&65&-!7&%0#-*(!7*0/65&35&6&/76&67*.!7&6'053!<.&/7670#&.!%&*/'8785&R!+053057*0/0'
7)&6&$0676*6&67*.!7&%70#&3!*%*/7)&/&;7?/!/$*!-<&!505:*--#&3!*%:*7)*/!.!;*.8.0'–<&!56'50.7)&
balance sheet date
Million
3KDQWRP6WRFN6FKHPH3URIRUPD6WDWHPHQWRI3UR¿W/RVVDQG(36
PARTICULARS
2014-15
Million
Impact on Earnings per Share ( )
Opening Balance as at
April 1, 2014
Additional provision
made during the year
Incurred against provision during the year
Closing Balance as
at March 31, 2015
1,507.70
1,745.54
1,583.86
1,669.38
19(b). )& 0.3!/< $!55*&6 ! (&/&5!- 3509*6*0/ '05 $0/7*/(&/$*&6 70:!5%6 9!5*086 $-!*.6 !(!*/67 7)& $0.3!/< /07
acknowledged as debts
Million
Opening Balance as at
April 1, 2014
Additional provision
made during the year
Incurred against provision during the year
Closing Balance as
at March 31, 2015
425.00
-
-
425.00
19(c) Provision for constructive liability arising on account of lease contracts up to 7 years are as follows
Basic
Million
!6*$!5/*/(63&5)!5&0' ”!$)|¨65&3057&%}
12.70
8.78
!6*$!5/*/(63&5)!5&0' ”!$)|50'05.!}
12.61
›R›“
Opening Balance as at
April 1, 2014
Additional provision
made during the year
Incurred against provision during the year
Closing Balance as
at March 31, 2015
*-87&%!5/*/(63&5)!5&0' ”!$)|¨65&3057&%}
12.69
8.77
82.99
36.36
18.04
101.31
*-87&%!5/*/(63&5)!5&0' ”!$)|50'05.!}
12.60
8.79
Diluted
150 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 151
20. Expenditure towards Corporate Social Responsibility (CSR) Activities Nature of Activities
Promoting preventive health
/685*/(&/9*50/.&/7!-6867!*/!#*-*7<
*9&-*)00%&/)!/$&.&/7350+&$76
85!-%&9&-03.&/7350+&$76
Promoting education
Promoting preventive health
Promoting education
5!%*$!7*0/0')8/(&5S309&57< .!-/875*7*0/
0/75*#87*0/70053860'!5867$5&!7&%&;$-86*9&-<'05
undertaking CSR activities
Million
Implementing Agency/ Partner
¨30--0<5&608/%!7*0/
¨30--0<5&608/%!7*0/
¨30--0<5&608/%!7*0/
¨30--0<5&608/%!7*0/
¨30--0<5&608/%!7*0/
&86)!5*7!#-&08/%!7*0/
&86)!5*7!#-&08/%!7*0/
&86)!5*7!#-&08/%!7*0/
Amount
–“Rœ™
šRš—
–R–”
–R›˜
”R››
–R““
–R•”
“R“š
“R”“
54.12
•Rš“
56.82
84.74
27.92
¨%%U¨%.*/*675!7*9&067M˜‚
Total
¨.08/75&48*5&%70#&63&/78{6”–˜0'7)&0.3!/*&6¨$7S•“”–
Shortfall
21 a)0--0:*/(!5&7)&'05:!5%&;$)!/(&$0/75!$76~#&*/(%&5*9!7*9&*/6758.&/76S:)*$)!5&/07*/7&/%&%'0575!%*/(
0563&$8-!7*9&385306&6#87'05)&%(&385306&670&67!#-*6)7)&!.08/70'5&3057*/($855&/$<5&48*5&%05!9!*-!#-&
!77)&6&77-&.&/7%!7&0'$&57!*/3!<!#-&6!/%5&$&*9!#-&6R)&'0--0:*/('05:!5%&;$)!/(&$0/75!$76&/7&5&%*/70
Million
#<7)&0.3!/<!5&08767!/%*/(!60/!5$)–”S•“”˜U
Currency
Amount
US Dollar
74.00
Buy
Rupees
6.00
Sell
Rupees
–”Rš—
Buy
Rupees
“R”•
Buy
Rupees
Buy/Sell
Cross Currency
22. )& 0.3!/<a6 03&5!7*0/6 $0.35*6& 0' 0/-< 0/& #86*/&66 6&(.&/7 O ¨870.0#*-& <5&6S ¨870.0#*-& 8#&6 ¨870.0#*-& -!36 */ 7)& $0/7&;7 0' 5&3057*/( #86*/&66{(&0(5!3)*$!- 6&(.&/7 !6 5&48*5&% 8/%&5 .!/%!705<
!$$08/7*/(67!/%!5%6¨N”š^&(.&/7&3057*/(^
)& (&0(5!3)*$!- 6&(.&/76 $0/6*%&5&% '05 %*6$-0685& !5& N /%*! !/% &67 0' 7)& :05-%R ¨-- 7)& .!/8'!$785*/(
facilities are located in India:
PARTICULARS
1. Revenue by Geographical Market
India
Rest of the world
Total
2. Carrying Amount of Segment Assets
India
&670'7)&:05-%N&;3057&#7056
Total
3. Capital Expenditure incurred during the year
India
Rest of the world
Total
2013-14
Million
80.531.32
9,222.31
šœSšš“R”˜
›S”–œR—–
89,753.63
›šSœ“œR˜›
59,760.32
1,453.74
™“S”—šR”“
œš•Rœ”
61,214.06
™”S”•“R“”
2,723.00
-
•S“”•R”™
-
2,723.00
•S“”•R”™
23. Disclosure of Related Party Transactions in accordance with the mandatory accounting standards AS- 18
“Related Party Disclosures”
Name of the Related Parties
PARTICULARS
•“”–N”—
US Dollar
2014-15
Million
2014-15
2013-14
¨30--0|!85*7*86}
0-%*/(6977%|¨
}S
Mauritius
¨30--0|!85*7*86}
0-%*/(6977%
|¨
}S!85*7*86
¨30--0|087)¨'5*$!}
0-%*/(6|7<}7%|¨
}
|8#6*%*!5<7)508()¨
}S087)¨'5*$!
¨30--0|087)¨'5*$!}
0-%*/(6|7<}7%
|¨
}|8#6*%*!5<7)508()¨
}S
South Africa
)& .!5, 70 .!5,&7 -066&6 0' 150.49 Million |*-} 5&-!7*/( 70 8/%&6*(/!7&% { */&''&$7*9& '05:!5% $0/75!$76 {
%&5*9!7*9&6)!6#&&/5&$0(/*=&%*/7)&7!7&.&/70'50?7!/%066¨$$08/7R
N.A.
¨30--0<5&6087)¨'5*$!|7<}7%|¨¨}
|8#6*%*!5<7)508()¨
}S087)¨'5*$!
b) 0R0'855&/$<6:!36|07)&57)!/'05:!5%&;$)!/(&$0/75!$7667!7&%!#09&}70)&%(&!(!*/67@8$78!7*0/6*/
$)!/(&6*/&;$)!/(&5!7&!5&17|”›}R
¨30--0<5&6¨'5*$!|7<}7%|8#6*%*!5<7)508()
¨
}N07&|$}
¨30--085#!/|7<}7%|¨}|8#6*%*!5<
)508()¨
}S087)¨'5*$!
c) The year-end foreign currency exposures that have not been hedged by a derivative instrument or other
wise are given below:
Million
¨
0-%*/(67%R|8#6*%*!5<7)508()¨
}S
/*7&%*/(%0.N07&|%}
¨
0-%*/(67%|8#6*%*!5<7)508()
¨
}S/*7&%*/(%0.
¨30--0<5&6*.#!#:&|97}7%R|}
|8#6*%*!5<7)508()¨
0-%*/(67%R}S
*.#!#:&|07&N|%} |'}}
¨30--0<5&6|*.#!#:&}|97}7%|}
|8#6*%*!5<7)508()¨
0-%*/(67%R}S
*.#!#:&
Currency
¨*5)!.
As at March 31, 2015
As at March 31, 2014
Receivable/
Receivable/
Receivable/
Receivable/
|!<!#-&}
|!<!#-&}
|!<!#-&}
|!<!#-&}
INR
FC
INR
FC
¨30--0¨$48*6*7*0/053R|07&N|&}}
¨30--0¨$48*6*7*0/053RN07&|!}
!%8//9&67.&/76|97R}7%S*.#!#:&
|8#6*%*!5<7)508()¨
0-%*/(67%R}N07&|%}
!%8//9&67.&/76|97}7%S*.#!#:&
|8#6*%*!5<7)508()¨
0-%*/(67%R}S
¨*/*/(|97R}7%RS*.#!#:&|8#6*%*!5<
7)508()¨30--0<5&6*.#!#:&97R7%R}
|07&N|%} |'}}
¨*/*/(|97}7%S*.#!#:&|8#6*%*!5<
7)508()¨30--0<5&6*.#!#:&977%}S
|˜šR“”}
|–R–”}
“R–•
“R“•
|•R“–}
|“R“–}
|“R•š}
|“R““}
•™”R“•
–R™š
—”R–“
“R˜–
|”•˜R•™}
|”R––}
|˜•R™“}
|“R—›}
|“R“—}
|šR•˜}
“R“”
”Rš˜
!3!/&6&&/
“R“˜
“R“œ
|“R“”}
|“R“–}
Malaysian Ringgit
“R”š
“R“”
“R”š
“R“”
Philippine Peso
“R•–
“R•”
“R•–
“R•”
Swiss Franc
British Pound
Indonesian Rupiah
Singapore Dollar
“R•–
“R“”
“R•–
“R“”
)!*!)7
|“R•“}
|“R””}
|“R”š}
|“R“œ}
US Dollar
›““R˜œ
”•R™™
•œšRœ—
—Rœ—
›R•˜
”R˜˜
”•R›“
•R”›
South African Rand
152 | APOLLO TYRES LTD
Subsidiaries
¨30--0<5&6|<3586}97R7%|¨}S<3586 ¨30--0<5&6|<3586}977%|¨}S
|8#6*%*!5<7)508()¨
}
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}
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|8#6*%*!5<7)508()¨30--0003}
¨30--0<5&6¨S:*7=&5-!/%|¨¨}
|8#6*%*!5<7)508()¨}S¨
¨30--0<5&6
0-%*/(6|*/(!305&}7&R7%S
|¨
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003}
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0-%*/(6|*/(!305&}7&7%S
|¨
}S*/(!305&|8#6*%*!5<7)508()
¨
}
ANNUAL REPORT 2014-15 | 153
¨30--0<5&6|¨}0R7%S!0S
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}N07&|&}
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}
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7)508()¨
}
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Associates
¨30--0<5&6-0#!- RRS&7)&5-!/%6
|8#6*%*!5<7)508()¨30--0003}
¨30--0<5&6-0#!- RRS&7)&5-!/%6
|8#6*%*!5<7)508()¨30--0003}
Joint Ventures
¨30--0<5&6|)!*-!/%}*.*7&%S)!*-!/%
|8#6*%*!5<7)508()¨30--0003}
¨30--0<5&6|)!*-!/%}*.*7&%S)!*-!/%
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|8#6*%*!5<7)508()¨}
¨30--0<5&6|5&&/?&-%}0R3&5!7*&'R¨RS
&7)&5-!/%6N07&|!}
N.A.
¨30--0<5&65039&67|}977%S/*7&%
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N.A.
¨30--0<5&6|
8/(!5<}'7S
8/(!5<
|8#6*%*!5<7)508()¨}N07&|!}
N.A.
Subsidiaries of Apollo Vredestein B.V (AVBV):
Subsidiaries of Apollo Vredestein B.V
(AVBV):
¨30--05&%&67&*/.#
S&5.!/<
¨30--05&%&67&*/.#
S&5.!/<|!5-*&5
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,/0:/!65&%&67&*/RR7%R}S/*7&%
Kingdom
Subsidiaries
¨30--05&%&67&*/&-8;S&-(*8.
¨30--05&%&67&*/&-8;|!5-*&5,/0:/!6
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5&%&67&*/05%*$¨RRS:&%&/
5&%&67&*/05%*$¨RR
|!5-*&5,/0:/!65&%&67&*/&$,¨RR}S
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RR5&%&6&7*/RR5-S0.!/*!
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¨30--05&%&67&*/#&5*$!¨
|!5-*&5,/0:/!65&%&67&*/#&5*$!R¨}S
Spain
¨30--05&%&67&*/*5&6/$RS¨
¨30--05&%&67&*/*5&6/$R|!5-*&5,/0:/
!65&%&67&*/<5&6057)¨.&5*$!/$RS
¨}
¨30--05&%&67&*/'7S
8/(!5<
¨30--05&%&67&*/'7
|!5-*&5,/0:/!65&%&67&*/'7}S
8/(!5<
¨30--05&%&67&*/5-S7!-<
¨30--05&%&67&*/5-
|!5-*&5,/0:/!65&%&67&*/7!-*!5-S
7!-<}
154 | APOLLO TYRES LTD
Subsidiaries
Companies in
which Directors
are interested
Key
Management
Personnel
Relatives of
Key Managerial
Personnel
¨30--05&%&67&*/30/<0-6,!3R0R0RS0-!/%
¨30--05&%&67&*/30/<0-6,!3R0R0R
|!5-*&5,/0:/!65&%&67&*/0-6,!3R
0R0S0-!/%}
¨30--05&%&67&*/¨V5!/$&
¨30--05&%&67&*/¨V5!/$&|!5-*&5
/0:/!6&5%&67&*/5!/$&R¨RS5!/$&}
5&%&67&*/0/68-7*/(RRS&7)&5-!/%6
5&%&67&*/0/68-7*/(RRS&7)&5-!/%6
*/-0RRS&7)&5-!/%6
*/-0RRS&7)&5-!/%6
5&%&67&*/!5,&7*/(RRS&7)&5-!/%6
5&%&67&*/!5,&7*/(RRS&7)&5-!/%6
5&%&67&*/!5,&7*/(RR 0RS&5.!/<
5&%&67&*/!5,&7*/(¨(&/785
|!5-*&5,/0:/!65&%&67&*/!5,&7*/(
¨(&/785RR $0R}S&5.!/<
!7*0/!-<5&&59*$&67%S*.#!#:&|07&N|%} |'}}
!7*0/!-<5&&59*$&67%S*.#!#:&
5&6685*7&|7<}7%S087)¨'5*$!
5&6685*7&|7<}7%S087)¨'5*$!
PanAridus LLC, USA
PanAridus LLC, USA
¨30--0/7&5/!7*0/!-7%|¨}
¨30--0/7&5/!7*0/!-7%|¨}
¨30--0/7&5/!7*0/!-5!%*/(S*%%-&!67
¨30--0/7&5/!7*0/!-5!%*/(S*%%-&
!67
/$053&59*$&67%
/$053&59*$&67%
09*&=/%*!7%
09*&=/%*!7%
!/%.!5,!5.6 086*/(|}7%
!/%.!5,!5.6 086*/(|}7%
8/-*'&5!%&-*/,6|}7%
8/-*'&5!%&-*/,6|}7%
5!9&-5!$,67%
5!9&-5!$,67%
&630,&0856 5!9&-67%
&630,&0856 5!9&-67%
86,!--&<&$)/0-0(*&67%
86,!--&<&$)/0-0(*&67%
-!66*$¨8708#&67%
-!66*$¨8708#&67%
/7&535*6&67%|}
/7&535*6&67%|}
Apollo Finance Ltd
Apollo Finance Ltd
Artemis Medicare Services Ltd
Artemis Medicare Services Ltd
¨57&.*6
&!-7)$*&/$&67%
¨57&.*6
&!-7)$*&/$&67%
¨.!5$)!/% !/(!-%!6 85&6)¨)50'' 0R
¨.!5$)!/% !/(!-%!6 85&6)¨)50''
0R
!(!5 ¨66$0$*!7&6
!(!5 ¨66$0$*!7&6
Regent Properties
Regent Properties
Swaranganga Consultants Pvt. Ltd
Swaranganga Consultants Pvt. Ltd
<67&.605305!7*0/SRR
<67&.605305!7*0/SRR
!$5&%
&!57/9&67.&/70R97R7%
!$5&%
&!57/9&67.&/70R97R7%
Milers Global Pvt. Ltd
Milers Global Pvt. Ltd
Apollo Fiege Integrated Logistics Pvt. Ltd
Apollo Fiege Integrated Logistics Pvt. Ltd
Mr Onkar S Kanwar
Mr Onkar S Kanwar
5&&5!+!/:!5
5&&5!+!/:!5
Mr U S Oberoi
Mr U S Oberoi
Mr Sunam Sarkar
Mr Sunam Sarkar
5!!+!!/:!5
5!!+!!/:!5
ANNUAL REPORT 2014-15 | 155
NotesU&-!7&%!57*&6!/%7)&*5&-!7*0/6)*36!5&!6*%&/7*?&%#<7)&.!/!(&.&/7!/%5&-*&%830/#<7)&¨8%*7056R
|!} /$05305!7&%%85*/(7)&<&!5
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003S&/7*5&6)!5&$!3*7!-0'¨!/%¨
)!9&#&&/75!/6'&55&%#<¨
70¨30--0003!/%&/7*5&6)!5&
$!3*7!-0'¨
'7)!6#&&/75!/6'&55&%#<¨00370¨R
|$} !.&$)!/(&%%85*/(7)&<&!5R
|%} 0-%0''%85*/(7)&<&!5R
|&} */%*/(83$0.3-&7&%%85*/(7)&<&!5R
|'} )&$0670'*/9&67.&/7:!6'8--<*.3!*5&%*/7)&35*05<&!56R
Transactions with Related Parties:
FY 2014-15
Particulars
Description of Transactions:
Sales: Finished Goods
¨30--0/7-R5!%*/(S8#!*
Apollo International Ltd.
¨30--05&%&67&*/RR
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6|)!*-!/%}7%R
¨30--0<5&6¨'5*$!|7<}7%R
Sales: Raw Materials
-!66*$¨8708#&67%R
Sales: Semi Finished Goods
¨30--05&%&67&*/RR
¨30--0<5&6¨'5*$!|7<}7%R
Investments Made:
¨30--0<5&6|5&&/?&-%}0N03&5!7*&'R¨R
Royalty Income:
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6|)!*-!/%}7%R
¨30--0<5&6¨'5*$!|7<}7%R
Cross Charge of Management & Other
Expenses Received #:
¨30--05&%&67&*/RR
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6-0#!- RR
¨30--0<5&6|}97R7%R
¨30--0<5&6|)!*-!/%}7%R
/7&535*6&67%R
-!66*$¨8708#&67%R
¨30--0<5&6¨'5*$!|7<}7%R
Artemis Medicare Services Ltd.
Million
Subsidiaries
”S“–—R–™
——™Rœ›
”S—“•R––
š›—Rœœ
•S—™•R˜œ
”S––šR•—
5,987.15
156 | APOLLO TYRES LTD
1,481.34
˜R”›
Key Management Personnel
Total
”S“–—R–™
——™Rœ›
”S—“•R––
š›—Rœœ
•S—™•R˜œ
”S––šR•—
7,468.49
5.18
–R”•
”R”˜
4.27
–R”•
”R”˜
4.27
—R“˜
4.05
›R”œ
–˜Rœ–
•œRš•
73.84
›R”œ
–˜Rœ–
•œRš•
73.84
“R™“
6.83
—“Ršš
”R—“
•R“–
–R—˜
”R™•
—R—˜
”Rš›
˜R—™
“R™“
61.56
“R”•
”R•–
“R””
1.46
“R”•
”R•–
“R””
1.46
—“Ršš
”R—“
•R“–
–R—˜
”R™•
—R—˜
”Rš›
˜R—™
54.73
Rent Received:
/7&535*6&67%R
&630,&0856 5!9&-67%R
-!66*$¨8708#&67%R
Companies in
which
Directors are
interested
Reimbursement of Expenses Received:
¨30--05&%&67&*/RR
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6-0#!- RR
¨30--0<5&6|)!*-!/%}7%R
¨30--0<5&6|}97R7%R
-!66*$¨8708#&67%R
¨30--0<5&6¨'5*$!|7<}7%R
/7&535*6&67%R
Apollo International Ltd.
¨30--0<5&6|
8/(!5<}'7
Freight & Insurance recovered:
Apollo International Ltd.
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6|)!*-!/%}7%R
¨30--0<5&6¨'5*$!|7<}7%R
¨30--05&%&67&*/RR
Royalty Paid:
¨30--0<5&6¨S:*7=&5-!/%
Purchases:
¨30--05&%&67&*/RR
-!66*$¨8708#&67%R
”•—Ršœ
–Ršœ
••R•˜
”Rœ“
—Rœ™
›R•–
—R™–
•Rœ›
–R•–
ѪRϪ
209.28
“R“•
•“R›™
–—R•–
—™R——
š›R•–
179.76
˜—›Rœ—
548.94
”•”Rš—
˜—›Rœ—
670.68
–œRœ—
39.94
˜–R”™
53.16
œR˜“
™Rš“
16.20
œR˜“
™Rš“
16.20
——˜R“š
••™R“—
671.11
–Rœ“
˜R—š
›R•–
•Rœ˜
•™Rœ˜
“R“—
“R•˜
——˜R“š
••™R“—
718.90
””R—™
“R—•
11.88
””R—™
“R—•
11.88
–Rœ“
˜R—š
›R•–
•Rœ˜
•™Rœ˜
“R“—
“R•˜
47.79
Payment for Services Received:
Artemis Medicare Services Ltd.
-!66*$¨8708#&67%R
“R“•
•“R›™
–—R•–
—™R——
š›R•–
179.78
8.86
”•”Rš—
121.74
Cross Charge of R & D Expenses paid:
¨30--0<5&6-0#!- RR
Cross Charge of Other Expenses paid:
¨30--0<5&6|RR}97R7%R
Lease Rent paid:
/7&535*6&67%R
0.02
›R›™
Clearing Charges Paid:
Apollo Fiege Integrated Logistics Pvt. Ltd.
Warehouse Management Charges Paid:
Apollo Fiege Integrated Logistics Pvt. Ltd.
Legal and Professional Charges Paid:
¨.!5$)!/% !/(!-%!6 85&6)¨)50'' Co.
!(!5 ¨660$*!7&6
Reimbursement of Expenses paid:
¨30--05&%&67&*/RR
¨30--0<5&6|)!*-!/%}7%R
¨30--0<5&6|*%%-&!67}=&R
¨30--0|!85*7*86}
0-%*/(697R7%R
¨30--0<5&6|}97R7%R
¨30--0<5&6-0#!- RR
¨30--05&%&67&*/*5&6/$R
/7&535*6&67%R
-!66*$¨8708#&67%R
14.44
”•—Ršœ
–Ršœ
••R•˜
”Rœ“
—Rœ™
›R•–
—R™–
•Rœ›
–R•–
ѪRϪ
223.72
˜˜˜R™˜
555.65
—™›R•š
468.27
—““R““
400.00
ANNUAL REPORT 2014-15 | 157
Rent Paid:
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
-!66*$¨8708#&67%R
Milers Global Pvt. Ltd.
Conversion charges Paid:
-!66*$¨8708#&67%R
Mixing Charges Paid:
-!66*$¨8708#&67%R
Travelling Expenses Paid:
&630,&0856 5!9&-67%R
Conference Expenses:
&630,&0856 5!9&-67%R
Commssion on Sales paid:
¨30--0<5&6|)!*-!/%}7%R
¨30--0<5&6|*%%-&!67}=&R
•–R—–
•—R““
•”R™“
“R”•
–R““
72.15
•–R—–
•—R““
•”R™“
“R”•
–R““
72.15
œ™›R•“
968.20
•—šR˜™
247.56
–”šR˜›
–”šR˜›
••“R˜˜
220.55
˜R–œ
˜“R——
55.83
˜R–œ
˜“R——
55.83
Managerial Remuneration:
Mr Onkar S Kanwar
5&&5!+!/:!5
Mr U S Oberoi
Mr Sunam Sarkar
Amount Outstanding:
Trade Payable:
¨30--0<5&6¨S:*7=&5-!/%
¨30--05&%&67&*/RR
¨30--0<5&6|}97R7%R
¨30--0<5&6-0#!- ¨30--0<5&6|*%%-&!67}=&R
&630,&0856 5!9&-67%R
-!66*$¨8708#&67%R
¨30--0|!85*7*86}
0-%*/(697R7%R
¨30--0<5&6|)!*-!/%}7%R
Artemis Medicare Services Ltd.
¨.!5$)!/% !/(!-%!6 85&6)¨)50'' 0R
—”šR”“
•š–R““
šR“”
—”R›•
738.93
Other Current Liabilities:
¨30--05&%&67&*/RR
¨30--05&%&67&*/*5&6/$R
-!66*$¨8708#&67%R
158 | APOLLO TYRES LTD
—–R”˜
43.15
—R–•
“R“™
—–R”˜
47.53
—““R““
˜R›™
™R““
˜R—“
“Rš˜
šœR™“
497.61
—““R““
˜R›™
™R““
˜R—“
“Rš˜
šœR™“
497.61
™R“›
•˜R–›
—––R˜›
–R•”
—R–•
“R“™
4.38
Long Term Loans & Advances:
/7&535*6&67%R
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
Milers Global Pvt. Ltd.
-!66*$¨8708#&67%R
“R”˜
“R“™
31.67
•R“–
••R˜š
”–›R——
”–˜R™—
™œRœœ
™R“›
•˜R–›
—––R˜›
–R•”
“R”˜
“R“™
837.13
•R“–
••R˜š
”–›R——
”–˜R™—
™œRœœ
805.46
—”šR”“
•š–R““
šR“”
—”R›•
738.93
Trade Receivable:
¨30--05&%&67&*/RR
¨30--0<&56¨'5*$!|7<}7%R
¨30--0<5&6|*%%-&!67}=&R
-!66*$¨8708#&67%R
Apollo International Ltd.
¨30--0<5&6-0#!- ¨30--0<5&6|)!*-!/%}7%R
Short Term Loans & Advances:
¨30--0<5&6¨'5*$!|7<}7%R
¨30--05&%&67&*/RR
/7&535*6&67%R
5!9&-5!$,67%R
-!66*$¨8708#&67%R
Apollo Fiege Integrated Logistics Pvt. Ltd.
Apollo Finance Ltd.
¨30--0<5&6|
8/(!5<}'7
•”œR“š
˜“˜R™•
›”R”“
7.89
”“˜R™“
”R˜—
”›˜Rœ”
1,106.73
•”œR“š
˜“˜R™•
›”R”“
7.89
”“˜R™“
”R˜—
”›˜Rœ”
993.24
113.49
šR––
–˜R›“
–”R›—
“R“”
”“R”“
“R—œ
–R•—
ѪRϪ
135.77
šR––
–˜R›“
–”R›—
“R“”
”“R”“
“R—œ
–R•—
ѪRϪ
90.09
45.68
Transactions with Related Parties:
FY 2013-14
Particulars
Description of Transactions:
Sales : Finished Goods
¨30--0/7-R5!%*/(S8#!*
¨30--0<5&6087)¨'5*$!|7<}7%R
¨30--05&%&67&*/RR
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6|)!*-!/%}7%R
¨30--085#!/|7<}7%R
Sales: Raw Materials
-!66*$¨8708#&67%
Sales: Semi Finished Goods
¨30--0<5&6087)¨'5*$!|7<}7%R
¨30--05&%&67&*/RR
¨30--085#!/|7<}7%R
Investments Made:
¨30--0|!85*7*86}
0-%*/(697R7%R
Royalty Income:
¨30--0<5&6087)¨'5*$!|7<}7%R
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6|)!*-!/%}7%R
¨30--085#!/|7<}7%R
Million
Subsidiaries
Companies in
which
Directors are
interested
”S–””R—š
”S“˜•R˜œ
”S–˜œR––
œ›“R›š
”Sš““Rœš
•˜—R”œ
5,347.95
Key Management Personnel
Total
1,311.47
”S–””R—š
”S“˜•R˜œ
”S–˜œR––
œ›“R›š
”Sš““Rœš
•˜—R”œ
6,659.42
–”R—›
31.48
”R•›
•R–›
“Rœ•
4.58
”R•›
•R–›
“Rœ•
4.58
–›–Rœš
383.97
”—R“—
”“R—•
•–R—–
œR—“
57.29
”—R“—
”“R—•
•–R—–
œR—“
57.29
ANNUAL REPORT 2014-15 | 159
Cross Charge of Management & Other Expenses Received #:
¨30--0<5&6087)¨'5*$!|7<}7%R
¨30--05&%&67&*/RR
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6-0#!- RR
¨30--0<5&6|}97R7%R
¨30--0<5&6|)!*-!/%}7%R
/7&535*6&67%R
-!66*$¨8708#&67%R
¨30--085#!/|7<}7%R
Artemis Medicare Services Ltd.
—R••
™R˜–
–R˜•
”R˜™
œRœ˜
“R›“
•Rœ–
•™Rš–
“R˜œ
30.10
7.83
˜™R˜›
“R“™
–“šR˜–
307.59
˜™R˜›
“R“™
–“šR˜–
364.17
›”R–›
81.38
•šR”“
27.10
—R˜›
•“R•˜
24.83
—R˜›
•“R•˜
24.83
—•“Rš–
”—™Rš•
567.45
—“R—˜
“R”™
œR–•
—–“R™–
”œR™–
“R˜“
—•“Rš–
”—™Rš•
1,068.14
”“R˜•
10.52
56.58
—“R—˜
“R”™
œR–•
—–“R™–
”œR™–
“R˜“
500.69
Payment for Services Received:
Artemis Medicare Services Ltd.
160 | APOLLO TYRES LTD
26.73
—R••
™R˜–
–R˜•
”R˜™
œRœ˜
“R›“
•Rœ–
•™Rš–
“R˜œ
56.83
šR›–
Clearing Charges Paid:
Apollo Fiege Integrated Logistics Pvt. Ltd.
Warehouse Management Charges Paid:
Apollo Fiege Integrated Logistics Pvt. Ltd.
Legal and Professional Charges Paid:
¨.!5$)!/% !/(!-%!6 85&6)¨)50'' Co.
!(!5 ¨660$*!7&6
Reimbursement of Expenses paid:
¨30--05&%&67&*/RR
¨30--0<5&6087)¨'5*$!|7<}7%R
¨30--0<5&6|*%%-&!67}=&R
¨30--0|!85*7*86}
0-%*/(697R7%R
¨30--0<5&6|}97R7%R
¨30--0<5&6-0#!- RR
/7&535*6&67%R
-!66*$¨8708#&67%R
“R”•
”R•–
“R””
1.46
—Rœ”
Rent Received:
/7&535*6&67%R
&630,&0856 5!9&-67%R
-!66*$¨8708#&67%R
Royalty Paid:
¨30--0<5&6¨S:*7=&5-!/%
Purchases:
¨30--05&%&67&*/RR
/7&535*6&67%R
-!66*$¨8708#&67%R
“R”•
”R•–
“R””
1.46
–R–›
”Rš›
28.10
Reimbursement of Expenses Received:
¨30--0<5&6087)¨'5*$!|7<}7%R
¨30--05&%&67&*/RR
¨30--0<5&6|*%%-&!67}=&R
¨30--0<5&6RS
¨30--0<5&6-0#!- RR
¨30--0<5&6|)!*-!/%}7%R
¨30--0<5&6|}97R7%R
-!66*$¨8708#&67%R
¨30--085#!/|7<}7%R
“R™“
5.76
”“R™˜
™R›š
“R–š
”R›š
“R•›
–R”˜
–R–›
”Rš›
—Rœ”
“R™“
33.86
”“R™˜
™R›š
“R–š
”R›š
“R•›
–R”˜
Cross Charge of R & D Expenses paid:
¨30--0<5&6-0#!- RR
Cross Charge of Other Expenses paid:
¨30--0<5&6|RR}97R7%R
Lease Rent paid:
/7&535*6&67%R
Rent Paid:
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
-!66*$¨8708#&67%R
Milers Global Pvt. Ltd.
—–›R•”
438.21
•›”R”™
281.16
Conversion charges Paid:
-!66*$¨8708#&67%R
Mixing Charges Paid:
-!66*$¨8708#&67%R
Travelling Expenses Paid:
5!9&-5!$,67%R
&630,&0856 5!9&-67%R
Conference Expenses:
&630,&0856 5!9&-67%R
Security Deposits Given:
Milers Global Pvt. Ltd.
Refund of Security Deposits:
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
—““R““
400.00
•–R—–
•—R““
•”R™“
“R”•
–R““
72.15
•–R—–
•—R““
•”R™“
“R”•
–R““
72.15
”S“”šR™”
1,017.61
–”›R—”
318.41
”R–—
•”šRš•
219.06
”R–—
•”šRš•
219.06
•“•R™“
202.60
“Rš˜
0.75
™—R—–
™™R““
˜œR—“
189.83
™—R—–
™™R““
˜œR—“
189.83
Managerial Remuneration:
Mr Onkar S Kanwar
5&&5!+!/:!5
Mr U S Oberoi
Mr Sunam Sarkar
Amount Outstanding:
Trade Payable:
¨30--0<5&6¨S:*7=&5-!/%
¨30--05&%&67&*/RR
¨30--0<5&6|}97R7%R
¨30--0<5&6-0#!- ¨30--0<5&6|*%%-&!67}=&R
5!9&-5!$,67%R
-!66*$¨8708#&67%R
¨30--0|!85*7*86}
0-%*/(697R7%R
¨30--0<5&6|)!*-!/%}7%R
Apollo Fiege Integrated Logistics Pvt. Ltd.
–“—R“›
”—•R”•
”“R––
–›R—˜
494.98
Other Current Liabilities:
¨30--05&%&67&*/RR
Apollo International Ltd.
-!66*$¨8708#&67%R
œR–œ
31.65
“R•™
•R”š
””™R–˜
ššR–™
™Rœ•
|“R“”}
••R•š
—–“R™–
“R––
œR–œ
665.67
“R”“
—R–›
4.48
”R•“
“R”“
—R–›
5.68
“R•™
•R”š
””™R–˜
ššR–™
™Rœ•
|“R“”}
••R•š
—–“R™–
“R––
634.02
”R•“
1.20
–“—R“›
”—•R”•
”“R––
–›R—˜
494.98
ANNUAL REPORT 2014-15 | 161
)&6$)&%8-&0''8785&.*/*.8.-&!6&3!<.&/76*/5&63&$70'/0/N$!/$&--!#-&03&5!7*/(-&!6&6*66&7087#&-0:U
Long Term Loans & Advances:
/7&535*6&67%R
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
Milers Global Pvt. Ltd.
-!66*$¨8708#&67%R
Trade Receivable:
¨30--05&%&67&*/RR
¨30--085#!/|7<}7%R
¨30--0<5&6|*%%-&!67}=&R
-!66*$¨8708#&67%R
Apollo International Ltd.
¨30--0/7-R5!%*/(S8#!*
¨30--0<5&6|)!*-!/%}7%R
Short Term Loans & Advances:
¨30--085#!/|7<}7%R
¨30--05&%&67&*/RR
¨30--0<5&6RR7%R
¨30--0<5&6|)!*-!/%}7%R
/7&535*6&67%R
&630,&0856 5!9&-67%R
-!66*$¨8708#&67%R
Artemis Medicare Services Ltd.
—““R““
˜R›™
™R““
˜R—“
“Rš˜
”•–R›œ
541.90
—““R““
˜R›™
™R““
˜R—“
“Rš˜
”•–R›œ
541.90
158.04
”›™R–“
”••R™œ
”“œRš™
•R—”
“R“”
”˜˜R™•
–—”R“–
917.82
—–R•—
––R›–
•Rœš
“R˜œ
80.63
”•R›“
—R“›
”“Rš“
•˜R“•
—–R•—
––R›–
•Rœš
“R˜œ
133.23
”›™R–“
”••R™œ
”“œRš™
•R—”
“R“”
”˜˜R™•
–—”R“–
759.78
”•R›“
—R“›
”“Rš“
•˜R“•
52.60
Amount of Loans/Advances in the nature of loans outstanding from Subsidiaries and Companies in which
Directors are interested:
Outstanding as at
the end of the year
Maximum amount
Outstanding during
the year
-
•“”–N”—
-
-
–›–Rœ›
—““R““
•S“““R““
›““R““
)& 0.3!/< )!6 &/7&5&% */70 ?/!/$& -&!6& !55!/(&.&/76 '05 $&57!*/ ¨66&76R )& 6$)&%8-& 0' '8785& .*/*.8.
lease payments in respect of non-cancelable Finance leases is set out below:
Million
Total Minimum Lease
Payments
Present Value of Lease
Payments
2014-15
2013-14
2014-15
2013-14
68.31
101.75
45.21
215.27
(43.51)
171.76
™›R››
”˜™R˜•
˜•R™˜
•š›R“˜
|˜›R””}
•”œRœ—
56.12
79.67
35.97
171.76
˜•R˜”
”•šR“”
—“R—•
•”œRœ—
27. Interest in Joint Ventures – )&0.3!/<)!6*/7&5&676*/7)&'0--0:*/(0*/70/750--&%/7*7<|}U
Name of Joint Venture and
Country of Incorporation
Pan Aridus LLC. USA
As on March 31, 2015
¨60/!5$)–”S•“”—
% of interest
50
˜“
Amount of interest based on accounts
Assets
Liabilities
Income
Expenditure
Contingent
liabilities
Capital commitments
18.92
”›R••
18.92
”›R••
43.22
“Rœ“
64.64
˜˜Rš“
Nil
Nil
Nil
Nil
28. Earnings Per Share (EPS) – The numerator and denominator used to calculate Basic and Diluted Earnings Per
Share:
PARTICULARS
2014-15
Basic & Diluted earnings per share
50?7!775*#87!#-&707)&&48*7<6)!5&)0-%&5686&%!6/8.&5!705
| *--*0/}N|¨}
)&:&*()7&%!9&5!(&/8.#&50'&48*7<6)!5&608767!/%*/(%85*/(7)&<&!5'05
!6*$N|}
¨%%U''&$70'!55!/76:)*$)!5&%*-87*9&
)&:&*()7&%!9&5!(&/8.#&50'&48*7<6)!5&608767!/%*/(%85*/(7)&<&!5'05
*-87&%N|}
!6*$&!5/*/(63&56)!5&| }O|¨}{|}|!$&9!-8&0' ”&!$)}
*-87&%&!5/*/(63&56)!5&| }O|¨}{|}|!$&9!-8&0' ”&!$)}
Apollo (Mauritius) Holdings Pvt. Ltd. (AMHPL)
-
400.00
2,000.00
400.00
*7)*/0/&<&!50'7)&#!-!/$&6)&&7%!7&
8&*/!3&5*0%#&7:&&/0/&<&!5!/%?9&<&!56
8&!'7&5*9&&!56
07!Less: Future Finance Charges
5&6&/7!-8&0'*/*.8.&!6&!<.&/76
SUBSIDIARIES
-
*7)*/0/&<&!50'7)&#!-!/$&6)&&7%!7&
8&*/!3&5*0%#&7:&&/0/&<&!5!/%?9&<&!56
8&!'7&5?9&<&!56
PARTICULARS
Investments in
shares of the
Company
2014-15
2013-14
Million
Million
PARTICULARS
2014-15
Million
26. Finance Lease - Deferred Payment Credit
„5066)!5(&0'!/!(&.&/7;3&/6&6&$&*9&%*/$-8%&65&$09&5<0'6!-!5<!%+867&%*/.3-0<&&&/&?7;3&/6&6
54.73 Million| •—R›™*--*0/}
24. Disclosure required by Clause 32 of the listing agreement regarding the related parties:
PARTICULARS
2013-14
6,450.81
—S—•™R”œ
507,942,578
441,058
˜“—S“•—Sšš“
™—œS”“•
508,383,636
12.70
12.69
˜“—S™š–S›š•
8.78
8.77
Companies in which directors are interested
29.
PTL Enterprises Ltd. (PTL)
2014-15 (Trade advance)
31.84
31.84
-
•“”–N”—|5!%&!%9!/$&}
—–R•—
—–R•—
-
Pre9*086 <&!5a6 ?(85&6 )!9& #&&/ 5&(5083&% { 5&$-!66*?&% :)&5&9&5 /&$&66!5< 70 $055&630/% :*7) 7)& $855&/7
<&!5a6$-!66*?$!7*0/{%*6$-0685&R
25. Operating Lease
)&0.3!/<)!6!$48*5&%!66&768/%&57)&03&5!7*/(-&!6&!(5&&.&/767)!7!5&5&/&:!#-&0/!3&5*0%*$#!6*6!7
7)&037*0/0'#07)7)&-&6605!/%-&66&&R&/7!-&;3&/6&68/%&57)06&-&!6&6:&5& 400 Million| —““*--*0/}R
162 | APOLLO TYRES LTD
85(!0/
!<”•S•“”˜
¨¨¨
)!*5.!/ Managing Director
¨¨¨
*$&)!*5.!/ Managing Director
¨¨¨
*5&$705
¨¨¨
)*&'*/!/$*!-'?$&5
¨
¨¨
0.3!/<&$5&7!5<
ANNUAL REPORT 2014-15 | 163
CONSOLIDATED ACCOUNTS
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF APOLLO TYRES LTD.
Report on Consolidated Financial Statements
& )!9& !8%*7&% 7)& !$$0.3!/<*/( 0/60-*%!7&% */!/$*!- 7!7&.&/76 0' ¨ R |)&5&*/!'7&5 5&'&55&%
70 !6 ^7)& 0-%*/( 0.3!/<_} !/% *76 68#6*%*!5*&6 |7)& 0-%*/( 0.3!/< !/% *76 68#6*%*!5*&6 70(&7)&5 5&'&55&% 70 !6
^7)&5083_}!/!660$*!7&!/%!+0*/7-<$0/750--&%&/7*7<S$0.35*6*/(0'7)&0/60-*%!7&%!-!/$&)&&7!6!7!5$)–”S
•“”˜S7)&0/60-*%!7&%7!7&.&/70'50?7!/%066S7)&0/60-*%!7&%!6)-0:7!7&.&/7'057)&<&!57)&/&/%&%S
!/%!68..!5<0'7)&6*(/*?$!/7!$$08/7*/(30-*$*&6!/%07)&5&;3-!/!705<*/'05.!7*0/|)&5&*/!'7&55&'&55&%70!6^7)&
0/60-*%!7&%*/!/$*!-7!7&.&/76_}
Management’s Responsibility for the Consolidated Financial Statements
)&
0-%*/(0.3!/<a60!5%0'*5&$7056*65&630/6*#-&'057)&35&3!5!7*0/0'7)&6&0/60-*%!7&%*/!/$*!-7!7&.&/76
*/ 7&5.6 0' 7)& 5&48*5&.&/76 0' 7)& 0.3!/*&6 ¨$7S •“”– |)&5&*/!'7&5 5&'&55&% 70 !6 ^7)& ¨$7_} 7)!7 (*9& ! 758& !/%
'!*5 9*&: 0' 7)& $0/60-*%!7&% ?/!/$*!- 306*7*0/S $0/60-*%!7&% ?/!/$*!- 3&5'05.!/$& !/% $0/60-*%!7&% $!6) @0:6 0'
7)& 5083 */$-8%*/( *76 !660$*!7& !/% +0*/7-< $0/750--&% &/7*7< */ !$$05%!/$& :*7) 7)& !$$08/7*/( 35*/$*3-&6 (&/&5!--<
!$$&37&%*//%*!S*/$-8%*/(7)&¨$$08/7*/(7!/%!5%6S63&$*?&%8/%&5&$7*0/”––0'7)&¨$7S5&!%:*7)8-&š0'7)&
0.3!/*&6|¨$$08/76}8-&6S•“”—R)&5&63&$7*9&0!5%0'*5&$70560'7)&0.3!/*&6*/$-8%&%*/7)&5083!/%0'
*76!660$*!7&!/%+0*/7-<$0/750--&%&/7*7<!5&5&630/6*#-&'05.!*/7&/!/$&0'!%&48!7&!$$08/7*/(5&$05%6*/!$$05%!/$&
with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other
*55&(8-!5*7*&6V7)&6&-&$7*0/!/%!33-*$!7*0/0'!335035*!7&!$$08/7*/(30-*$*&6V.!,*/(+8%(&.&/76!/%&67*.!7&67)!7
!5&5&!60/!#-&!/%358%&/7V!/%7)&%&6*(/S*.3-&.&/7!7*0/!/%.!*/7&/!/$&0'!%&48!7&*/7&5/!-?/!/$*!-$0/750-6S
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to
7)&35&3!5!7*0/!/%35&6&/7!7*0/0'7)&?/!/$*!-67!7&.&/767)!7(*9&!758&!/%'!*59*&:!/%!5&'5&&'50..!7&5*!-
misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated
*/!/$*!-7!7&.&/76#<7)&*5&$70560'7)&
0-%*/(0.3!/<S!6!'05&6!*%R
Auditor’s Responsibility
85 5&630/6*#*-*7< *6 70 &;35&66 !/ 03*/*0/ 0/ 7)&6& 0/60-*%!7&% */!/$*!- 7!7&.&/76 #!6&% 0/ 085 !8%*7R )*-&
conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards
!/%.!77&56:)*$)!5&5&48*5&%70#&*/$-8%&%*/7)&!8%*75&30578/%&57)&3509*6*0/60'7)&¨$7!/%7)&8-&6.!%&
thereunder.
& $0/%8$7&% 085 !8%*7 */ !$$05%!/$& :*7) 7)& 7!/%!5%6 0/ ¨8%*7*/( 63&$*?&% 8/%&5 &$7*0/ ”—–|”“} 0' 7)& ¨$7R
)06&67!/%!5%65&48*5&7)!7:&$0.3-<:*7)&7)*$!-5&48*5&.&/76!/%3-!/!/%3&5'05.7)&!8%*7700#7!*/5&!60/!#-&
assurance about whether the Consolidated Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
0/60-*%!7&% */!/$*!- 7!7&.&/76R )& 350$&%85&6 6&-&$7&% %&3&/% 0/ 7)& !8%*705a6 +8%(&.&/7S */$-8%*/( 7)&
assessment of the risk of material misstatement of the Consolidated Financial Statements, whether due to
'5!8% 05 &5505R / .!,*/( 7)06& 5*6, !66&66.&/76S 7)& !8%*705 $0/6*%&56 */7&5/!- ?/!/$*!- $0/750- 5&-&9!/7 70 7)&
0-%*/( 0.3!/<a6 35&3!5!7*0/ 0' 7)& 0/60-*%!7&% */!/$*!- 7!7&.&/76 7)!7 (*9& ! 758& !/% '!*5 9*&: */ 05%&5 70
%&6*(/ !8%*7 350$&%85&6 7)!7 !5& !335035*!7& */ 7)& $*5$8.67!/$&6 #87 /07 '05 7)& 385306& 0' &;35&66*/( !/ 03*/*0/
0/:)&7)&57)&
0-%*/(0.3!/<)!6!/!%&48!7&*/7&5/!-?/!/$*!-$0/750-66<67&.09&5?/!/$*!-5&3057*/(*/3-!$&
and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the
!$$08/7*/( 30-*$*&6 86&% !/% 7)& 5&!60/!#-&/&66 0' 7)& !$$08/7*/( &67*.!7&6 .!%& #< 7)& 0-%*/( 0.3!/<a6
Board of Directors, as well as evaluating the overall presentation of the Consolidated Financial Statements.
&#&-*&9&7)!77)&!8%*7&9*%&/$&0#7!*/&%#<86!/%7)&!8%*7&9*%&/$&0#7!*/&%#<7)&07)&5!8%*7056*/7&5.60'7)&*5
5&305765&'&55&%70*/68#N3!5!(5!3)|!}0'7)&07)&5.!77&563!5!(5!3)#&-0:S*668'?$*&/7!/%!335035*!7&703509*%&!
basis for our audit opinion on the Consolidated Financial Statements.
Opinion
/08503*/*0/!/%707)&#&670'085*/'05.!7*0/!/%!$$05%*/(707)&&;3-!/!7*0/6(*9&/7086S7)&!'05&6!*%0/60-*%!7&%
*/!/$*!-7!7&.&/76(*9&7)&*/'05.!7*0/5&48*5&%#<7)&¨$7*/7)&.!//&5605&48*5&%!/%(*9&!758&!/%'!*59*&:*/
conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group,
164 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 165
*76!660$*!7&!/%+0*/7-<$0/750--&%&/7*7<!6!7!5$)–”S•“”˜S!/%7)&*5$0/60-*%!7&%350?7!/%7)&*5$0/60-*%!7&%$!6)
@0:6'057)&<&!5&/%&%0/7)!7%!7&R
Other Matters
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reports have been furnished to us by the Management and our opinion on the Consolidated Financial Statements, in
so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate, and our
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and associate is based solely on the reports of the other auditors.
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For Deloitte Haskins & Sells
Chartered Accountants
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M.K. Ananthanarayanan
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auditors.
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Report on Other Legal and Regulatory Requirements
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controlled entities incorporated in India.
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were necessary for the purposes of our audit of the aforesaid Consolidated Financial Statements.
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reports of the other auditors.
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statement dealt with by this report are in agreement with the relevant books of account, maintained for the
purpose of preparation of the Consolidated Financial Statements.
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entities incorporated in India.
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accounting standards for material foreseeable losses, if any, on long-term contracts including derivative
contracts.
166 | APOLLO TYRES LTD
Partner
Place of Signature: Gurgaon
!7&U!<”•S•“”˜
ANNUAL REPORT 2014-15 | 167
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT
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reporting under the Order in the case of the Consolidated Financial Statements.
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some of the items purchased are of special nature and suitable alternative sources are not readily available for
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whether they are accurate or complete.
Nature of Dues
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the amount relates
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applicable to various
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from the date they became payable.
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For Deloitte Haskins & Sells
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Amount involved
( in Millions)
Name of the Statute
|&'&55&%70*/!5!(5!3)”8/%&5`&30570/7)&5&(!-!/%&(8-!705<&48*5&.&/76a6&$7*0/0'0855&30570'&9&/%!7&}
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sd/M.K. Ananthanarayanan
Partner
|&.#&56)*30R”œ˜•”}
Place of Signature: Gurgaon
!7&U!<”•S•“”˜
168 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 169
CONSOLIDATED BALANCE SHEET
CONSOLIDATED STATEMENT OF PROFIT & LOSS
FOR THE YEAR ENDED MARCH 31, 2015
AS AT MARCH 31, 2015
Notes
A. EQUITY & LIABILITIES:
1 Shareholders' Funds:
|!})!5&!3*7!-
|#}&6&59&6!/%853-86
|$}0/&<&$&*9&%¨(!*/67)!5&!55!/76
2 Non-Current Liabilities:
|!}0/(N7&5.0550:*/(6
|#}&'&55&%!;*!#*-*7*&6|&7}
|$}7)&50/(&5.*!#*-*7*&6
|%}0/(N7&5.509*6*0/6
3 Current Liabilities:
|!})057N7&5.0550:*/(6
|#}5!%&!<!#-&6
|$}7)&5855&/7*!#*-*7*&6
|%})057N7&5.509*6*0/6
|#}00%:*--0/0/60-*%!7*0/
|$}0/N855&/7/9&67.&/76
|%}&'&55&%!;¨66&76|&7}
|&}0/(N7&5.0!/6 ¨%9!/$&6
|'}7)&50/N855&/7¨66&76
2 Current Assets:
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|#}/9&/705*&6
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TOTAL
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509.09
49,913.88
-
50,422.97
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5,208.95
72.68
1,259.77
9,880.79
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8,640.17
6,624.66
5,915.89
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Net Sales
&!5/%&%
!5$)–”S•“”—
Million
137,247.03
”—•S›œ˜R–”
9,990.04
œSšœ•R“–
127,256.99
”––S”“–R•›
7)&53&5!7*/(/$0.&
”–
595.49
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2 Other Income
”—
537.99
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3 Total Revenue (1 + 2)
128,390.47
”–˜S“œ›R•™
4 Expenses
|!}0670'!7&5*!-60/68.&%
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63,884.39
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|#}85$)!6&0'70$,N*/N5!%&
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5,869.17
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05,N*/N50(5&66 70$,N*/N5!%&
874.65
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16,070.38
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86,150.84
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1,827.90
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41,588.47
1,096.33
2,182.06
44,866.86
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1,165.13
470.27
296.95
1,907.37
360.18
49,066.76
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—›Sš–šR›”
1,000.00
17,782.06
9,589.43
5,945.90
2,390.73
375.96
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37,084.08
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86,150.84
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Year Ended
March 31, 2015
Million
25,847.08
&&!$$0.3!/<*/(/07&6'05.*/(3!570'7)&$0/60-*%!7&%?/!/$*!-67!7&.&/76
In terms of our report attached
For DELOITTE HASKINS & SELLS
¨¨¨
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)!57&5&%¨$$08/7!/76
)!*5.!/ *$&)!*5.!/ Managing Director
Managing Director
M K ANANTHANARAYANAN
Partner
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85(!0/
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!<”•S•“”˜
170 | APOLLO TYRES LTD
Notes
As at
!5$)–”S•“”—
Million
1 Revenue from Operations
Gross Sales
TOTAL
B. ASSETS
1 Non-Current Assets:
|!}*;&%¨66&76
|*}!/(*#-&¨66&76
|**}/7!/(*#-&¨66&76
|***}!3*7!-05,N*/N50(5&66
As at
March 31, 2015
Million
|(}7)&5;3&/6&6
˜
3,882.88
—S”“›R˜”
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21,847.93
•”S›–•R“™
Total Expenses
114,257.30
14,133.17
3UR¿WEHIRUH([FHSWLRQDO,WHPV7D[
6 Exceptional Items
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824.90
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13,308.27
3UR¿WEHIRUH7D[
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8 Tax Expense
|!}855&/7!;;3&/6&
|#}&'&55&%!;;3&/6&
3,534.99
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(2.81)
–•™R“–
Total Tax Expense
3,532.18
•S•™›Rš“
3UR¿WIRUWKH\HDU
9,776.09
”“S“˜“R˜›
•”
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19.25
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|#}*-87&%
19.23
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10 Earnings per Share of
1 each:
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In terms of our report attached
For DELOITTE HASKINS & SELLS
)!57&5&%¨$$08/7!/76
M K ANANTHANARAYANAN
Partner
85(!0/
!<”•S•“”˜
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ANNUAL REPORT 2014-15 | 171
CONSOLIDATED CASH - FLOW STATEMENT
A. NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2015
Year Ended
March 31, 2015
Million
A CASH FLOW FROM OPERATING ACTIVITIES
L3UR¿WEHIRUHWD[
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&35&$*!7*0/!/%¨.057*=!7*0/;3&/6&6
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509*6*0/'050/6758$7*9&*!#*-*7<
509*6*0/'050.3&/6!7&%¨#6&/$&6
509*6*0/'05/9&/705<
509*6*0/'05&67*.!7&%-0660/%&5*9!7*9&6
509*6*0/'050/7*/(&/$*&6
7)&5509*6*0/
/$-!*.&%5&%*7!-!/$&6{509*6*0/6:5*77&/#!$,
*/!/$&067|&70'/7&5&67!3*7!-*=&%}
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)!/(&6*/05,*/(!3*7!-
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(iii) Cash Generated from Operations
&66U*5&$7!;&6!*%|&70'&'8/%}
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Net Cash Flow From Operating Activities (A)
B CASH FLOW FROM INVESTING ACTIVITIES
85$)!6&0'*;&%¨66&76|/$-8%*/(85$)!6&0'/9&67.&/7503&57<!/%/7&5&67!3*7!-*=&%}
50$&&%6'50.!-&0'*;&%¨66&76
&306*760/48*3.&/76
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!<.&/7'055!%&.!5,6
/7&5&67&$&*9&%
Net Cash Used in Investing Activities (B)
C CASH FLOW FROM FINANCING ACTIVITIES
50$&&%6'50.*668&0')!5&!3*7!-*/$-8%*/()!5&5&.*8.
0/(N&5.0550:*/(65&$&*9&%
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8#6*%<5&$&*9&%
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!<.&/70'*9*%&/%6|/$-8%*/(*9*%&/%!;}
*/!/$&)!5(&6!*%|&70'/7&5&67!3*7!-*=&%}
Net Cash Used In Financing Activities (C)
Forex Fluctuation difference arising out of Consolidation (D)
Net Increase in Cash and Cash Equivalents (A+B+C+D)
!6) !6)48*9!-&/76!6!77)&#&(*//*/(0'7)&<&!5
&66U!/,&306*76:*7)5*(*/!-!785*7<09&5)5&&0/7)6
Less: Unpaid Dividends Bank Accounts
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&66U!/,&306*76:*7)5*(*/!-!785*7<09&5)5&&0/7)6
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Adjusted Cash & Cash Equivalents as at the end of the year
In terms of our report attached
For DELOITTE HASKINS & SELLS
)!57&5&%¨$$08/7!/76
M K ANANTHANARAYANAN
Partner
85(!0/
!<”•S•“”˜
172 | APOLLO TYRES LTD
¨¨¨
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!5$)–”S•“”—
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13,308.27
6,577.36
19,885.63
2,867.07
(5,152.65)
17,600.05
(2,954.16)
(629.96)
14,015.93
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(6,835.86)
(359.28)
(575.66)
6,540.50
59.88
32.45
6,448.17
10.10
6,438.07
5,945.90
41.01
35.91
5,868.98
6.57
5,862.41
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1.
GROUP CORPORATE INFORMATION
)& ¨30--0 <5&6 5083 $0/6*676 0' ¨30--0 <5&6 *.*7&%S 7)& 8-7*.!7& )0-%*/( $0.3!/< :*7) 6&9&5!- '05&*(/
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)&!%48!57&56*/85(!0/S/%*!!/%03&5!7*0/6*/–$0/7*/&/76R)&5083&.3-0<6!3350;*.!7&-<”˜S“““&.3-0<&&6
#!6&%!$5066/%*!S087)¨'5*$!!/%8503&R/%*!$0/67*787&67)&-!5(&67.!5,&7!$$08/7*/('05™˜‚0'7)&5083`6
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758$,O#86S!(5*$8-785&S*/%8675*!-S63&$*!-7<S#*$<$-&!/%0'')*():!<7<5&6S5&75&!%*/(.!7&5*!-!/%7<5&6S!/%!--0<
wheels.
2.
BASIS OF CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES
”•S–”œR•›
2.1 BASIS OF ACCOUNTING AND PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
)&$0/60-*%!7&%?/!/$*!-67!7&.&/760'7)&0.3!/<!/%*7668#6*%*!5*&6!/%+0*/7-<$0/750--&%&/7*7*&6|70(&7)&5
7)&c5083c})!9&#&&/35&3!5&%*/!$$05%!/$&:*7)7)&&/&5!--<¨$$&37&%¨$$08/7*/(5*/$*3-&6*//%*!|/%*!/
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!5&$!55*&%!75&9!-8&%!.08/76R)&!$$08/7*/(30-*$*&6!%037&%*/7)&35&3!5!7*0/0'7)&$0/60-*%!7&%?/!/$*!-
statements are consistent with those followed in the previous year.
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2.2 PRINCIPLES OF CONSOLIDATION
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been prepared on the following basis:
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consolidated on a line-by-line basis by adding together the book values of like items of assets, liabilities, incomes and
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included as part of minority interest.
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the minority shareholders at the date on which investments in the subsidiary companies were made and further
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order to arrive at the income attributable to shareholders of the Company.
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ANNUAL REPORT 2014-15 | 173
|9***} )&$0/60-*%!7&%?/!/$*!-67!7&.&/76)!9&#&&/35&3!5&%86*/(8/*'05.!$$08/7*/(30-*$*&6'05-*,&75!/6!$7*0/6!/%
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USA
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7)&$0/60-*%!7&%?/!/$*!-67!7&.&/76U
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Romania
Apollo
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Poland
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Netherlands
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*/-0RR
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Netherlands
¨
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5&%&67&*/!5,&7*/(RR
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Netherlands
¨
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”““‚
PanAridus LLC
0*/7&/785&
USA
¨
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Name of the Company
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Country of
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% of Holding and voting power
either directly or indirectly
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31.03.2015
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Mauritius
Apollo
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31.03.2014
”““‚
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Operatief U.A.
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Netherlands
Apollo
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Subsidiary
South Africa
¨
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07&|%}
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Notes:
|!}/$05305!7&%%85*/(7)&<&!5R
|#}¨6!3!570'(50835&6758$785*/(&;&5$*6&S&/7*5&6)!5&$!3*7!-0'¨¨)!6#&&/75!/6'&55&%#<¨70¨30--0
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$!3*7!-0'¨
'7)!6#&&/75!/6'&55&%#<¨30--000370¨R
¨
0-%*/(6*.*7&%
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United Kingdom
¨
NIL
”““‚
¨30--0<5&6|<3586}977%
|¨}
Subsidiary
Cyprus
¨
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”““‚
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:*7=&5-!/%
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07&|#}
|%}0-%0''%85*/(7)&<&!5
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|*/(!305&}7&7%|¨
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Singapore
Apollo Coop
”““‚
”““‚
07&|#}
|&}*/%*/(83$0.3-&7&%%85*/(7)&<&!5R
¨30--0<5&6|¨}0R7%
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Lao, PDR
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NIL
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07&|&}
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|¨}
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Dubai
Apollo Coop
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|¨30--0003}
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Netherlands
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%*.*/*6)&6$0/750-!/%*.306&6-0/(7&5.5&675*$7*0/0/?/!/$*!-5&3!75*!7*0/R Name of the Company
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¨
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United Kingdom
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”““‚
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Pvt Ltd
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United Kingdom
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¨30--05&%&67&*/RR|¨}
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Netherlands
¨
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”““‚
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Germany
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Germany
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5&%&67&*/
.#
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France
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regard to this associate.
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174 | APOLLO TYRES LTD
South Africa ¨30--0|087)
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ANNUAL REPORT 2014-15 | 175
Additional information, as required under Schedule III to the Companies Act, 2013 of entities consolidated
S.No
Name of the Entity
Net Assets
As a % of
Consolidated
Net Assets
6KDUHLQ3UR¿WRU/RVV
Million
As a % of
Consolidated
3UR¿WRU/RVV
Million
Parent Company
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2 below)
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100.00
50,422.97
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9,776.09
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5&%&67&*/!5,&7*/(RR
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Notes:
Million
1. Apollo (South Africa) Holdings (Pty) Ltd (ASHPL)
S.No
Name of the Entity
Net Assets
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7,054.08
(625.41)
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Million
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176 | APOLLO TYRES LTD
œ›—R˜š
6KDUHLQ3UR¿WRU/RVV
2. Apollo Tyres Co-operatief U.A. (Apollo Coop)
S.No
Total
”Rš“
|–”S›“˜R˜œ}
ANNUAL REPORT 2014-15 | 177
2.8 REVENUE RECOGNITION
2.3 USE OF ESTIMATES
)&35&3!5!7*0/0'?/!/$*!-67!7&.&/765&48*5&67)&.!/!(&.&/770.!,&&67*.!7&6!/%!668.37*0/6$0/6*%&5&%
in the reported amounts of assets and liabilities, including the disclosure of contingent liabilities as of the date of the
?/!/$*!-67!7&.&/76!/%7)&5&3057&%*/$0.&!/%&;3&/6&6%85*/(7)&5&3057*/(3&5*0%-*,&3509*6*0/'05&.3-0<&&
#&/&?76S3509*6*0/'05%08#7'8-%&#76{!%9!/$&6S!--0:!/$&'056-0:!/%/0/N.09*/(*/9&/705*&6S86&'8--*9&60'?;&%
!66&76S 3509*6*0/ '05 6!-&6 5&-!7&% 0#-*(!7*0/6 !/% 3509*6*0/ '05 7!;!7*0/ &7$R )& !/!(&.&/7 #&-*&9&6 7)!7 7)&
&67*.!7&686&%*/35&3!5!7*0/0'7)&?/!/$*!-67!7&.&/76!5&358%&/7!/%5&!60/!#-&R8785&5&68-76$08-%%*''&5
due to these estimates and the differences between the actual results and the estimates are recognised in the
periods in which the results are known / materialise.
2.4 INVENTORIES
&9&/8&*65&$0(/*=&%:)&/7)&6*(/*?$!/75*6,6!/%5&:!5%60'0:/&56)*30'(00%6)!9&#&&/3!66&%707)&#8<&5
:)*$)(&/&5!--<$0*/$*%&6:*7)7)&%&-*9&5<0'(00%6707)&$8670.&5R50666!-&6!5&*/$-86*9&0'&;$*6&%87<!/%
!5&/&70'75!%&%*6$08/76{6!-&65&785/6{¨R
!-&60'7)&5083*/$-8%&6!-&670&;7&5/!-$8670.&56!/%/0/N$0/60-*%!7&%68#6*%*!5*&6R
2.9 OTHER INCOME
Interest income is accounted on accrual basis. Dividend income on investments is accounted for when the right to
receive the payment is established.
2.10 TANGIBLE FIXED ASSETS
/9&/705*&6!5&9!-8&%!77)&-0:&50'$067!/%&67*.!7&%/&75&!-*=!#-&9!-8&|/&70'!--0:!/$&6}!'7&53509*%*/(
'050#60-&6$&/$&!/%07)&5-066&6S:)&5&$0/6*%&5&%/&$&66!5<R)&$067$0.35*6&60'$0670'385$)!6&S$0670'
$0/9&56*0/!/%07)&5$0676*/$-8%*/(!335035*!7&350%8$7*0/09&5)&!%6*/7)&$!6&0'?/*6)&%(00%6!/%:05,*/
progress, incurred in bringing such inventories to their present location and condition.
|!}*;&%!66&76!5&67!7&%!7$067S!6!%+867&%#<5&9!-8!7*0/0'$&57!*/-!/%S#8*-%*/(6S3-!/7!/%.!$)*/&5*&6#!6&%
0/7)&7)&/5&3-!$&.&/7$067!6%&7&5.*/&%#<!33509&%*/%&3&/%&/79!-8&5*/”œ›™!/%”œ›šS-&66%&35&$*!7*0/R
|#} ¨-- $0676 5&-!7*/( 70 7)& !$48*6*7*0/ !/% */67!--!7*0/ 0' ?;&% !66&76 |/&7 0' &/9!7 {¨ $5&%*76 :)&5&9&5
!33-*$!#-&}!5&$!3*7!-*=&%!/%*/$-8%&?/!/$&$0670/#0550:&%'8/%6!775*#87!#-&70!$48*6*7*0/0'48!-*'<*/(
?;&%!66&76'057)&3&5*0%83707)&%!7&:)&/7)&!66&7*65&!%<'05*76*/7&/%&%86&S!/%!%+867.&/76!5*6*/(
'50.'05&*(/&;$)!/(&%*''&5&/$&6!5*6*/(0/'05&*(/$855&/$<#0550:*/(6707)&&;7&/77)&<!5&5&(!5%&%!6!/
!%+867.&/770*/7&5&67$0676R7)&5*/$*%&/7!-&;3&/%*785&!775*#87!#-&70#5*/(*/(7)&?;&%!66&76707)&*5:05,*/(
$0/%*7*0/'05*/7&/%&%86&!5&$!3*7!-*=&%R8#6&48&/7&;3&/%*785&5&-!7*/(70?;&%!66&76*6$!3*7!-*6&%0/-<*'
68$)&;3&/%*785&5&68-76*/!/*/$5&!6&*/7)&'8785&#&/&?76'50.68$)!66&7#&<0/%*7635&9*086-<!66&66&%
standard of performance.
!:.!7&5*!-6S6705&6 63!5&6!/%75!%&%(00%6$067|/&70'¨{¨$5&%*76:)&5&9&5!33-*$!#-&}*6%&7&5.*/&%0/
!.09*/(:&*()7&%!9&5!(&#!6*6!/%*/$!6&0':05,*/350(5&66!/%?/*6)&%(00%6S$067*6%&7&5.*/&%0/!*567*/*567
87#!6*6R/$!6&0'68#6*%*!5*&6*/8503&S7)&$067*6%&7&5.*/&%0/7)&#!6*60'^*567N*/*567N87_!/%$0/68.!#-&
6705&6!5&67!7&%!7!$78!-$067#<5&'&5&/$&70-!7&67385$)!6&6R)&3503057*0/0'!:.!7&5*!-6!/%6705&6 63!5&6
0'68#6*%*!5*&6*/8503&*6”›‚0'7)&707!-9!-8&0'!:.!7&5*!-6!/%6705&6 63!5&6)&-%#<7)&(5083R
2.5 CASH AND CASH EQUIVALENTS
|$}*;&%!66&767!,&/0/?/!/$&-&!6&!5&$!3*7!-*=&%!/%%&35&$*!7*0/*63509*%&%0/68$)!66&76S:)*-&7)&*/7&5&67
*6$)!5(&%707)&0/60-*%!7&%7!7&.&/70'50?7!/%066R
!6)$0.35*6&6$!6)0/)!/%!/%%&.!/%%&306*76:*7)#!/,6R!6)&48*9!-&/76!5&6)057N7&5.#!-!/$&6|:*7)
!/05*(*/!-.!785*7<0'7)5&&.0/7)605-&66'50.7)&%!7&0'!$48*6*7*0/}S)*()-<-*48*%*/9&67.&/767)!7!5&5&!%*-<
$0/9&57*#-&*/70,/0:/!.08/760'$!6)!/%:)*$)!5&68#+&$770*/6*(/*?$!/75*6,0'$)!/(&6*/9!-8&R
|%}*;&%!66&765&7*5&%'50.!$7*9&86&!/%)&-%'056!-&!5&67!7&%!77)&-0:&50'7)&*5/&7#00,9!-8&!/%/&7
realisable value and are disclosed separately in the Balance Sheet.
2.6 CASH FLOW STATEMENT
!6) @0:6 !5& 5&3057&% 86*/( 7)& */%*5&$7 .&7)0%S :)&5&#< 350?7 { |-066} #&'05& &;75!05%*/!5< *7&.6 !/% 7!; *6
!%+867&% '05 7)& &''&$76 0' 75!/6!$7*0/6 0' /0/N$!6) /!785& !/% !/< %&'&55!-6 05 !$$58!-6 0' 3!67 05 '8785& $!6)
5&$&*376053!<.&/76R)&$!6)@0:6'50.03&5!7*/(S*/9&67*/(!/%?/!/$*/(!$7*9*7*&60'7)&5083!5&6&(5&(!7&%
based on the available information.
|&} !3*7!- :05,N*/N350(5&66U 50+&$76 8/%&5 :)*$) !66&76 !5& /07 5&!%< '05 7)&*5 */7&/%&% 86& !/% 07)&5 $!3*7!-
:05,N*/N350(5&66!5&$!55*&%!7$067S$0.35*6*/(%*5&$7$067S5&-!7&%*/$*%&/7!-&;3&/6&6!/%!775*#87!#-&*/7&5&67R
2.11 FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS
05&*(/$855&/$<75!/6!$7*0/6!5&5&$05%&%!75!7&60'&;$)!/(&35&9!*-*/(0/7)&%!7&0'75!/6!$7*0/R0/&7!5<
assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the rate of
&;$)!/(&35&9!*-*/(!77)&<&!5N&/%R;$)!/(&%*''&5&/$&6!5*6*/(0/!$78!-3!<.&/76{5&!-*=!7*0/6!/%<&!5N&/%
5&67!7&.&/76!5&%&!-7:*7)*/7)&0/60-*%!7&%7!7&.&/70'50?7!/%066R )&5083&/7&56*/70'05:!5%&;$)!/(&$0/75!$76!/%07)&5*/6758.&/767)!7!5&*/68#67!/$&!'05:!5%&;$)!/(&
$0/75!$770)&%(&*765*6,6!660$*!7&%:*7)'05&*(/$855&/$<@8$78!7*0/6R)&35&.*8.05%*6$08/7!5*6*/(!77)&
*/$&37*0/0'!'05:!5%&;$)!/(&$0/75!$7|07)&57)!/'05!?5.$0..*7.&/705!)*()-<350#!#-&'05&$!67}056*.*-!5
*/6758.&/7S :)*$) !5& /07 */7&/%&% '05 75!%*/( 05 63&$8-!7*0/ 385306&6S *6 !.057*=&% !6 &;3&/6& 05 */$0.& 09&5
7)&-*'&0'7)&$0/75!$7R¨/<350?705-066!5*6*/(0/$!/$&--!7*0/055&/&:!-0'68$)!'05:!5%&;$)!/(&$0/75!$7*6
5&$0(/*6&%!6*/$0.&05!6&;3&/6&*/7)&3&5*0%*/:)*$)68$)$!/$&--!7*0/055&/&:!-*6.!%&R;$)!/(&%*''&5&/$&
0/68$)$0/75!$76*65&$0(/*=&%*/7)&0/60-*%!7&%7!7&.&/70'50?7!/%066*/7)&<&!5*/:)*$)7)&&;$)!/(&
rates change.
;$)!/(& %*''&5&/$& !5*6*/( 0/ ! .0/&7!5< *7&. 7)!7S */ 68#67!/$&S '05.6 3!57 0' 7)& 5083c6 /&7 */9&67.&/7 */
! /0/N*/7&(5!- '05&*(/ 03&5!7*0/ )!6 #&&/ !$$8.8-!7&% */ ! '05&*(/ $855&/$< 75!/6-!7*0/ 5&6&59& */ 7)& 5083c6
?/!/$*!-67!7&.&/768/7*-7)&%*6306!-0'/&7*/9&67.&/7S!7:)*$)7*.&7)&<:08-%#&5&$0(/*=&%!6*/$0.&05!6
&;3&/6&R
)& ?/!/$*!- 67!7&.&/76 0' $0/60-*%!7&% '05&*(/ 68#6*%*!5*&6 !5& 75!/6-!7&% */70 /%*!/ 83&&6S :)*$) *6 7)&
functional currency of the Company, as follows:
2.7 DEPRECIATION AND AMORTISATION
Tangible Fixed Assets
&35&$*!7*0/ 0/ ?;&% !66&76 *6 3509*%&% 86*/( 675!*()7 -*/& .&7)0% 09&5 7)& &67*.!7&% 86&'8- -*'& 0' 7)& !66&76S
in whose case the life of the assets has been assessed as under based on technical advice, taking into account
the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of
replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc:
¨%%*7*0/!-%&35&$*!7*0/$0/6&48&/7707)&&/)!/$&.&/7*/7)&9!-8&0'?;&%!66&760/7)&5&9!-8!7*0/*6!%+867&%*/
7)&?;&%!66&765&9!-8!7*0/5&6&59&!$$08/7R
&!6&)0-%-!/%{.3509&.&/767)&5&0/!5&!.057*=&%09&57)&35*.!5<3&5*0%0'-&!6&R
/5&63&$70'?;&%!66&76:)06&86&'8--*'&)!6#&&/5&9*6&%S7)&8/!.057*=&%%&35&$*!#-&!.08/7*6$)!5(&%09&5
the revised remaining useful life.
Intangible Assets
)& &67*.!7&% 86&'8- -*'& 0' 7)& */7!/(*#-& !66&76 !/% 7)& !.057*6!7*0/ 3&5*0% !5& 5&9*&:&% !7 7)& &/% 0' &!$)
?/!/$*!-<&!5!/%7)&!.057*6!7*0/.&7)0%*65&9*6&%705&@&$77)&$)!/(&%3!77&5/R
)&5!7&60'%&35&$*!7*0/$0/6*%&5&%'057)&.!+05!66&76!5&!68/%&5R
Assets Class
Building
-!/7 48*3.&/76
Moulds
!7&5*!-
!/%-*/(48*3.&/76
0.387&5
!5%:!5&
Computer Software
0705&)*$-&6
85/*785& *;785&6!/%'?$&48*3.&/7
Continous Process Plant
178 | APOLLO TYRES LTD
Estimated useful life
•“N–“&!56
›N•˜&!56
—N”“&!56
–Nš&!56
–N˜&!56
–N˜&!56
–N˜&!56
—N”“&!56
”“N•“&!56
W§ ¨66&76!/%-*!#*-*7*&6!75!7&60'&;$)!/(&58-*/(!7<&!5&/%R
W§ /$0.&!/%&;3&/6&*7&.6!77)&!9&5!(&5!7&'057)&<&!5R
;$)!/(&5!7&%*''&5&/$&6!5*6*/(0/7)&75!/6-!7*0/0'$0/60-*%!7&%'05&*(/68#6*%*!5*&6!5&$-!66*?&%!6&48*7<!/%
transferred to the foreign currency translation reserve.
Hedge Accounting
If a fair value hedge meets the conditions for hedge accounting, any gain or loss on the hedged item attributable to
7)&)&%(&%5*6,*6*/$-8%&%*/7)&$!55<*/(!.08/70'7)&)&%(&%*7&.!/%5&$0(/*=&%*/7)&0/60-*%!7&%7!7&.&/7
0'50?7!/%066R
ANNUAL REPORT 2014-15 | 179
' ! $!6) @0: )&%(& .&&76 7)& $0/%*7*0/6 '05 )&%(& !$$08/7*/( 7)& 3057*0/ 0' 7)& (!*/ 05 -066 0/ 7)& )&%(*/(
*/6758.&/7 7)!7 *6 %&7&5.*/&% 70 #& !/ &''&$7*9& )&%(& *6 5&$0(/*=&% %*5&$7-< */ &%(& &6&59& !$$08/7 8/%&5
)!5&)0-%&56c8/%6!/%7)&*/&''&$7*9&!/%09&5N&''&$7*9&3057*0/6!5&5&$0(/*=&%*/7)&0/60-*%!7&%7!7&.&/7
0'50?7!/%066R¨)&%(&0'7)&'05&*(/$855&/$<5*6,0'!?5.$0..*7.&/7*6%&6*(/!7&%!/%!$$08/7&%'05!6!
$!6)@0:)&%(&R
'!/&''&$7*9&)&%(&0'!'05&$!6775!/6!$7*0/68#6&48&/7-<5&68-76*/7)&5&$0(/*7*0/0'!?/!/$*!-!66&705?/!/$*!-
-*!#*-*7<S7)&!660$*!7&%(!*/605-066&65&$0(/*=&%*/
&%(&&6&59&!5&75!/6'&55&%70*/$0.&*/7)&6!.&3&5*0%*/
:)*$)7)&!66&705-*!#*-*7<!''&$76350?705-066R
'!)&%(&0'!'05&$!6775!/6!$7*0/68#6&48&/7-<5&68-76*/7)&5&$0(/*7*0/0'!/0/N?/!/$*!-!66&705/0/N?/!/$*!-
-*!#*-*7<S7)&!660$*!7&%(!*/605-066&65&$0(/*=&%*/
&%(&&6&59&!5&*/$-8%&%*/7)&*/*7*!-.&!685&.&/70'7)&
!$48*6*7*0/$0670507)&5$!55<*/(!.08/70'7)&!66&705-*!#*-*7<R
¨$78!5*!-(!*/6!/%-066&6!5*6*/('50.&;3&5*&/$&!%+867.&/76!/%&''&$760'$)!/(&6*/!$78!5*!-!668.37*0/6!5&
*..&%*!7&-<5&$0(/*=&%*/7)&0/60-*%!7&%7!7&.&/70'50?7!/%066!6*/$0.&05&;3&/6&R
)&&.3-0<&5a6-*!#*-*7<'053067&.3-0<.&/7.&%*$!-#&/&?76S*/5&63&$70'3!676&59*$&S*63509*%&%'05!/%!%+867&%
in response to actuarial assessments when necessary.
¨75&3057*/(%!7&S&.3-0<&&60'0/&0'7)&8503&!/68#6*%*!5*&63!57*$*3!7&%*/%&?/&%$0/75*#87*0/3&/6*0/3-!/R
/%&5 7)*6 3&/6*0/ 3-!/S ?;&% $0/75*#87*0/6 !5& 3!*% 70 7)& 3&/6*0/ '8/%R / !5$) •“”–S 7)& $0.3!/< !/% 7)&
3&/6*0/'8/%5&!$)&%!/!(5&&.&/7S:)*$))!65&68-7&%*/$-!5*?$!7*0/0'7)&'!$77)!77)&$0.3!/<)!6/0-&(!-
05$0/6758$7*9&0#-*(!7*0/703!<'857)&5$0/75*#87*0/*'7)&3&/6*0/'8/%%0&6/07)0-%68'?$*&/7!66&76703!<!--
&.3-0<&&#&/&?765&-!7*/(70&.3-0<&&6&59*$&R¨6!5&68-70'7)&!#09&7)&%&?/&%#&/&?7-*!#*-*7<:!6%&5&$0(/*=&%
!/%*/$-8%&%*/7)&0/60-*%!7&%7!7&.&/70'50?7!/%066!63!570'7)&&.3-0<&&6&;3&/6&6R#-*(!7*0/6'05
$0/75*#87*0/670%&?/&%$0/75*#87*0/3-!/!5&5&$0(/*=&%*/7)&0/60-*%!7&%7!7&.&/70'50?7!/%066'057)&
period in which they arise.
If a hedge of a net investment in a foreign entity meets the conditions for hedge accounting, the portion of the gain
05-0660/7)&)&%(*/(*/6758.&/77)!7*6%&7&5.*/&%70#&!/&''&$7*9&)&%(&*65&$0(/*=&%%*5&$7-<*/
&%(&&6&59&
!/%7)&*/&''&$7*9&3057*0/*65&$0(/*=&%*/7)&0/60-*%!7&%7!7&.&/70'50?7!/%066R/%*6306!-0'!'05&*(/
&/7*7<S7)&(!*/05-0665&$0(/*=&%*/&48*7<*675!/6'&55&%707)&0/60-*%!7&%7!7&.&/70'50?7!/%066R
&%(&!$$08/7*/(*6%*6$0/7*/8&%0/!35063&$7*9&#!6*6:)&/7)&)&%(&/0-0/(&5.&&767)&)&%(&!$$08/7*/(
$5*7&5*!|*/$-8%*/(:)&/*7#&$0.&6*/&''&$7*9&}S:)&/7)&)&%(&*/6758.&/7*660-%S7&5.*/!7&%05&;&5$*6&%S:)&/
'05 $!6) @0: )&%(&6 7)& '05&$!67 75!/6!$7*0/ *6 /0 -0/(&5 &;3&$7&% 70 0$$85 05 :)&/ 7)& )&%(& %&6*(/!7*0/ *6
5&90,&%R ¨/< $8.8-!7*9& (!*/ 05 -066 0/ 7)& )&%(*/( */6758.&/7 '05 ! '05&$!67 75!/6!$7*0/ *6 5&7!*/&% */ &%(&
&6&59& 8/7*- 7)& 75!/6!$7*0/ 0$$856S 8/-&66 7)& 75!/6!$7*0/ *6 /0 -0/(&5 &;3&$7&% 70 0$$85S */ :)*$) $!6& *7 *6
75!/6'&55&%70350?705-066'057)&3&5*0%R
¨75&3057*/(%!7&&.3-0<&&60'!/07)&58503&!/68#6*%*!5<3!57*$*3!7&%*/%&?/&%#&/&?73&/6*0/3-!/R)*63-!/
augments the pension provided by the state and provides additional support for the employees in the case of early
%*6!#*-*7<05'056859*9*/(5&-!7*9&6*/$!6&0'7)&%&!7)0'!/&.3-0<&&R.3-0<&&6!5&&/7*7-&%707)*63&/6*0/3-!/
!'7&5˜<&!560'&.3-0<.&/7R)&#&/&?760'7)&%&?/&%#&/&?73&/6*0/3-!/*/&5.!/<!5&#!6&%35*.!5*-<0/
<&!560'6&59*$&!/%&.3-0<&&6a$0.3&/6!7*0/R)&.057!-*7<-&9&-:!6!66&66&%*/!$$05%!/$&:*7)7)&&5.!/
057!-*7<7!#-&•““˜
&8#&$,R!-8!7*0/0'7)&0#-*(!7*0/8/%&57)&3&/6*0/3-!/*6$!55*&%087#<*/%&3&/%&/7
actuary.
/&0'7)&087)¨'5*$!/68#6*%*!5*&63509*%&65&7*5&.&/7#&/&?76'05*76&.3-0<&&67)508()!/8.#&50'%&?/&%
$0/75*#87*0/ 3-!/6R 0/75*#87*0/6 #< 7)& $0.3!/< 70 %&?/&% $0/75*#87*0/ 5&7*5&.&/7 3-!/6 !5& 5&$0(/*6&% !6 !/
&;3&/6&*/7)&3&5*0%*/:)*$)7)&5&-!7&%6&59*$&6!5&5&/%&5&%#<&.3-0<&&6R
/ 5&63&$7 0' &-*(*#-& &.3-0<&&6S 7)& &.3-0<&5c6 -*!#*-*7< '05 3067 &.3-0<.&/7 .&%*$!- #&/&?76 |! $0/75*#87*0/
0#-*(!7*0/}S*/5&63&$70'3!676&59*$&S*63509*%&%'05!/%!%+867&%*/5&630/6&70*/%&3&/%&/7!$78!5*!-!66&66.&/76
:)&//&$&66!5<R)&$0.3!/<.!,&6!703N833!<.&/7:)*$)*65&$0(/*6&%!6!/&;3&/6&*/7)&5&-!7&%3&5*0%R
2.12 GOVERNMENT GRANTS, SUBSIDIES AND EXPORT INCENTIVES
Government grants and subsidies are recognised when there is reasonable assurance that the Group will comply
with the conditions attached to them and the grants / subsidy will be received. Government grants whose primary
$0/%*7*0/*67)!77)&50836)08-%385$)!6&S$0/6758$70507)&5:*6&!$48*5&$!3*7!-!66&76!5&35&6&/7&%#<%&%8$7*/(
7)&.'50.7)&$!55<*/(9!-8&0'7)&!66&76R)&(5!/7*65&$0(/*6&%!6*/$0.&09&57)&-*'&0'!%&35&$*!#-&!66&7#<
way of a reduced depreciation charge.
;3057/$&/7*9&6*/7)&'05.0'!%9!/$&-*$&/$&6{$5&%*76&!5/&%8/%&5%87<&/7*7-&.&/73!66#00,6$)&.&!5&
75&!7&%!6*/$0.&*/7)&<&!50'&;3057!77)&&67*.!7&%5&!-*=!#-&9!-8&{!$78!-$5&%*7&!5/&%0/&;30576.!%&
during the year.
09&5/.&/7 (5!/76 */ 7)& /!785& 0' 350.07&56c $0/75*#87*0/ -*,& */9&67.&/7 68#6*%<S :)&5& /0 5&3!<.&/7 *6
05%*/!5*-<&;3&$7&%*/5&63&$77)&5&0'S!5&75&!7&%!6$!3*7!-5&6&59&R
Other government grants and subsidies are recognised as income once the periods necessary to match them with
the costs for which they are intended to compensate, on a systematic basis.
2.15 EMPLOYEE SHARE BASED PAYMENTS
2.16 BORROWING COSTS
2.13 INVESTMENTS
Long term investments are stated at cost and provision for diminution is made if the decline in value is other than
temporary in nature. Current investments are stated at lower of cost and fair value determined on the basis of each
category of investments.
2.14 EMPLOYEE BENEFITS
*!#*-*7<'05(5!78*7<70&.3-0<&&6%&7&5.*/&%0/7)&#!6*60'!$78!5*!-9!-8!7*0/S86*/(350+&$7&%8/*7.&7)0%S!6
0/#!-!/$&6)&&7%!7&*6'8/%&%:*7)7)&*'&/685!/$&05305!7*0/0'/%*!!/%*65&$0(/*=&%!6!/&;3&/6&*/7)&
year incurred.
*!#*-*7<'056)0577&5.$0.3&/6!7&%!#6&/$&6*65&$0(/*=&%!6&;3&/6&#!6&%0/7)&&67*.!7&%$0670'&-*(*#-&
leave to the credit of the employees as at the balance sheet date on undiscounted basis. Liability for long term
$0.3&/6!7&% !#6&/$&6 *6 %&7&5.*/&% 0/ 7)& #!6*6 0' !$78!5*!- 9!-8!7*0/S 86*/( 350+&$7&% 8/*7 .&7)0% !6 0/ 7)&
balance sheet date.
0/75*#87*0/670%&?/&%$0/75*#87*0/6$)&.&668$)!63509*%&/7'8/%S&.3-0<&&6a3&/6*0/'8/%!/%683&5!//8!7*0/
'8/%!/%$0670'07)&5#&/&?76!5&5&$0(/*=&%!6!/&;3&/6&*/7)&<&!5*/$855&%R/7)&$!6&0'3509*%&/7'8/%
$0/75*#87*0/ 70 7)& 0.3!/<c6 .3-0<&&6 509*%&/7 8/% 5867S 7)& 6)057'!--S *' !/<S #&7:&&/ 7)& 5&785/ '50.
7)&*/9&67.&/760'0.3!/<c6.3-0<&&6509*%&/78/%5867!/%7)&/07*?&%*/7&5&675!7&*65&$0(/*=&%!6!/
&;3&/6&*/0/60-*%!7&%7!7&.&/70'50?7!/%066*/7)&<&!5*/:)*$)7)&6)057'!--*6&;3&$7&%70!5*6&R
180 | APOLLO TYRES LTD
0550:*/( $0676 */$-8%& */7&5&67S !.057*6!7*0/ 0' !/$*--!5< $0676 */$855&% !/% &;$)!/(& %*''&5&/$&6 !5*6*/( '50.
'05&*(/$855&/$<#0550:*/(6707)&&;7&/77)&<!5&5&(!5%&%!6!/!%+867.&/7707)&*/7&5&67$067R0550:*/($0676
!5&$!3*7!-*=&%!6!3!570'7)&$0670'48!-*'<*/(!66&7:)&/*7*63066*#-&7)!77)&<:*--5&68-7*/'8785&&$0/0.*$
#&/&?76!/%7)&$067$!/#&.&!685&%5&-*!#-<R7)&5#0550:*/($0676!5&5&$0(/*=&%!6!/&;3&/6&*/7)&3&5*0%*/
which they are incurred.
2.17 SEGMENT REPORTING
)&5083*%&/7*?&603&5!7*/( (&0(5!3)*$6&(.&/76#!6&%0/7)&%0.*/!/76085$&S/!785&0'5*6,6!/%5&785/6
!/% 7)& */7&5/!- 05(!/*6!7*0/ !/% .!/!(&.&/7 6758$785&R )& 03&5!7*/( 6&(.&/76 !5& 7)& 6&(.&/76 '05 :)*$)
6&3!5!7&?/!/$*!-*/'05.!7*0/*6!9!*-!#-&!/%'05:)*$)03&5!7*/(350?7{-066!.08/76!5&&9!-8!7&%5&(8-!5-<#<
7)&&;&$87*9&!/!(&.&/7*/%&$*%*/()0:70!--0$!7&5&6085$&6!/%*/!66&66*/(3&5'05.!/$&R
)&!$$08/7*/(30-*$*&6!%037&%'056&(.&/75&3057*/(!5&*/-*/&:*7)7)&!$$08/7*/(30-*$*&60'7)&5083R&(.&/7
5&9&/8&S6&(.&/7&;3&/6&6S6&(.&/7!66&76!/%6&(.&/7-*!#*-*7*&6)!9&#&&/*%&/7*?&%706&(.&/760/7)&#!6*6
of their relationship to the operating activities of the segment.
.3-0<&&#&/&?76*/$-8%&3509*%&/7'8/%S683&5!//8!7*0/'8/%S3&/6*0/'8/%S(5!78*7<'8/%!/%$0.3&/6!7&%!#6&/$&6R
70$, !335&$*!7*0/ 5*()76 |)!/70. 670$, 8/*76} (5!/7&% 70 &.3-0<&&6 8/%&5 7)& !6)N6&77-&% .3-0<&& )!5&N
#!6&%!<.&/7-!/|)!/70.70$,-!/}*65&$0(/*=&%#!6&%0/*/75*/6*$9!-8&.&7)0%R/75*/6*$9!-8&0'7)&
3)!/70.670$,8/*7*6%&7&5.*/&%!6&;$&660'$-06*/(.!5,&735*$&0/7)&5&3057*/(%!7&09&57)&&;&5$*6&35*$&0'
7)&8/*7!/%*6$)!5(&%!6&.3-0<&&#&/&?709&57)&9&67*/(3&5*0%*/!$$05%!/$&:*7)^8*%!/$&07&0/¨$$08/7*/(
'05.3-0<&&)!5&N#!6&%3!<.&/76_*668&%#</67*787&0')!57&5&%¨$$08/7!/760'/%*!R
Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market /
fair value factors.
&9&/8&S&;3&/6&6S!66&76!/%-*!#*-*7*&6:)*$)5&-!7&707)&5083!6!:)0-&!/%!5&/07!--0$!#-&706&(.&/760/
5&!60/!#-&#!6*6)!9&#&&/*/$-8%&%8/%&5c8/!--0$!7&%5&9&/8&{&;3&/6&6{!66&76{-*!#*-*7*&6cR
2.18 LEASES
&!6&6:)&5&7)&-&6605&''&$7*9&-<5&7!*/668#67!/7*!--<!--7)&5*6,6!/%#&/&?760'0:/&56)*30'7)&-&!6&%!66&76
!5&5&$0(/*6&%!603&5!7*/(-&!6&6R3&5!7*/(&!6&3!<.&/76!5&5&$0(/*=&%!6!/&;3&/6&*/7)&0/60-*%!7&%
7!7&.&/70'50?7!/%0660/!675!*()7N-*/&#!6*609&57)&-&!6&7&5.R
ANNUAL REPORT 2014-15 | 181
Assets leased by the Group in its capacity as lessee where substantially all the risks and rewards of ownership vest
*/7)&5083!5&$-!66*?&%!6?/!/$&-&!6&6R8$)-&!6&6!5&$!3*7!-*6&%!77)&*/$&37*0/0'7)&-&!6&!77)&-0:&5
0'7)&'!*59!-8&!/%7)&35&6&/79!-8&0'7)&.*/*.8.-&!6&3!<.&/76!/%!-*!#*-*7<*6$5&!7&%'05!/&48*9!-&/7
!.08/7R!$)-&!6&5&/7!-3!*%*6!--0$!7&%#&7:&&/7)&-*!#*-*7<!/%7)&*/7&5&67$06760!6700#7!*/!$0/67!/7
periodic rate of interest on the outstanding liability for each year.
2.19 EARNINGS PER SHARE
Basic earnings per share *6 $0.387&% #< %*9*%*/( 7)& 350?7 { |-066} !'7&5 7!; |*/$-8%*/( 7)& 3067 7!; &''&$7 0'
&;75!05%*/!5<*7&.6S*'!/<}#<7)&:&*()7&%!9&5!(&/8.#&50'&48*7<6)!5&608767!/%*/(%85*/(7)&<&!5RDiluted
earnings per share*6$0.387&%#<%*9*%*/(7)&350?7{|-066}!'7&57!;|*/$-8%*/(7)&30677!;&''&$70'&;75!05%*/!5<
*7&.6S*'!/<}!6!%+867&%'05%*9*%&/%S*/7&5&67!/%07)&5$)!5(&670&;3&/6&05*/$0.&|/&70'!/<!775*#87!#-&7!;&6}
5&-!7*/( 70 7)& %*-87*9& 307&/7*!- &48*7< 6)!5&6S #< 7)& :&*()7&% !9&5!(& /8.#&5 0' &48*7< 6)!5&6 $0/6*%&5&% '05
%&5*9*/(#!6*$&!5/*/(63&56)!5&!/%7)&:&*()7&%!9&5!(&/8.#&50'&48*7<6)!5&6:)*$)$08-%)!9&#&&/*668&%
0/7)&$0/9&56*0/0'!--%*-87*9&307&/7*!-&48*7<6)!5&6R07&/7*!-&48*7<6)!5&6!5&%&&.&%70#&%*-87*9&0/-<*'7)&*5
$0/9&56*0/70&48*7<6)!5&6:08-%%&$5&!6&7)&/&7350?73&56)!5&'50.$0/7*/8*/(05%*/!5<03&5!7*0/6R07&/7*!-
%*-87*9&&48*7<6)!5&6!5&%&&.&%70#&$0/9&57&%!6!77)&#&(*//*/(0'7)&3&5*0%S8/-&667)&<)!9&#&&/*668&%
!7!-!7&5%!7&R)&%*-87*9&307&/7*!-&48*7<6)!5&6!5&!%+867&%'057)&350$&&%65&$&*9!#-&)!%7)&6)!5&6#&&/
!$78!--<*668&%!7'!*59!-8&|*R&R!9&5!(&.!5,&79!-8&0'7)&08767!/%*/(6)!5&6}R*-87*9&307&/7*!-&48*7<6)!5&6!5&
%&7&5.*/&%*/%&3&/%&/7-<'05&!$)3&5*0%35&6&/7&%R)&/8.#&50'&48*7<6)!5&6!/%307&/7*!--<%*-87*9&&48*7<
6)!5&6!5&!%+867&%'056)!5&63-*76{5&9&56&6)!5&63-*76!/%#0/866)!5&6S!6!335035*!7&R
2.20 TAXES ON INCOME
855&/77!;*6%&7&5.*/&%*/!$$05%!/$&:*7)7)&!33-*$!#-&*/$0.&7!;-!:60'7)&$08/75<*/:)*$)7)&5&63&$7*9&
entities in the group are incorporated.
*/*.8.¨-7&5/!7&!;|¨}3!*%*/!$$05%!/$&:*7)7)&7!;-!:6S:)*$)(*9&6'8785&&$0/0.*$#&/&?76*/7)&
'05.0'!%+867.&/770'8785&*/$0.&7!;-*!#*-*7<S*6$0/6*%&5&%!6!/!66&7*'7)&5&*6$0/9*/$*/(&9*%&/$&7)!77)&
&/7*7<:*--3!</05.!-*/$0.&7!;R¨$$05%*/(-<S¨*65&$0(/*6&%!6!/!66&7*/7)&0/60-*%!7&%!-!/$&)&&7
:)&/*7*6350#!#-&7)!7'8785&&$0/0.*$#&/&?7!660$*!7&%:*7)*7:*--@0:707)&&/7*7<R
&'&55&%7!;*65&$0(/*=&%0/7*.*/(%*''&5&/$&6#&7:&&/7)&!$$08/7*/(*/$0.&!/%7)&7!;!#-&*/$0.&'057)&
<&!5S!/%48!/7*?&%86*/(7)&7!;5!7&6!/%-!:6&/!$7&%0568#67!/7*9&-<&/!$7&%!60/7)&#!-!/$&6)&&7%!7&R
&'&55&% 7!; -*!#*-*7*&6 !5& 5&$0(/*6&% '05 !-- 7*.*/( %*''&5&/$&6R &'&55&% 7!; !66&76 !5& 5&$0(/*=&% 0/-< 70 7)&
&;7&/77)&5&*6!5&!60/!#-&$&57!*/7<7)!7!66&76$!/#&5&!-*=&%*/'8785&R
0:&9&5S:)&5&7)&5&*68/!#605#&%
%&35&$*!7*0/05$!55<'05:!5%0'-066&6!/%*7&.65&-!7*/(70$!3*7!--066&6S%&'&55&%7!;!66&76!5&5&$0(/*=&%0/-<
*'7)&5&*6!9*578!-$&57!*/7<6833057&%#<$0/9*/$*/(&9*%&/$&0'5&!-*=!7*0/0'68$)!66&76R
2.23 IMPAIRMENT OF ASSETS
)&$!55<*/(9!-8&60'!66&76{$!6)(&/&5!7*/(8/*76!7&!$)#!-!/$&6)&&7%!7&!5&5&9*&:&%'05*.3!*5.&/7*'!/<
*/%*$!7*0/0'*.3!*5.&/7&;*676R)&'0--0:*/(*/7!/(*#-&!66&76!5&7&67&%'05*.3!*5.&/7&!$)?/!/$*!-<&!5&9&/
if there is no indication that the asset is impaired:
|!}!/*/7!/(*#-&!66&77)!7*6/07<&7!9!*-!#-&'0586&V!/%|#}!/*/7!/(*#-&!66&77)!7*6!.057*6&%09&5!3&5*0%
&;$&&%*/(7&/<&!56'50.7)&%!7&:)&/7)&!66&7*6!9!*-!#-&'0586&R
'7)&$!55<*/(!.08/70'7)&!66&76&;$&&%7)&&67*.!7&%5&$09&5!#-&!.08/7S!/*.3!*5.&/7*65&$0(/*6&%'05
68$)&;$&66!.08/7R)&*.3!*5.&/7-066*65&$0(/*6&%!6!/&;3&/6&*/7)&0/60-*%!7&%7!7&.&/70'50?7!/%
Loss, unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is
75&!7&%!6!5&9!-8!7*0/%&$5&!6&707)&&;7&/7!5&9!-8!7*0/5&6&59&*6!9!*-!#-&'057)!7!66&7R
)&5&$09&5!#-&!.08/7*67)&(5&!7&50'7)&/&76&--*/(35*$&!/%7)&*59!-8&*/86&R!-8&*/86&*6!55*9&%!7#<
%*6$08/7*/(7)&'8785&$!6)@0:6707)&*535&6&/79!-8&#!6&%0/!/!335035*!7&%*6$08/7'!$705R
)&/7)&5&*6*/%*$!7*0/7)!7!/*.3!*5.&/7-0665&$0(/*6&%'05!/!66&7|07)&57)!/!5&9!-8&%!66&7}*/&!5-*&5
!$$08/7*/(3&5*0%6/0-0/(&5&;*67605.!<)!9&%&$5&!6&%S68$)5&9&56!-0'*.3!*5.&/7-066*65&$0(/*6&%*/7)&
0/60-*%!7&%7!7&.&/70'50?7!/%066S707)&&;7&/77)&!.08/7:!635&9*086-<$)!5(&%707)&0/60-*%!7&%
7!7&.&/70'50?7!/%066R/$!6&0'5&9!-8&%!66&7668$)5&9&56!-*6/075&$0(/*6&%R
2.24 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
¨3509*6*0/*65&$0(/*=&%:)&/7)&5083)!6!35&6&/70#-*(!7*0/!6!5&68-70'3!67&9&/76!/%*7*6350#!#-&7)!7
!/087@0:0'5&6085$&6:*--#&5&48*5&%706&77-&7)&0#-*(!7*0/S*/5&63&$70':)*$)!5&-*!#-&&67*.!7&$!/#&.!%&R
509*6*0/6|&;$-8%*/(5&7*5&.&/7#&/&?76}!5&/07%*6$08/7&%707)&*535&6&/79!-8&!/%!5&%&7&5.*/&%#!6&%0/
#&67&67*.!7&65&48*5&%706&77-&7)&0#-*(!7*0/!77)&#!-!/$&6)&&7%!7&R)&6&!5&5&9*&:&%!7&!$)#!-!/$&6)&&7
%!7&!/%!%+867&%705&@&$77)&$855&/7#&67&67*.!7&6R
0/7*/(&/7-*!#*-*7<*6%*6$-06&%'05|*}066*#-&0#-*(!7*0/:)*$):*--#&$0/?5.&%0/-<#<'8785&&9&/76/07:)0--<
:*7)*/7)&$0/750-0'7)&508305|**}5&6&/70#-*(!7*0/6!5*6*/('50.3!67&9&/76:)&5&*7*6/07350#!#-&7)!7!/
087@0:0'5&6085$&6:*--#&5&48*5&%706&77-&7)&0#-*(!7*0/05!5&-*!#-&&67*.!7&0'7)&!.08/70'7)&0#-*(!7*0/
$!//07#&.!%&R0/7*/(&/7!66&76!5&/075&$0(/*=&%*/7)&$0/60-*%!7&%?/!/$*!-67!7&.&/766*/$&7)*6.!<5&68-7
*/7)&5&$0(/*7*0/0'*/$0.&7)!7.!</&9&5#&5&!-*=&%R
2.25 PROVISION FOR SALES RELATED OBLIGATIONS
855&/7!/%%&'&55&%7!;5&-!7*/(70*7&.6%*5&$7-<5&$0(/*6&%*/5&6&59&6!5&5&$0(/*6&%*/5&6&59&6!/%/07*/7)&
0/60-*%!7&%7!7&.&/70'50?7!/%066R
)& &67*.!7&% -*!#*-*7< '05 6!-&6 5&-!7&% 0#-*(!7*0/6 *6 5&$05%&% :)&/ 350%8$76 !5& 60-%R )&6& &67*.!7&6 !5&
&67!#-*6)&%86*/()*6705*$!-*/'05.!7*0/0/7)&/!785&S'5&48&/$<!/%!9&5!(&$0670'0#-*(!7*0/6!/%.!/!(&.&/7
&67*.!7&65&(!5%*/(3066*#-&'8785&*/$*%&/$&R)&7*.*/(0'087@0:6:*--9!5<!6!/%:)&/7)&0#-*(!7*0/:*--!5*6&
- being typically upto three years.
2.21 INTANGIBLE ASSETS
2.26 DERIVATIVE CONTRACTS
/7!/(*#-& !66&76 !5& $!55*&% !7 $067 -&66 !$$8.8-!7&% !.057*6!7*0/ !/% *.3!*5.&/7 -066&6S *' !/<R )& $067 0'
!/ */7!/(*#-& !66&7 $0.35*6&6 *76 385$)!6& 35*$&S */$-8%*/( !/< *.3057 %87*&6 !/% 07)&5 7!;&6 |07)&5 7)!/ 7)06&
68#6&48&/7-<5&$09&5!#-&'50.7)&7!;*/(!87)05*7*&6}S!/%!/<%*5&$7-<!775*#87!#-&&;3&/%*785&0/.!,*/(7)&!66&7
5&!%< '05 *76 */7&/%&% 86& !/% /&7 0' !/< 75!%& %*6$08/76 !/% 5&#!7&6R 8#6&48&/7 &;3&/%*785& 0/ !/ */7!/(*#-&
!66&7!'7&5*76385$)!6&{$0.3-&7*0/*65&$0(/*6&%!6!/&;3&/6&:)&/*/$855&%8/-&66*7*6350#!#-&7)!768$)
&;3&/%*785&:*--&/!#-&7)&!66&770(&/&5!7&'8785&&$0/0.*$#&/&?76*/&;$&660'*7605*(*/!--<!66&66&%67!/%!5%6
0' 3&5'05.!/$& !/% 68$) &;3&/%*785& $!/ #& .&!685&% !/% !775*#87&% 70 7)& !66&7 5&-*!#-<S */ :)*$) $!6& 68$)
&;3&/%*785&*6!%%&%707)&$0670'7)&!66&7R
855&/7!/%%&'&55&%7!;5&-!7*/(70*7&.6%*5&$7-<5&$0(/*6&%*/5&6&59&6!5&5&$0(/*6&%*/5&6&59&6!/%/07*/7)&
7!7&.&/70'50?7!/%066R
2.22 RESEARCH AND DEVELOPMENT EXPENSES
&9&/8&&;3&/%*785&3&57!*/*/(705&6&!5$)*6$)!5(&%707)&0/60-*%!7&%7!7&.&/70'50?7!/%066R&9&-03.&/7
$06760'350%8$76!5&!-60$)!5(&%707)&0/60-*%!7&%7!7&.&/70'50?7!/%0668/-&66!350%8$7a67&$)/0-0(*$!-
'&!6*#*-*7<)!6#&&/&67!#-*6)&%S*/:)*$)$!6&68$)&;3&/%*785&*6$!3*7!-*6&%R)&!.08/7$!3*7!-*6&%$0.35*6&6
&;3&/%*785&7)!7$!/#&%*5&$7-<!775*#87&%05!--0$!7&%0/!5&!60/!#-&!/%$0/6*67&/7#!6*670$5&!7*/(S350%8$*/(
!/%.!,*/(7)&!66&75&!%<'05*76*/7&/%&%86&R*;&%!66&7687*-*6&%'055&6&!5$)!/%%&9&-03.&/7!5&$!3*7!-*6&%
!/%%&35&$*!7&%*/!$$05%!/$&:*7)7)&30-*$*&667!7&%'05!/(*#-&*;&%¨66&76!/%/7!/(*#-&¨66&76R
Derivative contracts designated as a hedging instrument for highly probable forecast transactions are accounted as
3&57)&30-*$<67!7&%'05
&%(&¨$$08/7*/(R
All other derivative contracts are marked-to-market and losses are recognised in the Consolidated Statement of
50?7!/%066R!*/6!5*6*/(0/7)&6!.&!5&/075&$0(/*6&%S8/7*-5&!-*6&%S0/(508/%60'358%&/$&R
2.27 INSURANCE CLAIMS
/685!/$&$-!*.6!5&!$$08/7&%'050/7)&#!6*60'$-!*.6!%.*77&%{&;3&$7&%70#&!%.*77&%!/%707)&&;7&/77)!7
there is no uncertainty in receiving the claims.
2.28 SERVICE TAX INPUT CREDITS
&59*$& 7!; */387 $5&%*7 *6 !$$08/7&% '05 */ 7)& #00,6 */ 7)& 3&5*0% */ :)*$) 7)& 8/%&5-<*/( 6&59*$& 5&$&*9&% *6
accounted and when there is no uncertainty in availing / utilising the credits.
2.29 OPERATING CYCLE
182 | APOLLO TYRES LTD
)& 5083 &/7&56 */70 %&5*9!7*9& $0/75!$76 */ 7)& /!785& 0' '05&*(/ $855&/$< 6:!36S $855&/$< 037*0/6S '05:!5%
$0/75!$76 :*7) !/ */7&/7*0/ 70 )&%(& *76 &;*67*/( !66&76 !/% -*!#*-*7*&6S ?5. $0..*7.&/76 !/% )*()-< 350#!#-&
75!/6!$7*0/6R&5*9!7*9&$0/75!$76:)*$)!5&$-06&-<-*/,&%707)&&;*67*/(!66&76!/%-*!#*-*7*&6!5&!$$08/7&%!63&5
7)&30-*$<67!7&%'0505&*(/855&/$<5!/6!$7*0/6!/%5!/6-!7*0/6R
!6&%0/7)&/!785&0'350%8$76{!$7*9*7*&60'7)&5083!/%7)&/05.!-7*.&#&7:&&/!$48*6*7*0/0'!66&76!/%7)&*5
5&!-*6!7*0/*/$!6)05$!6)&48*9!-&/76S7)&5083)!6%&7&5.*/&%*7603&5!7*/($<$-&!6”•.0/7)6'057)&385306&
0'$-!66*?$!7*0/0'*76!66&76!/%-*!#*-*7*&6!6$855&/7!/%/0/N$855&/7R
ANNUAL REPORT 2014-15 | 183
B. NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
B 2 RESERVES AND SURPLUS
As at
March 31, 2015
Million
B 1 SHARE CAPITAL
As at
March 31, 2015
Million
(a)
AUTHORISED
730,000,000 Nos.|š–“S“““S“““06R}48*7<)!5&60' ”&!$) As at
!5$)–”S•“”—
Million
š–“R““
20.00 •“R““
(c) Securities Premium Account
As per last Balance Sheet
š˜“R““
509.02 Add: Forfeited Shares: 13,565 Nos.|”–S˜™˜06R}
0.07
“R“š
509.09
˜“—R“œ
As at March 31, 2015
Closing Balance
˜“—R“•
(e) Revaluation Reserve
Million
No. of Shares
Million
˜“—S“•—Sšš“
˜“—R“•
˜“—S“•—Sšš“
˜“—R“•
˜S“““S“““
˜R““
-
-
509,024,770
509.02
504,024,770
504.02
”
&&5!+0/68-7!/767%
No. of Shares
—•S˜“›S”—•
%
As at March 31, 2014
No. of Shares
›R–˜‚
—•S˜“›S”—•
(f) Share Forfeiture
1,375/- ( 1375/-)
%
(h) Foreign Currency Translation Reserve
As per last Balance Sheet
-
6,085.71
˜S™˜œRš”
1,658.33
”S”š“R›–
300.00
˜œ”R™š
1,000.00
”“—R”š
Apollo Finance Ltd
–™Sš˜œS™˜“
šR••‚
–™Sš˜œS™˜“
šR•œ‚
–
8/5!<6503&57*&6 /9&67.&/70R977%
–˜Sš•˜S™—›
šR“•‚
–˜Sš•˜S™—›
šR“œ‚
—
Constructive Finance Pvt Ltd
•œS™–“S›˜š
˜R›•‚
•œS™–“S›˜š
˜R››‚
˜
,!(&/0/N*,*&5%*3!3*5'0/%
-
-
•šS“•“S›—–
˜R–™‚
-
9,001.43
›S““”R—–
1,000.00
10,001.43
”S“““R““
œS““”R—–
1,819.09
|–”“R”›}
(1.85)
|”R˜˜}
¨%%U''&$7'05&*(/;$)!/(&5!7&9!5*!7*0/6%85*/(7)&<&!5
(3,955.38)
•S”–“R›•
Closing Balance
(2,138.14)
”S›”œR“œ
26,917.21
”›Sšœ™R–œ
1,000.00
”“—R”š
L 6XUSOXVLQ&RQVROLGDWHG6WDWHPHQWRI3UR¿WDQG/RVV
As per last Balance Sheet
¨%%U5!/6'&5'50.&#&/785&&%&.37*0/&6&59&
Less: Depreciation on transition to Schedule II of the Companies
¨$7S•“”–0/7!/(*#-&?;&%!66&76:*7)/*-5&.!*/*/(86&'8--*'&
|/&70'%&'&55&%7!;0' ”–•Rœ—*--*0/}|07&N›}
¨%%U&750?7'057)&<&!5
Balance available for Appropriation
Less: Appropriations made during the year
General Reserve
Debenture Redemption Reserve
Proposed Dividend:
(f) /7)&&9&/70'-*48*%!7*0/0'7)&$0.3!/<S7)&)0-%&560'&48*7<6)!5&6:*--#&&/7*7-&%705&$&*9&5&.!*/*/(!66&76
0'7)&$0.3!/<S!'7&5%*675*#87*0/0'!--35&'&5&/7*!-!.08/76R)&%*675*#87*0/:*--#&*/3503057*0/707)&/8.#&50'
&48*7<6)!5&6)&-%#<7)&6)!5&)0-%&56R
–”R••
¨%%U)!5&0'+0*/79&/785&6N+0*/7-<$0/750--&%&/7*7*&6
(e) The rights, preferences and restrictions attached to equity shares of the Company:
)&$0.3!/<)!60/-<0/&$-!660'6)!5&65&'&55&%70!6&48*7<6)!5&6)!9*/(!3!59!-8&0'`”&!$)R)&)0-%&50'
&48*7<6)!5&6!5&&/7*7-&%700/&907&3&56)!5&R
-
”S™˜›R––
›R—–‚
•
¨%%U5!/6'&55&%'50.6853-86*/0/60-*%!7&%7!7&.&/70'
50?7!/%066
˜S™˜œRš”
426.00
31.22
(g) General Reserve
As per last Balance Sheet
No. of Shares
Name of the Shareholder
5,659.71
958.33
As at March 31, 2014
As at March 31, 2015
¨%%U5!/6'&55&%'50.6853-86*/0/60-*%!7&%7!7&.&/70'
50?7!/%066
Less: Utilised during the year
(d) Details of Shareholders holding more than 5% of the Paid Up Equity Share Capital of the Company with Voting
Rights:
S.No.
¨%%U&$&*9&%%85*/(7)&<&!5|07&Nš}
(d) Debenture Redemption Reserve
As per last Balance Sheet
(c) Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the year:
Add: Shares allotted on conversion of Share
!55!/76|07&Nš}
–R““
——R—“
ISSUED, SUBSCRIBED, CALLED AND FULLY PAID UP
Equity Shares of 1 each:
509,024,770|˜“—S“•—Sšš“}48*7<)!5&68767!/%*/(
Opening Balance
25.50
44.40
730.00 750.00
(b)
(a) Capital Subsidy (Note C-5)
(b) Capital Redemption Reserve
200,000 Nos.|•““S“““06R}8.8-!7*9&&%&&.!#-&5&'&5&/$& Shares of ”““&!$)
As at
!5$)–”S•“”—
Million
2.00 per share| “Rš˜3&56)!5&}
258.18
9,776.09
37,435.12
”“S“˜“R˜›
•›Sœ˜”R”—
1,000.00
”S“““R““
300.00
˜œ”R™š
1,018.05
–š›R“•
207.25
™—R•—
*9*%&/%!;
*9*%&/%'0535&9*086<&!5j
3.75
-
*9*%&/%!;0/%*9*%&/%'0535&9*086<&!5j
0.64
-
(g) )!5&6*668&%70:!5%608767!/%*/(6)!5&:!55!/76N|07&Nš}R
Closing Balance
Total Reserves and Surplus
2,529.69
34,905.43
49,913.88
•S“––Rœ–
•™Sœ”šR•”
—˜S”–—R–œ
j*9*%&/% *9*%&/%7!;'0535&9*086<&!55&-!7&70%*9*%&/%3!*%0/˜S“““S“““&48*7<6)!5&6:)*$):&5&!--077&%
0/$0/9&56*0/0'˜S“““S“““:!55!/76!'7&5!5$)–”S•“”—#87#&'05&8-<•“S•“”—|#00,$-0685&%!7&}|07&Nš}R
184 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 185
B 3 NON - CURRENT LIABILITIES
As at
March 31, 2015
Million
As at
!5$)–”S•“”—
Million
NOTE B 3 (A)
DEBENTURES:
Nature of
Borrowing
Particulars
LONG TERM BORROWINGS
Amount outstanding as at
March 31, 2015
Million
Amount outstanding as at
March 31, 2014
Million
Long Term
Borrowings
Long Term
Borrowings
SECURED*
(i) Debentures
”S“““NœR—“‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
”S“““N”“R”˜‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
”S•˜“N””R˜“‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
1,000.00
-
-
1,000.00
”S“““R““
”S“““R““
—”™R™š
•S—”™R™š
(ii) Term Loans
From Banks:
;7&5/!-0..&5$*!-0550:*/(6|}
83&&&5.0!/6
From Others:
/7&5/!7*0/!-*/!/$&05305!7*0/N0!/¨
International Finance Corporation - Loan B
)!5!7!57).09&567%R|}
1,147.55
-
1,147.55
™ššR“™
–œœR”—
œ“•Rš—
˜œ›Rš”
1,076.20
-
1,076.20
•S–“™R““
–––R––
•S™–œR––
”S˜“”R—˜
—”•R—˜
”Sœ”–Rœ“
&'&55&%!<.&/75&%*7|07&N•“}
&'&55&%!<.&/75&%*7|07&N•“}
107.49
8.15
115.64
3,339.39
”˜˜R–•
”•R””
”™šR—–
šS”–šR––
14.53
54.61
1.59
1.95
72.68
ӥRϥ
—œR•“
•R˜˜
™—R™š
”S“““R““
-
”S“““R““
-
œR—“‚
Bullet repayment
0/”“N””N•“”š
07&¨•
”
”S“““N”“R”˜‚0/
Convertible Debentures of
”*--*0/&!$)
-
”S“““R““
”S“““R““
-
”“R”˜‚
Bullet Repayment
0/”™N“—N•“”˜R
07&¨–
”
”S“““N”“R”˜‚0/
Convertible Debentures of
”*--*0/&!$)
-
-
-
”S“““R““
”“R”˜‚
Bullet Repayment
0/•œN“–N•“”˜R
07&¨–
”
”S•˜“N””R˜“‚0/
Convertible Debentures of
”*--*0/&!$)
-
—”™R™š
—”™R™š
—”™R™š
””R˜“‚
&%&.37*0/*/–
&48!-*/67!-.&/76
of `—”™R™š*--*0/
0/“•N“•N”—S“•N
“•N”˜ “•N“•N”™
respectively.
07&¨•
”
•S“““N”“R”“‚0/
Convertible Debentures of
”*--*0/&!$)
-
-
-
•S“““R““
”“R”“‚
Bullet Repayment
0/–“N“›N•“”—
Unsecured
”S“““NœRš“‚0/
Convertible Debentures of
”*--*0/&!$)
-
-
-
”S“““R““
œRš“‚
Bullet Repayment
0/”šN”•N•“”—
Unsecured
1,000.00
1,416.67
2,416.67
4,416.67
EXTERNAL COMMERCIAL BORROWINGS FROM BANKS:
!/,”
˜™R”–
””•R•˜
”™›R–›
””•R•˜
œN”“‚
Repayment in 8
&48!-*/67!--.&/76
0'”R•˜*--*0/
half yearly started
'50.”šR”•R”•R
07&¨”
”
!/,•
-
-
-
–—œRœœ
œN”“‚
&3!<.&/7*/”
half-yearly install.&/70'”R•˜
*--*0/!/%7)&/˜
half-yearly installments of USD
–Rš˜*--*0/'50.
”™R“šR”•R
07&¨”
•
”–—R›˜
•™œRš“
—“—R˜˜
•™œRš“
œN”“‚
&3!<.&/7*/•)!-' 07&¨”
yearly installments
•
0'•R˜“*--*0/
!/%7)&/˜)!-'
yearly installments
0'–R““*--*0/
'50.•šR“™R”–R
-
•–”R”“
•–”R”“
•–”R”“
šN›‚
&3!<.&/7*/—
&48!-!//8!-*/stallments of USD
˜*--*0/67!57&%
'50.“–R“›R”•R
07&¨”
•
”–œR”œ
”–œR”œ
”–œR”›
œN”“‚
Repayment in
—&48!-!//8!-
installments of
–R”•˜*--*0/
started from
”™R“šR”–R
07&¨”
•
LONG TERM PROVISIONS
3URYLVLRQIRU(PSOR\HH%HQH¿WV
Pension Liability
067&7*5&.&/7&%*$!-&/&?76
8#*-&&&/&?76
509*6*0/'050/6758$7*9&*!#*-*7<|07&N”—|$}}
Others
854.85
129.20
129.08
78.43
68.21
1,259.77
œœœR—™
”—”R“”
”––R˜˜
™šR™”
•œR“š
”S–š“Rš“
j05%&7!*-65&(!5%*/(&3!<.&/7&5.6S/7&5&67!7&!/%!785&0'&$85*7<0/0/(&5.0550:*/(6S&'&5
07&–|!}R
186 | APOLLO TYRES LTD
Details of
Security
Offered
Current
Maturities
of Long
Term
Borrowings
OTHER LONG TERM LIABILITIES
Security Deposits Received from Dealers
&$85*7<&306*76&$&*9&%'50..3-0<&&6
&!6&6$!-!7*0/
)!5&0'+0*/79&/785&6N+0*/7-<$0/750--&%&/7*7*&6
Terms of
Repayment
”S“““NœR—“‚0/
Convertible Debentures of
”*--*0/&!$)
Total Debentures
(iii) Finance Lease - Deferred Payment Liabilities
Current
Maturities of
Long Term
Borrowings
Rate of
Interest
!/,–
•š›R–›
ANNUAL REPORT 2014-15 | 187
!/,—
!/,˜
•››R•š
”——R””
–““R““
—–•R–œ
-
-
–•œR”“
”™•R”“
—œ”R•“
-
1,147.55
1,158.44
2,306.00
1,102.22
-
-
–––R––
”™™R™š
-
-
333.33
166.67
Total External Commercial Borrowings
99.99
•““R“”
šN›‚
›Nœ‚
”“N””‚
Repayment in
–&48!-!//8!-
installments in USD
&48*9!-&/770 ”““
Million starting
'50.•œR“œR”˜R
07&¨”
”
&3!<.&/7*/–
07&¨”
&48!-!//8!-*/”
stallments of USD
•Rœ“*--*0/67!57*/(
'50.•™R”“R”˜R
07&¨–
¨3!5*3!668?567$)!5(&!-0/(:*7)07)&5-&/%&56$5&!7&%#<:!<0'.057(!(&0/7)&0.3!/<a6!/% 5&.*6&6!7*--!(&*.%!*/8+!5!770(&7)&5:*7)7)&'!$705<#8*-%*/(6S-!/7 .!$)*/&5< 48*3.&/76S
#07)35&6&/7 '8785&R
07&”
¨3!5*3!668?567$)!5(&!-0/(:*7)07)&5-&/%&56#<:!<0')<307)&$!7*0/09&57)&.09!#-&!66&760'7)&
$0.3!/<S#07)35&6&/7!/%'8785&|&;$&37670$,6 #00,%&#76}R
07&•
¨3!5*3!668?567$)!5(&0/7)&.09!#-&!66&76!/%3!5*3!6686&$0/%$)!5(&0/7)&$855&/7!66&760'7)&
company.
&3!<.&/7*/–
07&¨”
&48!-!//8!-*/”
stallments of USD
–R––*--*0/67!57*/(
'50.•›R“œR”˜R
RUPEE TERM LOANS FROM BANKS:
!/,”
83&&&5.0!/6
Total Rupee Term Loans
”•‚
Prepaid during the year
TERM LOANS FROM OTHERS:
IFC
Loan A
™ššR“™
••˜R™œ
œ“•Rš—
••˜R™œ
œN”“‚
&3!<.&/7*/”•
half yearly install.&/760'•R˜“
Million each started
'50.8/&”šS•“”–R
07&¨”
•
Loan B
–œœR”—
”œœR˜š
˜œ›Rš”
”œœR˜š
œN”“‚
Repayment in 9
half yearly install.&/760'•R••
Million each started
'50.&$&.#&5”™S
•“”–R
07&¨”
•
0!/”
-
-
—”•R—˜
›•R—œ
•R•˜‚
lower
than
prevailing
SBI PLR
Total Term Loans from Others
1,076.20
Prepaid during the year
425.26
1,913.90
507.75
”“šR—œ
—šR›—
”˜˜R–•
——R˜—
šN›‚
Repayment along
with Interest in
•—“$0/6&$87*9&
monthly installments started from
!<”˜S•““šR
*/%*--6
purchased
under the
scheme.
›R”˜
›R•›
”•R””
7.97
›Nœ‚
Repayment along
:*7)/7&5&67*/•“
&48!-48!57&5-<
installments
started from
¨35*-S•“”“R
/(/&&5*/(
materials
purchased
under the
scheme
115.64
56.12
167.43
52.51
DEFERRED PAYMENT CREDIT:
Others
Deferred Payment Credit I
Deferred Payment Credit
II
Details of Security Offered to Existing Lenders:
07&¨”
¨ 3!5* 3!668 ?567 $)!5(& !-0/( :*7) 07)&5 -&/%&56 $5&!7&% #< :!< 0' .057(!(& 0/ 7)& 0.3!/<a6 !/%
5&.*6&6!7*--!(&0%!,!5!*/&5!-!S!7*--!(&*.%!*/8+!5!7S!7/%8675*!-50:7)&/75&
!7 5!(!%!. /&!5 )&//!*S !/% !7 &!% '?$& */ 85(!0/S !5<!/! 70(&7)&5 :*7) 7)& '!$705< #8*-%*/(6S
-!/7 .!$)*/&5< 48*3.&/76S#07)35&6&/7 '8785&R
07&¨•
¨3!5*3!668?567$)!5(&!-0/(:*7)07)&5-&/%&56$5&!7&%#<:!<0'.057(!(&0/7)&0.3!/<a6!/% 5&.*6&6!7*--!(&0%!,!5!*/&5!-!!/%!7*--!(&*.%!*/8+!5!770(&7)&5:*7)7)&'!$705<#8*-%*/(6S
-!/7 .!$)*/&5< 48*3.&/76S#07)35&6&/7 '8785&R
188 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 189
B 4 CURRENT LIABILITIES
B 4 CURRENT LIABILITIES (Continued)
As at
March 31, 2015
Million
SHORT TERM BORROWINGS
Secured*
Packing Credit
!/,6N!6)5&%*7|&3!<!#-&0/&.!/%}
Banks Overdraft
)057&5.0!/'50.!/,6
Unsecured
8<&5c65&%*7N!:!7&5*!-6
Banks Overdraft
Packing Credit
TRADE PAYABLES
!<!#-&70*$50S.!-- &%*8./7&535*6&6
Acceptances
¨$$08/76!<!#-&N!:!7&5*!-6 &59*$&6
5&*()7S057)!5(&6S
¨)!5(&6!<!#-&
;3&/6&6!<!#-&
.3-0<&&&-!7&%!<!#-&6jj
Payable to Related Parties
)!5&0'+0*/79&/785&6N+0*/7-<$0/750--&%&/7*7*&6
OTHER CURRENT LIABILITIES
Current Maturities of Long-Term Debt***
Secured
Debentures
”S•˜“N””R˜“‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
”“““N”“R”˜‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
”“““N”“R”˜‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
Term Loan from Banks
;7&5/!-0..&5$*!-#0550:*/(6|}
83&&&5.0!/6
Term Loan from Others
International Finance Corporation - Loan A
International Finance Corporation - Loan B
)!5!7!57).09&567%R|}
Finance Lease - Deferred Payment Liabilities
&'&55&%!<.&/75&%*7|07&N•“}
&'&55&%!<.&/75&%*7|07&N•“}
Unsecured
Debentures
•S“““N”“R”“‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
”S“““NœRš“‚0/0/9&57*#-&&#&/785&60' ”*--*0/&!$)
Trade Payables Include due to Related Parties (Note C-18)
Companies in which Directors are interested
As at
!5$)–”S•“”—
Million
As at
March 31, 2015
Million
OTHER CURRENT LIABILITIES (Continued)
362.40
1.16
-
-
•œœR˜š
•R“•
–œR™˜
•—“Rš›
-
39.76
4,263.04
4,666.36
”š–R›“
™™—R“–
”S––”R–—
•Sš˜”R”œ
23.81
187.79
6,303.68
664.56
303.40
1,118.24
31.67
7.02
8,640.17
•”R–˜
”S•—–R˜“
œS˜˜•R”•
—š”Rœ–
—•™R”•
š›™Rœ”
–”R™˜
—R“˜
”•S˜–šR™–
Interest accrued but not due on borrowings
1,158.44
-
1,158.44
”S”“•R••
”™™R™š
”S•™›R›œ
225.69
199.57
-
425.26
••˜R™œ
”œœR˜š
›•R—œ
˜“šRš˜
47.84
8.28
56.12
——R˜—
7.97
˜•R˜”
37.50
–—R”œ
7.21
šR——
/7&5&673!<!#-&70*$50S.!-- &%*8./7&535*6&6
10.58
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¨$$08/76!<!#-&N!3*7!-
–”–R–”
—”™R›–
;$*6&87<0/$-06*/(670$,
•››R”˜
–•—R•™
—–R”˜
—R—›
”S—œ—R™›
”S–œ“R“•
šR™š
™—R“˜
Other Payables**
7!78705<5&.*77!/$&6|0/75*#87*0/70 S¨S
S;$*6&87<S8670.87<S&59*$&!;!/%07)&56}
;3057#-*(!7*0/6N¨%9!/$&*$&/$&&/&?7
&$85*7<&306*76N&/%056
•›šR›˜
––“R›”
&$85*7<&306*76N&!-&56{.3-0<&&6
™˜R“•
˜”R›—
&5*9!7*9&*/!/$*!-*!#*-*7*&6
”›R—”
›R—›
–“•Ršœ
—“›R›˜
“R”“
¨%9!/$&&$&*9&%50.8670.&56
–—•R——
Gratuity Payable
•S“““R““
”S“““R““
–S“““R““
™S•—˜R›•
31.67
–”R™˜
jjj05/!785&0'6&$85*7<0/855&/7!785*7*&60'0/(&5.&#76S&'&507&–|!}R
N
›”œRœ•
–S›”œR˜—
—›R—–
3,568.17
—S”˜”Rœš
6,624.66
”“S–œšRšœ
SHORT TERM PROVISIONS
3URYLVLRQIRU(PSOR\HH%HQH¿WV
Provision for Compensated Absences
755.25
›––R˜˜
Social Premium Payable
454.95
™”•R”•
1,210.20
”S——˜R™š
Others
509*6*0/'050/7*/(&/$*&6|07&N”—|#}}
425.00
—•˜R““
50306&%*9*%&/%0/48*7<)!5&6
1,018.05
–š›R“•
207.25
™—R•—
*9*%&/%!;
509*6*0/'05!;!7*0/
””S—˜”R•“
&66U¨%9!/$&!;
”“S”˜›R–—
—˜“R”–
”“S–”˜R–›
685.69
˜›R˜•
œS—™—R•˜
™–˜R˜š
509*6*0/'05&!-7)!;
7.00
šR““
509*6*0/'05!-&65&-!7&%0#-*(!7*0/6|07&N”—|!}}
2,159.01
•S“”šR–˜
150.49
™šR›˜
30.32
–˜R›“
22.88
”˜R–›
509*6*0/'05&67*.!7&%-0660/05:!5%05&*(/;$)!/(&
Contracts
Deferred Revenue
509*6*0/'050/6758$7*9&*!#*-*7<|07&N”—|$}}
jj.3-0<&&&-!7&%!<!#-&6*/$-8%&6$0..*66*0/0//&7350?763!<!#-&70:)0-&N7*.&%*5&$7056 490 Million
| ••›*--*0/}
3,163.57
198.25
&66U¨5&%*7¨%+867&%
-
-
3,056.49
•–”Ršœ
Others
—”™R™š
”S“““R““
”S—”™R™š
!<!#-&70*$50S.!-- &%*8./7&535*6&6N!3&;&/%056
&!6&6$!-!7*0/
416.67
1,000.00
-
1,416.67
151.06
/$-!*.&%*9*%&/%6j
!<!#-&70&-!7&%!57*&6
j!6)5&%*76S8<&565&%*7'05!:!7&5*!-6!/%!$,*/(5&%*7!5&6&$85&%#<!?567$)!5(&0/!:.!7&5*!-6S
05,N*/N50(5&66S70$,6S705&6!/%00,&#76!/%#<!6&$0/%$)!5(&0/7)&0.3!/<a6-!/%!7*--!(&0%!,!5!
*/&5!-!S!75!(!%!.!/%!7)85*--!(&*/!.*-!%8!/%!7
&!%'?$&*/85(!0/S
!5<!/!70(&7)&5:*7)7)&
!$705<8*-%*/(6S-!/7 !$)*/&5<!/%48*3.&/76S#07)35&6&/7!/%'8785&R
190 | APOLLO TYRES LTD
As at
!5$)–”S•“”—
Million
4,705.69
–S™—™R•”
5,915.89
˜S“œ”R››
43.15
—R—›
** Other Payables Include due to Related Parties (Note C-18)
Companies in which Directors are interested
j/$-8%&6 3.60 Million| •Rœ•*--*0/}:)*$))!6/07#&&/75!/6'&55&%707)&/9&6705%8$!7*0/!/%507&$7*0/8/%
8/%&5&$7*0/”•—0'7)&0.3!/*&6¨$7S•“”–S!63&57)&05%&56{*/6758$7*0/60'7)&63&$*!-$0857|75*!-0'0''&/$&6
5&-!7*/(7075!/6!$7*0/6*/6&$85*7*&6}S8.#!*R
ANNUAL REPORT 2014-15 | 191
192 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 193
š•Sœ–•R˜›
”S—”œR•œ
•S˜—›R–˜
–œR”š
—”›R•›
˜œR™›
Plant & Machinery**
Electrical Installation
Furniture & Fixtures**
2I¿FH(TXLSPHQWV
Vehicles**
Plantation Development
•S˜•šR›”
5&9*086&!5
520.46
—››R™™
–•šR“š
2.80
•R›“
-
Deductions
™™S˜“—R“–
”S–šœR“›
”S™š—R™–
Plant & Machinery**
Electrical Installation
Furniture & Fixtures
œ›•R›—
”ššR›š
”S–™šR”“
2,527.81
Total Intangible Assets
82,691.06
488.66
šœR““
”›™R—–
••–R•–
|#}
8,081.34
””R˜•
”•R˜–
INTANGIBLE ASSETS:
Computer Software
Trademarks
Research & Development
Total Tangible Assets
Share of joint ventures jointly controlled entities
8,069.82
|$}
”S•›”R––
|#}
˜S˜”—R–˜
|#}
—“R”œ
|#}
œ”“R›•
|#}
–R–˜
•—•R“›
-
ššRš“
-
Additions
82,678.53
–™R“—
–—”R–š
˜—R—œ
”“Sš˜•R•›
Buildings
2I¿FH(TXLSPHQWV
Vehicles
Plantation Development
”S˜˜œR—™
–ššR”˜
As at
March 31,
2013
TANGIBLE ASSETS:
Land
Freehold Land
Leasehold Land*
Description of Assets
327.07
–œR•“
•›šR›š
-
4,595.09
-
4,595.09
“R•˜
”˜™R––
-
””“R••
-
–S›˜˜R”š
—™–R›–
œR•œ
-
Deductions
298.11
š™R™–
|•”R–“}
•—•Rš›
5,515.93
-
5,515.93
“R“–
|›R›—}
˜R”œ
š–R”•
“R“•
—Sš™œR–š
—–›Rœ—
•”›R˜š
”œR˜–
šR——
—R“”
2,987.51
1,099.27
55.13
1,833.11
91,693.24
24.05
1,485.79
™•“R““
š–R™–
šœ•R”™
42,040.21
˜R—“
42,034.81
”–R™“
”——R••
˜—R—œ
39.17
418.28
59.68
91,669.19
š˜—R˜˜
–š—R“œ
–šS–›–R”›
•Sœœ”R—“
”“–Rœ”
•”˜R–š
2,548.35
1,419.29
72,932.58
12,008.72
1,846.44
396.68
(5,653.36)
—S——œR›š
-
(1.79)
(5,651.57)
“R“”
|•R™–}
”R–•
|”œ›Rš›}
|“R“—}
|˜S“•—Rš”}
|—“šRš›}
|•–Rœ›}
˜R“•
391.12
-
391.12
•Rš›
-
œšR•›
˜—R•”
”“šR”™
”•œR™œ
-
–R”—
2.06
•R“™
-
343.39
”“–R–š
•™R™›
•”–R–—
3,756.71
•Rœœ
3,753.72
|%}
”R››
—œRš”
-
”–”R“•
š“R”“
–S”•˜R•”
””R˜”
”Rœ—
|!}
–™•R–˜
Additions
3.14
|•œR–”}
–•R—˜
-
2,124.25
-
2,124.25
“R”˜
š›Rœ–
-
|š˜•R›œ}
-
•S›••R›–
|•œR”˜}
—R–›
-
Deductions
Exchange rate
Adjustment (g)
174.67
˜—Rœ›
|••R–”}
”—•R““
4,449.87
(0.95)
4,450.82
“R“–
•R””
˜R”œ
–•R™˜
“R“”
—S“š™Rš”
•œ™R•œ
”›R–“
”œR˜–
•S“““Rš”
1,957.03
801.00
46.21
1,109.82
As at March
31, 2015
—›S”••R˜—
46,009.15
9.66
45,999.49
22.12
188.76
-
1,700.11
655.11
39,321.51
3,980.87
117.45
13.56
As at March
31, 2015
œ›™R›“
1,096.33
201.84
5.14
889.35
As at March
31, 2015
Million
—“S™˜“R›˜
43,570.70
”™R™”
43,554.09
•–R›”
–“”R”š
-
›ššR•—
œš˜R“œ
–”S”š“R–”
›S–•œR˜–
”Sš”šR”“
”˜œR›—
As at March
31, 2014
Million
”S“—•R“•
986.80
•œ”R™”
œR˜›
™›˜R™”
As at March
31, 2014
NET BLOCK
—–S˜š“Rš“
41,588.47
14.26
41,574.21
19.86
313.92
-
715.56
813.76
8,404.05
(e)
29,409.78
1,738.55
158.63
As at March
31, 2015
NET BLOCK
2,000.71
807.66
45.55
1,147.50
48,122.54
7.44
48,115.10
15.36
117.11
59.68
1,671.11
444.20
41,762.27
3,679.19
129.34
236.84
As at March
31, 2014
986.80
291.61
9.58
685.61
43,570.70
16.61
43,554.09
23.81
301.17
-
877.24
975.09
8,329.53
(e)
31,170.31
1,717.10
159.84
As at March
31, 2014
Million
1,042.02
–™•R›—
”“—R•—
˜š—Rœ—
40,650.85
šR”–
40,643.72
••R——
”œšR”˜
-
œ•“R“›
”S““—Rœœ
šSš™“R››
|&}
•œS”•“R›˜
”S—˜˜R˜˜
”™”Rš›
As at March
31, 2013
NET BLOCK
For the Year Ended
March 31, 2015
March 31, 2014
–Sš˜™Rš”
3,590.44
–—–R–œ
284.34
›R—”
8.10
3,882.88
—S”“›R˜”
”š—R™š
(325.96)
|”““R—–}
|–R••}
|•••R–”}
Exchange rate
Adjustment (g)
DEPRECIATION / AMORTIZATION
–—–R–œ
284.34
œ˜R›–
–R››
”›—R™–
Deductions/
Adjustments
DEPRECIATION / AMORTIZATION
•S”•—R•˜
441.59
-
——”R˜œ
“R–˜
–šR›—
™”R““
––Rœ–
-
™œR—™
8.77
•–“R•—
Deductions/ Transferred
Exchange rate
to surplus
Adjustin statement Adjustment (g)
of P&L
ments
DEPRECIATION / AMORTIZATION
Additions
–Sš˜™Rš”
As at
March 31,
2013
”S—›˜Ršœ
2,000.71
›“šR™™
—˜R˜˜
”S”—šR˜“
As at
March 31,
2014
—•S“—“R•”
48,122.54 3,590.44
As at
March 31,
2014
•Sœ›šR˜”
3,053.36
1,002.84
51.35
1,999.17
As at
March 31,
2015
œ”S™œ–R•—
87,597.62
23.92
šR”“
”“œR–—
-
”™—R—–
”˜™Rš—
48,115.10 3,586.43
|%}
”˜R–™
””šR””
˜œR™›
42.08
502.68
-
———R•“
”S™š”R””
87,573.70
”•R“œ
”Rœ—
|!}
˜››R˜—
Additions
—”Sš™•R•š •S˜—™R•˜
–S™šœR”œ
”•œR–—
•–™R›—
As at
March 31,
2014
2,415.67
1,468.87
68,731.29
12,384.92
1,856.00
172.19
As at
March 31,
2015
Exchange rate
Adjustment (g)
GROSS BLOCK
B 5 - FIXED ASSETS AS AT MARCH 31, 2014
•œ›R””
(513.87)
|””šR™•}
|œR–•}
|–›™Rœ–}
Exchange rate
Adjustment (g)
GROSS BLOCK
˜S˜”˜Rœ–
(7,655.57)
(4.75)
(7,650.82)
“R“”
œR˜š
”R–•
|•—“R–”}
|“R“—}
|™S•›–Ršš}
|›••R˜›}
|–”œRœ—}
—Rœ•
Exchange rate
Adjustment (g)
Depreciation and amortisation for the year on tangible assets
Depreciation and amortisation for the year on intangible assets
Depreciation on investment property
Total
Particulars
2,987.51
Total Intangible Assets
582.52
”S“œœR•š
•–Rœœ
˜˜R”–
˜R˜—
”S›––R”” ˜˜•Rœœ|#}
Additions
INTANGIBLE ASSETS:
Computer Software
Trademarks
Research & Development
Description of Assets
As at
March 31,
2014
4,080.41
91,693.24
›•S™œ”R“™
Total Tangible Assets
5&9*086&!5
-
520.46
“R–›
›–R˜”
™”R““
•šR˜“
›˜R–”
|'}
-
––R–˜
••œR—”
Deductions
›S“›”R–— —S˜œ˜R“œ
—R™•
4,075.79
|$}
”S•–•R”–
|#}
•S”™šRšœ
|#}
—œR™•
|#}
”–˜R”–
|#}
–R•›
”˜›R–—
-
–•œR˜“
-
•—R“˜
Share of joint ventures jointly controlled entities
”•S““›Rš•
Buildings**
91,669.19
”S›—™R——
–œ™R™›
As at March
Additions
31, 2014
TANGIBLE ASSETS:
Land
Freehold Land**
Leasehold Land*
Description of Assets
GROSS BLOCK
B 5 - FIXED ASSETS AS AT MARCH 31, 2015
194 | APOLLO TYRES LTD
-!/7 !$)*/&5<S!/%S8*-%*/(6S85/*785& *;785&6!/%&)*$-&6*/$-8%&6*;&%¨66&76
&-%'05!-&:*7)!506600,!-8&0' 2,198.19 Million| –›R˜•*-*0/}S
jj
|(} &35&6&/76&;$)!/(&5!7&!%+867.&/7!5*6*/(0/$0/60-*%!7*0/0''05&*(/68#6*%*!5*&6%8&70%*''&5&/$&*/03&/*/(!/%$-06*/($0/9&56*0/5!7&6R |'} -!/7 !$)*/&5<*65&%8$&%#< 3.00 Million#&*/(8#6*%<5&$&*9&%'50.7)&09&5/.&/70'!.*-/!%8R
| ˜S™–•R—›*--*0/}R
|&} 8*-%*/(6*/$-8%&8*-%*/(6$0/6758$7&%0/&!6&)0-%!/%:*7)!506600,!-8&0' 6,782.11 Million| ™S™š–R˜–*--*0/}!/%&700,!-8&0' 5,213.50 Million
and Loss during the year.
|%} /$-8%&63509*6*0/'05*.3!*5.&/7!.08/7*/(70Nil| –˜R–”*--*0/}0/$&57!*/*7&.60'8*-%*/(6 -!/7 !$)*/&5<5&$0(/*6&%*/7)&0/60-*%!7&%7!7&.&/70'50?7
|07&N””}
|$} /$-8%&6%*5&$7-<!775*#87!#-&&;3&/6&6$!3*7!-*=&%707)&&;7&/70' 27.65 Million| ””˜R›”*--*0/}*/$-8%*/(Nil| ”–R–™*--*0/}$!3*7!-*=&%'50.0'35&9*086<&!5
0/&6&!5$) &9&-03.&/7|07&Nœ}R
| ””R˜•*--*0/}S85/*785& ?77*/(6*/$-8%& 8.03 Million| ›Rš“*--*0/}!/%&6&!5$)!/%&9&-03.&/7*/$-8%&6 552.99 Million| ••–R•–*--*0/}'05$!3*7!-&;3&/%*785&
|#} 8*-%*/(6*/$-8%& 90.26 Million| ”˜”Rš•*--*0/}S-!/7 !$)*/&5<*/$-8%&6 66.43 Million| ”—R•“*--*0/}S-&$75*$!-/67!--!7*0/6*/$-8%& 2.79 Million
|!} &35&6&/763503057*0/!7&-&!6&35&.*8. 1.94 Million| ”Rœ—*--*0/}!.057*=&%R
| •˜“R—“*--*0/}R
-!/7 !$)*/&5<*/$-8%&6!66&767!,&/0/*/!/$&&!6&:*7)!506600,!-8&0' 400.00 Million| —““R““*--*0/}!/%!&700,!-8&0' 233.61 Million
-!/7 !$)*/&5<*/$-8%&60*/7-<:/&%¨66&76:*7)!506600,!-8&0' 254.87 Million| ”›šR™›*--*0/}!/%!&700,!-8&0' 231.21 Million| ”ššRšš*--*0/}R
Million|*-}S 11.39 Million|*-} 0.19 Million|*-}5&63&$7*9&-<R
115.44 Million|*-}S 365.80 Million|*-}S 68.23 Million|*-} 2.03 Million|*-}!/%!&700,!-8&0' 824.10 Million|*-}S 115.44 Million|*-}S 200.65
&!6&)0-%!/%*6&70' 9.59 Million| œR˜œ*--*0/}68#-&!6&%70-!66*$¨8708#&67%RS!$0.3!/<*/:)*$)%*5&$7056!5&*/7&5&67&%%85*/(7)&<&!5•““œN”“R
j
B 6 NON CURRENT INVESTMENTS (AT COST)
As at
March 31, 2015
Million
16,394|”™Sœ–—}48*7<)!5&60' ”“{N&!$)*/
Bharat Gears Ltd. - Fully paid up
Nil|›™S›™šSš–”}5%*/!5<)!5&6*/!7*0/!-<5&&59*$&S
*.#!#:&
312,000|–”•S“““}48*7<)!5&60' ”“&!$)*/5&&/
/'5!*/%0:&550+&$76N8--<3!*%83
/*760'b!-!/$&%8/%N*9*%&/%-!/N
&*/9&67.&/7bjjj|!$&!-8&0' ”“{N&!$)}
j¨((5&(!7&!.08/70'4807&%*/9&67.&/76
0.36
—œR–™
¨((5&(!7&.!5,&79!-8&0'-*67&%!/%4807&%*/9&67.&/76
1.19
››R—›
¨((5&(!7&!.08/70'8/4807&%/9&67.&/76
6.81
”›R™™
jj0R0'8/*76!77)&#&(*//*/(0'7)&<&!5N161,826|”™”S›•™}
2.10
•R”“
Add: Reinvestment of dividend during the year - 17,736|*-}
0.50
-
No. of units at the end of the year - 179,562|”™”S›•™}
2.60
•R”“
5.23
—R“œ
jjj&385$)!6&35*$&0'8/*76
0.36
5,500|˜S˜““}48*7<)!5&60' ”“&!$)*/85<!%&9
Alloys and Power Pvt Ltd - Fully paid up
|*}/9&67.&/7*/5,000|˜S“““}48*7<)!5&60'
”““{N&!$)*/¨30--0<5&6.3-0<&&68-7*385306&
Co-operative Society Limited
|**}Nil|˜““S“““}5%*/!5<)!5&6*/¨/9&67.&/7
|5*9!7&}7%S*.#!#:&
|***}/9&67.&/7503&57<
|&70'!$$8.8-!7&%%&35&$*!7*0/0' 24.64 Million
| ”™R˜—*--*0/}}
-
-
463.10
470.27
As at
!5$)–”S•“”—
Million
TRADE INVESTMENTS
(a) Investment in Equity Instruments (Quoted): *
“R–™
—œR““
(b) Investment in Equity Instruments (Unquoted):*
OTHER NON CURRENT INVESTMENTS (NON TRADE):
(a) Investment in Mutual Funds**
(b) Others
0.36
—œR–™
3.12
–R”•
0.59
“R˜œ
2.60
•R”“
0.50
“R˜“
”•R–˜
˜™œR”œ
™–šR•”
ANNUAL REPORT 2014-15 | 195
B 7 LONG TERM LOANS & ADVANCES
B 10 CURRENT ASSETS
As at
March 31, 2015
Million
As at
!5$)–”S•“”—
Million
As at
March 31, 2015
Million
As at
!5$)–”S•“”—
Million
Long-Term Loans & Advances:
Unsecured, Considered Good
Capital Advances - Others
628.21
•œ—R™–
79.60
”•–R›œ
Doubtful Capital Advances
134.18
”–—R”›
Less: Provision for Doubtful Advances
134.18
”–—R”›
707.81
—”›R˜•
Security Deposits
636.84
–›”R”œ
Security Deposits to Related Parties
418.01
—”›R“”
Other Deposit
126.85
”—“R››
15.05
”“R“œ
7)&50!/6!/%¨%9!/$&6N;$*6&87<&$09&5!#-&
2.57
•R˜š
)!5&0'+0*/79&/785&6N+0*/7-<$0/750--&%&/7*7*&6
0.24
“R–“
Capital Advances to Related Parties
.3-0<&&¨%9!/$&6N!-!5<0!/
1,907.37
497.61
˜—”Rœ“
360.18
•”—R”—
09&5/.&/70'!.*-!%8|07&N—}
360.18
•”—R”—
B 9 CURRENT INVESTMENTS
Non Trade Investment
/9&67.&/7*/878!-8/%6j
1,000.00
-
1,000.00
-
* Particulars
No. of Units
SBI
•“S“““S“““
•““R““
”“R›•›•
ICICI
•˜S“““S“““
•˜“R““
”“R›––™
˜S“““S“““
˜“R““
”“R›“•š
*5-!|$)&.&”}
•˜S“““S“““
•˜“R““
”“R›–˜›
*5-!|$)&.&•}
•˜S“““S“““
•˜“R““
”“R›•œ—
100,000,000
1,000.00
Reliance
|**}05,N*/N50(5&66„
|***} */*6)&%00%6U
/
!/%
/5!/6*7
|*9} 08()787!7&5*!-{70$,*/5!%&U
/
!/%
/5!/6*7
|9}705&6!/%3!5&6
(b) TRADE RECEIVABLES - UNSECURED
8767!/%*/('05!3&5*0%&;$&&%*/(6*;.0/7)6'50.
the date they were due for payment:
Considered Good
Considered Doubtful
7)&56N0/6*%&5&%00%j
B 8 OTHER NON-CURRENT ASSETS
Investment promotion Subsidy Receivable from
”S–š”R˜™
Includes Advances given to Related Parties (Note C-18)
Companies in which Directors are interested
(a) INVENTORIES:
|9!-8&%!7-0:&50'$067!/%/&75&!-*=!#-&9!-8&}
|*}!:!7&5*!-6U
/
!/%
/5!/6*7
Value ( Million)
NAV
&66U509*6*0/'0508#7'8-5!%&&$&*9!#-&6
* Trade Receivables Include due from Related Parties (Note C-18)
Companies in which Directors are interested
(c) CASH AND CASH EQUIVALENTS**
|*}!6)0/)!/%
|**} )&48&60/)!/%
|***} &.*77!/$&6*/5!/6*7
|*9} !-!/$&6:*7)!/,6U
Current Accounts
Other Deposit Accounts
N5*(*/!-!785*7<–.0/7)605-&66
|9}7)&5!/,!-!/$&6U
Unpaid Dividend Accounts
Unclaimed Deposits Accounts
&306*76:*7)!785*7<&;$&&%*/(–0/7)6jjj
)!5&0'+0*/79&/785&6N+0*/7-<$0/750--&%&/7*7*&6
3,514.72
94.76
3,609.48
936.04
9,099.19
1,129.80
10,228.99
1,399.96
280.91
1,680.87
1,326.68
17,782.06
—S™”™Rš•
”™–Rš–
—Sš›“R—˜
”S”–“R•—
”“Sš›šRœ—
œ˜—Rš–
””Sš—•R™š
”S—™šR™˜
•“–R›—
”S™š”R—œ
”S––œR–œ
•“S™™—R•—
1.12
314.59
9,588.31
9,904.02
314.59
9,589.43
”R•˜
—”“R››
”“S—•˜R—•
”“S›–šR˜˜
—”“R››
”“S—•™R™š
113.49
”˜›R“—
1.77
1,180.64
452.55
4,037.86
–R“”
›š—R–•
—œ—R›“
196.16
35.91
1.07
39.94
-
5,945.90
•S™œœRš•
•S–š˜R™–
–•R—˜
”R“š
˜›R›”
“R™œ
™S˜—“R˜“
jj 870'7)&!#09&#!-!/$&0'!6) !6)48*9!-&/76S7)&#!-!/$&7)!7.&&767)&%&?/*7*0/0'!6) !6) 48*9!-&/76!63&5¨N–S!6)-0:7!7&.&/76*6 5,868.98 Million| ™S——›R”š*--*0/}R
jjj/$-8%&6&306*70' 37.97 Million| ˜–R›–*--*0/}3-&%(&%:*7)!#!/,!(!*/67:)*$):05,*/($!3*7!--0!/)!6
been availed by Apollo Finance Ltd, a company in which directors are interested.
Includes deposits of 1.97 Million| ”Rœš*--*0/}:)*$))!9&!/05*(*/!-.!785*7<0'.05&7)!/”•.0/7)6R
„ 05,*/50(5&66$0/6*6760'¨870.07*9&<5&60/-<R
196 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 197
B 11 SHORT TERM LOANS & ADVANCES
B 13 OTHER OPERATING INCOME
As at
March 31, 2015
Million
Short-Term Loans & Advances:
Unsecured, Considered Good
Advances given to Related Parties
45.68 As at
!5$)–”S•“”—
Million
›“R™–
Others:
5!%&¨%9!/$&6
716.76
”S““–R“œ
.3-0<&&¨%9!/$&6
129.42
”“˜R—š
¨&$09&5!#-&
102.93
”™–Rœ›
¨&$09&5!#-&
565.83
™˜•R”›
&59*$&!;&$09&5!#-&
91.05
š˜R˜”
;3057/$&/7*9&6&$09&5!#-&
167.87
•˜•R•“
5&3!*%;3&/6&6
233.97
•™—Rš”
337.22 ™˜›R™™
Others
2,390.73
Considered Doubtful
20.56
Less: Provision for Doubtful Advances
¨5&%*7/7*7-&.&/7!9!*-&%
&66U¨5&%*787*-*6&%
|—˜“R”–}
<5&6&9&-03.&/7&&65&$&*9&%'50.$8670.&56
!5-<!<.&/7*6$08/7&$&*9&%'50.!:!7&5*!-833-*&56
20.56
•“R˜™
2,390.73
˜“›R™˜
|˜›R˜•}
521.04
-
74.45
595.49
&!5/%&%
!5$)–”S•“”—
Million
œ–œR”—
—•R”™
–˜R••
”S“”™R˜•
B 14 OTHER INCOME
(a Interest earned on Deposits:
- Bank
101.75
”›œR”—
13.85
–•Rš™
Bharat Gears Ltd.
0.02
“R“–
/*758670'/%*!
0.50
-
0.52
“R“–
25.78
œ•R˜—
20.00
•™R–š
9.25
”™R•“
- Others
•“R˜™
–S•š™Rœœ
-
Investment promotion Subsidy from Government of
!.*-!%8|07&N—}
–S•˜™R—–
2,411.29
—˜“R”–
Year Ended
March 31, 2015
Million
–S•˜™R—–
—˜“R”–
2,390.73
–Sš“™R˜™
45.68
›“R™–
(b) Dividend Income from Long Term Investments:
(c) Dividend Income from Short Term Investments:
Mutual Funds
Advances given to Related Parties (Note C-18)
Companies in which Directors are interested
B 12 OTHER CURRENT ASSETS
Derivative Financial Assets
Investment promotion Subsidy Receivable from
09&5/.&/70'!.*-/!%8|07&N—}
Interest Accrued on Deposits
-
375.00
–š˜R““
0.96
”R“š
375.96
198 | APOLLO TYRES LTD
–Rœœ
(d) Other Non-Operating Income:
Unclaimed Credit Balances / Provisions no longer
5&48*5&%:5*77&/#!$,
&$)/*$!-¨*%&&6
!*/0/05&*(/;$)!/(&-8$78!7*0/|&7}
111.01
””“R“œ
Miscellaneous Receipts
255.83
˜””R––
396.09
™™–Rœœ
537.99
œš›R—™
–›“R“™
ANNUAL REPORT 2014-15 | 199
B 15 MANUFACTURING AND OTHER EXPENSES
Cost of Materials Consumed
Raw Materials Consumed
Less: Scrap Recoveries
Purchase of Stock-in-Trade
85$)!6&0'*/*6)&%00%6N<5&6S8#&6 -!36
(PSOR\HH%HQH¿W([SHQVHV
!-!5*&6!/%!(&6
0/75*#87*0/70509*%&/7!/%7)&58/%6|07&N”•}
&-'!5&&;3&/6&6
.3-0<&&670$,¨335&$*!7*0/*()76|07&N”•}
¨%%U)!5&*/0*/7&/785&
Other Expenses
Consumption of stores and spare parts”
Power and Fuel•
Conversion Charges
Repairs and Maintenance
- Machinery
- Buildings
- Others
Rent–
&!6&&/7N!$705<{&59*$&)!5(&6|07&N”œ}
Insurance
!7&6!/%!;&6
*5&$7056c*77*/(&&6
0..*66*0/700/N)0-&7*.&*5&$7056
0660/!-&0'!/(*#-&*;&%¨66&76|&7}
5!9&--*/(S0/9&<!/$&!/%&)*$-&;3&/6&6
067!(&S&-&;S&-&3)0/&!/%7!7*0/&5<
0/'&5&/$&;3&/6&6
Freight and Forwarding
Commission on Sales
!-&650.07*0/;3&/6&6
Advertisement and Publicity
05305!7&0$*!-&630/6*#*-*7<;3&/6&6|07&N”˜}—
&6&!5$)!/%&9&-03.&/7|07&Nœ}
Bank Charges
7!78705<¨8%*7056&.8/&5!7*0/|07&N”“}
08#7'8-&$&*9!#-&6{¨%9!/$&65*77&/0''
&66U5!/6'&55&%'50.509*6*0/
&(!-!/%50'&66*0/!-;3&/6&6
509*6*0/'050/7*/(&/$*&6|07&N”—|#}}
*6$&--!/&086;3&/6&6
)!5&0'+0*/79&/785&6N+0*/7-<$0/750--&%&/7*7*&6
B 16 FINANCE COSTS
Year Ended
March 31, 2015
Million
&!5/%&%
!5$)–”S•“”—
Million
64,186.16
301.77
63,884.39
š”S•œ“R™™
••–R”›
š”S“™šR—›
5,869.17
™Sœ™—R˜›
13,048.75
2,144.31
848.77
3.58
24.97
16,070.38
”•Sš›–R—“
•S“™—R––
›š•Rœ›
š›R˜˜
”•R™›
”˜S›””Rœ—
1,155.77
3,513.54
1,053.25
”S•––R—›
–Sš›˜R•–
”S“œ˜R”›
646.00
34.57
964.12
303.12
1,249.95
184.27
197.12
7.42
50.00
23.86
1,329.36
222.64
302.05
4,236.60
60.52
921.47
1,992.48
57.37
1,713.91
63.17
57.05
40.20
-
740.49
-
694.68
32.95
™œ–R”–
—•R”˜
›——R—š
•›˜R›“
”S•”–Rš—
•”˜R™”
•–“Rš˜
—R–™
–“R““
•œR™”
”S–˜šR•›
•—™R›•
”•“R–œ
–Sœœ“R™—
š•R——
˜•˜R™™
•S••šR“•
–šR–›
”S–›“R›˜
œ•R•“
™“R“”
”š˜R™•
|”šR”–}
™˜™R“˜
—•˜R““
š—“Rœœ
–šR––
21,847.93
Year Ended
March 31, 2015
Million
&!5/%&%
!5$)–”S•“”—
Million
(a) Interest Expense:
/7&5&670/*;&%N&5.0!/6
524.67
œœ›R––
Interest on Debentures
536.79
š–™Rš•
Interest on Other Loans
711.33
”S“–™Rš›
55.06
™˜R—š
0.05 “R™—
(b) Other Borrowing Costs
)!5&0'+0*/79&/785&6N+0*/7-<$0/750--&%&/7*7*&6
1,827.90
•S›–šRœ—
•”S›–•R“™
””˜S™š™R“™
107,671.87
Notes:
”705&6 3!5&60/68.&%*/$-8%&66705&6*668&%'055&3!*56 2.63 Million| ”R˜˜*--*0/}R
•0:&5!/%8&-*/$-8%&6705&60/68.&% 523.11 Million| ™™›R“›*--*0/}R
–&70'&/7&$&*9&% 1.45 Million| ”R—š*--*0/}R
—05305!7&0$*!-&630/6*#*-*7<;3&/6&6*/$-8%&6 0.55 Million!9!*-!#-&!60/!5$)–”S•“”˜:*7)7)& implementation partner to be deployed in due course.
200 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 201
C
OTHER NOTES ON ACCOUNTS:
1
Contingent Liabilities
PARTICULARS
!-&6!;
/$0.&!;
Claims against the Company not acknowledged as debts
N.3-0<&&&-!7&%
- Others
509*6*0/0'&$85*7<|!/,&306*763-&%(&%:*7)!!/,!(!*/67:)*$):05,*/(
capital loan has been availed by Apollo Finance Ltd. , a Company in which
%*5&$7056!5&*/7&5&67&%}
;$*6&87<j
the eligible limit. During the year, the Company received the capital subsidy of ••R˜“*--*0/0/'8-?--*/(7)&&-*(*#*-*7<$0/%*7*0/6:)*$))!6#&&/$5&%*7&%70$!3*7!-68#6*%<%*6$-06&%8/%&5&6&59&6 853-86R
2014-15
Million
76.17
451.30
2013-14
Million
”””Rœ•
”›“R—™
48.64
92.32
˜”R“•
–•R˜•
37.97
57.93
˜–R›–
–™–R˜˜
j;$-8%&6%&.!/%0' 532.12 Million| ˜–•R”•*--*0/}5!*6&%0/0/&0'7)&0.3!/<a68/*765&-!7*/(70*668&6
:)*$))!9&#&&/%&$*%&%#<7)&¨33&--!7&¨87)05*7<*/0.3!/<a6'!9085*/!33&!-63&57!*/*/(70!/07)&58/*70'7)&
Company. Show-cause notices received from various Government Agencies pending formal demand notices have
not been considered as contingent liabilities.
¨.08/7*/9-09&%*/!33&!-6:)*$))!9&#&&/%&$*%&%#<¨33&--!7&!87)05*7*&6*/$0.3!/<c6'!9085#870/:)*$)7)&
department has gone on further appeal of 441.66 Million| ——”R™™*--*0/}R
In the opinion of the management, no provision is considered necessary for the disputes mentioned above on the
ground that there are fair chances of successful outcome of appeals.
2
Commitments
PARTICULARS
67*.!7&%!.08/70'$0/75!$765&.!*/*/(70#&&;&$87&%0/$!3*7!-!$$08/7 /07
provided for
TOTAL
3
2014-15
Million
32,864.67
32,864.67
•S™›—R–”
•S™›—R–”
85*/(7)&<&!5S¨30--0<5&6¨'5*$!|7<}*.*7&%S!68#6*%*!5<03&5!7*/(*/087)¨'5*$!)!68/%&57!,&/7)&'0--0:ing activities in connection with its restructuring process:
!}/*7*!7&%86*/&66&6$8&50$&&%*/(6!/%7)&&6$8&-!/:!6!33509&%0/09&.#&5“˜S•“”—!/%7)&3-!/7
:!6$-06&%0/09&.#&5–“S•“”—R¨--%8&670#!/,&56!/%&;7&5/!-6833-*&56)!9&#&&/3!*%*/'8--!63&57)&
&6$8&3-!/R¨6&3!5!7&5&75&/$).&/7!(5&&.&/7'05&.3-0<&&6a%8&:!6!-606*(/&%:*7)7)&*55&35&6&/7!7*9&60/
!/8!5<–“S•“”˜!/%7)&&/7*5&-*!#*-*7<0' š˜”Rš–*--*0/8/%&57)*6!(5&&.&/7)!6#&&/'8--<%*6$)!5(&%R
#}*6306&%0''*76*/9&67.&/7*/¨
0-%*/(6*.*7&%!/%5&$05%&%!350?70' ”—–R›™*--*0/R¨63!570'7)&
sale agreement, the Company has agreed not to have any claim against receivables from one of its subsidiary Apollo
<5&6*.#!#:&!/%)!6S!$$05%*/(-<S:5*77&/0''%&#76!.08/7*/(70 ”—“R—–*--*0/R
$}7)!6&9!-8!7&%.!5,&7!#*-*7<0'*/9&/705<!/%:5*77&/0''0'/9&/705<:057) š™R™“*--*0/*/7)&#00,6R
;$&37*0/!- *7&. 0' —™šR›™ *--*0/ %85*/( 7)& 35&9*086 <&!5 5&35&6&/76 &;3&/6&6 !((5&(!7*/( 70 2,326.30
Million */ $0//&$7*0/ :*7) 7)& 350306&% !$48*6*7*0/ 0' 003&5 *5& 8##&5 0.3!/< |003&5} :)*$) :!6
7&5.*/!7&%#<003&50/&$&.#&5–“S•“”–/&70'50?70/6!-&0'!%<6.*7)3-!/7*/087)¨'5*$!!.08/7*/(70
”S›˜›R——*--*0/R 7
Issue of Shares on Conversion of Share Warrants:
)&$0.3!/<)!%!--07&%˜S“““S“““:!55!/76S$0/9&57*#-&*/70˜S“““S“““&48*7<6)!5&60' ”&!$)70!350.07&5
5083 0.3!/< 0/ •”67 &$&.#&5 •“”•S 0/ ! 35&'&5&/7*!- !--07.&/7 #!6*6S 38568!/7 70 &$7*0/ ›” |”¨} 0' 7)&
0.3!/*&6¨$7S”œ˜™S!7!$0/9&56*0/35*$&0' ›™R•“3&56)!5&%&7&5.*/&%*/!$$05%!/$&:*7)7)&|668&0'
!3*7!-!/%*6$-8685&&48*5&.&/76}&(8-!7*0/6S•““œR¨/!.08/7&48*9!-&/770•˜‚0'7)&35*$&!((5&(!7*/(70
”“šRš˜*--*0/:!65&$&*9&%0/!--07.&/70'7)&:!55!/76*/7)&35&9*086<&!5R/5&$&*370'7)&#!-!/$&!.08/70'
–•–R•˜*--*0/0/8/&”œS•“”—S7)&$0.3!/<)!6!--077&%˜S“““S“““&48*7<6)!5&60' ”&!$)!6!35&.*8.0'
›˜R•“3&56)!5&R
8
85*/(7)&<&!5S38568!/7707)&/07*?$!7*0/0'$)&%8-&707)&0.3!/*&6¨$7S•“”–:*7)&''&$7'50.¨35*-”S
•“”—S 7)& $0.3!/< 5&9*6&% 7)& &67*.!7&% 86&'8- -*'& 0' *76 !66&76 70 !-*(/ 7)& 86&'8- -*'& :*7) 7)06& 63&$*?&% */
schedule II.
)&0.3!/<)!6*/7&5/!7*0/!-75!/6!$7*0/6:*7)5&-!7&%3!57*&6R057)&$855&/7<&!5S7)&.!/!(&.&/7$0/?5.6
7)!7*7.!*/7!*/6%0$8.&/76!635&6$5*#&%#<7)&/$0.&7!;¨$7S”œ™”703509&7)!77)&6&*/7&5/!7*0/!-
75!/6!$7*0/6!5&!7!5.a6-&/(7)!/%7)&!'05&6!*%-&(*6-!7*0/:*--/07)!9&!/<*.3!$70/7)&?/!/$*!-67!7&.&/76S
3!57*$8-!5-<0/7)&!.08/70'7!;&;3&/6&!/%7)!70'3509*6*0/'057!;!7*0/R Investment Promotion Subsidy from Government of Tamilnadu
)&0.3!/<)!6&67!#-*6)&%5!%*!-7<5&.!/8'!$785*/('!$*-*7<*//%8675*!-!5,S5!(!%!./&!5)&//!*!/%!9!*-&%*/$&/7*9&6'50.7)&7!7&09&5/.&/70'!.*-!%8'05&67!#-*6)*/(68$)350+&$7R)&$0/6758$7*0/
0'?5673)!6&0'7)&/&:(5&&/?&-%5!%*!-7<5&3-!/7:!6$0.3-&7&%!63&5350+&$76$)&%8-&S:)*$)$0..&/$&%
03&5!7*0/6'50.!5$)””S•“”“R)&58$,{865!%*!-6&(.&/7)!6$0..&/$&%03&5!7*0/6'50.!<””S•“”“R
Exceptional Items
2013-14
Million
4
6
8568!/7 70 7)& &.05!/%8. 0' /%&567!/%*/( |0} %!7&% ¨8(867 šS •““™ 5&!% !-0/( :*7) ! 833-&.&/7!5<
%!7&%!/8!5<””S•“””S&;&$87&%#&7:&&/7)&09&5/.&/70'!.*-!%8|0}!/%7)&0.3!/<S0
6!/$7*0/&%!758$785&%!$,!(&0'¨66*67!/$&707)&0.3!/<*/7&5.60'7)&&:/%8675*!-0-*$<S•““šR¨6
3&57)*6758$785&%!$,!(&0'¨66*67!/$&S7)&0.3!/<*6&/7*7-&%S*/7&5!-*!S'055&'8/%0'!/!.08/7&48!-70&7
87387¨Š3!*%#<7)&0.3!/<700*/7)&'05.0'/9&67.&/750.07*0/8#6*%<'05!3&5*0%0'”—
<&!56|:)*$)$!/#&&;7&/%&%#<!/07)&5—<&!56}S'50.7)&%!7&0'$0..&/$&.&/70'$0..&5$*!-350%8$7*0/05
7*--7)&$8.8-!7*9&!9!*-.&/70'7)&6!*%68#6*%<5&!$)&6˜“‚0'7)&*/9&67.&/7.!%&*/&-*(*#-&?;&%!66&76%85*/(
7)&!33509&%*/9&67.&/73&5*0%!6%&?/&%#<7)&0S:)*$)&9&5*6&!5-*&5R)*6&-*(*#-*7<*668#+&$770'8-?--.&/7
of certain obligations by the Company.
)&0.3!/<'8-?--&%7)&5&-&9!/70#-*(!7*0/6%85*/(7)&35&9*086<&!5!/%7)&0.3!/<)!65&$0(/*=&%68#6*%<
income of 521.04 Million| œ–œR”—*--*0/}!607)&503&5!7*/(*/$0.&|5&'&5/07&””}S#&*/(7)&&-*(*#-&!.08/7
0'5&'8/%0'&787387¨Š3!*%#<7)&0.3!/<700R8#6*%<5&$05%&%%85*/(7)&35&9*086<&!55&35&6&/7668#6*%<'50.7)&%!7&0'$0..&/$&.&/70'$0..&5$*!-350%8$7*0/7*--!5$)–”S•“”—R!6&%0/7)&-&(!-
03*/*0/0#7!*/&%#<7)&0.3!/<S7)&6!*%68#6*%<*6$0/6*%&5&%/0/N7!;!#-&$!3*7!-5&$&*37R
5
Capital Subsidy
¨63&5&:/%8675*!-0-*$<•““šS/&:!/%&;3!/6*0/8/*76*/9&67*/( •S“““*--*0/!/%!#09&!/%&.3-0<*/(
.05&7)!/—““%*5&$7:05,&56:*--#&&-*(*#-&'05!#!$,&/%&%$!3*7!-68#6*%<0' ”˜*--*0/R857)&5.!/8'!$785*/(
8/*76-0$!7&%:*7)*/!/%8675*!-3!5,:*--#&&-*(*#-&'05!/!%%*7*0/!-˜“‚$!3*7!-68#6*%<09&5!/%!#09&
202 | APOLLO TYRES LTD
8568!/7 70 7)& 75!/6*7*0/ 3509*6*0/ 35&6$5*#&% */ $)&%8-& 70 7)& 0.3!/*&6 ¨$7S •“”–S 7)& $0.3!/< )!6 '8--<
depreciated the carrying value of assets, net of residual value, where the remaining useful life of the assets is
%&7&5.*/&% 70 #& /*- !6 0/ ¨35*- ”S •“”— !/% )!6 !%+867&% !/ !.08/7 0' 258.18 Million |/&7 0' %&'&55&% 7!; 0'
”–•Rœ—*--*0/}!(!*/677)&03&/*/(6853-86#!-!/$&*/7)&0/%0-*%!7&%7!7&.&/70'50?7 0668/%&5&6&59&6 853-86R
)&%&35&$*!7*0/&;3&/6&*/7)&0/%0-*%!7&%7!7&.&/70'50?7 066'057)&<&!5*6-0:&5#< ™—Rœ˜*--*0/
$0/6&48&/7707)&$)!/(&*/7)&86&'8--*'&0'7)&!66&76R
9
Research and Development comprises of the following:
PARTICULARS
(A) Revenue Expenditure
Materials
.3-0<&&&/&?7;3&/6&6
5!9&--*/(;3&/6&6
Others
SUB - TOTAL
(B) Capital Expenditure
TOTAL (A+B)
10 Statutory Auditors’ Remuneration:
PARTICULARS
For Audit
For Company Law matters
For Other Services
058!57&5-<&9*&:!/%&57*?$!7*0/
TOTAL
2014-15
Million
2013-14
Million
84.86
903.51
85.21
640.33
1,713.91
720.50
2,434.41
œ›R˜š
š—˜R›“
”–R”“
˜•–R–›
”S–›“R›˜
—“œR–š
”Sšœ“R••
2014-15
Million
50.20
0.40
2.60
3.85
57.05
2013-14
Million
˜•Rš•
“R–“
—Ršœ
•R•“
™“R“”
ANNUAL REPORT 2014-15 | 203
11
Directly attributable expenses capitalised / included in capital work in progress during the year:
PARTICULARS
2014-15
2013-14
Million
Million
”˜R–œ
10.76
Raw Materials Consumed
™–R›™
3.35
!-!5*&6S!(&6!/%0/86
—R••
Contribution to Provident and Other Funds
—R˜”
4.94
&-'!5&;3&/6&6
“Rš›
1.45
Rent
—R˜™
4.04
5!9&--*/(S0/9&<!/$&!/%&)*$-&&;3&/6&6
“R•™
0.20
067!(&S&-&;&-&3)0/&!/%7!7*0/&5<
–R—“
1.64
0:&5;3&/6&6
“R––
0.55
&(!- 50'&66*0/!-;3&/6&6
˜R”—
0.72
*6$&--!/&086;3&/6&6
Total
27.65
”“•R—˜
$FWXDO&RQWULEXWLRQDQG%HQH¿WSD\PHQWVIRUWKH\HDU
PARTICULARS
Actual Contributions
¨$78!-&/&?7!<.&/76
A. Indian Operations
'H¿QHG&RQWULEXWLRQ3ODQV
a. Superannuation Plan:)&0.3!/<$0/75*#87&6!68.&48*9!-&/770”˜‚0'7)&&-*(*#-&&.3-0<&&66!-!5<70!
683&5!//8!7*0/'8/%!%.*/*67&5&%!/%.!*/7!*/&%#<*'&/685!/$&05305!7*0/0'/%*!|}R)&0.3!/<)!6
/0-*!#*-*7<'05'8785&683&5!//8!7*0/'8/%#&/&?7607)&57)!/*76!//8!-$0/75*#87*0/!/%5&$0(/*=&668$)$0/75*#87*0/6!6!/&;3&/6&*/7)&<&!5*/$855&%R)&!.08/70'$0/75*#87*0/3!*%#<7)&$0.3!/<7083&5!//8!7*0/8/%
is 59.83 Million| ˜šR”˜*--*0/}R
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGH¿QHGEHQH¿WREOLJDWLRQDUHDVIROORZV
b. Provident Fund:0/75*#87*0/6!5&.!%&707)&$0.3!/<a6.3-0<&&6509*%&/78/%5867{&(*0/!-509*%&/7
8/%*/!$$05%!/$&:*7)7)&'8/%58-&6R)&*/7&5&675!7&3!<!#-&707)&#&/&?$*!5*&6&9&5<<&!5*6#&*/(/07*?&%#<
the Government.
/7)&$!6&0'$0/75*#87*0/707)&5867S7)&0.3!/<)!6!/0#-*(!7*0/70.!,&(00%7)&6)057'!--S*'!/<S#&7:&&/
7)&5&785/'50.7)&*/9&67.&/760'7)&5867!/%7)&/07*?&%*/7&5&675!7&!/%5&$0(/*=&668$)0#-*(!7*0/!6!/
&;3&/6&R
)&!.08/70'$0/75*#87*0/.!%&#<7)&0.3!/<70.3-0<&&6509*%&/78/%5867{&(*0/!-509*%&/78/%*6
215.96 million| ”œ•R–š.*--*0/}
'H¿QHG%HQH¿W3ODQV
Gratuity
)&Company)!6!%&?/&%#&/&?7(5!78*7<3-!/R9&5<&.3-0<&&:)0)!6$0.3-&7&%?9&<&!5605.05&0'6&59*$&
5&$&*9&6(5!78*7<0/-&!9*/(7)&0.3!/<!7”˜%!<66!-!5<|-!67%5!:/6!-!5<}'05&!$)$0.3-&7&%<&!50'6&59*$&R
)&6$)&.&*6'8/%&%:*7)*'&/685!/$&05305!7*0/0'/%*!R
)&'0--0:*/(7!#-&68..!5*=&67)&$0.30/&/760'/&7#&/&?7&;3&/6&5&$0(/*=&%*/7)&$0/60-*%!7&%67!7&.&/7
0'350?7!/%-066!/%7)&'8/%&%67!786!/%!.08/765&$0(/*=&%*/7)&$0/60-*%!7&%#!-!/$&6)&&7'057)&
respective plan:
1HWHPSOR\HHEHQH¿WH[SHQVHV
PARTICULARS
2014-15
Million
2013-14
Million
Current service cost
/7&5&67$0670/#&/&?70#-*(!7*0/
;3&$7&%5&785/0/3-!/!66&76
857!*-.&/7067{|5&%*7}
&77-&.&/7067{|5&%*7}
&7!$78!5*!--0665&$0(/*=&%*/7)&<&!5
;3&/6&5&$0(/*=&%*/7)&0/60-*%!7&%7!7&.&/70'50?7!/%066
56.39
61.01
(57.95)
138.80
198.25
——Rœ•
—›R—™
|˜—R–œ}
œR——
—›R—–
204 | APOLLO TYRES LTD
PARTICULARS
2014-15
Million
2013-14
Million
Present value of obligations as at the beginning of the year
Interest cost
Current service cost
&/&?763!*%
Actuarial loss on obligation
681.75
61.02
56.39
(82.67)
136.31
™—™R”š
—›R—™
——Rœ•
|™˜R›”}
›R“”
Present value of obligations as at the end of the year
852.80
™›”Rš˜
PARTICULARS
2014-15
Million
2013-14
Million
Fair value of plan assets at beginning of the year
;3&$7&%5&785/0/3-!/!66&76
Contributions
&/&?763!*%
Actuarial gain on plan assets
633.32
57.95
48.44
(82.67)
(2.49)
™““Rœœ
˜—R–œ
—˜R”›
|™˜R›”}
|”R—–}
Fair value of plan assets as at the end of the year
654.55
™––R–•
Changes in the fair value of plan assets are as follows:
&RQVROLGDWHG6WDWHPHQWRI3UR¿WDQG/RVV
2013-14
Million
—˜R”›
|™˜R›”}
Consolidated Balance Sheet:
Net Asset / (Liability) recognised in the Consolidated Balance Sheet including experience adjustment impact
PARTICULARS
2014-15
2013-14
2012-13
2011-12
2010-11
Million
Million
Million
Million
Million
5&6&/79!-8&0'%&?/&%#&/&?7
˜”œRš–
™“–Rš™
™—™R”š
™›”Rš˜
852.80
obligation at the end of the year
Fair value of plan assets at the end of
—–šR›•
˜•šR™˜
™““Rœœ
™––R–•
654.55
the year
¨66&7{|*!#*-*7<}5&$0(/*=&%*/7)&
|›”Rœ”}
|š™R””}
|—˜R”›}
|—›R—–}
(198.25)
consolidated balance sheet
;3&5*&/$&¨%+867.&/70'
˜”R“–
—•R“—
œR–™
–“R“•
75.99
0#-*(!7*0/N|!*/}{066
;3&5*&/$&¨%+867.&/70'3-!/
•R–™
”Rš˜
“R–”
|–R›—}
(1.85)
!66&76N!*/{|066}
(PSOR\HH%HQH¿WV
2014-15
Million
48.72
(82.66)
)&5083a6(5!78*7<'8/%6!5&.!/!(&%#<7)&*'&/685!/$&05305!7*0/0'/%*!!/%7)&5&'05&7)&$0.306*7*0/
of the fund assets is not presently ascertained.
Principal actuarial assumptions for Gratuity:
PARTICULARS
!}*6$08/75!7&
#}8785&6!-!5<*/$5&!6&j
$};3&$7&%5!7&0'5&785/0/3-!/!66&76
2014-15
Rate (%)
2013-14
Rate (%)
8.00
6.00
9.15
›Rœ˜
™R““
œR“˜
j)&&67*.!7&60''8785&6!-!5<*/$5&!6&7!,&*/70!$$08/7*/@!7*0/S6&/*05*7<S350.07*0/!/%07)&55&-&9!/7'!$7056R
67*.!7&%!.08/70'$0/75*#87*0/*/7)&*..&%*!7&/&;7<&!5*6 98.72 Million ( ™›R“š*--*0/).
ANNUAL REPORT 2014-15 | 205
Demographic Assumptions for Gratuity:
#}
PARTICULARS
!}&7*5&.&/7¨(&|&!56}
#}057!-*7<!#-&
$}¨(&6
370–“&!56
50.–”70——&!56
¨#09&——&!56
2WKHU/RQJ7HUP(PSOR\HH%HQH¿WV 2014-15
2013-14
58
IALM (200608)
Withdrawal
Rate (%)
˜›
¨|•““™N
“›}
*7)%5!:!-
!7&|‚}
3.00
2.00
1.00
–R““
•R““
”R““
PARTICULARS
Actuarial Assumptions for Long term compensated absences:
2014-15
Rate (%)
2013-14
Rate (%)
8.00
6.00
›Rœ˜
™R““
!}*6$08/75!7&
#}8785&6!-!5<*/$5&!6&j
2014-15
Rate (%)
370–“&!56
50.–”70——&!56
¨#09&——&!56
3.00
2.00
1.00
–R““
•R““
”R““
Employees Phantom Stock Plan 2010
!} 85*/(7)&<&!5•“”“N””S7)&$0.3!/<)!%!//08/$&%!6)N6&77-&%.3-0<&&)!5&N#!6&%!<.&/7-!/|)!/70.
70$,-!/}'057)&&-*(*#-&&.3-0<&&60'7)&$0.3!/<R/%&57)&6$)&.&S”S•““S“““3)!/70.670$,8/*76)!9&#&&/
(5!/7&%0/”67¨35*-•“”“Sœ““S“““)!/70.670$,8/*76)!9&#&&/(5!/7&%0/”67¨35*-•“””!/%!/07)&5š˜S“““
/*76)!9&#&&/(5!/7&%0/”67¨35*-•“”•#<7)&#0!5%!330*/7&%$0..*77&&R¨--7)5&&037*0/6:*--#&9&67&%!63&5
the following schedule:
Percentage of Grant
Vesting Schedule
•˜‚
/”67!//*9&56!5<0'5&63&$7*9&(5!/7%!7&
•˜‚
/•/%!//*9&56!5<0'5&63&$7*9&(5!/7%!7&
•˜‚
/–5%!//*9&56!5<0'5&63&$7*9&(5!/7%!7&
•˜‚
/—7)!//*9&56!5<0'5&63&$7*9&(5!/7%!7&
8568!/7707)&!#09&6$)&.&S7)&&-*(*#-&&.3-0<&&6!5&&/7*7-&%70(&7$!6)$0.3&/6!7*0/830/&;&5$*6&0'7)&
phantom stock unit within seven years of the vesting date.
“”R“—R•“”•
–““S“““
˜˜•S˜““
š˜S“““
™“›Sš˜“
˜“R““
”™›R•˜
”•™Ršš
–R“œ
Million
˜“R““
”™›R•˜
”•˜Rš™
“R—œ
Million
œ““S“““
˜“R““
”˜œR–“
””™Rœ˜
•šR•—
Million
–—šS˜““
˜“R““
”˜œR–“
””šR•˜
—™R”•
Million
˜“R““
”˜œR–“
””›R”œ
˜R”œ
Million
–šRš—
Million
›R–”
Million
–•Ršœ
Million
˜—R•—
Million
™R˜“
Million
2014-15
927,500
561,250
366,250
2013-14
2012-13
”S—›™S•˜“
˜˜›Sš˜“
œ•šS˜““
•S“–“S“““
š˜S“““
™”›Sš˜“
”S—›™S•˜“
)&%&7!*-60'!5*!#-&686&%'05!*5!-8!7*0/!5&(*9&/*/7)&7!#-&#&-0:U
Grant date
April 1, 2010
Remeasurement date
Vest 1
Vest 2
Vest 3
Vest 4
March 31, 2015
April 1, 2011
April 1, 2012
April 1, 2013
April 1, 2014
Variables
70$,5*$&| }
0-!7*-*7<
Risk-Free Rate
)&037*0/6'50.&67”S&67•S&67– &67—)!9&#&&/$0.3-&7&-<
;&5$*6&5*$&| }
&;&5$*6&%!/%7)&5&'05&%0/a7)!9&70#&9!-8&%
*.&0!785*7<|/&!56}
Dividend yield
Fair Value per vest ( )
&67*/(‚
Option Fair Value ( )
Grant date
Remeasurement date
March 31, 2015
Variables
70$,5*$&| }
0-!7*-*7<
Risk-Free Rate
;&5$*6&5*$&| }
*.&0!785*7<|/&!56}
Dividend yield
Vest 1
April 1, 2012
April 1, 2011
Vest 2
Vest 3
April 1, 2013
April 1, 2014
Vest 4
April 1, 2015
”™›R•˜
—•R™š‚
šR›•‚
˜“R““
–R““
“R›™‚
”™›R•˜
—•R™š‚
šR›“‚
˜“R““
–R˜”
“R›™‚
Fair Value per vest ( )
127.40
126.14
&67*/(‚
˜“R““‚
Option Fair Value ( )
206 | APOLLO TYRES LTD
“”R“—R•“””
š˜S“““
Opening Phantom Stock Units
Number of Units issued during the year
8.#&50'/*76&67&%%85*/(7)&<&!5
Closing Phantom Stock units
2013-14
Rate (%)
58
˜›
IALM (2006-08) ¨|•““™N“›}
*7)%5!:!-
Withdrawal
!7&|‚}
Rate (%)
“”R“—R•“”• “”R“—R•“”“
•œ”S•˜“
PARTICULARS
Demographic Assumptions for Long term compensated absences:
!}&7*5&.&/7¨(&|&!56}
#}057!-*7<!#-&
$}¨(&6
“”R“—R•“””
As at March 31, 2014
Phantom Stock outstanding units summary sheet is as follows -
j)&&67*.!7&60''8785&6!-!5<*/$5&!6&7!,&*/70!$$08/7*/@!7*0/S6&/*05*7<S350.07*0/!/%07)&55&-&9!/7'!$7056R
PARTICULARS
As at March 31,2015
“”R“—R•“”“
Date of Grant
Phantom Stock Units
Outstanding
Phantom Stock Units
”S•““S“““
&;&5$*6&%
;&5$*6&5*$&0')!5&| }
!5,&75*$&0')!5&| }
!*5!-8&0')!5&| }
Amount charged to
Consolidated Statement of
50?7 066|/$-8%&%*/
07&N”–N.3-0<&&&/&?76;3&/6&}
*!#*-*7<!60/–”R“–R•“”˜
|/$-8%&%*/07&N—|5!%&
!<!#-&6}}
Long Term Compensated Absences
PARTICULARS
&7!*-60'7)&&;3&/6&5&$0(/*=&%%85*/(7)&<&!5!/%08767!/%*/(3)!/70.670$,8/*760'7)&0.3!/<8/%&57)&
)!/70.70$,-!/•“”“!5&!68/%&5U
)&37*0/6'50.&67” &67•
)!9&#&&/$0.3-&7&-<&;&5$*6&%!/%
7)&5&'05&%0/c7)!9&70#&9!-8&%
˜“R““‚
126.77
ANNUAL REPORT 2014-15 | 207
&«««««(XURSHDQ2SHUDWLRQV
Grant date
Remeasurement date
March 31, 2015
Variables
70$,5*$&| }
0-!7*-*7<
Risk-Free Rate
;&5$*6&5*$&| }
*.&0!785*7<|/&!56}
Dividend yield
Fair Value per vest ( )
&67*/(‚
Option Fair Value
Vest 1
April 1, 2013
April 1, 2012
Vest 2
Vest 3
April 1, 2014
April 1, 2015
Vest 4
April 1, 2016
”™›R•˜
—–R˜›‚
šR›–‚
˜“R““
•R˜“
“R›™‚
”™›R•˜
—•R˜•‚
šR›•‚
˜“R““
–R““
“R›™‚
”™›R•˜
—•R™š‚
šR›”‚
˜“R““
–R˜”
“R›™‚
”™›R•˜
—–R”œ‚
šR›“‚
˜“R““
—R˜”
“R›™‚
124.02
•˜R““‚
125.02
•˜R““‚
126.04
•˜R““‚
127.96
•˜R““‚
¨
30--0 <5&6 003&5!7*&' R¨R )!6 !6 !7 !5$) –”S •“”˜ 0/& %&?/&% #&/&?7 3-!/R )& 3&/6*0/ -*!#*-*7< !6
5&$05%&% */ 7)& $0/60-*%!7&% #!-!/$& 6)&&7 5&-!7&6 70 7)& %&?/&% #&/&?7 3-!/ 0' ¨30---0 5&%&67&*/ .#
!/%
7)& $0/75*#87*0/6 5&-!7&% 70 7)& %&?/&% $0/75*#87*0/ 3-!/ 0' ¨30--0 5&%&67&*/ */ 7)& RR &7)&5-!/%6R 05 7)&
%&?/&%#&/&?73-!/0'¨30--05&%&67&*/.#)!/!$78!5*!-$!-$8-!7*0/:!63&5'05.&%#<!/!$78!5<0'!$&57*?&%
!$78!5*!-?5.R
;75!$760'-!7&67#!-!/$&6)&&70'7)&'8/%6!5&!6'0--0:6U
PARTICULARS
Pension liabilities
&?/&%#&/&?73-!/
&?/&%$0/75*#87*0/3-!/
At end of the year
2014-15
Million
582.79
272.07
854.85
2013-14
Million
˜–›R–œ
—™”R“š
œœœR—™
125.76
3KDQWRP6WRFN6FKHPH3URIRUPD6WDWHPHQWRI&RQVROLGDWHG6WDWHPHQWRI3UR¿WDQG/RVVDQG(36 !%$0.3&/6!7*0/$067'057)&)!/70.70$,8/*76(5!/7&%8/%&57)&$)&.&#&&/%&7&5.*/&%#!6&%0/'!*59!-8&
!3350!$)S7)&0.3!/<a6/&7350?7!/%&!5/*/(63&56)!5&:08-%)!9&#&&/!63&57)&350'05.!!.08/76*/%*$!7&%
below:
PARTICULARS
,PSDFWRQ1HW3UR¿W Million)
&750?7|¨65&3057&%}
¨%%UN!6)#!6&%&.3-0<&&$0.3&/6!7*0/&;3&/6&*/$-8%&%*//&7350?7
&66UN!6)#!6&%$0.3&/6!7*0/&;3&/6&%&7&5.*/&%8/%&5'!*59!-8&#!6&%
.&7)0%|50'05.!}
&750?7|50'05.!}
Impact on Earnings per Share ( )
!6*$!5/*/(63&5)!5&0' ”!$)|¨65&3057&%}
!6*$!5/*/(63&5)!5&0' ”!$)|50'05.!}
Diluted
*-87&%!5/*/(63&5)!5&0' ”!$)|¨65&3057&%}
*-87&%!5/*/(63&5)!5&0' ”!$)|50'05.!}
2014-15
2013-14
9,776.09
3.58
49.02
”“S“˜“R˜›
š›R˜˜
š“R›”
9,730.65
”“S“˜›R–•
19.25
19.16
”œRœ—
”œRœ™
19.23
19.14
”œRœ”
”œRœ–
)&!*5!-8&0'37*0/686&%70$0.387&350'05.!/&7350?7!/%&!5/*/(63&548*7<)!5&)!9&#&&/&67*.!7&%
on the date of the grants using Black-Scholes model by an independent consultant.
B. South Africa Operations
PARTICULARS
Assumptions Apollo Vredestein GMBH
Active employee members
Number
Average age
Average future service
/@!7*0/
/%&;!7*0//0/N!$7*9&.&.#&56
Mortality table
/%*9*%8!-!-!5</$5&!6&|%&3&/%&/70/!(&}
Discount rate
2014-15
2013-14
–›§
«
—™R™
46.6
”˜R”§
«
”Rš˜‚
1.75%
”Rš˜‚
1.75%
Heubeck 2005G &8#&$,•““˜
–‚
3%
–R”“‚
3.10%
&RQVROLGDWHG6WDWHPHQWRI3UR¿WDQG/RVV
PARTICULARS
1HWHPSOR\HHEHQH¿WH[SHQVHVUHFRJQL]HGLQHPSOR\HHFRVW
Current service cost
/7&5&67$0670/#&/&?70#-*(!7*0/
;3&$7&%5&785/0/3-!/!66&76
&7!$78!5*!--0665&$0(/*=&%*/7)&<&!5
Administration Cost
&7#&/&?7&;3&/6&
2014-15
Million
2013-14
Million
12.34
15.44
148.33
176.11
”˜R““
”™Rœ—
”S˜–”R“˜
”S˜™•Rœœ
2014-15
Million
2013-14
Million
Apollo Durban (Pty) Ltd
Post-employment medical obligation
)& 5083c6 -*!#*-*7< */ 5&63&$7 0' 7)& 3067N&.3-0<.&/7 .&%*$!- 0#-*(!7*0/ )!6 #&&/ !$78!5*!--< 9!-8&% !7
129.20 Million| ”—”R“”*--*0/}!7!5$)–”S•“”˜R)&!$78!5*!-9!-8!7*0/3&5'05.&%)!6#&&/#!6&%0/7)&
following assumptions:
!
}!)&!-7)$!5&$067*/@!7*0/5!7&0'7.60 %3R!R|šR™“‚3R!}
#}!%*6$08/75!7&0'8.60 %3R!R|›R™“‚3R!}
PARTICULARS
Opening Balance
/7&5&67$0675&$0(/*=&%*/*/$0.&67!7&.&/7*/$855&/73&5*0%
&!-7)$!5&$067*/@!7*0/
&/&?7!<.&/76
¨$78!5*!--066|(!*/}5&$0(/*=&%*/$0/60-*%!7&%67!7&.&/70'350?7!/%-066*/
current period
*6$&--!/&086|*/$-8%*/(#!6*6!/%%!7!$)!/(&6}
Closing balance
2014-15
Million
2013-14
Million
141.01
8.47
(10.57)
”™˜R••
””Rš•
|”˜R•˜}
2.16
(11.87)
129.20
•R”œ
|••R›š}
”—”R“”
Sensitivity of healthcare cost
05&9&5<”{•‚675&/(7)&/*/({:&!,/&660'*/9&67.&/75&785/6S5&-!7*9&70.&%*$!-!*%*/@!7*0/S7)&-*!#*-*7<*6$!-$8lated to decrease/increase by 4.67/5.08 Million| ˜R”“{˜R™™*--*0/}'50.7)&5&3057&%-&9&-0' 129.20 Million
| ”—”R“”*--*0/}R*.*-!5-<'05&9&5<”‚*/$5&!6&{%&$5&!6&*/.&%*$!-!*%*/@!7*0/S5&-!7*9&70*/9&67.&/75&785/6S7)&
liability is calculated to increase/decrease by 8.82/8.30 Million| ”“Rš™{œR“™*--*0/}R
208 | APOLLO TYRES LTD
Consolidated Balance Sheet:
PARTICULARS
Reconciliation of present value of the obligation and the fair value of
plan assets
Present value of funded obligation at the end of the year
Fair value of plan assets at the end of the year
¨66&7{|*!#*-*7<}5&$0(/*=&%*/7)&$0/60-*%!7&%#!-!/$&6)&&7
;3&5*&/$&¨%+867.&/70'0#-*(!7*0/N|!*/}{066
;3&5*&/$&¨%+867.&/70'3-!/!66&76N!*/{|066}
(582.75)
(582.75)
-
|˜–›R–™}
˜–›R–™
-
2014-15
Million
538.36
15.44
12.34
(18.70)
148.33
(113.02)
582.75
2013-14
Million
–›–R”–
”™Rœ—
”˜R““
|”›R™”}
—œR—›
ϥRѥ
˜–›R–™
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGH¿QHGEHQH¿WREOLJDWLRQDUHDVIROORZV
PARTICULARS
Present value of obligations as at the beginning of the year
Interest cost
Current service cost
Contribution by employees
&/&?763!*%
¨$78!5*!-|(!*/}{-0660/0#-*(!7*0/
Settlement of the obligation
Present value of obligations as at the end of the year
ANNUAL REPORT 2014-15 | 209
13(a) The components of Deferred Tax Liabilities (Net) are as follows:
2014-15
Million
2013-14
Million
Deferred Tax Liabilities on timing differences arising on:
Depreciation
Others
5,215.10
325.11
˜S“œ”R••
—›–R›”
Sub Total (A)
5,540.21
˜S˜š˜R“–
Deferred Tax Assets on timing differences arising on:
!<.&/78/%&50-8/7!5<&7*5&.&/7$)&.&
509*6*0/'055!78*7<!/%&!9&/$!6).&/7
Provision for Doubtful Debts / Advances
Other Provisions
Assessed loss
Others
2.60
113.87
15.56
199.23
–Rš˜
œ•Rš—
”˜R•œ
œ˜R—˜
“Rœ”
›R—š
Sub Total (B)
331.26
•”™R™”
5,208.95
˜S–˜›R—•
2014-15
Million
2013-14
Million
Deferred Tax Assets on timing differences arising on:
Assessed loss
Others
217.05
252.53
”šR—™
œœR˜—
Sub Total (A)
469.58
””šR““
PARTICULARS
Net Deferred Tax Liabilities (A-B)
The components of Deferred Tax Assets (Net) are as follows:
PARTICULARS
14 $} 509*6*0/ '05 $0/6758$7*9& -*!#*-*7< !5*6*/( 0/ !$$08/7 0' -&!6& $0/75!$76 :)*$) !5& 3!<#-& 09&5 7)& 3&5*0%
of 7 years are as follows.
Million
15
Opening Balance as at
01.04.2014
Additional provision
made during the year
Incurred against provision
during the year
Closing Balance
as at 31.03.2015
82.99
36.36
18.04
101.31
Expenditure towards Corporate Social Responsibility (CSR) Activities:
Million
Nature of Activities
Implementing Agency/ Partner
50.07*/(5&9&/7*9&
&!-7)
¨30--0<5&608/%!7*0/
/685*/(&/9*50/.&/7!-6867!*/!#*-*7<
¨30--0<5&608/%!7*0/
*9&-*)00%&/)!/$&.&/7350+&$76
¨30--0<5&608/%!7*0/
85!-&9&-03.&/7350+&$76
¨30--0<5&608/%!7*0/
50.07*/(%8$!7*0/
¨30--0<5&608/%!7*0/
50.07*/(5&9&/7*9&
&!-7)
&86)!5*7!#-&08/%!7*0/
50.07*/(%8$!7*0/
&86)!5*7!#-&08/%!7*0/
5!%*$!7*0/)8/(&5S309&57< .!-/875*7*0/
&86)!5*7!#-&08/%!7*0/
0/75*#87*0/70053860'!75867$5&!7&%&;$-86*9&-<'058/%&57!,*/(!$7*9*7*&6
¨%%U¨%.*/*675!7*9&067M˜‚
Total
¨.08/75&48*5&%70#&63&/78{6”–˜0'7)&0.3!/*&6¨$7S•“”–
Deferred Tax Liabilities on timing differences arising on:
!/(*#-&*;&%¨66&76
Others
144.94
27.69
-
Sub Total (B)
172.63
-
Net Deferred Tax Assets (A-B)
296.95
””šR““
13(b) )&3509*6*0/'057!;'057)&<&!5)!6#&&/%&7&5.*/&%#!6&%0/7)&3509*6*0/60'07)&57)!/””˜0'7)&/$0.&
!;¨$7S”œ™”R05%&7&5.*/*/(7)&6!*%3509*6*0/S7)&0.3!/<)!6$0/6*%&5&%%&%8$7*0/8/%&56&$7*0/–˜|•¨}
*/5&63&$70'7)&&;3&/%*785&*/$855&%'05*76 !$7*9*7*&6*/7)& &/75&!7)&//!*S!-7)08()7)&0.3!/<a6
!33-*$!7*0/'057)&!33509!-0'7)*6$&/7&5*63&/%*/(#&'05&S!67)&0.3!/<*6$0/?%&/70'0#7!*/*/(7)&!33509!-#&'05&?-*/(7)&5&785/0'*/$0.&'057)&?/!/$*!-<&!5•“”—N”˜R
14 !}509*6*0/'05!-&6&-!7&%#-*(!7*0/5&35&6&/76&67*.!7&6'053!<.&/7670#&.!%&*/'8785&R!+053057*0/
0' 7)&6& $0676 *6 &67*.!7&% 70 #& 3!*% */ 7)& /&;7 ?/!/$*!- <&!5 !/% :*-- #& 3!*% :*7)*/
!.!;*.8.0'–<&!56'50.7)&#!-!/$&6)&&7%!7&R
Million
Opening Balance as at
01.04.2014
Additional provision
made during the year
Incurred against provision
during the year
Closing Balance
as at 31.03.2015
2,017.35
4,065.47
3,923.80
2,159.01
Shortfall in spend
Amount
–“Rœ™
šRš—
–R–”
–R›˜
”R››
–R““
–R•”
“R“š
“R”“
54.12
•Rš“
56.82
84.74
27.92
16 !}0--0:*/(!5&7)&'05:!5%&;$)!/(&$0/75!$76~#&*/(%&5*9!7*9&*/6758.&/76S:)*$)!5&/07*/7&/%&%'0575!%*/(
0563&$8-!7*9&385306&6#87'05)&%(&385306&670&67!#-*6)7)&!.08/70'5&3057*/($855&/$<5&48*5&%05!9!*-!#-&
!77)&6&77-&.&/7%!7&0'$&57!*/3!<!#-&6!/%5&$&*9!#-&6R)&'0--0:*/('05:!5%&;$)!/(&$0/75!$76&/7&5&%*/70
#<7)&5083!5&08767!/%*/(!60/!5$)–”S•“”˜U
Million
2014-15
Currency
United States Dollar
SUBSIDIARIES
United States Dollar
Great British Sterling
Swedish Krona
Swiss Francs
Norwegian Kroner
0-*6)-07<$)
8/(!5*!/05*/7
Buy/Sell
Cross Currency
USD
Amount
š—R““
™R““
Buy
Sell
INR
INR
USD
GBP
NOK
”šRœ—
•R™“
••R”š
•R•–
šR•“
™Rœ›
”˜šR––
Buy
Buy
Buy
Buy
Buy
Buy
Buy
850
850
850
850
850
850
850
14 #} )& 0.3!/< $!55*&6 ! (&/&5!- 3509*6*0/ '05 $0/7*/(&/$*&6 70:!5%6 9!5*086 $-!*.6 !(!*/67 7)& 0.3!/< /07
recognised as debt.
Million
Opening Balance as at
01.04.2014
Additional provision
made during the year
Incurred against provision
during the year
Closing Balance
as at 31.03.2015
425.00
-
-
425.00
210 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 211
2013-14
Million
Currency
Amount
United States Dollar
SUBSIDIARIES
United States Dollar
United States Dollar
Great British Sterling
Swedish Krona
Swiss Francs
Norwegian Kroner
0-*6)-07<$)
8/(!5*!/05*/7
Buy/Sell
Cross Currency
USD
–”Rš—
“R”•
Buy
Buy
INR
INR
USD
USD
GBP
NOK
“Rœ˜
””Rœ—
˜Rœ”
——R–—
—R—™
”—R–œ
”–Rœ™
–”—R™™
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Buy
¨
850
850
850
850
850
850
850
c. Segmental assets includes all operating assets used by respective segment and consists principally of operating
$!6)S %&#7056S */9&/705*&6 !/% ?;&% !66&76 /&7 0' !--0:!/$&6 !/% 3509*6*0/6R &(.&/7!- -*!#*-*7*&6 */$-8%& !--
operating liabilities and consist primarily of creditors and accrued liabilities. Segment assets and liabilities do not
*/$-8%&*/$0.&7!;!66&76!/%-*!#*-*7*&6R Million
Particulars
#}0R0'855&/$<6:!36|07)&57)!/'05:!5%&;$)!/(&$0/75!$7667!7&%!#09&}70)&%(&!(!*/67@8$78!7*0/6*/
$)!/(&6*/&;$)!/(&5!7&!5&18|”›}R
$})&<&!5N&/%'05&*(/$855&/$<&;30685&67)!7)!9&/07#&&/)&%(&%#<!%&5*9!7*9&*/6758.&/70507)&5:*6&!5&
given below:
Million
As at March 31, 2015
As at March 31, 2014
Receivable/
(Payable)
INR
E««««%XVLQHVV6HJPHQWV
)& 0.3!/< )!6 $0/6*%&5&% #86*/&66 6&(.&/7 !6 7)& 6&$0/%!5< 6&(.&/7 '05 %*6$-0685&R )& 0.3!/<c6
03&5!7*0/6 $0.35*6& 0' 0/-< 0/& 6&(.&/7 N <5&6S 8#&6 -!36 !/% 7)&5&'05&S 7)&5& !5& /0 07)&5 #86*/&66
6&(.&/7670#&5&3057&%!65&48*5&%8/%&5!$$08/7*/(67!/%!5%|¨N”š}N^&(.&/7&3057*/(_R Receivable/
(Payable)
FC
India
South Africa
Europe
Others
Other Corp
Eliminations
Total
2014-15
2013-14
2014-15
2013-14
2014-15
2013-14
2014-15
2013-14
2014-15
2013-14
2014-15
2013-14
1. REVENUE
07!-&9&/8&
Inter segment Revenue
89,753.63
(6,067.19)
›šSœ“œR˜›
|˜S—“šRœ™}
4,727.42
-
”•Sš”—R›“
|›R“–}
36,376.54
(1,018.41)
–šS–•˜R——
|››œR““}
5,156.43
(554.82)
–S˜—•R™˜
|œ“R–•}
808.94
(792.07)
™™R™”
|™˜R˜”}
(8,432.49)
8,432.49
|™S—™“R›•}
™S—™“R›•
External Revenue
83,686.44
›•S˜“”R™•
4,727.42
”•Sš“™Ršš
35,358.13
–™S—–™R——
4,601.61
–S—˜•R––
16.87
”R”“
-
2. RESULT
Segment result
/7&5&67&;3&/6&
/$0.&!;&6
;$&37*0/!-*7&.
11,062.30
(1,720.88)
(2,890.61)
-
œS–“”R“•
|•S——™R”“}
|”Sš”›R•™}
|š”“R—š}
(148.16)
(10.03)
357.68
(824.90)
™››R•š
|•–•R–•}
|”˜“Rš”}
”S›˜›R——
4,973.37
(88.95)
943.93
-
˜S˜”—R—“
|”˜”R“œ}
|–››R”˜}
|”S™”˜R›–}
(46.13)
(10.25)
(38.19)
-
ššR™™
|”•R›˜}
|”“R™›}
-
786.09
(0.47)
(17.13)
-
˜”R”™
|””R˜›}
-
6,450.81
—S—•™R”œ
(625.41)
•S”™–R™›
3,940.49
–S–˜œR––
(94.57)
˜–Rœ–
768.49
61,214.06
24,080.03
2,435.22
2,467.80
™“S™™œR››
•œS™“—R•˜
•S•šœR˜œ
•S—›“R—™
2,413.44
895.34
45.79
126.29
–Sœ—œR––
”S•–”Rš—
”“›R—˜
–›œR›˜
27,573.57
6,220.45
3,779.02
1,253.03
•šSœ™œR•–
šSšœ•R—œ
–S–œ—R“•
”S•””R”™
2,998.69
738.68
106.09
32.68
•S›”˜R”š
”S˜›”R—”
—•R™™
•—R”“
146.02
—•›R–•
28.83
|•”Rœœ}
11.43
•—R—›
7.52
˜Rš–
1HWSUR¿W
3. OTHER INFORMATION
Segment assets
Segment liabilities
!3*7!-;3&/%*785&
Depreciation
7)&5*(/*?$!/70/!6)
;3&/6&6
2014-15
2013-14
128,390.47
-
”–˜S“œ›R•™
-
-
128,390.47
”–˜S“œ›R•™
(666.40)
2.68
-
|šR—–}
—R—•
-
15,961.07
(1,827.90)
(3,532.18)
(824.90)
”˜S™•˜R“›
|•S›–šRœ—}
|•S•™›Rš“}
|—™šR›™}
–œR˜›
(663.72)
|–R“”}
9,776.09
”“S“˜“R˜›
9,298.15
6,065.02
14.09
3.08
›Sœ”•Rœ–
™S““”R——
””R—”
•Rœ˜
(17,347.07)
(2,271.65)
-
|”–S›™“Rš“}
|”S˜“”Rš•}
-
86,150.84
35,727.87
6,380.21
3,882.88
œ“S—˜˜R›—
——Sš“œR™”
˜S›–™R”–
—S”“›R˜”
(14.09)
™R”™
-
-
179.71
——•Rš“
Receivable/
(Payable)
INR
Receivable/
(Payable)
FC
¨*5)!.
(57.01)
(3.31)
Swiss Franc
142.95
2.20
–““Rš›
—R—™
261.02
3.67
š˜R˜›
“Rœ˜
Particulars
2014-15
2013-14
Companies in which Directors
are interested
¨30--0/7&5/!7*0/!-7%|¨}
¨30--0/7&5/!7*0/!-5!%*/(S*%%-&!67
/$053&59*$&67%
09*&=/%*!7%
!/%.!5,!5.6 086*/(|}7%
8/-*'&5!%&-*/,6|}7%
5!9&-5!$,67%
&630,&0856 5!9&-67%
86,!--&<&$)/0-0(*&67%
-!66*$¨8708#&67%
/7&535*6&67%|}
Apollo Finance Ltd
Artemis Medicare Services Ltd
¨57&.*6
&!-7)$*&/$&67%
Regent Properties
Swaranganga Consultants Pvt Ltd
<67&.605305!7*0/SRR
!$5&%
&!57/9&67.&/70R977%
Milers Global Pvt Ltd
¨.!5$)!/% !/(!-%!6 85&6)¨)50'' 0R
!(!5 ¨660$*!7&6
Apollo Fiege Integrated Logistics Pvt Ltd
¨30--0/7&5/!7*0/!-7%|¨}
¨30--0/7&5/!7*0/!-5!%*/(S*%%-&!67
/$053&59*$&67%
09*&=/%*!7%
!/%.!5,!5.6 086*/(|}7%
8/-*'&5!%&-*/,6|}7%
5!9&-5!$,67%
&630,&0856 5!9&-67%
86,!--&<&$)/0-0(*&67%
-!66*$¨8708#&67%
/7&535*6&67%|}
Apollo Finance Ltd
Artemis Medicare Services Ltd
¨57&.*6
&!-7)$*&/$&67%
Regent Properties
Swaranganga Consultants Pvt Ltd
<67&.605305!7*0/SRR
!$5&%
&!57/9&67.&/70R977%
Milers Global Pvt Ltd
¨.!5$)!/% !/(!-%!6 85&6)¨)50'' 0R
!(!5 ¨660$*!7&6
Apollo Fiege Integrated Logistics Pvt Ltd
Associates
5&6685*7&|7<}7%
!7*0/!-<5&&59*$&67%
5&6685*7&|7<}7%
!7*0/!-<5&&59*$&67%
Key Management Personnel
Mr Onkar S Kanwar
5&&5!+!/:!5
Mr U S Oberoi
Mr Sunam Sarkar
Mr Onkar S Kanwar
5&&5!+!/:!5
Mr U S Oberoi
Mr Sunam Sarkar
Relatives of Key Managerial
Personnel
5!!+!!/:!5
5!!+!!/:!5
Currency
British Pound
“R–•
“R“•
116.05
1.27
˜–™R”›
˜R—–
(0.04)
(7.25)
“R“”
”Rš˜
!3!/&6&&/
0.05
0.09
|“R“”}
|“R“–}
Malaysian Ringgit
0.17
0.01
“R”š
“R“”
Philippine Peso
0.23
0.21
“R•–
“R•”
Singapore Dollar
0.23
0.01
“R•–
“R“”
)!*!)7
(0.20)
(0.11)
|“R”š}
|“R“œ}
US Dollar
1,925.05
30.60
|—”™R››}
|šR““}
8.25
1.55
”•R›“
•R”›
Norway Crown
56.28
7.20
”—–R˜“
”—R–œ
Swedish Crown
161.16
22.17
—“›R—š
——R–—
Polish Sloty
115.59
6.98
•šœRš•
”–Rœ™
35.59
157.33
›–Rœ›
–”—R™™
Indonesian Rupiah
South African Rand
8/(!5*!/05*/7
17
Segmental Reporting
a. Geographical Segments
)& 0.3!/< )!6 $0/6*%&5&% (&0(5!3)*$ 6&(.&/76 !6 7)& 35*.!5< 6&(.&/76 '05 %*6$-0685&R )& &0(5!3)*$
&(.&/76!5&/%*!S087)¨'5*$!S8503&0/7)&#!6*60'5(!/*6!7*0/758$785&!/%3&5!7*/(0$!7*0/6R/%*!/
6&(.&/7*/$-8%&6.!/8'!$785*/(!/%6!-&603&5!7*0/67)508()/%*!S087)¨'5*$!!/%8503&6&(.&/76*/$-8%&
.!/8'!$785*/(!/%6!-&603&5!7*0/67)508()087)¨'5*$!!/%8503&!-0/(:*7)*7668#6*%*!5*&6-0$!7&%*/087)
¨'5*$!!/%8503&5&63&$7*9&-<R 212 | APOLLO TYRES LTD
18 *6$-0685& 0' &-!7&% !57< 5!/6!$7*0/6 */ !$$05%!/$& :*7) 7)& .!/%!705< ¨$$08/7*/( 7!/%!5%6 ¨N”›
^&-!7&%!57<*6$-0685&6_U
Name of the Related Parties
1RWH5HODWHG3DUWLHVDQGWKHLUUHODWLRQVKLSVDUHDVLGHQWL¿HGE\WKHPDQDJHPHQWDQGUHOLHGXSRQE\WKH$XGLWRUV
ANNUAL REPORT 2014-15 | 213
Transactions with Related Parties:
Million
FY 2014-15
Particulars
Description of Transactions:
Sales:
¨30--0/7-R5!%*/(S8#!*
Apollo International Ltd
Sales: Raw Materials
-!66*$¨8708#&67%
Cross Charge of Management & Other
Expenses Received:
/7&535*6&67%
-!66*$¨8708#&67%
Artemis Medicare Services Ltd
Rent Received:
/7&535*6&67%
&630,&0856 5!9&-67%
-!66*$¨8708#&67%
Reimbursement of Expenses Received:
-!66*$¨8708#&67%
/7&535*6&67%
Apollo International Ltd
Freight & Insurance recovered:
Apollo International Ltd
Purchases:
-!66*$¨8708#&67%
Clearing Charges Paid:
Apollo Fiege Integrated Logistics Pvt Ltd
Warehouse Management Charges Paid:
Apollo Fiege Integrated Logistics Pvt Ltd
Legal and Professional Charges Paid:
¨.!5$)!/% !/(!-%!6 85&6)¨)50'' 0R
!(!5 ¨660$*!7&6
Reimbursement of Expenses paid:
/7&535*6&67%
-!66*$¨8708#&67%
Payment for Services Received:
Artemis Medicare Services Ltd
-!66*$¨8708#&67%
Lease Rent Paid:
/7&535*6&67%
214 | APOLLO TYRES LTD
Companies in which
Directors are interested
Key Management
Personnel
Total
”S“–—R–™
——™Rœ›
1,481.34
”S“–—R–™
——™Rœ›
1,481.34
˜R”›
˜R”›
—R—˜
”Rš›
“R™“
6.83
—R—˜
”Rš›
“R™“
6.83
“R”•
”R•–
“R””
1.46
“R”•
”R•–
“R””
1.46
›R•–
•Rœ›
–R•–
14.44
›R•–
•Rœ›
–R•–
14.44
“R“•
“R“•
˜—›Rœ—
˜—›Rœ—
–œRœ—
–œRœ—
˜–R”™
˜–R”™
œR˜“
™Rš“
16.20
œR˜“
™Rš“
16.20
——˜R“š
••™R“—
671.11
——˜R“š
••™R“—
671.11
””R—™
“R—•
11.88
””R—™
“R—•
11.88
—““R““
—““R““
Rent Paid:
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
-!66*$¨8708#&67%
Milers Global Pvt Ltd
Conversion Charges Paid:
-!66*$¨8708#&67%
Mixing Charges Paid:
-!66*$¨8708#&67%
Travelling Expenses Paid:
&630,&0856 5!9&-67%
Conference Expenses:
&630,&0856 5!9&-67%
Commision received:
Apollo Finance Ltd
Managerial Remuneration:
Mr Onkar S Kanwar
5&&5!+!/:!5
Mr U S Oberoi
Mr Sunam Sarkar
Amount Outstanding
Trade Payable:
&630,&0856 5!9&-67%
-!66*$¨8708#&67%
Artemis Medicare Services Ltd
¨.!5$)!/% !/(!-%!6 85&6)¨
)50'' 0R
Other Current Liabilities:
-!66*$¨8708#&67%
Long Term Loans & Advances:
/7&535*6&67%
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
Milers Global Pvt Ltd
-!66*$¨8708#&67%
Trade Receivable:
-!66*$¨8708#&67%
Apollo International Ltd
Short Term Loans & Advances:
/7&535*6&67%
5!9&-5!$,67%
-!66*$¨8708#&67%
Apollo Fiege Integrated Logistics Pvt Ltd
Apollo Finance Ltd
•–R—–
•—R““
•”R™“
“R”•
–R““
72.15
•–R—–
•—R““
•”R™“
“R”•
–R““
72.15
œ™›R•“
œ™›R•“
•—šR˜™
•—šR˜™
–”šR˜›
–”šR˜›
••“R˜˜
••“R˜˜
“Rš™
“Rš™
—”šR”“
•š–R““
šR“”
—”R›•
738.93
—”šR”“
•š–R““
šR“”
—”R›•
738.93
™R“›
•˜R–›
“R”˜
™R“›
•˜R–›
“R”˜
“R“™
31.67
“R“™
31.67
—–R”˜
43.15
—–R”˜
43.15
—““R““
˜R›™
™R““
˜R—“
“Rš˜
šœR™“
497.61
—““R““
˜R›™
™R““
˜R—“
“Rš˜
šœR™“
497.61
7.89
”“˜R™“
113.49
7.89
”“˜R™“
113.49
–”R›—
“R“”
”“R”“
“R—œ
–R•—
45.68
–”R›—
“R“”
”“R”“
“R—œ
–R•—
45.68
ANNUAL REPORT 2014-15 | 215
Transactions with Related Parties:
Million
FY 2013-14
Particulars
Description of Transactions:
Sales:
¨30--0/7-R5!%*/(S8#!*
Sales: Raw Materials
-!66*$¨8708#&67%
Cross Charge of Management & Other
Expenses Received:
/7&535*6&67%
-!66*$¨8708#&67%
Artemis Medicare Services Ltd
Rent Received:
/7&535*6&67%
&630,&0856 5!9&-67%
-!66*$¨8708#&67%
Reimbursement of Expenses Received:
-!66*$¨8708#&67%
Purchases:
/7&535*6&67%
-!66*$¨8708#&67%
Clearing Charges Paid:
Apollo Fiege Integrated Logistics Pvt Ltd
Warehouse Management Charges Paid:
Apollo Fiege Integrated Logistics Pvt Ltd
Legal and Professional Charges Paid:
¨.!5$)!/% !/(!-%!6 85&6)¨)50'' 0R
!(!5 ¨660$*!7&6
Reimbursement of Expenses paid:
/7&535*6&67%
-!66*$¨8708#&67%
Payment for Services Received:
Artemis Medicare Services Ltd
Lease Rent Paid:
/7&535*6&67%
Rent Paid:
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
-!66*$¨8708#&67%
Milers Global Pvt Ltd
Conversion Charges Paid:
-!66*$¨8708#&67%
Mixing Charges Paid:
-!66*$¨8708#&67%
216 | APOLLO TYRES LTD
Companies in which
Directors are interested
Key Management
Personnel
Total
”S–””R—š
”S–””R—š
–”R—›
–”R—›
–R–›
”Rš›
“R™“
5.76
–R–›
”Rš›
“R™“
5.76
“R”•
”R•–
“R””
1.46
“R”•
”R•–
“R””
1.46
•™Rš–
•™Rš–
“R“™
–“šR˜–
307.59
“R“™
–“šR˜–
307.59
›”R–›
›”R–›
•šR”“
•šR”“
—R˜›
•“R•˜
24.83
—R˜›
•“R•˜
24.83
—•“Rš–
”—™Rš•
567.45
—•“Rš–
”—™Rš•
567.45
”“R˜•
”“R˜•
—““R““
—““R““
•–R—–
•—R““
•”R™“
“R”•
–R““
72.15
•–R—–
•—R““
•”R™“
“R”•
–R““
72.15
”S“”šR™”
”S“”šR™”
–”›R—”
–”›R—”
Travelling Expenses Paid:
5!9&-5!$,67%
&630,&0856 5!9&-67%
Conference Expenses:
&630,&0856 5!9&-67%
Security Deposits Given:
Milers Global Pvt Ltd
Refund of Security Deposits:
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
”R–—
•”šRš•
219.06
”R–—
•”šRš•
219.06
•“•R™“
•“•R™“
“Rš˜
“Rš˜
™—R—–
™™R““
˜œR—“
189.83
™—R—–
™™R““
˜œR—“
189.83
Managerial Remuneration:
Mr Onkar S Kanwar
5&&5!+!/:!5
Mr U S Oberoi
Mr Sunam Sarkar
Amount Outstanding
Trade Payable:
5!9&-5!$,67%
-!66*$¨8708#&67%
Apollo Fiege Integrated Logistics Pvt Ltd
Other Current Liabilities:
Apollo International Ltd
-!66*$¨8708#&67%
Long Term Loans & Advances:
/7&535*6&67%
8/-*'&5!%&-*/,6
!/%!5,!5.6 086*/(
Regent Properties
Milers Global Pvt Ltd
-!66*$¨8708#&67%
Trade Receivable:
-!66*$¨8708#&67%
Apollo International Ltd
¨30--0/7-R5!%*/(S8#!*
Short Term Loans & Advances:
/7&535*6&67%
&630,&0856 5!9&-67%
-!66*$¨8708#&67%
Artemis Medicare Services Ltd
–“—R“›
”—•R”•
”“R––
–›R—˜
494.98
–“—R“›
”—•R”•
”“R––
–›R—˜
494.98
|“R“”}
••R•š
œR–œ
31.65
|“R“”}
••R•š
œR–œ
31.65
“R””
—R–š
4.48
“R””
—R–š
4.48
—““R““
˜R›™
™R““
˜R—“
“Rš˜
”•–R›œ
541.90
—““R““
˜R›™
™R““
˜R—“
“Rš˜
”•–R›œ
541.90
•R—”
“R“”
”˜˜R™•
158.04
•R—”
“R“”
”˜˜R™•
158.04
—–R•—
––R›–
•Rœš
“R˜œ
80.63
—–R•—
––R›–
•Rœš
“R˜œ
80.63
ANNUAL REPORT 2014-15 | 217
19
Operating Lease
20 Finance Lease - Deferred Payment Credit
A. Indian Operations
)& 0.3!/< )!6 &/7&5&% */70 ?/!/$& -&!6& !55!/(&.&/76 '05 $&57!*/ ¨66&76R )&6$)&%8-& 0' '8785& .*/*.8.
lease payments in respect of non-cancellable Finance leases is set out below:
)&0.3!/<)!6!$48*5&%!66&768/%&57)&03&5!7*/(-&!6&!(5&&.&/767)!7!5&5&/&:!#-&0/!3&5*0%*$#!6*6!7
7)&037*0/0'#07)7)&-&6605!/%-&66&&R&/7!-&;3&/6&68/%&57)06&-&!6&6:&5& 400 Million| —““*--*0/}
)&6$)&%8-&0''8785&.*/*.8.-&!6&3!<.&/76*/5&63&$70'/0/N$!/$&--!#-&03&5!7*/(-&!6&6*66&7087#&-0:U
2014-15
2013-14
PARTICULARS
Million
Million
*7)*//&<&!50'7)&!-!/$&)&&7%!7&
Due in a period between One year and Five years
Due after Five years
400.00
2,000.00
400.00
Million
—““R““
•S“““R““
›““R““
*7)*//&<&!50'7)&!-!/$&)&&7%!7&
Due in a period between One year and Five years
8&!'7&5*9&&!56
Total
Less: Future Finance Charges
Present Value of Minimum Lease Payment
Apollo Durban (Pty) Ltd
)&6$)&%8-&0''8785&.*/*.8.-&!6&3!<.&/76*/5&63&$70'/0/N$!/$&--!#-&03&5!7*/(-&!6&6*66&7087#&-0:U
2014-15
2013-14
PARTICULARS
Million
Million
*7)*/0/&<&!50'7)&!-!/$&)&&7%!7&
Due in a period between One year and Five years
Due after Five years
Payments
2014-15
2013-14
2014-15
2013-14
68.31
101.75
45.21
215.27
(43.51)
171.76
™›R››
”˜™R˜•
˜•R™˜
•š›R“˜
|˜›R””}
•”œRœ—
56.12
79.67
35.97
171.76
-
˜•R˜”
”•šR“”
—“R—•
•”œRœ—
-
PARTICULARS
2014-15
a) Basic & Diluted (Before Exceptional Items)
50?7!775*#87!#-&707)&&48*7<6)!5&)0-%&5686&%!6/8.&5!705
| *--*0/}N|¨}
)&:&*()7&%!9&5!(&/8.#&50'&48*7<6)!5&608767!/%*/(%85*/(7)&
<&!586&%!6%&/0.*/!70505!6*$N|}
¨%%U''&$70'!55!/76:)*$)!5&%*-87*9&
)&:&*()7&%!9&5!(&/8.#&50'&48*7<6)!5&608767!/%*/(%85*/(7)&
<&!586&%!6%&/0.*/!705'05*-87&%N|}
-
C. European Operations
Basic Earnings Per Share ( ) – (A) / (B) (Face Value of
)&6$)&%8-&0''8785&.*/*.8.-&!6&3!<.&/76*/5&63&$70'/0/N$!/$&--!#-&03&5!7*/(-&!6&6*66&7087#&-0:U
2014-15
2013-14
PARTICULARS
Million
Million
Diluted Earnings Per Share ( ) – (A) / (C) (Face Value of
*7)*/0/&<&!50'7)&!-!/$&)&&7!7&
8&*/!3&5*0%#&7:&&/0/&<&!5!/%?9&<&!56
8&!'7&5?9&<&!56
1.59
0.10
1.69
Payments
21 !5/*/(6 &5 )!5& |} O )& /8.&5!705 !/% %&/0.*/!705 86&% 70 $!-$8-!7& !6*$ !/% *-87&% !5/*/(6 &5
Share:
•R–”
-
)& -&!6& &6$!-!7*0/ -*!#*-*7< 5&-!7&6 70 5&/7!- !/% -&!6& $0/75!$76 :*7) ?;&% &6$!-!7*0/ $-!86&R &/7!- 3!<!#-&6
8/%&57)&$0/75!$76!5&$)!5(&%700/60-*%!7&%7!7&.&/70'50?7 0660/!675!*()7N-*/&#!6*609&57)&7&5.0'
the relevant lease.
2014-15
2013-14
PARTICULARS
Million
Million
Long term
)0577&5.|%8&:*7)*/!<&!5}
07!--&!6&&6$!-!7*0/
23.91
32.75
-
Present Value of Lease
PARTICULARS
B. South African Operations
Total Minimum Lease
375.05
795.57
19.53
—˜™Rš”
”S•–—R›˜
•›R˜›
2013-14
9,776.09
”“S“˜“R˜›
507,942,578
441,058.00
˜“—S“•—Sšš“
™—œS”“•R““
508,383,636
˜“—S™š–S›š•
19.25
”œRœ—
19.23
”œRœ”
1 each)
1 each)
22 5&9*086<&!5a6?(85&6)!9&#&&/5&(5083&%{5&$-!66*?&%:)&5&9&5/&$&66!5<70$055&630/%:*7)7)&$855&/7<&!5a6
$-!66*?$!7*0/{%*6$-0685&R
)&0.3!/<)!603&5!7*0/!--&!6&$0/75!$76'05$!56!/%)!5%:!5&R&/7!-0#-*(!7*0/65&-!7&709!5*086:!5&)086&6!/%0'?$&#8*-%*/(6:*7)$0/75!$768370”“<&!56R)&5&/7!-!55!/(&.&/76*/$-8%&!%+867.&/76%&3&/%*/(
830/#&/$).!5,*/@!7*0/*/%*$&6R
D. Others
)&6$)&%8-&0''8785&.*/*.8.-&!6&3!<.&/76*/5&63&$70'/0/N$!/$&--!#-&03&5!7*/(-&!6&6*66&7087#&-0:U
2014-15
2013-14
PARTICULARS
Million
Million
*7)*/0/&<&!50'7)&!-!/$&)&&7!7&
8&*/!3&5*0%#&7:&&/0/&<&!5!/%?9&<&!56
8&!'7&5?9&<&!56
26.54
47.08
-
-
)&$0.3!/<)!603&5!7*0/!--&!6&$0/75!$76'050'?$&63!$&R&/7!-0#-*(!7*0/65&-!7&709!5*086:!5&)086&6!/%
0'?$&#8*-%*/(6:*7)$0/75!$768370–<&!56R
85(!0/
!<”•S•“”˜
218 | APOLLO TYRES LTD
¨¨¨
)!*5.!/ Managing Director
¨¨¨
*$&)!*5.!/ Managing Director
¨¨¨
*5&$705
¨¨¨
)*&'*/!/$*!-'?$&5
¨
¨¨
0.3!/<&$5&7!5<
ANNUAL REPORT 2014-15 | 219
220 | APOLLO TYRES LTD
ANNUAL REPORT 2014-15 | 221
*/-0RR
5&%&67&*/!5,&7*/(RR
–—
–˜
j7*6!/0/N03&5!7*/(&/7*7<R
5&%&67&*/0/68-7*/(RR
RR5&%&6&7*/RR5-j
–“
––
¨30--05&%&67&*/'7
•œ
5&%&67&*/05(&¨RR
¨30--05&%&67&*/*5&6/$R
•›
–•
¨30--05&%&67&*/#&5*$!¨
•š
¨30--05&%&67&*/30/<
0-6,!3R0R0R
¨30--05&%&67&*/5-
•™
–”
¨30--05&%&67&*/$):&*=
AG
•˜
Name of the Subsidiary
S.No
¨30--05&%&67&*/
&6&--6$)!'7.R#R
R
¨30--0<5&65039&67|}
Pvt Ltd
”™
•—
¨30--0<5&6|}977%
”˜
¨30--05&%&67&*/&-8;
¨30--0<5&6RR|¨}
”—
•–
¨30--0<5&6-0#!- RR
”–
¨30--05&%&67&*/¨
¨30--0<5&6|5!6*-}7%!
”•
••
¨30--0<5&6|)!*-!/%}
Limited
””
¨30--05&%&67&*/RR
Limited
¨30--0<5&6|*%%-&!67}
=&|¨}
”“
•”
¨30--0<5&6
0-%*/(6
|*/(!305&}7&7%|¨
}
9
5&%&67&*/05%*$¨RR
¨30--0<5&6¨|¨¨}
8
•“
¨30--0<5&60N03&5!7*&'
R¨R|¨30--0003}
7
5&%&67&*/!5,&7*/(RR Co. KG
¨30--0<5&6|<3586}97
7%|¨}
™
”œ
¨30--0<5&6¨'5*$!|7<}7%
˜
¨30--05&%&67&*/.#
¨30--0|087)¨'5*$!}
0-%*/(6|7<}7%|¨
}
—
”›
¨30--0<5&6|
8/(!5<}'7
–
¨30--05&%&67&*/RR
|¨}
¨30--0<5&6|5&&/?&-%}0R
Operatief U.A.
•
”š
¨30--0|!85*7*86}
0-%*/(6
977%|¨
}
Name of the Subsidiary
”
S.No
Part A: Subsidiaries
œ•Rœœ
GBP
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
™›R“•
™›R“•
™›R“•
šR›•
NOK
”™R˜™
™›R“•
PLN
¨35*-”—70
!5$)”˜
“R•–
™•R™›
USD
¨35*-”—70
!5$)”˜
™›R“•
™˜R“”
™›R“•
™›R“•
™›R“•
™›R“•
œ•Rœœ
GBP
šR•š
™›R“•
™›R“•
™›R“•
Exchange
Rate as on
31.03.2015
œ•Rœœ
GBP
Reporting
Currency
™›R“•
™›R“•
”œR••
BRL
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
Reporting
Period
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
¨35*-”—70
!5$)”˜
”Rœ–
”šR“š
—˜R™–
™˜R“”
™›R“•
™›R“•
|”˜Rœ•}
”Rš“
-
”œ“Rš™
|™Rœ—}
“R™”
”R˜—
“Rš›
”˜—Rœš
-
-
|—›R—œ}
˜šR›•
—˜R™™
š™R–œ
š“R›š
•˜Rœ˜
––œR–•
”“R–“
–šR”œ
–R™“
“R›–
”—•Rš•
•S—–”R™™
•S”™”R“š
™”™R–—
–™R–”
™—•R•˜
—“–R›˜
•—›R“˜
”›™R•™
šS“›”R—š
”—Sœ™šR“–
Total
Assets
œš˜R›“
”S›š—R“•
šS“›”R—š
”—Sœ™šR“–
Total
Liabilities
œš˜R›“
”S›š—R“•
”˜Sœš˜R•š ”˜Sœš˜R•š
™”™R–—
–™R–”
™—•R•˜
—“–R›˜
•—›R“˜
”›™R•™
—–Sš–œR›œ —–Sš–œR›œ
”—•Rš•
•S—–”R™™
•S”™”R“š
•S—“˜R–”
–R—“
œS“šœR•–
Total
Liabilities
-
|”—Rš™}
”—R˜•
|™R”™}
˜˜”R“™
-
”™›R”•
š™R–”
•“–R“•
˜——R—›
”˜šRš›
™™—Rœš
•œ–R•–
˜••R™•
–“›R™“
™™›R–œ
-
|”—Rš™}
”—R˜•
|™R”™}
˜˜”R“™
-
”™›R”•
š™R–”
•“–R“•
˜——R—›
”˜šRš›
™™—Rœš
•œ–R•–
˜••R™•
–“›R™“
™™›R–œ
|•S˜›šRœ•} |—S“˜“Rœ–} |—S“˜“Rœ–}
–Sš–˜R˜—
”“Sœ›•R“š
Reserves
& Surplus
|•R™˜}
|”›R›”}
|™šR–”}
”œ›R˜“
|™R›–}
œ˜R”“
œ™R™“
|”——R˜•}
|™˜R™“}
–šSš–—R”š
—Rœ”
“R™›
–R”–
•”“Rœ—
”–R™“
”œ˜R“–
•R—š
—R••
•R›˜
œ–R“œ
™Rœ”
-
–—R›•
•R›œ
Share
Capital
œš™R—•
”R˜›
”R••
“R“”
”˜R”›
”œ•R™š
–—R”—
–›™R™“
•—–Rš”
˜Sœ™”Rœ—
“R“˜
|™”—R™“}
•S”™“Rœ™
-
•S—“˜R–”
–R—“
|––šRœ”}
œS“šœR•–
Total
Assets
”S“–—R”“
Reserves
& Surplus
•—R˜•
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(PURSUANT TO FIRST PROVISO TO SUB SECTION (3) OF SECTION 129 READ WITH RULE 5 OF COMPANIES (ACCOUNTS) RULES, 2014)
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/ ASSOCIATE COMPANIES/ JOINT VENTURES
FORM AOC-1
Note 1
Name of subsidiaries which are yet to commence operations
Nil
Note 2
Name of subsidiaries which have been liquidated or sold during the year
Part B:
NOTES
a
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Associates and Joint Venture
Million
S.No.
Name of Associates/ Joint Venture
”
Latest audited Balance Sheet date
•
Shares of Associate/ Joint Ventures held by the
company on the year end
PanAridus LLC
(Joint Venture)
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!7*0/!-<5&&59*$&67%
85(!0/
!<”•S•“”˜
222 | APOLLO TYRES LTD
0-%%85*/(7)&<&!5
¨¨¨
)!*5.!/ Managing Director
¨¨¨
*$&)!*5.!/ Managing Director
¨¨¨
*5&$705
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0.3!/<&$5&7!5<
ANNUAL REPORT 2014-15 | 223
NOTES
224 | APOLLO TYRES LTD
Apollo Tyres Ltd
Apollo House, 7 Institutional Area, Sector 32, Gurgaon 122001, India
T: +91 124 2383002 F: +91 124 2383021 www.apollotyres.com
Registered Office: Apollo Tyres Ltd, 6th Floor, Cherupushpam Building, Shanmugham Road, Kochi 682031, India
T: +91 484 2372767 F: +91 484 2370351 Email : investors@apollotyres.com
CIN: L25111KL1972PLC002449
Apollo tyres Ltd
ANNEXURE - A
Information as per Section 197 of the Companies Act,2013, read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel ) Rules,2014, and forming part of the
Directors Report for the Year ended March 31, 2015
Name
Designation
Qualification
D.O.J.
Age
Exp.
Remuneration
Previous Employment
Last Designation
(` Million)
Employed throughout the year
1 Mr Anil Chopra
Group Head, Corporate Accounts
B Com, A C A
18-Aug-92
60
34
16.53
Altos India Ltd
Manager, Finance
2 Mr Ajay Vaid
Group Manager, International sales
B Com ( H)
03-Jul-95
41
20
6.67
-
Manager, Technical
3 Mr Chandrasekhar Velagapudi
Head, IT
M B A, M Sc
08-Nov-04
49
26
8.03
Pepsi Food P.Ltd
4 Mr Davendra Mittal
Head, Finance
B E, M B A
21-Mar-13
46
21
7.28
Lanco Infratech
Sr. Vice President
5 Mr Dheeraj Prasad Sinha
Group Head, Corprate Management Services
BE
09-Feb-04
44
22
12.31
Infovergix Technologies Ltd
G.M, Ebusiness Services
6 Mr Gaurav Kumar
Group Head, Corporate Strategy & Finance
B Tech, M B A
01-Mar-04
45
22
22.76
HCL Technologies Ltd
AVP, Mergers & Acquisitions
7 Mr Harish Bahadur
Head, Corporate Investments
B Com (H)
02-Feb-75
63
40
17.69
-
-
8 Mr John Devadason
Unit Head, Chennai Plant
M Sc(Eng), B E
08-Nov-10
51
30
6.41
TVS Sundram Fasteners Ltd
General Manager & Profit Centre Head
9 Mr K Sunil
Head, Corporate Engineering
B Tech
01-Jul-87
51
28
6.84
-
-
10 Mr Neeraj Kanwar
Vice Chairman & Managing Director
B Sc, ACMS
24-Feb-97
43
20
273.00
Apollo Finance Ltd
Joint President
11 Mr O S Kanwar
Chairman & Managing Director
B Sc, Bach of Admn
01-Feb-88
72
54
417.10
Bst Manufacturing Ltd
Managing Director
12 Mr Piush Bansal
Unit Head, Limda Plant
B E (Mech), PGDBM
20-Aug-13
49
29
8.82
Moser Bear India
Vice President
13 Mr P K Mohamed
Chief Advisor, Research & Development
B Sc, LPRI
19-Feb-01
74
51
29.08
Ceat Ltd
Executive Director, Technical
Company secretary
14 Mr P N Wahal
Head, Secretarial & Legal and Company Secretary
B Com (H), FCA, FCS
01-Apr-90
65
43
14.23
Apollo Tubes Ltd
15 Mr Pravin Tripathi
Head, Global Purchase
MBA, ICWA
15-Oct-90
45
25
6.57
-
-
16 Mr Prem Prakash Sharma
Head HR, Limda Plant
B A, PDBA, PGDBM
30-Jul-13
51
29
6.34
India Yamaha Motors
Group Head HR
Business Executive
17 Mr Rajesh Dahiya
Group Head, Sales (APMEA)
B Com , MBA
20-Aug-90
49
26
17.15
Indian Express
18 Mr S Chockalingam
Head, Special Projects
B E (Mech), M B A
28-Jun-07
53
29
6.87
Hinduja Group
President, Project
19 Mr Satish Sharma
President, APMEA
BE, PGDBM
15-Oct-97
47
26
44.82
JK Industries Ltd
Manager
20 Mr Sunam Sarkar
President & Chief Business Officer
B Com (H), IMPM
01-Jul-99
49
28
41.82
Modi Xerox Ltd
G.M
21 Mr Tapan Mitra
Chief Advisor
B Sc (H), MA Sociology
01-Feb-05
60
39
27.21
Ballarpur Industries Ltd
VP, People Development & communications
22 Mr T R Gopalakrishnan
Group Head, Corporate Technology (TBR)
B Sc, BE
16-Jun-80
61
34
19.21
JK Industries Ltd
Asstt. Technical Officer
23 Mr U S Oberoi
Chief Corporate Affairs
B Com (H)
15-Jul-80
71
52
10.38
JK Industries Ltd
Sr.District Manager, Sales
Director
Employed part of the year
1 Mr Atulya Sharma
Chief Legal Counsel
LLB, LLM
18-Feb-15
45
25
4.08
Deutsche Bank
2 Mr C Krishna Kumar
Group Head, Projects
M Tech, ME
15-Mar-90
48
25
8.59
-
-
3 Mr Deepak Gupta
Head, Business Quality
PGDBM, BE
22-Jul-14
46
23
4.66
Frigoglass India Pvt Ltd
Head, Quality & Product Integrity
4 Mr K Prabhakar
Chief, Projects
B Tech, PGD Ind. Engg. ICWA
06-Nov-89
59
37
24.15
SRF Ltd.
Deputy Mgr (IE) & EA to Sr.GM
5 Mr Pepijn Kappen
Brand Manager
B Com
01-May-12
35
11
2.28
Rabobank Enschede
Deputy Manager
6 Mr Pramesh Arya
Group Head, Marketing
PGDBM, B Sc (Engg)
15-Dec-14
48
24
3.44
Kohler India
Director, Marketing
7 Ms Sonia Kochhar
Head, Customer Service (APMEA)
MBA, B A (H)
30-Jun-14
45
19
2.66
Bharti Airtel Limited
Vice President
8 Mr Sunil Ranjhan
Group Head, HR (APMEA)
MMS
31-Jul-14
50
28
7.18
Honda Cars India Ltd
Sr. Vice President
9 Mr Teera Makanontchai
Head,Fleet Marketing & Sales Training
MBA, BA
24-Nov-14
42
14
3.92
Michelin Siam Co. Ltd
Norm & Regulation Coordinator
Country Manager, Australia & New Zealand
GCSE
01-Aug-12
61
39
1.77
Tyretactix PTE LTD. Australia
Managing Director
10 Mr Tim Sander
Note : (1) None
of the above is related to any Director of the Company except Mr Onkar S Kanwar & Mr Neeraj Kanwar being father and son.
For and on behalf of the Board of Directors
(2) All appointments are contractual.
Sd/-
Date : May 12, 2015
Onkar S Kanwar Place : Gurgaon
(Chairman & Managing Director)
APOLLO TYRES LTD
APOLLO TYRES LTD
(CIN-L25111KL1972PLC002449)
(CIN-L25111KL1972PLC002449)
Regd.Office: 6th Floor, Cherupushpam Building, Shanmugham Road, Kochi-682 031 (Kerala)
Regd.Office: 6th Floor, Cherupushpam Building, Shanmugham Road, Kochi-682 031 (Kerala)
42 ANNUAL GENERAL MEETING- AUGUST 11, 2015
[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules, 2014]
Tel: +91 484 2372767, Fax: +91 484 2370351, Email : investors@apollotyres.com, Web: apollotyres.com
Tel: +91 484 2372767, Fax: +91 484 2370351, Email : investors@apollotyres.com, Web: apollotyres.com
PROXY FORM
nd
42nd ANNUAL GENERAL MEETING- AUGUST 11, 2015
ATTENDANCE SLIP
Folio/DP ID - Client ID No.*
No. of Shares held:
Folio/DP ID - Client ID No.*
Name of the member(s) & Registered address:
Name of the member(s) & Registered address:
E-mail Id:
* Applicable for the member(s) holding shares in Electronic Form.
I/We, being the member(s) of ..................................................... shares of Apollo Tyres Ltd, hereby appoint:
1)Name: ............................................................................................. Address: ......................................................................................................................
* Applicable for the member(s) holding shares in Electronic Form.
E-mail Id: ...................................................................................... Signature:..........................................................................................,or failing him
I being a member/ proxy for the member of the Company, hereby record my presence at the 42nd Annual General
Meeting of the Company at Kerala Fine Arts Theatre, Fine Arts Avenue, Foreshore Road, Ernakulam, Kochi
(Kerala) on Tuesday, August 11, 2015 at 10.00 am.
2)Name: ............................................................................................. Address: ......................................................................................................................
E-mail Id: ...................................................................................... Signature:..........................................................................................,or failing him
3)Name: ............................................................................................. Address: ......................................................................................................................
Name of the Member/Proxy
#
Signature of the Member/Proxy
#
E-mail Id: ...................................................................................... Signature:.....................................................................................................................
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 42nd Annual General Meeting of the Company, to be held on Tuesday,
August 11, 2015 at 10:00 am at Kerala Fine Arts Theatre, Fine Arts Avenue, Foreshore Road, Ernakulam, Kochi (Kerala) and at any adjournment
thereof in respect of such resolutions as are indicated below:
S.No.
#
Strikeout whichever is not applicable.
11
Resolutions
To Consider and adopt:
1.
Please hand over the attendance slip at the entrance of the meeting venue.
(a) The audited financial statement of the Company for the financial year ended March 31, 2015, the reports of the Board of Directors
and Auditors thereon; and
2.
This attendance is valid only in case shares are held on the date of meeting.
(b) The audited consolidated financial statement of the Company for the financial year ended March 31, 2015.
3. As per section 118(10) of the Companies Act, 2013 read with the Secretarial Standards for General Meeting
issued by Institute of Company Secretaries of India “No gifts, gift coupons or cash in lieu of gifts shall
be
be distributed
distributed to
to members
members at
at or
or in
in connection
connection with
with the
the meeting”.
meeting”.
E-VOTING PARTICULARS
E-Voting Even
Number
USER ID
PASSWORD
2 2
To declare dividend on equity shares.
3 3
To appoint a Director in place of Mr. Sunam Sarkar (DIN - 00058859), who retires by rotation, and being eligible, offers himself for
re-appointment.
4 4
To ratify the appointment of the Auditors and fix their remuneration.
5 5
To ratify the payment of the remuneration to the Cost Auditor for the financial year 2015-16.
6 6
To pay commission to the Non-Executive Directors.
Signed this……….......... day of …...........…. 2015.
Affix Revenue
Stamp of not
Signature of the Member .....................................................
Signature of the Proxy holder(s) ..............................................
less than
Re. 1/-
Notes:
Note: Please read instructions given out at Note no. 12 of the Notice of the 42nd Annual General Meeting of the
Company before casting your vote through e-voting.
1.
This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than
48 hours before the commencement of the meeting.
2.
This Form of Proxy shall be signed by the member or his duly authorised attorney, or if the member is a body corporate, it shall be duly sealed
and signed by an officer or an attorney. The Proxy Form which is unstamped or inadequately stamped or where the stamp has not been cancelled
or is undated or which does not state the name of the Proxy shall not be considered valid.
3.
Proxy need not be a member of the Company. Pursuant to the provisions of section 105 of the Companies Act, 2013, a person can act as proxy on
behalf of not more than fifty members and holding in aggregate not more than ten percent of the total share capital of the Company. Members
holding more than ten percent of the total share capital of the Company may appoint a single person as proxy, who shall not act as proxy for any
other member.
4
The submission by a member of this form of proxy will not preclude such member from attending in person and voting at the meeting. If both
member and proxy attend the meeting, the proxy shall stand automatically revoked.