Modi Rubber LimitedSector:Tyres Tyres - TyresBSE:890 NSE:MODIRUBBER

Bloomberg:MDR@IN Reuters:MODI.BO Market Lot: 1 Face Value: 10 ISIN Demat: INE832A01018Business Profile Modi Rubber (MODIRUBB) incorporated on Feb. 27, 1971, is engaged in the manufacture of the Modi Continental brand of tires. After the Modi group split in 1979, it has become a part of the K.K. Modi group of companies which spans a diverse range of businesses including agro-chemicals, tobacco, education, entertainment, tea and beverages, direct selling, network marketing, gourmet restaurants, steel, sugar, textiles, chemicals, tires, computers, copiers, cosmetics, telecommunications, entertainment, pharmaceuticals, homecare, and online lottery. Group companies include Godfrey Phillips India, Modi Tele Fibres, Modi Apollo International Institute, Men (Modi Entertainment Network), Fashion TV India, International Institute Of Fine Arts (IIFA), Sunshine India Lottery, Indofil Chemicals Company, Beacon Travels Private, Modicare, Modi Hoover International, Modi Healthcare Placements India, Royal Airways, Pizza Express, Uniglobe Travel (South Asia), Uniglobe Mod Tours & Travels, Sampatti.com, Modiguard, and The Geographical Company.

Operations at the company`s plants at Modipuram and Modinagar in Uttar Pradesh and Partapur in Rajasthan remain suspended since August 2001. Several centers of the nearly 66 sales and service centers all over India have been closed. The company is trying to restructure activities for revival.

Declared as a sick company by the Board for Industrial & Financial Reconstruction (BIFR) on May 17, 2006. A comprehensive rehabilitation scheme for revival was submitted the appointed operating agency to the BIFR, which vide its order dated Apr. 21, 2008 sanctioned it for implementation.

The registered office is at Modinagar, Ghaziabad-201204, Uttar Pradesh.Modi Rubber Limited (MRL) is an India-based company. The Company is engaged in the manufacture of automobile tyres, tubes and flaps. Its subsidiaries include Superior Investment (India) Limited, Spin Investment (India) Limited and Modi Tyres Company Pvt Ltd.

Modi Rubber Ltd.Modi NagarGhaziabad 201 204, Uttar PradeshIndiaTel: 91/11 6434544URL: NA

Modi Tyre revives JV with German co.

Brief Financials (in Rs. Mn.) Detailed QuarterlyPeriod ending (months) 30-Sep-2000 (12) 30-Sep-1999 (12) 30-Sep-1998 (12)Net sales 6259.72 7413.19 6656.52Other Income 108.38 69.14 83.88Total Income 6368.10 7482.33 6740.41Cost of goods sold 6334.24 6905.95 6240.60OPBDIT 33.86 576.38 499.81PAT -430.52 88.29 -28.60Gross Block 2733.04 2709.27 2607.02Equity capital 250.41 250.41 250.41EPS (Rs.) -17.19 3.53 -1.14DPS (Rs.) 0.00 0.55 0.00BV (Rs.) 43.27 60.17 56.54P/E range (x) NA 5.10 - 31.98 NADebt / Equity (x) 1.36 1.03 1.29Operating margin (% of OI) 0.5 7.7 7.4Net margin (% of OI) -6.8 1.2 -0.4Detailed FinancialLatest Quarterly/Halfyearly

Detailed QuarterlyAs On(Months) 31-Mar-2010(3) 31-Mar-2009(3) % ChangeSales of Products/Services 76.04 0.00 --Other Income -47.33 172.37 NMTotal Income 28.72 172.37 -83.34Total Expenses 58.93 17.09 244.82OPBDIT -30.21 155.28 NMInterest 0.00 5.00 --Depreciation 4.99 6.86 -27.26Exceptional & Extraordinary Items 0.00 0.00 --Prior Period Adjustments 0.00 0.00 --Provision for Tax 0.15 0.00 --After Tax Profit -35.35 143.41 NMEquity Capital 250.41 250.41 0.00Reserves 0.00 0.00 --Notes to Accounts Click here Click here Click hereIncome Statement

31-Mar-09(12)   31-Mar-

08(12)  

Profit / Loss A/C Rs mn %OI Rs mn %OI   Net Sales (OI) 17.25 99.97 0.00 --   Material Cost 0.00 0.00 0.00 --   Increase Decrease Inventories 13.63 79.04 0.00 --   Personnel Expenses 7.46 43.24 9.96 --   Manufacturing Expenses 0.00 0.00 0.00 --Gross Profit -3.85 -22.32 -9.96 --   Administration Selling and Distribution Expenses 54.33 314.95 242.70 --

EBITDA -58.18 -337.28 -252.66 --   Depreciation Depletion and Amortisation 21.18 122.80 53.35 --EBIT -79.36 -460.06 -306.01 --   Interest Expense 40.25 233.32 51.88 --   Other Income 411.22 2383.87 1865.16 --Pretax Income 291.61 1690.49 1507.27 --   Provision for Tax 1.05 6.09 1.22 --   Extra Ordinary and Prior Period Items Net 0.00 0.00 0.00 --Net Profit 290.56 1684.41 1506.06 --Adjusted Net Profit 290.56 1684.41 1506.06 --Dividend - Preference 0.00 0.00 0.00 --Dividend - Equity 0.00 0.00 0.00 --Balance Sheet

31-Mar-09 %BT 31-Mar-08 %BT    Equity Capital 250.41 12.03 250.41 11.31    Preference Capital 0.00 0.00 0.00 0.00Share Capital 250.41 12.03 250.41 11.31Reserves and Surplus 580.16 27.88 583.06 26.34Loan Funds 725.87 34.88 682.03 30.81    Current Liabilities 419.90 20.18 637.55 28.80    Provisions 34.94 1.68 60.85 2.75Current Liabilities and Provisions 454.84 21.85 698.40 31.55Total Liabilities and Stockholders Equity (BT) 2081.27 100.00 2213.89 100.00    Tangible Assets Net 190.82 9.17 215.04 9.71    Intangible Assets Net 0.01 0.00 0.01 0.00  Net Block 190.82 9.17 215.05 9.71

  Capital Work In Progress Net 0.00 0.00 0.00 0.00Fixed Assets 190.82 9.17 215.05 9.71Investments 986.95 47.42 967.48 43.70  Inventories 176.02 8.46 107.40 4.85  Accounts Receivable 0.00 0.00 6.49 0.29  Cash and Cash Equivalents 98.97 4.76 113.33 5.12  Other Current Assets 0.00 0.00 0.00 0.00Current Assets 274.99 13.21 227.21 10.26Loans & Advances 341.86 16.43 224.04 10.12Miscellaneous Expenditure Other Assets 286.65 13.77 580.11 26.20Total Assets (BT) 2081.27 100.00 2213.89 100.00

Ratio Analysis As on 31-Mar-09 31-Mar-08

Return Related Return on Total Assets (%) -4.90 -20.20Return on Networth (%) 32.30 180.70Return on Capital Employed (%) 18.50 6.50

ProfitabilityGross Margin (%) -22.30 --Operating Margin (%) -460.20 --Net Profit Margin (%) 1684.90 --Adjusted Net Profit Margin (%) 1684.90 --Asset Turnover(x) -- --

LeverageDebt/Equity ratio (x) 0.80 0.80Total Debt/Total Assets (x) 0.40 0.40Long term Debt/Networth (x) 0.80 0.80Interest Coverage (x) -1.40 -4.90

LiquidityCurrent Ratio (x) 1.00 0.80

Quick Ratio (x) 0.20 0.20Cash Ratio (x) 0.20 0.20

Working CapitalWorking Capital to Sales (x) -8.40 --Working Capital Days (days gross sales) -2747.90 --Receivables (days gross sales) -- --Creditors (days cost of sales) 4013.00 11284.80FG Inventory (days cost of sales) 504.70 2878.50RM Inventory (days consumption) -- --

Cash Flow IndicatorOperating Cash Flow/Sales (%) -1586.70 --

Per ShareBook Value Per Share (Rs) 21.70 10.10Earnings Per Share (Rs) 11.60 60.10Dividend Per Share (Rs) -- --

Growth(%)Total Operating Income -- --EBITDA -76.97 --EBIT -74.07 --Net Profit -80.71 --Total Assets 7.32 --

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 Modi Group is one of the leading group of industries

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Overview Board of Directors Committees  

KEY EXECUTIVES FOR Modi Rubber Limited*Name Board Relationships Title Age

Vinay Kumar Modi 24 Relationships

Chairman, Managing Director, Chairman of Shareholders/Investors Grievance Committee and Member of Audit Committee

--

Kamal Gupta No Relationships Head of Finance & Accounts --Sanjeev Kumar Bajpai 9 Relationships Head of Legal, Company Secretary and

Director --

Sudesh Bhardwaj No Relationships Compliance Officer and Deputy Company

Secretary --

Name Board Relationships Title AgeKrishan Bhagwan Gupta No Relationships General Manager of Finance & Accounts --

View More Key Executives

Modi Rubber Limited BOARD OF DIRECTORS*Name Board Relationships Primary Company AgeVinay Kumar Modi 24 Relationships Modi Rubber Limited --

Sanjeev Kumar Bajpai 9 Relationships Modi Rubber Limited --

K. S. Bains 9 Relationships Modi Rubber Limited 75Sanjeev Kumar Chanana 9 Relationships Modi Rubber Limited --

P. R. Khanna 39 Relationships DCM Shriram Industries Ltd. 77View All Board Members

Modi Rubber Limited EXECUTIVE COMMITTEES*Committee Name Chairperson Board Relationships Members

Audit Committee K. S. Bains 9 Relationships 3 Executives

Corporate Governance Committee Vinay Kumar Modi 24 Relationships 1

Executives

Board of directors

Modi Rubber Limited INSIDERS ON BOARD OF DIRECTORSName (Connections) Relationships Title Age

Vinay Modi 24 Relationships Chairman, Managing Director, Chairman of Shareholders/Investors Grievance Committee and Member of Audit Committee

--

Sanjeev Bajpai 9 Relationships Head of Legal, Company Secretary and Director --

Other Board Members on Board of DirectorsName (Connections) Relationships Primary Company Age

K. Bains 9 Relationships Modi Rubber Limited 75Sanjeev Chanana 9 Relationships Modi Rubber Limited --

P. Khanna 39 Relationships DCM Shriram Industries Ltd. 77

Name (Connections) Relationships Primary Company Age

Chandan Bhattacharya 9 Relationships Modi Rubber Limited --

Alok Modi 9 Relationships Modi Rubber Limited --Arvind Seth 9 Relationships Modi Rubber Limited --Sanjiwan Sahni 9 Relationships Modi Rubber Limited --Neeraj Sharma 9 Relationships Modi Rubber Limited --http://investing.businessweek.com/research/stocks/private/board.asp?privcapId=20411480

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