Over the last few years, CEAT has undertaken a transformational journey withdifferentiated strategy to grow and add value to the shareholders. With re-invented thruston research and development, new product launches, reinforced partnerships with OriginalEquipment Manufacturers (OEMs), growing channel network and increased brand investments,CEAT has been bettering industry growth.
Inadequate monsoon and consequent weak rural demand coupled with a moderate uptick inthe Indian economy cast its shadow on the Automobile industry during FY 2014-15. Growth inthe auto industry remained sluggish, adversely impacting the demand for tyres for OEMs,though later part of the year witnessed a revival in the demand for commercial vehicles.Replacement tyres demand, however, continued to remain firm, lending stability for theindustry.
Despite the twilight industry conditions, CEAT, in-line with its strategy and focus,continued to expand its share in the relatively higher-profit generating two and fourwheeler passenger tyre segments, both in the OEM and Replacement markets. Concurrently,the thrust on sustaining the capacity utilization in the Commercial Vehicles (CVs) tyresegment also continued. The Company's continuous initiatives for market share expansion inthe passenger segments, are resulting in sustained revenue growth and strongerprofitability. With new investments in the passenger segments, CEAT is well poised toleverage the market potential and further expand its market shares.
The financial crisis of 2008 triggered a freefall of the world economy. The resultantwidespread damage raised concerns over the efficacy of the prevailing financial andregulatory framework and corporate governance, and also posed serious questions as to therisk management processes in global financial institutions. Additionally, it powered thenew belief that economies, which till then had been playing a dominant role in globalgrowth might not, henceforth, be the future leaders.
While global growth has seen revival post the 2008-12 economic recession, the recoveryhas been slow as the global economy is still saddled with unfinished post-crisisadjustments. In FY 2014-15, global economy remained sluggish, to finally stabilise at amoderate ~3.4% growth. Further, divergent trends were witnessed among major economies.Specifically, in the United States, revival was stronger on expected lines, whileperformance in Japan and Euro zone fell short of expectations, resulting in dollarappreciation vis-a-vis other G7 countries. The Chinese economy slowed in the second halfof the year and growth dipped slightly below the governments 7.5% target.
(Source: WorldOuunomicOutlnok, internationaiMonetaryFund, AprU2015;
Global Economic Prospects Report released by the World Bank)
US Shale revolution
Strong growth in oil output due to the shale revolution in the UnitedStates, coupled with weak demand in the key consumption countries, led to an oversuppliedoil market and sharp decline in oil prices, especially in the second half of 2014. Thesharp fall was further led by OPECs decision not to cut back production for therespective countries. The reduction in energy prices decelerated growth in major oilproducing countries and weakened their currencies due to fiscal and trade imbalances. Onthe other hand, declining crude oil prices overshadowed the prevailing geo-politicaltensions and unrest in many countries, and improved the overall fiscal landscape,including that of India. Lower oil
prices are expected to support consumer spending and hold inflation at lower levels;however, the impact is likely to be witnessed only in the medium term.
Sluggish global economy
The sluggishness of 2014 is expected to persist during 2015, with stagnating GDPs andlow inflation continuing to plague the developed Euro region and Japan, coupled withexpected deceleration of the Chinese economy. The prevailing uncertainty and instabilityin several regions, including the Middle East, Russia, Ukraine and parts of Africa, arealso expected to hit global trade and economy. Among the major advanced economies,however, the United States, with a substantial advancement in the shale gas industry andsupported by currency appreciation, is expected to continue with economic growth revival.
(Source: World Economic Outlook, International Monetary Fund; Global Economic ProspectsReport released by the World Bank)
The weak growth across economies, coupled with surplus production and subdued demand,led to sluggishness in prices of other commodities as well, apart from crude oil. However,the benefits of the low commodity prices have not yet been fully passed onto theconsumers, which is refected in low consumption levels which in turn has resulted instagnant demand for the capital goods. Going ahead, the emerging markets slowdown,supplemented with a strong US Dollar, is expected to restrain commodity prices. While thelow prices are likely to impact the revenues of commodity exporting countries, importingcountries will be able to reduce current account and fiscal deficits.
The global auto sector, whose fortunes are closely intertwined with the performance ofthe global economy, correspondingly remained fat. Auto being the parent industry, had adomino effect on demand in the tyre industry. However, the low commodity prices aresupporting the tyre industry to post good returns, despite a weak demand.
(Source: Global Economic Prospects Report, published by the World Bank)
Slow economic revival
A challenging global macro environment, coupled with internal policy inertia over thelast half-a-decade or so, hit Indias economic growth during FY 2014-15, as reflectedin its gradual uptick rather than a sharp increase. As per the advance estimates of theCentral Statistical Office, based on the new series, real GDP growth rate for FY 2014-15was 7.3%, against a growth of 5.9% in fiscal 2013-14. The laggards have been consumptionand credit growth, which in fact have been at 10-year and 13-year lows respectively,reflecting weak bank balance sheets.
While economic revival has been moderate, there have been plenty of positives during FY2014-15 which augur well for the economy, going forward. Fiscal consolidation efforts,well supported by the decline in global oil prices, narrowed the fiscal deficit in Indiato 3.99% of GDP in FY 2014-15 to'5.01 lakh crores, reflecting savings from the eliminationof diesel subsidies, higher fuel excise duties and underperformance in capital spending.The oil price decline has enabled lower inflationary levels and provided comfort inbudgetary and fiscal management. The gradual reforms undertaken in India have enhancedbusiness and investor confidence, encouraging capital inflows. Foreign Direct Investment(FDI) inflows are gaining traction, mirroring the increased confidence of foreigninvestors in the Indian economy. As per recent statistics, FDIs are likely to be aroundUS$ 34.9 billion in FY 2014-15 - accounting for 1.7% of the GDP. The Indian rupee is alsolikely to remain stable, with foreign exchange reserves recording an all-time high of US$351.85 billion for the week ended May 1, 2015. In addition, the Current Account Deficit(CAD) reduced to 0.2% of the GDP in the last quarter of FY 201415 - the lowest in a year.Trade deficit was also under control, shrinking to $10.41 billion in May 2015.
(Source: Various articles published in The Economic Times, Reuters)
Recent policy improvement
Recent months have seen the policy environment turn more favourable for higher economicactivity. Faster clearances for projects in infrastructure and industry is expected tofacilitate investment, while the manufacturing sector is likely to get a boost, driven bythe Central Governments Make in India campaign. The Governmentsclear focus on simplifying procedures for doing business in India, bringing in astraightforward and transparent taxation system, de-licensing of defence items, allowingauction of coal mines to the private sector, closing allocations in the telecom sector ata fast pace, proposal for development of 100 smart cities and resolving structuralbottlenecks to facilitate investment are likely to improve business sentiment.Additionally, robust fiscal management, lower borrowing costs by keeping inflationexpectations down, higher revenues from coal and telecom auctions and collection of highertaxes will enable the government to spend more on value creating assets and pass on theprice benefits to the consumers, thereby increasing their purchasing power. In fact, thelast couple of months have witnessed higher government spending, which is also likely tospur confidence for the private sector, thereby reviving the economy.
Another favourable economic indicator is the moderation in the inflation rate, a keystimulus for reviving consumer demand. Lower rates of inflation have driven improvedperformance of the consumer durables sector.
Inflation - Consumer inflation remains within RBI comfort zone (%)
Growing industrial activity
Driven by the strong changing fundamentals, the capital goods sector has startedwitnessing growth, as indicated by various recent media reports. Manufacturing activityrose at its fastest pace in four months in May 2015 to 5.1% growth, buoyed by the increasein domestic demand despite rising costs for firms and consumers. The Index of IndustrialProduction (IIP) rose to a two-month high on the back of this growth in manufacturing and11.1% expansion in capital goods. Responding to the subdued inflation, the RBI has cutinterest rates to 7.50% - second cut this year in March to lend more support to theeconomy. The RBI is likely to continue further easing of rates, despite its mild hawkishstance, if the inflation remains within acceptable range. This easing of monetary controlis likely to drive consumer demand further.
Driven by these positives, FY 2015-15 is expected to be a positive year for the Indianeconomy, which is likely to build a bridge between the despair of the past and optimismfor the future. The International Monetary Fund (IMF) projects Indias economicgrowth to rise to 7.5% in the FY2015-15. It also forecasts that India will emerge as thefastest growing large economy in the world at the end of the same financial year. This islikely to be a year of august run for the Indian economy, spilling over the effects to allthe core sectors, including automobiles and its ancillary sectors.
(Source: Ministry of Statistics and Programme Implementation, IMF, World Bank: Variousarticles published in The Economic Times; Reuters)
THE GLOBAL TYRE INDUSTRY
Slow growth of automobile industry
Tyre demand is a derived demand, which has a strong linkage with the automobileindustry. Therefore, it is necessary to study the automobile industry trends to understandthe tyre industry demands. With global growth still not gaining the desired momentum,growth for the automobile industry remained sluggish. This in turn affected the demand fortyres from OEMs.
Except for a few economies, where the annual sales of automobiles have reachedpre-recession levels, uncertainty still prevails regarding the growth prospects of theautomobile
industry worldwide. Notwithstanding this, the tyre industry is expected to grow at asteady pace, driven by the consistent replacement demand.
Shift to emerging economies
As per a report published by Freedonia, the global tyre market is forecasted to grow by4.3% every year to reach 2.9 billion units in 2017, translating into a size of $276billion in value terms. A key global trend is the shifting of balance from the developedeconomies to the developing economies. This is likely to lead to the developing countriesbecoming strong manufacturing hubs for the global market, and the same trend is expectedto extend to the tyre business as well.
In the year under review, decline in crude prices and the cost of Natural Rubber (NR)led to lower input costs, translating into comparatively higher profit margins for mosttyre manufacturers across the globe.
Chinese tyre market
China is the worlds largest vehicle market. However, in the past couple of years,automobile sales have come down, clocking the slowest growth in the past couple of yearseven though investments by OEMs continue to ramp up. With China accounting for one-thirdof the global tyre industry, any developments in the Chinese tyre sectortrigger a globalimpact. Currently, demand in the Chinese tyre industry is depressed and the anti-dumpingduty imposed on Chinese tyres in some critical countries like the United States hasaccentuated the global demand-supply gap. As a result, surplus tyre production at lowercosts from China is now flooding other countries, leading to high degree of competition.China poses a threat to India as well as other developing countries, as it has around40-50% of excess capacity in most categories.
North American tyre market
The North American region is expected to witness higher tyre demand, going forward, onaccount of a positive outlook for the US automobile market, on account of improvingconsumer confidence and credit availability. The annualised sales for cars in the US areexpected to go up to 16 million, from 13 million in 2008.
European tyre market
The outlook in Europe for the automobile industry is much weaker as the region is stillshowing sporadic economic recovery. Correspondingly, the demand for tyres is expected totake time to gather momentum in this region.
Going forward, the growth of Chinese and Indian economies are likely to spurthe tyredemand. However, in the commercial vehicles space, overflow of Chinese tyres in theexports market has put pricing under pressure. Japanese manufacturers are alsocontributing to the declining price trend. These challenges notwithstanding, theprofitability of the tyre companies is expected to remain positive, given the soft NaturalRubber and crude prices. Demand for automobiles, though unevenly distributed across theglobal map, is expected to be on the upward trend on overall basis. The automobileindustry, driving the bulk of the tyre demand, is likely to contribute about 73% of theglobal tyre demand by 2017.
THE INDIAN TYRE INDUSTRY
The Indian tyre industry caters to OEM, Replacement and Export markets through threebroad product categories- Commercial Vehicles (CV), Passenger Vehicles (PV), Two- wheelers(TW) and others.
As per the ICRA Report on tyre industry, published in March 2015, the tyre industry ispegged at Rs. 46,000 crores (FY 2013-14), with exports contributing ~9-10%. In volume(tonnage) terms, the industry size is estimated at ~1.6 million MT, with exportsaccounting for ~7-8%.
Volume growth was fat during the first three quarters of FY 2014-15 on account ofsubdued global auto demand and rising competition from Chinese tyre makers, though overallindicators for growth remained intact. To tackle the challenging environment in theinitial nine-month period, the industry resorted to some price reductions in the Truck& Buses Radials (TBR), Light Commercial Vehicles (LCVs), Light Motor Vehicles(LMVs) and Farm segments. Declining Natural Rubber (NR) and crude oil prices also gave afillip to the industry, which posted historic high margins during the year.
(Source: ICRA Report on Tyre Industry March 2015)
Growth prospects for FY 2015-16 remain good, with an improving economy, positiveconsumer sentiment, pick-up in auto demand, as well as moderate raw material costs;coupled with these trends, declining interest rates are expected to push up volume growthto 9-10%. The domestic tyre industry is expected to get a further boost as a result ofincreasing radialisation, with strong thrust from OEMs, steady aftermarket demand,improved feet utilisation and increased focus on geographical diversification. OriginalEquipment (OE) demand is expected to pick up by 10% and replacement by 8-9% during theyear. This anticipated demand potential has encouraged the industry to investsignificantly in capacities, particularly in the consumer segment.
Radialisation has emerged as a key factor contributing to the Indian tyre industrygrowth. Given the global phenomenon of radialisation in the CV segment, bias exports arelosing momentum, leading to a trigger effect on bias capacity utilisations. The Indiantyre industry is also reflecting the global trend. Backed by growing awareness of costbenefits, continuously improving road infrastructure and stringent implementation ofoverloading norms, radialisation levels in the commercial vehicle space are likely todouble to 50% over the next four years. Increased investments in radial capacities, in thebackdrop of the growing radialisation, are expected to yield significant benefits, movingahead.
Trends and estimates in T&B Radialisation levels
China has also emerged as the largest tyre import source for India across all segmentsbecause of flooding of its tyres at dumping prices, despite the perceived inferior qualityand shorter life of its tyres. A subdued domestic market in China, coupled with US antidumping duties on Chinese tyre (Passenger and Light Vehicles) imports, led to diversion ofsurplus capacities from China to countries like India. This led to a sharp 22%year-on-year annualised growth in Indian tyre imports during the first nine months of FY2014-15 - a trend that is likely to see further strengthening, going forward.
Exports & Imports - The China factor
Rising competition from Chinese tyre markers, with their discounted rates supplementedby the subdued global auto demand, resulted in flat growth for the Indian tyre exportersduring FY 2014-15.
Shifting category focus
With the industry gradually shifting focus from the commercial to the consumer segment,capex investments and capacity additions are also progressively shifting gear toTwo-wheeler (2W) and Passenger Vehicles (PV) segments. As a result, the TBR (Truck and BusRadial Tyre) segment is expected to witness only 15% of the capacity augmentations (involume terms) between 2015 and beyond, as against 40+% between 2000 and 2014. In costterms, however, the bulk of the investments will continue to be focused on the TBR segmentin view of the highest per tonne investment needed.
The 2W and PV segments are expected to see total capacity additions beyond 2015 at 50+%and 25+%respectively. The respective capacity augmentations in 2000-14 were only 32% and17%.
(Source: iCRA Report on tyre industry published in March, 2015)
With both 2W and PV playing a pivotal role in driving the Indian consumption story inthe automobile sector, the focus on these segments will continue. The current trends showa marked movement towards consumer vehicles. According to the Society of Indian AutomobileManufacturers (SIAM), the Indian auto industry produced a total of 23,366,246 vehicles inFY 2014-15 across all categories, marking a growth of 8.68% over the previous fiscal.While the Commercial Vehicles (CVs) segment registered a de-growth of (-) 2.83%, the salesof Three-Wheelers and Two-Wheelers grew 10.8% and 8.09% respectively in the same period.
These trends will impact the industry composition ratios to a significantextent,movingahead.
Raw material prices
Natural Rubber (NR) and crude derivatives form the most significant constituent of costof tyre manufacturing. Price fluctuations and availability of raw material with regard toabove commodities have a major impact on the industry. The rubber prices were at amulti-year low during FY 2014-15, on account of increased production of natural rubberglobally, coupled with subdued demand from China. Declining crude oil prices, along withsubdued global auto demand lowered
the prices of synthetic rubber and other crude-related raw materials in the six monthsended December 2014. Domestic NR prices during this period remained at the levels of Rs.115 to Rs. 130 per kg., but started showing upward movement thereafter. Governmentintervention in the form of support to rubber farmers contributed majorly to the pricerise, which was also partly driven by increase in the global prices of this raw material.By March 2015, NR price had risen to Rs. 135140 per kg. While NR consumption increasedwith improving auto demand, production showed a sharp decline.
In the coming months, domestic NR prices are expected to remain range-bound, driven byglobal NR price movement. Recent months have also seen marked decline in the prices ofcrude price derivatives, such as carbon black, rubber chemicals and synthetic rubber.Their prices have moved in tandem with the crude oil prices, as well as currency rates andare expected to remain closely linked to crude prices.
Given the adverse impact of low rubber prices on the income levels of the rubberfarmers in Kerala, the Indian government initiated several measures towards the end of thethird quarter of FY 2014-15 to protect their interests, leading to higher rubber prices.Sustained lower levels of NR prices have caused farmers to cut down on rubber productionin recent times, impactingthe tyre industry.
Some of the key measures taken by the Central & State Governments, impacting rawmaterial prices were:
(i) In order to incentivise tyre OEMs to procure NR locally, the Kerala governmentformulated a pricing mechanism to determine the daily reference price for NR, to supportthe rubber producing farmers of the state at concessional sales tax rate till 31st March,2015.
(ii) Reduction in export obligation period (from 18 months to 6 months from the date ofclearance of such consignment by the customs authority), in order to meet exportobligations (where NR is procured through advance license scheme).
(iii) Hike in basic customs duty from 20%/Rs. 30 per kg, whichever is lower, to 25%/Rs.30 per kg, whichever is lower, effective May 2015 to protect farmers interest andregulate imports.
(iv) Continuation of Anti Dumping Duty on Nylon Fabrics, Carbon Black and RubberChemicals.
OPPORTUNITIES AND THREATS FOR THE TYRE INDUSTRY OPPORTUNITIES
Government impetus to infrastructural growth
With the increased government thrust on road infrastructure development, roadtransportation shall get a fillip, leading to greater demand for tyres. Increased focus onagriculture and manufacturing is also expected to boost growth in the Indian economy aswell the automobile sector/tyre industry.
The increasing disposable incomes in the hands of the Indian middle class have, inrecent past, increased demand for twowheeler and led to led to a marked shift towardsPassenger segments in recent years. The trend is likely to further accentuate, goingforward. Since tyre sales are directly related to car sales, both through OEMs and theReplacement market, the tyre industry will also witness corresponding increase in salesfigures.
Radialisation of tyres
The global phenomenon of radialisation of tyres is catching up in the MHCV and the LCVsegments in India. With the LCVs and T&B segments having reached an estimated 25% and33% of radialisation levels respectively in the country, the potential for marketexpansion for radial tyres is huge.
Anti Dumping Duties (ADD) policy adopted by the US
The US Commerce Departments International Trade Administration had in January2015 proposed ADD on import of Chinese tyres (Passenger and Light vehicles) into the USmarket. If the preliminary anti-dumping duties are finalised, it will provide a goodopportunity for Indian tyre manufacturers to divert their exports to the US over themedium term.
Chinese tyre manufacturers
The Indian tyre industry is facing increased competition from China and other SouthEast Asian countries in export to other countries. The increased competition, resultingfrom the flooding of imported Chinese tyres across all segments, is further aggravatingthe situation. Though Indian tyres have wider acceptance on the back of their betterquality, the Chinese tyres are cutting into the share of the Indian tyre exports due tocheaper pricing, higher volumes and subsidies. This being a major threat, there is urgentneed to promote Brand India as the one that spells quality and high standards of tyres.
The imposition of ADD/countervailing duties against Chinese tyre imports by manycountries necessitates correction on the prevalent duty structure in India. Currently, thepeak import duty on Natural Rubber stands at 20%, whereas the duty on imported tyres isjust 8%, providing an advantage to the Chinese manufacturers. As a result of this, thelanded price is approximately 25% lower than that of corresponding Indian truck/LCV tyres.This poses a threat and highlights the need to invert the duty structure to make thedomestic manufacturers more competitive. As a result, there is increase in import ofChinese tyres especially in the radial segment, with Chinese radials estimated to haveshare of nearly 20% in Indian truck & bus tyre segment
Raw material prices volatility
Raw material constitutes approx. 60% of the production costs of tyres. With a globaldemand drop, the prices of some of the key inputs had touched all time lows during FY2014-15. The ICRA Report, published in March 2015, claims that the key input prices areexpected to gradually increase in the next couple of quarters. The continuous volatilityin the prices of natural rubber poses a sharp threat to the tyre manufacturers. In themedium term, judicious purchase timing and discreet inventory management would be criticalto sustain margins.
Growth prospects for the tyre industry are bright, given the optimistic outlook interms of macroeconomic conditions and projected automobile industry growth. The domesticdemand for automobiles is likelyto bedriven by the improving economic fundamentals,lowering interest rates and increased public sector spend on infrastructure led byimproving consumer confidence. Going forward, 2Ws and PV hold great potential, supportingthe Indian consumption story to take it towards a brand driven market.
As per an ICRA Report, the Indian tyre industry is expected to maintain a favourableoutlook through the next fiscal. The industry growth is likelyto be supported by continuedbenefits of moderate raw material prices and anticipated augmentation in export demand.The overall tyre market, including Original Equipment, Replacement and Exports, isexpected to pick up owing to various factors covered earlier.
As per a report by RNCOS, the Indian tyre production is likely to touch 191 millionunits by the end of FY 2015-16. A substantial chunk of the investments is likely to bedirected towards radial tyre capacity expansion. While the PV segment enjoys almost 100%radialisation, LCVs and T&B segments have reached 25% and 20% levels respectively inthe last few years. ICRA estimates that it is further likely to breach 50% levels in thenext few years.
The radialisation trend is slowly and gradually catching up, owing to the demand forpremium products for the next generation trucks in the commercial OEM segment. Thepenetration of the Replacement segment has been increasing due to the awareness of thecost-benefit metrics of radial tyres.
The declining trend of Natural Rubber (NR) prices and crude oil prices has providedrequisite headroom for the benefits to be passed onto the consumers. The prices areexpected to increase gradually over the next two-three quarters. However, they are notexpected to touch the past highs, at least in the medium term.
Part of the RPG Group, CEAT is one of Indias leading tyre manufacturers with adiverse product portfolio encompassing all varieties of tyres. The Companysmanufacturing plants, located in Nashik & Bhandup (Mumbai) in Maharashtra and Halol inGujarat, have a total manufacturing capacity of ~595 MT/day. Together with themanufacturing partnerships with several conversion agencies, chiefly Ace Tyres, Hyderabad,the total effective capacity of the Company is ~800 tonnes per day. The Company alsooperates in Sri Lanka through a JV - CEAT Kelani Holdings, having a capacity of 61tonnes/day. The Company operates in India through a robust distribution network of morethan 3,500 dealers, 33 regional offices and more than 100 C&F agents. TheCompanys consolidated revenues have significantly grown over the last five years ata CAGR of 15%. The Company has achieved a remarkable turnaround in profitability over thelast two years mainly due to shift to a favourable non-truck product mix, lower financecosts and moderate raw material costs. With increasing capacities, robust focus onR&D, new product launches, fast-paced brand investments, growing channel strengths,improving market shares and a stronger balance sheet, the Company is well positioned andpoised for climbing on sustained growth trajectory.
Changing product mix
Over the last few years, the Company has been strategically focusing on increaseddiversification into passenger tyres, both two-wheelers and four-wheelers. This relentlessthrust on consumer product segments, aided by several new and innovative product launchesand higher brand investments, led to higher price realisations, improved margins andprofitability growth. In Fiscal 2011, approximately 42% of the Companys consolidatedgross sales revenue came from non-truck product categories, while in fiscal 2015 non-truckproduct categories accounted for approximately 58% of the consolidated gross salesrevenue. The Company believes that it can sustain the benefits of this improved productmix by reinforced efforts on building brand loyalty in these non truck tyre productcategories through product innovation and customer services. Similarly, the Company hasbeen focussing on maintaining a good mix of sales between the OEM and replacement tyremarkets.
CEAT owns manufacturing units at Bhandup (Bias tyre), Nashik (Bias & Radial) andHalol (Radial). The Company also procures close to 30% of its sales volume from variousmanufacturing partners on conversion cost basis. The Companys product innovation,new launches and brand surge has increased the demand for various passenger tyres,creating significant capacity shortages. To meet this unmet demand and also to furtherincrease the market share, during the year, the Company has embarked on a major capitalexpenditure programme at two locations to manufacture four wheeler passenger vehicle tyresand two / three wheeler tyres. The 120 tonnes/day passenger four wheeler radial tyrefactory at Halol will commission production during the second quarter of the FY 2015-16.The 120 tonnes per day two / threewheeler tyre factor at Nagpur will go into productionphase during the last quarter the FY 2015-16. Adequate land has been procured at Nagpur tofacilitate multi-phase expansion of the capacity. Together with the new capacities,including the factory under construction in Bangladesh, and outsourced capacities, thetotal capacity of the Company will rise to ~1100 tonnes/day.
CEAT has been following an "asset-light-approach" to its ma
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H V Goenka , Vice Chairman
Paras K Chowdhary , Director
Anant Vardhan Goenka , Managing Director
Vinay Bansal , Director
Company Head Office / Quarters:
463 Dr Annie Besant Road,
Phone : Maharashtra-91-22-24930621 / Maharashtra-
Fax : Maharashtra-91-22-66606039 / Maharashtra-
E-mail : firstname.lastname@example.org
Web : http://www.ceattyres.in
TSR Darashaw Ltd
6-10 Haji Moosa ,Patrawala Ind.Estate,DrEMoses Rd Mahalaxm,Mumbai - 400 011
|Scheme Name||No. of Shares|
|UTI-Mid Cap Fund (G)||8,03,859|
|DSP BR Micro-Cap Fund (G)||4,48,911|
|UTI-Equity Fund (G)||2,63,490|
|UTI-Focussed Equity Fund-Sr.I (1100 Days)-Reg (G)||2,12,688|
|Mirae Asset Emerging Bluechip Fund (G)||1,58,000|