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You Are Here : Markets  |  Equity   |   Company Profile  |   Reports
Falcon Tyres Ltd(Industry :   Tyres)
BSE Code:509527NSE Symbol: FALCONTYREP/E  (TTM): 0
ISIN Demat:INE511B01024Div Yield %:0EPS   (TTM) :0
Book Value (Rs):19.8400361Market Cap (RsCr):51.91Face Value (Rs) :5
  Change Company 

Notes Forming Part Of Financial Statements


As at 31st March, 2014 As at 30th September, 2012
20,00,00,000 Equity Shares of Rs. 5/- each 10,000.00 10,000.00
10,000.00 10,000.00
7,7472,580 (77472580) Equity shares of Rs.5/- each fully paid up 3,873.63 3,873.63
Total 3,873.63 3,873.63
1.1 Reconciliation of the number of shares outstanding Shares in Nos.
Equity Shares at the beginning of the year 7,74,72,580 3,40,85,532
Add: Shares issued on conversion of Loan - 4,33,87,048
Equity Shares at the end of the year 7,74,72,580 7,74,72,580

1.2 The Company has one class of equity shares having a par value of Rs.5 each. Each equity shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts,in proportion to their shareholdings.

1.3 There are no unpaid amounts or calls in arreas from public, directors or officers of the Company and no Shares were forfeited during the year.

1.4 Details of Shareholders holding more than 5% shares

Name of the Shareholders As at 31st March, 2014 As at 30th September, 2012
No. of Shares % Held No. of Shares % Held
M/S Suncap Commodities Limited 1,51,85,467 19.60 1,51,85,467 19.60
M/S Regus Impex Private Limited 1,51,85,467 19.60 1,51,85,467 19.60
M/S Salputri Commerce Private Limited 1,30,16,114 16.80 1,30,16,114 16.80
M/S Dil Rim Wheel Corporation Limited 2,35,13,100 30.35 2,35,13,100 30.35
(a) Capital Reserve
(Capital Subsidy Received from
Govt Through MNRE) 100.00 100.00
(b) Securities Premium
As per last Balance Sheet 12,427.05 165.87
Addition during the year - 12,261.18
12,427.05 12,427.05
(c) Revaluation Reserves
As per last Balance Sheet 6,967.32 7,310.24
Transferred to Profit & Loss Account (364.77) (342.92)
6,602.55 6,967.32
(d) General Reserve
As per last Balance Sheet 7,864.74 8,316.49
Add: Transferred from Profit & Loss Account - -
7,864.74 8,316.49
Less: Proposed Dividend - 387.36
Tax on Dividend - 64.39
Closing General Reserve 7,864.74 7,864.74
(e) Profit & Loss Account
As per last balance sheet (3,818.35) 2,080.14
Add: Profit for the year 397.49 (5,898.49)
(3,420.86) (3,818.35)
Less: Appropriations
Transfer to General Reserve - -
Proposed dividend - -
Tax on dividend - -
- -
(3,420.86) (3,818.35)
Total 23,573.48 23,540.76
Syndicate Bank TL-1 - 456.67
Yes Bank Ltd. 447.00 1,260.00
Edelwise_ A/c Central Bank of India 15,157.43 10,000.00
The South Indian Bank Ltd. 5,000.00 5,000.00
Syndicate Bank TL-2 5,479.30 5,000.00
ICICI Bank Ltd. 27,961.98 27,327.12
South Indian Bank - Funded Interest 2,517.54 961.02
ICICI Bank Ltd. 998.75
Acceptence 3,162.67 -
60,724.67 50,004.81
Interest free - Loan from body corporates 2,114.25 392.50
Loan from Insitutions - -
Loan from Promoters Company 5,201.59 -
Total 68,040.51 50,397.31

Security Terms

Yes Bank Ltd. - An OTS for an amount of Rs.475 was entered into with Yes Bank on 31.03.2014. Secured by Corporate Guarantee of Monotona Tyres Limited (MTL). This is further secured by pledge of 16,20,000 shares & Negative Lien on 37,79,400 shares of MTL. Rate of Interest@ 15.75% payable in 36 monthly instalment from August 2012.

Central Bank of India - Secured by exclusive first charge by way of hypothecation of Plant & Machinery & Civil works, etc. arising out of the Term Loan. Second charge on all other existing fixed assets. Rate of Interest 14.75% p.a. repayable in 24 quarterly installment from July, 2013.

The South Indian bank Ltd. - Secured by exclusive first charge by way of hypothecation of Plant & Machinery & Civil works, etc. arising out of the Term Loan. Second charge on all other existing Fixed Assets. Rate of Interest 14.4% p.a. Repayable in 24 quarterly installment from Jan 2013 however it is understood that bank has deferred the repayment period from sep 2014

Syndicate Bank - TL II - Secured by exclusive first charge by way of hypothecation of Plant & Machinery & Civil works, etc. arising out of the Term Loan. Second charge on all other existing fixed assets. Rate of Interest 14.75% p.a.repayable in 24 quarterly installment from September’ 2013

ICICI Bank Ltd. - 2nd Charge on the entire FA of the Company(Movable and immovable), both present and future, providing atleast one time security cover for the proposal and 2nd charge on the entire current assets of the company to be shared on pari passu basis with existing charge holders. Rate of interest 13% p.a. with stepped up coupon repayable in 32 quarterly installment from 15th June, 2014.

There are outstanding dues in respect of project loans from Central Bank of india & The South indian bank & Syndicate bank in payment of interest & principal repayment for which the company has approached the lendors for re schedulement of repayment and funding of interest due to delay/nonstabilisation of project, the approval still awaited.

As at 31st March, 2014 As at 30th September, 2012
3B Deferred Tax Liabilities (Net)
Deferred Tax Liabilities
Depreciation 2,368.75 2,368.75
Less: Deferred Tax Assets
Disallowed under Income Tax Act, 1961 222.77 222.77
Carried forward Income Tax loss 662.91 662.91
885.68 885.68
1,483.07 1,483.07
Advance from Customer (Replacement) 134.15 2,082.76
Liability for capital expenditure 331.37 985.39
Other Payables 4,943.18 -
C & F Deposit 471.92 678.33
Total 5,880.62 3,746.48
Provision for employee benefits 1,157.24 945.49
Prov for Marketing exp - -
Warranty Claim 112.50 112.50
Total 1,269.74 1,057.99
Cash Credit from Banks
Syndicate Bank 3,438.32 3,237.49
Punjab National Bank 2,416.11 2,380.84
State Bank of India 3,109.10 2,023.84
Oriental Bank of Commerce 1,088.55 1,322.43
Centra Bank of India (Working Capital Limits of the Company are secured by hypothecation of Company’s stock and book debts on parri passu charge on the company’s present and future fixed assets.) 0.00 2,925.89
10,052.08 11,890.49
10,052.08 11,890.49
Acceptance 1,223.99 3,382.18
Sundry Creditors for
Micro, Small and Medium Enterprises 20.15
Others 3,896.52 8,285.09
Total 5,120.51 11,687.42
Current maturities of long term debt
Oriental Bank of Commerce - Current Account - 13.47
Interest accrued but not due - 141.67
Interest accrued and due 73.88 259.46
Unclaimed Dividend # 20.67 22.25
Payable to Central Excise, Customs Authorities 343.66 551.97
Other Payables 2,189.75 3,457.50
Total 2,627.96 4,446.32

# These figures do not include any amounts due and outstanding, to be credited to Investor Education and Protection Fund

PARTICULARS As at 31st March, 2014 As at 30th September, 2012
Provisions for Superannuation/Gratuity/
Leave Encashment 105.05 105.05
Provision for Proposed Dividend 8.49 387.36
Provision for Tax on Dividend 4.06 65.14
Provision for Taxation (Net) 93.69 482.66
Provision for Fringe Benefit Tax 18.27 18.27
Provision for Warranty Claim 37.50 37.50
Total 267.06 1,095.98
(To the extent not provided for)
a) Claims against the Company not acknowledged as debt 14.02 14.02
b) Corporate Guarantees 4,800.00 4,800.00
4,814.02 4,814.02
Estimated amount of contracts remaining to be executed on capital account and provided for (Net of advance) 206.50 16,151.14

(Rs. Lakhs)

Upto 01.10.2012 Additions Sale of Assets As on 31.03.2014 Upto 01.10.2012 For the year Sale of Assets For the year Upto 31.03.2014 As at 31.03.2014 As at 30.09.2012
Land 4,625.00 - 4,625.00 - - 0.00 4,625.00 4,625.00
Buildings 7,182.71 1,690.08 8,872.79 998.91 385.24 1,384.15 7,488.64 6,183.80
Plant & Machinery 43,840.82 33,019.78 76,860.60 8,152.96 2,300.90 10,453.86 66,406.74 35,687.86
Computers 171.99 7.83 179.82 152.99 10.81 163.80 16.02 39.15
Electrical Installation 1,825.52 610.56 2,436.08 348.41 125.40 473.81 1,962.27 1,477.11
Office & Lab Equipment 36.94 3.75 40.69 22.19 2.67 24.86 15.83 14.75
Furniture & Fixtures 73.96 2.65 76.61 61.10 4.36 65.46 11.15 12.86
Vehicles 49.89 27.62 12.35 65.16 27.92 8.67 9.50 27.09 38.07 21.97
Low Value Assets 9.73 0.05 9.78 8.90 0.10 9.00 0.78 0.83
Total (A) 57,816.56 35,362.32 12.35 93,166.53 9,773.38 2,828.65 9.50 12,602.03 80,564.50 48,063.33
Computer Software 22.90 - - 22.90 2.75 4.58 - 7.33 15.57 20.15
Technical Know-how 87.60 - - 87.60 87.60 - - 87.60 - -
Total (B) 110.50 - - 110.50 90.35 4.58 - 94.93 15.57 20.15
TOTAL (A+B) 57,927.06 35,362.32 12.35 93,277.03 9,863.73 2,833.23 9.50 12,696.96 80,580.07 48,083.48
Previous year figures as at 30.09.2012 27,211.47 30,715.59 0.00 57,927.06 7,714.47 2,149.26 0.00 9,863.73 48,063.33 19,497.00
Capital Work-in-Progress 206.50 16,109.29

6.1 The Gross Block of Fixed Assets include Rs. 9734.45 Lakhs (Previous Year Rs. 9734.45 Lakhs) on account of revaluation of Fixed Assets. Consequent to this revaluation, there is an additional charge of depreciation of Rs. 364.77 Lakhs (Previous Year Rs. 343.74 Lakhs) and an equivalent amount has been withdrawn from Revaluation Reserve and credited to the profit and loss account. This has no impact on profit or loss.


PARTICULARS As at 31st March, 2014 As at 30th September, 2012
Investment in Equity Instruments In Equity Shares of Subsidiary Companies 10000 Equity Shares Rs. 10/- each in Falcon Tyres Rebber Pvt. Ltd. (Previous Year Nil) 1.00 0.00
In Equity Shares of Associate Companies Un-Quoted, fully paid up 1 Share of Rs.1000/- in FTL House Building Co-operative Society (Previous Year 1 Share) 0.00 0.01
5000 Shares of GBP 1 each in Global Finvest limited (Previous Year 5000 Share), 5% Share in JV 4.00 4.00
Nil shares of Rs.100/-each in Chamundi Plasto Sacks Pvt. Ltd. (Previous Year 10000 Share) 0.00 1,101.55
Sub Total (A) 5.00 1,105.56
In Equity Shares of Other Companies Quoted, fully paid up * 11,500 Equity Shares of Rs. 10/- each in Union Bank of India 1.84 1.84
(Previous Year 11,500 Equity Shares) 200 Equity Shares of Rs. 10/- each in UCO Bank (Previous Year 200 Equity Shares) 0.02 0.02
400 Equity Shares of Rs. 10/- each in Indian Overseas Bank (Previous Year 400 Equity Shares) 0.10 0.10
Sub Total (B) 1.96 1.96
Total (A+B) 6.96 1,107.52
Capital Advances
Unsecured and considered Good 23,630.69 23,930.35
Total 23,630.69 23,930.35
Raw Material 3,378.25 3,160.46
Work-in-Progress 1,510.81 559.52
Finished Goods 1,533.94 5,499.40
Stores & Spares 166.07 317.08
6,589.07 9,536.46
Total 6,589.07 9,536.46
# Raw material, WIP and stores and spares are valued at cost. Finished goods valued at cost or market price whichever is low.
Unsecured and considered good
Over six month - 55.01
Others 6,305.37 6,796.70
Total 6,305.37 6,851.71


PARTICULARS As at 31st March, 2014 As at 30th September, 2012
Balances with Banks
In Current Accounts (1.45) 31.16
Margin Money 414.35 760.23
Earmarked Balances - Unpaid dividend account 20.67 22.25
Cheque in Transit 0.44 1,625.38
Cash Balance 8.64 9.83
Total [ A + B + C ] 442.65 2,448.85
Advances Recoverable in cash or in kind or for value to be received 165.83 549.50
Advance to Suppliers 3,437.54 3,035.52
Loans and Advances to Related Parties 347.50 1,135.79
Other Deposits 307.49 234.74
Export Incentives Receivable 168.99 216.39
Total 4,427.35 5,171.94
Sales (net off returns and discounts) 1,30,439.19 98,219.50
Excise Duty 10,572.82 7,623.84
Total 1,19,866.37 90,595.66
Sale of Scrap 427.91 440.80
Export Incentives 389.46 283.11
Dividend from Companies - Others 0.00 10.80
Miscellaneous Income 38.48 150.88
Interest Received (Gross) 91.79 65.80
Total 947.64 951.39
Raw Material Consumed
Opening Stock 3,160.46 2,343.43
Add: Purchases 57,807.60 54,109.08
60,968.06 56,452.51
Less: Closing Stock 3,378.25 3,160.46
Total 57,589.81 53,292.05
15.1 Particulars of Raw material consumed
Rubber and Rubber Products 24,726.70 33,261.47
Fabric 5,518.07 6,294.87
Carbon Black 6,510.24 7,049.06
Chemicals 4,021.39 4,651.12
Others 16,813.41 2,035.53
57,589.81 53,292.05


% of Consumption Value in Lakhs % of Consumption Value in Lakhs
Imported 16.29% 9,379.62 19.64% 10,466.91
Indigeneous 83.71% 48,210.19 80.36% 42,825.14
100.00% 57,589.81 100.00% 53,292.05


PARTICULARS As at 31st March, 2014 As at 30th September, 2012
15A Manufacturing Expenses
Indigeneous Stores Consumed 236.14 193.60
Import Stores Consumed 1.24 -
Power, Fuel and Water Charges 4,129.05 2,612.71
Mixing Charges 1,638.65 1,412.65
Conversion Charges 39.21 146.59
Increase / Decrease in Excise Duty Provision -573.50 167.64
Repairs - Plant & Machinery 477.36 447.96
5,948.15 4,981.15
Inventories (at close)
Finished Goods 1,202.81 4900.69
Stock-in-Process 1,510.81 559.52
Stock-in-Trade 331.13 598.71
3,044.75 6,058.92
Inventories (at commencement)
Finished Goods 4,900.69 4640.31
Stock-in-Process 559.52 591.18
Stock-in-Trade 598.71 1264.19
6,058.92 6,495.68
Total 3,014.17 436.76
Salaries , Wages and Bonus etc. 7,790.90 4,642.86
Contribution to Provident, Gratuity & Other Funds 836.63 518.47
Staff Welfare Expenses & CSR Activity Expenses 404.35 260.71
Total 9,031.88 5,422.04
Interest On Cash Credit Account 2,254.95 1,276.44
Interest on Term Loan 633.66 2,299.31
Other Finance Charges 1,905.19 479.34
Total in Rs. Lakhs 4,793.80 4,055.09
19 DEPRECIATION 2,833.23 2,149.26
Less: Transfer to Revaluation Reserve 364.76 343.74
Total 2,468.47 1,805.52
Selling & Distribution Expenses
Royalty 2,317.56 2,397.49
Commission 446.94 711.34
Discount 2,872.00 2,120.38
Sales promotion and other selling expenses 1,587.53 966.31
Warranty 562.84 183.39
Freight Charges 2,512.22 1,954.73
10,299.09 8,333.64
Administrative Expenses
Repairs - Buildings 9.48 47.21
Repairs - Others 155.59 49.66
Rent 227.53 153.76
Rates & Taxes 56.87 51.87


PARTICULARS As at 31st March, 2014 As at 30th September, 2012
Insurance 92.59 29.75
Exchange Difference 108.51 116.92
Directors Sitting Fees 5.75 4.00
Printing & Stationery 111.59 46.40
Communication 76.50 51.53
Travelling & Conveyance 678.59 407.41
Bank Charges 340.82 252.23
Donation 45.62 0.29
1,909.44 1,211.03
Audit Fee
i) Payment to Statutory Auditor
a) Audit fees 0.85 3.50
b) For other services 0.90 2.20
ii) Payment to tax auditor 0.00 0.50
Reimbursement of expenses of auditors 0.00 0.33
1.75 6.53
Legal & Professional Charges 447.04 164.99
Miscellaneous expenses 425.53 581.72
Total 13,082.85 10,297.91
21 Loss on sale of Investment in Monatona Tyres
Limited and Chamundi Plasto 1.61 6,697.28
22 CIF value of Imports
Raw materials 9,379.62 10671.98
Capital goods 33.12 -
Stores and spares 0.72 1.24
23 Expenditure in Foreign Currency paid or payable by the Company
Branch Expenses 267.60 -
Travelling 0.26 5.03
Professional fee - 2.22
Royalty 114.86 179.66
24 Remittances in Foreign Currency
The Company has paid dividend in respect of shares held by Non -Residents on repatriation basis.
The total amount remitted in this respect is given herein below:
a) Number of Non Resident Shareholders 1 57
b) Number of Equity shares held by them 2,35,13,100 166784
c) (i) Amount of dividend paid (Gross) in lakhs in INR (for current year) 117.57 2.08
(ii) Tax deducted at source Nil Nil
(iii) Year to which dividend relates 2011-2012 2010-2011
25 Earnings in Foreign Exchange
FOB value of exports 10,971.55 7159.49


PARTICULARS As at 31st March, 2014 As at 30th September, 2012
26 Earning per share
i) Net Profit after tax as per statement of profit and loss attrituble to equity shareholders (in Lakhs) 397.49 (5,898.49)
ii) No of equity shares used as ddenominator for calculating EPS 7,74,72,580 7,74,72,580
iii) Basic and Diluted Earnings per share 0.51 (7.61)
iv) Face value per equity share 5.00 5.00

27 The Company’s operations predominantly consist of only one product segment i.e. Tyres and Tubes. The export sales of the Company are insignificant as compared to total sales during the year so as to constitute a geographical segment. Therefore, separate segment information as required in terms of Accounting Standard (AS 17) on Segment Reporting has not been considered. Further as income from Co-Gen is less than 10% of the total segment the same has not been considered to be a separate segment

28 The Previous year’s figures have been re-grouped / re-arranged/restated wherever considered necessary.

29 Micro, Small and Medium Enterprise

Particulars Principal Interest
Amount due to vendors Nil Nil
Principal amount and interest paid beyond the appointment date Nil Nil
Interest accrued and remaining unpaid beyond the appointment date (other than interest specified u/s 18 of the Act) Nil Nil
Interest accrued and remaining unpaid as at the end of the year (As per the Act) Nil Nil

30 Provisions of Accounting Standard 29 on "Provision , Contingent Liability, and Contingent Assets

Disclosore in this respect as required in terms of the said Accounting Standard are as followes:


PARTICULARS As at 31st March, 2014 As at 30th September, 2012
Nature of Item Warranty
Opening Provision 150.00 484.00
Provided during the Year 562.84 (150.61)
Amount Utilized 562.84 183.39
Closing Provision 150.00 150.00

31 The disclosure require under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rule 2006, are given below

Defined Contribution Scheme

Contributions to Defined Contribution Plan, recognized for the year are as under:

PARTICULARS As at 31st March, 2014 As at 30th September, 2012
i. Employer’s Contribution to Provident Fun 412.28 247.67
ii. Employer’s Contribution to Superannuation Fund 154.67 91.60

Compensated Absence

The obligation for compensated absences are recognized in the same manner as gratuity. The liability of Compensated Absence (unfunded) of accumulated privilage, sick and casual leaves of the employee of the Company as ta 31st March 2014 is given

PARTICULARS As at 31st March, 2014 As at 30th September, 2012
Privileged Leave 249.29 235.12
Sick Leave 26.63 25.00
Casual Leave 29.91 27.08

32. Related party disclosures as required as per Accounting Standard (AS-18) on "Related Part disclosures" are as below:

a) All the Companies in the group as discussed below are directly/indirectly controlled by the RuiaGroup of Companies under the Leadership of Sri Pawan Kumar Ruia and itsvarious Subsidiary/ Associate Companies which held the controlling stake in theCompany during the year ended 31st March 2014. b) Falcon Tyres Rubbers Pvt. Ltd. is 100 % subsidiary of Falcon Tyres Limited (Falcon Tyres Limited holding 10000 equity shares of Falcon Tyres Rubber Pvt. Ltd.)

b) Associates / Group Companies

i. With whom the Company has transaction

Dunlop Polymers Pvt. Ltd., Monotona Tyres Limited

ii. Others:

Aakashdeep Properties Pvt. Ltd., Acurate Traders Pvt. Ltd., Adhishwar Nivesh Pvt. Ltd., Alpha AirwaysPvt. Ltd., Alwaye Properties & Finance Pvt. Ltd., American Merchandising Ltd., Anchita CommercialsPvt. Ltd., Angan Properties Private Limited, Anish Traders Pvt. Ltd., Anoush Traders Pvt. Ltd., AparupaProperties Pvt. Ltd., Ayodhya Properties & Finance Pvt. Ltd., Ballard Commercials Pvt. Ltd., BanalataSubhlaxmi Compusis Pvt. Ltd., Shalini Properties& Developers Pvt. Ltd., &Traders Pvt. Ltd., Bandana Commercials Pvt. Ltd. Beadon Traders Pvt. Ltd., Bharatiya Hotels Pvt. Ltd., Bipul Commercials Pvt. Ltd., Blackstone Holdings Private Ltd., Bloom Billions Sdn Bhd-Malaysia, Borneo Traders Pvt. Ltd., Brawany Nivesh Pvt. Ltd., Chaity Commercials Pvt. Ltd., ChamanTrade Links Pvt. Ltd., Chambal Marketing Pvt. Ltd., Chemical Corporation of India Ltd., ChinsurahChemicals Pvt. Ltd., Chorus Trade Links Pvt. Ltd., Climber Properties Pvt. Ltd., Chamundi PlastoSacks Pvt Ltd., D K Properties Pvt. Ltd., Dadar Properties & Finance Pvt. Ltd., Dunlop India Limited, Deblok Traders Pvt. Ltd., Deoghar Properties & Finance Pvt. Ltd., Dipti Commercials Pvt. Ltd., Divya Mercantile Ltd., Dunlop Estates Pvt. Ltd., Dunlop Infrastructure Pvt. Ltd., Dunlop Investments Ltd., Dunlop Latex FoamEurope Ltd., Dunlop Properties Pvt. Ltd., Dunlop Rubber Limted, Dunlop Tyres Limted, Dunlop AutoTyres Limted, Dunlop Uk Limited-UK, Dunlop East Ltd., Dunlop South Ltd., Dunlop Comforts Pvt Ltd., Durg Properties & Finance Pvt. Ltd., Ebony Commercials Pvt. Ltd., Eco Traders Pte Ltd., Edina Marketing Pvt. Ltd., eMotions Media Pvt. Ltd., Empire Minerals Pvt. Ltd., Enormous Nivesh Pvt. Ltd., Eyelid Mercantile Pvt. Ltd., Fabulous Nivesh Pvt. Ltd., Falcon Auto Tyres Rubber Pvt Ltd., FairvalueImpex Ltd. - Maurititius, F ragment Nivesh Pvt. Ltd., Gain E-Commerce Pvt. Ltd., Global Fin Pro Ltd., Global Finvest Ltd. - UK, Globe Sugar Refinery Ltd., Goldman Securities Ltd., Global Finvest Ltd., Gumasol Rubber Tec GMBH, Hardcore Viniyog Pvt. Ltd., Herald Investments Pvt. Ltd., Hiker Properties Pvt. Ltd., Hiland Traders Pvt. Ltd., Hindustan Texknit Pvt. Ltd., Hirakud Industrial WorksLtd., Hirakud Rolling Mill Ltd., Hriday Commercials Pvt. Ltd., Ibcon(Calcutta) Pvt. Ltd., India Finance Ltd., India Tyre & Rubber Co (India) Ltd., Indo-Wagon Engineering Ltd., Jai Badrinath Niketan Pvt. Ltd., Jai Brijmohan Niketan Pvt. Ltd., Jai Ganga Nirman Pvt. Ltd., Jai Gokul Towers Pvt. Ltd., Jai HarihorTower Pvt. Ltd., Jai Raghuvir Enclave Pvt. Ltd., Jai Tridev Vihar Pvt. Ltd., Jai Vaibhav Niketan Pvt. Ltd., Janaki Marketing Pvt. Ltd., Jessop & Co. Ltd., Jessop Estate Pvt. Ltd., Jessop Infotech Pvt. Ltd., Jessop Infrastructure Pvt, Ltd., Jessop Properties Pvt. Ltd., Jessop Shipyard Limited, Jessop Wagons& Coaches Ltd., Kailash Enterprises (New Delhi) Pvt. Ltd., Kothi Lefin Pvt. Ltd., Kulu Properties &Finance Pvt. Ltd., Liluah Ceramics Pvt. Ltd., Mahan Tyres & Tubes Pvt. Ltd. (Formerly Falken TyresLtd.), Mahant Merchandise Pvt. Ltd., Malini Properties Pvt. Ltd., Manidipa Properties Pvt. Ltd., Manjari Properties Pvt. Ltd., Mayank Services Ltd., Metro Developers Ltd., Metropole Hills Hotel Pvt. Ltd., Monarch Exim Pvt. Ltd., Moulishree Electricals & Electronics Ltd., Mridula Marketing Pvt. Ltd., Mudrika Commercials Pvt. Ltd., Mugdha Properties Pvt. Ltd., Nandini Properties Pvt. Ltd., NevaditaProperties Pvt. Ltd., Ocean Constructions Pte Ltd., OM Cotex Ltd. (Formerly Ruia Cotex Ltd.), OnixBusiness Services Ltd., Pacific apparels Ltd., Pacific Appearels Ltd., P. K. Constructions Pvt. Ltd., Pacific Apparels Ltd., Pallavi Manufacturers Pvt. Ltd., Parnika Marketing Private Ltd., Pawan HerbalsPvt. Ltd., Payneganga Sugars & Chemicals Ltd., Radient Investment Ltd. -Maurititius, RapidInvestment Ltd. -Maurititius, Renuka Resorts Pvt. Ltd., Realworth Trading Ltd. - Maurititius, Rose Investment Ltd. -Mauritius, Ruia Agro Products Pvt. Ltd., Ruia Electronics Pvt. Ltd., Ruia Holding - GMBH, Ruia Hospital & Educational Research Institution, Ruia Hotels Pvt. Ltd., Ruia Industries Ltd. -Maurititius, Ruia Marketing Ltd., Ruia Properties GMBH, Ruia Technologies Ltd., Ryham Pte Limited-Singapore, Sagarika Properties Pvt. Ltd., Sanjose Polymers Pvt. Ltd., Sarvan Commercials Pvt. Ltd., Satarupa Properties Pvt. Ltd., Schlegel Automotive EuropeLtd _UK, Securities Brokers India Limited, Shakambari Communications Pvt. Ltd., Shankar Traders& Dealers Ltd., Sheetal Exports Ltd., Shresth (India) Pvt Ltd., Skypak Properties & Finance Pvt Ltd., Spices Valley Estates Ltd., SPRResorts Ltd., Ruia Global Nivesh Pvt. Ltd. (Formerly SPR Textiles Pvt. Ltd.), Stephen FinancialServices Pvt. Ltd., Sterling Share Brokers (P) Ltd., Subhra Marketing Ltd., Sugandha Industries Pvt. Ltd., Sukaram Marketing Ltd., Tribhuban Marketing (P) Ltd., Udbav Commercials Pvt. Ltd., VilasMarketing Private Limited, Wealth Field Pte Ltd., Wealth Ocean Pte Ltd. - Sinagpore, Wealth OverseasPte Ltd. - Singapore, Wealth Valley Pte Ltd., Wealthsea Ltd. - Maurititius, Wealth Treasury Ltd. -Maurititius, Wealth Pacific Holding Ltd. -Maurititius, Zeal Infotech Pvt. Ltd., Zipco Industrial FinancePvt. Ltd. Falcon Tyres Impex Pvt. Ltd., Falcon Tyres Rubbers Pvt. Ltd., Glorious Investment Ltd. - Maurititius, Manali Properties & Finance Pvt. Ltd., Ruia Sons Pvt. Ltd., Ruia Corporate Service Pvt. Ltd., Shalimar Towers Pvt. Ltd., Uryamani FinanceCo Ltd., TulipMachineries Pvt. Ltd., Vidyuth Petrochem Pvt. Ltd., Walker Properties Pvt. Ltd. .

The above (ii) though not required in terms of Accounting Standard 18 on "related Party Disclosure" has been disclosed in view of disclosure requirement of the SEBI (Substantial Acquisition of Sharesand takeovers) regulations, 1997 in relation to inter se transfer of shares among group companies.

d) Key management Personnel:

a) Mr. Pawan Kumar Ruia (Executive Chairman) (Salaried)

b) Mr. Kamal Jiwrajka (Executive Director) (Salaried)

c) Mr. Ashok Gupta (Whole - time Director) (Salaried)

d) Mr. Sunil Bhansali (Executive Director) (Salaried)

Related Party Transaction
A) Sale/Purchase of goods & Service
In Lakh
Party Name Year Ended Sales of Goods Purchase of Goods
Monotona Tyres Limited Mar-2014 Nil 118.91
Sep- 2012 Nil 47.67
Dunlop Polymers Pvt. Ltd Mar-2014 4431.00 11451.00
Sep- 2012 4194.47 9354.75

B) Advance Received from parties:

In Lakh
Party Name March 2014 September 2012
Monotona Tyres Limited 2698.35 Nil

C) Advance Paid to parties:

In Lakh
Party Name March 2014 September 2012
Monotona Tyres Limited 600.38 Nil

D) Directors’ Remuneration:

In Lakh
Director’s Name March 2014 September 2012
Mr. Pawan Kumar Ruia 1116.62 649.20
Mr. Kamal Jiwrajka 36.91
Mr. Ashok Gupta 3.45
Mr. Sunil Bhansali 12.67 41.00

33. Particulars in terms of disclosure required as per Clause 32 of the Listing Agreement:Amount of loans and advances in nature of loan to subsidiaries and associates as on 31st March 2014

In Lakh
Party Name Maximum outstanding during the year Closing Balance
Vidyuth Petrochem Pvt. Ltd. 5500.00 Nil
Dunlop India Limited 2459.18 2494.97
Falcon Tyres Impex Pvt. Ltd. 697.87 Nil
Falcon Tyres Rubbers Pvt. Ltd. 324.94 Nil
Dunlop Comforts Pvt. Ltd. 45.35 Nil
Jessop & Co. Ltd. 16.19 Nil


Basis of Accounts

The accounts have been prepared according to historical cost convention, adjusted by revaluation of fixed assets and governing statutes in India.

Use of Estimates

The preparation of financial statement require management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures relating to contingent liabilities and assets as at the Balance Sheet date and the reported amounts of income and expenses during the year.

Provision for contingencies are recorded when it is probable that a liability will be incurred and the amounts can reasonably be estimated. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized.


Sales are accounted for on passing of title to the customers. Returns and rebates and discounts against goods sold are recognized as and when ascertained and deducted from sales. Sales include excise duty.

Export Benefits

Export benefits arising on account of entitlement for duty free imports are accounted for at the time of receipt of material. Other export benefits are accounted for as and when accrued.

Fixed Assets

Fixed Assets are stated at cost of acquisition / construction (net of CENVAT/VAT and other credits) or at revalued amount as the case may be and inclusive of incidental expenses, erection / commissioning expenses, revamping expenses, pre-operative expenses, interest, etc. upto the date the asset is put to use.

Depreciation / Amortization

a) The classification of Plant & Machinery into continuous and non-continuous is carried as per technical certification and depreciation thereon, is provided accordingly, on straight-line method at the rates prescribed in schedule XIV of the Companies Act, 1956.

b) Additional depreciation attributable to the increase in the value of assets on account of revaluation is transferred from Revaluation Reserve to the Profit and Loss account.

c) Computer software, Intangible assets are amortised over the period of six years.


Fixed assets are reviewed at each balance sheet date for impairment. In case events and circumstances indicate any impairment, recoverable amount of fixed assets is determined. An impairment loss is recognized, whenever the carrying amount of assets either belonging to Cash Generating Unit (CGU) or otherwise exceeds recoverable amount. The recoverable amount is the greater of assets net selling price or its value in use. In assessing value in use, the estimated future cash flow from the use of the assets is discounted to their present value at appropriate rate. An impairment loss is reversed if there has been a change in the recoverable amount and such loss either no longer exists or has decreased. Impairment loss/reversal thereof, which in case of CGU, are allocated to its assets on a pro rata basis, is adjusted to carrying value of its respective assets.


Long Term Investments are valued "at cost" except where there is a diminution in value, other than temporary, in which case, adequate provision is made against such shortfall.


Inventories are valued at lower of cost or estimated net realizable value. Cost of inventories has been computed on weighted average basis. In case of work in progress and finished goods cost represents materials, direct labour and appropriate portion of factory overheads. Adequate provision for defective, slow/non moving, obsolete stocks are made on the basis of technical evaluation

Transactions in Foreign Currency

Transaction in foreign currency is accounted for at the exchange rate prevailing on the date of the transaction. Foreign currency monetary assets and liabilities at the year-end are translated using the closing exchange rates whereas non-monetary assets are translated at the rate on the date of the transaction. The gain and loss thereon and also on the exchange differences on settlement of the foreign currency transactions during the year are recognized as income or expense and are adjusted to the profit and loss account.

Employee Benefits

Employee benefits are accrued in the year in which the employees have rendered services. Contribution to defined contribution schemes such as Provident Fund, Superannuation Fund etc. are recognized as and when incurred.

Long-term employee benefits under defined benefit scheme such as gratuity, leave etc. are determined at the end of the year at present value of the amount payable using actuarial valuation techniques.

Actuarial gain and losses are recognized in the year when they arise.

Research and development expenditure

Research and development expenditure of revenue nature are charged to the profit & loss account, while capital expenditures are added to fixed assets in the year in which they are incurred


Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of Notes to the Accounts.

Borrowing costs

Borrowing costs incurred in relation to the acquisition, construction of assets are capitalized as part of the costs of such assets upto the date when such assets are ready for intended use. Other borrowing costs are charged as an expense in the year in which these are incurred.

Taxes on Income

Provision for Current Income Tax is made on the taxable income using the applicable tax rates and tax laws. Deferred tax arising on account of timing differences and which are capable of reversal in one or more subsequent periods is recognized using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situation where the company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.


Warranty costs are accrued in the year of sale, based on past experience.

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