A SUMMER TRAINING REPORT

ON
MARKETING TRAIT CEAT TYRES



SUBMITTED IN PARTIAL FULFILLMENT OF THE
REQUIREMENT
OF BACHELOR OF BUSINESS ADMINISTRATION (BBA),
GURU JAMBESHWAR UNIVERSITY, HISAR
TRAINING SUPERVISOR SUBMITTED BY
Ackno!"#$"%"n&
The present work is an effort to throw some light on M'(k"&)n$
T(')& C"'& T*("+,. The work would not have been possible to come
to the present shape without the able guidance, supervision and help to
me by number of people.
With deep sense of gratitude I acknowledged the
encouragement and guidance received by my organizational guide
P(o-. S/'/ W'+/)% and other staff members.
I convey my heartful affection to all those people who helped
and supported me during the course, for completion of my Proect
!eport.
Table of Content
INTRODUCTION
BACKGROUND
OVERVIEW OF THE SITUATION
SEGMENTATION OF INDIAN TYRE INDUSTRY
Technology based
Use based
a!"e#s
a!"e# Sha!e and S$%e
&ec'l$a! Fea#'!es o( #he Ty!e Ind's#!y
De)and D!$*e!s
Trends in Raw Material
O++o!#'n$#$es ,y$ng Ahead
Threats
Ty!e Co)+any &!o($les
RESEARCH H-&OTHESIS
RESEARCH OB.ECTIVE
BENEFITS OF THE STUD-
SCO&E OF THE STUD-
PRO!EM CONTE"T
INDUSTRY#ORGANI$ATION#PERSPECTI%ES#IMP!ICATIONS
CONCE&TUA, FRAEWORK
DEFINITION/O&ERATIONA,I0ATION OF TERS
RESEARC& DESIGN #MET&ODO!OGY
RESEARCH SA&,ING AND DESIGN
RESEARCH VARIAB,ES AND EASUREENT
DATA CO,,ECTION ETHODO,OG-
,IITATIONS OF TRESEARCH
DATA PRESENTATIONS AND FINDINGS
&RESENTATION OF DATA
DATA ANA,-SIS
SWOT ANA,-SIS
SUMMARY' CONC!USIONS AND RECOMMENDATIONS
CONC,USION
RECOENDATIONS
REFERANCES
INTRODUCTION
Cea# ,#d1 a +a!# o( #he R&G Goen"a g!o'+1 $s #he second la!ges#
#y!e )an'(ac#'!e! $n #he co'n#!y a(#e! RF2 Cea# )an'(ac#'!es
#!'c" 3 b's1 +assenge! ca!1 scoo#e! and ,CV #y!es2 The co)+any
$s a do)$nan# +laye! $n #he #!'c" 3 b's and +assenge! ca! #y!e
seg)en#s 4$#h a )a!"e# sha!e o( 567 and 587 !es+ec#$*ely2 In
F-9:::1 Cea# d$d 4ell #o +os#$ng a 957yoy sales g!o4#h $n #he
!e+lace)en# )a!"e# (o! #!'c" 3 b's #y!es2 I# $s +!esen#ly
(oc's$ng on ca#e!$ng #o #he (as# g!o4$ng +assenge! ca! and #4o;
4heele! $nd's#!y2 To4a!ds #h$s1 $# $s co))$ss$on$ng a ne4 !ad$al
#y!e (ac#o!y $n .'ne 9:::2
Ind(str) basi*s
Ty!e $nd's#!y $s ca+$#al $n#ens$*e and as ca+ac$#$es co)e $n
s+'!#s1 $# leads #o cons#an# de)and;s'++ly $)balances and
conse<'en# cycl$cal$#y $n +!$ces2 Va!$able cos# $s also *e!y h$gh1
4$#h !a4 )a#e!$als (o!)$ng nea!ly 8:7 o( #he cos#s2 &!o($#
)a!g$ns a!e #he!e(o!e #h$n2 &!od'c#$on +!ocess $s #echnology
$n#ens$*e and globally h'ge s')s a!e $n*es#ed $n R3D2 Ty!e
de)and $s a de!$*ed de)and1 de+enden# on #he a'#o $nd's#!y1
bo#h (o! OE and !e+lace)en# )a!"e#2 The )a=o! seg)en#s a!e
T!'c" 3 B's >T3B? #y!es and ca! #y!es2 Val'e sha!e o( T3B
seg)en# $s abo'# 8@72 Th$s seg)en# $s h$ghly co)+e#$#$*e and
)a!g$ns a!e #y+$cally lo4e! #han $n #he ca! #y!es seg)en#2
Re+lace)en# )a!"e# (o!)s #he la!ges# seg)en# >abo'# AB7?1
(ollo4ed by OE >abo'# 997?2 EC+o!# acco'n#s (o! abo'# 5A72
W$#h global de)and slo4$ng do4n1 #he!e $s a consol$da#$on o(
ca+ac$#$es #h!o'gh )e!ge!s e#c2 The do)es#$c #y!e $nd's#!y
b!oadly )$!!o!s #he )a!"e# cha!ac#e!$s#$cs o( #he global $nd's#!y2
Ho4e*e!1 d'e #o !o'gh !oad cond$#$ons1 #he )o!e !'gged1
s'$#able and chea+e! c!oss +ly #y!es a!e $n *og'e2 Cons')+#$on
o( na#'!al !'bbe! $s1 #he!e(o!e1 +!o+o!#$ona#ely h$ghe!2 The
go*e!n)en# has dec$ded #o $)+ose 5:7 sa(eg'a!d d'#y on
ca!bon blac" and h$"$ng bench)a!" +!$ces o( na#'!al !'bbe! >9A;
@:7 o( sales? $n Feb!'a!y 5DDD2 I#s $)+ac# 4as (el# only #o an
eC#en# as +!$ces o( #hese co))od$#$es a!e !'l$ng a# h$s#o!$cal
lo4s $n #he global )a!"e#2
Cea# $s +a!# o( #he R&G g!o'+1 4h$ch $s d$*e!s$($ed1 4$#h +!esence
$n )a=o! sec#o!s l$"e +o4e!1 (e!#$l$%e!s1 +ha!)ace'#$cals1 #y!es1
co)+'#e!1 #eleco)1 ($nanc$al se!*$ces e#c2 The g!o'+ s#')bled
#!y$ng #o g!o4 *$a d$*e!se +la#(o!)s and has )any co)+an$es
#ha# ha*e #'!ned s$c"2 B'# la#ely #he s#!a#egy see)s #o be one o(
!es#!'c#'!$ng and consol$da#$on2 The g!o'+ $s d$*$ded $n#o 6
b!oad a!eas ; !'bbe! 3 all$ed +!od'c#s1 +o4e!1 elec#!on$cs 3
#eleco) and che)$cals2 Cea#Es $n*es#)en#s $n $#s s'bs$d$a!$es
ha*e also co)e do4n #h$s ($scal 4h$ch $s a s$gn o( +!'dence on
#he )anage)en#2 USINESS DESCRIPTION
Cea# $s a )an'(ac#'!$ng co)+any1 4h$ch +!od'ces !'bbe!1 #$!e1
nylon (ab!$c +!od'c#s1 nylon #$!e ya!n1 glass ($be!1 a'#o)o#$*e
(la+s1 ($la)en# )a#s and o#he! !'bbe! +!od'c#s (o! #he
a'#o)o#$*e )a!"e#s $n Ind$a2 The co)+any has a 4ell
es#abl$shed !esea!ch and de*elo+)en# cen#e! #ha# e*al'a#es #he
a++l$ca#$on and de*elo+)en# o( ne4 !a4 )a#e!$als1 co)+o'nds
and #$!e s$%es2 I# +!od'ces #$!es (o! #4o and #h!ee 4heeled
*eh$cles1 +assenge! ca!s1 ,CVs1 #!'c"s and b'ses2 Cea# eC+o!#s
#o al)os# A: co'n#!$es1 4$#h #he US be$ng #he la!ges# des#$na#$on2
The co)+any also +!o*$des $n*es#)en# ($nanc$al se!*$ces #h!o'gh
e#eo!$c Ind's#!$al F$nance and A#lan#$c Hold$ngs2 A'#o)o#$*e
#$!e sales acco'n# (o! a!o'nd D:7 o( !e*en'es1 a'#o)o#$*e #'bes
acco'n# (o! abo'# B7 and #he !e)a$n$ng !e*en'es co)e (!o)
o#he! non;co!e o+e!a#$ons2
The co)+any $s +'!s'$ng a s#!a#eg$c $n$#$a#$*e o( $n#ens$(y$ng
o'#so'!c$ng #o eC+and $#s +!od'c# !ange and $nc!ease +!od'c#$on
*ol')es2 Cea# has an ag!ee)en# 4$#h &$!ell$ o( I#aly (o!
o'#so'!c$ng !ad$al #$!es 4h$ch a!e be$ng )a!"e#ed 'nde! #he
CEAT S+$de! Rad$als b!and na)e2
CEAT INDIA
Cea# ,$)$#ed $s a )an'(ac#'!e! o( #$!es $n Ind$a2 A'#o)o#$*e #$!es
co)+!$se #he la!ges# +a!# o( #he Co)+anyFs !e*en'e1 ho4e*e! $#
also +!od'ces #$!e (la+s1 !'bbe! #'b$ng and nylon #h!ead2 The
Co)+any also o((e!s ($nanc$al se!*$ces #h!o'gh Cea# F$nanc$al
Se!*$ces ,$)$#ed1 $ncl'd$ng h$!e +'!chase1 o(($ce e<'$+)en#
($nance1 con#a$ne! and e<'$+)en#/$n(!as#!'c#'!e leas$ng and
)oney )a!"e# o+e!a#$ons2
&istor)
CEAT s#ands (o! Ca*$ Elec#!$c$ A(($n$ To!$no >Elec#!$cal Cables and
All$ed &!od'c#s o( T'!$n?2
CEAT In#e!na#$onal 4as ($!s# es#abl$shed $n 5D96 a# T'!$no $n I#aly
and )an'(ac#'!ed cables (o! #ele+hones and !a$l4ays2
In 5DAB1 CEAT ca)e #o Ind$a1 and CEAT Ty!es o( Ind$a ,#d 4as
es#abl$shed $n collabo!a#$on 4$#h #he TATA G!o'+2
In 5DB91 #he R&G G!o'+ #oo" o*e! CEAT Ty!es o( Ind$a1 and $n
5DD:1 !ena)ed #he co)+any CEAT ,#d2
!ITERATURE RE%IE+
Cea# ,#d1 a +a!# o( #he R&G Goen"a g!o'+1 $s #he second la!ges#
#y!e )an'(ac#'!e! $n #he co'n#!y a(#e! RF2 Cea# )an'(ac#'!es
#!'c" 3 b's1 +assenge! ca!1 scoo#e! and ,CV #y!es2 The co)+any
$s a do)$nan# +laye! $n #he #!'c" 3 b's and +assenge! ca! #y!e
seg)en#s 4$#h a )a!"e# sha!e o( 567 and 587 !es+ec#$*ely2 In
F-9:::1 Cea# d$d 4ell #o +os#$ng a 957yoy sales g!o4#h $n #he
!e+lace)en# )a!"e# (o! #!'c" 3 b's #y!es2 I# $s +!esen#ly
(oc's$ng on ca#e!$ng #o #he (as# g!o4$ng +assenge! ca! and #4o;
4heele! $nd's#!y2 To4a!ds #h$s1 $# $s co))$ss$on$ng a ne4 !ad$al
#y!e (ac#o!y $n .'ne 9:::2
Ind(str) basi*s
Ty!e $nd's#!y $s ca+$#al $n#ens$*e and as ca+ac$#$es co)e $n
s+'!#s1 $# leads #o cons#an# de)and;s'++ly $)balances and
conse<'en# cycl$cal$#y $n +!$ces2 Va!$able cos# $s also *e!y h$gh1
4$#h !a4 )a#e!$als (o!)$ng nea!ly 8:7 o( #he cos#s2 &!o($#
)a!g$ns a!e #he!e(o!e #h$n2 &!od'c#$on +!ocess $s #echnology
$n#ens$*e and globally h'ge s')s a!e $n*es#ed $n R3D2 Ty!e
de)and $s a de!$*ed de)and1 de+enden# on #he a'#o $nd's#!y1
bo#h (o! OE and !e+lace)en# )a!"e#2 The )a=o! seg)en#s a!e
T!'c" 3 B's >T3B? #y!es and ca! #y!es2 Val'e sha!e o( T3B
seg)en# $s abo'# 8@72 Th$s seg)en# $s h$ghly co)+e#$#$*e and
)a!g$ns a!e #y+$cally lo4e! #han $n #he ca! #y!es seg)en#2
Re+lace)en# )a!"e# (o!)s #he la!ges# seg)en# >abo'# AB7?1
(ollo4ed by OE >abo'# 997?2 EC+o!# acco'n#s (o! abo'# 5A72
W$#h global de)and slo4$ng do4n1 #he!e $s a consol$da#$on o(
ca+ac$#$es #h!o'gh )e!ge!s e#c2 The do)es#$c #y!e $nd's#!y
b!oadly )$!!o!s #he )a!"e# cha!ac#e!$s#$cs o( #he global $nd's#!y2
Ho4e*e!1 d'e #o !o'gh !oad cond$#$ons1 #he )o!e !'gged1
s'$#able and chea+e! c!oss +ly #y!es a!e $n *og'e2 Cons')+#$on
o( na#'!al !'bbe! $s1 #he!e(o!e1 +!o+o!#$ona#ely h$ghe!2 The
go*e!n)en# has dec$ded #o $)+ose 5:7 sa(eg'a!d d'#y on
ca!bon blac" and h$"$ng bench)a!" +!$ces o( na#'!al !'bbe! >9A;
@:7 o( sales? $n Feb!'a!y 5DDD2 I#s $)+ac# 4as (el# only #o an
eC#en# as +!$ces o( #hese co))od$#$es a!e !'l$ng a# h$s#o!$cal
lo4s $n #he global )a!"e#2
Cea# $s +a!# o( #he R&G g!o'+1 4h$ch $s d$*e!s$($ed1 4$#h +!esence
$n )a=o! sec#o!s l$"e +o4e!1 (e!#$l$%e!s1 +ha!)ace'#$cals1 #y!es1
co)+'#e!1 #eleco)1 ($nanc$al se!*$ces e#c2 The g!o'+ s#')bled
#!y$ng #o g!o4 *$a d$*e!se +la#(o!)s and has )any co)+an$es
#ha# ha*e #'!ned s$c"2 B'# la#ely #he s#!a#egy see)s #o be one o(
!es#!'c#'!$ng and consol$da#$on2 The g!o'+ $s d$*$ded $n#o 6
b!oad a!eas ; !'bbe! 3 all$ed +!od'c#s1 +o4e!1 elec#!on$cs 3
#eleco) and che)$cals2 Cea#Es $n*es#)en#s $n $#s s'bs$d$a!$es
ha*e also co)e do4n #h$s ($scal 4h$ch $s a s$gn o( +!'dence on
#he )anage)en#2
Indian T)re Ind(str)
The #y!e $nd's#!y has 4$#nessed a CAGR o( B2@7 o*e! #he las#
decade )a$nly ('elled by #he s#!ong g!o4#h $n #he do)es#$c a'#o
$nd's#!y2 Tho'gh #he !e+lace)en# )a!"e# has d!$*en #he $nd's#!y
g!o4#h (o! long #$)e1 #he OE )a!"e# has seen a !ob's# g!o4#h
o*e! #he las# co'+le o( yea!s2
The $nd's#!y $s h$ghly ca+$#al $n#ens$*e1 as $# !e<'$!es a!o'nd
Rs6bn #o se#'+ a !ad$al #y!e +lan# 4$#h a ca+ac$#y o( 52A)n #y!es
and a!o'nd Rs52A;9bn (o! a c!oss+ly #y!e +lan# o( a ca+ac$#y #o
)an'(ac#'!e 52A)n #y!es2
The +!o($#ab$l$#y o( #he $nd's#!y has h$gh co!!ela#$on 4$#h #he
+!$ces o( "ey !a4 )a#e!$als s'ch as !'bbe! and c!'de o$l as #hey
acco'n# (o! )o!e #han 8:7 o( #he #o#al cos#s2 The !a4 )a#e!$al
#o sales !a#$o $n #he $nd's#!y $s a!o'nd GA72
The $nd's#!y has h$gh en#!y ba!!$e!s beca'se o( $#s ca+$#al
$n#ens$*e na#'!e and lo4 o+e!a#$ng )a!g$ns2 W$#h de)and
$nc!eas$ng a# a s#eady +ace1 #he $nd's#!y $s eC+ec#ed #o go
#h!o'gh a consol$da#$on +hase2
The $nd's#!y $s do)$na#ed by (o'! +laye!s *$% RF1 A+ollo Ty!es1
.K Ind's#!$es and Cea# and en=oys )o!e #han 8:7 o( #he #o#al
)a!"e# sha!e2
The (o!#'nes o( #he $nd's#!y a!e l$n"ed #o #he #!end $n #he
do)es#$c a'#o $nd's#!y1 !e#!ead$ng1 #!end $n !oad #!ans+o!#a#$on
and s+end$ng on !oad $n(!as#!'c#'!e2
The co)+an$es ha*e l$ned '+ ('!#he! eC+ans$on +lans #o )ee#
#he $nc!eas$ng de)and2
Ind$a In(ol$ne Sec#o! S#'d$es H Ind$an Ty!e Ind's#!y $s a*a$lable $n
Ac!oba# Reade! >&DF? (o!)a#2 The Re+o!# +!o*$des eCha's#$*e
$n(o!)a#$on on #he Ind$an Ty!e Sec#o!1 #he de)and d!$*e!s1
#!ends $n #he $nd's#!y >4$#h !es+ec# #o +!od'c#$on1 eC+o!#s1
)a!"e# sha!e?1 "ey cha!ac#e!$s#$cs o( #he Ind$an )a!"e# and
+!o($le o( lead$ng +laye!s $n Ind$a2
oards o,a) &arrisons r(bber di-ision .er/er with Ceat
O(r (rea(
UBAI1 A+!$l 5D
THE +!ocess o( consol$da#$ng #he !'bbe! b's$ness o( #he Rs
G18::;c!o!e R&G En#e!+!$ses go# 'nde! 4ay 4$#h #he boa!ds o(
Cea# ,#d and Ha!!$sons alayala) ,#d >H,? a++!o*$ng #he
sche)e o( a!!ange)en# $n*ol*$ng #he de)e!ge! o( #he !'bbe!
d$*$s$on o( H, and $#s #!ans(e! #o Cea#2
The a++o$n#ed da#e o( #he Sche)e o( A!!ange)en# $s ($Ced as
Oc#obe! 51 9::92
Unde! #he de)e!ge! +lan (o! H,1 Cea# 4$ll $ss'e DA1:@1D::
e<'$#y sha!es o( Rs 5: each #o H, and @G1D51:B5 e<'$#y sha!es
o( Rs 5: each #o #he sha!eholde!s o( H, $n #he !a#$o o( one
sha!e (o! ($*e e<'$#y sha!es held by #hese sha!eholde!s2
The eC$s#$ng +a$d;'+ ca+$#al o( H, 4$ll be !ed'ced (!o) Rs
5B26A c!o!e #o Rs D29@ c!o!e by !ed'c$ng #he +a$d;'+ *al'e o(
each e<'$#y sha!e o( Rs 5: each #o Rs A each2 Bes$des1 Cea#Fs
$n*es#)en# +o!#(ol$o 4$ll be de)e!ged and #!ans(e!!ed #o
e#eo!$c Ind's#!$al F$nance Co)+any >IF,?1 one o( Cea#Fs non;
ban"$ng ($nanc$al s'bs$d$a!$es2
Unde! #h$s de)e!ge!1 IF, 4$ll $ss'e @1A915@1@9: e<'$#y sha!es
#o sha!eholde!s o( Cea# $n #he !a#$o o( one e<'$#y sha!e o( IF,
o( Re 5 each (o! e*e!y one e<'$#y sha!e o( Cea# o( Rs 5: each
held by s'ch sha!eholde!s $n Cea#2 Th$s sche)e 4$ll +!o*$de
!eclass$($ca#$on o( #he 'n$ss'ed e<'$#y sha!es o( Rs 5: each o(
IF, $n#o e<'$#y sha!es o( Re 5 each2
&os# #h$s $ss'e o( sha!es1 IF, 4$ll cease #o be a s'bs$d$a!y o(
Cea# and an a++l$ca#$on 4$ll be )ade #o #he Bo)bay S#oc"
ECchange (o! l$s#$ng #he co)+any2
The ob=ec#$*e o( #h$s consol$da#$on $s #o s#!eng#hen #he !'bbe!
b's$ness by c!ea#$ng bac"4a!d $n#eg!a#$on (o! Cea#1 an o(($c$al
+!ess !elease sa$d <'o#$ng ! Ha!sh Goen"a1 Cha$!)an1 R&G
En#e!+!$ses2
IW$#h #he )e!ge! o( H,Fs !'bbe! d$*$s$on and #he d$*es#)en# o(
all $#s non;#y!e asse#s Cea# 4$ll be able #o (oc's on $#s #y!e
b's$ness and also $)+!o*e $#s o+#$on (o! so'!c$ng #h$s $)+o!#an#
!a4 )a#e!$al (o! $#s #y!e )an'(ac#'!$ng ac#$*$#$es and b!$ng abo'#
syne!g$s#$c e((ec#s1FF R&G En#e!+!$ses sa$d $n #he +!ess !elease2
Cea# had ea!l$e! sa$d #ha# #he )e!ge! o( #he !'bbe! d$*$s$on o(
H, 4$#h $#sel( 4o'ld $)+!o*e #he co)+anyFs o+#$ons (o!
so'!c$ng #h$s $)+o!#an# !a4 )a#e!$al (o! $#s #y!e )an'(ac#'!$ng
ac#$*$#$es and b!$ng abo'# syne!g$c e((ec#s2
H,Fs !'bbe! d$*$s$on has a #'!no*e! o( Rs A: c!o!e (!o) a c!o+
o'#+'# o( abo'# 5:1::: #onnes +e! ann')1 4h$le Cea#Fs na#'!al
!'bbe! cons')+#$on 4as a++!oC$)a#ely A:1::: #onnes 4o!#h Rs
9G: c!o!e las# yea!2
As !ega!ds H,1 #he de)e!ge! o( #he !'bbe! d$*$s$on 4$ll hel+ $#
#o (oc's on $#s co!e b's$ness a!ea o( #ea2 The ($nanc$al
!es#!'c#'!$ng 4o'ld enable #he b's$ness #o g!o4 no# only $#s #ea
b's$ness b'# also cons$de! eC+ans$on $n#o ne4 ag!$c'l#'!e !ela#ed
(ood +!od'c#s2
The Boa!d o( H, also ga*e $#s a++!o*al (o! a sche)e o(
a)alga)a#$on o( $#s 5:: +e! cen# s'bs$d$a!$es1 Ha!!$sons Ag!o
&!od'c#s ,#d1 Ha!!$sons R'bbe! &!od'c#s ,#d and Ha!!$sons
alayala) F$nanc$al Se!*$ces ,#d 4$#h $#sel(2
The *al'e!s #o #he Sche)e a!e SBI Ca+$#al a!"e#s 3 K&G and
#he ad*$so!s a!e ,odha 3 Co2
The sche)e $s s'b=ec# #o #he sanc#$on o( #he co'!#s and #he
Na#$onal Co)+any ,a4 T!$b'nal2 Cea#1 IF, and H, and $#s
s'bs$d$a!$es 4$ll a++ly #o #he H$gh Co'!#s (o! a++!o*al2 Kha$#an 3
Co has been a++o$n#ed as ad*oca#es #o #he sche)e (o! #h$s
+'!+ose2
MAR0ETING STRATEGY
oards o,a) &arrisons r(bber di-ision .er/er with Ceat
O(r (rea(
UBAI1 A+!$l 5D
THE +!ocess o( consol$da#$ng #he !'bbe! b's$ness o( #he Rs
G18::;c!o!e R&G En#e!+!$ses go# 'nde! 4ay 4$#h #he boa!ds o(
Cea# ,#d and Ha!!$sons alayala) ,#d >H,? a++!o*$ng #he
sche)e o( a!!ange)en# $n*ol*$ng #he de)e!ge! o( #he !'bbe!
d$*$s$on o( H, and $#s #!ans(e! #o Cea#2
The a++o$n#ed da#e o( #he Sche)e o( A!!ange)en# $s ($Ced as
Oc#obe! 51 9::92
Unde! #he de)e!ge! +lan (o! H,1 Cea# 4$ll $ss'e DA1:@1D::
e<'$#y sha!es o( Rs 5: each #o H, and @G1D51:B5 e<'$#y sha!es
o( Rs 5: each #o #he sha!eholde!s o( H, $n #he !a#$o o( one
sha!e (o! ($*e e<'$#y sha!es held by #hese sha!eholde!s2
The eC$s#$ng +a$d;'+ ca+$#al o( H, 4$ll be !ed'ced (!o) Rs
5B26A c!o!e #o Rs D29@ c!o!e by !ed'c$ng #he +a$d;'+ *al'e o(
each e<'$#y sha!e o( Rs 5: each #o Rs A each2 Bes$des1 Cea#Fs
$n*es#)en# +o!#(ol$o 4$ll be de)e!ged and #!ans(e!!ed #o
e#eo!$c Ind's#!$al F$nance Co)+any >IF,?1 one o( Cea#Fs non;
ban"$ng ($nanc$al s'bs$d$a!$es2
Unde! #h$s de)e!ge!1 IF, 4$ll $ss'e @1A915@1@9: e<'$#y sha!es
#o sha!eholde!s o( Cea# $n #he !a#$o o( one e<'$#y sha!e o( IF,
o( Re 5 each (o! e*e!y one e<'$#y sha!e o( Cea# o( Rs 5: each
held by s'ch sha!eholde!s $n Cea#2 Th$s sche)e 4$ll +!o*$de
!eclass$($ca#$on o( #he 'n$ss'ed e<'$#y sha!es o( Rs 5: each o(
IF, $n#o e<'$#y sha!es o( Re 5 each2
&os# #h$s $ss'e o( sha!es1 IF, 4$ll cease #o be a s'bs$d$a!y o(
Cea# and an a++l$ca#$on 4$ll be )ade #o #he Bo)bay S#oc"
ECchange (o! l$s#$ng #he co)+any2
The ob=ec#$*e o( #h$s consol$da#$on $s #o s#!eng#hen #he !'bbe!
b's$ness by c!ea#$ng bac"4a!d $n#eg!a#$on (o! Cea#1 an o(($c$al
+!ess !elease sa$d <'o#$ng ! Ha!sh Goen"a1 Cha$!)an1 R&G
En#e!+!$ses2
IW$#h #he )e!ge! o( H,Fs !'bbe! d$*$s$on and #he d$*es#)en# o(
all $#s non;#y!e asse#s Cea# 4$ll be able #o (oc's on $#s #y!e
b's$ness and also $)+!o*e $#s o+#$on (o! so'!c$ng #h$s $)+o!#an#
!a4 )a#e!$al (o! $#s #y!e )an'(ac#'!$ng ac#$*$#$es and b!$ng abo'#
syne!g$s#$c e((ec#s1FF R&G En#e!+!$ses sa$d $n #he +!ess !elease2
Cea# had ea!l$e! sa$d #ha# #he )e!ge! o( #he !'bbe! d$*$s$on o(
H, 4$#h $#sel( 4o'ld $)+!o*e #he co)+anyFs o+#$ons (o!
so'!c$ng #h$s $)+o!#an# !a4 )a#e!$al (o! $#s #y!e )an'(ac#'!$ng
ac#$*$#$es and b!$ng abo'# syne!g$c e((ec#s2
H,Fs !'bbe! d$*$s$on has a #'!no*e! o( Rs A: c!o!e (!o) a c!o+
o'#+'# o( abo'# 5:1::: #onnes +e! ann')1 4h$le Cea#Fs na#'!al
!'bbe! cons')+#$on 4as a++!oC$)a#ely A:1::: #onnes 4o!#h Rs
9G: c!o!e las# yea!2
As !ega!ds H,1 #he de)e!ge! o( #he !'bbe! d$*$s$on 4$ll hel+ $#
#o (oc's on $#s co!e b's$ness a!ea o( #ea2 The ($nanc$al
!es#!'c#'!$ng 4o'ld enable #he b's$ness #o g!o4 no# only $#s #ea
b's$ness b'# also cons$de! eC+ans$on $n#o ne4 ag!$c'l#'!e !ela#ed
(ood +!od'c#s2
The Boa!d o( H, also ga*e $#s a++!o*al (o! a sche)e o(
a)alga)a#$on o( $#s 5:: +e! cen# s'bs$d$a!$es1 Ha!!$sons Ag!o
&!od'c#s ,#d1 Ha!!$sons R'bbe! &!od'c#s ,#d and Ha!!$sons
alayala) F$nanc$al Se!*$ces ,#d 4$#h $#sel(2
The *al'e!s #o #he Sche)e a!e SBI Ca+$#al a!"e#s 3 K&G and
#he ad*$so!s a!e ,odha 3 Co2
The sche)e $s s'b=ec# #o #he sanc#$on o( #he co'!#s and #he
Na#$onal Co)+any ,a4 T!$b'nal2 Cea#1 IF, and H, and $#s
s'bs$d$a!$es 4$ll a++ly #o #he H$gh Co'!#s (o! a++!o*al2 Kha$#an 3
Co has been a++o$n#ed as ad*oca#es #o #he sche)e (o! #h$s
+'!+ose2
Ceat !i.ited
AVAILABLE NOW! LABOR PRODUCTIVITY BENCHMARKS
AND VERTICAL GAP ANALYSIS ON Ceat Limited
&'bl$shed #oday by ICON G!o'+ In#e!na#$onal1 ,#d2 T4o o( #he
)os# co)+!ehens$*e s#'d$es #o da#e on labo! +!od'c#$*$#y and
*e!#$cal ga+ analys$s bench)a!"s (o! Cea# ,$)$#ed >BO?2
The )e#hodolog$s# (o! #h$s 'n$<'e s#'dy $s &h$l$+ &a!"e!1 El$ ,$lly
Cha$! &!o(esso! o( Inno*a#$on1 B's$ness and Soc$e#y a# INSEAD
>Fon#a$neblea'1 F!ance and S$nga+o!e?2 Acco!d$ng #o &!o(esso!
&a!"e!1 JW$#h #he global$%a#$on o( )a!"e#s1 g!ea#e! (o!e$gn
co)+e#$#$on1 and #he !ed'c#$on o( ba!!$e!s #o en#!y1 $# beco)es all
#he )o!e $)+o!#an# #o bench)a!" a co)+anyEs ($nanc$al
$nd$ca#o!s on a 4o!ld4$de bas$s2 Wo!ld s#oc" )a!"e#s ha*e
!ecen#ly 4$#nessed a !e#'!n #o ('nda)en#al ($nanc$al analys$s2 K
The goal o( #he !e+o!#s $s #o ass$s# cons'l#an#s1 ($nanc$al
)anage!s1 s#!a#eg$c +lanne!s1 and co!+o!a#e o(($ce!s $n ga'g$ng
ce!#a$n $nd$ca#o!s o( Cea# ,$)$#edEs ($nanc$al and h')an !eso'!ce
s#!'c#'!e2
The !e+o!# has bench)a!"ed Cea# ,$)$#ed aga$ns# co)+e#$ng
($!)s $n #he T$!es and Inne! T'bes an'(ac#'!$ng $nd's#!y
4o!ld4$deLgo$ng beyond #!ad$#$onal )e#hods o( co)+any
bench)a!"$ng2 The !es'l#s a!e #4o s+ec$al$%ed !e+o!#sH >5? global
($nanc$al bench)a!"s 's$ng co))on;s$%e s#a#e)en# !a#$os
>*e!#$cal analys$s?1 and >9? labo! +!od'c#$*$#y and '#$l$%a#$on
)eas'!es collec#ed ac!oss bo!de!s2
Co-era/e
T4o !e+o!#s1 ($nanc$al !a#$os and labo! +!od'c#$*$#y !a#$os1 a!e
a*a$lable (o! Cea# ,$)$#ed2 Each !e+o!# !e*eals +!od'c#$*$#y and
$nd's#!y !an"s (o! Cea# ,$)$#ed $n #he T$!es and Inne! T'bes
an'(ac#'!$ng $nd's#!y2 Re+o!#s (o! #he (ollo4$ng and )any o#he!
T$!es and Inne! T'bes an'(ac#'!$ng co)+an$es a!e a*a$lable
no4H
rid/estone Cor1oration
B!$sa B!$dges#one Sabanc$ ,as#$" Sanay$ *e T$ca!e# AS
Cea# ,$)$#ed1 Co)+agn$e F$nanc$e!e $chel$n1 Co)+agn$e
Gene!ale des E#abl$sse)en#s $chel$n
Con#$nen#al AG
Coo+e! T$!e 3 R'bbe! Co
DIB Be!had >alays$a?
D'nlo+ A(!$ca ,$)$#ed
Feng Tay En#e!+!$se Co ,#d
Goodyea! >Tha$land? &'bl$c Co)+any ,$)$#ed
Goodyea! Indones$a &2T2
Han"oo" T$!e Co2 ,#d2
He'ng Ah Co!+
Kenda R'bbe! Ind's#!$al Co21 ,#d2
K')ho Ind's#!$al Co)+any ,$)$#ed
a!angon$ S2+2A2
NeCen T$!e
&$!ell$ S2+2A2
S')$#o)o R'bbe! Ind's#!$es ,#d2
The Goodyea! T$!e 3 R'bbe! Co
Toyo T$!e 3 R'bbe! Co21 ,#d2
V!edes#e$n NV
Yo,oha.a R(bber Co.1an)' !i.ited
The *e!#$cal analys$s deals 4$#h <'es#$ons l$"eH Ho4 has
Cea# ,$)$#edEs asse# s#!'c#'!e *a!$ed co)+a!ed #o global
bench)a!"s (o! #he T$!es and Inne! T'bes an'(ac#'!$ng
$nd's#!yM Does $# gene!ally hold )o!e cash and o#he!
sho!#;#e!) asse#s1 o! does $# #end #o concen#!a#e $#s asse#s
$n +hys$cal +lan# and e<'$+)en#M On #he l$ab$l$#y s$de1 does
Cea# ,$)$#ed #y+$cally ha*e a h$ghe! +e!cen# o( +ayables
co)+a!ed #o #he bench)a!"s1 o! does $# hold a h$ghe!
concen#!a#$on o( long;#e!) deb#M Does Cea# ,$)$#ed ha*e a
!ela#$*ely h$ghe! cos# o( goods sold1 o+e!a#$ng cos#s1 o!
$nco)e #aCes co)+a!ed #o global bench)a!"sM Ha*e Cea#
,$)$#edEs !e#'!ns on e<'$#y been h$ghe! o! $#s +!o($#
)a!g$ns g!ea#e!M
Wh$le #he labo! +!od'c#$*$#y analys$s ans4e!s #he (ollo4$ngH
Wha# has been #he !a#$o o( sho!#;#e!) and long;#e!)
asse#s #o e)+loyeeM Wha# a!e #y+$cal ca+$#al;labo! !a#$osM
Wha# a!e #he a*e!age sales and ne# +!o($#s +e! e)+loyee
co)+a!ed #o global bench)a!"sM
Methodolo/)2 Un*o-erin/ Ga1s
os# *e!#$cal analyses )e!ely (oc's on bench)a!"$ng aga$ns#
do)es#$c !a#$os1 o(#en +'bl$shed by go*e!n)en# agenc$es o!
co))e!c$al so'!ces2 In con#!as#1 #he !e+o!# calc'la#es #ho'sands
o( $nd's#!y no!)s by loo"$ng a# ($!)s a# #he global le*el1 +ool$ng
s#a#$s#$cs on #ens o( #ho'sands o( co)+an$es ac!oss o*e! 6:
*o(ntries' and a11l)in/ a se-en3sta/e .ethodolo/)2
>5? $den#$($ca#$on o( $nd's#!y class$($ca#$ons1
>9? ($!);le*el da#a collec#$on and agg!ega#$on1
>@? s#anda!d$%a#$on o( !a4 s#a#$s#$cs1
>6? ($l#e!$ng o'#l$e!s1
>A? calc'la#$on o( global no!)s1
>G? +!o=ec#$on o( de*$a#$ons and ga+s1 and
>8? +!o=ec#$on o( !an"s and +e!cen#$les2 Fo! each +a!# o(
#he ($nanc$al s#a#e)en#1 #he la!ge! s#!'c#'!al d$((e!ences
and ga+s be#4een Cea# ,$)$#ed2 and #he global
bench)a!"s a!e +!o*$ded 4$#h s'))a!y #ables o( !an"s
and +e!cen#$les2
&!o(esso! &a!"e! no#es1 IWe a!e $n#!$g'ed by #he
4$de *a!$a#$ons $n bas$c ($nanc$al and +!od'c#$*$#y
)eas'!es be#4een Cea# ,$)$#ed and o#he! T$!es
and Inne! T'bes an'(ac#'!$ng co)+an$es2 The
Ea!n$ngs Be(o!e In#e!es# And TaCes >EBIT?1 (o!
eCa)+le1 *a!$ed (!o) ;925 #o G62952 We see #h$s
#y+e o( *a!$a#$on $n #he h'nd!eds o( !a#$os #ha# 4e
es#$)a#e2K
TYRE manufacturer Ceat Ltd is on the road to recovery. Yet even as it
leaves its losses behind, refuses to borrow and enhances sales, there are
sectoral issues it must confront. Mr Paras K. Chowdhary, Managing
Director, Ceat, spoke recently to Business Line on the domestic tyre
industry and challenges before it.
!IMITATION OF T&E RESEARC&
Th$s !e+o!# $s (o! $n(o!)a#$on +'!+oses only and does no#
cons#!'e #o be any $n*es#)en#1 legal o! #aCa#$on ad*$ce2 I# $s no#
$n#ended as an o((e! o! sol$c$#a#$on (o! #he +'!chase and sale o(
any ($nanc$al $ns#!')en#2 Any ac#$on #a"en by yo' on #he bas$s o(
#he $n(o!)a#$on con#a$ned he!e$n $s yo'! !es+ons$b$l$#y alone and
Ind$a In(ol$ne ,#d >he!e$na(#e! !e(e!!ed as II,? and $#s s'bs$d$a!$es
o! $#s e)+loyees o! d$!ec#o!s1 assoc$a#es 4$ll no# be l$able $n any
)anne! (o! #he conse<'ences o( s'ch ac#$on #a"en by yo'2 We
ha*e eCe!c$sed d'e d$l$gence $n chec"$ng #he co!!ec#ness and
a'#hen#$c$#y o( #he $n(o!)a#$on con#a$ned he!e$n1 b'# do no#
!e+!esen# #ha# $# $s acc'!a#e o! co)+le#e2 II, o! any o( $#s
s'bs$d$a!$es o! assoc$a#es o! e)+loyees shall no# be $n any 4ay
!es+ons$ble (o! any loss o! da)age #ha# )ay a!$se #o any +e!son
(!o) any $nad*e!#en# e!!o! $n #he $n(o!)a#$on con#a$ned $n #h$s
+'bl$ca#$on2 The !ec$+$en#s o( #h$s !e+o!# sho'ld !ely on #he$! o4n
$n*es#$ga#$ons2 II, and/o! $#s s'bs$d$a!$es and/o! d$!ec#o!s1
e)+loyees o! assoc$a#es )ay ha*e $n#e!es#s o! +os$#$ons1
($nanc$al o! o#he!4$se2
DATAASE AND RESEARC& MET&ODO!OGY
The !esea!ch e#hodology de($nes #he $s #he +'!+ose o( #he
!esea!ch1 ho4 $# +!oceeds1 ho4 #o )eas'!e +!og!ess and 4ha#
cons#$#'#e s'ccess 4$#h !es+ec# #o #he ob=ec#$*es de#e!)$ned (o!
ca!!y$ng o'# #he !esea!ch s#'dy1 #he a++!o+!$a#e !esea!ch des$gn
(o!)'la#ed $s de#a$led belo42
EC+lo!a#o!y !esea!chH #h$s "$nd o( !esea!ch has #he +!$)a!y
ob=ec#$*e o( de*elo+)en# o( $ns$gh#s $n#o #he +!oble)2 $# s#'d$es
#he )a$n a!ea 4he!e #he +!oble) l$es and also #!$es #o e*al'a#e
so)e a++!o+!$a#e co'!ses o( ac#$on2
The !esea!ch )e#hodology (o! #he +!esen# s#'dy has been
ado+#ed #o !e(lec# #hese !eal#$es and hel+ !each #he log$cal
concl's$on $n an ob=ec#$*e and sc$en#$($c )anne!2
The $)+o!#an# co)+onen# o( !esea!ch )e#hodology s'ch
as1 )e#hod o( da#a collec#$on1 #ools (o! +!ocess$ng o( #he da#a
and !e+o!#$ng (o!)a# o( #he s#'dy1 a!e en')e!a#ed as (ollo4sH
DATA CO!!ECTION
The +!esen# s#'dy con#e)+la#ed an eC+lo!a#o!y !esea!ch2
Se*ondar) data2 seconda!y da#a 4h$ch $s al!eady
a*a$lable and +'bl$shed 2$# co'ld be $n#e!nal and eC#e!nal
so'!ce o( da#a2
Internal so(r*e2 4h$ch o!$g$na#es (!o) #he s+ec$($c ($eld
o! a!ea 4he!e !esea!ch $s ca!!$ed o'# e2g2 +'bl$sh
b!o'che!s1 o(($c$al !e+o!#s e#c2
E4ternal so(r*e2 4h$ch o!$g$na#es o'#s$de #he ($eld o(
s#'dy l$"e boo"s1 +e!$od$cals 1=o'!nals1 ne4s+a+e!s and #he
$n#e!ne#2
NATURE OF DATA
Seconda!y da#a has been 'sed 4h$ch $s collec#ed #h!o'gh
a!#$cles1 !e+o!#s1 =o'!nals1 )aga%$nes1 ne4s+a+e!s !e+o!#s
+!e+a!ed by !esea!ch schola!s1 'n$*e!s$#$es and $n#e!ne#2
TOO!S AND TEC&NI5ES
Analys$s o( da#a has been done 4$#h hel+ o( *a!$o's s#a#$s#$cal
#ools l$"e #he #ables and g!a+hs2
DATA PRESENTATION AND ANA!YSIS
Th$s Re+o!# (ea#'!es '+ #o a #en;yea! !eco!d o( #he e<'$#y &!$ce
h$s#o!y (o! Cea# ,$)$#ed2 Tab'la! !es'l#s $ncl'de #he H$gh1 ,o4
and Clos$ng +!$ce (o! #he <'a!#e!2 The!e $s also a calc'la#$on o(
+e!cen#age change $n +!$ce (o! bo#h N'a!#e!ly and Ann'al
+e!$ods2 &!$ce *al'es a!e ad='s#ed (o! s#oc" s+l$#s and d$*$dends2
Cea# ,$)$#ed2 The G!o'+Fs +!$nc$+al ac#$*$#$es a!e #o
)an'(ac#'!e and d$s#!$b'#e a'#o)o#$*e #y!es1 #'bes and
(la+s2 The +!od'c#s $ncl'de nylon (ab!$c1 nylon #y!e ya!n1
glass ($b!e1 a'#o)o#$*e (la+s1 ($la)en# )a#s and o#he!
!'bbe! +!od'c#s2 The G!o'+ also +!o*$des $n*es#)en#
($nanc$al se!*$ces2 The G!o'+ s'++l$es #o o*e! A: co'n#!$es
4$#h #he )a=o! b's$ness l$n"s $n #he Un$#ed S#a#es o(
A)e!$ca1 S$nga+o!e1 #he Un$#ed A!ab E)$!a#es1
Bangladesh1 &h$l$++$nes1 A(ghan$s#an1 and N$ge!$a and
o#he! As$an1 $ddle Eas# and A(!$can co'n#!$es2
!a)o(t and Content of a T)1i*al Re1ort
T)re Ind(str) A1ril 6778 (1date
The #y!e +!od'c#$on $n Ind$a 4$#nessed a g!o4#h o( 9D2B7 on a
yoy bas$s $n #he )on#h o( A+!$l :62 The )os# s$gn$($can# g!o4#h
4as seen $n #he +!od'c#$on o( #he +assenge! ca! seg)en#1 4h$ch
sa4 a =')+ o( AD7 #o D@G1BA@ $n A+!$l 9::6 as aga$ns# ABB19@B
$n A+!$l 9::@2 O#he! s$gn$($can# seg)en#s 4e!e #he )o#o!cycle
seg)en# and #he #!ac#o! seg)en#2 The )o#o!cycle seg)en#
4$#nessed a g!o4#h o( )o!e #han 9D7 and #he #!ac#o! seg)en#
>F!on#1 Rea! and T!a$le!? !eg$s#e!ed a g!o4#h o( )o!e #han 9A72
The con#!$b'#$on o( #he #y!e and b's seg)en# #o #he #o#al
+!od'c#$on $n A+!$l 9::6 !ed'ced #o 5B2B7 (!o) 952G7 $n
A+!$l 9::@2 The +assenge! ca! seg)en#1 4h$ch con#!$b'#ed
5G2@7 $n A+!$l 9::@1 $nc!eased $#s sha!e $n #o#al +!od'c#$on
#o 9:72 The sha!e o( #he #!ac#o! seg)en# dec!eased (!o)
A257 #o 62D7 (o! #he sa)e +e!$od2
I( any $nd$ca#$on (!o) #hese ($g'!es ha*e #o be #a"en1 #he
g!o4#h $n #he +assenge! seg)en# 4o'ld be )o!e #han #ha#
$n #he co))e!c$al *eh$cle seg)en# $n #he nea! ('#'!e2 In
#he !ecen# +as#1 #he!e has been an os#ens$ble sh$(# $n #he
de)and o( #4o 4heele!s (!o) scoo#e!s #o )o#o!cycles2 The
($g'!es (o! #he +!od'c#$on o( #y!es $n #he !es+ec#$*e
seg)en# en*$sage #he scena!$o #o con#$n'e $n #he nea!
#e!)2 Abo*e a*e!age +!e;)onsoon sho4e!s a!e eC+ec#ed
#o g$*e +os$#$*e #!$gge!s #o #he de)and o( #!ac#o!s2
Inc!eas$ng +!od'c#$on o( #!ac#o! #y!es $s an $nd$ca#o! (o! #he
sa)e2
EC+o!#s o( #y!es g!e4 by a s'bs#an#$al @D2G7 $n A+!$l 9::6
#o 9D516:D (!o) 9:B185: $n A+!$l 9::@2 The )a=o!
con#!$b'#o!s #o #h$s g!o4#h 4e!e #he +assenge! ca! and #he
scoo#e! seg)en#s by !eg$s#e!$ng a g!o4#h o( 9::7 and
9D@72 D'!$ng F-:61 eC+o!#s con#!$b'#ed #o #he #'ne o(
9:2G7 and G7 #o #o#al +!od'c#$on o( #y!es $n #!'c" 3 b's
and +assenge! ca! seg)en#s !es+ec#$*ely2 The sa)e
($g'!es (o! #he !es+ec#$*e seg)en#s 4e!e 58287 and A2A7
$n A+!$l 9::62 In F-:61 #he eC+o!#s con#!$b'#ed 62G7 o( #he
#o#al #!ac#o! #y!es +!od'c#$on1 4h$ch dec!eased #o 92D7 $n
A+!$l 9::62 Th$s ('!#he! $nd$ca#es #ha# #he do)es#$c a'#o
$nd's#!y $s all se# #o 4$#ness a s'bs#an#$al g!o4#h2
Prod(*tion E41orts
9In .n: A1r378 A1r37; Growth A1r378 A1r37; Growth
T!'c" 3
B's
BB:198A 88819B: 5@2@ 5A61GDA 59@18G: 9A2:
,CV 9D51B9B 95D1BDA @928 G91G88 6A168A @82B
.ee+ 5@:1886 5::19@A @:2A
&assenge!
Ca!
D@G1BA@ ABB19@B AD2@ A51A8@ 5815A8 9::2G
Total 83
wheeler
6'6;<'=;7 >'?@A'?8@ ;6B< 6?@'<8A >@?';<6 88B;

T!ac#o!
>F!on#?
5:B18AG D61@G: 5A2@ 515:6 51DAA >6@2A?
T!ac#o!
>Rea!?
B:1@:D AB1:AG @B2@ A1@9G 551966 >A92G?
T!ac#o!
>T!a$le!?
6:1AD: @:1BG: @52A 958 99G >62:?
Total
Tra*tor
66<'?AA >@;'6=? 6AB; ?'?8= >;'86A 9A7BA:

Scoo#e! 8DG1D5B G551:@@ @:26 59199A @155: 9D@25
o#o!
Cycle
51@G91AD@ 51:A616A@ 9D29 918A: 51D8A @D29
o+ed B19:A 5B1A:B >AA28? 6 G6G >DD26?
Total 63
wheeler
6'>?='=>? >'?@;'<<8 6@B= >8'<=< A'=;> >?>B8

An$)al
D!a4n
Veh$cle
D1A56 5B1ABA >6B2B?
Ind's#!$al 9@1:GB 9G18GD >5@2B? A: 51DAB >D826?
O(( #he
Road
61G5@ @158G 6A29 8BB 519:6 >@62G?
Total
Others
;='><A 8@'A;7 96;B8: @;@ ;'>?6 9=;BA:
Final
Total
8'?=8'6<? ;'?7>'88@ 6<B@ 6<>'87< 67@'=>7 ;<B?
STOC0 C&ART
Re*ent sto*, 1erfor.an*e
5 Wee" 92D7
6 Wee"s 9287
5@ Wee"s ;B287
A9 Wee"s ;9G2:7
%ision and Mission
(siness Des*ri1tion2 Cea# ,$)$#ed2 The G!o'+Fs +!$nc$+al
ac#$*$#$es a!e #o )an'(ac#'!e and d$s#!$b'#e a'#o)o#$*e
#y!es1 #'bes and (la+s2 The +!od'c#s $ncl'de nylon (ab!$c1
nylon #y!e ya!n1 glass ($b!e1 a'#o)o#$*e (la+s1 ($la)en#
)a#s and o#he! !'bbe! +!od'c#s2 The G!o'+ also +!o*$des
$n*es#)en# ($nanc$al se!*$ces2 The G!o'+ s'++l$es #o o*e!
A: co'n#!$es 4$#h #he )a=o! b's$ness l$n"s $n #he Un$#ed
S#a#es o( A)e!$ca1 S$nga+o!e1 #he Un$#ed A!ab E)$!a#es1
Bangladesh1 &h$l$++$nes1 A(ghan$s#an1 and N$ge!$a and o#he!
As$an1 $ddle Eas# and A(!$can co'n#!$es2
JCEAT 4$ll each #$)e e*e!y #$)e +!o*$de To#al C's#o)e!
Sa#$s(ac#$on #h!o'gh +!od'c#s and se!*$ces o( h$ghes#
<'al$#y and !el$ab$l$#y2
CEAT 4$ll n'!#'!e an eCc$#$ng and challeng$ng 4o!"$ng
en*$!on)en# e)bedded 4$#h (a$!ness and (!ee1 (!an"
eCchange o( *$e4s2K
C(rrent S*enario
an'(ac#'!es o*e! G )$ll$on #y!es e*e!y yea!2
En=oys AA7 o( #he local )a!"e# (o! l$gh# #!'c" and #!'c"
#y!es2
O+e!a#es (!o) +lan#s $n ')ba$ and Nas$"2
EC+o!#s #o USA1 A(!$ca and o#he! +a!#s o( As$a2
Has a !ob's# ne#4o!" cons$s#$ng o( @G !eg$onal o(($ces1 o*e!
@1A:: deale!s and )o!e #han 5:: C3F agen#s2
Has a ded$ca#ed C's#o)e! Se!*$ce de+a!#)en#1 co)+!$s$ng
C's#o)e! Se!*$ce anage!s $n all (o'! d$*$s$onal o(($ces1
ass$s#ed by A: Se!*$ce Eng$nee!s2
CEAT C Cri*,et
The ($!s# $n#e!na#$onal !a#$ng sys#e)
In 5DDA1 #he &!o(ess$onal anage)en# G!o'+ >&G? and CEAT
dec$ded #o #!ans(o!) c!$c"e# $n#o an eC+e!$ence1 b$gge! and )o!e
eCc$#$ng #han any#h$ng +laye!s and (ans had e*e! 4$#nessed2
They dec$ded #o !e4a!d #he +e!(o!)ances o( +laye!s a# #he
$n#e!na#$onal le*el2
Th's 4as bo!n #he ($!s# In#e!na#$onal Ra#$ng Sys#e)LCEAT
C!$c"e# Ra#$ng >CCR?La sys#e) #o !e4a!d o'#s#and$ng
+e!(o!)ances ac!oss e*e!y s+he!e o( c!$c"e#Lba##$ng1 bo4l$ng1
($eld$ng and e*en 4$c"e#;"ee+$ngO
A co)+!ehens$*e a4a!d sys#e)
CCR enco)+asses all $n#e!na#$onal )a#ches >Tes# )a#ches and
One;day In#e!na#$onals? +layed o*e! #4el*e )on#hs1 be#4een
ay 5 and A+!$l @:2 I# !e4a!ds bo#h1 $nd$*$d'al +laye!s as 4ell as
#ea)s1 and $s $ndeed #he 4o!ldEs )os# c!ed$ble c!$c"e# !a#$ng2
A l$(elong #$#le
A(#e! #4el*e )on#hs o( sco!$ng cen#'!$es1 send$ng s#')+s (ly$ng
and #a"$ng $)+oss$ble ca#ches1 #he bes# c!$c"e#e! !ece$*es h$s
)os# ('l($ll$ng !e4a!dL#he PCEAT In#e!na#$onal C!$c"e#e! o( #he
-ea!E2 And o( co'!se1 #he )os# end'!$ng #ea) $s !e4a!ded #oo2 I#
4$ns #he PCEAT In#e!na#$onal Tea) o( #he -ea!E2
In 5DDG1 B!$an ,a!a 4on #he ($!s# FCEAT In#e!na#$onal C!$c"e#e!F
a4a!d2 A yea! la#e!1 &a"$s#an 4on #he ($!s# FCEAT In#e!na#$onal
Tea)F a4a!d2 D'!$ng #he Wo!ld C'+ $n 5DDD1 CEAT $ns#$#'#ed #he
FCEAT In#e!na#$onal C!$c"e#e! o( #he Wo!ld C'+F a4a!d1 and $#
4en# #o Rah'l D!a*$d (o! h$s +heno)enal +e!(o!)ance2
The e41ertsD de*ision is final
CCR $s ade+#ly )anaged by a Go*e!n$ng Co'nc$l co)+!$s$ng
c!$c"e# legends S'n$l Ga*as"a!1 Cl$*e ,loyd and Ian Cha++ell2 The
day;#o;day a((a$!s a!e o*e!seen by San=ay an=e!e"a!1 #he
ECec'#$*e D$!ec#o! o( #he Co'nc$l2
Ha*$ng been $n #he eC+o!# b's$ness (o! o*e! (o!#y yea!s1
CEAT #oday en=oys 567 o( #he Ind$an )a!"e# sha!e o(
global eC+o!#s1 cl$en#s $n o*e! se*en#y co'n#!$es1 and a
#'!no*e! o( US Q68 )$ll$on2
E41ortin/ te*hnolo/i*all) ad-an*ed 1rod(*ts
F!o) ($*e 4o!ld;class +lan#s1 #h!ee $n Ind$a and one $n S!$
,an"a1 4e )an'(ac#'!e a 4$de !ange o( #y!es (o! all 'se!
seg)en#s $ncl'd$ng #!'c"s1 b'ses1 and ,CVs2 We also
eC+o!# (a!)1 $nd's#!$al1 g!ade!1 OTR1 ca!1 scoo#e!1 a'#o;
!$c"sha41 )o#o!cycle and +assenge! ca! !ad$als2
EnEo)in/ lar/e .ar,et shares
O'! $nd$*$d'al )a!"e# sha!es $ncl'de G67 $n S$nga+o!e1
997 $n UAE and 997 $n &h$l$++$nes2 We also send o'!
+!od'c#s $n#o USA1 Bangladesh1 &a"$s#an1 V$e#na)1 I!an1
N$ge!$a1 Egy+# and o#he! A(!$can1 $ddle;Eas# and Fa!;Eas#
As$an co'n#!$es2
Meetin/ /lobal standards
W$#h o'! )an'(ac#'!$ng +!ocesses be$ng globally a++!o*ed
by DOT >De+a!#)en# o( T!ans+o!#a#$on? and IN;ETRO1 o'!
+!od'c#s ha*e d$!ec# en#!y $n#o #he US and ,a#$n A)e!$can
)a!"e#s2
&ono(red with 5(alit) *ertifi*ates
We a!e #he ($!s# Ind$an #y!e co)+any #o !ece$*e an ISO
ce!#$($ca#e >ISO/TS 5GD6DH 9::91 $n #he yea! 9::@;9::6?2
O*e! #he las# #en yea!s1 4e ha*e cons$s#en#ly been
!ece$*$ng eC+o!# a4a!ds (!o) AIRAI and CA&ERI,2 A !a!e
hono'!1 $ndeed2
RESU!TS AND DISCUSSIONS
(siness
Cea# $s #he second la!ges# #y!e )an'(ac#'!e! $n #he co'n#!y2 In
F-9:::1 $# +!od'ced A289)n n')be! o( #y!es as co)+a!ed #o
A296)n 'n$#s $n F-DD1 a !$se o( D7yoy2
T)res
Cea# )an'(ac#'!es #!'c" 3 b's1 +assenge! ca!1 scoo#e! and ,CV
#y!es2 Cea# has an eC#ens$*e d$s#!$b'#$on ne#4o!" o( )o!e #han
@1::: deale!s2 Tho'gh "no4n (o! $#s <'al$#y and s'ccess('l
b!ands s'ch as Fo!)'la I1 End'!a1 Sec'!a1 Sa)!a#1 aes#!o1
S#a)$na e#c1 )a!"e# agg!ess$*eness has been )'ch lo4e! #han
co)+e#$#o!s l$"e RF o! A+ollo2 D'!$ng #he yea!1 Cea# +os#ed a
!$se o( 957yoy $n #!'c" #y!e sales $n #he !e+lace)en# )a!"e# $n
*al'e #e!)s2 Th$s 4as )ade +oss$ble by #he 997yoy $nc!ease $n
#he +!od'c#$on o( #!'c" #y!es2 In F-9:::1 sales o( #y!es
con#!$b'#ed #o D:2@7 #o #he #o#al #'!no*e!2 D'!$ng #he yea!1 #he
co)+any has la'nched ne4 +!od'c#s 'nde! #he b!and na)es
PFlee# as#e!E1 PT'!bo ,'gE and PEle*a#aE2
T(bes and fla1s
The co)+any does no# ha*e any +!od'c#$on (ac$l$#y (o!
)an'(ac#'!$ng o( #'bes and (la+s2 I# so'!ces #he +!od'c#s (!o)
o#he! )an'(ac#'!$ng 'n$#s2 In F-9:::1 sales o( #'bes and (la+s
con#!$b'#ed #o D2G7 o( #o#al #'!no*e!2 I# sold A2:@)n #'bes as
co)+a!ed #o 6268)n $n F-DD and 52@6)n (la+s as co)+a!ed #o
525A)n $n F-DD2
E41orts
Cea# $s #he second la!ges# #y!e eC+o!#e! a(#e! . K Ind's#!$es2
EC+o!# sales on a FOB bas$s has (allen by D2A7yoy (!o) Rs529bn
$n F-DD #o Rs52:Bbn $n F-9:::2 EC+o!# sales 4e!e ha)+e!ed by
a de)and decl$ne $n #he US )a!"e#2
I#s S!$ ,an"an *en#'!e Assoc$a#ed Cea# &*# ,#d has a AA7 sha!e
o( #he S!$ ,an"an )a!"e#2 In No*e)be! 5DDB1 #he co)+any #$ed
'+ 4$#h a local ($!)1 Kelan$ Ty!es ,#d2 Th$s )e!ge! 4o'ld ha*e
co)b$ned +!od'c#$on ca+ac$#y o( @6 )e#!$c #ons2 The #'!no*e! o(
#he .V g!e4 (!o) S!$ ,an"a Rs529Dbn $n F-DD #o S, Rs52@Gbn $n
F-9:::2 &!o($# be(o!e #aC !ose 9B7yoy #o S, Rs8A)n2
E41ansion 1lans
The co)+any has +lanned a ca+eC o( Rs5bn s+!ead o*e! #he
F-9::: and F-:52 Wh$le Rs6::)n 4$ll be s+en# on ca+ac$#y
'+g!ada#$ons1 RsG::)n 4$ll be '#$l$%ed (o! a ne4 !ad$al (ac$l$#y a#
$#s Nash$" +lan#1 4h$ch as +a!# o( #he ($!s# +hase 4$ll s#a!#
co))e!c$al +!od'c#$on $n .'ne 9:::2 A g!een($eld +!o=ec# $s l$"ely
#o be se# '+ $n #he second +hase2 The co)+any had #a"en o*e!
Rado Ty!es $n Ke!ala $n F-DB and +lans #o $nc!ease $#s
)an'(ac#'!$ng ca+ac$#y (!o) 5A1::: #o 6:1::: $n #he ($!s# +hase
and 8:1::: $n #he neC# +hase2
O(tloo,
Cea#Es (o!#'nes a!e no4 >+os# !es#!'c#'!$ng? en#$!ely l$n"ed #o #he
#y!e $nd's#!yEs (o!#'nes2 As a lead$ng +laye! $n #he co))e!c$al
*eh$cle1 +assenge! ca! )a!"e# and #4o;4heele! #y!e seg)en#s1 $#
$s eC+ec#ed #ha# #he co)+any 4o'ld #a"e ad*an#age o( #he
con#$n'$ng g!o4#h $n #hese seg)en#s2 The ne4 !ad$al #y!e +lan#
co)$ng '+ $n Nash$" 4o'ld hel+ #he co)+any ($nd a (oo#hold $n
#he (as# g!o4$ng seg)en#2 E*en $n #he eC+o!# )a!"e#1 #he
co)+any $s !ed'c$ng $#s de+endence on s#anda!d b$as;+ly
+!od'c#s and concen#!a#$ng on n$ches2 The co)+any has done
4ell by !a#$onal$%$ng $#s deb# +o!#(ol$o by !e+lac$ng sho!#;#e!)
loans 4$#h long #e!) ($nanc$ng (!o) FIs2 Th$s has b!o'gh# do4n
$n#e!es# cos#s as has been 4$#nessed $n F-9:::2 Ho4e*e!1 4$#h
sale o( $n*es#)en#s $n $#s )any s'bs$d$a!$es1 Cea# can no longe!
+!o+ $#s o+e!a#$onal $nco)e 4$#h Po#he!E $nco)e2 o!eo*e!1
o+e!a#$ng )a!g$n 4$ll be a((ec#ed by #he !$se $n +!$ces o( !a4
)a#e!$al $n+'#s2 W$#h a'g)en#ed ca+ac$#$es (o! ca! !ad$al #y!es
and #4o/#h!ee 4heele! #y!es and $n$#$a#$*es $n #he ($eld o( s'++ly
cha$n )anage)en# and con#!oll$ng cos#s1 Cea# $s eC+ec#ed #o do
!easonably 4ell (o! #he !es# o( #he ($scal2
De.and deter.inants
G!o4#h o( a'#o)ob$le $nd's#!y 4$ll $nc!ease *eh$cle
+o+'la#$on and #he!eby #he de)and (o! #y!es $n #he OE as
4ell as #he !e+lace)en# )a!"e#s2
Rela#$*e $)+o!#ance o( !oad #!ans+o!# and long d$s#ance
#!a*el by !oad lead$ng #o $nc!eased need #o !e+lace #y!es2
De*elo+)en# o( eC+o!# )a!"e# 4$ll also enable h$ghe!
ca+ac$#y '#$l$%a#$on le*els2
Econo)$c scena!$o and c!ed$# a*a$lab$l$#y 4$ll de#e!)$ne
ab$l$#y #o +'!chase a'#o)ob$les and $n #'!n s+'! de)and
(o! #y!es2
Re#!ead$ng sa*es '+ #o B:7 on o!$g$nal cos# and #h$s 4$ll
ha*e a nega#$*e $)+ac# on (!esh de)and2
Rad$al$sa#$on $nc!eases #he l$(e o( #y!es and !ed'ces #he
need (o! a !e+lace)en#1 4h$ch )ay $nh$b$# *ol')e g!o4#h2
Earnin/ dri-ers
Ra4 )a#e!$al +!$ce (l'c#'a#$onsH &!$ces o( na#'!al !'bbe!1 an
ag!$c'l#'!al co))od$#y2 O#he! !a4 )a#e!$als a!e )a$nly
+e#!oche)$cal based and )o*e)en#s a!e cycl$cal2
F!ee$ng $)+o!#s o( !ad$al #y!es 4$ll a((ec# )a!g$ns $n #ha#
seg)en#2
Ceat T)res tar/ets >8 1er *ent /rowth
UBAI1 Se+# 5A >&TI? LR & Goen"a con#!olled Cea# ,#d has se#
a sales #a!ge# o( a!o'nd Rs 56:: c!o!e (o! #he c'!!en# yea! 4h$le
#he +!o($#s o( #he co)+any a!e eC+ec#ed #o $nc!ease by 56 +e!
cen# o*e! las# yea!2
In #he ($!s# ($*e )on#hs o( #he c'!!en# ($scal1 #he co)+any has
!eco!ded sales o( Rs A@@ c!o!e 4h$ch $s 5D +e! cen# )o!e #han
#he co!!es+ond$ng +e!$od las# yea!1 V$ce;Cha$!)an Ha!sh Goen"a
#old sha!eholde!s a# $#s 6:#h AG he!e #oday2
JIn o!de! #o e)e!ge as a )a!"e# leade!1 #he co)+anyEs
)anage)en# has se# a g!o4#h #a!ge# Jo( 56 +e! cen# aga$ns# a
+!o=ec#ed $nd's#!y g!o4#h o( G +e! cen#1K he sa$d2
The co)+any $n#ends a# leas# a one +e! cen# g!o4#h $n )a!"e#
sha!es $n all #he seg)en#s $# o+e!a#es $n1 Goen"a sa$d2 A#
+!esen#1 $n scoo#e! #y!es $# has a )a!"e# sha!e o( 95 +e! cen#1
)o#o!cycles 55 +e! cen# and ca! #y!es 5D +e! cen#2
EC+o!# #'!no*e! $s eC+ec#ed #o be a!o'nd Rs 56: c!o!e #h$s ($scal1
Goen"a sa$d2 I# )a$nly eC+o!#s #o #he Un$#ed S#a#es1 Wes# As$a1
A(!$ca and So'#h A)e!$ca2
Cea#Es eC+o!#s las# yea! d$++ed #o Rs 59B c!o!e (!o) #he +!e*$o's
yea!Es Rs 5A@ c!o!e ch$e(ly d'e #o #he So'#h As$an c!$s$s and lac"
o( de)and (!o) #he US and ,a#$n A)e!$can co'n#!$es2
Essel Pa*,a/in/2 The Boa!d o( D$!ec#o!s o( Essel &ac"ag$ng
,$)$#ed yes#e!day anno'nced +ay)en# o( a s+ec$al J)$llenn$')K
d$*$dend o( 5A: +e! cen# #o $#s e<'$#y sha!eholde!s2
RESU!TS AND DISCUSSION
Res(lts 9FY677>:
Ma) 7@' 677>
Sales o( #y!e )a=o! Cea# l$)$#ed decl$ned 55287 on #he
bac" o( sl'gg$shness $n #!'c" and +assenge! ca! #y!e sales2
Sales $n #h$s ($scal 4e!e Rs 551D:6)n as co)+a!ed #o Rs
5@1688)n $n #he +!e*$o's yea!2 The 55 )on#hs (!o) A+!$l
9:::1 #o Feb!'a!y 9:::1 has been a +e!$od o( nea!;
s#agnan# g!o4#h (o! #he do)es#$c #y!e $nd's#!y1 4$#h #he
+!od'c#$on $nc!eas$ng by )e!e 57 co)+a!ed 4$#h #he
sa)e +e!$od las# yea!2
To#al eC+end$#'!e ca)e do4n by D297 #o Rs 551GGA)n >Rs
591B66)n?2 O+e!a#$ng +!o($# d$++ed @B7 #o Rs AG6)n >Rs
D5:)n?2
Con#$n'$ng non;#a!$(( ba!!$e!s $n #he ne4ly e)e!g$ng
)a!"e#s1 allo4$ng d$!ec# $)+o!# o( na#'!al !'bbe! only
#h!o'gh STC and sha!+ !$se $n +!$ce o( +e#!o +!od'c#s ha*e
all co)b$ned #o se*e!ely den# #he +!o($#ab$l$#y o( #he
co)+any2 O& as a +e!cen#age o( #o#al $nco)e ca)e do4n
#o 52D7 >62G7?2
De+!ec$a#$on $nc!eased 5@2A7 #o Rs 5GA)n >Rs 56A)n?2
The !$se 4as d'e #o ne4 +lan# #ha# has been co))$ss$oned
$n Nas$"2
Cea# !e+o!#ed a ne# loss o( Rs 5@8)n as co)+a!ed #o a
+!o($# o( Rs 9:5)n $n #he +!e*$o's ($scal2 Th$s )ay be
a##!$b'#ed #o d!o+ $n de)and and h$ghe! $n+'# cos#s on one
hand and slo4do4n $n eC+o!#s on #he o#he!2
The co)+any 4$ll ha*e #o (ace co)+e#$#$on #h!o'gh
e((ec#$*e cos# con#!ol1 h$ghe! o+e!a#$ng e(($c$ency and ne4
)a!"e#$ng s#!a#eg$es2
Finan*ial &i/hli/hts
Period to 7;#7> 7;#77 Growth
Rs in .n 9>6: 9>6: F
Sales 551D:@2G 5@168G2B >5528?
O#he! $nco)e @9A28 9882@ 582A
To#al $nco)e 59199D2@ 5@18A625 >5525?
EC+end$#'!e >551GGA26? >591B662:? >D29?
O+e!a#$ng +!o($# AG@2D D5:25 >@B2:?
In#e!es# >A@629? >A@826? >:2G?
De+!ec$a#$on >5G62B? >56A29? 5@2A
&BT >5@A25? 9982A ;
TaC >92:? >9G26? ;
&AT >5@825? 9:525 ;
Ad='s#ed O& >7? 52D 62G ;
E<'$#y @A:2D @A:2D ;
E&S >Rs? ; A28 ;
Co.1an) Res(lts
S*ri1 Code 2 A::B8B Co.1an) Na.e 2 CEAT ,TD
Ty+e A'd$#ed A'd$#ed UnA'd$#ed A'd$#ed
Da#e Beg$n :5 A+! :6 :5 A+! :@ :5 A+! :9 :5 A+! :5
Da#e End @5 a! :A @5 a! :6 @5 a! :@ @5 a! :9
Des*ri1tion
G!oss Sales 58B:@25 5G68D2A 56BB928 5@G5@28
ECc$se D'#y ;9A9@29 ;968529 ;98A:2A ;968628
Ne# Sales 5A98D2D 56::B2@ 595@929 555@D
O#he! Inco)e @BD2B599929 98A269@6
To#al Inco)e 5AGGD28 5A9@:2A 596:82G 55@8@
EC+end$#'!e ;56BB626 ;5@B58 ;556582@ ;5:A8G28
O+e!a#$ng &!o($# 8BA2@565@2A DD:2@8DG2@
In#e!es# ;G652D ;8G625 ;68B2B ;A8928
G!oss &!o($# 56@26G6D26A552A99@2G
De+!ec$a#$on ;99:2G ;995 ;95B26 ;5BB26
&!o($# be(o!e TaC ;8829 69B269D@25@A29
TaC 5: ;B52G ;5:D ;5529
&!o($# a(#e! TaC ;G829 @6G2B5B62596
EC#!ao!d$na!y I#e)s 6B2A ;9:G29 ; ;
Ne# &!o($# ;5B28 56:2G5B62596
E<'$#y Ca+$#al @A5 @A:2D@A:2D;
Rese!*es 9G5B25 9DD@26 9D@92@ ;
E&S ;:2A@ 62:5 A296 :2GB
Nos2 o( Sha!es ; Non &!o)o#e!s 9:68@55B 9:68@55B
9:68@@5B ;
&e!cen# o( Sha!es ; Non &!o)o#e!s AB256AB256AB256;
Res'l# Ty+e A A A A
Notes
ln a s$gn$($can# )o*e1 #he Rs251A::;c!o!e Cea# ,#d has #$ed '+
4$#h lead$ng +o!#al -ahoo Ind$a as +a!# o( $#s onl$ne )a!"e#$ng
s#!a#egy2 W$#h #h$s #$e;'+ #he co)+any +lans #o !oll o'# a hos# o(
onl$ne +!o)o#$ons and In#e!ne# ads $n a b$d #o connec# 4$#h #he
yo'#h seg)en#2 In (ac# shedd$ng $#s ('ddy b'ddy $)age1 Cea#
,#d2 $d no4 eC+lo!$ng ne4 )ed$')s #o c!ea#e a con#ac# +o$n#
4$#h $#s cons')e!s2
As (o! Cea#Fs #$e;'+s 4$#h o#he! +o!#als1 says Cea# ,#d *$ce;
+!es$den# >)a!"e#$ng? Kalyan &a'lH IWe a!e $n #al"s 4$#h o#he!
+o!#als b'# $#Fs #oo ea!ly #o #al" abo'# $# no42 Inc$den#ly1 #he
co)+any has an onl$ne +!esence 4$#h a Webs$#e (o! $#s s+o!#s
+!o+e!#y Cea# C!$c"e# Ra#$ngs2 Adds !2 &a'lH JTh$s +!o+e!#y $s
no4 be$ng )ade )o!e access$ble #o c!$c"e# (ans by +!o)o#$on
#h!o'gh #$e;'+s 4$#h +o!#als s'ch as -ahoo Ind$a2K Clea!ly1 #he
co)+any $s no4 s#e++$ng '+ $#s onl$ne )a!"e#$ng +lans #o 4oo
#he yo'#h seg)en#2
Cash$ng $n on #he g!o4$ng +o+'la!$#y o( Sho!# essag$ng Se!*$ce
>SS? also +lans #o en#e! #h$s al#e!na#$*e )ed$') #o #o'ch base
4$#h $#s #a!ge# a'd$ence2 JIn add$#$on #o #he Ne#1 4e a!e
e*al'a#$ng all (o!)a#s 4h$ch 4$ll hel+ 's connec# 4$#h #he yo'#h;
SS $ncl'dedK1 $n(o!)s !2 &a'l2
As Ind$an co!+o!a#es a!e $nc!eas$ngly o+#$ng (o! ne4 )ed$a #ools
#o connec# 4$#h #he yo'#h seg)en#1 4hy has Cea# ,#d2 o+#ed (o!
#h$s )ode o( )a!"e#$ng no4M !2 &a'l eC+la$ns #ha# as +a!# o( $#s
ne4 )a!"e#$ng +lan #o de*elo+ a yo'nge! $)age (o! #he b!and1
Cea# $s no4 eC+lo!$ng ne4 )ed$')s #o c!ea#e a con#ac# +o$n#
4$#h $#s cons')e!s2 IS$nce1 #he!e $s a lo# o( syne!gy be#4een
#4o;4heele! o4ne!s and #he Ne# a'd$ence1 #he co)+any $s
+lann$ng #o 'se In#e!ne# as a )ed$')2 A +lan $s be$ng +'# $n#o
+lace #o 'se #h$s $n#e!ac#$*e )ed$') #o b'$ld #he Cea# b!and
a)ong #he yo'#h1 4ho a!e #odayEs cons')e!s (o! #4o;4heele!
#y!es and ('#'!e ones (o! ca! #y!esK1 he adds2
To )ee# #he ob=ec#$*e1 #he co)+any $s no4 's$ng #ools s'ch as e;
)a$l ne4sle##e!s 4h$ch g$*e #y!e 'se!s an o++o!#'n$#y #o
'nde!s#and #he b!and be##e!2
So 4$#h #hese ne4 onl$ne $n$#$a#$*es1 $s #he co)+any go$ng (o! a
#o#ally ne4 b!and $)ageM Acco!d$ng #o !2 &a'l1 #he Cea# b!and $s
s#!ong a)ong #he #a!ge# a'd$ence and #he co)+any $s no#
loo"$ng a# chang$ng #he b!and e<'$#y o! +os$#$on$ng2 The eC$s#$ng
b!and +lan" PBo!n To'ghE has 'n$*e!sal and #$)eless a++eal1 4$#h
a yo'ng and 4$#h;$# a'd$ence2
IWe $n#end #o c!ea#e a !ela#$onsh$+ 4$#h ne4 'se!s >yo'#h? #o
c!ea#e a )a!"e# (o! #he ('#'!e by ca#ch$ng cons')e!s a# #he
beg$nn$ng o( #he$! +'!chase l$(e;cycle and )a$n#a$n$ng a
!ela#$onsh$+ based on #he del$*e!y o( s'+e!$o! *al'eK1 he !easons2
As (o! #he ('#'!e o( onl$ne )a!"e#$ng $n Ind$a1 !2 &a'l obse!*es
#ha# $n #odayFs dyna)$c )ed$a en*$!on)en#1 onl$ne #ools a!e
enabl$ng )a!"e#e!s #o #a!ge# #he$! )essages )o!e e((ec#$*ely #o
#he !ele*an# a'd$ence2
CO&ETITORS
Ind$a $s a )an'(ac#'!e!1 eC+o!;#e! and $)+o!#e! o( O((;The;Road
>OTR? #y!es2 CEAT1 RF1 Goodyea!1 Bal"!$shna Ty!es1 V$"!an#
Ty!es and TVS a!e #he )a=o! )an'(ac#'!e!s o( OTR #y!es $n #he
co'n#!y2 OTR #y!es acco'n# (o! 55 +e! cen# o( #he co'n#!yFs #o#al
#y!e )a!"e# 4h$ch $s es#$)a#ed a# Rs 591A:: c!o!e2 ,a!ge;s$%ed
OTR #y!es a!e $)+o!#ed1 as #he$! de)and *ol')e $s lo4 and $#
)a"es )o!e econo)$c sense #o $)+o!#2 Also1 OTR !ad$als a!e no#
)an'(ac#'!ed he!e and #hey a!e also $)+o!#ed2 B!$dges#one1
-o"oha)a1 $chell$n and &$!ell$ a!e #he NCs s'++ly$ng b$gge!
OTR #y!es $n #h$s co'n#!y2 S$)$la!ly1 Ind$a also eC+o!#s OTR #y!es
#o o#he! co'n#!$es $ncl'd$ng E'!o+e and A)e!$ca2
OTR #y!es1 $n Ind$a1 ha*e ga$ned #he l$)el$gh# beca'se o( #he
go*e!n)en#Fs )ass$*e eC+end$#'!e +!og!a))e $n $n(!as#!'c#'!e
b'$ld$ng1 es+ec$ally $n !oad cons#!'c#$on2 In (ac#1 #he
go*e!n)en#Fs Golden N'ad!$la#e!al +!o=ec# has g$*en a ne4 lease
o( l$(e #o #h$s o#he!4$se s$n"$ng $nd's#!y2 T$ll 9:::;:51 #he
$nd's#!yFs +!od'c#$on 4as al)os# s#agnan# a# a!o'nd @G1:::;
@81::: #y!esS $n 9::9;:@1 #he +!od'c#$on o( #y!es c!ossed
A:1::: n')be!s2 And #h$s yea! $#s +e!(o!)ance $s eC+ec#ed #o be
e*en be##e!2 Ind's#!y so'!ces cla$) #ha# +!od'c#$on o( OTR #y!es
sho'ld #o'ch 891::: d'!$ng 9::@;:61 a g!o4#h o( 66 +e! cen#2
D'!$ng #he ($!s# D )on#hs o( #he c'!!en# yea!1 #he $nd's#!y has
ach$e*ed a g!o4#h o( 6B +e! cen#2
Says To) K2 Tho)as1 V$ce &!es$den# >Techn$cal?1 Cea# ,#d1
IG!o4#h $n OTR #y!es 4as $ns$gn$($can# a (e4 yea!s ago2 B'# #he
NHD& +!o=ec# has $nc!eased #he de)and (o! #hese #y!es2 D'!$ng
#he neC# (e4 yea!s #he de)and (o! OTRs sho'ld g!o4 a# #he !a#e
o( a!o'nd 9: +e! cen# e*e!y yea!2I
Des+$#e #h$s #he )$n$ng $nd's#!y !e)a$ns #he )a$n c's#o)e! o(
OTR #y!es $n #he co'n#!y2 INea!ly GA +e! cen# o( #he de)and (o!
OTRs co)es (!o) Coal Ind$a ,#d1I says N2 Ganesh1 Ch$e(
anage! >R3D?1 Cea# ,#d2 BE, and Ca#e!+$lla! a!e #he o#he!
)a=o! c's#o)e!s o( #he $nd's#!y2 In #he (o!eseeable ('#'!e #he
)$n$ng sec#o! $s eC+ec#ed #o !e)a$n a )a=o! c's#o)e! (o! OTR
#y!es2
An $)+o!#an# (ea#'!e o( #he OTR #y!es $nd's#!y $s #ha# )a=o!$#y o(
#he +!od'c#$on >nea!ly G8 +e! cen#? $s eC+o!#ed2 ,as# yea!
eC+o!#s sa4 a s'bs#an#$al =')+ o( AG +e! cen#2 The $nd's#!y
eC+o!#ed @@1A@: #y!es d'!$ng 9::9;:@ as aga$ns# 9516GB $n #he
+!e*$o's yea!2 One o( #he )a$n !easons (o! #he $nd's#!yFs o*e!
de+endence on eC+o!#s (o! $#s s'!*$*al $s #he lo4 do)es#$c
de)and2 Once #he do)es#$c de)and +$c"s '+ g!o4#h $n eC+o!#s
$s eC+ec#ed #o co)e do4n2 And #h$s yea! #he $nd's#!y $s eC+ec#ed
#o eC+o!# @G19:: #y!es1 4h$ch $s A: +e! cen# o( #he do)es#$c
+!od'c#$on2 Ho4e*e!1 #he OTR #y!es $nd's#!y $s (ac$ng so)e
se!$o's +!oble)s2 The )a$n ca'se o( 4o!!y $s !$s$ng !a4 )a#e!$al
+!$ces1 )a$nly na#'!al !'bbe! and +e#!oche)$cal based !a4
)a#e!$als2 Ind$a $s #he #h$!d la!ges# +!od'ce! and (o'!#h la!ges#
cons')e! o( na#'!al !'bbe!1 and ($(#h la!ges# cons')e! o( na#'!al
!'bbe! and syn#he#$c !'bbe! #oge#he! $n #he 4o!ld2 Na#'!al
!'bbe! acco'n#s (o! nea!ly 9G +e! cen# o( #he !a4 )a#e!$al cos#
o( #he $nd's#!y2 Says To) K2 Tho)as1 IR$s$ng +!$ce o( na#'!al
!'bbe! has a((ec#ed o'! )a!g$ns badly2 Wha#e*e! Ch$na
cons')es1 #he +!$ce o( #he sa)e goes '+1 and 4ha#e*e! Ch$na
+!od'ces #he +!$ce o( #he sa)e goes do4n2 Bann$ng eC+o!#s $s
no# a sol'#$on2 We )ay ha*e #o $nc!ease #he +!$ce o( OTRs1 as 4e
a!e +lann$ng #o do $n #he nea! ('#'!e2I
Technolog$cally1 #he Ind$an OTR #y!es $nd's#!y $s a s#e+ beh$nd
#he de*elo+ed na#$ons2 OTR !ad$als a!e no# ye# )an'(ac#'!ed $n
Ind$a2 No! do #he )a=o! +laye!s ha*e any +lans #o )an'(ac#'!e
#he sa)e $n #he nea! ('#'!e2 B'# OTR !ad$als ha*e ce!#a$n
ad*an#ages o*e! #!ad$#$onal #y!es2 OTR !ad$als a!e cos#l$e!S nea!ly
@: +e! cen# )o!e #han #he cos# o( o!d$na!y OTRs2 The l$(e o( OTR
!ad$als $s longe! #han #ha# o( #!ad$#$onal #y!es by )o!e #han G:
+e! cen#2 Also1 OTR !ad$als !es'l# $n sa*$ng $n cons')+#$on o(
('els2 OTR !ad$als also +!o*$de co)(o!# #o #he d!$*e! #he!eby
!ed'c$ng (a#$g'e2 Ind's#!y eC+e!#s (o!esee good g!o4#h +o#en#$al
(o! #he $nd's#!y $n #he co)$ng yea!s1 bo#h $n #he do)es#$c
)a!"e# and eC+o!# )a!"e#2 OTR #y!e )an'(ac#'!$ng $s a labo'!
$n#ens$*e o+e!a#$on and as a !es'l# $#s +!od'c#$on ab!oad $s on
#he decl$ne2 Th$s g$*es Ind$a good sco+e #o eC+and $#s )a!"e#
ab!oad2 Also1 $n #he do)es#$c )a!"e#1 #he!e $s eC+ec#ed #o be
)o!e de)and (o! G!ade! and Co)+ac#o! #y!es beca'se o(
enhanced !oad cons#!'c#$on ac#$*$#y $n #he co'n#!y2 II)+o!# o(
#y!es (!o) Ch$na has ='s# s#a!#ed2 I# )ay +ose a #h!ea# $n #he
co)$ng days2 N'al$#y o( #he #y!es $s s's+ec# b'# #hey a!e
chea+e!1I To) K2 Tho)as o( Cea# a*e!s2 In #he co)$ng days
!e#!ead$ng o( OTR #y!es co'ld beco)e b$g b's$ness2 A# +!esen#1 $#
$s do)$na#ed by a hand('l o( +laye!s $n #he co'n#!y2 Cons$de!$ng
$#s +o#en#$al )any +laye!s )ay #a"e #he +l'nge $n #he !e#!ead$ng
b's$ness2 an'(ac#'!e!s )ay e)+loy h$ghe! +!od'c#$*$#y b'$ld$ng
)ach$nes l$"e o!b$#!ead #echnology (o! <'al$#y enhance)en#2
Bes$des1 #he co'n#!y )ay s#a!# +!od'c$ng b$gge! s$%e #y!es 4h$ch
4e!e h$#he!#o $)+o!#ed2
RESU!TS AND DISCUSSIONS
Ind(str) O-er-iew2
D'!$ng #he yea! 'nde! !e*$e41 #he Ty!e Ind's#!y g!e4 by 87 $n
*al'e and a++!oC$)a#ely D7 $n *ol')e2 Th$s clea!ly !e(lec#s #he
+!e*a$l$ng eCcess ca+ac$#y s$#'a#$on2
The Ty!e Ind's#!y con#$n'es #o bea! #he b!'n# o( $nc!eas$ng
!a4 )a#e!$al cos#s2 R'bbe! $)+o!#s a!e s#$ll con#!olled1
!es'l#$ng $n h$gh +!$ces2 Add$#$onally1 #he +!$ces o( syn#he#$c
!'bbe! and !'bbe! che)$cals ha*e !$sen s#ee+ly $n
$n#e!na#$onal )a!"e#s2 The!e has also been 97 $nc!ease $n
eCc$se d'#y1 e((ec#ed by #he Un$on B'dge# anno'nced $n
Feb!'a!y1 9::: on all #y!es1 eCce+# #4o 4heele! and (a!) !ea!
#y+es2
Th's1 4h$le #he!e a!e *al$d !easons (o! a co))ens'!a#e
$nc!ease $n +!$ces1 #he $n#ense co)+e#$#$on has +!e*en#ed #h$s
(!o) ha++en$ng2 a!g$ns1 #he!e(o!e1 a!e 'nde! +!ess'!e2
;B CEATGS Perfor.an*e2
The yea! 5DDD;9::: sa4 CEAT )o*e o'# o( #he consol$da#$on
+hase and s'!ge ahead 4$#h $nc!eased *$s$b$l$#y $n #he )a!"e#
+lace2
S$gn$($can# +!od'c# <'al$#y $)+!o*e)en#s1 $nno*a#$*e
)a!"e#$ng s#!a#eg$es1 a 'n$<'e s'++ly cha$n )anage)en#
)odel1 cos# o+#$)$sa#$on )eas'!es1 and a co))$##ed 4o!"
(o!ce1 all sa4 #he Co)+any e)e!ge s#!onge! $ns+$#e o(
$nc!eased co)+e#$#$on2 In do$ng so1 CEAT ('!#he! !e$n(o!ced $#s
IBo!n To'ghI $)age and e)e!ged as a +!e(e!!ed b!ands2
CEATFs g!o4#h !a#e o( 5A71 4h$ch 4as #4$ce #he $nd's#!y
g!o4#h1 4as a )a##e! o( g!ea# sa#$s(ac#$on2 &a!#$c'la!ly
hea!#en$ng 4as #he 957 $nc!ease $n #he h$gh *al'e #!'c" #y!e
ca#ego!y $n #he !e+lace)en# )a!"e# 4h$ch 4as )ade +oss$ble
by a 997 $nc!ease $n #!'c" #y!e +!od'c#$on #he h$ghes# $n #he
co'n#!y2 CEAT ga$ned )a!"e# sha!e $n o#he! !e+lace)en#
seg)en#s as 4ell1 ('!#he! !e$#e!a#$ng $#s s'+e!$o! +!od'c#
<'al$#y1 bo!ne o'# o( $)+!o*ed #echn$cal des$gn and
)an'(ac#'!$ng +!ocesses2
O#he! con#!$b'#$ng (ac#o!s #o #h$s $)+!o*ed +e!(o!)ance ha*e
been #he $nc'lca#$on o( #he ITo#al N'al$#y anage)en#I
c'l#'!e1 $n#ens$($ed #!a$n$ng1 eC+os'!e and $n*ol*e)en# o(
e)+loyees a# all le*els1 4h$ch ha*e enabled a (leC$ble )a!"e#
led )an'(ac#'!$ng sys#e) #o e*ol*e2 Cons#an# $n$#$a#$*es 4e!e
#a"en (o! )o!e e((ec#$*e '#$l$sa#$on o( !eso'!ces and !ed'c#$on
o( cos#s2 These 4$ll be $n#ens$($ed e*en ('!#he! $n #he ('#'!e2
A lo# o( ne4 $n$#$a#$*es $n )a!"e#$ng 4e!e 'nde!#a"en2 A ne4
ad*e!#$s$ng ca)+a$gn and $nno*a#$*e co))'n$ca#$on d'!$ng
#he C!$c"e# Wo!ld C'+ 4h$ch +!o)o#ed #he CEAT C!$c"e#
Ra#$ngs1 hel+ed $)+!o*e b!and *$s$b$l$#y2 The ne4 loo" CEAT
Sho++es 4e!e la'nched $n +hases ac!oss #he co'n#!y and
ha*e al!eady se# ne4 s#anda!ds $n #y!e !e#a$l$ng2 A 'n$<'e
deale! loyal#y +!og!a))e #o ('!#he! !e$n(o!ce CEATFs long
s#and$ng !ela#$ons 4$#h deale!s el$c$#ed eCcellen# !es+onse2
The cons$s#en#ly h$gh <'al$#y o( a(#e! sales se!*$ce 4as
)a$n#a$ned 4$#h #he $)+le)en#a#$on o( an ongo$ng #!a$n$ng
+!og!a))e (o! all s#a(( assoc$a#ed 4$#h #h$s se!*$ce1 $ncl'd$ng
#echn$cal se!*$ce +e!sonnel a# #he deale! o'#le#s2
The $n#eg!a#ed log$s#$cs sys#e) ; 4h$ch l$n"s 59G s#oc"$ng
+o$n#s 4$#h #he #4o (ac#o!$es con#$n'ed #o 4o!" 4ell and
ens'!ed a*a$lab$l$#y o( #he !$gh# +!od'c# a# #he !$gh# #$)e1
he!eby "ee+$ng $n*en#o!y le*els lo42
8B E41orts2
The decl$ne $n de)and (!o) #he US )a!"e#1 4h$ch 4as
(looded 4$#h chea+ b!ands (!o) all o*e! #he 4o!ld1 led #o
CEATFs eC+o!#s decl$n$ng by 82A72 S#!a#eg$es ha*e been
d!a4n '+ #o !e*e!se #h$s s$#'a#$on and s#e+s #o +ene#!a#e
o#he! )a!"e#s ha*e al!eady been #a"en2 These $n$#$a#$*es 4$ll
see eC+o!#s on #he g!o4#h +a#h once aga$n2
AB Man(fa*t(rin/2
The ca+ac$#y o+#$)$sa#$on +!o=ec#s a# #he ')ba$ and Nas$"
&lan#s a!e +!og!ess$ng on sched'le2 The ne4 !ad$al #y!e
(ac$l$#y co)$ng '+ a# Nas$" $s eC+ec#ed #o be co)+le#ed on
#$)e 4$#h )an'(ac#'!$ng co))enc$ng $n ay;.'ne 9:::2
The O((;#a"e Ag!ee)en# (o! !ad$als and #4o and #h!ee 4heele!
#y!es 4$#h e!s#4h$le =o$n# *en#'!e +a!#ne!1 Goodyea!1 eC+$!es
$n A'g's# 9:::2 Th$s )ay be eC#ended (o! a ('!#he! +e!$od2
The eC+ans$on +lan a# CEATFs assoc$a#ed co)+any1 Rado Ty!es
,#d1 loca#ed $n Ke!ala1 has been $)+le)en#ed2 Th$s 4$ll
enhance #he con*e!s$on ca+ac$#y o( #4o and #h!ee 4heele!
#y!es #o 8:::: #y!es +e! )on#h2
?B Hoint %ent(re in Srilan,a2
The .o$n# Ven#'!e s#!'c#'!e o( #he S#!a#eg$c All$ance $n S!$
,an"a 4h$ch CEAT1 =o$n#ly 4$#h Assoc$a#ed o#o!4ays ,#d1
en#e!ed $n#o 4$#h Kelan$ Ty!es ,#d1 e((ec#$*e 5s# No*e)be!1
5DDB1 has been co)+le#ed2
The #'!no*e! o( #h$s =o$n# *en#'!e1 'nde! CEAT;Kelan$
Assoc$a#ed Hold$ngs &#e ,#d1 g!e4 (!o) S, Rs59D@ )n $n
5DDB;5DDD #o S, Rs5@A8)n $n 5DDD;9:::2 &!o($# be(o!e #aC
!ose 9B7 (!o) S, RsAB2GA)n #o S, Rs8A)n d'!$ng #h$s
+e!$od2
The Ind$an Ty!e Ind's#!y $s a *$b!an# seg)en# o( #he Ind$an
econo)y and $s #he 4heels o( #he en#$!e !oad #!ans+o!# sec#o!
o( Ind$a1 +!od'c$ng o*e! 9@28)n #y!es >6 Wheele! Ty!es T
O!gan$%ed Sec#o!? $n F-:@2 In add$#$on1 #he!e $s a +!od'c#$on
o( 9A28)n #y!es $n 9/@;4heele! #y!e seg)en#2 The s#eady
g!o4#h o( #he $nd's#!y can be ga'ged (!o) #he (ac# #ha# #he
$nd's#!y $s g!o4$ng a# an ann'al g!o4#h !a#e o( G71 ho4e*e!
#he!e $s an eCcess s'++ly o*e! de)and $n ce!#a$n ca#ego!$es2
The #o#al $nd's#!y #'!no*e! $n F-:@ 4as Rs59B26bn and $s a
s$gn$($can# con#!$b'#o! #o #he Ind$an eCche<'e! #o #he eC#en#
o( Rs66bn by 4ay o( eCc$se and o#he! #aCes2 A++!oC$)a#ely
B: 7 o( #he Ind's#!y +!od'c#$on1 $n #e!)s o( *al'e1 co)es
(!o) Hea*y Co))e!c$al >T!'c" /B's? and ,$gh# Co))e!c$al
#y!es2
The Ind$an #y!e $nd's#!y ca#e!s #o all seg)en#s o( #he )a!"e# $2e2
OE
Re+lace)en#
STU
De(ence
EC+o!#s
The #o#al s$%e o( do)es#$c )a!"e# >6 4heele! #y!es? can be
es#$)a#ed a!o'nd 5D26)n #y!es/ann') (o! #he F-:@ and $s
eC+ec#ed #o go '+ #o 9B26)n #y!es/ann') by F-:B2 In add$#$on1
#he #y!e $nd's#!y eC+o!#s Rs5@bn o( #y!es ac!oss G con#$nen#s
and o*e! G: co'n#!$es2
FY7; has seen a re*o-er) in t)re Ind(str)' d(e to (1
swin/ seen in a(to.obile ind(str)I Do )o( e41e*t the
trend to f(rther intensif)I
O*e!all #he yea! 4as be##e! $n #e!)s o( #y!e cons')+#$on2
B'oyancy has been obse!*ed $n +!od'c#$on and sales o( all
ca#ego!$es o( *eh$cles d'!$ng #he yea!2 T!'c" 3 B's +!od'c#$on
g!e4 by 9@2G71 ,CV by @52D71 Ca! by 552A71 UV and .ee+ by
B2972 T!ac#o! *eh$cle +!od'c#$on1 4h$ch decl$ned d'!$ng #he yea!1
ho4e*e! $s sho4$ng so)e s$gns o( $)+!o*e)en#1 d'e #o good
)onsoon #h$s yea!2
We eC+ec# #he g!o4#h #!end #o ('!#he! $n#ens$(y2 T!'c" 3 B's
seg)en# 4$ll con#$n'e #o g!o4 along 4$#h &assenge! Ca! 3 UV
seg)en# $n do'ble d$g$#s2 Also 4e a!e eC+ec#$ng #!ac#o! seg)en#
#o e)e!ge o'# o( !ed2
+hat are the .aEor threats for the Indian t)re ind(str)I
O+en$ng o( Ind$an econo)y1 !ed'c#$on $n $)+o!# d'#$es and
concess$onal $)+o!# #a!$((s (o! co'n#!$es l$"e Ch$na and
So'#h Ko!ea >'nde! Reg$on T!ade Ag!ee)en#s? shall lead
#o h$gh *ol')e o( $)+o!#ed #y!es2
&a!#$c'la!ly $n l$gh# o( #he (ac# o'! co'n#!yEs $n(!as#!'c#'!e
con#$n'es #o !e)a$n $nade<'a#e and $nco)+e#en#2 e2g2
&o4e! !a#es a!e *e!y h$gh a+a!# (!o)
$nade<'a#e a*a$lab$l$#y2
Cos# o( )oney *e!y h$gh
an+o4e! +!od'c#$*$#y $s +oo!
So)e +!og!ess $n !oad and +o!#s sec#o!
E*e! !$s$ng !a4 )a#e!$al cos#s1 +e#!ole') +!$ces ha*e a
d$!ec# bea!$ng on #he heal#h o( #y!e $nd's#!y
Be$ng #he co!e sec#o!1 #y!e $nd's#!y +e!(o!)ance $s d$!ec#ly
l$n"ed 4$#h #he +e!(o!)ance o( #he o*e!all econo)y and
#he a'#o)ob$le sec#o!2
Ty!e $nd's#!y +e!(o!)ance also $s $)+ac#ed by #he
+e!(o!)ance o( ag!$c'l#'!al sec#o!2
As #he ('#'!e 'n(olds1 #he #y!e $nd's#!y )ay be $)+ac#ed
by co)+e#$#$on (o!) !a$l4ay sec#o!2
The s$%es o( #he Ind$an #y!e )an'(ac#'!$ng +lan#s a!e no#
o( global scale and hence so)e o( #he) )ay ($nd #he go$ng
d$(($c'l#2
We a!e ho+e('l o( $)+!o*e)en#s $n #hese a!eas o( $n(!as#!'c#'!e
de*elo+)en#2
The raw .aterials *ost are risin/B
The !$s$ng !a4 )a#e!$al cos#s 4$ll ce!#a$nly $)+ac# #he
o+e!a#$ng )a!g$ns2 We 4$ll )a"e e((o!#s #o !ed'ce #he $)+ac#
by $)+!o*$ng #he +!od'c#$*$#y and e(($c$ency2 Ho4e*e!1 $(
$)+ac# $s s'bs#an#$al 4e 4$ll ha*e no o#he! o+#$on1 b'# #o
$nc!ease #he sell$ng +!$ce o( #he #y!e2
We do ha*e long;#e!) con#!ac# 4$#h s'++l$e!s2 Ho4e*e!1
+!$ces a!e ($Ced (o! a <'a!#e! o! s$C;)on#h2 The!e a(#e! $#
*a!$es de+end$ng '+on c!'de +!$ces as )os# o( #he !a4
)a#e!$al1 eCce+# na#'!al !'bbe!1 a!e +e#!ole') based2
+hat is the USP of the Co.1an)I
Con#$n'o's $nno*a#$on and s#a#e o( #he a!# #echnology bac"ed
by <'al$#y $s #he )an#!a o( s'ccess a# .K Ty!e and #h$s has
g$*en 's a clea! co)+e#$#$*e edge o*e! o'! co)+e#$#o!s2
.K Ty!e1 &$onee!ed #he Rad$al !e*ol'#$on $n Ind$a #4o decades
ago and e*e! s$nce #hen 4e ha*e been !$d$ng #he #echnology
ladde!2 We o((e! #he en#$!e !ange o( 6 4heele! !ad$als $2e2
T!'c" 3 B's1 ,CV1 Ca!1 .ee+ and Fa!)2 We la'nched Ind$aEs
($!s# eco;(!$endly !ange o( colo!ed !ad$als and a!e se# #o d!$*e
#he second g!een !e*ol'#$on 4$#h #he la'nch o( #he #!ac#o!
!ad$al2
Globally !ad$al$%a#$on $n #he #!'c" and b's seg)en# $s o*e!
G:72 En*$s$on$ng #he need (o! +!od'c#s #o ca#e! #o chang$ng
(!e$gh# 3 +assenge! )o*e)en# +a##e!s on s'+e!$o! *eh$cles
!'nn$ng on #he (as# $)+!o*$ng !oad $n(!as#!'c#'!e1 .K Ty!e
+$onee!ed #he $n#!od'c#$on o( #!'c" and b's all s#eel Rad$al
#y!es $n Ind$a (o! #he ($!s# #$)e2 The co)+any has de+loyed
s$gn$($can# !eso'!ces $n #he de*elo+$ng #he )a!"e# and
ed'ca#$ng #he c's#o)e! on #he *al'e +!o+os$#$on o( #!'c" and
b's !ad$al #y!es2 Bac"ed by an all Ind$a se!*$ce ne#4o!" along
#he na#$onal h$gh4ays1 .K Ty!e $s all se# #o d!$*e ye# ano#he!
!ad$al !e*ol'#$on $n #he co'n#!y2
Ha!$ Shan"a! S$nghan$a Elas#o)e! and Ty!e Resea!ch Ins#$#'#e
>HASETRI? $s o'! $n;ho'se R3D cen#e! and $s one o( $#s "$nd $n
As$a2 Today HASETRI ac# as a ne!*e cen#e! ;
'nde!s#and/de#e!)$ne cons')e! needs1 de*elo+ and +!o*$de
s'$#able +!od'c#s o( 4o!ld;class <'al$#y #o #he Ind$an
cons')e! as 4ell as con#$n'o'sly ga'ge #he$! +e!(o!)ance2
Th$s (ac$l$#y $s $n*ol*ed $n *a!$o's collabo!a#$on +!o=ec#s 4$#h
lead$ng !esea!ch agenc$es bo#h $n Ind$a and ab!oad2 HASETRI
$s +!esen#ly engaged $n FEA and NDT s#'d$es 4$#h IIT
Chenna$1 Elas#o)e! s#'d$es 4$#h IIT Kha!ag+'! and +a!#ne!$ng
IIT Delh$ $n #he s#'dy o( #eC#$les2 The $n#e!na#$onally accla$)ed
S)$#he!sE $n USA $s also 4o!"$ng 4$#h HASETRI $n #he ($eld o(
VDD and Ty!e echan$cs2
+ho are other .aEor 1la)ers in the t)re Ind(str)' a1art
fro. H0 T)resI +hat is the share of )o(r *o.1an) in the
total .ar,et shareI
A+a!# (!o) .K Ty!e1 RF1 B!$dges#one1 A+ollo 3 Cea# can be
ca#ego!$%ed as o#he! do)$nan# +laye!s $n Ind$an Ty!e $nd's#!y1
o#he!s be$ng Goodyea! and B$!la2 &'# #oge#he! #hey !e+!esen#
a!o'nd 8A;B:7 o( #he Ind$an #y!e $nd's#!y2
.K Ty!e V/s Co)+e#$#$on Sha!es o( To#al 6 Wheele! Ty!es
Co.1an) Share Co.1an) Share
.K Ty!e 9:2D7 Cea# 5A2D
RF 992@7 Goodyea! D2A7
A+ollo 58267 B$!la A2G7
B!$dges#one B2A7
Source: ATMA (All 4 Wheeler Tyres) 2002-03 April - March
+ho are the .aEor (ser3se/.ents and what is Co.1an)Ds
.ar,et share in ea*h (ser Jse/.entB 9C%s' Car CUtilit)
%ehi*les and Far. C 63; wheelers:I
One can ca#ego!$%e #he )a=o! 'se! seg)en#s $n 6 4heele! #y!es
as Co..er*ial Se/.ent $2e T!'c"1 B's and ,CV1 Passen/er
Car Se/.ent $2e Ca!s1 UVs1 .ee+ and Far. Se/.ent $2e2
T!ac#o! and ADV2
.K Ty!e V/s F$!s# To+ @ &laye!s Sha!e T T!'c" 3 B's Seg)en#
.K Ty!e A+ollo RF
9A297 962B7 5B2B7
Sou!e: ATMA (All 4 Wheeler Tyres) 2002-03 April - March
.K Ty!e V/s F$!s# To+ @ &laye!s Sha!e T &assenge! ,$ne Seg)en#
.K Ty!e B!$dges#oneRF
5B297 5A267 96287
Sou!e: ATMA (All 4 Wheeler Tyres) 2002-03 April - March
In ter.s of re-en(es' whi*h se/.ent is 1erfor.in/
betterI +hi*h se/.ent is li,el) to dri-e the /rowth of
T)re Ind(str)I
In #e!) o( !e*en'e T!'c" and B's seg)en# con#!$b'#es #he
)aC$)') a!o'nd 8:72
F'!#he! acco!d$ng #o )e1 g!o4#h $n co))e!c$al *eh$cle 3
+assenge! ca! seg)en#1 +!od'c#$on and sales1 4$ll boos# '+ #he
de)and and #he!eby con#$n'e #o d!$*e #he g!o4#h o( #y!e
$nd's#!y2
The $n(!as#!'c#'!e $n$#$a#$*es l$"e Golden N'ad!$la#e!al and NE;
SW co!!$do!1 eC+!ess4ays 4$ll ('!#he! d!$*e #he Rad$al !e*ol'#$on
$n Ind$a1 be $# T!'c" 3 B's Rad$al o! &assenge! ca! !ad$als2
Fo! .K Ty!e #he 4o!ld $s #he s#age1 acco!d$ngly1 $# has (o!ged long
#e!) b's$ness +a!#ne!sh$+s 4$#h o*e!seas +laye!s2 We ha*e
es#abl$shed a s$gn$($can# +!esence $n Ch$na by 4ay o( o'#so'!c$ng
a!!ange)en#s as 4ell as +a!#$c$+a#$on on )an'(ac#'!$ng as
#echnology +a!#ne!s2 Today hea*y;d'#y b$as #y!es a!e
)an'(ac#'!ed 4$#h o'! Technology and .K Ty!e B!and$ng and a!e
be$ng s'ccess('lly )a!"e#ed $n #he Ch$nese and o#he! global
)a!"e#s2
Today1 4e eC+o!# #y!es #o G: co'n#!$es ac!oss G con#$nen#s and
en=oy +!e)$') b!and s#a#'s $n h$ghly co)+e#$#$*e )a!"e#s l$"e
#he US2 Fo! be$ng #he la!ges# eC+o!#e! o( #y!es (!o) #he co'n#!y1
.K Ty!e has been a4a!ded 4$#h To+ EC+o!# A4a!d CA&ERI, $n
yea! F-:@2 We ha*e gene!a#ed !e*en'e o( Rs@25bn >F-:@? (!o)
o'! eC+o!# o+e!a#$ons2
The #'!no*e! (!o) Ch$nese o+e!a#$ons 4$ll be o( s$gn$($can#
con#!$b'#$on $n #he yea!s #o co)e2 We eC+ec# #o ha*e an
es#$)a#ed #'!no*e! o( a!o'nd Rs6bn $n neC# (e4 yea!s2
+hat to1 line and botto. line /rowth fi/(res are )o(
e41e*tin/ for the *o.in/ )earsI
We a# .K Ty!e a!e loo"$ng (o! a #'!no*e! $n eCcess o( RsA:bn
by F-:G and eC+ec#ed #o $)+!o*e o'! bo##o);l$ne
s'bs#an#$ally $n #he yea!s #o co)e2 We a$)1 #o be leade!s $n
#he en#$!e !ange o( !ad$al #y!es >T!'c" 3 B's1 ,CV1 &assenge!
Ca!1 .ee+ 3 T!ac#o!?1 4e o+e!a#e $n2
Co(ld )o( brief (s abo(t .er/er with %i,rant T)res and
s)ner/) seen in ter.s of *han/e in *a1ital str(*t(re'
1rod(*tion *a1a*it)' sales and realiKations 1er (nitI
.K Ind's#!$es ,#d has )e#a)o!+hosed $n#o a )ega #y!e en#$#y
4$#h #he )e!ge! o( V$"!an# Ty!es ,#d and c!ossed #he )ag$c
#'!no*e! ($g'!e o( Rs9:bn $n F-:@2 We a!e on #he #h!eshold o( a
ne4 e!a 4$#h .K Ty!e consol$da#$ng leade!sh$+ s#a#'s as 4ell
e)ba!"$ng on #he +a#h o( enhanc$ng o'! global +!esence2
De!$*ed Bene($#s
Bene($#s o( syne!gy o( o*e! Rs99:)n/ann') acc!'$ng #o
one en#$#y1 .K Ind's#!$es1 ea!l$e! $# 4as sha!ed by
sha!eholde!s o( !es+ec#$*e co)+an$es2 The bene($#s ha*e
been !eal$%ed $n #he a!eas o( b'l" !a4 )a#e!$al +'!chases1
log$s#$cs and !a#$onal$%a#$on o( ne#4o!" 3 sales (o!ce2
Co)b$ned ca+ac$#y o( #y!e s#ands $nc!eased (!o) @2A)n
#y!es/ann') #o A2G)n #y!es/ann')2
The ca+$#al o( #he co)+any s#ands !e*$sed (!o)
Rs@6A2G)n #o Rs@862G)n as on Se+#e)be!@:1 9::@2
Ea!n$ng &e! Sha!e o( #he !es#!'c#'!ed en#$#y has
s'bs#an#$ally $nc!eased and #he )a!"e# +!$ce o( #he sha!e1
4h$ch 4as Rs9:;9A +e! sha!e be(o!e #he !es#!'c#'!$ng1 $s
no4 be$ng #!aded a# s$gn$($can#ly h$ghe! +!$ces o( o*e!
Rs8A/sha!e2
Technology 3 R3D
F'll Range o( +!od'c#s
Foc'sed and #a!ge#ed )a!"e#ed seg)en#a#$on
Co))on s#!eng#hs o( bo#h #he b!ands #o be le*e!aged
Can )o( brief (s abo(t )o(r re/ional 1resen*eI +hat are
the Co.1an)Ds 1lans in order to e41and and .a4i.iKe its
/eo/ra1hi*al rea*hI
Today 4e a!e eC+o!#$ng #o G: co'n#!$es ac!oss G
con#$nen#s2 We ha*e a s$gn$($can# +!esence $n $ddle Eas#
and a s#!ong +!esence $s So'#h;Eas# As$a1 $ncl'd$ng Ch$na1
4he!e $n 4e ha*e s#!a#eg$c all$ances (o! bo#h o'#so'!c$ng
as 4ell as sale o( .K B!anded #y!es $n Ch$nese )a!"e#s2
W2!2#2 eC+and$ng and )aC$)$%$ng o'! geog!a+h$cal !each1
#ho'gh1 4e a!e #he la!ges# eC+o!#e! (!o) Ind$a $n#o
A)e!$cas 3 A's#!al$a1 4e a!e $n #he +!ocess o( ('!#he!
de*elo+$ng #hese )a!"e#s #o ca#e! #o #he s#$ll 'n#a++ed
+o#en#$al2
An)thin/ whi*h )o( li,e to share with (sI
.K Ty!e $s #he ($!s# #o $n#!od'ce T!'c" 3 B's Rad$als $n Ind$a
$s G yea!s ahead o( #he neC# l$"ely en#!an#
Sell$ng :29)n #y!es +e! ann')
EC+o!#$ng T!'c" Rad$al Ty!es 4o!#h Rs5bn
I# has al4ays been #he endea*o! o( yo'! co)+any #o )a"e
.K Ty!e as Ind$aEs )os# +!e(e!!ed b!and2 I# $s a )a##e! o(
g!ea# +!$de #ha# .K Ty!e $s IndiaDs first C onl) t)re
brand #o ge# #he co*e#ed IS(1er randL s#a#'s and #o
(ea#'!e $n #he +!es#$g$o's S'+e! B!ands &'bl$ca#$on2 Th$s $s
ye# ano#he! ($!s# e*e! (o! any Ind$an Ty!e )an'(ac#'!e! and
$s a 'n$<'e !ecogn$#$on o( .K Ty!eEs 'nassa$lable +os$#$on as
Ind$aEs #o+ #y!e b!and $n <'al$#y and $)age +e!ce+#$on2
F'!#he! !ecogn$#$on acco!ded by #he 4o!ldEs #o+ c's#o)e!
sa#$s(ac#$on s'!*ey agency T HD Power' 4h$ch has
!ecogn$%ed .K Ty!e as #he LMost I.1ro-ed T)re randL
$n Ind$a2
FUTURE SCOPE OF CEAT TYRES
De)and (o! #y!es $s de!$*ed (!o) de)and (o! a'#o)ob$les2
The!e(o!e $# $s a Pde!$*ed de)andE +!od'c# and $#s (o!#'nes a!e
*e!y closely l$n"ed #o #hose o( #he a'#o seg)en#2 W$#h$n #he #y!e
$nd's#!y #he #!'c"s and b'ses >T3B? seg)en# acco'n#s (o! )o!e
#han 8:7 o( sales2 Tho'gh scoo#e!s and )o#o!cycle #y!e de)and
also +lays a *$#al !ole1 $n *al'e #e!)s1 CVs ga$n s$gn$($cance2
Ty!e *a!$e#$es can be d$*$ded $n#o #4o ca#ego!$es T c!oss +ly and
!ad$al2 The do)es#$c $nd's#!y $s do)$na#ed by c!oss;+ly #y!es1
d'e #o #he +oo! cond$#$ons o( !oads $n #he co'n#!y and
o*e!load$ng o( CVs2 Th$s $s also #he !eason 4hy +ene#!a#$on o(
!ad$al #y!es $n #he CV seg)en# $s negl$g$ble and ($nds +!esence
only $n #he +assenge! ca! seg)en#2 On #he o#he! hand1 !ad$al
#y!es do)$na#e 4es#e!n )a!"e#s2 Rad$al #y!es can be
d$((e!en#$a#ed on #he #y+e o( bel# 'sed T ($be!glass1 s#eel and
nylon2 Wo!ld4$de1 s#eel bel#ed !ad$als a!e )o!e +o+'la! d'e #o
#he$! +e!(o!)ance ad*an#age2
The!e a!e #h!ee )a=o! cons')e! seg)en#s (o! #y!es na)ely
!e+lace)en# seg)en#1 O!$g$nal E<'$+)en# an'(ac#'!e!s >OEs?
and eC+o!#s2 Tho'gh (o!#'nes o( #he sec#o! a!e closely #$ed 4$#h
#he a'#o)ob$le $nd's#!y1 !e+lace)en# de)and con#$n'es #o
!e)a$n #he "ey g!o4#h d!$*e!2 Re+lace)en# de)and acco'n#s (o!
as h$gh as A87 o( $nd's#!y *ol')es2 Ho4e*e!1 #he con#!$b'#$on
(!o) OE and !e+lace)en# seg)en#s *a!$es ac!oss s'b;
seg)en#s $n #he a'#o sec#o!2 Fo! $ns#ance1 (o! #he +assenge! ca!
seg)en#1 de)and $s balanced (!o) !e+lace)en# and OE
ca#ego!$es $2e2 A:HA:2
Ano#he! "ey #!ans$#$on #ha# $s #a"$ng +lace $n #he $nd's#!y $s #he
en#!y o( )'l#$na#$onals l$"e Good -ea!1 B!$dges#one and $chel$n
$n #he do)es#$c )a!"e#2 NC #y!e )a"e!s ha*e co!ne!ed a
h$ghe! )a!"e# sha!e $n Ind$a $n #he las# #h!ee yea!s d'e #o #he$!
$n#e!na#$onal !ela#$onsh$+s a+a!# (!o) s'+e!$o! #echnology2 S$nce
Honda1 Hy'nda$ and Toyo#a ha*e an $n#e!na#$onal so'!c$ng
ag!ee)en# 4$#h B!$dges#one1 $# $s also #he +!e(e!!ed s'++l$e! $n
Ind$a2 Goodyea! $s bel$e*ed #o be #he +!e(e!!ed s'++l$e! (o! Fo!d
Ind$a2
An eC#ens$*e d$s#!$b'#$on ne#4o!" and s#!ong b!and !ecall a!e
(ac#o!s c!$#$cal #o #y!e sales2 B!and b'$ld$ng $s g$*en a lo# o(
$)+o!#ance by )an'(ac#'!e!s1 4ho allo# 9;@7 o( sales #o
ad*e!#$s$ng2 W$#h #he $n#!od'c#$on o( !ad$al #y!es1 e*en
#echnology has ass')ed s$gn$($cance2 All (o!e$gn ca!s $n#!od'ced
$n #he co'n#!y a!e on !ad$al #y!es2
Ra4 )a#e!$als cons#$#'#e G:7;8:7 o( +!od'c#$on cos# o( #y!es2
Na#'!al !'bbe! and Nylon co!d (ab!$cs a!e #he )os# c!$#$cal !a4
)a#e!$als as $# acco'n#s (o! A:7 o( #o#al !a4 )a#e!$al cos#2 S$nce
)os# o( #he !a4 )a#e!$als a!e c!'de de!$*a#$*es1 a !$se $n +!$ces
has a nega#$*e $)+ac# on )a!g$ns2
The eC+o!# )a!"e# holds #!e)endo's +o#en#$al (o! do)es#$c
)an'(ac#'!e!s2 Ty!e eC+o!#s ha*e g!o4n a# an ann'al
co)+o'nded !a#e o( 987 o*e! #he +as# 5: yea!s2 Ind$an #y!es
a!e eC+o!#ed #o AG co'n#!$es1 4h$ch a!e +!$)a!$ly de*elo+$ng
co'n#!$es2
NE+ !AUNC&ES OF CEAT TYRES
CEAT slashes 1ri*es of tr(*,' b(s t)res
CEAT;Kelan$ Assoc$a#ed Hold$ngs >&*#? ,#d21 #he lead$ng #y!e
)an'(ac#'!e! $n S!$ ,an"a has anno'nced a )a=o! !ed'c#$on $n
#he !e#a$l +!$ces o( l$gh##!'c"1 #!'c" and b's #y!es2
IE((ec#$*e Dece)be! 5:1 9::5 #h$s !ed'c#$on 4o'ld )a"e CEAT
#he )os# a((o!dable #y!e 4hen co)+a!ed #o all $n#e!na#$onal
b!ands sold $n #he local )a!"e#1 #he co)+anyFs Gene!al anage!
>Sales 3 a!"e#$ng? Ash4$n &ad'"one sa$d2
IIn a )a!"e# ba##e!ed by #he econo)$c do4n#'!n1 #he ab$l$#y o(
#he c's#o)e! #o b'y ne4 #y!es a# #he co!!ec# #$)e has d4$ndled2
As a !es'l# )any *eh$cles a!e seen on #he !oad 4$#h bald #y!es1
4h$ch se!$o'sly =eo+a!d$ses #he sa(e#y o( #he c's#o)e!s and #he$!
*eh$cles2I !2 &ad'"one sa$d ; IUs$ng ne4 #y!es on #he (!on#
4heel1 has been es#abl$shed as #he sa(es# and #he !eco))ended
o+#$on (o! sa(e#y !easons2 We an#$c$+a#e #ha# #h$s +!$ce !ed'c#$on
4$ll enco'!age cons')e!s #o !e+lace 4$#h ne4 #y!es a# #he !$gh#
#$)e1I he sa$d2
The an#$c$+a#ed bene($# o( #he $nc!ease $n o((#a"e and #he
conse<'en# ca+ac$#y '#$l$%a#$on1 has been (ac#o!ed $n#o #he +!$ce
!ed'c#$on and has been +assed on#o #he cons')e!s1 !2
&ad'"one added2 CEAT;Kelan$ Assoc$a#ed Hold$ngs >&*#? ,#d21 a
=o$n# *en#'!e co)+any es#abl$shed $n 5DDD1 !e+!esen#s #he
s#!a#eg$c all$ance be#4een Kelan$ Ty!es ,#d21 AW G!o'+1 NDB
and CEAT ,#d2 o( Ind$a2 The hold$ng co)+any has #4o
)an'(ac#'!$ng a!)s1 one $n Kal'#a!a and #he o#he! a# Kelan$ya2
CO!!AORATIONS
A h$gh +e!cen#age o( ($b!e glass +!od'ced $n #he 4o!ld $s 'sed
(o! !e $n(o!ce)en# o( +las#$cs The )a$n +!od'c#s )a$"e#ed by #he
($b!e glass +lan#s a!e a#s1 Ro*$ngs1 Wo*en Ro*$ngs1 -a!ns e#c2
The 'se o( end +!od'c#s $2e2 ($b!e glass !e$n(o!ced +las#$cs a!e
)os#ly $n +$+es and #an"s1 boa#s #!ans+o!# sec#o!1 ('!n$#'!e1
c!ash hel)e#s e#c The (o!)'la#$on chosen (o! con#$n'o's ($b!e
glass +!od'c#$on $s gene!ally "no4n as E;glass2 Th$s has beco)e
s#anda!d #he 4o!ld o*e! as $# +e!(o!)s 4ell $n +!ac#$ce and $s
'sed 4$dely2 The ($b!e glass +!od'ced $n Ind$a $s Eglass only2 The
+!ocess o( )an'(ac#'!e o( ($b!e glass cons$s#s o( se*e!al s#e+s
e2g2 ba#ch +!e+a!a#$on1 +!od'c#$on o( glass )el#1 glass ($la)en#
cond$#$on$ng1 4$nd$ng1 d!y$ng o( glass ca"es1 con*e!s$on #o
saleable +!od'c#s2
In la#e se*en#$es1 #he bac"g!o'nd o( #he l$cens$ng +ol$cy 4as #o
$ss'e a la!ge n')be! o( le##e!s o( $n#en# 4$#h a ca+ac$#y o( 9:::
Tonnes +e! ann') eC+andable #o 6::: #onnes +e! ann')
ca+ac$#y2 A# #ha# #$)e only one 'n$# F$b!e Glass RlWng#on >FG&?
4as 4o!"$ng a# Thane;Bo)bay 4$#h a l$censed ca+ac$#y o( 59D:
#onnes +e! ann')2 O'# o( G le##e!s o( $n#en# $ss'ed1 only 9 'n$#s
$2e2 Deccan F$b!e Glass ,#d1 >no4 "no4n as Glass F$b!e D$*$s$on1
CEAT Ty!es? and U& T4$ga F$b!e Glass ,$)$#ed >no4 closed s$nce
Dece)be! 5DB9? 4e!e $ns#alled $n ea!ly e$gh#$es2 The o#he! 'n$#s
d$d no# )a#e!$al$se )a$nly d'e #o $nade<'a#e )a!"e# de)and
The +!esen# g'$del$ne o( l$cens$ng $s #ha# no ne4 l$cence $s #o be
$ss'ed #$ll 5DD:1 s$nce #he $ns#alled ca+ac$#y $n #he co'n#!y $s
a!o'nd A::: #onnes +e! ann') aga$ns# #he +!esen# de)and o(
96:: #onnes +e! ann')2
FG& ,#d1 s#a!#ed +!od'c#$on $n )$d s$C#$es 4$#h !e)el#
#echnology based on $)+o!#ed E;glass )a!bles2 In 5D86 #hey
s#a!#ed #he$! o4n 'n$# )el#e! (o! )an'(ac#'!e o( E;glass 4$#h a
l$censed )el#$ng ca+ac$#y o( 59D: #onnes +e! ann') UVnd #he
$ns#alled ($n$sh$ng e<'$+)en# ca+ac$#y o( 9GA: #onnes +e!
ann')2 The co)+any $s ('nc#$on$ng 4$#h abo'# 8: #o B: +e! cen#
o( #he$! l$censed ca+ac$#y2
U& TWIGA F$b!e Glass ,#d1 4as s#a!#ed $n 5DB: a# S$"and!abad
$n O##a! &!adesh2 The ca+ac$#y o( #he +lan# $s 9::: #onnes +e!
ann') 4$#h elec#!$c &oche# F'!nace2 The 'n$# co'ld no# de*elo+
+!o+e! )a!"e# (o! $#s +!od'c#s2
The 'n$#1 had #o close do4n $n Dece)be! 5DB9 and has no#
!es#a!#ed as ye# Deccan F$b!e Glass ,#d1 ca)e $n#o be$ng $n 5DB5
a# N#ehboobnaga! $n Andh!a &!adesh2 In 5DB@ #he 'n$# 4as
)e!ged 4$#h CEAT Ty!es ,#d1 and $s +!esen#ly "no4n as Glass
F$b!e D$*$s$on1 CEAT Ty!es ,#d1 The $ns#alled ca+ac$#y $s 588:
#onnes +e! ann') 4$#h elec#!$c &oche# F'!nace2 The +e!
(o!)ance o( #he 'n$# $s no# sa#$s(ac#o!y and #he +!od'c#$on *a!$es
be#4een 6: #o A: +e! cen# o( l$censed ca+ac$#y2 The )a$n !eason
(o! d$s)al ca+ac$#y '#$l$%a#$on $s $nade<'a#e )a!"e# de)and2
525282 AW #he #h!ee ($b!e glass 'n$#s 4e!e +'# '+ 4$#h (o!e$gn
collabo!a#$on2 The collabo!a#$on ag!ee)en#s 4e!e )o!e o! less
s$)$la!1 $!!es+ec#$*e o( #he
co'n#!y o( collabo!a#$on2 The )a=o! sco+e o( collabo!a#$on 4asH
a? &!o*$s$on o( #echnology
b? Bas$c eng$nee!$ng o( #he +lan#
c? De#a$led eng$nee!$ng and des$gn o( s+ec$al e<'$+)en# and
s'++ly o(
)a#e!$als
d? &!oc'!e)en# and s'++ly o( s+ec$al e<'$+)en#
e? Co))$ss$on$ng and S'+e!*$so!y se!*$ces2
(? A!!ange)en# o( #!a$n$ng o( +e!sonnel $n collabo!a#o!Fs +lace
S+OT ANA!YSIS
Strengths
!ight products, "uality and
reliability.
#uperior product performance vs.
competitors.
$rand Image
Products have re"uired
accreditations.
%igh degree of customer satisfaction.

Weaknesses
&ot very popular in the international
market
'elivery(staff need training.
)ustomer service staff need training.
Processes and systems, etc
*anagement cover insufficient.
Opportunities
Profit margins will be good.
)ould e+tend to overseas.
)ould seek better supplier deals.
,n applied research centre to create
opportunities for developing
techni"ues to provide added(value
services
Threats
-ulnerable to reactive attack by
maor competitors.
.ack of infrastructure in rural areas
could constrain investment.
%igh volume/low cost market is
intensely competitive.
5UESTIONNAIRE
E4*er1ts fro. the inter-iew2
&ow do )o( see 677637; sha1in/ (1I
The yea! so (a! has been good (o! #he $nd's#!y2 All #he #y!e
co)+an$es had good !es'l#s $n N51 4e #oo2 In N9 also1 #ha#
#!end con#$n'ed ; A+ollo 4as #he )os# $)+!ess$*e and
co)+a!ed #o #he +!e*$o's s$)$la! +e!$od Cea# 4as also
$)+!ess$*e2 No4 a# end;N@1 I a) no#$c$ng a )$ld de+!ess$on
$n de)and2 I donF# "no4 #he !eason ; Dece)be! de)and $s
al4ays a l$##le lo41 b'# #hen #h$s yea! e*en Oc#obe!;No*e)be!
de)and sa4 a )$ld (all2
I# co'ld be d'e #o so)e a(#e!;e((ec# o( +oo! !a$ns2 B'# N@ $s a
+e!$od o( h$gh #y!e +!od'c#$on2 The!e(o!e1 #he!e $s a l$##le
eC#!a;s'++ly $n #he )a!"e# a# +!esen#2 Co)+an$es a!e no4
#!y$ng #o eC+o!# )o!e #o #a"e ca!e o( #h$s +!oble)2
(t is not the /lobal a(to.obile .ar,et sl(//ishI
I a) #al"$ng o( #!'c"s and ,CVs2 I 4onF# say #he )a!"e#
4o!ld4$de $s do4n2 In (ac#1 .an'a!y;Dece)be! las# yea! )os#
#y!e co)+an$es +os#ed good !es'l#s2 B'# yes1 #he "$nd o(
g!o4#h #ha# 4as eC+ec#ed d$d no# ha++en2 Ho4e*e! d'e #o
#he D/55 a##ac" $n #he US1 c!'de o$l +!$ces (ell and 4hen #ha#
ha++ens e*e!y#h$ng else (alls ; syn#he#$c !'bbe!s1 ca+!olac#')
; all 4en# do4n by 9:1 @: o! 6: +e! cen#2
The !es'l# 4as #ha# e*en $( #he de)and 4as lo41 $# d$d no#
)a##e! d'e #o b$gge! ga$ns on !a4 )a#e!$al cos#s2 I( good
#h$ngs ha++en (o! bad !easons1 nobody #al"s o( $#O Un#$l .'ne
#h$s yea!1 #he s$#'a#$on 4as good beca'se c!'de !eco*e!ed b'#
d$d no# go abo*e Q9@;962 ,a#e!1 o4$ng #o $ss'es l$"e #ens$on $n
#he $ddle Eas#1 c!'de (la!ed '+1 #o'ch$ng Q@:;@52 I ha*e no#
seen a scena!$o1 4he!e 4$#h$n n$ne )on#hs yo' see c!'de a#
Q58 and Q@52 Al)os# B: +e! cen# '+O I( yo'! )a$n !a4
)a#e!$al s4$ngs by B: +e! cen#1 $#s de!$*a#$*es also s4$ng2 A#
#h$s +o$n# $n #$)e1 !a4 )a#e!$al cos# $s ano#he! $ss'e (ac$ng
#he $nd's#!y2 I# $s a s'bs#an#$al $nc!ease2
So' 58 and into ne4t )ear' it is a di*e) .ar,et one is
loo,in/ atBBB
N@ de)and $s )o!e o! less #he sa)e as N92 I# $s seasonally a
l$##le 4ea"e! #han N92 B'# $n #h$s +a!#$c'la! <'a!#e!1 I #h$n"
#he!e 4$ll be so)e +!ess'!e on )a!g$ns2 In N61 a# leas# (o!
#he ($!s# #4o )on#hs1 #he +!ess'!e 4$ll be e*en )o!e d'e #o
all #he $nc!eases #ha# s#a!#ed co)$ng $n (!o) .'ly/Se+#e)be! ;
#he$! !eal e((ec# co)es a (e4 )on#hs la#e!2
T4o o! #h!ee s$#'a#$ons a!e l$"ely2 The #y!e $nd's#!y )ay be
able #o +ass on #he +!$ce $nc!ease2 CanF# say 4he#he! $# 4$ll
ha++en o! no# beca'se #he!e a!e no4 (o'! )a=o! +laye!s and
#he!e $s <'$#e a ($gh# go$ng on $n #he )a!"e# +lace2 The!e $s
#he +oss$b$l$#y #ha# $n #he B'dge#1 #he $)+o!# d'#y on !a4
)a#e!$als 4$ll co)e do4n aga$n ; co'ld be a ($*e +e! cen#
decl$ne2
The!e $s also a (eel$ng #ha# by Feb!'a!y/a!ch #he #ens$on $n
#he $ddle Eas# )ay se##le do4n a b$#1 so yo' co'ld see c!'de
+!$ces s#ab$l$s$ng a# Q99;962 I( so1 !a4 )a#e!$al +!$ces 4$ll (all2
Bes$des1 #he !'+ee has no# de+!ec$a#ed aga$ns# #he dolla!S $#
has so)e4ha# a++!ec$a#ed2 The!ea(#e! #he $nd's#!y )ay be
on a s#!onge! (oo#$ng2
+hat *o(ld be the i.1a*t on the do.esti* t)re ind(str)'
of the ro(nds of *onsolidation be/innin/ to ha11enI
The )a!"e# $n Ind$a $s 4o!#h abo'# Rs 5:1::: c!o!e2 I# $s $n
#he hands o( (o'! b$g +laye!s1 #4o )ed$') +laye!s and (e4
s)all +laye!s2 The b$g (o'! ; and he!e I a) ass')$ng V$"!an#
and .K a!e )e!ged ; a!e l$"ely #o ha*e a 9::9;:@ #'!no*e! o(
Rs B1::: c!o!e2 The #4o )ed$') +laye!s ; Goodyea! and B$!la
; sho'ld acco'n# (o! Rs 51:::;519:: c!o!e2 The !es# sho'ld
no#ch '+ ano#he! Rs 51::: c!o!e2 Abo'# 5A yea!s ago1 4e
4e!e 59 b$g +laye!s2 B'# $n )y o+$n$on1 4e 4$ll see ('!#he!
consol$da#$on and nobody sho'ld be 'nde! #he $ll's$on #ha# he
$s b$g eno'gh #o be no# gobbled '+2 I 4o'ld eC+ec# $n #he neC#
#4o yea!s1 #he n')be! o( +laye!s (!o) (o'! +l's #4o1 #o be
!ed'ced by a# leas# one2 One )o!e +laye! sho'ld ge# o'# o(
b's$ness $n #he neC# #4o yea!s and e*e!y #4o yea!s yo'
sho'ld see a +laye! ge##$ng o'#2 Ul#$)a#ely1 $# 4$ll be a
b's$ness o( ='s# (o'! +laye!s2
I a) no# necessa!$ly say$ng #ha# #he )ed$') ones 4$ll go1
beca'se Goodyea! 4$ll no# ; #hey ha*e #a"en a dec$s$on #o
!e)a$n $n #he b's$ness2 They )ay lose )oney1 b'# #hey 4$ll
s#$c" a!o'nd1 #hey ha*e dee+ +oc"e#s2 O'# o( #he o#he! ($*e1
one o! #4o 4$ll be gobbled '+ o*e! #he neC# ($*e yea!s2 The
s#!a#egy has #o be ; ($!s# yo' #a"e ade<'a#e s#e+s #o ens'!e
yo' a!e no# gobbled '+2 Second1 yo' )'s# ha*e a #o+l$ne
4he!eby yo' ge# 9: +e! cen# o( #he b's$ness2 So1 $( yo' ha*e
a )a!"e# s$%e o( Rs 5:1::: c!o!e1 #he )$n$)') c!$#$cal )ass
$s Rs 91::: c!o!e2 I( yo' donF# !each #ha#1 #he chances o( yo'!
go$ng o'# o( b's$ness a!e h$gh2
Wo!ld4$de #he $nd's#!y $s h$ghly consol$da#ed2 I# $s a Q8:;
b$ll$on )a!"e# and o'!s $s Q9 b$ll$on2 All Ind$an +laye!s !an"
be#4een 5: and 9: globally2 The #o+ #h!ee 4o!ld4$de a!e $n
#he !ange o( Q59;5@ b$ll$on1 #he b$gges# a)ong 's $s RF1
abo'# hal( a b$ll$on dolla!s2 I( yo' go #o #he )$ddle le*el ; l$"e
Con#$nen#al1 &$!ell$ o! -o"oha)a ; #hey a!e abo'# Q9;92A
b$ll$on2 So1 4e a!e s#$ll one;($(#h #he s$%e o( )ed$') +laye!s
globally2 B'# on #he o#he! hand1 $( yo' !each Q5 b$ll$on1 yo'
4$ll be $n #he #o+ 5:2
So what is CeatGs strate/) hereI
S#!a#egy 4onF# be any d$((e!en# (o! Cea#2 Fo! all1 $# h$nges on
#h!ee (ac#o!s ; #o+l$ne1 #hen #echnology ; $# changes e*e!y 6;A
yea!s and )os# Ind$an +laye!s a!e no# +!e+a!ed (o!
#echnology changes2 They 4$ll ha*e #o loo" (o! o'#s$de hel+ $n
#he (o!) o( collabo!a#$on o! +a!#ne!sh$+2
ode!n$sa#$on and )$n$)') c!$#$cal )ass $s #he o#he! (ac#o!2
I( yo' #!y #o do so)e o( #hese #h$ngs ea!ly ; l$"e 4e #!$ed #o
se# '+ a !ad$al +lan# $n leag'e 4$#h Goodyea! long #$)e bac"
b'# 4e!e do$ng $# ahead o( #$)e ; 4e los# hea*$ly as a !es'l#
and had #o +'ll o'# o( #he =o$n# *en#'!e2
,$"e4$se1 e*e!yone $s #h$n"$ng 4hen #o ge# $n#o !ad$alsS b'#
4hen Ind$a 4$ll !ad$al$se $s a )$ll$on dolla! <'es#$on2
.K $s a##e)+#$ng $#1 #hey ha*e a !ad$al (ac$l$#y $n V$"!an#S b'#
#hey a!e 'nable #o '#$l$se #ha# ca+ac$#y2 They ha*e I #h$n"
9:1::: +l's ca+ac$#y1 b'# a!e able #o sell a!o'nd @1::: $n
Ind$a2 A+ollo has anno'nced #hey 4$ll +'# '+ a +$lo# !ad$al
(ac$l$#y $n Vadoda!a and #hey 4$ll co)e '+ 4$#h +!od'c#$on
ea!ly neC# yea!2
All #h$s $s *e!y n$ce #o hea!2 I( yo' go dee+1 yo' 4onF# ($nd
clea! ans4e!s (!o) any co)+any beca'se $# de+ends a lo# on
Go*e!n)en# +ol$cy1 ho4 $n(!as#!'c#'!e co)es '+2 I( !oads a!e
no# good1 !ad$als 4onF# co)e2
Are )o( loo,in/ for a te*hnolo/) 1artnerI
I #h$n" e*e!ybody $sO I 4onF# say 4e a!e loo"$ng (o! a +a!#ne!S
4e a!e loo"$ng (o! an assoc$a#$on2 I# $s clea! (o! .K1 od$ and
A+ollo beca'se #hey ha*e a collabo!a#o!2
B'# $n #he case o( RF and Cea#1 #he!e $s no clea! s$gnal
beca'se 4e donF# ha*e a #echnology +a!#ne! #oday2 I a) s'!e
o*e! #$)e bo#h o( 's 4$ll ($g'!e o'# 4ho can be o'! #echnology
+a!#ne!2
Does a te*hnolo/) 1artner i.1l) an eM(it) 1artnershi1I
os# o( #he #y!e co)+an$es ab!oad a!e no# 4ell +laced (o!
e<'$#y +a!#$c$+a#$on2 B!$dges#one los# a lo# o( )oney $n #he US
a(#e! 4h$ch #hey a!e no# "een #o se# '+ +lan#s2
$chel$n does no# o+e!a#e $n +a!#ne!sh$+s1 #hey l$"e 5:: +e!
cen# o4ne!sh$+ o! )a=o!$#y o4ne!sh$+ 4$#h #he !es# held by
#he +'bl$c2 They donF# l$"e #o ha*e a b$g local +a!#ne!
any4he!e2 The E'!o+ean econo)y has no# done 4ell1 so #he
ea!n$ngs o( E'!o+ean #y!e co)+an$es a!e do4n and #hey a!e
no# "een #o $n*es#2
The 4ea"ness 4$#h Ind$an co)+an$es $s #echnology2 B'# #hey
a!e 4a!y o( =o$n# *en#'!es o! +a!#ne!sh$+s2
On #he o#he! hand1 !e#a$ned ea!n$ngs a# o'! #y!e co)+an$es $s
+oo!1 Rs 5:;9: c!o!e a yea!2 -o' canF# ge# #echnology (o! #ha#
+!$ceO So1 $# $s no# a s$)+le =$gsa4 +'%%le #o be ($Ced2
Ceat 1lans to set (1 Rs 6A73*r tr(*, radial (nit
O(r (rea(
C&ENNAI' H(ne <
CEAT ,#d +lans #o $n*es# Rs 9A: c!o!e #o se# '+ a 'n$# #o
)an'(ac#'!e !ad$al #y!es (o! #!'c"s1 acco!d$ng #o ! Kalyan K2
&a'l1 V$ce;&!es$den#1 Sales and a!"e#$ng1 Cea# ,#d2 He sa$d #ha#
#he 'n$# 4o'ld ha*e #he ca+ac$#y #o )an'(ac#'!e A:1::: #o
G:1::: #y!es +e! )on#h2
! &a'l sa$d #ha# $n#e!na#$onally #he )a!"e# 4as )o*$ng
#o4a!ds !ad$als and #he co)+any eC+ec#ed #he Ind$an )a!"e#
4o'ld also g!o4 $n #ha# d$!ec#$on1 es+ec$ally 4$#h #he +!o+osed
$n*es#)en# $n#o #he !oad sec#o!1 4h$ch 4as eC+ec#ed #o b!$ng
$n be##e! !oads2 The co)+any has $)+o!#ed !ad$al #!'c" #y!es
(!o) Ch$na #o #es# #he )a!"e#1 4$#h #he ($!s# cons$gn)en# o(
@:: #o @A: #y!es co)$ng $n #4o )on#hs ago2 The co)+any
)an'(ac#'!es !ad$als (o! +assenge! ca!s and #h$s ca+ac$#y $s
eC+ec#ed #o be !a)+ed '+ (!o) @A1::: #o one la"h #y!es +e!
)on#h2 The $n*es#)en# $n #he eC+ans$on $s a!o'nd Rs 8A
c!o!e #o Rs B: c!o!e $n #he c'!!en# yea!1 ! &a'l sa$d2
In #he #4o and #h!ee;4heele! seg)en#1 #he co)+any1 4h$ch
has (ollo4ed a +ol$cy o( o'#so'!c$ng1 has $nc!eased +!od'c#$on
ca+ac$#y (!o) G:1::: #o ($*e la"h #y!es +e! )on#h1 he sa$d2
The co)+any has chal"ed o'# an agg!ess$*e sales s#!a#egy #o
$nc!ease )a!"e# sha!e and +lanned #o #$e '+ 4$#h lead$ng
o!$g$nal e<'$+)en# )an'(ac#'!e!s2 I# also +lans #o $nc!ease $#s
$)+o!#s (!o) #he S!$ ,an"an 'n$#2 A# +!esen#1 #he $)+o!#s
(!o) S!$ ,an"a acco'n# (o! al)os# A +e! cen# o( #he #'!no*e!2
Cea# +lans #o s+end Rs 5A c!o!e on ad*e!#$s$ng #h$s yea!1 !
&a'l sa$d2 He sa$d #ha# #he co)+any $s also ac#$*ely ge##$ng
$n#o b'$ld$ng !ela#$onsh$+s 4$#h #he #!ans+o!#e!s and $s
s+end$ng Rs 5 c!o!e on AIDS a4a!eness and o#he! l$(es#yle
$ss'es 4h$ch a!e cen#!$c #o #h$s sec#o!2 Th$s ca)+a$gn $s
eC+ec#ed #o co*e! al)os# all #he #!ans+o!# h'bs $n #he
co'n#!y1 ! &a'l sa$d2
CEAT Limite co!ti!ue o! its tur!arou! pla! "y re#isteri!# a
$%T o& 's( ) crore a! *perati!# $ro&it ($%+,T) o& 's(2-(3 crore
(up ./ perce!t) uri!# the 0irst 1uarter e!e 30th 2u!e 2002(
The sales o& the compa!y3s proucts #re4 "y )(-5 to 's( 3.2
crore as a#ai!st 's( 326 crore &or the correspo!i!# 7uarter last
year
A!!ou!ci!# the 16 'esults8 M" Paa# K" C$o%d$a&'
Ma!a#i!# ,irector8 CEAT Limite sai8 9T$e#e e#u(t# ae a
!o)*imatio) o* t$e tu)aou)d o* ou !om+a)&' %$i!$
$a# ,ee) ,ou-$t a,out ,& t$e CEAT team t$ou-$
-eate !u#tome *o!u# a)d i)!ea#ed o+eatio)a(
e**i!ie)!ie#"
CEAT i# ta-eti)- to ,e!ome a R#" ./00 !oe ,u#i)e##
t$i# &ea" We %i(( a!$ie1e t$i#
Im+o1e# Ma2et S$ae i) Tu!2 3 LCV 4Li-$t Comme!ia(
Ve$i!(e#5 T&e#
T!'c" #y!es cons#$#'#e #he la!ges# seg)en# $n #he Ind$an #y!e
)a!"e#2 aC$)') g!o4#h has been !eco!ded by #he co)+any $n
#h$s seg)en#1 4he!e se*e!al ne4 +!od'c#s 4e!e la'nched #o
$nc!ease #he )a!"e# sha!e #o 5871 '+ (!o) 5@7 las# yea!2 In #he
,CV #y!e seg)en#1 CEATEs )a!"e# sha!e $nc!eased #o 5B71 '+
(!o) 5@7 las# yea!2
To )ee# #he g!o4$ng de)and1 #he co)+any has also s#a!#ed
o'#so'!c$ng T!'c" #y!es (!o) $#s s'bs$d$a!y co)+any $n S!$lan"a1
CEAT Kelan$ and (!o) TCI, >Ty!e Co!+o!a#$on o( Ind$a ,$)$#ed?1
Kol"a##a2 Co)b$ned 4$#h CEATEs o4n ca+ac$#$es1 #h$s 4o'ld hel+
$n ('!#he! $)+!o*e)en# $n #he )a!"e# sha!e $n #he la!ge T!'c"
Ty!e seg)en#2
To #te)-t$e) i) T%o 6 T$ee W$ee(e T&e#
CEAT $s a$)$ng a# do'bl$ng $#s )a!"e# sha!e $n #he !a+$dly
g!o4$ng #4o 4heele! seg)en#1 o*e! #he neC# #4el*e )on#hs2
To ach$e*e #h$s1 CEAT has s#a!#ed o'#so'!c$ng $#s +!od'c#s $n
#h$s seg)en# (!o) #4o ne4 )ode!n )an'(ac#'!$ng (ac$l$#$es a#
Hyde!abad and Vadoda!a2 The +!od'c# !ange $s also be$ng
gea!ed '+ #o )ee# #he !a+$dly g!o4$ng de)and (o! )o#o!;
cycle #y!es2 The Hyde!abad (ac$l$#y has al!eady s#a!#ed
)an'(ac#'!$ng )o#o!;cycle #y!es1 4h$le #he Vadoda!a (ac$l$#y
$s eC+ec#ed #o be o+e!a#$onal by #he las# <'a!#e! o( #he
c'!!en# ($nanc$al yea!2
Cea# ,$)$#ed $s a )a=o! +laye! $n #he Ind$an Ty!e )a!"e#2 I# $s
+!esen# $n all seg)en#s o( #he #y!e )a!"e#2 I# has ISO D:::
a++!o*ed )an'(ac#'!$ng (ac$l$#$es a# ')ba$ and Nash$"2 I#
e)+loys nea!ly 6B:: e)+loyees2 Cea# $s a +a!# o( #he
Rs2G8:: c!o!e R&G En#e!+!$ses1 a)ongs# #he lead$ng $nd's#!$al
g!o'+s $n Ind$a2
Bibliography
SL. NO. BOOKS AUTHOR
1. Marketing Management PHILIP
KOTLER
2. Marketing Management Dr.PANDAY
RASTOGI