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Balkrishna Industries Ltd.

BSE: 502355 Sector: Auto
BSE 14:01 | 20 Jun 1125.00 30.50






NSE 13:54 | 20 Jun 1121.00 27.20






OPEN 1127.00
VOLUME 16275
52-Week high 1351.20
52-Week low 720.00
P/E 29.42
Mkt Cap.(Rs cr) 21,746
Buy Price 1123.60
Buy Qty 43.00
Sell Price 1125.00
Sell Qty 35.00
OPEN 1127.00
CLOSE 1094.50
VOLUME 16275
52-Week high 1351.20
52-Week low 720.00
P/E 29.42
Mkt Cap.(Rs cr) 21,746
Buy Price 1123.60
Buy Qty 43.00
Sell Price 1125.00
Sell Qty 35.00

Balkrishna Industries Ltd. (BALKRISIND) - Director Report

Company director report


Dear Shareholders

The Directors present the Annual Report of Balkrishna Industries Limited (the Company)along with the audited financial statements for the financial year ended 31 stMarch 2017. The consolidated performance of the Company and its subsidiaries has beenreferred to wherever required.

The Ministry of Corporate Affairs (MCA) on 16th February 2015 notifiedthat Indian Accounting Standards (Ind AS) are applicable to certain classes of companiesfrom 1st April 2016 with a transition date of 1st April 2015. IndAS is applicable to the Company from 1st April 2016.

The reconciliations and descriptions of the effect of the transition from previous GAAPto Ind AS have been set out in Note 38 in the notes to accounts in the standalone as wellas consolidated financial statement.

(Rs. in Lakhs)
PARTICULARS Standalone Consolidated
Current Year ended Previous Year ended Current Year ended Previous Year ended
31.03.2017 31.03.2016 31.03.2017 31.03.2016
Revenue from Operations 378830 327252 378384 328946
Other Income 24911 14896 25363 17374
Total Income 403741 342148 403747 346320
Gross Profit 135953 94763 136260 95657
Less: Depreciation 30383 28217 30400 28232
Profit before tax 105570 66546 105860 67425
Less: Provision for tax
Current Tax 29540 22970 29666 23193
Deferred Tax 4516 (281) 4509 (340)
Profit after Tax 71514 43857 71685 44572


Your company is primarily into tyre industry and within it focuses on "Off Highwaysegment" which generally consist of agriculture tyres industrial tyres constructiontyres mining tyres port tyres lawn and garden tyres and all terain vehicle tyres (ATV).

This segment is known as "large varieties low volume segment" wherein anycredible player needs to maintain large number of Stock Keeping Units (SKUs) to meet thediverse requirement of its customers. The major market for these kind of tyres are thedeveloped countries more particularly Europe and USA.

While the sub segment (agriculture) is largely known as non-cyclical in nature theother sub segment (industrial construction and mining) is generally considered ascyclical and the performance of it is largely linked to overall economic outlook of theworld. Under this segment there are primarily 3 channel partners;

1) Distributors (known as replacement segment)

2) Original equipment manufacturer (OEM)

3) Institutional players who maintains larger base of fleet.

The growth rate of these segments has been in the range of 3 ~ 4% and in last fewyears no major capacity additions have taken place across the globe.


Your Company mainly operates in one single segment i.e. "tyres" with focus onmanufacture of wide range of "Off-Highway Tyres"(OHT) which are mainly used inAgricultural Industrial & Construction Earthmover & Port Mining Forestry Lawn& Garden and All Terrain Vehicles (ATV). More than 80% of our revenue is generatedthrough exports.

During the year under consideration on Standalone basis your Company achieved a Netturnover of Rs. 378830 Lakhs as against Rs. 327252 financialyear Earnings beforeInterest Depreciation and Tax (EBITDA) has increased Lakhs during previous to Rs. 138097Lakhs from Rs. 98710 Lakhs during previous financial year and Net profit has increased toRs. 71514 Lakhs from Rs. 43857 Lakhs during previous financial year.

During the year under consideration on Consolidated basis your Company achieved Netturnover of Rs. 378384 Lakhs as against Rs. 328946 Lakhs during previous financial yearEarnings before Interest Depreciation and Tax (EBIDTA) has increased to Rs. 138460 Lakhsfrom Rs. 99606 Lakhs during previous financial year and Net profit has increased to Rs.105860 Lakhs from Rs. 67425 Lakhs during previous financial year.


Your Company enjoys the status of "Four Star Export House".


The Directors have declared and paid Interim Dividends of 275% (Rs. 5.50 per equityshare) and pleased to recommend Final Dividend of Rs. 2.50 per equity share (125%) for theyear 2016-2017.

The Final Dividend if approved by the Shareholders the total dividend payout for theyear including tax will be Rs. 9307 Lakhs.


The paid up Share Capital of the Company as on 31st March 2017 is Rs. 1933Lakhs. During the year under review the Company has not issued shares with differentialvoting rights nor granted stock options nor sweat equity. As on 31st March2017 none of the Directors of the Company hold convertible instruments.


The Company proposes to transfer Rs. 50000 Lakhs to General Reserves.


The Company's earnings are mainly generated through exports. The overall businessenvironment across the globe has been challenging in past few years however the previousyear has been good due to revival in commodity cycle and overall good agriculturalactivities across the globe. Unfortunately the momentum in revival of commodity cycle hasnot been of a sustained nature and therefore the business environment still lookschallenging. However the long term prospects of the Company are good and promising. YourCompany continues to explore all the avenues to ensure growth of the business whichincludes deeper penetration into existing market within India as well as outside Indiaextending relationship with OEMs and expanding product range. With all such efforts yourCompany has aimed to achieve higher sales during the current year.


No material changes and commitmentsaffectingthefinancialposition of your Company haveoccurred between the end of the financial year of the Company to which the financialstatements relate and on the date of this report.



Your company operates into a segment predominantly known as "large varieties -lowvolume segment" which is not only capital intensive but also labour intensive. YourCompany is fully geared up to take advantage of the peculiarities of the said segment andhas developed a large base of SKUs to meet the diverse needs and applications.

Moreover this segment is neither exposed to any technological obsolescence nor wildfluctuations in demand for its products

The Company is continuously marching ahead to explore incremental opportunity in theform of developing "Earthmovers & mining tyres markets and taking advantage ofthe shift from bias to radial tyres which is growing up continuously. In order to takeadvantage of this opportunity the Company had first set up an all-steel OTR Radial tyreplant at its Chopanki location and further added such capacities by setting up a greenfield tyre plant at Bhuj to produce large size all steel OTR radial tyres besides othercategories of tyres. Your Company is proud to be first Company in India to set up suchplant. Your Company is continuously expanding its base into various sub-segments likeagricultural industrial construction mining winter and solid tyres under bothtechnologies – bias as well as radials.


Like any other Company your Company is also exposed to various threats likecompetition from small players retention of employees labor unrest increase in rawmaterial prices and other input costs etc.

11. RISKS / CONCERNS AND RISK MITIGATION: Fluctuation in Raw Material prices:

The Company's major raw material is Natural Rubber which is an agricultural commodityand actively traded on the commodities exchanges. Its prices fluctuate significantly andhave witnessed significantvolatility material prices have been soft in the back drop ofsubdued business environment across the globe. Of late it moved up and then softenedagain. Currently it is moving in narrow range. So is the case with other raw materials.

In order to minimize such risks the Company not only enters into medium-term contractsbut also adopts the policy to "Buy and

Stock" large quantities during the lean period.

Since most of the raw materials are imported the company is exposed to foreigncurrency risk. However it enjoys natural hedge as most of its revenues are in foreigncurrency.

Labour Relations:

Since Company's manufacturing process is that of batch processing it requires lotof skilled as well as un-skilled workers. Maintaining a huge work force is a bigchallenge.

In order to mitigate the said risk the Company follows good HR practices to promotethe welfare safety of its workmen and improve the work environment. All workers are paidmore than adequate remuneration for their work.

Retention of skilled manpower:

Like other players in the industry the Company is also exposed to this risk moreparticularly when there is shortage of skilled manpower in the industry.

The Company is able to manage the said risk by good HR practices and rewarding itsemployees handsomely.

Currency Fluctuation:

As stated earlier the company revenues are mainly generated through exports. TheCompany also imports lot of its raw materials and capital equipment's. Moreover all itsborrowings are in foreign currency and it is therefore exposed to risks due to currencyfluctuations.

The Company follows the system of hedging its receivables (net off payables) well inadvance by entering into Forward Contracts thereby protecting itself from thefluctuations in currencies to a large extent.


Your Company has aligned its current systems of internal financial control with therequirement of the Companies Act 2013. Your Company's internal controls are commensuratewith its size and the nature of its operations. These have been designed to providereasonable assurance with regard to recording and providingreliablefinancialandoperational information complying with the applicable statutes safeguarding assets fromunauthorized use executing transactions with proper authorization and ensuringcompliance with corporate policies. The Company's management has assessed theeffectiveness of the Company's internal control over financial reporting as of 31 stMarch 2017.

KPMG was appointed to assess the effectiveness of internalfinancialcontrols of thecompany during last financial year. Their assessment was based on an internal audit planwhich was reviewed in consultation with the Audit Committee.

The Audit Committee reviewed the reports submitted by the Management KPMG InternalAuditors and Statutory Auditors. Based on their evaluation (as defined in section 177 ofthe Companies Act 2013 and Clause 18 of SEBI Regulations 2015) the Company's AuditCommittee has concluded that as of 31st March 2017 the Company's internalfinancial controls were adequate and operating effectively.


The Company's human resources continue to be its biggest asset. The team has remainedas committed as ever and produced results that are considered significant. Quality quickdelivery and focus on resolving customer issues are the hallmark of the team performance.There is a strong focus on TEAM spirit during the year many events/training programswere conducted to develop personality and outlook of its employees. Employee relationscontinue to be cordial.


The company has following 100% subsidiary companies:

BKT EXIM Limited BKT Tyres Limited Thristha Synthetics Limited and Indirectsubsidiary Companies i.e subsidiary companies of BKT EXIM Limited - BKT EUROPES.R.L. BKT USA INC BKT TIRES (CANADA) INC. BKT EXIM US INC and subsidiary of BKTEXIM US INC - BKT TIRES INC. The Policy determining material subsidiaries as approved maybe accessed on the Company's website at the link

Your Directors had approved the Scheme of Amalgamation ("the Scheme") of itswholly owned subsidiary BKT EXIM Limited (BKT EXIM) into it and their respectiveshareholders under Sections 391 to 394 of the Companies Act 1956 at its meeting held on18th May 2016 subject to the approval of the Honorable High Court ofJudicature at Bombay (‘the High Court') National Company Law Tribunal (‘NCLT')or such other competent authority.

The Company has filed petition in the Bombay High Court which was transferred to NCLTand is still pending with it.

A statement containing the salient features of the financial position of subsidiarycompanies in Form AOC-1 attached as Annexure I.


Pursuant to the requirement under Section 134 (3)(c) and 134(5) of the Companies Act2013 your Directors to the best of their knowledge confirm that:

(i) that in the preparation of the annual accounts for the year ended 31stMarch 2017 the applicable accounting standards have been followed and there are nomaterial departures from the same; (ii) the Directors have selected such accountingpolicies and applied them consistently and made judgments and estimates that werereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany as at 31st March 2017 and of the Profit of the Company for thatperiod; (iii) the Directors have taken proper and sufficient care for maintenance ofadequate accounting records in accordance with provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities; (iv) the Directors have prepared the annual accounts of the Company on a"going concern" basis;

(v) the Directors have laid down internal financial controls to be followed by theCompany and the such internal financial controls are adequate and are operatingeffectively; and (vi) the Directors have devised proper systems to ensure compliance withthe provisions of all applicable laws and that systems are adequate and operatingeffectively.


All contracts /arrangements / transactions entered by the Company during the financialyear with related parties were in ordinary course of business and on an arm's lengthbasis. During the year the Company has not entered into any contracts /arrangements /transactions with related parties which could be considered material in accordance withthe policy of the Company on materiality of related party transactions. The Policy onmateriality of related party transactions and dealing with related party transactions areapproved by the Board may be accessed on the Company's website at the link . Members can refer Note no. 45 to the financial statement whichset out related party disclosures.

The Board of Directors of the Company has approved the criteria for making the omnibusapproval by the Audit Committee within the overall framework of the policy on relatedparty transactions. Prior omnibus approval is obtained for related party transactionswhich are of repetitive nature and entered in the ordinary course of business and at arm'slength. All related party transactions are placed before the Audit Committee for reviewand approval.

All related party transactions entered during the financial year were in ordinarycourse of the business and on arm's length basis. No material related party transactionswere entered during the financial year by your Company. Accordingly the disclosure ofrelated party transactions as required under Section 134(3)(h) of the Companies Act 2013in Form AOC - 2 is not applicable to your Company.


The brief outline of the Corporate Social Responsibility (CSR) policy of the Companyand the initiatives undertaken by the Company on CSR activities during the year are setout in Annexure II of this report in the format prescribed in the Companies(Corporate Social Responsibility Policy) Rules 2014. For other details regarding the CSRCommittee please refer to the Corporate Governance Report which is a part of thisreport. The policy is available on the website of the Company at link:


The Company has framed a Risk Management Policy to identify and access the key businessrisk areas and a risk mitigation process.

A detailed exercise is being carried out to ascertain the various risk which thecompany generally faces such as strategic financial credit market liquidity securityproperty IT legal regulatory reputational and other risks. The Board periodicallyreviews the risks and suggests steps to be taken to control and mitigate the same througha properly defined framework.


Mr. Ramesh Poddar resigned w.e.f. 10th September 2016 as Director from theBoard of the Company and the same was considered and accepted by the Board with effectfrom 10th September 2016. Your Directors place on record their appreciation of theguidance given and services rendered by Mr. Ramesh Poddar during his tenure as Director ofthe Company.

In accordance with provisions of the Companies Act 2013 and Articles of Association ofthe Company Mrs. Vijaylaxmi Poddar Director of the Company retires by rotation at theensuing Annual General Meeting and being eligible seeks re-appointment. The Boardrecommends her re-appointment.

As recommended by Nomination and Remuneration Committee the Board of Directors of theCompany has re-appointed Mr. Vipul

Shah as Whole Time Director designated as Director & Company Secretary of theCompany for term of five years w.e.f. 11th February 2017 to 10thFebruary 2022 subject to approval of members of the Company.

Brief resume of the Directors being re-appointed as required under SEBI (ListingObligations and Disclosure Requirements) 2015 and Secretarial Standard 2 on GeneralMeetings issued by The Institute of Company Secretaries of India is provided in the noticeconvening the Annual General Meeting of the Company.

The Company has received declaration from all Independent Directors of the Companyconfirming that they meet with the criteria of independence as laid down under Section149(6) of the Companies Act 2013 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.


The Board has on the recommendation of the Nomination and Remuneration Committee laiddown a Nomination and Remuneration Policy for selection and appointment of the Directorsand Key Managerial personnel and their remuneration. The extract of Remuneration Policy isprovided in the Corporate Governance Report forms part of Board's Report.

The Criteria for appointment and remuneration of Directors is as under:

(i) Criteria For Appointment Of Managing Directors / Whole Time Director / Director:

The Nomination and Remuneration Committee shall identify persons of integrity whopossess relevant expertise and experience particularly in Tyre Industry leadershipqualities required for the position and shall take into consideration recommendation ifany received from any member of the Board.

(ii) Criteria For Appointment Of Independent Director:

The Independent Director shall be of high integrity with relevant expertise andexperience so as to have as diverse Board with Directors having expertise in the fields ofmanufacturing marketing finance taxation law governance and general management.


The Board of Directors has carried out an annual evaluation of its own performanceboard committees and individual directors pursuant to the provisions of the Act and thecorporate governance requirements as prescribed by the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBIListing Regulations').

The performance of the board was evaluated by the board after seeking inputs from allthe directors on the basis of criteria such as the board composition and structureeffectiveness of board processes information and functioning etc. as provided by theGuidance Note on Board Evaluation issued by the Securities and Exchange Board of India on5th January 2017.

The Nomination and Remuneration Committee reviewed the performance of individualdirectors on the basis of criteria such as the contribution of the individual director tothe board and committee meetings like preparedness on the issues to be discussedmeaningful and constructive contribution and inputs in meetings etc.

In a separate meeting of independent directors performance of non-independentdirectors and the board as a whole was evaluated taking into account the views ofexecutive directors and non-executive directors. The same was discussed in the boardmeeting that followed the meeting of the independent directors at which the performanceof the board its committees and individual directors was also discussed. Performanceevaluation of independent directors was done by the entire board excluding theindependent director being evaluated.


Statutory Auditors:

Pursuant to the provisions of Section 139 of the Companies 2013 and Rules madethereunder the terms of office of Messers

Jayantilal Thakkar & Co. Chartered Accountants as the Statutory Auditors of theCompany will conclude from the close of ensuing Annual General Meeting of the Company.

The Board of Directors place on record its appreciation to the services rendered byMessers Jayantilal Thakkar & Co. Chartered Accountants of the Company.

Subject to approval of the members the Board of Directors of the Company hasrecommended the appointment of M/s. N G Thakrar & Co. Chartered Accountants (FirmRegistration Number 110907W) as the Statutory Auditors of the Company pursuant to Section139 of the Companies Act 2013.

The Board recommends the resolution in relation to appointment of Statutory Auditorsfor the approval by the shareholders of the Company.

Secretarial Auditor:

The Board has appointed Mr. GBB Babuji Company Secretary in Whole Time Practice toconduct Secretarial Audit for the financial year 2016-17. The Secretarial Audit Report forthe financial year ended 31st March 2017 is annexed herewith marked as AnnexureIII. Cost Auditor:

The Company's revenue from exports in foreign exchange exceeds seventy-five per centof Company's total revenue as per Rule 7 (i) of the Companies (Cost Records and Audit)Rules 2014 Cost Audit is not applicable to the Company for the financial year 2016-17.


There are no qualifications in the reports of the Statutory Auditors and SecretarialAuditors.

There are no frauds reported in the reports of the Auditors as mentioned undersub-section (12) of Section 143.


The industrial relations with staff and workers during the year under review continueto be cordial.


There is no change in the nature of business of your Company during the year underreview.

26. DISCLOSURES: i. Vigil Mechanism /Whistle Blower Policy:

The Vigil Mechanism of the Company which also incorporate a whistle blower policy inthe terms of SEBI (Listing Obligations and Disclosure Requirements) 2015 deals withinstances of fraud and mismanagement if any. The Policy on vigil mechanism and whistleblower policy may be accessed on the Company's website at the link: investors-desk/download?file_id=1797 .

ii. Audit Committee:

The Audit Committee comprised of Two Independent Non-Executive Directors viz. Mr.Sachin Nath Chaturvedi (Chairman)

Mr. Khurshed Doongaji and One Joint Managing Director Mr. Rajiv Poddar. All therecommendations made by the Audit Committee were accepted by the Board.

iii. Number of Board Meeting:

The Board of Directors of the Company met five times in the year the details of whichare provided in the Corporate Governance


iv. Particulars of loans given investment made guarantees given and securitiesprovided:

Particulars of loans given investments made guarantees given and securities providedalong with the purpose for which the loan or guarantee or security is proposed to beutilized by the recipient are provided in the standalone financial statement

(Please refer to Note No. 14 5 10 49 & 52 to the Standalone Financial Statement.

v. Conservation of Energy Technology Absorption and Foreign Exchange Earnings andoutgo:

The particulars relating to conservation of energy technology absorption foreignexchange earnings and outgo as required to be disclosed under Section 134(3)(m) of theCompanies Act 2013 read with Rule 8 (3) of the Companies (Accounts) Rules 2014 areprovided in Annexure IV and forms an integral part of this report.

vi. Cash Flow and Consolidated Financial Statements:

As required under Regulation 34(2) of SEBI LODR Cash Flow and Consolidated FinancialStatements is annexed.

vii. Extract of Annual Return:

Extract of annual return of the Company is annexed herewith as Annexure V tothis report.

viii. Particulars of Employees and related disclosures:

The information required under Section 197(12) of the Companies Act 2013 read withRules 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 is attached as Annexure VI.

A statement comprising the names of top 10 employees in terms of remuneration drawn andevery person employed throughout the year who were in receipt of remuneration in terms ofRule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 are provided in the Report.

However having regard to the provisions of the first proviso to Section 136 of theAct the details are excluded in the report sent to members. Members who are interested inobtaining the particulars may write to the Company Secretary at registered/corporateoffice of the Company. The aforesaid information is available for inspection 21 daysbefore and up to the date of the ensuing Annual General Meeting during the business hourson working days.

ix. Sexual Harassment of Women at Workplace (Prevention Prohibition &Redressal) Act 2013:

The Company has formulated and implemented a policy of prevention of sexual harassmentat the workplace with mechanism of loading/redressal complaints. During the year underreview no complaints were reported to the Board. x. Business Responsibility Report:

As required under SEBI (Listing Obligations & Disclosure Requirements) Regulations2015 Business Responsibility Report describing the initiatives taken by the Company froman environmental social and governance prospective in the prescribed form is annexed as AnnexureVII.

No disclosure or reporting is required in respect of the following items as therewere no transaction on these items during the year under review:

1. Details relating to deposit and unclaimed deposits or interest thereon.

2. Issue of equity shares with differential rights as to dividend or voting.

3. Issue of shares (including sweat equity shares) and Employee Stock Option Scheme ofthe Company under any scheme.

4. Neither the Managing / Joint Managing Director nor the Whole-time Director of theCompany receive any remuneration or commission from any of its subsidiaries.

5. No significant or material orders were passed by the Regulators or Courts andCompany's operation in future.


Certain statements in the "Management Discussion and Analysis" describing theCompany's views about the Industry expectations/ predictions objectives etc. may beforward looking within the meaning of applicable laws and regulations. Actual results maydiffer materially from those expressed in the Statement. Company's operations mayinter-alia affect with the supply and demand stipulations input prices and theiravailability changes in Government regulations taxes exchange fluctuations and otherfactors such as Industrial relations and economic developments etc. Investors should bearthe above in mind.


Your Company is grateful to its valued customers for their continuous co-operation andpatronizing its products. A word of appreciation is also extended to its FinancialInstitutions and Banks for their continuous co-operation and assistance in meeting thefinancial requirements of the Company. Your Company would also like to thank itsshareholders employees vendors and other service providers for their valuable servicesto the Company.

Last but not least your Directors wish to place on record their warm appreciation toyou for your continuous support and encouragement.

For and on behalf of the Board of Directors


Place : Mumbai
Dated : 25th May 2017


Form AOC-1

[Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 ofCompanies (Accounts) Rules 2014]

Statement containing salient features of the financial statement ofsubsidiaries/associate companies/joint venture.

Part "A": Subsidiaries

Particulars 1 2 3 4 5 6 7
Rs. In Lakhs
2 Reporting period for the subsidiary concerned if different from the holding company's reporting period Reporting period of the above subsidiaries is the same as that of the Company.
3 Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries.** INR INR USD EURO USD CAD INR
4 Share Capital 70.00 5.00 36.59 5.50 0.70 2.68 5.00
5 Reserves & Surplus 267.17 1.35 19.93 109.29 449.78 44.17 (0.89)
6 Total Assets 337.40 6.46 2873.36 3646.91 557.48 89.74 4.18
7 Total Liabilities 0.23 0.11 2816.84 3532.12 107.00 42.88 0.07
8 Investment 326.94 0.00 0.00 0.00 0.00 0.00 0.00
9 Turnover (include other income) 65.67 0.00 3837.29 6749.28 2482.06 583.36 0.00
10 Profit Before Taxation 57.94 (0.49) 4.69 88.43 149.20 25.21 (0.18)
11 Provision of Tax 12.60 0.00 (1.58) 36.36 61.14 10.11 0.00
12 Profit/(Loss) After Taxation 45.34 (0.49) 6.27 52.07 88.06 15.10 (0.18)
13 Proposed Dividend 0.00 0.00 0.00 0.00 0.00 0.00 0.00
14 % of Shareholding 100% 100% 100% 100% 100% 100% 100%


1. Part B of the Annexure is not applicable as there is no associate companies/jointventure of the Company as on 31st March 2017.

2. * Including figures of BKT TIRES INC.

**Exchange Rate

1 Euro = Rs.69.2476 1 US $ = Rs.64.8386 1 CAD = Rs.48.5861

For and on behalf of the Board of Directors



Place : Mumbai

Dated : 25th May 2017