Professional Documents
Culture Documents
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HISTORY OF TYRES
During the last 20 years tyre has been virtually reinvented with most
modern technologies like steel radial tyres, a milestone in the tyre
technology. Tyre sector is experiencing a rapid improvement with the
advent of newer technologies.
Indian tyre industry is two tier. The Tier-I players (top six tyre
companies) account for over 85% of industry turnover containing a
well diversified product-mix and presence in all three major segments
i.e. replacement market, original equipment manufacturers (OEM’s)
and exports. Tier-II companies are small in size, mainly concentrating
on production of small tyres (for two/three-wheelers etc.), tubes and
flaps and the replacement market.
The demand and growth for the industry depends on primary factors
like the overall GDP growth, agricultural & industrial production,
growth in vehicle demand and secondary factors like the
infrastructure development, prevailing interest rates and financing
options etc.
The truck and bus market is the largest segment of the industry
accounting for approx. 70% of industry turnover in terms of value and
tonnage - a segment in which Apollo Tyres has maintained the
leadership position amongst the industry players for quite a few years.
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In the year 2005-06, the truck and bus tyres segment volumes
witnessed a healthy growth of approx. 8%. Passenger car segment
tyres volumes grew by approx. 13% in the year under review.
The year ahead still looks tough with no respite in the raw material
prices. The cost- push continues unabated and with the industry
players reluctant to take large price increases, the challenge on profit
margins will stay. The story on the demand front though looks good in
medium term with the economy continuing to do well.
HIGHLIGHTS
Natural rubber constitutes 25 per cent of the total raw material cost of
the tyres.
The ratio of natural rubber content to synthetic rubber content is
80:20 in Indian tyres, whereas worldwide, the ratio of natural rubber
to synthetic rubber is 30:70.
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KEY INDUSTRY DATA
GOVERNMENT POLICY
FUTURE OUTLOOK
The tyre industry in India is truly globalised with imports and exports
showing rapid increase. On the raw material front too, imports and
domestic sourcing are at comparable levels. Global players have
started setting up manufacturing base in India to take advantage of
the growing opportunities in the domestic market both in terms of
sales as well as costs. Noticeably higher spending on infrastructure is
likely to continue to have a direct consequence on tyre demand in the
country for commercial applications. For the passenger car segment
too, higher disposable incomes and more motorable roads will lead to
higher levels of personal transportation.
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INTERNATIONAL MARKET
Two years ago, the industry estimated the growth in the passenger car
radial demand at 20 per cent per annum. However, the auto recession
has hit them badly. But South Korea made a killing by dumping cheap
car radial tyres and walked away with 11 per cent of the tyre market.
Another threat to the industry is the price of its raw materials, most of
which are petroleum by-products. Carbon, synthetic rubber and nylon
tyre cord are offshoots of petrochemicals. Thus, the future of the
industry will swing with the supply of crude oil.
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CHAPTER – II
COMPANY PROFILE
• MRF Tyres
Page | 6
MADRAS RUBBER FACTORY
COMPANY PROFILE
MISSION
• To be the largest most profitable Tyre company in India.
• To retain # 1 Position in Truck and Bus segment and to be
amongst Top 2 in all 4 wheelers Tyre segment.
• To make Truck/Bus Radial operations Profitable and Retain
Leadership in the passenger Radial Market.
• To be the largest Indian Tyre exporter continues to be a
significant player in the world in the truck Bias segment.
• To be a customer obsessed company.
• To excel as a value driven organization.
• To be the most preferred Tyre Brand in India.
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THE TIMELINE
(1946-2008)
1946
1949
- Although the factory was just a small shed without any machines, a
variety of products, ranging from balloons and latex-cast squeaking
toys to industrial gloves and contraceptives, were produced. During
this time, MRF established its first office at 334, Thambu Chetty
Street, Madras (now Chennai), Tamil Nadu, India.
1952
- MRF ventured into the manufacture of tread rubber. And with that,
the first machine, a rubber mill, was installed at the factory. This
step into tread-rubber manufacture, was later to catapult MRF into a
league that few had imagined possible.
1955
1956
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1960
1961
1962
- The main plant for production of tyres and tubes were commissioned
on 4th December.
1963
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1964
- With the commissioning of the main plant in 1964, MRF also made
progress in the export of tyres. An overseas office at Beirut (Lebanon)
was established to develop the export market, and it was amongst
India's very first efforts. This year also marked the birth of the now
famous MRF Muscleman.
1967
- MRF became the first Indian company to export tyres to USA - the
very birthplace of tyre technology.
1970
1973
1975
1978
1979
- The Masfield Tire & Rubber Co., U.S.A. offered for sale out of its
holding 3,74,250 No. of Equity shares of Rs 10 each of the Company
at a premium of Rs 4 each as follows: 3,63,786 shares as rights to the
existing shareholders in the proportion 1:8 and 10,464 shares to the
employees of the Company.
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1980
1981
- Mansfield Tire & Rubber Co. of U.S.A., offered for the their
Balance shareholding of 3,55,537 No. of Equity shares of Rs 10 each
in the Company at a premium of Rs 4 per share as follows: 3,29,587
shares to the existing resident Indian shareholders and non-resident
Indian shareholders (on non-repatriation basis) in proportion 1:10
and 25,950 shares to the Indian employees, business associates and
dealers of the Company.
1983
1984
- Sales crossed INR two billion. MRF tyres were the first tyres
selected for fitment onto the Maruti Suzuki 800 - India's first small,
modern car.
1985
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1986
1987
1988
- The MRF Pace Foundation was set up, with international pace
bowler,Dennis Lillee as its Director. Not long thereafter, pace
bowlers rained at the Foundation were selected for the Indian Cricket
Team.
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1989
- Aero tyre division of B.F. Goodrich Co., USA was taken over by
Michelin Cie of France.
1990
- The Aruna Leathers & Exports Ltd. was amalgamated with the
Company.As per the scheme one equity share of Rs 10 each of MRF
Ltd. was allotted for every 10,000 shares of Rs 10 each fully paid-up
held in ALEL. Accordingly, 25 equity shares were allotted to the
erstwhile shareholders of ALEL.
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1991
1992
1993
1995
- The Company has received the Top Export Award for the year from
All India Rubber Industries Association.
1996
- The Far Eastern Economic Review Award was presented to MRF for
the fourth year in succession in recognition of excellence.
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1997
- MRF Ltd has been assigned a credit rating of `PR1+' (superior) for
its proposed Rs 100 crore commercial paper (CP) programme by
Credit Analysis and Research Ltd (CARE).
1998
- MRF has launched a market sampling operation for the MRF Zigma.
1999
- MRF Ltd has decided to set up more such clinics in Northern and
Western cities.
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2000
- The Company has set up shop in Dubai to target markets in the UAE
as part of its export thrust.
2002
-MRF Tyres Ltd sees slump in commercial vehicle tyre market and
passenger car growth has also declined.
-High court dismisses the writ petition filed by MRF Employees Union
challenging the order of dismissal of a worker, who was the secretary
of the union.
2003
-MRF and Bridgestone are ranked highest in a tie for the second year
in a row in customer satisfaction with original tries according to JD
Power Asia Pacific.
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from April 17, 2003, consequent to his resignation from the Board of
Directors.
-Mrf Ltd. has informed the Exchange that at its meeting held on
December 19, 2003 the BOD have re-designated Jt. Managing
Director Mr. Arun Mammen as Managing Director of the Company
w.e.f April 01, 2004.
2004
-MRF Ltd. has informed that Mr Ravi Mannath has been appointed as
Additional Company Secretary of the Company w.e.f. January 05,
2004.
-MRF received the highest rankings in the study in four of the five
factors determining overall satisfaction with tyres appearance,
durability, traction and handling.
2007
• Natural Rubber
• Synthetic Rubbers.
• Carbon Blacks
• Process Oils
• Chemicals
• Nylon and Steel Tyre Cords.
• Copper coated Steel Wires etc.
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HUMAN RESOURCE MANAGEMENT
Name Designation
K M Mammen Chairman and Managing director
K M Philip Whole Time Director
Ashok Jacob Director
Vijay R Kirloskar Director
Ranjit I Jesudasen Director
Salim Joseph Thomas Director
Name Designation
Arun Mammen Managing Director
K C Mammen Director
V Sridhar Director
N Kumar Director
Sanjay Sharad Vaidya Director
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WORKING OF THE COMPANY
During the year under review, the company achieved the following
financial results:
INDUSTRIAL RELATIONS
EXPORTS
Over the years, export sales and marketing activities were primarily
focused in a few core markets identified with potential to grow. This
has greatly helped in a better understanding of market specific
requirements, changes taking place in demand patterns and therefore
helped in offering solutions and innovative products tailor-made for
specific market segments.
The year 2007-08 surely saw some very volatile raw material prices
due to steep crude oil price hikes. This has definitely forced the need
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for frequent price corrections in the market which was unusual. It will
also be prudent to note that competition has been continually getting
stiffer from China, especially in truck radials.
The MRF Ltd India has a distribution network of more than 2,500
distributors throughout India as well as having offices in Bangladesh,
the United Arab Emirates, and Vietnam.
Exports, however have been able to maintain the support of its strong
worldwide distribution network and maintain its share of volumes and
revenues in most product segments and markets.
During the last year, the company achieved an export turnover of Rs.
497.22 Crore for the year ended 30th September, 2008 as against Rs.
492.34 Crore for the previous year.
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DIRECTOR’S RESPONSIBILITY STATEMENT
(iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities;
SUBSIDIARIES
-During the year, we have received AIRIAs Top Export Awards (Auto
tyre sector) for 2007-2008.
-The Company has received the Top Export Award for the year from
All India Rubber Industries Association for the year 1996.
COMPETITORS
• Apollo Tyres
• MRF3
• krishna Ind
• Ceat
• JK Tyre & Ind
• PTL Enterprises
• TVS
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SWOT ANALYSIS
STRENGTHS:
It has been six decades since it has been in the market. It is one
of the strongest and the oldest tyres company in India.
Its tie ups are its another advantage to have a strong hold in the
market.some of them are uniroyal good rich(U.S),siel
Honda,Hindustan motors , Mansfield,Ohio,U.S(one of the oldest
tie ups.
It’s famous brand ambassadors are surely its assets and one of
the biggest strength in the marketing field. (Sachin Tendulkar,
Brian Lara, Steve Waugh)
WEAKNESS
It’s been a common notion amongst the customers that the
quality has been degrading.
Employee unions.
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OPPORTUNITY
MRF Tyres to manufacture components for aircrafts
THREATS
Ceat, Apollo Tyres and MRF at 76.71 per cent, 66.96 per cent
and 64.84 per cent, respectively.
STRATEGY:
STRUCTURE:
Company’s hierarchy.
SYSTEMS:
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The day-to-day processes and procedures throughout the company.
Management information system at mrf as a well-defined information
network. They have fully equipped technical information department,
which is called as information system group. The most essential
function of this department is to make the strategic & operational
level information at all times.
SHARED VALUES:
The core values of the company
Values:
• Customer driven,
• Result oriented with professional work culture.
• Growth balanced with environmental protection and enrichment.
STYLE:
The company leadership style
STAFF:
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The company's employees and their broad abilities
At MRF for its staff all the facilities arte given. Up gradation work,
process, technology etc are doing day by day. Recently all
departments are computerized at all levels, so company is giving
computer training to all its employees and staff, There is lot of scope
and career opportunities in the firm for the staff.
SKILLS:
The skills and competencies of employees
Technical Skills:-
A technical skill refers to the ability and knowledge in using
the equipment, technique and procedures involved in performing
specific tasks. At MRF employees, both supervisors and workers,
working in all the production related department posses the technical
skill such as engineering skills, computer skills, etc. which are needed
to handle work related tools, machines and equipments.
REGISTERED ADDRESS
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124, Greams Road ,Chennai (Madras) Tamil Nadu-600006
Tel: 044-28292777
Fax: 044-28295087
Email: mrfshare@mrfmail.com
Website: http://www.mrftyres.com
Apollo was also one of the few tyre manufacturers to obtain the QS
9000 certification in March 2001.All Apollo products conform to the
standards prescribed by the Government of India (DGS&D) and to at
least one or more of the following standards: the Indian Defence
Ministry (CQAV), the Department of Transport, USA (DOT), the
European Economic Commission (ECE), the Saudi Arabian Standards
Organization (SASO) and Co venin of Venezuela.
PRODUCT RANGE: Truck and Bus Bias, Light Truck Bias and
Radial, Passenger Car Radial, Farm Bias and Radial
VISION:
“A leader in the Indian tyre industry
And a significant global player,
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Providing customer delight
And enhancing shareholder value.”
CORE VALUES
CREATE It means
C- Care of Customers
R- Respect for Associates
E- Excellence through Teamwork
A- Always Learning
T- Trust Mutually
E- Ethical Practices
Employee satisfaction.
Customer delight.
Revenue growth.
Operating margin improvements.
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The War Wounded foundation
Page | 32
Business partners: This is the key vehicle for taking the AIDS
awareness and prevention programme to a larger mass of the active
working population. Apollo Tyres works with its business partners to
assist them in undertaking workplace programmes for their employees.
“At Apollo Tyres we believe that our work in the community is an
investment and an opportunity, to create a difference in the lives of
our stakeholders and customers” – Onkar. S. Knawar (Chairman)
ACQUISITIONS
1995 - Acquired Premier Tyres Ltd. in Kerala.
2006 - January 30, Dunlop South Africa is acquired.
FINANCIAL DATA
Page | 33
Apollo Tyres Ltd – Apollo Tyres Ltd- Net
Turnover Profits
Year Rs. in Crs Year Rs. in Crs
1998-99 1998-
1154.02 31.08
99
1999-00 1999-
1368.75 76.06
00
2000-01 2000-
1458.70 25.42
01
2001-02 2001-
1710.00 42.40
02
2002-03 2002-
2025.10 120.02
03
2003-04 2003-
2314.31 70.42
04
2004-05 2004-
2656.8 67.63
05
2005-06 2005-
3002.12 78.17
06
Sales from operations during the financial year ended March 31, 2006
amounted to an all time high of Rs. 3,002.12 crore as against Rs.
2,656.81 crore during the previous year, recording a growth of
approx.13%.
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recovered almost its entire investment in the JV through sale of its
49% stake back to Michelin. This re-alignment would enable the
Company to utilise the available resources better towards other
growth opportunities in short to medium term.
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
Page | 36
Continuous increase in the prices of natural rubber, which
accounts for nearly one third of total raw material cost.
STRATEGY:
Apollo Tyres Ltd. aims to be the ‘supplier of choice’ for its entire
customer base. To achieve this we invest in Research & Development,
Technology Enhancement and Quality to ensure the superiority of our
offerings in all aspects. We have already commenced on the journey to
going beyond being a mere tyre supplier to our consumers to
becoming a complete solution provider for all their transportation
needs.
SHARED VALUES:
Transparency by classifying and explaining the Company’s policies
and actions to those towards whom it has responsibilities, i.e.
maximum possible disclosures without hampering the Company’s and
shareholders’ interests.
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undertaking not-for-profit activities, which could benefit all or any of
its stakeholders in society.
STYLE:
At Apollo Tyres Ltd., corporate governance is all about the processes,
which involve direction and control of affairs of the Company in a
fashion that ensures optimum returns for the stakeholders. Corporate
governance is a broad framework, which defines the way a corporate
body functions and interacts with its environment. It is a combination
of voluntary practices and compliance with laws and regulations
leading to effective control and management of the organization. The
company is open, accessible and consistent with communication and
shares long-term perspective and firmly believes that good Corporate
Governance practices underscore its drive towards competitive
strength and sustained performance. Thus, basic Corporate
Governance norms have been institutionalized as an enabling and
facilitating business process at the Board, Management and
operational levels.
STAFF:
Human resources play a crucial role in the development process of the
present economy. Though the exploitation of natural resources,
availability of physical and financial resources and international aid
play prominent roles in the growth of modern economies, none of
these factors is more significant than efficient and committed
manpower. Recruitment is done through advertisement and
employment exchange. Candidates are called for interview and final
decision is with the chief executive. As of now there are no major
constraints in attracting the right talent since the organisation is a
reputed one and the compensation package is really attractive. Apollo
provides training for both managers and workers. Training program
for managers consists of both internal and external program. The
workers undergo internal training programmes conducted by experts.
External training is done by deputation to professional training
centers.
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SYSTEM:
The system department is responsible for computerisation of different
departments of ATL. The main function of this department, operates
and co ordinates all systems in the organization. The simple structure
of department facilitates speedy communication flow with in the
department.
COMPANY OVERVIEW
VISION
Page | 39
MISSION
OPERATIONS
CEAT produces over 6 million tyres a year and commands around 14%
share of the Indian tyre market. The Company manufactures a wide
range of tyres, catering to all user segments. This includes tyres for
heavy-duty Trucks and Buses (T&B), Light Commercial Vehicles
(LCV), Earthmovers and Forklifts (specialty segment), Tractors,
Trailers, Passenger Cars (PC), Motorcycles, Scooters and Auto-
rickshaws. CEAT earns around 65% of its revenue from the T&B
segment. The Company currently operates 2 plants in Maharashtra,
one in Bhandup and the other in Nasik. It has a robust national
network consisting of 33 regional offices and over 3,500 dealers,
among which ~75 are exclusive dealers running CEAT Shoppe outlets.
REACH
CEAT's solid brand equity has helped it achieve a strong footprint in
both the domestic and the international market. It has a presence in
over 110 countries. In 2007-08, the Company also became the number
one tyre exporter in the country with exports valued at Rs.505 crores.
QUALITY POLICY
CEAT is the first tyre company in India to get the ISO/TS 16949
certification, which is a combination of ISO 9000 and QS 9000. It is a
quality management system that promotes continuous improvement.
It ensures:
• The PDCA (Plan, Do, Check and Act) cycle of process
approach.
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• Trim supply chain by preventing defects and reducing
waste.
• Export to almost all parts of the world.
• Fundamental quality management system requirements.
• No multiple certification audits.
• Customer satisfaction.
HUMAN-RESOURCE MANAGEMENT
BOARD OF DIRECTORS
R. P. Goenka - Chairman
H. V. Goenka - Vice Chairman
Paras K. Chowdhary - Managing Director
M. A. Bakre
A. C. Choksey
S. Doreswamy
Mahesh S. Gupta
H. Khaitan
Bansi S. Mehta
Hari L. Mundra
K. R. Podar
MANAGEMENT TEAM
Paras Chowdhary - MD
Arnab Banerjee - VP - Sales & Marketing
K. J. Rao - VP - Outsourcing
Sunil Sapre - CFO (Chief Financial Officer)
Tom Thomas - Executive Director (Technology & Projects)
Hundal Singh - VP-Manufacturing
Rahul Ghatak - VP- Human Resources
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CORPORATE SOCIAL RESPONSIBILITY (CSR)
CEAT's motto is "to positively impact the lives of employees and local
communities directly affected by our business."
SOCIAL CONTRIBUTION
CEAT do this through a series of result-oriented initiatives like:
Providing opportunities for better education, health improvement and
employment
Socio-ecological projects to promote a healthy and safe environment
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CEAT have also adopted the Kirat Seth village close to their plant in
Nashik, where they have carried out various development
programmes. They have also invested in providing basic necessities
like fresh drinking water, proper sanitation, and medical facilities.
Constant efforts are also toward enhancing income standards by
imparting vocational guidance. Women of the village have been
trained to make phenol and liquid soap, which is procured by the
company’s plant. Other healthcare schemes for the village include
regular free eye check-up camps and aids awareness drives.
RPG Best TQ\M Team Award for CFT in 2005 and 2006
PERFORMANCE
During 2007-08, CEAT recorded sales of Rs.2603 crores, an increase
of about 9% over the previous year. The Company's EBIDTA stood at
Rs.288 crores against Rs.153 crores in 2006-07, an increase of about
89%. The Profit After Tax (PAT) of the Company increased from Rs.39
crores in 2006-07 to Rs.149 crores (including an exceptional income
of Rs.80 crores) in 2007-08, an increase of about 279%. The Company
recorded the highest profit in the last 50 years in 2007-08. At the same
time, the Company recorded the highest ever growth in sales and also
emerged as the number one tyre exporter in the country. The shares of
the Company are listed on the Bombay Stock Exchange (BSE) and the
National Stock Exchange (NSE).
Manufacturing Facilities
Page | 44
CEAT Nashik Plant
ALLIANCES
2 Wheelers
-----------------------------------------------------------------------------------
3 Wheelers
-----------------------------------------------------------------------------------
Passenger
-----------------------------------------------------------------------------------
Truck
-----------------------------------------------------------------------------------
LCV
-----------------------------------------------------------------------------------
Farm Tyres
Page | 45
-----------------------------------------------------------------------------------
OTR Tyres
FINANCIAL DATA
SHAREHOLDING PATTERN
Page | 46
No. of
Holding
Particulars shares
(%)
(in Lakhs)
Promoters 43.2 197.1
Non-promoter -
SWOT ANALYSIS
STRENGTHS
Page | 47
are exclusive dealers running CEAT Shoppe Outlets with the
help of Dealer Portal / Information Systems Security Control etc.
WEAKNESSES
OPPORTUNITIES
THREATS
Page | 48
An increase in the competitive at International level from
sources like China and South Korea.
STYLE
It conveys the flow of communication between the superiors and their
subordinates. It is been said that Ceat Tyres ltd. follows “Line and
Staff” organisation. Both downward and upward communication
follows the path of formal channel. All the activities of the
organisation is communicated from one department to another through
formal channel.
STAFF
At Ceat Tyres ltd. up gradation work, process, technology etc are done
by all its staff day by day. All departments are computerized at all
levels, so company is giving aggresive training to all its employees
and staff. There is lot of scope and career opportunities in the firm for
the staff.
SKILLS
Page | 49
Employees and staff are expected to have human skills so that they can
work cooperatively with one other and build effective team spirit,
which in turn helps in achieving the organisational goals. Technical
Skills such as engineering skills, computer skills, etc are needed to
handle work related to tools, machines and equipments.
SYSTEM
Ceat tyres ltd. has fully equipped technical information department
which makes the strategic and operational information for the
organisation. All the departments such as marketing, purchases,
quality control stores, finance, etc are computer programmed and are
interlined via LAN.
STRUCTURE
Ceat Tyres ltd. Maintained decentralized form of organization. It is
Being transaction-based, not personality driven. Focused on the long
term in compensation and planning. No blurring of the boundary
between corporate and personal resources
STRATEGY
Ceat will at all times provide total customer satisfaction through
products and services of highest quality and reliability. To nurture an
exciting and challenging work environment with fairness and
transparency
SHARED VALUES
• Customer Sovereignty
• People Orientation
• Innovation and Entrepreneurship
• Transparency and Integrity
• Anticipation, speed and flexibility
• Passion for superior performance
Page | 50
CHAPTER III
RESEARCH METHODOLOGY
Page | 51
OBJECTIVE OF THE STUDY
Page | 52
• To know what it contributes to the country.
The study was done during the month of July 2009. The
organization selected by me to conduct the study is Tyre Industry.
Page | 53
CHAPTER IV
Page | 54
COMPARATIVE SWOT ANALYSIS
STRENGTHS
Page | 55
Security Control etc. running CEAT
Shoppe Outlets.
WEAKNESS
OPPORTUNITIES
Page | 56
THREATS
CHAPTER V
Page | 57
FINDINGS
MRF Tyres
MRF has a strong presence in the T&B segment, the largest segment
of the tyre industry, and commands around 19% market share in the
segment. It is the leader in the two/ three-wheeler segment (including
motorcycles) and tractor front tyres, and holds second place in the
passenger cars and tractor - rear tyres.
Exports account for around 12% of the gross sales in MRF. The
Company has a distribution network of 2,500outlets within India and
exports to over 65 countries worldwide
Page | 58
Apollo Tyres is the second largest player in the Indian tyre industry,
with a market share of 22%, in terms of revenues, and the largest
player in the T&B segment, with around 22% market share and 82% of
its product mix coming from this segment. It also enjoys a strong
brand recall. ATL derives 80% of its revenues from the replacement
market, where the EBITDA margins are higher; hence, at operating
levels, Apollo Tyres has better margins compared to those of its peers.
ATL is a strong player in the domestic market, with just 2% of sales
coming from exports.
CHAPTER VI
Page | 59
CONCLUSION
Page | 60
then, prices of tyres are likely to increase. This may provide some
benefit to the tyre companies.
At current levels, all tyre stocks look fairly valued. One can invest at
lower levels, keeping in mind the view on rubber prices. When rubber
prices fell from their highs, all tyre stocks performed well on the
bourses, giving good returns; nevertheless, they should be looked-at
only from a trading perspective.
The industry is definitely set to grow, but the huge competition, huge
buyer power, pricing inflexibility and cost pressures prove as
detriments. Tyre companies are operating at very thin margins and
their return ratios are also not attractive. One can look at tyre stocks
but only from a trading perspective
CHAPTER VII
Page | 61
IMPLICATIONS
IMPLICATIONS
BIBLIOGRAPHY
Page | 63
List of URL’s Referred
• http://www.ceatyres.com/knowus_com_corporate.html
• http://www.ceatyres.com/knowus_com_vision.html
• http://www.ceatyres.com/knowus_com_achvmts.html
• http://www.ceatyres.com/knowus_oems_alliances.html
• http://www.ceatyres.com/knowus_beyond_cares.html
• http://en.wikipedia.org/wiki/CEAT_Tyres
• http://www.moneycontrol.com/competition/mrf/comparison/MRF
• http://www.moneycontrol.com/competition/mrf/comparison/MRF
• http://docs.google.com/gview?
a=v&q=cache:XrQ9hAGGaSwJ:www.pr
sindia.org/docs/bills/1180001447/scr1187944991_Tyre_corp.pdf
+swot+analysis+on+mrf&hl=en&gl=in
• http://www.mydigitalfc.com/industry/tyre-companies-get-stuck-a-
rut-312
• http://www.mrftyres.com/mrf_exports.html
• http://www.moneycontrol.com/financials/mrf/balance-sheet/MRF
• www.apollotyres.com
• http://www.moneycontrol.com/financials/ceat/balance-sheet/C07
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ANNEXURE
MRF Tyres
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