EIH limited


EIH limited is a public company limited by shares, incorporated and domiciled in India. The company is primarily engaged in owning and managing premium luxury hotels and cruisers under the luxury “Oberoi” and “Trident” brands.

The company is also engaged in:

  • Flight catering
  • Airport restaurants
  • Travel and tour services
  • Car rentals
  • Project management
  • Air charter services


Founded by The late Rai Bahadur M.S. Oberoi
Incorporated on 26th May 1949
Headquarter India
Industry Hospitality  


Name of the company EIH ltd.
Registration date 26th may 1949
Registered address 4, Mangoe lane, Kolkata – 700001 Telephone no. – 91-33-40002200 Fax no. – 91-33-22486785  
BES code 500840
Website www.eihltd.com


  • Mr. Prithvi Raj Singh Oberoi (Executive Chairman)
  • Mr. S.S Mukherji (Executive Vice Chairman)
  • Mr. Vikram Singh Oberoi (Chief Executive Officer)
  • Mr. Arjun Oberoi (Managing Director-Development)


EIH ltd. is the flagship company of the Oberoi group, one of the largest and well-known hospitality groups in India. The company serves to both national and international markets.  The company has 12 subsidiaries, of these three are domestic companies and the rest are overseas body corporates.

Total number of locations where business activity is undertaken by the Company are:

1. Number of International Locations – Five countries (through wholly owned subsidiary),

2. Nine directly owned hotels in India – (Delhi, Mumbai, Kolkata, Bengaluru, Udaipur and Ranthambore),

3. Thirteen managed hotels in India.


M/s. Deloitte, Haskins & Sells LLP, Chartered Accountants, (“Deloitte”) has been appointed as the Statutory Auditors of the Company, in the year 2017, to hold office for 5 (five) consecutive years, subject to ratification by Shareholders in every Annual General Meeting.

FINANCIAL HIGHLIGHTS (for the year 2017-18)

                                                                                                                         (₹ in millions)

Paid up capital ₹1143.14
Particular Standalone fig. Consolidated fig.
Total revenue ₹14340.43 ₹17048.31
Net Profit for the year ₹1122.71 ₹1958.07

Written By : Priyanshi Kocher



J K Cement Ltd. company was founded by Late Lala Kamlapat Singhania on 1974.

It is one of the largest cement manufacturer in Northern India.

It is the second largest white cement manufacturer and wall putty in India with an annual production of 600000 and 700000 tonnes.

It was the first company to produce captive power plant in the year 1987.

The company has a total revenue of 4758.17 crore as on 31st March 2018.

It has a capacity to produce 10.50 MNTPA of grey cement,1.20 MNTPA of white cement and 0.7 MNTPA of wall putty.

BSE Code Of JK Ltd. :-532644




Plant Name Thermal Power Plant Grey Cement Location
Nimbahera 20MW 3.25 Mn TPA Chittorgarh,Rajasthan
Mangrol 25MW 2.25 Mn TPA Chittorgarh, Rajasthan
Muddapur 50MW 3.00 Mn TPA Bagalkot Karnataka
Gotan 7.5MW 0.47 Mn TPA Nagaur,Rajasthan


Plant Name Production Capacity Location
Gotan 6,00,000 MT Nagaur,Rajasthan
Katni 0.2 MnTPA Katni, MP


Plant Name Production Capacity Location
J K Cement Work 0.60 Mn TPA Fujairah, UAE
JAYKAYCEM (Central)    

*It has one more plant at Jharli , Jhajjhar which has split grinding unit with a production capacity of 1.5 MnTPA.



Ordinary Portland Cement (OPC)

Portland Pozzolana Cement (PPC)

Portland Slag Cement (PSC)


JK White Cement

JK Wall Putty


JK Primaxx

JK Super Grip


Chairman & M.D. Mr. Yadupati Singhania
Special Executive Mr. Raghavpat Singhania &Mr.Madhavkrishna Singhania
CFO & President(Corporate Affairs) Mr. A K Saraogi
Business Head Mr Rajnish Kapur
President(Education and CSR) Mr. Ashok Ghosh
Chief People Officer Mr. Andleeb Jain


(Rs. In Crore)

Net Revenue 4379.83 4758.17
EBITDA 693.42 760.65
Net Profit 210.78 341.87
EPS 30.14 48.89

Net Revenue was increased by 9% from 4379.83 to 4758.17 crore and EBITDA was increased by 10% from 693.42 to 760.65. Net Profit was increased by 62%  from 210.78 to 341.87 crore. EPS was increased by 62% from Rs.30.14 to Rs.48.89.

Written By: Rishab mundra



CATEGORY Electrical equipment
SECTOR Energy power and electrical equipment
TAGLINE Deeper into homes
USP One of the most trusted brand of electrical goods providing best quality at affordable prices and frequently comes up with new innovations.
SEGMENT Cables, motors, switchgears, reactive power solutions, heavy duty fans, professional lighting.
Construction companies, dealers, distributors.
POSITIONING A quality power of powerful, innovative, affordable and energy efficient electrical goods.
STRENGTH The company has a strong distribution network (it has 7575 no. of dealers and 1702 dealers are added to it this year).The company has a good acquisition history, it has acquired some of the prestigious Indian brands like of Standard Electrics, Crabtree, Promptech, and a latest acquisition of Lloyd.It has a strong brand image.The company is awards by various authorities like Shri Rajpal Singh Shekhawat, honourable minister of industries.
WEAKNESS Power dependent segments will be affected with less or no power supply.Electric goods are majorly required in infrastructure for example government’s construction activities, any slowdown or delay in such activities will affect the company.
OPPORTUNITIES Focus of government on electrification and commitment to improve infrastructure and housing, the use of electrical goods is assured.Emerging middle class people towards better standard of living, the company can expect growth in future.By having a wider base of distribution network, company can introduce its products to new geographical areas.GST is likely to be implemented in 2017-18, with this the company hopes to leverage its brand positioning and distribution network.
THREATS Segments like cables and switchgears are dependent on industrial and infrastructure capital expenditure, any delay would affect the segmental revenue growth.With the view of potential growth in electrical equipment industry, the number of players under the industry has increased; the increase in competition is likely to put pressure on existing players.Downfall in economy will affect its growth by being a cyclic company.


Madras Rubber Factory Limited (MRF)

Madras Rubber Factory Limited (MRF)

Reg Off: New No. 114, Greams Road, Chennai, Tamil Nadu, India


Economy and Industry Overview

The year of 2016-17 started on a positive note with normal monsoon, relatively low inflation and a modest budgetary support to drive consumption growth. Expectation of higher Government spending on infrastructure also indirectly increased growth expectation. However demonetisation also impacted automobile industry and ultimately it was survived by trade and customers in smaller markets. Impact of demonetisation was however substantially recovered by the end January 2017.

The Indian tyre industry grew by 3.6% and in value it is estimated to be Rs. 55,000 Cr. in 2016-17.Tyre industry is directly affected by automobile sector. It majorly comprises of Commercial Vehicle segment consisting of Heavy, Light, Small Commercial Vehicles (H/L/SVC). The next largest segment is Passenger Vehicle consisting of Car, Sports Utility Vehicle (SUV), Motorcycle and Scooters.

Traditionally tyres are classified as Cross-ply (Bias) and Radial based on technology deployed in their manufacture. In India, the commercial tyre segment continues to be dominated by Cross-ply tyres due to road condition, loading capacity and higher cost of Radial tyre.

Tyre industry consist of three distinct markets namely Replacement, Institutional/ Original Equipment Manufacturer (OEM) and Exports. By value, Replacement Market accounts for approximately 60%, Institutional / OEM and Exports making up to 22% and 18% respectively. Of the total tyres produced in India, top 11 tyre companies account for more than 90% of the volume.

Tyre industry provides direct and indirect employment of more than million people, comprising of dealers re-traders and truck operators. This business, has historically transacted in cash and will face more difficulties as moving in modern methods for payments via NEFT, cheque etc. to reduce cash transaction.

The Indian Automotive sector registered a reasonable growth of 10.6% in sales in passenger Vehicle Industry. It is considered as positive sign even after various adverse factors such as Demonetisation, ban on diesel car in NCR and changeover in emission norms. There was huge demand noticed in Utility vehicles that resulted significant growth in passenger car segment. Apart from domestic sales, export sales also shown an increase of 16.2%.

The company has now entered its fourth decade of leadership in Indian tyre Industry and is also Fourteenth largest manufacturer worldwide. In past year there were various economic factor, favourable and unfavourable and made the year rather unpredictable. There were various unexpected economic reforms, changes in political environment, uncertain global market including events such as BREXIT. Growth of Indian tyre industry was also at moderate pace due to Impact of demonetisation and subdue realisations. Besides of these, Indian economy continued to be beacon of high growth among global market.

Opportunities and Threats

There was a positive impact on domestic industry on Heavy Commercial Vehicle (HCV)/ Medium Commercial Vehicle (MCV) segment which was due to non-availability of cheap Chinese tyres into country.

In the medium to long term duration, with the US International Trade Commission’s favourable ruling in the case of Chinese Tyre imports into the US, it is expected that Chinese exports to the US will revive and this will somewhat bring down the imports of cheap tyres into India. With increase in Global Natural Rubber prices, it can be said that prices of domestic tyre will be less than that of imported tyre. Apart from international decisions, HCV and MCV production boosted because of transition enforced by the Supreme Court Judgment on BS-III and BS-IV transition. However the same judgment will have positive impact on replacement segment later in the year.

Key Drivers

Natural rubber is primary raw material for tyre industry. It is totally dependent on environment factors rather than entirely importing from foreign countries. With normal monsoon during the previous year, risk of non-availability of natural rubber was however mitigated to some extent.

Segment wise and Product wise Performance

During the financial year 2016-17 Company’s turnover of Rs. 14,743 Cr. as against Rs. 22,162 Cr. for the previous 18 months period ended 31st March 2016. Across the board there was an overall increase in all segments adding up to a 10% increase in total tyre production. The same is analysed below:

Particular Increase over previous year
Heavy Commercial Vehicle 3%
Light Commercial Vehicle 11%
Passenger & Sports Utility Vehicle 5%
Motorcycle 12%
Scooter 22%
Farm Segment 5%


The outlook for the domestic tyre industry looks stable in the short to medium term due to favourable demand in both domestic and export markets. The issue of raw material cost escalation especially of natural rubber is there which will ultimately reduce the operational margins for a while in near future.

Recently a report shown lack of availability of natural rubber and forcing company to import the same, it will cost to company Rs. 27 extra as compare to domestic price.

However with good monsoon and investments in infrastructure segment will result increasing growth in GDP and will have positive benefits for tyre industry. The positive indication shown by the infrastructure and rural sectors in recent months will definitely have impact on tyre industry, both in Original Equipment and Replacement markets.

On account to increase overall revenue to achieve target of around Rs. 20,0000-Rs. 22,000 Cr by 2020-21, company plans to invest Rs. 800-1,000 Cr. every year on its existing products in relation to Automation and Research & Development, and Brown Field Areas of Gujarat. Also commitment is already made to invest Rs. 4000 Cr in Gujarat for the same purpose

Written By : Vishal Patel


Particulars                     JK PAPER LTD. EMAMI PAPERS LTD.
  2015-16 2016-17 2016-17
Current ratio 0.75 1.03 0.86
Quick ratio 0.20 0.47 0.32
Cash ratio 0.03 0.33 0.06
Defensive interval ratio 26 62 80

Strong Cash flows from operating activities coupled with working capital optimization have improved the liquidity position of the company during the year. A close competitor’s, Emami papers ltd., ratios also stand in the same vicinity as the industry average with an exception of defensive interval ratio which stands at 80 because of a higher cash component. The following represents the detailed analysis:

Particulars As at April 1 ,2015 As at March 31st,2016 As at March 31st,2017
Current accounts 9.45 7.24 15.05
Cash on hand 0.31 0.49 0.46
Total 9.76 7.73 15.51

As one can see, the cash and cash equivalents have increased from 7.73 crores in 2016 to 15.51 crores in 2017 owing to an increase in the current accounts which has shown a positive impact on the quick ratio, cash ratio and defensive interval ratio.

Particulars As at April          1st  ,2015 As at March 31st,2016 As at March 31st,2017
Unclaimed Dividend account 0.18 0.15 0.12
Fixed Deposit with scheduled banks 7.41 6.76 11.76
Total 7.59 6.91 11.88

The company saw an increase in its bank balances from 6.91 crores in 2016 to 11.88 crores in 2017 because of fixed deposits with scheduled banks including 1.48 crores pledged with government authorities. This has affected the cash availability of the company further increasing the quick ratio, cash ratio and defensive interval ratio.

Particulars As at April   1st,2015 As at March 31st,2016 As at March 31st,2017
Investment in Liquid Funds 10.01 242.59
Total 10.01 242.59

The current investments segment has seen a major boost due to an investment done by the company in liquid funds at the book value of 242 crores. This has impacted the current ratio and the marketable securities aspect of quick ratio, cash ratio and defensive interval ratio.

Apart from the above, the current liabilities have not shown any significant change.

Particulars                     JK PAPER LTD. EMAMI PAPERS LTD.
  2015-16 2016-17 2016-17
Debt to Equity ratio 1.72 1.28 2.37
Debt to Assets ratio 0.54 0.48 0.64
Financial leverage Ratio 3.35 2.92 0.98
Interest Coverage Ratio 1.40 2.09 1.25

The company’s Debt to equity ratio strengthened from 1.72 to 1.28 with the borrowings decreasing from 1891.77 to 1697.70. The company also saw an equity infusion from 1102.10 crores to 1321.52 crores owing to conversion of FCCB Series 3 bonds. Also, an amount of 15.46 crores has been considered other equity on request of an FCCB holder. Also, Emami paper’s debt equity ratio stands at 2.37 due to an increase in the current maturities of long term debt.


As mentioned above, equity has increased to 1321.52 crores on account of a conversion of FCCB Bonds to equity thereby increasing the denominator of the financial leverage ratio. In contrast, average total assets (numerator) have not seen a significant change resulting in an overall decrease in the said ratio. Emami paper’s financial leverage is lower in comparison due to huge amounts in equity as well as total assets.


The interest coverage ratio has increased from 1.40 to 2.09 as a result of an increase in EBIT from 273.94 crores to 392.90 crores and a decrease in interest payments from 195.23 crores to 187.64 crores the details of which are represented below. During the year Company has managed the interest rate and currency exposures in an efficient manner with the optimum mix of forwards, options and swaps.

Particulars 2015-16 2016-17
Sundry 175.46 168.27
Interest on others 20.66 13.01
Net (gain) or loss on foreign currency transactions (0.89) 6.36
Total 195.23 187.64

The company (JK Paper Ltd.) selected to borrow 56 per cent of its total debt mobilized to fund the expansion in foreign exchange (over the conventional approach of mobilizing debt through rupees). Nearly 76 per cent of the forex debt was mobilized in Euros. The total delivered debt cost was lower than the prevailing Indian average. The company saved an aggregate Rs 260 crores in lower interest costs than if the debt had been mobilized in rupees.

Particulars           JK PAPER LTD. EMAMI PAPERS LTD.
  2015-16 2016-17 2016-17
Receivables turnover ratio 1.72 1.28 9.03
Inventory turnover ratio 0.54 0.48 3.84
Payable turnover ratio 6.49 7.09 9.06
Total Assets turnover Ratio 0.78 0.72 2.52
Fixed Assets Turnover Ratio 0.98 0.93 0.91
Working Capital turnover Ratio -13.46 -28.46 -16.69
Average Collection period 18 days 15 days 40 days
Inventory processing period 61 days 64 days 95 days
Payables Payments period 56 days 51 days 40 days
Cash conversion cycle 23 days 28 days 95 days

Better credit control measures have over the years reduced the receivable resulted in reduction in number of day’s receivables from 18 days of previous year to 15 days in current year in spite of higher sales volume. The company moderated receivables in quantum (5.4%) as a proportion of the capital employed from 23.3% in 2012-13. Emami papers saw greater receivables turnover on account of more sales and less receivables in comparison to JK Paper, thereby increasing the average collection period as well.


The ratio improved from -13.46 to -28.46 due to good management of cost of working capital funds by using optimum utilization of working capital limits in vendor financing, buyer’s credit facilities and Export packing credit facilities. Working capital cost was 300 bps lower than the prevailing market average.


The change in payables turnover ratio arises out of the change in average trade payables from 226.85 to 209.65. The payment period has deteriorated from 56 days in the previous year to 51 days in the current year which could be due to an increased foreign currency risks exposure.


The cash conversion cycle has increased from 23 days to 28 days mainly on account of a decrease in the payables payment period and an increase in the inventory processing period from 61 days to 64 days which represents the increased time the inventory needs to convert into sales. Emami paper has a greater cash conversion cycle mainly due to a higher inventory processing period as well as a higher collection period in comparison to JK Paper.

Particulars                    JK PAPER LTD.   EMAMI PAPERS LTD.
  2015-16 2016-17 2016-17
Net Profit Margin 2.37% 5.89% 2.28%
Gross Profit Margin 20.14% 23.63% 32.28%
Operating Profit Margin 10.68% 14.21% 6.28%
Pretax Margin 3.07% 7.43% 1.28%
Return on Assets (ROA) 4.62 1.72 0.06
Operating Returns on Assets 11.14 7.74 0.16
Return on Total Capital 0.09 0.13 0.05
Return on Equity 5.52% 12.32% 5.61%

The net profit margin has increased from 2.37% in 2016 to 5.89% in 2017 owing to an increase in other incomes from 10.50 to 26.45, the details of which are given below:

Particulars 2015-16 2016-17
Profit on sale of current investment 0.17 14.63
Others 10.33 11.82
Total 10.50 26.45

The gross profit margin has increased to 23.63% in the current year from 20.14% in the previous year mainly on account of a decrease in cost of goods sold on the back of elimination of import duty. As for Emami papers, the gross profit margin stands at 32.28% due to a higher cost of materials.


Return on equity has increased owing to an increase in equity due to FCCB Bond conversion and an increase in the net income as well. Following is the detailed DuPont Analysis of the same:

Particulars 2015-16 2016-17 Emami Papers Ltd.
Return on equity 5.52% 12.32% 5.61%
Tax Burden 77.33% 79.33% 178.55%
Interest Burden 28.73% 52.24% 20.30%
EBIT Margin 10.68% 14.21% 6.28%
Asset Turnover 73.71% 76.87% 65.06%
Financial Leverage Ratio 3.35 2.97 0.98

Return on Equity has increased on account of an increased tax burden that saw a growth from 28.73% in the previous year to 52.24% in the current year. The same is the case with Emami papers ltd. wherein the biggest contributor to Return on Equity is the tax burden that stands at 178.55%.



Galaxy surfactant is a leading manufacturer of surfactant, chemical and home care products provide different chemical solution to various FMCG brands for making the home care products. Having multiple range of products solutions such as home care products, skin care, oral care, hair care toiletries and detergent products.

The company was incorporated on 24 Jan 1995. Currently Galaxy has 200 products grades which are marketed to more than 1000 customers in over 103 countries. Galaxy is Certified Preferred Supplier to Colgate, Star Status Supplier for Unilever, Strategic Mind Partner with Henkel, Green Channel Holder of Reckitt Benckiser.


  1. S. Ravindranath – Chairman
  2. U. Shekhar – Managing Director
  3. G. Ramakrishnan – Executive Director (Innovation)
  4. Ravi Venkateswar – Executive Director (Finance)
  5. Shashikant Shanbhag – Director

Owns 5 Subsidiaries around the world which are as follow:

  1. Galaxy Chemicals Inc. (USA)
  2. Galaxy Holdings (MAURITIUS)
  3. Galaxy Chemicals (EGYPT)
  4. Rainbow Holdings (GERMANY)
  5. TRI-K Industries (USA)


Hair care Carpet cleaner
Oral care Toilet cleaner
Skin care Detergents
Cosmetics Fabric cleaner
Toiletries Glass cleaner


Galaxy Surfactants has 7 manufacturing plants, from which 5 are located in India (3 in Tarapur, 1 in Taloja Maharashtra and 1 in Jhagadia Gujarat). One plant is in Egypt (Suez) and another in USA (New Hampshire).


Jhagadia Gujarat 79,500 MTPA
Suez Egypt 91,500 MTPA
Taloja Maharashtra 1,59,000 MTPA
Tarapur Maharashtra 32,880 MTPA
New Hampshire USA 600 MTPA

Financial Performance:

PARTICULAR 2017 2018
Revenue 2138 2413
EBITDA 282 298
Net Profit 148 158
EPS 41.64 44.57

In fiscal year 2017-18 the company has earned 12.8% revenue. EBITDA is also increased by 5%.
whereas, the net profit for the year increases by 6.75%. EPS for the financial year is increased by 7.03%.
Share price of the company as on 19 March 2019 :
1133.00 Rs, BSE- 1127.0 Rs.

Written By : Siddharth Soni


Foot Notes Summary Report

PVR Limited is a public limited Company domiciled in India and incorporated under the provisions of the Indian Companies Act and its equity shares are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. The Group is engaged in the business of Movie exhibition, distribution & production and also earns revenue from in-house advertisement, sale of food & beverages, gaming and restaurant business.

  • Other Income

    The company’s other income includes Government Grants, Interest earned on bank deposits and NSC investments. Interest income on financial assets is measured using Effective Interest Rate (EIR). It also included exchange differences, Profit on sale of Movie on demand (Vkaoo) platform and other non operating income.

  • Cost Recognition

    The direct cost of the company includes movie exhibition, distribution cost, consumption of food and beverages. The company recognises cost when incurred and classify it accordingly.

  • Employee Benefits Expense

    Employee Benefits includes salaries, wages, allowances and bonus. It also comprises of post-employment benefit plans in the form of Contribution to Provident Fund, Employee Stock Option Scheme, Gratuity funds, compensated absences and staff welfare expenses. 

  • Finance Cost

    Finance Cost includes interest on borrowings from debentures, term loans, banks, other financial charges and interest on finance lease obligation.

  • Depreciation & Amortisation

    The company follows Straight-line method for depreciating its items of property, plant and equipment and amortise intangible assets over the useful life of the respective asset. The estimated useful life of the assets are generally in line with the useful lives. However, in case of few assets management estimates different useful life to depreciate an asset where management believes that estimated useful lives are realistic and reflect fair approximation of the period. 

  • Other Operating Expenses

    Other operating expenses mainly includes rent, common area maintenance, electricity, legal and professional fees, travel expenses, repairs and maintenance and other expenses.

  • Exceptional Items

    Exceptional Item includes loss incurred on sale of investment in PVR BluO Entertainment Limited and business acquisitions related cost accounted as per Ind AS  103 ‘Business Combination’.

  • Earnings Per share

    The company presents basic and diluted earning per share data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares unless the effect is anti-dilutive.

  •  Tax Expense

    Income Tax Expense comprises of Current and Deferred Taxes. Current income-tax is measured at amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961. Deferred Tax arises due to differences in WDV block under Income Tax and Books of Accounts, carry forward of losses and unabsorbed depreciation and adjustment on account of sale of Investment.

  • Property, Plant & Equipment

    PPE are stated at cost less accumulated depreciation and   impairment losses. Borrowing cost relating to PPE which takes substantial period of time to get ready for intended use is also capitalised. Cost of PPE not ready for intended use as at the reporting date is disclosed as Capital work-in-progress.

  • Goodwill

    Goodwill is initially measured at cost which is represented by excess of consideration paid over the net assets acquired on business combination. Goodwill is tested for impairment annually and is further carried at cost less accumulated impairment losses, if any.

  • Other Intangible assets

    Other Intangible assets includes Software, Trademarks and Copyrights and film right’s initially recognised at cost and subsequently carried at cost less accumulated amortisation, if any. Further, any subsequent expenditure is capitalised when it is probable that future economic benefit flow to the enterprise.

  • Equity accounted investees

    Comprises of investment in joint ventures accounted for using the Equity method. They are initially recognised at cost and subsequently includes the Group’s share of profit or loss and OCI of equity-accounted investees.

  • Investments

    Includes non-current and current investments consisting of Quoted equity shares valued at Fair Value through Other Comprehensive Income because company intends to hold it for long term and Unquoted Government securities valued at amortised cost in the form of National Savings Certificate deposited with various state authorities respectively.

  •  Other Financial Assets

    Includes government grant receivable, revenue earned but not billed, security deposit, non-current bank balances and interest accrued on fixed deposits and NSC’s recognised initially at fair value, subsequently measured at amortised cost or FVTPL or FVTOCI depending upon the conditions to be met for debt instrument.

  • Deferred Tax Assets

    Deferred Tax assets includes MAT credit entitlement arising due to impact of expenditure charged to statement of profit and loss but allowable for tax purposes on payment basis, allowance for doubtful debts and advances.

    • Other non current assets

      Other non current assets includes capital advances, prepaid expenses, deferred rent, advance income tax and balances with statutory authorities.

    • Inventories

      The company values inventories at lower of cost and  net realisable value, where cost for food and beverages is determined on weighted average basis and cost of stores and spares is determined on First in First Out (FIFO) basis.

    • Trade Receivables

      Trade Receivables are derived from revenue earned from customers which are unsecured. It also includes receivables from Debit/Credit card companies and online movies ticketing partners which are realisable within a period of 1 to 3 working days. The company impairs its trade receivables on the basis of past experience and trend.

    • Loans

      The company has lent amount to employees and other body corporate in the form of unsecured loan.

    • Equity Share Capital

       The company has only one class of Equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company has also provided stock options to its employees. The company’s authorised share capital also includes 0.001% non-cumulative convertible preference shares of Rs. 341.52 per share.

    • Other Equity

      Other equity includes securities premium, share option outstanding account on equity settled share based payment transaction with employees, debenture redemption reserve, capital reserve created under the scheme of business combination, general reserve and retained earnings.

    • Non Controlling Interest

      Are measured at their proportionate share of the acquiree’s net identifiable assets at the date of acquisition. The non controlling interest is contributed by Zea Maize Private Limited where the parent holds 70 percent shareholding as on 31st March’ 18.  

    • Borrowings

      Interest-bearing loans and borrowings are initially recognised at  fair value and subsequently measured at amortised cost using the Effective interest rate method.

    • Provisions

      Includes provision for gratuity and leave benefits. The provisions are determined based on best management estimate and are not discounted to their present value.

    • Trade Payables

      Are recognised initially at their fair value and subsequently measured at amortised cost using effective interest method.

Nilkamal Company’s Report


Nilkamal is a plastic product manufacturing company based in Mumbai, India. It is the world’s largest manufacturer of moulded furniture and Asia’s largest processor of plastic moulded products. The company also has a chain of retail stores under the @home brand. Also, the company is listed on the NSE and BSE since 1991.


Years – Events

1985 – Nilkamal as a company, was incorporated on 5th December

1990 – The company changed its name to “Nilkamal Plastic” on 23rd August


Material Handling Solution      – Nilkamal Home Ideas, Home Furnishing Store

Moulded Furniture                      – @home, the Mega Home Store Retail Chain

– Nilkamal Mattrezzz                  – Bubbleguard Solutions


Nilkamal has 25 branches spread across the country in India. Also, the company has 8 large manufacturing plants in India spread across the country.


  • Nilkamal Ltd. has a joint venture in Sri Lanka with BITO Lagertechnik Bittman GmbH which is Nilkamal Bito Storage Systems Pvt Ltd for manufacturing of automated storage systems in metal.
  • Also, the company has a joint venture with CAMBRO, which is Cambro Nilkamal Pvt Ltd for Hospitality products suited for large restaurants and hotels.


  • 2017-18 has been an eventful year overall for the Indian economy with long awaited nationwide rollout of GST. Disruptions and anxiety due to perceptions, certain lack of clarity and overall adaptation of HSN based tax rates though affected the Business in 2nd/3rd quarter, have now been overcome and settled. 
  • The Indian economy is poised to grow at a rate of 7.4% in 2018-19 as projected by IMF, after an estimated 7% growth in 2017-18.


Nilkamal Company’s leadership lies in the hands of following key persons –

Mr. Vamanrai Parekh – Cofounder, Promoter and Chairman of Board of Directors of Nilkamal Group

Mr. Sharad Parekh – Managing Director of Nilkamal Group

Mr. Hiten V Parekh – Promoter and Joint Managing Director of Nilkamal Group

Mr. Manish Parekh – President and Executive Director (Furniture) of Nilkamal Group

Mr. Nayan Parekh – President and Executive Director (Material Handling) of Nilkamal Group



(Rs in Crores)

Particulars 2017 2018
Total Revenue 1968.66 2078.9
Total Expenses 1799.74 1900.14
Profit/Loss Before Tax 168.92 178.76
Total Tax Expenses 50.46 61.65
Profit/Loss For The Period 118.45 117.11
Earnings Per Share 79.38 78.48

Net revenue of the company has rose from Rs. 1968.66 crores to Rs. 2078.9 crores showing a growth rate of 5.59%. EBIT of company has also increased by a rate of 5.57% but EAT has decreased with a rate of 1.13%. Also EPS of the company’s shares has decreased from the last year as it was 79.38 last year and this year it has reached 78.48.


(Rs in Crores)

The capital in the company remains the same as last year and the company has proposed to transfer Rs. 782.25 crores to the reserves which is higher from last year by 14.66%. The total liabilities of the company has increased from last year and so has the assets of the company. Liabilities showed a growth of 13.85% while assets increased at a rate of 14.19%.

Particulars 2017 2018
Total Share Capital 14.92 14.92
Reserves and Surplus 682.21 782.25
Total Shareholders’ Funds 697.13 797.18
Total Non-Current Liabilities 59.94 69.46
Total Current Liabilities 275.79 312.78
Total Capital And Liabilities 1032.86 1179.42
Total Non-Current Assets 364.09 407.49
Total Current Assets 668.77 771.93
Total Assets 1032.86 1179.42


(Rs in Crores)

Particulars 2017 2018
Net Profit/Loss Before Extraordinary Items And Tax 168.92 178.76
Net Cashflow From Operating Activities 99.48 110.9
Net Cash Used In Investing Activities -63.99 -86.56
Net Cash Used From Financing Activities -36.84 -20.36
Net Inc/Dec In Cash And Cash Equivalents -1.36 3.98
Cash And Cash Equivalents at the Beginning of Year 6.58 5.23
Cash And Cash Equivalents at the End Of Year 5.23 9.21

In the beginning of the year, company had Rs. 5.23 crores of liquid assets with them which had increased over the year and reached to Rs. 9.21 crores at the end of the financial year 2017-18. Total increase in cash and cash equivalents from the last year is 76% approx. Also, company has generated Rs. 110.9 crores from operating activities and used Rs. 86.56 crores in investing and Rs. 20.36 crores in Financing activities respectively at the end of FY 2017-18.

Written By : Vishakha Bais

Eicher Motors Limited

Eicher Motors Limited

Eicher Motors Limited
CIN No.: L34102DL198PLC129877
Regd. Office: 3rd floor, Select Citywalk
A-3, District Centre, Saket, New Delhi- 110017
Phone No.: +91-124-7102900
Email: info@eicher.in
Name of the Company: Eicher Motors Limited
Listed on BSE and NSE
BSE Code: 505200
Market Cap: INR 74,492.67 Cr.
Revenue: INR 7939.45 Cr.
Profit: INR 1664.65 Cr.
Current Market Price on NSE: INR 27328.15
Current Market Price on BSE: INR 27350.10


Eicher Motors Limited(EML) is the flagship company of the Eicher group. EML is the leading player in the Indian Automotive space. It operates in 3 distinct business verticals- Motorcycles, Commercial Vehicles and Personal Utility Vehicles.EML owns the iconic Royal Enfieldmotorcycle business, which leads the premium motorcycle segment in India. The oldest motorcycle brand in continuousproduction world-wide, Royal Enfield has witnessed a huge surge in demand in the recent past and is charting its courseto be the leading player in the mid-sized motorcycle segment globally. EML’s joint venture with the Volvo group, VE Commercial Vehicles Limited, designs, manufactures and markets reliable, fuel efficient trucks and buses; and is leadingthe path in driving modernization in commercial transportation in India and other developing markets. EML’s 50:50 strategic jointventure with USA-based Polaris Industries Inc. formed in 2012, Eicher Polaris Private Limited launched the Multix, a new3-in-1 vehicle purpose built for the independent businessman in June, 2015.

Product Portfolio

  1. A division of EML, Royal Enfield has created the mid-size motorcycle segment in India. Royal Enfield’s product line-up includes
  2. Bullet
  3. Classic
  4. Thunderbird
  5. Continental GT
  6. Himalayan
  7. Interceptor

Further in 2012 Royal Enfield launched Royal Enfield Gears.

In January 2018, Royal Enfield has setup its First Royal Enfield Garage Café in Goa. The Garage Cafe is a massive 120-seater cafe and also has a Royal Enfield motorcycle museum-and-exhibition area, an exclusive gear store, a motorcycle customization area and a service bay.

  • VE Commercial Vehicles Ltd. JV of EML and Volvo group deals in complete range of commercial vehicles which include
  • Eicher Light to Medium Duty Trucks (5-15 tonne)
  • Eicher Heavy Duty Trucks (16 tonne +)
  • Volvo Trucks including Mining and Tunnel Trippers
  • Eicher Buses
  • Euro-6 compliant enginemanufactured in VE Powertrain, the first engine plant in India producing Euro-6 compliant engine.
  • Strategic supplier of drive line components and aggregates to Escorts, Mahindra, Voltas, Royal Enfield etc.
  • In 2012 EML signed a strategic JV agreement with Polaris Industries Inc. to design, manufacture and sell full new range of personal vehicle. In 2013, the JV company Eicher Polaris Private Limited set-up its manufacturing facility in Jaipur, Rajasthan. Its first vehicle was launched in 2015 named “MULTIX” which was India’s first personal utility vehicle which can be used as people carrier, cargo carrier and power generator.

Infrastructure Facility

  1. Royal Enfield
  2. Royal Enfield has 3 manufacturing plants in Chennai having total capacity of 8,25,000 units in F.Y. 2017-18 which will be 9,00,000 units in F.Y. 2018-19.
  3. It has 2 Technology centres in Chennai and UK.
  4. Presently total dealers in India are 761. They are planning to increase No. of dealers to 825 by March 2018.
  5. It has 35 exclusive stores overseas.
  6. VECV
  7. In Pithampur it has
  8. Commercial Vehicle Manufacturing Plant having capacity of 84,000 trucks and buses, and scalable up to 1,00,000 trucks and buses
  9. VE Powertrain Facility having current capacity of 50,000 engines, scalable up to 1,00,000 engines and it has already started supplying Euro-6 compliant engine to Europe over 3,000 per month.
  10. Eicher Engineering Component has production facilities at Thane, Dewas and SEZ, Pithampur for components and aggregates for VECV, Escorts, Mahindra, Royal Enfield etc.
  11. In Baggad, MP it has bus body plant.
  12. No. of dealers are 299 including 15 Company Owned Company Operated (COCO) outlets.
  13. It has 22 distributors, 161 Eicher Genuine Parts Shoppe and 2,283 multi-brand parts retailers
  14. It has 224 GPS enabled Vans and 29 Container Set up Sites.
  15. In 10 Months of F.Y. 2017-18 export of Commercial Vehicle is 6723 units.
  16. Eicher Polaris Private Ltd
  17. It has manufacturing facility at Jaipur having capacity of 60,000 units per annum and which can be expanded up to 1,20,000 units equipped with robotic weld lines and in-house paint system.
  18. It has 97 domestic stores and it is focusing on nearby International markets such as Nepal, Bangladesh and Sri Lanka.

Employee Details (As of December 2017)

Sr. No. Company Name No. of Employees
1 Eicher Motors Limited 2910 (excluding outsourced)
2 VE Commercial Vehicles Limited 4827 (permanent)
3 Eicher Polaris Private Limited 420+

Director Details

Eicher Motors Limited VE Commercial Vehicles Limited Eicher Polaris Private Limited
S. Sandilya Non-executive Chairman HakanKarlsson Chairman Michael D. Dougherty Chairman
Siddhartha Lal Managing Director & CEO VinodAggarwal Managing Director & CEO PankajDubey CEO & Whole Time Director
MJ Subbaiah Independent Director Siddhartha Lal Eicher Nominated Director Siddhartha Lal Eicher Nominated Director
PrateekJalan Independent Director Jacques Michel Volvo Nominated Director Lalit Malik Eicher Nominated Director
ManviSinha Independent Director Philippe Divry Volvo Nominated Director B Govindarajan Eicher Nominated Director
  Raul Rai Eicher Nominated Director Michael Todd Speetzen Polaris Nominated Director
  PrateekJalan Independent Director  
  Lila Poonawalla Independent Director  

Group Structure

List of Subsidiaries

Sr. No. Name of Subsidiary
1 VE Commercial Vehicles Ltd (VECV)
2 VECV Lanka (Private) Ltd
3 VECV South Africa (PTY) Ltd
4 Royal Enfield BrasilComercio de MotocicletasLtda
5 Royal Enfield North America Limited (RENA)
6 Royal Enfield Canada Limited
7 Eicher Group Foundation (Sec. 8 Company)

Joint Venture

  1. Eicher Polaris Private Limited

Recent Updates

  1. Eicher launched first ever Skyline Pro Electric buses in collaboration with KPIT’s Revolvo Technology.
  2. In January 2018, Royal Enfield has setup its First Royal Enfield Garage Café in Goa. The Garage Cafe is a massive 120-seater cafe and also has a Royal Enfield motorcycle museum-and-exhibition area, an exclusive gear store, a motorcycle customization area and a service bay.
  3. In April, 2017, Royal Enfield had opened a direct distribution subsidiary in Brazil, as well as its first exclusive store in Sao Paulo.
  4. Royal Enfield will be launching the twin-cylinder new motorcycles Interceptor 650 and Continental GT 650cc in India in the summer of 2018.
  5. Royal Enfield, a division of Eicher Motors, has started commercial production from its new manufacturing facility at Vallam Vadagal near Chennai. This plant will be Royal Enfield’s third facility.
  6. Eicher announced its new range of light and medium (LMD) trucks in Indian market to meet the rapid transportation demand of the e-commerce industry. The company introduced 5 new variants in the Pro 1000 andPro 3000 series.
  7. VE Commercial Vehicle (VECV) holds 100% equity in Eicher Engineering Solutions Inc., USA (EESI). EESI holds 100% equity in Eicher Engineering Solutions (Shanghai) Co. Ltd. and Eicher Engineering Solutions (Beijing) Co. Ltd. On March 17, 2017, VECV has disinvested 100% holding in EESI for $1.85 million. Accordingly, EESI and its wholly owned subsidiaries of Shanghai and Beijing have ceased to be subsidiaries of VECV, and in turn, have also ceased to be subsidiaries of Eicher Motors Limited.

Guided By: Juhi Bhandari

Written By: Piyush Jain

Five Forces Report

Balaji Telefilms Limited

The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making high growth strides. Proving its resilience to the world, the Indian M&E industry is on the cusp of a strong phase of growth. The entertainment industry continues to be dominated by the television segment, with the segment accounting for 44.24 per cent of revenue share in 2016, which is expected to grow further to 48.18 per cent by 2021.

Balajitelefilms limited is a leading content provider in the Indian entertainment industry and has been in business since 23 years.  It has its business diversified in television industry, motion pictures and digital media. The company occupies a dominant space in the television content creation space, with the No.1 show on Indian television to its credit and all of its shows among the Top 50 on television. Currently its producer of several leading serials on major channels like Star Plus, 9X, Sony TV, Zee TV and SUN TV network.

Competitive Forces and Balaji Telefilms Ltd

Threat of new entrants:

Television content production is a capital intensive business and requires reasonably high capital investment. There are also many regulatory requirement related to the content produced. Balaji telefilms limited already has around 250+ hour of premium original and exclusive content.  Also, production and distribution of motion pictures too need high investment. Making the barriers to enter production and distribution channel very high.

Threat of substitute:

In the current scenario there is threat to television shows from the digital media, younger generation shifting to online series rather than television shows. Making the threat of substitute high, althoughBalaji telefilms limited has diversified in digital media and launched ALTbalaji, the subscription based entertainment platform with six new shows and planning to add new shows every month, in order to mitigate the threat.

Bargaining power of buyers:

Balaji Telefilms limited sells it content to different broadcasters namely star TV, ZEE and Viacom. Since it is able to command higher TRP, hence, bargaining higher margin from broadcasters compared to its peers. Although due to some tie ups with certain broadcaster it has to sell and air its content on prime slot to that specific broadcaster. Therefore, making the bargaining power of buyers moderate.

Bargaining power of seller:

The suppliers in this case are the actors. Balaji Telefilms, being the largest entertainment software provider, evinces a lot of interest from aspiring actors who are eager to work with it. Thus the bargaining power of the aspiring actors is very low. However, once these aspirants become household names their demands increase resulting in higher salary costs to the company. Hence, the bargaining power is moderate.

Rivalry between existing players:

The rivalry between production houses is high and they try to poach each other’s actors, creative personnel and technicians. Since, Balaji telefilms is at leader’s position it easily attracts new talent and retention of current buyers and suppliers is easy.  Further, they plan to earn the Intellectual Property (IP) rights of all the content that they create as to own it. By this making the rivalry forces low.

Guided By: Juhi Bhandari

Written By: Sunaina Vaidya