We are delighted to present the Eighth Annual Report together with the AuditedStatement of Accounts for the year ended 31st March 2017:
The Company's financial performance during the year 2016-17 as compared to theprevious year 2015-16 is summarized below:
| || ||(` In Million) |
|Particulars ||For the Year ended March 312017 ||For the Year ended March 312016 |
|Net Sales ||4067.17 ||3854.86 |
|Earnings before exceptional items extraordinary items interest tax depreciation and amortisation (EBITDA) ||336.82 ||400.45 |
|Less : Depreciation ||217.33 ||256.47 |
|Less : Financial Expenses ||30.48 ||51.50 |
|Profit / (Loss) before exceptional and extraordinary items and tax ||89.01 ||92.49 |
|Less : Exceptional and Extraordinary items || ||(121.09) |
|Profit / (Loss) before Tax ||89.01 ||(28.60) |
|Less : Provisions for Taxes ||46.89 ||26.11 |
|Profit/(Loss) after Tax ||42.12 ||(54.71) |
REVIEW OF OPERATIONS:
In the financial year 2016-17 your Company has made significant way towards the goalof productivity up. Due to Demonetarization announced by Central government on 8thNovember 2016 overall 2 wheeler market slowed down. Therefore Company's 2 Wheeler wheelsorders took hit to some extent in third quarter however those were recovered immediatelyin the fourth quarter. On the other hand Company's orders for 4 Wheeler was blessed withthe favorable Indian market situation and thus Company went for maximum orders &production numbers. Overall your Company landed with the sales of total 2.27 millionwheels during the year under review. Your Company had posted 6% growth in terms of salesvolume as well as sales value in year under review as compared to last year.
During the year under review the Company has recorded Gross Sales of `5216.58million(net Sales of ` 4067.17) in current financial year as compared to Gross Sales of `5175.56million (net sales of `3854.86 million) last financial year. There was a increaseof 6% in sales of the Company as compared to last year. Despite of Demonetarization inthird quarter your Company has managed to maintain the growth in year under review mainlydue to good orders from 4 wheeler manufactures.
During the year under review Company has allotted 743835 Equity Shares onPreferential basis on 16th January 2017 against share application money of `141328650 at ` 190 (including the premium of `185) each received from itsHolding Company i.e. Enkei Corporation Japan after obtaining requisites approvals fromall competent authorities.