CONTENTS

PRODUCT, QUALITY
VISION - VALUES 04 28 & TECHNOLOGY

OPERATIONS &
CHAIRMAN'S MESSAGE 06 32 MANUFACTURING

BOARD OF DIRECTORS 10 36 HUMAN CAPITAL

OPERATING & MARKETING, SERVICE

FINANCIAL HIGHLIGHTS 14 40 & DISTRIBUTION

MANAGEMENT DISCUSSION
& ANALYSIS (MDA) 16 46 SUSTAINABILITY

48 FINANCIALS
VISION–VALUES

O
u
r
Vi
s
ion
“A significant player in the global tyre industry and a brand of choice, providing customer delight and continuously
enhancing stakeholder value”

Our Values C CARE FOR CUSTOMERS

R RESPECT FOR ASSOCIATES

E EXCELLENCE THROUGH TEAMWORK

C R E A T E
A ALWAYS LEARNING

T TRUST MUTUALLY

E ETHICAL VALUES

Key Highlights Apollo was the only Indian company to be invited by

¢
Unveiling the new corporate identity that reflects our
¢ Volkswagen AG to participate in the IZB exhibition in
global vision and showcases Apollo as a young, ambitious, Wolfsburg, Germany. Volkswagen Polo, the best selling car
dynamic company, proud to be Indian. model from Volkswagen, will now roll out on Apollo Tyres
Featured in the top 20 "Best Companies To Work For" in
¢ for its India launch.
India, in a survey conducted by Business Today in Integrating the global product portfolio by rebranding the
¢
partnership with Mercer Consulting and TNS. "Dunlop" brand and rolling out new “Dunlop Zones” across
In the JD Power India original equipment Total Customer
¢ South Africa.
Satisfaction Index Report 2008, Apollo Tyres stood second Awarded the Gold certificate for its manufacturing units in
¢
at 816 points out of 1000. December, 2008, at the India Manufacturing Excellence
The company's world-class, green field facility in Chennai,
¢ Awards.
India will be operational soon. The plant will produce 'top Production of the first ever ultra large size OTR (Off-the-
¢
of the line' Truck/Bus Radial Tyres & Ultra High Road) tyre from our flagship plant at Limda which will cater
Performance Passenger Car Radial Tyres. to the present and future needs of the mining industry.
Apollo rides to Europe with the establishment of the
¢ Apollo Tyres Mission 2018 discovers hidden tennis talent
¢
European Technology Center at Russelsheim, Germany. across the country for the second batch in 2008.
L
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G 04/05
CHAIRMAN'S MESSAGE
Dear Member,
These are challenging times. The global economic downturn
has impacted businesses worldwide. Our operations and
profitability also have been affected but I strongly believe
your company has the management depth and resource to
ride out this storm. This year's annual review focuses on the
ongoing challenges and how your company plans to turn
adversity into an opportunity.
The high price of crude and natural rubber in the first quarter
of fiscal year 2008-09 was a precursor to the slowdown that
was seeded by the sub-prime crisis in the USA. The steep fall
in demand by both OEMs and the replacement market
resulted in higher inventories. This coupled with the steep
price of raw materials, eroded what could have been a very
profitable year. Despite the fall in raw material prices over the
third quarter, the average procurement cost remained high
but we were still able to register a profit due to judicious
planning and sales.
Your company has been quick to
react to the changing
environment and we have
aggressively liquidated our
inventories, as a result of which
we are uniquely poised to take
advantage of the softer raw
material prices in the coming
year.
The 6% excise cut announced by the government, which was
passed onto the consumers, helped rally sales and coupled
with other government initiatives, market sentiment picked up
in the latter half of the year.
This year our challenge is to react to the slowdown in the
industry and prepare ourselves for increased competitiveness
in the market place.
We have increased our
operational efficiencies and fine-
tuned our manufacturing
processes. The awarding of the
Gold Certificate to Apollo at the
India Manufacturing Excellence
Awards is a reflection of our
endeavours.
As part of our efforts to be more efficient, the management
team had identified 40 Profit Improvement Projects with a
savings target of Rs 520 million. These savings are over and
above our ongoing efficiency improvement initiatives. A new
R&D facility at Frankfurt will add a technological edge to all
our products ensuring that we remain globally competitive
not only in price but also in emerging technologies.
Apollo has made significant inroads into the passenger
vehicle tyres segment. The passenger vehicle tyre production
capacity is slated to increase from 10,500 tyres to 16,500
tyres per day in our Limda plant from January 2010 in view of
06/07
CHAIRMAN'S MESSAGE

the estimated increase in market demand. We have also Manufacturing processes have been further tweaked to refine
progressed on our partnerships with leading automakers in quality levels even further.
India, including a few global players who have recently
entered the Indian market. This showcases our ability to
Your company featured in the top
manufacture tyres and supply the right blend of technology,
quality and price.
20 "Best Companies To Work For"
I am happy to inform you that your company has also in India this year in a survey
commenced development of new technologies in the
passenger vehicle tyre segment like “run-on-flat” and conducted by Business Today in
“winter”. We will also be launching the third generation of the
popular Amazer tyre, called “Amazer 3G” in the coming year.
partnership with Mercer
In the commercial vehicle radial tyre segment various Consulting and TNS. This is a
developmental activities have been initiated. New application-
led patterns, designs and the use of environmentally friendly tribute to the importance of
materials are but some of the new activities in focus.
“human capital” in Apollo.
Through continuous training, job enhancement, cross-
functional working and multi-tasking we have reached a
stature where each Apolloite stands tall and proud in the
Indian tyre industry.
Added to this, the “Apollo One Family” culture makes working
at Apollo Tyres truly unique and mutually enriching for the
organisation and the team member.

Today your company stands on

the threshold of a new world. A
world where the “Apollo” brand is
determined to stand out and be
counted. Reaching out to world
markets by systematically setting
up global scale operations;
marketing, distribution and
manufacturing. This is part of our
strategy and will enable us to be
seen for who we really are –
young, ambitious, Indian and
proud of it !
While product acceptability is the ultimate test, the right
visual look and feel and visual differentiation is the coat that
showcases the brand attributes that we stand for -
competent, credible and confident. During the course of the
year your company unveiled a new corporate identity.
This has been a major step taken by us after depicting
ourselves in a certain way for 33 years. The new “Apollo”
reflects to the outside world what we actually are - a modern
youthful company that blends Indian values with a global
perspective. I am confident you will find the change appealing
and in tune with the brand objectives.
At the end I would like to conclude by reaffirming my
commitment to ensure that your company achieves its vision
of being a global player of significance and a brand of choice.
On behalf of the Board of Directors of Apollo Tyres Ltd.,
I thank all our customers, partners, investors and other
stakeholders for your support and confidence in the
management of your company.

Best Regards

Onk arS.K anwar

Chairman & Managing Director

08/09
BOARD OF DIRECTORS

Neeraj Kanwar A. K. Purwar K. Jacob Thomas

Vice Chairman & Managing Director

M. R. B. Punja Nimesh N. Kampani Raaja Kanwar

Dr. S. Narayan Shardul S. Shroff Sunam Sarkar

Chief Financial Officer
& Whole Time Director

T. Balakrishnan U. S. Oberoi
Kerala Govt. Nominee Chief, Corporate Affairs and Wholetime Director
L.C. Goyal M. J. Hankinson
Kerala Govt. Nominee

Robert Steinmetz

Onkar S. Kanwar
Chairman & Managing Director

10/11
CORPORATE CHIEFS

Asoka S. Iyer K. Prabhakar

Chief - Group Advisory Services Chief - Projects

Dr. Luis Ceneviz Peter Becker P.K. Mohmmad

Chief - South Africa Operations Chief - Research & Technology Advisor - Research & Technology

Satish Aggarwal Satish Sharma Sunam Sarkar

Chief - Corporate Manufacturing Chief - Indian Opeartions Chief - Financial Officer
& Wholetime Director

Tapan Mitra U.S. Oberoi

Chief - Human Resources Chief - Corporate Affairs & Wholetime Director
 Neeraj Kanwar
Vice Chairman
& Managing Director

12/13
OPERATING & FINANCIAL HIGHLIGHTS*

EBIDTA Margin Net Profit Margin

14.00% 13.08% 7.00%

5.75%
12.00% 6.00%
9.53%
10.00% 8.81% 5.00%
%Margin

%Margin
8.00% 4.00%
2.72% 2.79%
6.00% 3.00%

4.00% 2.00%

2.00% 1.00%

0.00% 0.00%
FY 2007 FY 2008 FY 2009 FY 2007 FY 2008 FY 2009

Return on Capital Employed Earning per share

35.00% 7.00
Earning per share (Rs.)

5.73
30.00% 6.00
24.61%
25.00% 5.00
%Return

20.00% 17.13% 4.00

14.00% 2.80 2.76
15.00% 3.00

10.00% 2.00

5.00% 1.00

0.00% 0.00
FY 2007 FY 2008 FY 2009 FY 2007 FY 2008 FY 2009
 Debt / Equity Actual Production**

1200
1.2
1.00 963 958
889
900

MT per day
0.8 0.69
0.61
600

0.4
300

0.0 0.0
FY 2007 FY 2008 FY 2009 FY 2007 FY 2008 FY 2009

Net Sales

46,912 49,841
48,000 42,992

36,000
(Rs. Mn)

24,000

12,000

0.0
FY 2007 FY 2008 FY 2009

* Based on Consolidated Accounts

**
Includes production under lease arrangement and conversion of finished goods by conversion agents.

14/15
MD
&A
Market Overview
Industry Structure & Developments

Opportunities & Threats

Segment Wise Performance

Outlook

Risks & Concerns

Performance

16/17
MANAGEMENT DISCUSSION & ANALYSIS
M a rk et O ve rv iew
In the midst of a global recession, India's growth, despite its
intrinsic strengths has not remained untouched. Economic
woes across the world, prompted by the sub-prime crisis in
the USA, have contributed to a slowdown which has had a far-
reaching impact. More than an actual ground level impact,
public sentiment has been hit and there is a general wariness
in capital spending both at the personal level as well as the
institutional level.
A fall out of this has been a dramatic fall in production and sale
of automotive products across categories and across national
boundaries – Trucks, Buses, LCV's, Tractors and Passenger
Vehicles. There has been a significant reduction in offtake
from the OEM segment with Truck and Bus sales down by
more than 40% in India. The passenger car market was also
impacted, albeit to a smaller extent. Exports from India have
been affected due to the low demand.
Tyre sales in India which accounts for more than 70% of
Apollo's revenues, have been slow. The year witnessed a
steep rise in input raw material costs in the beginning but the
ongoing recession ensured that the tide turned and raw
material costs actually dropped enabling a reduction in tyre
prices across the board. The Indian government has added to
this positive note by reducing excise duty by 6%, leading to a
further decrease in the cost of ownership of tyres. However,
the real impact of the lowering of commodity prices will be felt
more in the coming year since the average procurement price
of raw material over the last year has been relatively high.
Indian tyres have been fighting an uphill battle with cheap
imports from China. Representation to the government by the
tyre manufacturers highlighting the unfair trade practices has
resulted in the imposition of anti-dumping duties on import of
truck/bus bias tyres. The import of radials in these categories
have also been now placed in the restricted list.
Another silver lining in the cloud has been the exchange rate
parity between the dollar and rupee. The ongoing financial
crisis has depreciated the rupee even further which has
resulted in imports becoming even more unviable thereby
impacting the influx of these tyres in India.
However despite the worldwide turmoil,
India seems set to shake off the
lethargy. There are signs of a
revival with an increasing offtake
in both car and truck production.
Low raw material prices, economic fillips by the government,
large infrastructure spending and a cautiously positive
sentiment are all contributing to what we believe are sunny
days ahead, though belt tightening and high efficiency will
remain the norm for a business to be successful.
Industry Structure and Developments
The Indian tyre industry is an approximately Rs. 225 billion
industry with 4 major players : Apollo Tyres Ltd., MRF Ltd., JK
Tyres & Industries Ltd. and Ceat Ltd. These companies
account for around 75% of the industry's turnover with a well-
diversified product mix and presence in all three major
segments - the replacement market, original equipment
manufacturers (OEMs) and exports. Some of the global
majors like Bridgestone and Goodyear also have their
operations in India. However, these are relatively smaller
sized operations today. There are also many other small cap
companies, with a focus only on one or two categories of tyres,
plus tubes and flaps primarily for the replacement market.
The demand and growth for the industry depends on primary
factors like the overall GDP growth, agricultural & industrial
production, growth in vehicle demand and secondary factors
like infrastructure development, prevailing interest rates and
financing options.
Unlike the global industry, where passenger car radials
dominate the market, the Indian industry is primarily
dominated by commercial vehicle tyres which accounts for
approximately 70% of the industry turnover. In the commercial
vehicle tyres industry Apollo Tyres has maintained its
leadership position amongst the industry players. However, the
industry has seen a significant growth in passenger car radials
over the years with a 5 year compounded annual growth rate
(CAGR) of approximately 14%.
Another significant difference between the Indian and the
global tyre industry is the extent of radialisation in the
commercial vehicle tyres. Globally, commercial vehicle tyres
are radialised to the extent of 65% as compared to India
where the radialisation levels in this segment until last year
was only 4%. However, this trend is gradually changing and it
is expected that radialisation levels will go up to the extent of
20% in the next 2 years. The major domestic players have
announced significant expansion plans to meet the growing
demand for commercial vehicle radial tyres.
The current financial year has been extremely challenging for
the economy as a whole and particularly for the automotive
sector. There was a collapse of the credit markets post the
Lehman debacle in the second half of the year, resulting in a
liquidity crunch in the market and interest rates going up. This
coupled with the overall economy slowdown impacted the
demand in the automotive sector resulting in a negative
growth in the medium and heavy commercial vehicle
segment. Most of the industry, including Apollo, was forced to
take production cuts as a consequence of this lower demand.
The tyre industry is highly raw material sensitive and a major
consumer of natural rubber. The industry was affected by
soaring raw material prices in the second and third quarter of
the year, with natural rubber touching an all time high at
Rs. 137/kg in September and crude touching $145/ barrel in
July. Reduced demand, increasing raw material prices and
strengthening of the dollar against the rupee further Economies of transportation cost, on account of closeness
¢
increased the raw material cost thus impacting the overall to natural rubber growing belt
profitability. As a consequence, most of the tyre companies ¢ Global sourcing of raw materials
reported a net loss in the September and December quarter.
However, there were signs of relief in the fourth quarter with Weakness
the Government announcing excise duty cut by 6%. Between No presence in two and three-wheeler segments
¢
December to February, raw material prices significantly Capital intensive business
¢
easing off and the demand picked up. The industry as a result
has shown better results in the March quarter. Opportunities
Opportunities and Threats Leadership position in the commercial vehicle segment
¢
will enable the Company to leverage new and related
SWOT Analysis business opportunities
Strengths New product segments like Truck/Bus Radial (TBR), Off
¢
¢ Continued market leadership in the dominant industry The Road tyres (OTR), retreading and allied automotive
segment of truck and bus tyres services

Global presence with the acquisition of Apollo Tyres

¢ Growth in overseas markets like Europe
¢
South Africa (Pty) Ltd. (Formerly known as Dunlop Tyres Threats
International (Pty) Ltd.)
Imports from neighbouring countries at competitive
¢
Extensive distribution network in India and South Africa
¢ prices
Strong brand recall in a price sensitive Indian market
¢
Raw material price volatility
¢
Responsive to changes in market conditions and product
¢
Segment wise performance
profiles
Passenger Car Tyres
Global quality standards, international process and system
¢
certifications The annual domestic car production has shown a growth of
3%, where as, domestic sales has remained on the same level
High usage of information technology systems to hasten
¢
with 1.5 million vehicles in 2008-09.
the flow of information and leverage opportunities across
140 locations in India Passenger vehicle exports have grown by 53%. This growth has
been mainly driven by Maruti Udyog Ltd. & Hyundai, who have
Dynamic and progressive leadership, willing to implement
¢
plans to make India a small car hub. Passenger cars and utility
change
vehicles are expected to grow at a CAGR of 13.2 % till 2012 – 13.

18/19
MANAGEMENT DISCUSSION & ANALYSIS
The Passenger car tyre market in India has witnessed a
similar trend to the passenger vehicle industry, remaining at
the same level as last year. In such a market, Apollo has
shown a 18 % growth.
In fact, with the introduction of the new product range
Amazer 3G (tubeless car radial range in A1~A3 segment) your
Company will further consolidate the product range. Apollo's
focus this year has been on the organised retail network
expansion & extraction.
Commercial Vehicle Tyres
The slowdown in the economy has affected the industry in
2008-09. In an environment of rising costs and weak tyre
demand, the industry has tightened its belt with production
cuts and other monetary measures.
For Financial Year 2008-09, tyre production in volume terms
has witnessed a decline of around 0.4% across the main
categories (truck and bus, light commercial vehicles, cars and
jeep).
While the production in tonnage terms has declined by around
1.7%, in the domestic segment, the dominant truck and bus
(T&B) tyre segments registered a de-growth of around 2.7%.
Growth slowed down largely due to the decelerated OEM
production of medium and heavy commercial vehicle (MHCV)
which has seen a huge 35% drop. Added to this, was the lower
demand in the replacement segment. OEM Light Commercial
Vehicles production fell 12% while tyre output showed a bare
0.1% increase in production.
In the exports segment, between April 2008 and March 2009,
the tyre industry witnessed a decline of 10.0% in terms of
volume and around 14.9% in tonnage. The LCV segment
witnessed a growth of around 3.3 % during the year. As against
the industry, Apollo's truck and bus production contracted 8%
while LCV production declined 2%. This was due to production
cuts being undertaken to contain inventory costs. This decision
has turned out in your Company's favour as
Apollo Tyres Ltd. remained the
only profitable company across
all quarters of 2008-09 in the
tyre industry.
As a leader, Apollo has enabled itself and its business
partners to forge ahead of the competition by launching the
first 'TRUST' outlet in Salem, Tamil Nadu. The first of its kind
in India, the Apollo TRUST is a fully automated service outlet
providing wheel alignment, wheel balancing and radial repair
services to the discerning truck/bus radial customer. In the
year 2009-10, we are looking at setting up 10 more such
outlets.
The retread Business 'Duratreads' has grown by 14%. More
sizes & patterns, especially radial will be launched in 2009-10.
Our farm tyre business has grown by 16% over a period of last
3 three years, while the industries has grown by 6.7%. Another
first from apollo is the specialist farm tyre network "Apollo
Pragati Kender" has helped company to consolidate its
position in the market.
Outlook
Your Company has continued its passionate journey towards
customer delight & loyalty by focussing on expanding its
global reach, delivering technologically superior products and
services, and by focussing on the 3i (Invent, Innovate &
Implement).
For 33 years, we have represented ourselves within and to the
world in a certain way. We received constructive feedback
from within the organisation, and outside, that the present
identity may not be most appropriate to serve us for the next
33 years. Therefore, as a global brand of choice, we needed to
reinvent our brand, while preserving all our core values.
Our new identity reflects
confidence, future thinking,
and is consciously different from others in the global
marketplace. The new identity has been designed by Wally
Olins, one of the world's leading practitioners in corporate
identity and branding who has advised leading global
organisations like Prudential, Renault, Volkswagen, Tata etc.
Initial pilot implementation of the new corporate identity has
been initiated and will be rolled out at all the retail chains in
the coming year.
Apollo continues its thrust towards becoming a global player.
In South Africa, the 'Dunlop' brand was rejuvenated with a
vibrant looking logo, revitalising the Dunlop Accredited
Dealers (DAD) by the new look 'Dunlop Zones'. A new
communication campaign 'Driven by Precision' was launched
to spread the new look. The European technology centre at
Russelsheim near Frankfurt, Germany was established.
The passenger car radial greenfield plant at Chennai catering
to the growing small car segment is going full steam ahead.
The production of tyres from this facility would commence
from November '09.
The Baroda Plant capacity will concentrate on higher end,
premium products catering to the passenger car radial
market. The OTR Plant was also commissioned in March '09.
The initial production capacity of the plant would be 7400 tons
per day. The TBR segment capacity is being prepared to meet
the increasing radialisation levels expected in the industry.
In commercial vehicles, the 'Endurace' premium radial truck
tyre has gone through extensive tests and the initial results
are showing superior performance over the best bench-
marked world-class product. Few more field tests are under
way and the product is slated to be launched by next year. This
will add one more superior global product in your Company's
portfolio and exceed customer expectation yet again.
20/21
MANAGEMENT DISCUSSION & ANALYSIS

Risks and Concerns Information Technology/Internal Control Systems and

The growth of the tyre industry is dependent on economic
growth, infrastructure development and also growth in the
automobile industry which is cyclical in nature. Most of the
raw materials are petroleum based and their prices are linked
to the movement in crude oil prices. Natural rubber which is
one of the major components of the total raw material cost is
an agricultural product and is subject to price and production
their adequacies
Your Company has internal controls which provide a high
degree of assurance with regard to effectiveness and
efficiency of the following:
¢ Business operations
¢ Safeguarding of Company Assets and
¢ Compliance with various laws & regulations.

volatility resulting from speculative activities and natural

causes. The inverted duty structure between tyres and
Your Company has an internal
natural rubber puts further pressure on the industry's audit function which conducts
revenue and profitability. The industry may also come under
pressure if the radialisation level in the commercial vehicle regular audits in a structured
segment increases faster than expected, necessitating larger
investments.
manner across the Company.
It is empowered to examine the adherence to policies & plans,
as well as statutory obligations.
It also reviews the adequacy of controls in ongoing projects
involving significant expenditures in addition to regular
operations. A quarterly review of the audit findings is
conducted by the management, as also the audit committee
of the Board.
Your Company has a robust risk management framework
which is reviewed every quarter for its relevance and
assessment of risk ratings.
Your Company has established a robust audit process
comprising both internal and external audits to ensure
adequacy and effectiveness of the controls across IT systems
and compliance with the operating systems, internal policies
and regulatory requirements.
The information systems of Apollo Tyres is ISO 27001
certified. The yearly audit of information security was done
with BSI product services and has been found to be in
compliance with the standards. During the year, your
Company has also established a disaster recovery system for
critical IT infrastructure.
Discussion on Financial Performance with Respect to
Operational Performance
The financial statements have been prepared in accordance
with the requirements of the Companies Act, 1956, and
applicable accounting standards issued by the Institute of
Chartered Accountants of India. The management of Apollo
Tyres Ltd accepts the integrity and objectivity of these
financial statements as well as the various estimates and
judgements used therein. The estimates and judgements
relating to the financial statements have been made on a
prudent and reasonable basis, in order that the financial
statements are reflected in a true and fair manner, reasonably
present the Company's state of affairs and profit for the year.

(Rs./Millions)

Sl.No Particulars Year ended 31.03.2009 Year ended 31.03.2008

1 Gross Sales/ Income from operations 45,496.32 42,469.83

2 Other Income 112.47 92.23

Total 45,608.79 42,562.06

3 Total Expenditure

a) Decrease /(Increase) in Work in

Process & Finished Goods 265.86 (552.74)

b) Consumption of Raw Materials 27,946.64 23,849.60

c) Staff Cost 2,075.46 2,270.55

d) Excise Duty 4,791.91 5,530.56

e) Other Expenses 7,168.77 6,731.11

Total 42,248.64 37,829.08

4 Operating Profit 3,360.15 4,732.98

5 Interest 668.43 520.41

6 Depreciation 980.07 878.10

7 Profit before Tax 1,711.65 3,334.47

8 Provision for Tax

- Current 439.30 975.01

- Deferred 148.67 121.43

- Fringe Benefit Tax 42.50 45.00

9 Net Profit 1,081.18 2,193.03

22/23
MANAGEMENT DISCUSSION & ANALYSIS
Material Development in Human Resources/Industrial
Relations
The year under review was challenging for the industry with
the slowdown in the economy, increase in prices and an
overall bleak outlook for the future. Human Resource, now
more so than ever had to put its best foot forward and
integrate the business with the people, create a sense of
buoyancy and bring in a whole new positive behaviour, attitude
and approach to the present and the future.
Apollo Human resources actively
sought to make a difference and
to revive the unstoppable spirit of
Apollo through various
interventions.
While this year our focus did lie on cost efficiency and right-
sizing, we also introduced initiatives to approach both
parameters with a sense of stability. Job rotation, re-
deployment and multi-skilling was introduced, and within HR a
focus of cost efficiency was built in. Newer methods of
recruitments were brought in with usage of job portals and
references of employees for various positions within the
organisation. We also introduced 'Thomas Profiling' while
selecting prospective employees to ensure the right job fitment.
For the middle management, the learning and development
focused on leadership programmes. In our approach of
imparting multiple skills, our non-HR field commercial
managers underwent a comprehensive programme on HR
with XLRI, as a result they will now also be taking on the role
of human resource facilitators for their field offices. The sales
team underwent a programme with MDI Gurgaon, on
marketing competencies. A case study on Apollo's growth
journey was compiled by IIM-Ahmedabad charting out the
organisation's growth from inception till date. The same was
launched at The Indian Institute of Management
Ahmedabad, campus amongst 300 students and faculty.
Apollo Talent Trek (ATT) was conceived and implemented to
augment the growth journey of the organisation. A cross-
functional team – ATT, identifies the manpower requirements
and key HR policies for each project undertaken – India and
International. The ATT team, as a part of its manpower
strategy, inducted about 80 Graduate Engineer Trainees.
These trainees underwent a structured, rigorous induction for
the last one year and are now placed in various functions
across the organisation.
Apollo featured in the top 20
companies to work for in India
this year in a survey conducted by
Business Today in partnership
with Mercer Consulting and TNS.
The “Best Companies to work for
in India” study evaluated the HR
practices, policies, initiatives and
takes employee feedback on
various dimensions.
This has re-instated the strong people practices that are
prevalent at Apollo Tyres. We have featured amongst notable
names such as Microsoft, HSBC, Infosys, Whirlpool and
others.
Over the years we have built healthy relations in our plants. A
number of training programmes and various recognition
schemes were rolled out for the workmen. Initiatives like the
Attendance Champion and the Suggestion Award are some of
the reward schemes which have received a great response
from the workmen. A new initiative “HR Trophy” was launched
this year to reward the best HR team amongst the plants for
innovative HR practices.
Apollo believes in the One Family concept and a number of
employee engagement activities were undertaken this year to
engage the workforce positively. Various health sessions &
camps were held to promote healthy living and lifestyle for
the employees. Festivals and other celebrations were held at
the plants and the head office bringing employees and their
family together.
Overall, the human resources function had a challenging year,
maintaining the balance between the external and internal
environments. People practices ranging from engagement to
policies and systems remained the core focus areas. With
new initiatives and improvements of the existing ones, Human
Resources at Apollo, is steadily positioning itself towards
building a truly global organisation.
Quality at Apollo Tyres
At your Company, all quality initiatives are undertaken under
the 'Passion in Motion' journey. The journey revolves around
the three key pillars of People, Quality and Technology, using
the rigour of Six Sigma methodology across all functions.
Under this, multiple initiatives based on achievement are in
progress:
Process Maturity and Small Improvement Projects (Quality
Circle Tools) have become a part of the overall competency of
shop floor employees and are slowly getting aligned to critical
processes.
Six Sigma Initiatives have resulted in cost savings. In
addition, Six Sigma competency developments resulted in
training Black Belts for improving effectiveness of
implementation, the initiative has resulted in cost savings.
Manufacturing Excellence
a. Our plants namely Limda and Perambra bagged the
“Gold Certificate of Merit” in Frost & Sullivan's “India
Manufacturing Excellence Awards”.
b. Internally designed Plant Quality Assessment scale has
been made more stringent for meeting increased
challenges like: entry into critical export markets and
servicing big multinational customers.
Integrated Management System
a. The 3 Management Systems that are being integrated
are as follows:
- Quality Management System
- Environment Management System
- Occupational Health and Safety Systems
b. This approach will ensure common planning, execution
and review for all three systems ensuring synergy,
effectiveness as well as huge reduction in effort and
costs. This will mean common documentation, common
work instructions and common training modules.
c. This system will ensure achievement and continuation of
three certifications namely:
- ISO/ TS 16949
- ISO 14001
- OHSAS 18001
NOTE:
This report contains forward-looking statements that
describe our objectives, plans or goals. All statements that
address expectations or projections about the future,
including, but not limited to, statements about the Company's
strategy for growth, product development, market position,
expenditure and financial results, are forward looking
statements. These are subject to, certain risks and
uncertainties, including, but not limited to, government action,
local, political or economic development, technological risks,
risks inherent in the Company's growth strategy, dependence
on certain customers, technical personnel and other factors
that could cause actual results to differ materially from those
contemplated by the relevant forward looking statements.
Investors should bear this in mind as they consider forward-
looking statements.
24/25
 The Japanese have always loved fresh fish. But the ocean surrounding Japan
has not held many fish for decades. So to feed the population, fishing boats
went further out at sea. The further they went, the longer it took to bring back
the fish, which meant, the fish were not fresh. To solve this problem, fish
companies installed freezers so that they could freeze their catch at sea.
This allowed the boats to go further and stay longer.

THE RIGHT QUALITY

ISEVEN
IMPORTANT.
WHEN IT COMES TO
EATING FISH.
However, the Japanese did not like the taste of frozen fish. So, fishing
companies installed fish tanks. They would catch the fish and stuff them in the
tanks, fin-to-fin. After a little thrashing around, they were tired, dull, and lost
their fresh fish taste. Sales plummeted.
But today the Japanese eat fresh fish everyday!
How did they manage this?

To keep the fish tasting fresh, the Japanese fishing companies still put the fish
in large tanks but with a small shark for company. The shark challenges the fish
and keep the fishes on the move. This challenge kept the fish alive and fresh!
 PRODUCT, QUALITY & TECHNOLOGY

At Apollo the aim for

perfection is important.
The challenge of global
peers and evolving needs
of our customers ensures
we innovate and stay
ahead in the game.

26/27
PRODUCT, QUALITY & TECHNOLOGY
Today, the challenge is to always stay ahead of competition. To
think on one's feet and deliver nothing less than perfection. At
Apollo, we are changing the rules of the game, and leading by
example. Whether it is the development of our own internal
benchmarks for manufacturing excellence called Plant
Quality Assessment (PQA) or the introduction of tubeless
tyres in 22.5” size for the global Truck/Bus Radial market.
The further development of bias tyres and the first of its kind
ultra large size Off The Road tyre manufactured at our
flagship plant at Limda herald the dawn of a new tomorrow.
While significant steps have been taken to become globally
competitive, with the launch of Amazer 3G & Amazer 3G Max,
the journey of constant innovation and implementation in the
passenger car radial market is gaining momentum.
Today, Apollo stands at the
threshold of a significant
inflection point one which can
position us firmly as a significant
player in the global tyre industry.
A testimony to the quality and manufacturing excellence
initiative was the gold certificate to Apollo at the India
Manufacturing Excellence Awards in December, 2008.
Alongside technological enhancements, process related
developments are also of equal importance. At Apollo, the
drive to achieve Six Sigma competency has shown significant
positive impact on financial savings. These advanced
production processes are of strategic importance and also
help in enhancing customer satisfaction, and contribute
towards the achievement of our long-term goals.
To be at the forefront of the ever evolving radial technology,
testing & evaluation has been carried out on global tracks in
places like South Africa, Spain, Italy, Germany and
Scandinavia, to factor specific demands and climate
conditions. For the Chennai project, technical standards are
ready and product development plan have been finalised. Wet
commissioning of equipment has also been undertaken.
Several projects with Universities in India and abroad are in
development, for e.g. predictive testing and evaluation of
noise, simulation and design.
In the Passenger Car Radial segment, Apollo has
commenced the development of the Run on Flat Technology,
and the unique development of the Winter Tyre.
In the Truck/Bus Radial segment, there has been initialisation
of developmental activities to cater to various customer and
global regulatory requirements (for e.g. all wheel pattern, off
the road pattern, economic designs, premium mileage and
usage of environment friendly materials). There has also been
a maturing of manufacturing process to high precision levels
to create products with a competitive edge in quality (for e.g.
reduced levels of tyre uniformity, constant indoor test
results).
To better integrate all processes,
Apollo has decided to merge
three management systems such
as Quality Management;
Environment Management; and
Occupational Health and Safety
System.
This approach will ensure common planning, execution and
review for all three systems ensuring synergy, effectiveness
as well as huge reduction in effort and costs. This approach
will also help us to achieve and maintain 3 different
certifications through 1 comprehensive system. These
certifications are ISO/ TS16949, ISO 14001 and OHSAS
18001.
The Plant Quality Assessment (PQA) Scale has also been
developed by taking inputs from best companies and models
across the world. Most experts, including certifying bodies
have acknowledged that the Apollo PQA scale is more
stringent than any other available scale in the world.
At Apollo, all challenges are a
motivation to stay ahead, where
the constant endeavour is to
evolve, be globally competitive,
and achieve perfection in product
& processes.
28/29
 A farmer owned a mule. One day, the mule fell into the farmer's well. Upon
assessing the situation, the farmer ruled out any possibility of a rescue as it
was simply too much trouble to lift the mule out of the well. Out of sympathy
for the animal, he decided to bury the mule and put it out of its misery.

The old mule was hysterical upon learning that his life would end. However,
as the farmer shoveled dirt into the well, a thought struck the old mule. He
realised that if he could shake off the dirt that landed on his back, the dirt
would hit the floor and he could step on the dirt.

BEING BURIED ALIVE

WAS NOT AN OPTION?
He fought the sense of panic and distress and just went on shaking off the dirt
that landed on his back climbed higher up the well. Eventually the mule
stepped out the well, battered and exhausted, but otherwise triumphant that
he had survived the ordeal.
 OPERATIONS & MANUFACTURING

A “never say die” spirit is

something that permeates
through Apollo. Adverse
situations are but an
opportunity to discover new
paths and become more
efficient.

30/31
OPERATIONS & MANUFACTURING
The heart of any organisation is its manufacturing process.
More so at Apollo, where the cycle of production is an inherent
and core component of our existence. As a global player in the
tyre industry, business operations at Apollo predict consumer
demand, anticipate industry changes, constantly upgrade
skill sets and create efficient processes.
With the global economic situation and the cost of raw
materials shooting up to an all time high, the Company had to
absorb much of the operational cost increases, since it could
not be passed on to the consumer. This year, the challenge
was to increase operational efficiencies, maintain margins,
fine tune manufacturing processes and create profit
improvement projects.
Apollo has been successful in
growing despite the slowdown.
The expansion programmes are
on track and progressing as
envisaged.
The Company's green field project in Chennai has been
conceptualised keeping both Passenger Car Radial & Truck
Bus Radial capacities under one umbrella. This has been
made possible with the use of common mother equipment for
both capacities. There are future possibilities of expanding the
capacities in a modular fashion.
The production capacity expansion in Passenger Car Radial in
Limda will be increased from 10,500 per day to 16,500 per day
by Jan 2010. The world class green field plant in Chennai has
a capacity to produce 8000 tyres per day and will be
operational in November 2009. From here, Apollo will be
rolling out 'top of the line' Truck/Bus Radials & Ultra High
Performance Passenger Car Radial Tyres.
To gear up for the growing pace of radialisation in the
Truck/Bus Radial segment, future plans are already in place.
Strategically, we are aiming to be a globally competitive
player by growing both organically and inorganically.
Initial work has already started
in the development of radial OTR
manufacturing unit. Capacity has
been ramped up to 7400 Tons per
day and we have initiated a
successful partnership with
BEML for OE fitment.
In the bias technology segment break through projects like
re-engineering, technology innovation, and asset utilisation
have been established. This will add 40 MT per day in all
plants with an absolute minimal cost. Capacities have also
been increased at Limda, Perambra and Kalamassery plants.
The Company in response to the
slowdown has created many
initiatives to counter the
challenging economic
environment. The management
team has identified 40 Profit
Improvement Projects with a
savings target of about Rs. 520
million.
The major projects were on raw material substitution and
efficiency improvements. The Company has looked at
aggressively reducing the cure cycles of all sizes of
Passenger, LCV, SUV and Van tyres by 11% and handling time
by 28%. The implementation of these will save investment on
12 presses.
The steam consumption reduction project has also been
undertaken which will be achieved through the proper
insulation of presses, pipelines and leak corrections. This
project will help us save Rs. 57 million per annum.
At Apollo, key processes like operations & manufacturing can
lead the way in combating a slowdown. Today, there is a
positive bias towards the stabilisation of the environment and
all processes are once again going full steam ahead in the
hope of a revival.
32/33
 Did you know that there are lessons to be learnt from flying
geese?
As each goose flaps its wings it creates an "uplift" for the
birds that follow. By flying in a "V" formation, the whole flock
adds 71% greater flying range than if each bird flew alone.

TEAMWORK COUNTS.
EVEN WHEN YOU ARE FLYING.
When a goose falls out of formation, it suddenly feels the drag
and resistance of flying alone. It quickly moves back into
formation to take advantage of the lifting power of the bird
immediately in front of it.
Geese flying in formation honk to encourage those up front to
keep up their speed.
 HUMAN CAPITAL

At Apollo Teamwork is of
paramount importance and
the learning from flying
geese is a corporate
philosophy. Our assets are
our people who work to
innovate beyond and
challenge established
boundaries.

34/35
HUMAN CAPITAL
Today, the real asset of a competitive global organisation is
Human Capital. The workforce is the real strength and is the
one that drives the organisation to innovation, ideas,
teamwork, as well as executing the plan. At Apollo Tyres, the
power of human capital is nurtured, enhanced and motivated
to achieve higher goals.
The year 2008-09 was indeed a
challenging year for the industry.
At Apollo Tyres, adverse
situations have led us to see
opportunity, where we have not
only raised the bar but also
greatly enhanced the quality of
talent and learning, and set even
higher benchmarks for ourselves.
At Apollo, Human Resources choose to make a significant
difference to the key stakeholders of the company – our
people. Many initiatives like job rotation, re-deployment and
multi-skilling were introduced. To also empower the
workforce and realise the future vision, Leadership
Development Programmes were rolled out for the middle
management.
This year, marked a significant
achievement for our HR practices.
In the 'Best Companies to Work
for in India' survey, conducted by
Business Today in partnership
with Mercer Consulting and TNS,
Apollo has been featured in the
top 20.
This has re-instated the sound HR practices, innovative
policies & initiatives.
At Human Resources, we are creating stronger training
norms, inculcating the value system for all employees and
even initiating innovative, employee friendly policies. This will
ensure the beginning of a new “Apollo way of life” mirroring
our vibrant Apollo identity. Also, many unique human
resource initiatives across plants have been rolled out like
Attendance Champion, Suggestion Award & the “HR Trophy”.
Apollo, believes in the one family
concept and various employee
engagement activities were
undertaken this year - from
setting up of health camps to
celebrating all festivals together,
both at the plants as well as the
corporate office.
At Apollo, we firmly believe that adversity can be overcome if
we instill the values of teamwork, common goals and improve
the lives of our prime asset – our people.
With new initiatives and improvements of the existing ones,
Human Resources at Apollo, has steadily positioned itself
towards building a true globally competitive organisation.
ADVANCED LEADERSHIP
DEVELOPMENT PROGRAMME, SOUTH AFRICA 36/37
 A salesman complained to his manager that sales were declining
because of the recession and he was tired of fighting and struggling
to maintain sales.
The manager took the salesman to the kitchen and filled three pots
with boiling water and in each either placed potatoes, eggs or
ground coffee beans. After about 5 minutes he took out the potato,
the egg and the coffe and placed it in front of the salesman.
He then explained that the potatoes, the eggs and coffee beans had
each faced the same adversity, the boiling water. However, each
one reacted differently.

WHAT DO YOU WANT TO BE

A POTATO, AN EGG
OR COFFEE BEANS?
The potato went in strong, hard and unrelenting, but in boiling
water it became soft and weak.
The egg was fragile with the thin outer shell protecting its liquid
interior until it was put in the boiling water. Then the inside of the
egg became hard.
However, the ground coffee beans were unique. After they were
exposed to the boiling water, they changed the water and created
something new and fresh.
He than told the salesman. We have to be like the coffee bean.
Respond to the adversity and change so that people can see the
value and are drawn towards us.
 MARKETING, SERVICE & DISTRIBUTION

Marketing in Apollo is about

being the coffee bean. Always
adding value and creating a
new experience for our
consumers.

38/39
MARKETING, SERVICE & DISTRIBUTION
At Apollo, our network of marketing, service and distribution
creates value and brings about an entirely new experience for
our consumers. In today's challenging environment, all our
marketing efforts are concentrated on engineering out-of-
the-box solutions to engage the consumer and turn every
adversity into an opportunity.
Today, we are evolving and as a first step towards becoming a
force to reckon with on the global map, we needed to re-invent
ourselves and our brand. A brand which has been making
great tyres for many years and is immensely popular in India
and other parts of the world. Now, the time has come for us to
move to the next level and become a truly international player.
As a long-term strategy to
build a globally competitive
brand, a new brand identity
was unveiled for Apollo. The
re-branding introduces a bit
of colour, wit and fun into the
representation of Apollo. It is meant to showcase a Company
that is young, ambitious and proud of its Indian heritage,
making it stand out from other tyre brands.
As a strategy to re-enforce the Apollo brand
across segments, this year saw the launch
of XTRAX, Alloy Wheels and Loadstar
Super XP.
XTRAX
¢ Cross ply tyre in sizes 10.00-20-XT-
100K, & 24.00-49 – XTRAX
¢ “S” lug design which provides for
superior traction and excellent
mileage
Loadstar Super XP
¢ Cross ply tyre in size 10.00-20
¢ Perfect tyre for heavy load applications
¢ Special casing design with dual beads
¢ Optimised shoulder mass ensures
cooler running and
improved performance
Acelere Wheelz
¢ Range of designer
alloy wheels
Ultra Large Size OTR segment
¢ Size: 24.00-49
¢ Designed for haulage application
¢ Catering to the present and future needs of the mining
industry
At Apollo, we work towards constantly surpassing consumer
expectations. The year ahead will be an exciting time, as
Apollo will create benchmarks across all tyre segments. The
Company will bring to the consumers, tyre technology that is
at the helm of the globally competitive marketplace. The
launches to look forward to this year are:
Amazer 3 G & Amazer 3G Max
HAWKZ new range
Milestar Gold
3 Wheeler Cargo - Amar Dlx
XT-7 GOLD XM
New Kaizen Range
To further strengthen our international
operations, a re-branding of the "Dunlop"
brand was undertaken through the "Driven
by Precision" communication exercise. This activity saw
various “Dunlop Zones” being
rolled out across South Africa.
As a marketing strategy, the
Company saw this as an
additional step towards
integrating our offerings with the global product portfolio.
Apollo was the only Indian tyre company to be invited by
Volkswagen AG to participate in the IZB exhibition in
Wolfsburg, Germany. This marks an important achievement,
as Volkswagen Polo – the best selling car model from
Volkswagen, will now roll out on Apollo Tyres for its Indian
launch.
The journey of Apollo into the European market is now
treading new paths with the establishment of the European
Technology Center at Russelsheim, Germany. All back-end
operations like marketing & sales are in the process of being
set up as the launch of the European Operations will take
place by the end of 2009-10.
APOLLO AT IZB EXHIBITION
IN WOLFSBURG, GERMANY 40/41
MARKETING
This year, the marketing approach towards many products
and segments were differentiated and geared towards
making a significant impact in the minds of the target
consumer. The idea was to look at the brand from an involved
interaction medium, as well create many consumer focused
events, promotions and branded programmes.
The Apollo Tyres PCR segment launched a Tubeless Tyres
promotion. The offer was that on the purchase of 4 Apollo
Tubeless Tyres, the consumer got a Van Heusen gift voucher
worth Rs 1000. A countrywide advertising exposure was
APOLLO HAWKZ CHALLENGE
created for the customers of Aspire, Acelere Sportz, Acelere
& Hawkz Tyres. The tubeless tyres promotion witnessed an
enthusiastic response from the target audience and helped
garner more market share.
In December 2008, Apollo kicked off 'The Mall Drive' a unique
outreach programme to change the perception of tyres from a
commodity to a high-end consumer durable. The venue was
various malls of NCR where an eye catching Apollo Stall
showcased the complete range of Apollo passenger vehicle
tubeless tyres. The idea behind this below-the-line initiative
was to provide consumers with a real life interactive
experience in a high footfall environment like a shopping mall.
To reach out to the consumer in an interactive manner, various
on ground activation events like the Auto Car Performance
Show and the Apollo 4X4 Hawkz event were held. At the Auto
Car Performance Show which is the single biggest definitive
event in India's automotive calendar Apollo got the perfect
opportunity to showcase its new identity. Apollo also hosted
the 'Design Your Tyre' contest which continues to be very well-
received over the years.
Apollo participated in the 2009 Mumbai International Motor
Show which also saw participation from all the other leading
Indian and multinational automotive brands like Volkswagen,
Honda, Toyota, Fiat, Mitsubishi, Fiat and Mahindra and
Mahindra. At the event, Apollo in association with Mahindra
and Mahindra created the 4X4 challenge track which
attracted the attention of auto enthusiasts. The Apollo Hawkz
4x4 Challenge was a 200 metre dirt track with sections of
mud, rocks, rumblers, sand, and water all surrounding the
track, right in the heart of the show.
In fact, over the years Apollo
continues to create many brand
properties which have captured the
mind space of the Indian consumer
and have helped us create significant brand equity. Branding in short-term marketing programmes to weather the same.
initiatives like 'Unstoppable Indians' with NDTV Profit and All levels of the tiered network witnessed an increase in the
'Highway On My Plate' with NDTV Goodtimes have both number of business partners. The 'Platinum Boys Club' which
provided an excellent platform for the Apollo brand. In fact, forms the pinnacle of our network, doubled in number. The
the India Brand Equity Foundation names Apollo's 'Apollo TRUST @ Salem',
'Unstoppable Indians' as one of the best brand equity Tamil Nadu, reflected a
programmes on TV. While with 'Highway On My Plate', Apollo glimpse of the times
has managed to create relevance with the young Indian ahead for the Apollo
vehicle owner and create a differentiation in the way tyre Truck business partners
brands are marketed. World-class Tyres. World-class Service. while the Passenger Car
Radial '7 Wonders of the
One of the most important
Wo r l d ' m a r k e d t h e
initiatives that Apollo Tyres
advent of an exciting voyage for car dealers.
has taken is the Mission
2018 - established in May We even enjoyed an increased presence in OE with the Skoda
2007 with Mahesh Bhupathi Fabia, Optra Magnum and Hyundai i20 rolling out on Apollo
acting as a consultant. This tyres. This growth in business from the OE segment was a
effort is among the biggest significant achievement as compared to the situation being
sports initiatives faced by other automobile tyre manufacturers.
undertaken by any At Apollo, the online product development process system
corporate in India with a mission to create India's Grand Slam has also been implemented this year. This process has
Tennis Champion by the year 2018. The mission entered its escalations at each level by which it helps in faster time to
third year with 14 children qualifying for the second batch. In market, tracking, and also provides support in various
total, 34 children have been inducted into the programme, out analyses.
of which 17 children are placed in the top 10 ranking in their
respective age groups. These children have been training at
the FIST Academy in Bangalore by some of the best national
As an innovative manufacturer
& international trainers. and marketeer, Apollo has
This year, gave us the perfect opportunity to take the concept
of Apollo Branded Stores to a new level. A dynamic new look in
continued to set industry
sync with our new corporate identity was unveiled with Global
Tyres, Cochin. The idea was to create a striking, high
benchmarks. We are driven to
performance image that generates maximum visibility and seek opportunity in adversity and
enhances in-store customer experience at every level.
Becoming a part of the Apollo Passenger Car Radial retail the same was reflected by a
plethora of achievements and
personal firsts, especially in the
last quarter of the year.

APOLLO’S DISPLAY AT
GLOBAL TYRES, COCHIN

journey represents more than an extreme makeover - it's an

opportunity to transform the very nature of a dealer's
business. In fact, Global Tyres, Cochin, is the latest entrant to
experience the positive impact of a powerful 'main street'
image. At Apollo, we will continue to bring world class
facilities in tyre retail to Indian customers.
The year 2008 presented unique challenges for our
distribution network. The global financial crisis coupled with
tightening liquidity tested the mettle of the best in the trade.
Given the perpetual volatility in the marketplace, we invested
42/43
 A small boy was walking along a beach at low tide, where countless
starfish, had been washed up on the beach and were stranded and
doomed to perish. A man watched as the boy picked up each
individual starfish and put them back into the water.

IT IS THE SMALL STEP

THAT COVERS THE
DISTANCE.
"I can see you're being very kind," said the watching man, "But
there must be thousands of them; it can't possibly make any
difference.”
Returning from the water's edge, the boy said, "It will for that one.”
 SUSTAINABILITY

Making a difference to
people around us in
whatever small way we can
is our way of saying “we
care” to the world we live in.

44/45
SUSTAINABILITY
Today, Corporate Social Responsibility functions as a built-in,
self-regulating mechanism whereby businesses embrace
responsibility for the impact of their activities on the
environment, consumers, employees, communities and all
other stakeholders. It is the deliberate inclusion of public
interest into corporate decision-making, and the honouring of
the triple bottom line system: People, Planet & Profit.
The field of sustainable development encompasses both:
environmental & economic sustainability. Corporate Social
Responsibility as a business risk mitigation approach, should
provide in the long run, better value for shareholders as well
as for other stakeholders. At Apollo, we strive to operate in a
sustainable manner across all our businesses by reducing our
operational inefficiencies and by acting in a socially
responsible manner. The CSR philosophy at Apollo, forms a
part of our vision statement of continuously enhancing
stakeholder value. Our belief is to create true sustainability,
all CSR activities should be linked to business goals and
objectives. The CSR initiatives form a part of
our strategy to strengthen relationships
with our stakeholders, reach out to them
and work towards making it a people-
centric business. At Apollo, the CSR
initiatives are built on the foundation of the
3i or Influence, Involve, Impact.
As a strategic decision, all CSR activities are
undertaken by the Apollo Tyres Foundation or
ATF. This foundation activates all key
initiatives including the
HIV–AIDS programme at
Apollo Tyres, which is a
comprehensive activity
targeting key stakeholders
i.e. employees, customers
and supply chain. The
scope of the Foundation
has expanded from the
long distance commercial
vehicle community to also
include women, children,
a n d l e ss p r i v i l e g e d
sections, of the society, in collaboration with NGO's and other
external agencies. The activities are undertaken across different
spheres like: health, education, infrastructure & the environment.
As a part of the Foundation and with the objective of involving
key stakeholders, the Apollo Tyres Health Care Centres is an
important initiative which has been established for the long
distance commercial vehicle community. The past year, saw
consolidation of existing partnerships and the initiation of new
ones. Currently, we have 9 Centres operating in Transport
Nagars in North, West, South and East of India, catering to
truckers and the allied population.
For the Employees, the foundation runs a workplace
programme which covers information, education, prevention,
implementation and the administration aspects of HIV. The
programme has been conducted at a steady pace in Limda,
Perambra and Kalamassery. Among new initiatives is a
Refresher Programme – conducted by ILO for the capacity
building of the master trainers. Over 7500 employees have
been reached through a network of 500 peer educators and 25
master trainers.
As a move towards the private-private partnership model, the
Apollo Tyres Foundation has formed a partnership with the
Ambuja Cement Foundation for optimal resource utilisation
and impact on lives of stakeholders. Both Ambuja and Apollo
are equal partners, though the programme is being
implemented by the Ambuja Cement Foundation.
The Apollo Tyres Foundation has initiated a partnership with
Gujarat State AIDS Control Society (GSACS). Under this
public-private partnership model, a clinic in Narol,

Ahmedabad, was inaugurated in February. GSACS will be
providing medicines and the testing kits for the intervention
where as Apollo Tyres will be responsible for all
administrative and programme supervision.
Apollo has also partnered with the AIDS Health Care
Foundation (AHF). This foundation and its activities were
piloted in the year 2008-09. This partnership added testing
facilities to the existing services of Apollo interventions.
As a part of the HIV-AIDS initiative, various community
outreach programmes as well as training and leveraging
supply chain in spreading the message have been undertaken.
Emergency Medical Services (EMS) has also been set up
around our manufacturing locations in India. As a part of EMS,
we have established a highway rescue project in Gujarat and a
city EMS in Vadodara.
At Apollo Tyres, our efforts in CSR have always extended
beyond health to other areas such as: education,
infrastructure, customer promotion and the environment.
These activities include women, children and other less
privileged sections of society.
Skill Development Classes have been started for women in
villages with an objective of making them self-sufficient.
While for the economically less privileged families, crèches
have been provided to take care of their children. This year,
adult literacy classes have expanded to include more villages.
In keeping with the Millennium Development Goals in the
villages, primary education support has been provided by
providing scholarships to support bright students from
economically backward families.
The basic need for proper infrastructure has also been kept in
focus. In many of the villages, Apollo Tyres has been very
closely involved in the maintenance of school buildings and
also in providing of computers to the village schools. In fact,
for the 500 students of the Government Girls High School,
Perambra, a provision has been made to bring the supply of
water through a water pipeline and a new water tank has also
been constructed in the village.
The scope of CSR activities has even extended to customer
promotion on safe drive. Safe drive campaigns have been
conducted on the national
expressways which included
the checking of tyres for
damage or patterns wear and to
ensure all parameters were met
for a safe journey.
At Apollo, care is also taken to make ourselves environment
sustainable. The wind energy project which was initiated last
year has enabled us to tap approximately 8 Megawatt
capacity of wind power, with an expected generation of 1.70
million units of power every year.
Also, an agreement with GAIL is in force which will use steam
energy to replace the use of RNLG. The project is based on the
waste heat recovery system and is conceived as a Clean
Development Mechanism (CDM) project under the Kyoto
Protocol. This landmark initiative will help the Company save
around 935 million kilo calories of energy in producing
process steam. This will also reduce the formation of 55000
tonnes of CO2 per annum.
At Apollo, we hope to be the
wheels of change for the
community we inhabit and to
sustain it both economically and
environmentally. We believe that
our actions and thoughts should
benefit the lives of all our
stakeholders and the
communities that we work in.
46/47
 FINANCIALS

DIRECTORS’ REPORT 51 79 SCHEDULES

CORPORATE GOVERNANCE SIGNIFICANT ACCOUNTING

REPORT 59 90 POLICIES & NOTES ON ACCOUNTS

BALANCE SHEET ABSTRACT &

AUDITORS' REPORT 72 103 COMPANY'S GENERAL BUSINESS PROFILE

STATEMENT RELATING TO
BALANCE SHEET 76 104 SUBSIDIARY COMPANIES

PROFIT & LOSS ACCOUNT 77 105 CONSOLIDATED ACCOUNTS

INFORMATION PERTAINING
CASH FLOW STATEMENT 78 134 TO SUBSIDIARY COMPANIES
U/S 212(8)

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D
I
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Dear Member,

Your Directors have pleasure in presenting the Annual Report along with the audited statement of accounts of your Company for the financial
year ended March 31, 2009.

F
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Year Ended
31.03.2009 31.03.2008
(Rs./Million)
Sales & other Income 40,816.88 36,939.27
Profit before Depreciation &Tax 2,691.72 4,212.57
Less: Depreciation 980.07 878.10
Provision for Tax - Current 439.30 975.01
- Deferred 148.67 121.43
- Fringe Benefit Tax 42.50 45.00
Net Profit 1,081.18 2,193.03
Add: Transfer from Debenture Redemption Reserve - 21.70
Surplus Brought Forward From Previous Year 2,992.01 1,672.12
Profit available for Appropriations 4,073.19 3,886.85
Appropriations:
Debenture Redemption Reserve 62.50 -
Dividend to Equity Shareholders 226.81 252.01
Dividend Tax 38.55 42.83
General Reserve 500.00 600.00
Balance Carried Forward 3245.33 2,992.01

O
P
E
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T
IO
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S
During the financial year ended March 31, 2009, sales from operations amounted to Rs.40,704.41 million as against Rs.36,939.27 million during
the previous year, registering a growth of 10.19%. The growth in revenue was impacted by the slowdown in industry, particularly in the OEM
demand.
Operating profit, before interest and depreciation, amounted to Rs.3,360.15 million, as against Rs.4,732.98 million during the previous year. Net
profit, after providing for interest, depreciation and tax amounted to Rs.1,081.18 million as against Rs.2,193.03 million during the previous year,
recording a decline of 50.70%.The decline in profitability is due to overall slow down in economy which impacted the demand in the automotive
sector, coupled with soaring raw material prices for major part of the financial year.
P
R
OD
U
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I
ON
During the year, your Company recorded a drop in production tonnage at 2,73,575 MT as against 2,90,000 MT in the previous year. However,
subsequently there was improvement across all the plants.

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S
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During the year, your Company has allotted 15.58 million equity shares of Re.1/- each at a premium of Rs.28.30 to Promoters on conversion of
1.558 million warrants issued during 2006-07. Your Company's share capital as on 31st March, 2009 has increased from Rs.488.44 million to
Rs.504.02 million after the said allotment.
D
I
V
ID
E
ND
Your directors recommend a dividend of 45% per equity share for the financial year 2008-09 for your approval. There will be no tax deduction at
source on dividend payments, but your company will have to bear tax on dividend @ 16.995%, inclusive of surcharge.
The dividend, if approved, shall be payable to the shareholders registered in the books of the company and the beneficial owners as per details
furnished by the depositories, determined with reference to the book closure from 1st July, 2009 to 23rd July, 2009 (both days inclusive).
B
U
YB
A
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O
FS
H
AR
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S
Keeping in view the unfolding economic environment, Company's operating results and the available surplus, the Board of Directors at its
meeting held on 19th March, 2009 approved buy back of equity shares at a price not exceeding Rs.25 per share upto an amount not exceeding
Rs.1220 million, representing approx. 10% of Company's paid up equity share capital and free reserves as per last audited accounts. The buy
back will optimize returns to shareholders, enhance overall shareholder's value as well as earning per share.
R
A
WM
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TE
R
I
AL
S
During the year under review, there was steep increase in all the raw material prices, specially the price of natural rubber and crude oil both
hitting their new peak. Natural rubber touched a peak of Rs.142/kg in August 2008 in tandem with international rubber prices and remained in
the range of Rs.120 - Rs.140 /kg in the first five months of the year because of scarce supply position. There was moderation in prices from
October 2008 with the commencement of the tapping season in Thailand and Malaysia.
Crude oil also touched an all time high of US $ 145 per barrel in early July 2008. This resulted in sharp rise in prices of petro based raw materials -
carbon black, synthetic rubber, nylon tyre cord fabric and rubber chemicals. In the first half of the year, there were shortages in the supply of
some raw materials like carbon black, synthetic rubber, steel tyre cord, beadwire, butyl rubber and rubber chemicals due to strong global
demand and lower availability of their intermediates.
The global economic slowdown adversely affected automobile industry in the second half of the year resulting in curtailment of production at all
our plants. As a result of this, high cost inventory of raw materials had to be carried in the third quarter. The benefit of falling commodity prices
could not be fully reflected in our working due to the weakening of the rupee against the dollar and lower production levels at the plants. The
company met these challenges through global sourcing of raw materials, leveraging its relationship with the supply chain partners,
realignment of the vendor mix and renewed focus on current asset management. These initiatives together with lower natural rubber and crude
oil prices led to lower raw material costs in the last quarter of the year.
Prices of raw material continued to have escalations due to antidumping duty resorted by local manufacturers of nylon tyre cord from all major
sources and periodical increases in duty. Antidumping proceedings have also been initiated in case of import of carbon black from major
producing countries.
Natural rubber remained firm due to inverted duty structure where its import duty is 20% against 10% on Tyres.
D
O
ME
S
T
IC
MA
R
K
ET
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NG
The year has been a challenging one which witnessed peak raw material prices and an environment of uncertainty in the financial markets and a
demand slowdown in both the commercial and passenger segments during July to December, 2008. The fiscal closed with some signs of
recovery in last month within a tough operating environment for the full year. For the period under review, the company recorded a healthy
growth of 7.1% in overall sales value with 3.3% growth in truck, 19.8% in passenger car radials (PCR), 6.9% in light commercial vehicles (LCV)
with similar numbers in Tractor Rear.
The journey undertaken in the area of marketing strategy covering product leadership, customer intimacy, and operations excellence were
continued in order to create better differentiators in the marketplace.
This year also saw a change in Apollo - a change in the way your company is perceived by all stakeholders in terms of its visual identity. Not only
do we offer the greatest reach - but, we are also redefining the way consumers shop for tyres through the introduction of the Apollo Branded
Outlets for PCR and the Apollo Trust for Truck Tyres. From the look and feel of our new showrooms adorning the new corporate identity to the
depth and range of the products on offer - it is a whole new experience on the way tyres are perceived and purchased in India.
In the realm of commercial vehicles, Regal truck bus radials got firmly established during the year as a quality product with a proven sales
record. The new XT-100K bias truck tyre is a benchmark product engineered to deliver a mileage of more than one lac kms. XT-100K boasts of
the next generation in cross-ply technology featuring advanced multi-layered tread construction, optimized cavity, improve bead profiling and a
host of other features that delivers unmatched mileage.
This year also saw the delivery of a new product line - a 49 inch OTR tyre called Xtrax, weighing as much as 1100 Kg. The tyre is as high as 8 feet
and uses an 8-hour curing cycle. As it can be seen, that this is truly in big league.
Whilst the year saw turbulence on the OE front, with a few manufacturers cutting back vehicle production by as much as 70%, your Company has
been able to weather the storm. There was cheer with Apollo having been selected as the sole supplier on the Hyundai I-20 and also chosen to
partner with Volkswagen for their Polo debut slated for 2010.
E
X
P
OR
T
S
The international markets have been severely affected due to acute fall in demand, extreme liquidity crunch and devaluation of some key
currencies of important markets. All sectors were adversely affected on export front due to combination of economic conditions that developed
around the third quarter of the financial year.
Exports of Apollo Tyres were also not left unscathed through robust internal processes and a strong distribution network developed over the
last 2-3 years which helped to blunt the impact of demand slowdown.
The year under review was creditable for exports for the fact that the overall volumes exported in passenger car radials (PCR), was not only
maintained, on the face of demand slump, over the previous years volumes but also improved on it. Apollo Tyres continues to be the highest
exporter of PCR tyres from India.
The exports of truck and bus tyres by Indian manufacturers dropped by about 20%. However, exports of Apollo truck and bus tyres were
marginally affected. This decrease is largely attributed to Apollo's decision not to cut prices in the wake of severe price undercutting by
competition.
Marketing activities continued to be focused at both wholesale and retail levels though plans are afoot to bring out more retail led initiatives,
riding on the launch of the new Corporate Identity. The very popular Apollo Vista marketing programs were conducted in a number of countries,
and various technical workshops were held to reach out to the end users in various markets.
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All expansion programmes under progress are on schedule. During the year, the company completed a state-of-the-art OTR (Off The Road) Tyre
project, set up through a unique partnership with Bharat Earth Movers Ltd. (BEML). After the trial production, regular, marketable production
has commenced from April, 2009.
The Passenger car radial tyre expansion project in Baroda has been completed in March 09, and after completion of ramp up, the plant capacity
would be 16,500 tyres per day, up from 10,500 tyres per day.
The company's, world class, green field facility to produce 'top of the line' truck bus radial tyres and ultra high performance passenger car radial
tyres, is progressing at a rapid pace. The plant is coming up near Chennai. The production of tyres from this facility would commence from
November, 2009. In light of pursuing these projects and keeping in view the economic slowdown, implementation of project at Hungary has
been deferred.
Plans are on the way to further increase the truck bus radial tyres output, keeping in view the growing pace of radialisation in this segment. The
Company has strategic plans to look out for further global growth through acquisitions, mergers, strategic alliances and joint ventures for
improving business synergies.

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S
U
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ES
During the year under review, Apollo (Mauritius) Holdings Pvt. Ltd. (Mauritius), your company's subsidiary has incorporated Apollo Tyres
(Nigeria) Ltd. w.e.f. 23rd December, 2008 as its wholly owned subsidiary for having greater focus on sales in Nigeria and its surrounding markets.
During the year, name of "Dunlop Tyres International (Pty.) Ltd." was changed to "Apollo Tyres South Africa (Pty.) Ltd." w.e.f. 6th February, 2009
in order to synergize the corporate name with Apollo Group.
The members may refer to the statement under Section 212 of the Companies Act, 1956, forming part of accounts, for further information on
company's subsidiaries.
The Central Government vide its letter No.47/93/2009-CL-III dated 13th March, 2009 has accorded its approval under Section 212 (8) of the
Companies Act, 1956, exempting the company from attaching the accounts of the subsidiary companies. However, the consolidated accounts
are attached along with the accounts of your company.
The copy of the annual report of the subsidiary companies will be made available to shareholders on request and will also be kept for inspection
by any shareholder at the registered office and corporate office of your company, and its subsidiary companies.
F
I
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DE
P
OS
I
T
S
Your company is not accepting fixed deposits from the public/shareholders. In respect of fixed deposit issued earlier, cheques had been issued
for the deposit amount and interest thereon amounting to Rs. 1.31 million, which remained unencashed as on March 31, 2009.
A
U
DI
T
OR
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'R
EP
O
RT
The comments on the statement of accounts referred to in the report of the auditors are self explanatory.
C
O
S
TA
UD
I
T
M/s.N.P.Gopalakrishnan & Co., cost accountants, have been appointed to conduct cost audit for the year ended March 31, 2009. They will submit
their report to the Board of Directors before forwarding it to the Ministry of Corporate Affairs, Government of India.
B
O
AR
D
OF
D
IR
E
CT
O
RS
The Govt. of Kerala nominated Mr.L.C.Goyal in place of Mr.K.Jose Cyriac on the Board of the Company w.e.f. 23rd October, 2008.
The present tenure of Mr.U.S.Oberoi as Whole-time Director is upto 25th November, 2009. The Remuneration Committee and the Board of
Directors at their meeting held on 29th April, 2009 considered and approved the re-appointment of Mr.U.S.Oberoi as Whole-time Director for a
further period of five years w.e.f. 26th November, 2009 subject to approval of the members at the ensuing annual general meeting.
Mr.L.C.Goyal, Mr.K.Jacob Thomas, Mr.M.R.B.Punja and Mr.Shardul S.Shroff retire by rotation at the forthcoming annual general meeting and
being eligible offer themselves for re-appointment.
None of the Directors are disqualified under Section 274 (1) (g) of the Companies Act, 1956.
C
O
NS
E
RV
A
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IO
NO
F
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NE
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GY
,
TEC
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NO
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OG
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AB
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OR
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,F
OR
E
I
GN
EX
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AR
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IN
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SA
N
DO
U
TG
O
The information as required u/s 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988, regarding conservation of energy, technology absorption, foreign exchange earnings and outgo are given in Annexure-
A to this report.
C
O
RP
O
RA
T
EG
O
V
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N
AN
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E
P
OR
T
A detailed report on corporate governance duly certified by the auditors is given in Annexure-B to this report.
A
U
DI
T
OR
S
M/s.Deloitte Haskins & Sells, Chartered Accountants, the auditors of your company, will retire at the ensuing annual general meeting and are
eligible for reappointment.
P
A
R
TI
C
UL
A
RS
O
FE
M
PL
O
YE
E
S
Information as per Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended,
is given in Annexure-C of this report.
D
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OR
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'
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S
IB
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Y
ST
A
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EN
T
As required by Section 217 (2AA) of the Companies Act, 1956, your directors state that:
i) In preparation of the annual accounts for the year ended March 31, 2009, the applicable accounting standards have been followed and
there has been no material departure;
ii) The selected accounting policies were applied consistently and the Directors made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the company as of March 31, 2009, and of the profit of the company for
the year ended as on date;
iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and
iv) The annual accounts have been prepared on a 'going concern' basis.
A
C
K
NO
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E
DG
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N
T
Your Directors place on record appreciation for the Central Government, the State Governments of Kerala, Gujarat, Haryana and all the bankers,
financial institutions, consumers, vendors and stakeholders for their valuable support and patronage during the year under review. The Board
further wishes to record their deep sense of appreciation for the contribution made by employees in the growth of the Company.

For and on behalf of the Board of Directors

Place : Gurgaon (Onkar S.Kanwar)

Date : 29th April, 2009 Chairman & Managing Director

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A
N
NE
X
UR
E
TO
D
IR
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C
TO
R
S'
REP
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RT
The Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

Information under Section 217 (1) (e) of the Companies Act,1956 read with Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 and forming part of the Directors Report for the year ended March 31, 2009.
A
)
C ONS
E RVA TIO N OF EN E R G Y:
(a) Measures taken for conservation of energy:
Your company continues to invest in the latest energy efficient technologies and deploying it effectively to maintain the competitive
edge. The latest initiatives include simplification of existing processes and reduction of cycle times, superior insulation systems and
improvement in steam recovery systems.
(b) Additional investment and proposal for reduction of energy usage:
Your company proposes to increase the usage of renewable sources of energy, process reengineering and continual investment into
energy efficient systems.
(c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of
goods:
The above measures have enabled the company to achieve reduction in power and fuel consumption per unit of production.
(d) Total energy consumption and energy consumption per unit of production

F
O
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A

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08
-
0
92 00
7
-
08
A POWER/FUEL CONSUMPTION
1. Electricity
a. Purchased Units (in Mill) 81.74 106.91
Total Amount (Rs./Mill) 386.05 438.58
Rate per Unit (Rs.) 4.72 4.10
b. Own Generation
i) Total Captive Generation
- Units (in Mill) 32.64 33.13
- Units/Ltr. of Diesel/Furnace oil 4.09 4.39
- Cost/Unit (Rs.) 7.27 5.96
ii) through steam turbine/generator
- Units (in Mill) 29.93 35.98
- Units/Ltr. of Diesel/Furnace oil 5.61 5.94
- Cost / Unit (Rs.) 5.08 2.22
2. Coal - -
3. Furnace oil/LSHS
Quantity (K.Ltrs) 38,622.88 43,574.86
Total Amount (Rs./Mill) 721.63 639.59
Average rate (Rs.) 18.68 14.68
4. Other/internal generation - -
B
C
ON SU M P T IO
N PERU
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FP
R
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I
ON
Electricity (KWH/MT) 587.95 673.67
Furnace Oil/LSHS (Ltrs/MT) 157.37 166.77
Coal & Others - -
B) TECHNOLOGY ABSORPTION
Efforts made in technology absorption as per form B
I) Research & Development
(1) Specific areas in which R&D is carried out by the company:
A group of highly qualified young scientists and technologist are engaged in the R&D activities of the company to maintain the
technological leadership both in India and abroad. R&D has made remarkable contribution and introduced new products, improved
the performance of the existing products and reduced the input cost. It has made vital contributions in manufacturing, improved the
productivity and efficiency of the company. Major contributions are the introduction of higher sizes of OTR tyres, one lakh kilometer
bias tyre for normal load application, concussion resistant tyres for super load application, truck radial tyres tailor made for over
load Indian markets, reduced dependence on natural rubber by developing suitable compounds, and enhanced productivity by
optimizing cure cycles based on in-house developed new technology. Several new designed and products in passenger category of
tyres were developed specially winter tyre & run flat tyre, ultra high performance tyre which can give comparable performance in
most demanding European markets.
(2) Benefits derived as a result of R&D:
R&D efforts had helped to improve the reputation of the company, reduce material cost, minimize the dependence on natural
rubber, improve the performance of the existing products, enter into the most demanding European markets. It also helped us to
enhance the ranges of our products such as OTR and TBR for high load application for Indian markets. Method developed for
understanding the vehicle tyre interaction as a single entity. Usage of this advanced multi-body dynamics tools is helpful to predict
the behavior of tyre in combination of vehicles.
(3) Future Plan of Action:
We have plans to develop OTR radial tyres, additional sizes in OTR bias tyres, low cost TBR tyres, improvement in ageing resistance
of TBR & PCR tyres, wear and failure prediction of tyres through simulation techniques.
(4) Expenditure on R&D: (Rs./million)
(a) Capital 80.88
(b) Deferred revenue expenditure -
(c) Revenue 195.75
(d) Total 276.63
(e) Total R&D expenditure as a % of turn over 0.68%
II) Technology absorption, adaptation and innovation
(1) Efforts towards technology absorption, adaptation and innovation:
Several projects have been initiated to absorb and adopt modern technology. These steps include the speeding up of all operations
to reduce the cycle time, minimization of components in the tyres, compilation of process to reduce handling time and man power,
standardisation of material & processes, new technological approach in mixing, extrusion, tyre building and curing of tyres to
improve productivity and quality. We have also initiated an innovative project of replacing imported synthetic rubber by modified
natural rubber.
(2) Benefits derived as a result of the above efforts:
We have made significant improvement in productivity in several areas of operation, improved performance of products, gained
customer confidence, reduced wastage and saved energy.
(3) Technology imported:
(a) No technology was imported during this financial year
(b) Year of import - Not applicable
(c) Has the technology been fully absorbed-we are focusing on the development of our own technology through in house R&D efforts.
(d) The present technology is based on our own R&D efforts.
C) FOREIGN EXCHANGE EARNINGS AND OUTGO
The company exports directly and also through Apollo International Ltd., an associate company.
i) Foreign Exchange Earnings: (Rs./million)
- On account of direct - export sales from Apollo Tyres Ltd.(FOB value) 2,483.84
- On account of export sales of Fixed Assets 19.43
ii) Foreign Exchange outgo (other than CIF value of imports) 222.02

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 Annexure-B

CORPORATE GOVERNANCE REPORT

Your Company has complied in all material respects, with the requirements of the Corporate Governance Code as per clause 49 of the listing
agreement with the stock exchanges.

A report on the implementation of the Corporate Governance Code of the listing agreement by your Company is furnished below:
1. C o m pa n y'
s philos ophy on C or porateG ove rn ance
At Apollo Tyres Ltd. (the Company), corporate governance brings direction and control to the affairs of the Company in a fashion that ensures
optimum return for stakeholders. Corporate governance is a broad framework, which defines the way Company functions and interacts with
its environment. It is a combination of voluntary practices and compliance with laws and regulations in each of the markets the Company
operates in, leading to effective management of the organisation.
The Company is guided by a key set of values for all its internal and external interactions. These are enshrined in the acronym CREATE which
stands for Care for customer, Respect for associates, Excellence through teamwork, Always learning, Trust mutually and Ethical practices.
Simultaneously, in keeping with best practices, your Company seeks to execute the practices of corporate governance by maintaining strong
business fundamentals and by delivering high performance through relentless focus on the following:
(a) Transparency by classifying and explaining the Company's policies and actions to those towards whom it has responsibilities, including
its employees. This implies the maximum possible disclosures without hampering the interests of the Company and those of its
shareholders.
(b) Accountability is a key pillar, where there cannot be a compromise in any aspect of accountability and full responsibility, even as the
management pursues profitable growth for the Company.
(c) Professionalisation ensures that management teams at all levels are qualified for their positions, have a clear understanding of their
roles and are capable of exercising their own judgement, keeping in view the Company's interests, without being subject to undue
influence from any external or internal pressures.
(d) Trusteeship brings into focus the fiduciary role of the management to align and direct the actions of the organisation towards creating
wealth and shareholder value in the Company's quest to establish a global network, while abiding with global norms and cultures.
(e) Corporate Social Responsibility ensures the promotion of ethical values and setting up exemplary standards of ethical behaviour in our
conduct towards our business partners, colleagues, shareholders and general public. Through this, the Company also ensures that it
contributes to society's overall welfare by undertaking not-for-profit activities which would benefit all or any of its stakeholders in
society.
(f) Safeguarding integrity ensures independent verification and truthful presentation of the Company's financial position. For this
purpose, the Company has also constituted an Audit Committee which pays particular attention to the financial management process.
(g) Continuous focus on training & development of employees and workers to achieve the overall corporate objectives, while ensuring
employee integration across national boundaries.
Your Company is open, accessible and consistent with its communication. Apollo Tyres Ltd shares a long term perspective and firmly
believes that good Corporate Governance practices underscore its drive towards competitive strength and sustained performance. Thus,
overall Corporate Governance norms have been institutionalised as an enabling and facilitating business process at the Board, Management
and at all operational levels.
2. Board of Directors
(a) Composition of Board: The Company has a broad-based Board and meets the 'Composition' criteria. As on March 31, 2009 the
Company's Board of Directors consist of 15 Executive and Non-Executive Directors, including leading professionals in their respective
fields. The following is the percentage of executive and non-executive directors of the Company:
Category of Directors No. of % of Total no.
Directors of Directors
Executive 4 27
Non Executive:
- Independent Directors 10 67
- Others 1 6
Total 15 100

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(b) The constitution of the board and attendance record of directors is given below:
Name/Designation Executive/ Non-Executive/ No. of positions held No. of Board Attendance at
of Director Independent in other companies Meetings attended last AGM
Board# Committee##
Mr. Onkar S.Kanwar Promoter – Executive 3 1 5 Yes
Chairman & Managing
Director
Mr. Neeraj Kanwar Executive 3 2 5 Yes
Vice Chairman &
Jt. Managing Director
Mr. A.K. Purwar Non-Executive 7 4 4 Yes
Independent
Mr. K.Jacob Thomas Non-Executive 5 1 4 Yes
Independent
Mr. L.C.Goyal ** Non-Executive 2 - 2 N.A.
Nominee Director – Independent
Govt. of Kerala (Equity Investor)
Mr.M.R.B.Punja Non-Executive Independent 6 3 5 Yes
Mr. M.J. Hankinson Non-Executive Independent - - 1 No
Mr.Nimesh N. Kampani Non-Executive Independent 5 3 Nil No
Mr.Raaja Kanwar Non-Executive 4 - 3 Yes
Mr.Robert Steinmetz Non-Executive Independent - - 4 Yes
Mr.Sunam Sarkar Executive - - 5 Yes
Chief Financial Officer &
Whole Time Director
Mr.Shardul S.Shroff @ Non-Executive Independent 6 3 Nil No
Dr. S. Narayan Non-Executive Independent 3 1 3 No
Mr. T. Balakrishnan Non-Executive Independent 14 - 4 Yes
Nominee Director
– Govt. of Kerala
(Equity Investor)
Mr.U.S.Oberoi Executive 1 - 5 Yes
Chief (Corporate Affairs)
& Whole Time Director
ceased to be director
Mr. K. Jose Cyriac* Non- Executive N.A. N.A. Nil N.A.
Nominee Director
-Govt. of Kerala (Equity Investor)

#This includes directorships held in Public Ltd. companies and subsidiaries of Public Ltd. companies and excludes directorships held in private
limited companies and overseas companies.
##For the purpose of committees of board of directors, only Audit and Shareholders' Grievance committees in other Public Ltd. companies and
subsidiaries of public Ltd. companies are considered.
* Mr. K. Jose Cyriac , Nominee Director of Govt. of Kerala has resigned from the directorship of the Company w.e.f. 9th May, 2008.
**Govt. of Kerala has nominated Mr.L.C. Goyal as director of the Company in place of Mr. K. Jose Cyriac w.e.f. 23rd October, 2008
@ Mr.Shardul S.Shroff is a partner of M/s.Amarchand & Mangaldas & Suresh A.Shroff & Co., carrying out the practice of solicitors and advocates
on record, to whom the Company has paid fee of Rs.7.50 million for the year 2008-2009 for professional advice rendered by the firm in which he is
interested. The board has determined that such payment in the context of overall expenditure by the Company, is not significant and does not
affect his independence.
 None of the directors of your Company is a member of more than 10 committees or is the chairman of more than five committees across
all the companies in which they are directors.
(c) Relationship amongst Directors
Mr.Neeraj Kanwar, Vice – Chairman & Jt.Managing Director and Mr.Raaja Kanwar, Director are sons of Mr.Onkar S.Kanwar, Chairman &
Managing Director.
(d) Profile of the Chairman
Mr.Onkar S.Kanwar is the Chairman & Managing Director of Apollo Tyres Ltd. Mr.Kanwar has graduated in science and administration
from University of California. Innovation, quality and exclusivity are Mr.Kanwar's guiding principles, which have helped the Company to
achieve a great turnaround. He is the past President of Federation of Indian Chamber of Commerce and Industry (FICCI). Mr.Kanwar
has also held the office of Chairman of Automotive Tyres Manufacturing Association (ATMA), the apex body of the Indian tyre industry
and is a past President of the Indian arm of the International Chamber of Commerce.
(e) During the year, five board meetings were held on the following dates: -
9th May, 2008
18th July, 2008
23rd October, 2008
19th January, 2009
19th March, 2009
The gap between any two meetings never exceeded four months as per the requirements of clause 49 of the listing agreement. The
required information was suitably placed before the Board to the extent possible at the Board Meetings.
3. Audit Committee
a) Constitution and Composition of Committee:
The Board of Directors constituted an audit committee in the year 1992. The present audit committee comprises of following three non-
executive and independent directors who have financial/accounting acumen to specifically look into the internal controls and audit
procedures:
Name of Director Designation Category of Director No. of meetings attended
Mr. M.R.B. Punja Chairman Non- Executive Independent 5
Mr.K. Jacob Thomas Member Non- Executive Independent 4
Dr. S. Narayan Member Non- Executive Independent 4
In addition to the members of the audit committee, these meetings are attended by the Heads of Accounts & Finance and other
respective functional heads, Internal Auditors, Cost Auditors and Statutory Auditors of the Company, wherever necessary, and those
executives of the Company who are considered necessary for providing inputs to the committee. Members have discussions with the
Statutory Auditors during the meetings of the committee and the quarterly/half-yearly and annual audited financials of the Company
are reviewed by the audit committee before consideration and approval by the board of directors. The committee also reviews the
Internal Control Systems, IT systems and conduct of the Internal Audit.
b) Meetings:
During the financial year, the audit committee met five times on the following dates: -
9th May, 2008
17th July, 2008
23rd October, 2008
19th January, 2009
27th March, 2009
c) Mr.P.N. Wahal, Company Secretary, acts as secretary of the committee.
d) Role of Internal Auditors
The organisation considers the Internal Audit Department as a powerful tool with clear focus on risk control and governance. Internal
Auditing assesses and promotes strong ethics and values within the organisation and serves as an educational resource regarding
changes and trends in the business and regulatory environment.

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 At Apollo, the Internal Audit Team aims at audit of the organisation which is reflected by quality review of all major functional areas-
Production, Marketing, Sales, Technical, Commercial and Finance. Besides legal and compliance issues, Internal Audit function
supports in evaluation of Internal Control Systems and locating all other important issues, which contribute to organisational
objectives of customer delight, employee satisfaction, operating profit margin increase and revenue growth.
Internal Audit also provides objective assurance to the Board on all the major findings during their audit.
e) Terms of reference:
The audit committee has been entrusted with the following responsibilities: -
Overview
£ of the Company's financial reporting process and disclosure of its financial information to ensure that the financial
statements are correct, sufficient and credible
Recommend
£ the appointment/removal of External Auditors, nature and scope of audit, fixation of audit fee and payment for any
other services to external auditors.
Review with the management, the quarterly/half yearly and annual financial statements before submission to the board focusing
£
primarily on:-
- Any changes in accounting policies and practices.
- Major accounting entries based on exercise of judgement by management.
- Qualifications in draft audit report.
- Significant adjustments arising out of audit.
- The Going Concern Assumption.
- Compliance with Accounting Standards.
- Compliance with Stock Exchange and legal requirements concerning Financial statements.
Any related
£ party transactions i.e. transactions of the Company of material nature, with promoters or the management, their
subsidiaries or relatives etc. that may have potential conflict with the interests of Company at large.
Discussion and review of the Internal Audit Reports and the reports of the external auditors with the management.
£

Review of the adequacy and effectiveness of internal audit function, the internal control system of the Company, compliance with
£
the Company's policies and applicable laws and regulations.
Discussions with External Auditors about the scope of audit including the observations of the auditors.
£

Discussion with Internal Auditors about significant findings and follow up thereon.
£

Reviewing
£ the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or
irregularity or a failure of internal control system of a material nature and reporting the matter to the Board.
Reviewing the Company's financial and risk management policies.
£

Looking into the reasons for substantial defaults, if any, in payments to the depositors, debenture holders, shareholders
£

Reviewing on going relationship of business partners.

£

The audit committee may also review such matters as are considered appropriate by it or referred to it by the board.
4. Remuneration Committee
a) Constitution and Composition of the Committee:
The Board of Directors had constituted a Remuneration Committee in the year 2003. The present composition of the Remuneration
Committee is as follows:
Name of Director Designation Category of Director No. of meetings attended
Mr. M.R.B. Punja Chairman Non- Executive Independent 1
Dr.S.Narayan Member Non- Executive Independent 1
Mr. K. Jacob Thomas Member Non- Executive Independent Nil
b) Meetings of the Committee:
During the financial year, the Remuneration Committee met on 9th May, 2008.
c) Mr. P.N. Wahal, Company Secretary, acts as the secretary of the Committee.
d) Terms of Reference
The Remuneration Committee has been entrusted with the following responsibilities:
To review and grant annual increments to Managing/Joint Managing Director.
¢

To vary and/or modify the terms and conditions of appointment/re-appointment including remuneration and perquisites,
¢
commission etc. payable to Managing Directors within the overall ceiling of remuneration as approved by the members.
To suitably suggest changes based on changes in Schedule XIII of the Companies Act, 1956 and/or any amendments and/or
¢
modifications that may be made by the Central Govt. from time to time.
To do all such acts, deeds, things and execute all such documents, instruments and writings as may be considered necessary,
¢
expedient or desirable on this subject.
e) Payment of remuneration/sitting fee to the directors
Remuneration paid/payable to directors during the financial year 2008-2009 is given below:
i) Executives:
(Rs./Million)
Name of Director Salary Contribution to Commission/ Perquisites Total
PF/Superannuation Performance Bonus Remuneration
Mr.Onkar S.Kanwar 18.00 5.72 50.00 18.42 92.14
Mr.Neeraj Kanwar 6.00 2.27 6.00 8.73 23.00
Mr.U.S.Oberoi 2.50 1.11 1.41 2.79 7.81
Mr.Sunam Sarkar 2.64 1.04 1.76 6.55 11.99
Total 29.14 10.15 59.17 36.48 134.94
The remuneration policy of the Company is to remain competitive in the industry to attract and retain talent and appropriately
reward them on their contribution. The criteria for payment of remuneration to the executive directors takes into account the
business plans and market conditions.
ii) Non-Executives: Sitting fee and commission paid/to be paid to the non-executive directors is in pursuance of the resolution
passed by the Board.
During the year, the following fee/ commission was paid to the non-executive directors

Name of Director Sitting fee (Rs./million) Commission provided for the No. of Shares held as on Stock Option, if any
year 2008-09 (Rs./Million) 31st March, 2009
Mr.A.K. Purwar 0.08 0.64 - N.A.
@Mr.K.Jose Cyriac*
Mr. T Balakrishnan* 0.12 1.27 - N.A.
Mr. L.C. Goyal*
Mr.K.Jacob Thomas 0.20 0.64 442050 N.A.
Mr.M.R.B.Punja 0.22 0.64 - N.A.
Mr.M.J. Hankinson 0.02 0.64 - N.A.
Mr.Nimesh Kampani 0.00 0.64 - N.A.
Mr.Raaja Kanwar 0.06 0.64 180880 N.A.
Mr.Robert Steinmetz 0.08 0.64 - N.A.
Mr.Shardul S.Shroff 0.04 0.64 - N.A.
Dr.S.Narayan 0.16 0.64 - N.A.

@Resigned from the directorship w.e.f. 9th May, 2008.

*Commission payable to Govt. of Kerala.

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5. Shareholders'/Investors' Transfer/Grievance Committee
(a) Constitution and Composition of the Committee
The Company has constituted a Shareholders'/Investors' Transfer/Grievance Committee comprising of the following
members:-

Name of Director Designation No.of meetings attended

Mr.K.Jacob Thomas Chairman 2

Mr.Neeraj Kanwar Member 4
Mr.Shardul S.Shroff Member 2
Mr.Sunam Sarkar Member 4
Mr.U.S.Oberoi Member 4
Mr. P.N.Wahal, Company Secretary, acts as Secretary of the Committee.
(b) Terms of reference
This Committee has been formed with a view to undertake the following: -
• Approval of transfer/transmission of shares/debentures issued by the Company, issue of duplicate certificates and
certificates after split/consolidation/ replacement.
• Looking into the redressal of shareholders' and investors' complaints like transfer of shares/debentures, demat of shares,
non-receipt of balance sheet, dividend and interest etc
(c) Meetings
During the year, four meetings of the Shareholders' /Investors' Transfer/ Grievance Committee were held.
(d) Compliance Officer
Mr.P.N.Wahal, Company Secretary, has been designated as the compliance officer.
(e) No. of shareholders' complaints received
During the year 2008-2009, the Company received 34 complaints. As on date, no complaints are pending other than those,
which are under litigation, disputes or court orders. All other complaints were attended and resolved to the satisfaction of the
shareholders.
6. General Body Meetings and Dividend declared
a) The last three AGMs were held as under: -
Year Venue Date Time
2007-2008 Kerala Fine Arts Theatre, 18.07.2008 10.00 A.M.
Fine Arts Avenue,
Foreshore Road, Ernakulam,
Kochi (Kerala)
2006-2007 - do - 26.07.2007 10.00 A.M
2005-2006 - do - 25.08.2006 10.00 A.M

b) Special Resolutions passed during the previous three AGMs : -

Year Special Resolution passed
2007-2008 - Employees Stock Option Scheme
2006-2007 - Increase the limit of FIIs holding upto 30%
2005-2006 - Commission to Directors other than the Managing/Whole Time Directors

c) Resolutions passed last year through postal ballot

During the year 2008-2009, no resolutions were passed through postal ballot.
 d) Dividend declared in last three annual general meetings.

Financial Year Ended Dividend

31.03.2008 50%
31.03.2007 45 %
31.03.2006 45 %
7. Disclosures
a) Related Party Transactions
Related Parties and transactions with them as required under Accounting Standard (AS-18) are furnished under paragraph number 19
of the Notes to the Accounts attached with the financial statements for the year ended March 31, 2009.
No transaction of material nature has been entered into by the Company with its promoters, the directors or the management, their
subsidiary or relatives etc. that may have a potential conflict with the interests of the Company. The Register of contracts containing
transactions, in which directors are interested, is placed before the board regularly.
b) Risk Management Procedure
In terms of sub-clause IV.C of Clause 49 of the Listing Agreement, the Company has made its Risk Charter and Risk Profile etc. on the
basis of comprehensive study undertaken by Deloitte Touche Tohmatsu Private Limited to frame a risk management policy/internal
control frame work. The Board/Audit Committee periodically reviews the risks and plans to mitigate the same.
c) Compliance by the Company
There has been no instance of non-compliance by the Company on any matter related to capital markets during the last three years.
A Statutory Compliance Dashboard system has been introduced to create a centralized repository for all evidence of compliance.
8. Means of communication
The quarterly/half yearly and annual financial results of the Company are normally published in Financial Express (A National Daily) and
£
Kerala Kumudi (A Regional Daily). In addition to the above, quarterly and annual results are displayed at our website at
www.apollotyres.com for the information of all the shareholders.
All material information about the Company is promptly sent to the stock exchanges and the Company regularly updates the media and
£
investor community about its financial as well as other organizational developments.
Also pursuant to Clause 51 of the Listing Agreement, financial information like annual and quarterly financial statements, shareholding
£
pattern, etc. are available on SEBI website www.sebiedifar.nic.in
9. Management Discussion & Analysis
A detailed Management Discussion & Analysis is provided in the annual report .
10. General shareholder information
(a) Registered Office : 6th Floor,
Cherupushpam Building,
Shanmugham Road,
Kochi – 682 031.
Kerala.
(b) Annual General Meeting
- Date : 23rd July, 2009
- Day : Thursday
- Time : 10.00 A.M.
- Venue : Kerala Fine Arts Theatre,
Fine Arts Avenue,
Foreshore Road,
Ernakulam, Kochi (Kerala).

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(c) Financial Calendar for Financial Year 2009-2010
Financial Reporting for the quarter ending June 30, 2009 : Month of July 2009
Financial Reporting for the quarter ending September 30, 2009 : Month of October 2009
Financial Reporting for the quarter ending December 31, 2009 : Month of January 2010
Financial Reporting for the quarter ending March 31, 2010 : April - June 2010

(d) Date of Book-Closure

The dates of the book closure shall be from 1st July, 2009 to 23rd July, 2009 (both days inclusive).

(e) Dividend Payment

The dividend of 45% per equity shares for the financial year 2008-09, subject to approval from shareholders, has been
recommended by the Board of Directors. The same shall be paid on or after 23rd July, 2009 but within the statutory time limit.

(f) Listing at Stock Exchanges

1. Cochin Stock Exchange Ltd., 2. Bombay Stock Exchange Ltd.
MES, Dr. P.K. Abdul Gafoor Memorial Phiroze Jeejeebhoy Towers,
Cultural Complex, 36/1565, 4th Floor, 1st Floor, Dalal Street,
Judges Avenue, Kaloor, Mumbai – 400001.
Kochi – 682017. Ph.: 022-22721233/34
Ph.0484-2400044,2401898 Fax: 022-22721919/3027
Fax:0484-2400330 E-mail: corp.relations@bseindia.com
E-mail: cse1@vsnl.com

3. National Stock Exchange of India Ltd

Exchange Plaza, Bandra Kurla Complex
Bandra (E), Mumbai – 400 051
Ph.: 022-26598100-14
Fax: 022-26598237-38
E-mail: cmlist@nse.co.in

The annual listing fee for the year 2008-2009 has been paid to all the aforesaid stock exchanges.

(g) Stock Code

Bombay Stock Exchange Ltd. 500877
National Stock Exchange of India Ltd. APOLLOTYRE
(h) Stock Market Price Data for the year 2008-2009
ATL share price on NSE & Nifty Index
Month NSE Nifty Index
High (Rs.) Low (Rs.) Volume High Low
(in million)
April, 08 47.30 39.10 12.82 5230.75 4628.75
May, 08 48.40 40.50 17.53 5298.85 4801.90
June, 08 42.80 31.15 6.92 4908.80 4021.70
July, 08 34.00 27.80 9.03 4539.45 3790.20
August, 08 41.05 29.10 29.31 4649.85 4201.85
September,08 41.90 28.75 36.40 4558.00 3715.05
October, 08 39.00 20.95 13.09 4000.50 2252.75
November, 08 27.35 18.30 20.54 3240.55 2502.90
December, 08 21.50 18.20 16.02 3110.45 2570.70
January, 09 21.20 16.80 11.05 3147.20 2661.65
February, 09 18.10 13.60 7.04 2969.75 2677.55
March, 09 21.00 14.65 31.25 3123.35 2539.45

ATL share price on BSE & Sensex

Month BSE Sensex
High (Rs.) Low (Rs.) Volume (in million) High Low
April, 08 46.95 39.00 6.62 17480.74 15297.96
May, 08 48.40 40.50 8.95 17735.7 16196.02
June, 08 43.00 32.10 3.46 16632.72 13405.54
July, 08 33.45 27.75 3.89 15130.09 12514.02
August, 08 40.85 29.15 17.20 15579.78 14002.43
September,08 41.00 32.25 27.69 15107.01 12153.55
October, 08 38.45 21.10 16.83 13203.86 7697.39
November, 08 27.30 18.30 17.71 10945.41 8316.39
December, 08 21.70 18.15 16.67 10188.54 8467.43
January, 09 21.50 16.50 6.02 10469.72 8631.60
February, 09 18.05 14.80 6.37 9724.87 8619.22
March, 09 20.40 14.75 18.85 10127.09 8047.17

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(i) Shares Traded during 1st April 2008 to 31st March 2009
BSE NSE
No. of shares traded (in million) 150.26 210.99
Highest Share Price (in Rs.) 48.40 48.40
Lowest Share Price (in Rs.) 14.75 13.60
Closing Share Price (as on March 31, 2009) 18.18 18.25
Market Capitalization (as on March 31, 2009) (in million) 9163.17 9198.45
(j) Distribution of Shareholding
The following is the distribution of shareholding of equity shares of the company as on 31st March, 2009: -
Category No. of Shareholders % of Shareholders No. of Shares Held % of shareholding
1-2500 142362 97.68 50373456 9.99
2501-5000 1968 1.35 7444228 1.48
5001-10000 777 0.53 5781708 1.15
10001-20000 307 0.21 4372580 0.87
20001-30000 107 0.07 2693529 0.53
30001-40000 41 0.03 1440374 0.29
40001-50000 18 0.01 838267 0.17
50001-100000 55 0.04 4002900 0.79
100001 & above 118 0.08 427077728 84.73
Total 145753 100.00 504024770 100.00

“Group” for inter-se transfer of shares

As required under Clause 3(a) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
1997, the following entities constitute “Group” (within the meaning as defined in the Monopolies and Restrictive Trade Practices Act, 1969)
for the purpose of Regulation 10 to 12 of the aforesaid SEBI Regulations: Apollo Finance Ltd., Sunrays Properties & Investment Co. Pvt. Ltd.,
Ganga Kaveri Credit & Holding Co. Pvt. Ltd., Sacred Heart Investment Co. Pvt. Ltd., Kenstar Investment & Finance Pvt. Ltd., Neeraj
Consultants Ltd., Constructive Finance Pvt. Ltd., Motlay Finance Pvt. Ltd., Indus Valley Investment & Finance Pvt. Ltd., Sargam Consultants
Pvt. Ltd., Global Capital Ltd., Apollo International Ltd., PTL Enterprises Ltd. and Mr.Onkar S.Kanwar along with his family members.
The above entities, along with the family members hold 198.31 million shares constituting 39.35% of share capital of the Company as on
31st March, 2009.

SHAREHOLDING PATTERN

Promoters : 39.35%
Fls / Banks /
Mutual Funds : 17.53%

Govt. of Kerala Public : 26.38%

& Others : 1.98%

FIIs / NRIs / Foreign Bodies Corporate : 14.76%

(k) Share Transfer System
To expedite the share transfer in physical segment, “Shareholders'/Investors' Transfer/ Grievances Committee” has authorised whole-
time director and Company secretary to approve transfer of securities upto 10,000 received from individuals and transfers pertaining to
shares of notified parties lodged by the Office of Custodian on weekly basis. In case of approval of transfer of securities over 10,000, the
“Shareholders'/Investors' Transfer/Grievances Committee” meets at periodical intervals. In any case, all share transfers are
completed within the prescribed time limit from the date of receipt, if document meets the stipulated requirement of statutory
provisions in all respects. In reference to SEBI directives, the Company is providing the facility for transfer and dematerialization of
securities simultaneously. The total no. of shares transferred during the year were 468530. All the transfers were completed within
stipulated time.
(l) Dematerialisation of Shares and Liquidity
The equity shares of the Company are being traded under compulsorily demat form as per SEBI notification. The Company's shares are
tradable compulsorily in electronic form and are available for trading in the depository systems of both National Securities Depository
Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL). The International Securities Identification Number (ISIN) of the
Company, as allotted by NSDL and CDSL, is INE438A01022. As on 31st March, 2009, 96.39 % of the share capital stands
dematerialized.
(m) Share Transfer/Demat Registry work
All share transfers/demat are being processed in house. The Company has established direct connectivity with NSDL/CDSL for
carrying out demat completely in house.
(n) Share Transfer Department
All Communications regarding change of address for shares held in physical form, dividend etc, should be sent at the Company's
corporate office at:-
Apollo Tyres Ltd.
Apollo House, 7, Institutional Area,
Sector-32, Gurgaon – 122 001 (Haryana)
Tel Nos: (0124) 238 3002-10
Fax : (0124) 238 3351
E-Mail : investors@apollotyres.com
(o) ECS Mandate
All shareholders are requested to update their bank account details with their respective depositories urgently. This would enable the
Company to service its investors better.
(p) Plant Location
1. Perambra, P.O.Chalakudy,
Trichur – 680 689(Kerala)
2. Limda, Taluka Waghodia,
Dist.Vadodara – 391 760 (Gujarat)
(q) Address for correspondence : Secretarial Department
for share transfer/demat Apollo Tyres Ltd.
of shares, payment of dividend Apollo House,
and any other query relating 7, Institutional Area,
to shares Sector-32, Gurgaon.
Tel Nos. 0124-238 3002-10
(r) The non-mandatory requirements of clauses 49 of the listing agreement, wherever necessary have been complied with.

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11. ADDITIONAL INFORMATION
a) Investor Relations Section
The Investors Relations Section is located at the Corporate Office of the Company.
Contact person : Mr.P.N.Wahal, Compliance Officer
Time : 10.00 A.M. to 6.00 P.M. on all working days of the Company.
(Saturdays & Sundays closed)
Phone No. : (0124) 2383002 – 10 (Extn.602)
Fax No. : (0124) 2383351
E-mail : investors@apollotyres.com
b) Bankers
State Bank of India State Bank of Mysore
State Bank of Patiala The Federal Bank Ltd.
Union Bank of India BNP Paribas
Bank of India Canara Bank
Punjab National Bank Citi Bank
ICICI Bank Ltd. IDBI Bank Ltd.
Standard Chartered Bank State Bank of Travancore
(c) Auditors
Deloitte Haskins & Sells, Chartered Accountants
(d) Cost Auditors
N.P. Gopalakrishnan & Co., Cost Accountants
( e) Secretarial Audit
As stipulated by SEBI, a qualified Company Secretary in practice conducts the Secretarial Audit of the Company for the purpose of
reconciliation of total admitted capital with the Depositories, i.e. NSDL and CDSL, and the total issued and listed capital of the
Company.
The Company Secretary in practice conducts such Secretarial Audit in every quarter and issues a Secretarial Audit Certificate to this
effect to the Company.
(f) Code of Conduct of Insider Trading
Apollo Tyres Ltd. has a Code of Conduct for 'Prevention of Insider Trading' in the securities of the Company. The Code of Conduct
prohibits the purchase/ sale of shares of the Company by employees in possession of unpublished price sensitive information
pertaining to the Company. Mr. P.N. Wahal, Company Secretary, has been appointed as Compliance Officer.
This Code of Conduct is applicable to all the Directors, Departmental Chiefs and Heads and such other employees of the Company who
are expected to have access to unpublished price sensitive information.
(g) Code of Conduct for Directors and Senior Management
Apollo Tyres has a code of business conduct called “The Code of Conduct for Directors and Senior Management”. The Code envisages
that Board of Directors and Senior Management must act within the bounds of the authority conferred upon them and with a duty to
make and keep themselves informed about the development in the industry in which the Company is involved and the legal
requirements to be fulfilled.
The Code is applicable to all the Directors and Senior Management of the Company. The Company Secretary is the compliance officer.
The declaration of the Chairman & Managing Director, dated 29th April, 2009, affirming compliance of provisions of the code of
conduct for Directors and Senior Management is given below:

Declaration Affirming Compliance of provisions of the Code of Conduct

To the best of my knowledge and belief and on the basis of declarations given to me, I hereby affirm that all the Board members and the
senior management personnel have fully complied with the provisions of the Code of Conduct for Directors and Senior Management
Personnel during the financial year ended March 31, 2009.
For Apollo Tyres Ltd.

Date : 29th April, 2009 (Onkar S.Kanwar)

Place : Gurgaon Chairman & Managing Director
COMPLIANCE:
The certificate dated 29th April, 2009 obtained from statutory auditors, M/s. Deloitte Haskins & Sells, forms part of this annual report and the
same is given herein:

AUDITORS' CERTIFICATE
AS PER CLAUSE 49 OF THE LISTING AGREEMENT

CERTIFICATE
To the Members of Apollo Tyres Ltd.
We have examined the compliance of conditions of corporate governance by Apollo Tyres Ltd. (the company) for the year ended on 31st March,
2009, as stipulated in Clause 49 of the Listing Agreement of the company with stock exchanges.
The compliance of conditions of corporate governance is the responsibility of the management. Our examination was limited to the procedures
and implementation thereof, adopted by the company for ensuring the compliance of the conditions of the Corporate Governance. It is neither
an audit nor an expression of opinion on financial statements of the company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the company has complied with
the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement.
We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with
which the management has conducted the affairs of the company.

For DELOITTE HASKINS & SELLS

CHARTERED ACCOUNTANTS
-sd-
Geetha Suryanarayanan
Place : Gurgaon Partner
Date : 29th April, 2009 Membership No.29519

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AUDITORS' REPORT
TO THE MEMBERS OF APOLLO TYRES LTD.
1. We have audited the attached Balance Sheet of Apollo Tyres Ltd.(the Company) as at 31st March 2009, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-
section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we report that:
i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of
our audit;
ii. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books
of account;
iv. In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.
v. On the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that
none of the directors is disqualified as on 31st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956 as on the said date.
vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India;
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2009;
(ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

For Deloitte Haskins & Sells

Chartered Accountants

Geetha Suryanarayanan
Place : Gurgaon Partner
Date : 29th April, 2009 Membership No : 29519
Annexure referred to in paragraph 3 of our report of even date
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) Physical verification of fixed assets is carried out in a phased manner as determined by the management, whereby assets held at the
Company's factories have been verified during the year. The program of verification is considered reasonable having regard to the size of
the Company and the nature of its assets and no material discrepancies were noticed on such verification.
(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern status of the Company.
(ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the
book records were not material.
(iii) (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods.
During the course of our audit, we have not observed any significant continuing failure to correct major weaknesses in such internal
controls.
(v) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or
arrangements referred to in Section 301 of the Companies Act, 1956 have been entered into the register required to be maintained under
that section; and
In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five
lakhs in respect of any party during the year have been made at prices which are, prima facie, reasonable having regard to prevailing
market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public during the year.
(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the Company relating to the manufacture of automobile tyres and tubes,
pursuant to the order made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records with a view to determining whether they are accurate or complete.
(ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, Income-Tax, Sales-Tax, VAT, Wealth-Tax, Service Tax, Customs Duty,
Excise Duty, Cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no undisputed amounts in respect of Provident Fund, Investor Education and
Protection Fund, Employees' State Insurance, Income-Tax, Sales Tax, VAT, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess
and other material statutory dues applicable to the Company were in arrears as at 31st March 2009, for a period of more than six
months from the date they became payable.
(c) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty and Cess which have not been deposited on account of any dispute, except the following:

7
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73
 Name of the Nature of dues Amount Period to which Forum where
statute (Rs. in Million) the amount relates dispute is pending
Custom Custom Duty 23.50 Assessment Years Assistant/Deputy
Act, 1982 1989-90 & 1994-95 commissioner of
Customs/Supreme Court
Sales Tax Act Sales Tax 48.91* Assessment Years Various Appellate
applicable to 1990-91 to 2003-04 Authorities/Revenue
various States Board/High Court
Central Excise Act, Excise Duty and 658.99 1995-96 to 2002-03 Various Appellate
1944 Additional Excise Duty Authorities/High Court
Income Tax Act, Income Tax 237.10** Assessment years Various Appellate
1961 1993-94 to Authorities/High
2006-07 Court
* Net of deposits Rs.16.74 Million
** Net of deposits Rs. 10.00 Million
(x) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses in the current and
immediately preceding financial year.
(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to
banks, financial institutions and debenture holders during the year.
(xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has
not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.
(xiv) The Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of
clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans
taken by others from bank or financial institutions during the year except for the bank deposits pledged by the Company as referred
to in Schedule 6 to the financial statements.
(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the
Company were, prima facie, applied during the year for the purpose for which these loans were obtained, other than temporary
deployment pending application.
(xvii) According to the information and explanations given to us, and on overall examination of the Balance Sheet of the Company, no funds
raised on short-term basis have been used for long term investment.
(xviii) According to the information and explanations given to us, the Company has made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the Act. In our opinion, the price at which such shares have been
issued is not prejudicial to the interests of the Company.
(xix) The Company had created security in respect of debentures issued during the year.
(xx) The Company has not raised any money by public issues during the year as defined under SEBI (Disclosure and Investor Protection)
Guidelines, 2000 which excludes conversion of warrants referred to in Note 3.b to Schedule 12 to the financial statements.
(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, we report that no fraud on or by
the Company has been noticed or reported during the year.
For Deloitte Haskins & Sells
Chartered Accountants

Geetha Suryanarayanan
Place : Gurgaon Partner
Date : 29th April, 2009 Membership No : 29519
7
4
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75
BALANCE SHEET
AS AT 31st MARCH 2009
Schedule As at 31st As at 31st
March, 2009 March,2008
Rs./Millions Rs./Millions
SOURCES OF FUNDS :
Shareholders' Funds :
Share Capital 1 504.09 488.51
Equity Share Warrants ( Note - B 3(b) ) - 45.65
Reserves and Surplus 2 13,053.04 11,799.99
13,557.13 12,334.15
Loan Funds : 3
Secured 4,623.88 2,231.45
Unsecured 2,331.27 2,375.06
6,955.15 4,606.51
Deferred Tax Liability (Net) ( Note - B 15 ) 1,560.67 1,412.00
TOTAL 22,072.95 18,352.66
APPLICATION OF FUNDS :
Fixed Assets 4
Gross Block 18,379.96 15,697.79
Less : Depreciation 6,946.60 5,987.83
Net Block 11,433.36 9,709.96
Capital Work in Progress 2,814.09 944.08
14,247.45 10,654.04

Investments 5 2,974.48 3,027.13

Current Assets, Loans and Advances : 6
Inventories 4,170.47 5,132.91
Sundry Debtors 872.84 1,551.33
Cash and Bank Balances 3,405.98 2,658.53
Other Current Assets 5.03 128.39
Loans and Advances 1,952.69 1,786.84
10,407.01 11,258.00
Less: Current Liabilities and Provisions: 7
Current Liabilities 4,601.22 5,658.25
Provisions 956.28 930.85
5,557.50 6,589.10
Net Current Assets 4,849.51 4,668.90
Deferred Revenue Expenditure ( Note - B 8 ) 1.51 2.59

TOTAL 22,072.95 18,352.66

SIGNIFICANT ACCOUNTING POLICIES 12
AND NOTES ON ACCOUNTS
As per our Report attached MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
For DELOITTE HASKINS & SELLS Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Chartered Accountants Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
GEETHA SURYANARAYANAN MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Partner Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Gurgaon Whole Time Director Company Secretary MR. SHARDUL SHROFF
29th April, 2009
Directors
PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 31st MARCH 2009
Schedule Year Ended Year Ended
31st March, 2009 31st March,2008
Rs./Millions Rs./Millions
INCOME
Gross Sales 45,496.32 42,469.83
Less : Excise Duty 4,791.91 40,704.41 5,530.56 36,939.27
Other Income 8 112.47 92.23
40,816.88 37,031.50
EXPENDITURE
Manufacturing and Other Expenses 9 37,190.87 32,851.26
Decrease / (Increase) in Work in Process and Finished Goods 10 265.86 (552.74)
Interest 11 668.43 520.41
38,125.16 32,818.93
PROFIT BEFORE DEPRECIATION & TAX 2,691.72 4,212.57
Depreciation 980.07 878.10
PROFIT BEFORE TAX 1,711.65 3,334.47
Provision for Tax - Current 439.30 975.01
- Deferred 148.67 121.43
- Fringe Benefit Tax 42.50 630.47 45.00 1,141.44
NET PROFIT 1,081.18 2,193.03

ADD: PROFIT BROUGHT FORWARD FROM PREVIOUS YEAR 2,992.01 1,672.12

Transfer from Debenture Redemption Reserve - 21.70
4,073.19 3,886.85
DEDUCT- APPROPRIATIONS:
General Reserve 500.00 600.00
Debenture Redemption Reserve 62.50 -
Proposed Dividend 226.81 252.01
Dividend Tax 38.55 42.83
827.86 894.84
Surplus Carried To Schedule 2 3,245.33 2,992.01

Basic Earnings per share (Face value of Re. 1/- each) (Rs.) 2.15 4.66
Diluted Earnings per share (Face value of Re. 1/- each) (Rs.) 2.15 4.64

SIGNIFICANT ACCOUNTING POLICIES 12

AND NOTES ON ACCOUNTS

As per our Report attached MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
For DELOITTE HASKINS & SELLS Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Chartered Accountants Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
GEETHA SURYANARAYANAN MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Partner Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Gurgaon Whole Time Director Company Secretary MR. SHARDUL SHROFF
29th April, 2009
Directors

7
6
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As per our Report attached MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
For DELOITTE HASKINS & SELLS Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Chartered Accountants Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
GEETHA SURYANARAYANAN MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Partner Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Gurgaon Whole Time Director Company Secretary MR. SHARDUL SHROFF
29th April, 2009
Directors
S
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SCHEDULE 3 - LOANS
As at As at
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
SECURED
Debentures
1,000,000 - 11.25% Non Convertible Debentures of Rs. 100/- each - 100.00
Less: Redeemed to Date - 100.00
- -
1,250 - 11.50 % Non Convertible Debentures of Rs 1,000,000/- each 1,250.00 -
Less: Redeemed to date - -
1,250.00 -

Term Loans
From In t
e rnati
on alFina
n
ce
C
or
p
or
at
i
on
:
- Foreign Currency 178.62 345.33
- Rupee Loan 214.34 392.96 321.52 666.85

From Banks:
- ECB from BNP Paribas, Singapore 732.75 -
- ECB from Standard Chartered Bank, Singapore 1,001.00 -
- State Bank of India 250.00 500.00

From Institutions:
- Bharat Earthmovers Ltd. (BEML) 500.00 -
- G E Capital Services India 45.00 105.00
2,921.71 1,271.85

Other Loans:
- Banks - Cash Credit 32.76 500.72
- Deferred Payment Credit 362.39 383.33
- Sales Tax Loan 57.02 75.55
452.17 959.60

4,623.88 2
,
23
1.
45

U
N
S
EC
U
RE
D
- Commercial Paper 1,000.00 -
- Short term Loans - From Banks 1,331.27 2,375.06
2,331.27 2,375.06

8
0
/
81
NOTES: SECURED LOANS
1. Loan from International Finance Corporation is secured by :
A pari passu first charge along with other lenders on the company's land at Chalakudy, Kerala State and at village Limda, Gujarat State
¢
together with the Factory Buildings, Plant & Machinery and Equipments, both present and future.
A first and fixed charge on the Company's Land and premises situated at Gurgaon, Haryana State together with all existing and future
¢
buildings, erections and structures.
A pari passu first charge on all the movable assets except current assets of the company.
¢

A second charge on all the current assets of the company.

¢

2. Loan from State Bank of India is secured by :

A pari passu first charge along with other lenders on the company's land at Chalakudy, Kerala State and at village Limda, Gujarat State
¢
together with the Factory Buildings, Plant & Machinery and Equipments, both present and future.
A second charge on all the current assets of the company.
¢

3. Loan from GE Capital Services India is secured by :

A pari passu first charge along with other lenders on the company's land at Chalakudy, Kerala State and at village Limda, Gujarat State
¢
together with the Factory Buildings, Plant & Machinery and Equipments, both present and future.
A pari passu first charge on all the moveable assets except current assets at Chalakudy, Kerala State and at village Limda, Gujarat
¢
State.
4. Loan from BNP Paribas is secured by:
A pari passu first charge along with other lenders by way of mortgage (created on 21st April, 2009 ) on the company's land at village
¢
Limda, Gujrat State together with the factory Building, Plant and Machinery and equipments, both present and future . Further, this has
to be secured by way of mortgage on all the immovable assets of the company, both present and future.
A pari passu first charge along with other lenders by way of hypothecation over all movables assets of the company, both present and
¢
future ( except stocks & book debts)
5. Loan from Standard Chartered Bank is secured by;
A pari passu first charge along with other lenders by way of mortgage (created on 21st April, 2009) on the company's land at village
¢
Limda, Gujrat State together with the factory Building, Plant and Machinery and equipments, both present and future . Further, this has
to be secured by way of mortgage on all the immovable assets of the company, both present and future.
A pari passu first charge along with other lenders by way of hypothecation over all movable fixed assets of the company, both present &
¢
future(except current assets); and
A second charge by way of hypothecation over all current assets of the company.
¢

6. Loan from BEML is secured by :

Hypothecation on the assets to be created out of the proceeds of the loan taken from BEML.
¢

7. 1,250 (Nil) 11.50% Secured Redeemable Non-Convertible Debentures of Rs.1 Million each aggregating to Rs 1,250 Millions (Nil) subscribed
by Life Insurance Corporation of India is secured by a pari passu first charge (created on 21st April, 2009) along with other lenders by way
of mortgage on the Company's Land & Premises at Chalakudy, Kerala State & at Village Limda, Gujrat State together with the factory
buildings, Plant & machinery & Equipments, both present & future.
8. Cash Credits and Guarantees from Banks are secured by Hypothecation of Raw materials, Work-in-Process, Stocks, Stores and Book Debts
ranking in priority to the charge created in respect of the IFC Loan and also by second charge on the Company's land at Chalakudy, Kerala
State and at Village Limda, Gujarat State together with the Factory Buildings, Plant & Machinery and Equipments, both present and future.
9. Deferred payment credit is secured by specific assets purchased under the scheme and includes Rs. 24.11 Million (Rs.20.94 Millions)
repayable within one year.
10. The company had availed interest free Sales Tax Loan from Gujarat State Government amounting to Rs. 112.61 Millions. This loan is secured
by a pari-passu charge on the entire fixed assets of the company, both present and future situated at Village Limda in Gujarat State. The said
loan is repayable in six equal annual installments on the expiry of 14 years from the commencement of commercial production i.e. 31st May,
2006. Accordingly, a sum of Rs 18.53 Millions (Rs. 18.53 Millions) was paid during the year and a similar amount is repayable within one year.
11. Secured Loans include Rs. 576.74 Millions (Rs. 602.65 Millions) repayable within one year.
12. Maximum amount outstanding on Commercial papers at any time during the year is Rs. 2,250 Millions ( Rs. 2,450 Millions).
SCHEDULE 4 - FIXED ASSETS
Rs./Millions
GROSS BLOCK DEPRECIATION / AMORTIZATION NET BLOCK
Description of Assets As at Additions Deductions As at As at Additions Deductions To date As at As at
31st March, 31st March, 31st March, 31st March, 31st March,
2008 2009 2008 2009 2008
Land 74.27 - 0.40 73.87 73.87 74.27
(b) (b)
Leasehold Land 153.65 153.65 1.20 1.74 - 2.94 150.71 152.45
(a)
Buildings 1,731.13 960.78 41.81 2,650.10 388.10 50.86 0.06 438.90 2,211.20 1,343.03
(b) (b)
Plant & Machinery 12,142.63 1,539.58 21.90 13,660.31 4,729.64 797.40 3.49 5,523.55 8,136.76 7,412.99
(b) (c) (b)
Electrical Installation 344.03 121.62 - 465.65 176.21 17.72 - 193.93 271.72 167.82

Furniture, Fixtures & Office 609.82 70.62 1.29 679.15 306.64 44.77 0.54 350.87 328.28 303.18
Equipments

Vehicles 5
0
0.
01 91.33 45.37 545.97 290.88 43.05 17.21 316.72 229.25 209.13

Intangible Assets 142.25 9.01 - 151.26 95.16 24.53 - 119.69 31.57 47.09

15,697.79 2,792.94 110.77 18,379.96 5,987.83 980.07 21.30 6,946.60 11,433.36 9,709.96
(d)

Previous Year 14,926.11 1,426.23 654.55 15,697.79 5,417.56 878.10 307.83 5,987.83 9,709.96 9,508.55

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8
2
/
83
SCHEDULE 5 - INVESTMENTS
As at As at
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
LONG TERM (AT COST):
TRADE (FULLY PAID)
QUOTED
Equity Shares of Rs.10/- each in Companies:
999,515 (999,515) Shares in Raunaq Finance Ltd. 1
0
.
00 10.00
167,150 (167,150) Shares in Apollo Tubes Ltd. 0
.
17 0.17
16,394 (16,394) Shares in Bharat Gears Ltd. 0
.
36 0.36
1
0
.
53 10.53
UNQUOTED
24,500 (24,500) Equity Shares of Rs. 10/- each in Apollo Radial Tyres Ltd. 0
.25 0.25
24,500 (24,500) Equity Shares of Rs. 10/- each in Apollo Automotive Tyres Ltd. 0
.25 0.25
5,568,188 (5,568,188) Equity shares of US$ 1 each in Apollo (Mauritius) 2
4
9.
01 249.01
Holdings Pvt Ltd. - wholly owned subsidiary
48,666,679 (51,941,679) 9% Non-cumulative redeemable preference shares 2
,
59
7.
06 2,771.92
of US$ 1 each in Apollo (Mauritius) Holdings Pvt Ltd. - wholly owned subsidiary
(25,000 Shares Acquired during the year - Cost Rs. 1.24 Millions)
(3,300,000 Shares Redeemed during the year - Cost Rs. 176.10 Millions)
3,248,652 (100,000) Equity Shares of CHF 1 each in Apollo Tyres A.G., Switzerland 1
2
5.
55 3.34
-wholly owned subsidiary
(3,148,652 Shares Acquired during the year - Cost Rs. 122.21 Millions)
5,000 (5,000) Equity Shares of Rs. 100/- each in Apollo Tyres Employees' 0
.
50 0.50
Multipurpose Co-operative Society Limited
2
,
97
2.
62 3,025.27

NON TRADE (FULLY PAID)

QUOTED
CURRENT:
132,191 (132,191) Units of "UTI Balanced Fund - Dividend Plan - Reinvestment" 1
.
50 1.50
of Unit Trust of India (Face Value of Rs. 10/- each) #
2
,
98
4.
65 3,037.30
Less : Provision for diminution / reduction in the value of Investments 1
0.
17 10.17
2
,
97
4.
48 3,027.13
Cost / Book value of quoted Investments (Net of provision for diminution /
reduction in the value of Investments ) 0
.
36 0.36
Market price of quoted Investments 0
.
27 0.72
# Repurchase price of units 1
.
89 2.61
SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES
As at As at
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
CURRENT ASSETS
Inventories : @
Raw Materials 1
,
34
0.
74 1,973.56
Stores and Spares 29
5.
76 251.29
Work-in-Process 28
9.
25 240.91
Finished Goods 2
,
24
4.
72 2,667.15
4
,
17
0.
47 5,132.91
Sundry Debtors - Unsecured
Outstanding for a period exceeding six months:
Considered Good 1
7.
94 11.29
Considered Doubtful 4
6.
78 46.78
Others - Considered Good* 8
5
4.
90 1,540.04
9
1
9.
62 1,598.11
Less: Provision for Doubtful Debts 4
6.
78 46.78
8
7
2.
84 1,551.33
Cash and Bank Balances
Cash on hand 4
.8
6 2.94
Cheques on hand 6
6
6
.7
4 420.65
Remittances in Transit 3
2
1
.4
2 326.99

With Scheduled Banks :

Current Accounts 73
7.
65 792.93
Dividend Accounts 2
2.
94 17.75
Deposit Accounts** 1
,
65
2.
37 1,097.27
3
,
40
5.
98 2,658.53
Other Current Assets
Interest Accrued on Loans/ Deposits*** 5
.
03 128.39
5
.
03 128.39

* Includes due from Subsidiary Company - 1.57

** Includes Rs. 168.13 Millions (Rs.156.75 Millions) pledged with a bank against
which working capital loan has been availed by Apollo Finance Ltd.

*** Includes due from Subsidiary Company - 128.00

@ Includes stock in transit of Finished Goods 7

2
9.
98 619.81

8
4
/
85
SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES (Continued)

As at As at
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
LOANS AND ADVANCES - UNSECURED
(Considered good unless otherwise stated)
Advances recoverable in cash or in kind
or for value to be received
Considered Good* 1,881.68 1,642.53
Considered Doubtful 41.12 2.25
1,922.80 1,644.78
Less: Provision for Doubtful Advances 41.12 2.25
1,881.68 1,642.53
Advance Tax 3,910.09 3,501.60
Less: Provision for Taxation (3,839.26) 70.83 (3,357.46) 144.14
Balance with Customs, Port Trust etc. 0.18 0.17
1,952.69 1,786.84

10,407.01 11,258.00

* Includes dues from Subsidiary Companies 22.28 48.73

SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS
As at As at
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
CURRENT LIABILITIES
Acceptances 245.02 749.16
Sundry Creditors:
Dues to micro & small enterprises (Note B-4) 43.88 109.46
Others* 4,198.95 4,753.34
**Investor Education and Protection Fund shall be credited
by the following amounts whenever due:-
Unpaid Debenture Redemption Amount 0.85 1.74
Unpaid Interest on Debentures 0.17 0.47
Unpaid Matured Deposits 1.21 1.21
Interest on Unpaid Matured Deposits 0.10 0.10
Unpaid Dividend 22.94 17.75

Interest accrued but not due on Loans 88.10 25.02

4,601.22 5,658.25
PROVISIONS
Dividend Tax 38.55 42.83
Proposed Dividend on Equity Shares 226.81 252.01
Provision for Sales related obligations 484.91 431.10
Gratuity, Leave Encashment & Superannuation 206.01 204.91
956.28 930.85
5,557.50 6,589.10

* Includes due to Subsidiary Company 8.22 -

** 1. There are no amounts due and outstanding as at Balance Sheet Date to be credited to the Investor Education & Protection Fund.
2. Other unpaid amounts represent warrants / cheques issued to the Debentureholders / Depositors / Shareholders, as the case may be,
which remain unpresented to the bankers as on 31st March, 2009.

SCHEDULE 8 - OTHER INCOME

Year Ended Year Ended
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
Income from Investments
Income from trade Investments 0.02 -
Income from Non-trade Investments
- From Mutual Funds - 0.45
0.02 0.45
Profit on Sale of Assets (Net) * 12.16 -
Provisions no longer required written back 69.80 -
Bad Debts Recovered 5.00 -
Miscellaneous Receipts ** 25.49 91.78
112.47 92.23

* Includes Transfer from Revaluation Reserve to the extent of Rs. 0.35 Millions (Nil).
** Tax Deducted at Source Rs. 0.56 Millions ( Rs. 0.41 Millions).

8
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87
SCHEDULE 9 - MANUFACTURING & OTHER EXPENSES
Year Ended Year Ended
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
MATERIALS
Raw Materials Consumed* 2
8
,
04
2.
63 23,930.19
Less: Scrap Recoveries 9
5.
99 80.59
2
7
,
94
6.
64 23,849.60
Purchase of Finished Goods 1
,
16
2.
04 1,035.08
EMPLOYEES
Salaries, Wages and Bonus** 1
,
65
4.
32 1,855.75
Contribution to Provident and Other Funds 12
9.
31 115.38
Workmen and staff welfare expenses 29
1.
83 299.42
MANUFACTURING, ADMINISTRATIVE AND SELLING
Consumption of stores and spare parts 27
1.
69 270.81
Power and Fuel 1
,
49
2.
94 1,348.15
Conversion Charges 53
9.
05 448.91
Repairs and Maintenance
- Machinery 5
9.
48 66.26
- Buildings 2
7.
63 21.03
- Others 1
2
6.
89 122.56
Rent*** 1
0
3.
01 93.80
Insurance 6
0.
26 65.58
Rates and Taxes 7
4.
11 74.88
Directors' Sitting Fees 0.
98 0.92
Loss on Sale of Assets (Net) - 4.00
Travelling, Conveyance and Vehicle Expenses 4
3
4.
04 394.04
Postage, Telex, Telephone and Stationery 6
4.
63 63.86
Freight & Forwarding 8
7
9.
37 851.15
Commission to Selling Agents 5
0.
04 43.57
Sales Promotion Expenses 6
4
5.
77 714.30
Advertisement & Publicity 2
6
7.
92 245.18
Research and Development 1
9
5.
75 107.42
Bank Charges 6
1.
14 48.61
Provision for Doubtful Advances 3
8.
87 2.25
Bad Debts Written off - 6.12
Less: Transferred from Provision - - 5.68 0.44
Lease Rent to PTL Enterprises Ltd. 25
0.
00 200.00
Legal & Professional Expenses 14
0.
10 101.15
Miscellaneous Expenses**** 22
3.
06 407.16
3
7
,
19
0.
87 32,851.26

* Includes Foreign Exchange Fluctuation Loss of Rs. 204.76 Millions (Net of Gain of Rs. 60.28 Millions).
** Includes VRS payments amortised during the year of Rs. 1.71 Millions (Rs. 2.24 Millions).
*** Net of Rent Receipts of Rs. 13.42 Millions, TDS Rs. 3.04 Millions (Rs.13.73 Millions, TDS - Rs. 3.15 Millions).
**** Net of Foreign Exchange Fluctuation Gain of Rs. 62.75 Millions (Including loss of Rs.20.39 Millions).
SCHEDULE 10 - (INCREASE) / DECREASE IN WORK IN PROCESS AND FINISHED GOODS

Year Ended Year Ended

31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
OPENING STOCK
Work in Process 240.91 270.46
Finished Goods 2,667.15 2,124.36
2,908.06 2,394.82
Less:
CLOSING STOCK
Work in Process 289.25 240.91
Finished Goods 2,244.72 2,667.15
2,533.97 2,908.06

374.09 (513.24)
Excise Duty on Increase/Decrease
of Finished Goods (Note B - 5) (108.23) (39.50)

265.86 (552.74)

SCHEDULE 11 - INTEREST

Year Ended Year Ended

31st March, 2009 31st March,2008
Rs./Millions Rs./Millions
Fixed Loans* 146.10 122.28
Debentures 22.84 0.88
Others # * 499.49 397.25
668.43 520.41

# Net of Interest Earned Rs. 58.73 Millions (Rs. 30.90 Millions) including:
Interest Earned on Deposits Rs. 47.96 Millions (Rs. 15.59 Millions).
Interest Earned on Trade Balances Rs. 7.02 Millions (Rs. 5.65 Millions).
Interest Earned - Others Rs. 3.75 Millions (Rs. 9.66 Millions).
Tax Deducted at source on Interest Earned Rs. 8.67 Millions (Rs.4.38 Millions).
* Net of Foreign Exchange Fluctuation gain of Rs. 36.50 Millions (Rs. 2.64 Millions).

8
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89
SCHEDULE 12 - SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS

A. SIGNIFICANT ACCOUNTING POLICIES:

1. A. BASIS OF ACCOUNTING
The financial statements are prepared on historical cost convention with the exception of certain fixed assets (which were revalued) based
on accrual method of accounting and in accordance with the accounting principles generally accepted in India and comply with the
mandatory accounting standards notified by the Central Government of India and with the relevant provisions of the Companies Act, 1956.
B. USE OF ESTIMATES
The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amounts
of assets and liabilities including the disclosure of contingent liabilities as of the date of the financial statements and the reported income
and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are
prudent and reasonable. Actual results could vary from these estimates. Any revision to accounting estimates is recognised in the period in
which the results are known/materialized.
2. FIXED ASSETS
(a) Fixed assets are stated at cost ,as adjusted by revaluation of certain land, buildings, plant and machineries based on the then
replacement cost as determined by approved independent valuer in 1986 and 1987 , less depreciation.
(b) All costs relating to the acquisition and installation of fixed assets (net of Cenvat /VAT credits wherever applicable) are capitalised and
include finance cost on borrowed funds attributable to acquisition of qualifying fixed assets for the period upto the date when the asset is
ready for its intended use and adjustments arising from exchange differences arising from foreign currency borrowings to the extent
they are regarded as an adjustment to interest costs.(Also refer accounting policy No. 4 on Borrowing Costs.) Other incidental
expenditure attributable to bringing the fixed asset to its working condition for its intended use is capitalized.
(c) Fixed assets taken on finance lease are capitalised and depreciation is provided on such assets, while the interest is charged to the profit
and loss account.
3. DEPRECIATION
Depreciation on fixed assets is provided using straight line method at the rates specified in Schedule XIV of the Companies Act 1956, except
for certain vehicles and other equipments for which the depreciation is provided at 30% and 16.67% respectively. Certain plant and
machinery are classified as continuous process plant based on technical evaluation by the management.
Additional depreciation consequent to the enhancement in the value of fixed assets on the revaluation is adjusted in the fixed assets
revaluation reserve account.
Leasehold land/improvements thereon is amortised over the period of lease.
In respect of fixed assets whose useful life has been revised, the unamortized depreciable amount is charged over the revised remaining
useful life.
4. BORROWING COSTS
Borrowing costs are capitalised as part of the cost of qualifying asset when it is possible that they will result in future economic benefits and
the cost can be measured reliably. Other borrowing costs are recognised as an expense in the period in which they are incurred.
5. IMPAIRMENT OF ASSETS
The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable
amount is the greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value at the pre tax weighted average cost of capital.
6. INTANGIBLE ASSETS
The expenditure incurred by the company on acquisition and implementation of software system / development cost upto the stage when
the new product reaches technical feasibility, has been recognised as an intangible asset and is amortized over a period of five years based
on their estimated useful life.
7. INVESTMENTS
Long term investments are stated at cost and provision for diminution is made if the decline in value is other than temporary in nature.
Current investments are stated at lower of cost and fair value determined on the basis of each category of investments.
8. INVENTORIES
Inventories are valued at the lower of cost and net realisable value. The cost comprises of cost of purchase, cost of conversion and other
costs including appropriate production overheads in the case of finished goods and work in process, incurred in bringing such inventories to
their present location.
In case of raw materials and stores & spares, cost (net of Cenvat/VAT credits wherever applicable) is determined on a moving weighted
average basis and in case of work in process and finished goods, cost is determined on first in first out basis
9. FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are recorded at rates of exchange prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currencies as at the balance sheet date are translated at the rate of exchange prevailing at the year-end. Exchange
differences arising on actual payments/realisations and year-end restatements are dealt with in the profit & loss account.
The premium or discount arising at the inception of the foreign exchange contract is amortised as expense or income over the life of the
contract. Exchange difference on such contracts is recognised in the profit and loss account in the year in which the exchange rates change.
Exchange difference arising on a monetary item that, in substance, forms part of the company's net investment in a non-integral foreign
operation has been accumulated in a foreign currency translation reserve in the company's financial statement until the disposal of net
investment, at which time they would be recognised as income or as expense.
10. REVENUE RECOGNITION
Revenue is recognised when the significant risks and rewards of ownership of goods have been passed to the buyer. Gross sales are inclusive
of excise duty and are net of trade discounts/sales returns/VAT.
11. EXPORT INCENTIVE
Export Incentive in the form of advance licences / credit earned under duty entitlement pass book scheme are treated as income in the year
of export at the estimated realisable value / actual credit earned on exports made during the year and are credited to the raw material
consumption account.
12. EMPLOYEE BENEFITS
Liability
¢ for gratuity to employees determined on the basis of actuarial valuation as on balance sheet date is funded with the Life
Insurance Corporation of India and are recognised as an expense in the year incurred.
Liability for short term compensated absences is recognised as expense based on the estimated cost of eligible leave to the credit of the
¢
employees as at the balance sheet date on undiscounted basis. Liability for long term compensated absences is determined on the basis
of actuarial valuation as on the balance sheet date.
Contributions to defined contribution schemes such as provident fund, employees pension fund and superannuation fund and cost of
¢
other benefits are recognised as an expense in the year incurred.
Actuarial gains and losses arising from experience adjustments and effects of changes in actuarial assumptions are immediately
¢
recognised in the profit & loss account as income or expense.
13. DEFFERED REVENUE EXPENDITURE
Payments under voluntary retirement scheme are being charged to profit and loss account over a period of three years or over the period
ending 31st March, 2010 which ever is earlier.
14. TAXES ON INCOME
Current tax is determined on the income for the year chargeable to tax in accordance with the Income Tax Act, 1961.
Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year, and quantified using
the tax rates and laws enacted or substantially enacted as on the balance sheet date. Deferred tax assets are recognised only to the extent
there is a reasonable certainty that assets can be realised in future, however where there is unabsorbed depreciation or carry forward of
losses ,deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets.
15. PROVISIONS
A provision is recognised when the company has a present obligation as a result of past event; it is probable that an outflow of resources will
be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to their present value
and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date and adjusted to reflect the current best estimates.

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B NOTES ON ACCOUNTS:
1. CONTINGENT LIABILITIES

PARTICULARS 2008-09 2007-08

Rs./Millions Rs./Millions
Sales Tax 65.64 68.59
Income Tax-Disputed Demands under Appeal 247.10 145.60
Claims not acknowledged as debts - Employee Related 28.22 17.81
- Property Disputes 2.60 2.60
- Others 16.53 11.29
Provision of Security 168.13 156.75
Guarantees given by bankers on behalf of the Company 588.18 370.88
Custom Duty 23.50 23.50
Excise Duty* 125.68 297.30
Irrevocable letters of credit 1,562.98 1,141.22

* Excludes demands of R s.5 33. 31 M i

lli
o ns (Rs. 533.31 Millions) raised on one of the company's units relating to the issues which have been
decided by the Appellate Authority in company's favour in appeals pertaining to another unit of the company.
In the opinion of the management, no provision is considered necessary for the disputes mentioned above on the grounds that there are
reasonable chances of successful outcome of appeals.
2. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st March, 2009 is R s. 6,
3 14.31
M ill
ion s(Rs. 3,882.86 Millions).
3. a) Split of equity shares
Pursuant to the resolution passed by the shareholders at the annual general meeting held on 26th July, 2007, the equity shares of Rs.10
each of the company were sub divided into 10 equity shares of Re.1 per share with effect from record date i.e., 27th August, 2007.
b) Preferential allotment of equity share to the promoter group through conversion of Equity share warrants
During 2006-07, the company had received Rs. 117.20 Millions towards 10% security deposit against preferential allotment of 4 Million
equity share warrants to the promoter group (in accordance with SEBI (DIP) guidelines, 2000) at Rs.293.00 each to be converted into 40
Million equity shares of Rs.1.00 each at a premium of Rs.28.30 per equity share (4 Million equity shares of Rs. 10.00 each at a premium of Rs.
283.00 each prior to share split) on exercise of option by warrant holders before the expiry of 18 months from 19th October, 2006.
During the year, the company has issued 15,580,000 (24,420,000) equity shares consequent upon conversion of the remaining 1,558,000
(2,442,000) warrants into equity shares on exercise of option by promoter group. Accordingly, Rs. 410.84 Millions (Rs. 643.96 Millions)
equivalent to 90% of the conversion price in respect of 15,580,000 (24,420,000) equity shares has been received during the year and utilised
towards meeting the normal capital expenditure and other general business needs of the company.
c) Buy Back of the Shares :
During the year, the Board of Directors at its meeting held on 19th March 2009 has approved a proposal to buy back equity shares of the
company from open market through stock exchange route up to an amount not exceeding Rs 1,220 Million at a maximum buy back price of
Rs 25 per equity share.
4. Based on information available with the company and relied upon by the auditors, the information as required to be disclosed under "Micro,
Small and Medium Enterprises Development Act, 2006" (MSMDA) as on 31st March , 2009 is given below:

PARTICULARS 2008-09 2007-08

Rs./Millions Rs./Millions
Principal amount unpaid as at year-end 38.85 104.79
Amount paid after appointed date during the year 104.54 346.85
Amount of interest accrued and unpaid as at year-end 5.03 4.67

5. Excise duty relating to sales has been disclosed as a reduction from turnover. Excise duty related to difference between the closing stock
and opening stock has been disclosed in Schedule 10 "(Increase)/Decrease in Work in Process and Finished Goods”.
6. Borrowing costs capitalized / transferred to capital work in progress during the year is Rs. 215.48 Millions (Re.0.31 Millions).
7. Research and development comprises of the following:
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
(A) Revenue Expenditure
Salary, Wages & Other Benefits 61.30 30.90
Travelling & Conveyance 8.90 4.89
Others 125.55 71.63
SUB-TOTAL 195.75 107.42

(B) Capital Expenditure 80.88 15.89

TOTAL (A+B) 276.63 123.31

8. Deferred revenue expenditure:

PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Payment Under Voluntary Retirement Scheme
Opening Balance 2.59 1.24
Add : Payment during the year 0.63 3.59
Less : Amortized during the year 1.71 2.24
Closing Balance 1.51 2.59

9. (A) Computation of profit for managerial remuneration:

PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Net Profit as per Profit & Loss Account 1,081.18 2,193.03
Add : Provision for Tax 630.47 1,141.44
Remuneration to Managing / Wholetime Directors 134.94 186.81
Commission to Non-Whole Time Directors 7.00 7.00
Sitting Fees to Directors 0.98 0.92
Provision for Doubtful debts/advances 38.87 2.25
Loss on sale of Assets at Pune Plant as per books - 2.84
Loss on sale of assets as per books - 4.00
Less : Profit on Sale of Assets (18.17) -
Net Profit 1,875.27 3,538.29
1% Commission to Non-Wholetime Directors restricted
to (Included under Miscellaneous Expenses) 7.00 7.00

(B) Remuneration to Managing / Whole-time Directors included under Employees Expenses:-

i) Remuneration to Managing Director & Joint Managing Director :
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Salary 24.00 22.80
Commission 56.00 110.80
Contribution to Provident /Superannuation Funds /Gratuity /Compensated absences* 7.99 6.15
Money Value of Perquisites 27.15 31.18
TOTAL 115.14 170.93

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ii) Remuneration to Whole-time Directors
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Salary 5.14 4.18
Commission/Performance Bonus 3.17 5.59
Contribution to Provident / Superannuation Funds / Gratuity/Compensated absences* 2.15 1.13
Money Value of Perquisites 9.34 4.98
TOTAL 19.80 15.88
TOTAL (i + ii) 134.94 186.81

*The figures for previous year do not include provisions for compensated absences and gratuity as separate actuarial valuations are not
available.
10. Statutory Auditors' Remuneration included under Miscellaneous Expenses
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
For Audit 3.50 2.00
For Certification & Other Service 2.78 2.13
Reimbursement of expenses 0.52 0.59
TOTAL 6.80 4.72

1
1
.(
A)Ca
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PARTICULARS UNIT INSTALLED CAPACITY* PRODUCTION @

PER ANNUM
2008-09 2007-08 2008-09 2007-08
Automobile Tyres No. 9,896,725 9,659,232 8,592,050 8,867,443
Automobile Tubes No. 7,486,464 7,677,965
Automobile Flaps No. 3,649,053 3,867,532
Alloy Wheels No. 3,948 15
Camel Back/Pre-cured Tread Rubber No. 248,040 248,040 133,435 149,176

* As certified by Management (Includes capacity under Lease agreement)

@ Includes Production under Lease Arrangement and purchases/conversion of Finished Goods by Conversion Agents: -

PARTICULARS 2008-09 2007-08

Nos. Nos.
Tyres 756,021 975,
3 5
7
Tubes 7,486,464 7,
677,
9 65
Flaps 3,649,053 3,
867,
5 3
2
PCTR 133,435 149,176
Alloy Wheels 3,948 1
5
(B) Turnover and stock

PARTICULARS Opening Stock Turnover* Closing Stock

Unit 2008-09 2007-08 2008-09 2007-08 2008-09 2007-08
Automobile Tyres No. 740,385 568,968 8,699,334 8,696,026 633,101 740,385
Rs./Millions 2,203.63 1,839.78 40,606.34 37,911.94 1,857.84 2,203.63
Automobile Tubes No. 780,961 652,423 7,298,044 7,549,427 969,381 780,961
Rs./Millions 345.07 220.95 3,816.19 3,581.50 287.33 345.07
Automobile Flaps No. 378,051 243,063 3,713,146 3,732,544 313,958 378,051
Rs./Millions 66.48 43.03 840.51 806.27 57.45 66.48
Pre-cured Tread Rubber No. 37,222 14,375 148,861 126,329 21,796 37,222
Rs./Millions 49.08 17.67 224.38 167.95 29.60 49.08
Alloy Wheels No. 3,597 4,199 2,216 617 5,329 3,597
Rs./Millions 2.89 2.93 8.90 2.17 12.50 2.89
TOTAL Rs./Millions 2,667.15 2,124.36 45,496.32 42,469.83 2,244.72 2,667.15
* Includes quantities relating to claims and own consumption.
(C) Raw Materials Consumed
PARTICULARS 2008-09 2007-08
Tonnes Rs./Millions Tonnes Rs./Millions
Fabric 23,131.64 4,450.73 24,929.93 4,193.56
Rubber 131,090.09 16,225.10 139,664.30 13,490.96
Chemicals 20,795.05 2,041.15 21,460.37 1,953.54
Carbon Black 64,344.10 3,447.97 69,256.16 2,817.91
Others 1,877.68 1,474.22
TOTAL 28,042.63 23 ,
9 30.19

(D) Break-up of Consumption

PARTICULARS 2008-09 2007-08
% Rs./Millions % Rs./Millions
Raw Material – Imported 38.59 10,820.79 31.23 7,473.04
- Indigenous 61.41 17,221.84 68.77 16,457.15
100.00 28,042.63 100.00 23,930.19
Stores & Spares- Imported 7.99 21.73 7.44 20.15
-Indigenous 92.01 249.96 92.56 250.66
100.00 271.69 100.00 270.81

(E) C.I.F. Value of Imports

PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Raw Material 10,328.93 7,274.01
Stores & Spares 107.50 40.18
Capital Goods 1,086.11 204.44

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 (F) Expenditure in Foreign Currency (Remitted) :
(Excluding value of imports)
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Interest 4 2.
9 2 50.94
Dividend for the year 2007-08 (2006-07)* 29.6 1 26.55
Others 14 9.
4 9 214.63
*Number of non-resident Shareholders – 33 (37), Number of Shares held by Non resident Shareholders – 59,219,500 (59,229,500).
12. Earnings in Foreign Exchange:
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
FOB Value of Exports 2 ,483 .84 940.24
FOB Value of Sale of Fixed Assets 19 .43 -

13. Pre-operative expenses capitalized / included in capital work-in-progress during the year:
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Salaries, Wages and Bonus 56.13 3.46
Contribution to Provident and Other Funds 11.83 0.14
Welfare Expenses 0.14 0.13
Rent 0.02 1.91
Travelling, Conveyance and Vehicle expenses 3.44 4.84
Postage, Telex Telephone and Stationery 0.41 0.11
Power Expenses 4.15 -
Insurance Expenses 4.41 -
Miscellaneous Expenses 115.18 0.28
TOTAL* 195.71 10.87
*Including R s.14 3.
7 4M illi
on s(Rs 10.87 Millions) lying in capital work in progress as on 31st March, 2009.

14. Employee Benefits

The company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on
leaving the company at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with Life Insurance
Corporation of India.
The following table summarise the components of net benefit expense recognised in the profit and loss account and the funded status and
amounts recognised in the balance sheet for the respective plan:

Profit and Loss Account:

PARTICULARS 2008-09 2007-08
Rs. Millions Rs. Millions
Net employee benefit expenses (recognised in employee cost):
Current service cost 2
4
.
71 1
9
.
77
Interest cost on benefit obligation 2
3
.
78 23.87
Expected return on plan assets (
2
3.
32
) (19.93)
Net actuarial loss recognised in the year 2
3
.
28 17.81
Net benefit expense 4
8
.
45 4
1
.
52
Balance Sheet
PARTICULARS 2008-09 2007-08
Rs. Millions Rs. Millions
Reconciliation of present value of the obligation and the fair value of plan assets
Fair value of plan assets at the end of the year 3
1
1
.0
3 248.14
Present value of funded obligation at the end of the year 3
9
3
.0
4 339.69
Asset/(Liability) recognised in the balance sheet (
8
2.
01
) (91.55)

Changes in the present value of the defined benefit obligation are as follows:
PARTICULARS 2008-09 2007-08
Rs. Millions Rs. Millions
Present value of obligations as at the beginning of the year 3
3
9
.6
9 298.35
Interest cost 2
3
.
78 23.87
Current service cost 2
4
.
71 19.77
Benefits paid (
2
0.
22
) (20.62)
Actuarial loss on obligation 2
5
.
08 18.32
Present value of obligations as at the end of the year 3
9
3
.0
4 339.69

Changes in the fair value of plan assets are as follows:

PARTICULARS 2008-09 2007-08
Rs. Millions Rs. Millions
Fair value of plan assets at beginning of the year 2
4
8.
1
4 213.12
Expected return on plan assets 2
3
.
32 19.93
Contributions 5
7
.
99 28.83
Benefits paid (
2
0.
22
) (14.25)
Actuarial gain on plan assets 1
.
80 0.51
Fair value of plan assets as at the end of the year 311 .03 248.14
The company's gratuity funds are managed by the Life Insurance corporation of India and therefore the composition of the fund assets
is not presently ascertained.

Principal actuarial assumptions

PARTICULARS 2008-09 2007-08
Rate (%) Rate (%)
a) Discount rate 7.0 0 8.00
b) Future salary increase* 4.5 0 5.50
c) Expected rate of return on plan assets 9.4 0 9.35
* The estimates of future salary increase take into account inflation, seniority, promotion and other relevant factors.

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As per our Report attached
For DELOITTE HASKINS & SELLS
Chartered Accountants
GEETHA SURYANARAYANAN
Partner
Gurgaon
29th April, 2009
MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Whole Time Director Company Secretary MR. SHARDUL SHROFF
Directors
B
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s.
MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Gurgaon Whole Time Director Company Secretary MR. SHARDUL SHROFF
29th April, 2009
Directors

1
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2/
1
03
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1 NUMBER OF SHARES HELD 5,568,188 ORDINARY 314 ORDINARY 2,487,818 ORDINARY 103 ORDINARY 45,000 EQUITY 3,248,652 9 EQUITY SHARE SHARE CAPITAL 10 MILLION
IN THE SUBSIDIARY SHARE OF US$ 1/- SHARES OF ZAR SHARES OF ZAR SHARES OF GBP SHARE OF US$ 1 EQUITY OF EURO 25, 000 OF 256,976 tHUF ORDINARY
COMPANY FULLY PAID & 1 EACH FULLY 0,0001 EACH 1 EACH FULLY PAID EACH FULLY PAID SHARES OF CHF-1 EACH FULL PAID FULLY PAID SHARES OF
48,666,679 9% PAID (SUBSIDIARY FULLY PAID (SUBSIDIARY (SUBSIDIARY EACH FULLY PAID (SUBSIDIARY (SUBSIDIARY NGN 1 EACH
NON-CUMULATIVE THROUGH AMHPL) (SUBSIDIARY THROUGH ATSAPL) THROUGH THROUGH THROUGH (SUBSIDIARY
REDEEMABLE THROUGH ASHPL) AMHPL) AT AG) AT AG) THROUGH
PREFERENCE AMHPL)
SHARES OF
US$ 1/- FULLY PAID

2 PERCENTAGE OF HOLDING IN 1
0
0
.0
0
% 1
0
0
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0
% 1
0
0
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0
% 1
0
0
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0
.
00
%10
0
.
00
% 1
0
0
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0
% 1
0
0
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0
%
THE SUBSIDIARY COMPANY

3 FINANCIAL YEAR ENDED 3

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4 PROFITS/(LOSSES) OF THE
SUBSIDIARY COMPANY FOR
ITS FINANCIAL YEAR SO
FAR AS IT CONCERNS THE
MEMBERS OF APOLLO
TYRES LTD. WHICH HAVE
NOT BEEN DEALT WITH IN
THE ACCOUNTS OF APOLLO
TYRES LTD. FOR THE YEAR
ENDED 31ST MARCH, 2009 *

FOR THE YEAR (1

5
3
.2
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5
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2 1
9
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FOR THE PREVIOUS

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.
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.0
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5 THE NET AGGREGATE OF

PROFITS / (LOSSES) OF THE
SUBSIDIARY CO. WHICH
HAVE BEEN DEALT WITHIN
THE ACCOUNTS OF
APOLLO TYRES LTD.
FOR THE YEAR ENDED
31st MARCH, 2009

FOR THE YEAR - - - - - - - - -

FOR THE PREVIOUS

FINANCIAL YEAR - - - - - - - - -

TOTAL ACCUMULATED
UPTO THE YEAR - - - - - - - - -

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G
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26
1
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MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA

Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Gurgaon Whole Time Director Company Secretary MR. SHARDUL SHROFF
29th April, 2009
Directors
A
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05
CONSOLIDATED BALANCE SHEET
AS AT 31st MARCH 2009
Schedule As at 31st As at 31st
March, 2009 March, 2008
Rs./Millions Rs./Millions
SOURCES OF FUNDS :
Shareholders' Funds :
Share Capital 1 504.09 488.51
Equity Share Warrants ( Note - B 3(b) ) - 45.65
Reserves and Surplus 2 12,992.26 11,290.67
13,496.35 11,824.83
Loans : 3
Secured 6,368.42 3,940.31
Unsecured 2,538.83 2,520.89
8,907.25 6,461.20
Deferred Tax Liability (Net) (Note - B 12) 1,941.54 1,755.68
TOTAL 24,345.14 2
0,041.71
A
P
P
L ICA TIO N OF FU N DS :
Fixed Assets 4
Gross Block 22,840.48 19,555.44
Less : Depreciation 8,821.75 7,504.08
Net Block 14,018.73 12,051.36
Capital Work in Progress 2,814.09 949.48
16,832.82 13,000.84

Goodwill on Consolidation 235.08 214.99

Investments 5 47.53 51.87
Current Assets, Loans and Advances : 6
Inventories 6,302.15 7,151.48
Sundry Debtors 2,247.35 3,128.98
Cash and Bank Balances 3,620.91 2,847.09
Other Current Assets 5.33 0.42
Loans and Advances 2,051.90 1,678.76
14,227.64 14,806.73
Less: Current Liabilities and Provisions 7
Current Liabilities 5,860.44 6,923.79
Provisions 1,139.00 1,111.52
6,999.44 8,035.31
Net Current Assets 7,228.20 6,771.42
Deferred Revenue Expenditure (Note - B 8) 1.51 2.59
TOTAL 24,345.14 2
0,041.71
SIGNIFICANT ACCOUNTING POLICIES 12
AND NOTES ON ACCOUNTS

As per our Report attached MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
For DELOITTE HASKINS & SELLS Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Chartered Accountants Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
GEETHA SURYANARAYANAN MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Partner Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Gurgaon Whole Time Director Company Secretary MR. SHARDUL SHROFF
29th April, 2009
Directors
CONSOLIDATED PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 31st MARCH 2009
Schedule Year Ended Year Ended
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
INCOME
Gross Sales 54,632.60 52,442.92
Less: Excise Duty 4,791.91 49,840.69 5,530.56 46,912.36
Other Income 8 230.05 211.86
50,070.74 47,124.22
EXPENDITURE
Manufacturing and Other Expenses 9 45,792.92 41,694.65
Increase in Work in Process and Finished Goods 10 (113.71) (706.29)
Interest 11 972.53 784.50
46,651.74 41,772.86
PROFIT BEFORE DEPRECIATION & TAX 3,419.00 5,351.36
Depreciation 1,285.13 1,298.64
PROFIT BEFORE TAX (Note B-19) 2,133.87 4,052.72
Provision for Tax - Current 546.22 1,183.54
- Deferred 153.62 127.33
- Fringe Benefit Tax 42.50 742.34 45.00 1,355.87
PROFIT AFTER TAX (Note B-19) 1,391.53 2,696.85

Less: Share of Loss in Associates 0.06 -

Net Profit 1,391.47 2,696.85

Add: PROF IT BRO UGHT FO R WA RDFR OM PRE VI O

U
SY
E
AR 3,516.40 1,713.40
Transfer from Debenture Redemption Reserve - 21.70
4,907.87 4,431.95
Deduct : AP P ROPR IA T
IO NS:
General Reserve 500.00 600.00
Debenture Redemption Reserve 62.50 -
Proposed Dividend 226.81 252.01
Dividend Tax 38.55 42.83
827.86 894.84
Surplus Carried to Schedule 2 4,080.01 3,537.11

Basic Earnings Per Share (Face Value of Re.1/- each) ( Rs.) 2.76 5.73
Diluted Earnings Per Share (Face Value of Re.1/- each) ( Rs.) 2.76 5.70

SIGNIFICANT ACCOUNTING POLICIES 12

AND NOTES ON ACCOUNTS

As per our Report attached MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
For DELOITTE HASKINS & SELLS Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Chartered Accountants Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
GEETHA SURYANARAYANAN MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Partner Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Gurgaon Whole Time Director Company Secretary MR. SHARDUL SHROFF
29th April, 2009
Directors

1
0
6/
1
07
CONSOLIDATED CASH - FLOW STATEMENT
FOR THE YEAR ENDED 31st MARCH 2009
Year Ended Year Ended
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
A CASH FLOW FROM OPERATING ACTIVITIES
(i) PROFIT AFTER TAX 1,391.53 2
,
696
.
85
ADD: - PROVISION FOR TAX 742.34 1
,
355
.
87
NET PROFIT BEFORE TAX 2,133.87 4
,
052
.
72
ADD: - DEPRECIATION 1,285.06 1
,
29
9.
42
- (PROFIT) / LOSS ON SALE OF ASSETS (NET) 8.75 3
.
77
- INCOME FROM INVESTMENTS (0.02) (
0.
45)
- IMPAIRMENT OF FIXED ASSETS 0.08 -
- (REVERSAL) / PROVISION FOR DOUBTFUL DEBTS/ADVANCES 38.87 30
.
19
- DEFERRED REVENUE EXPENDITURE PAYMENT NET OF AMORTISED 1.08 (
1.
35)
- INTEREST 1,097.78 78
4.
50
- PROVISIONS WRITTEN BACK (70.33) -
- UNREALISED FOREX FLUCTUATION LOSS / (GAIN) (32.61) 3
2.
84
- BAD DEBTS WRITTEN OFF - 2,328.66 7
.
69 2
,
156
.
61
(ii) OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 4,462.53 6
,
209
.
33
ADJUSTMENT FOR
- TRADE & OTHER RECEIVABLE 696.06 32
7
.6
6
- INVENTORIES 927.42 (
1
,1
65
.
29)
- TRADE PAYABLES (1,156.10) 467.38 (
78
.
70) (
9
16.
33
)
(iii)CASH G E NERATE D FROM OP ERATIO NS 4,929.91 5
,
29
3.
00
- DIRECT TAXES PAID (680.08) (
92
7.
58
)
(iv) NET CASH FLOW FROM OPERATING ACTIVITIES 4,249.83 4
,
365
.
42
B. CASH FLOW FROM INVESTING ACTIVITIES
- PURCHASE OF FIXED ASSETS (INCLUDING INTEREST CAPITALISED) (5,018.80) (
1
,6
93
.
19)
- SALE OF FIXED ASSETS 106.75 34
1
.9
4
- PURCHASE OF INVESTMENTS (179.42) (
48
.
50)
- SHORT TERM DEPOSITS WITH BANKS (522.99) (
10
.
37)
- SALE OF INVESTMENTS 202.56 -
- ACQUISITION OF SUBSIDIARY - 0
.2
3
- INTEREST RECEIVED 191.09 3
2
.6
0
NET CASH USED IN INVESTING ACTIVITIES (5,220.81) (
1
,3
77
.
29
)
C. CASH FLOW FROM FINANCING ACTIVITIES
- LOAN FROM HOLDING COMPANY (608.46) -
- PROCEEDS FROM ISSUE OF SHARE CAPITAL INCL. SHARE PREM. 410.84 6
43
.
96
- LONG TERM BORROWING RECEIVED 3,483.75 39
7
.
78
- DEFERRED CREDIT ON ACQUISITION - (
340
.
95)
- REPAYMENTS OF LONG TERM BORROWING (697.86) (
1
,1
01
.
24)
- PAYMENTS OF UNPAID DEBENTURES REDEMPTION (0.89) (1
.
44)
- BANK OVERDRAFT/SHORT TERM FUNDS (511.75) (6
85
.
38)
- DIVIDENDS PAID (289.65) (1
42
.
17)
- INTEREST PAID (1,114.70) (8
41
.
18)
NET CASH FLOW FROM/(USED) IN FINANCING ACTIVITIES 671.28 (
2
,0
70
.
62)
ADJUSTMENT ARISING ON DISINVESTMENT OF SUBSIDIARY - (0
.
40)
FOREX FLUCTUATION DIFFERENCE ARISING OUT OF CONSOLIDATION 550.53 (
15
.
48)
NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS 2
5
0.
83 901.63
CASH & CASH EQUIVALENTS AS AT BEGINNING OF THE YEAR 2,847.09 1
,
935
.
09
BANK DEPOSITS WITH TENURE EXCEEDING THREE MONTHS 156.75 146
.
38
ADJUSTED CASH & CASH EQUIVALENTS AS AT BEGINNING OF THE YEAR 2,690.34 1
,
788
.
71
CASH & CASH EQUIVALENTS AS AT END OF THE YEAR 3,620.91 2
,
847
.
09
BANK DEPOSITS WITH TENURE EXCEEDING THREE MONTHS 679.74 156
.
75
ADJUSTED CASH & CASH EQUIVALENTS AS AT END OF THE YEAR 2
,
94
1.
1
7 2
,
690
.
34
As per our Report attached MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
For DELOITTE HASKINS & SELLS Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Chartered Accountants Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
GEETHA SURYANARAYANAN MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Partner Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Gurgaon Whole Time Director Company Secretary MR. SHARDUL SHROFF
29th April, 2009
Directors
SCHEDULES
ANNEXED TO THE ACCOUNTS
SCHEDULE 1 - SHARE CAPITAL
As at As at
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
AUTHORISED

730,000,000 Nos. (730,000,000 Nos.*) Equity Shares of Re.1/- each 730.00 730.00

200,000 Nos. (200,000 Nos.) Cumulative Redeemable Preference Shares of Rs.100/- each 20.00 20.00
750.00 750.00

ISSUED, SUBSCRIBED, CALLED AND PAID UP

504,024,770 Nos. (488,444,770 Nos.*) Equity Shares of Re. 1/- each 504.02 488.44

Add: Forfeited Shares 0.07 0.07

504.09 488.51

* Number of Shares - Post split

1
0
8/
1
09
SCHEDULE 2 - RESERVES & SURPLUS
As at As at
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions

Capital Subsidy 3.00 3.00

Fixed Assets Revaluation Reserve

As per last Balance Sheet 31.57 31.57
Less: Transfer to Profit & Loss Account 0.35 -
31.22 31.57
Share Forfeiture (Rs. 1375/-) - -

Capital Redemption 44.40 44.40

Debenture Redemption
As per last Balance Sheet - 21.70
Add: Transfer from Profit & Loss Account 62.50 -
Less: Transfer to Profit & Loss Account - 21.70
62.50 -
Securities Premium
As per last Balance Sheet 5,218.80 4,527.71
Add: Received during the year 440.91 691.09
5,659.71 5,218.80
Foreign Currency Translation Reserve
As per last Balance Sheet (1,045.64) (476.47)
Addition during the year 155.63 (569.17)
(890.01) (1,045.64)
General Reserve
As per last Balance Sheet 3,501.43 2,901.43
Add: Transfer from Profit & Loss Account 500.00 600.00
4,001.43 3,501.43

Surplus as shown in the Profit & Loss Account 4,080.01 3,537.11

12,992.26 1
1
,
29
0.
67
SCHEDULE 3 - LOANS
As at As at
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
SECURED
Debentures
1,000,000 - 11.25% Non Convertible Debentures of Rs. 100/- each - 100.00
Less: Redeemed to date - 100.00
- -
1,250 - 11.50 % Non Convertible Debentures of Rs 1,000,000/- each 1,250.00 -
Less: Redeemed to date - -
1,250.00 -
Term Loans
From I nterna t
iona lFinan ce Corp oration
- Foreign Currency 178.62 3
4
5.
33
- Rupee Loan 214.34 392.96 3
2
1.
52 666.85
From Banks:
- ECB from BNP Paribas, Singapore 732.75 -
- ECB from Standard Chartered Bank, Singapore 1,001.00 -
- State Bank of India 250.00 500.00
- ICICI Bank, South Africa 784.67 978.56
- State Bank of India, South Africa 306.81 345.46
From Institutions:
- Bharat Earthmovers Ltd. (BEML) 500.00 -
- G E Capital Services India 45.00 105.00
Other Loans :
- Banks - Cash Credit 32.76 500.72
- Banks - Overdraft, South Africa 653.06 384.84
- Deferred Payment Credit 362.39 383.33
- Sales Tax Loan 57.02 75.55
5,118.42 3,940.31

6,368.42 3,940.31
U
N
S
EC
U
RE
D
Commercial Paper 1,000.00 -
Short term Loans - from banks 1,331.27 2,375.06
- from others 207.56 145.83
2,538.83 2,520.89

1
1
0/
1
11
NOTES: SECURED LOANS
1. Loan from International Finance Corporation is secured by :
A pari passu first charge along with other lenders on the Parent company's land at Chalakudy, Kerala State and at village Limda, Gujarat
¢
State together with the Factory Buildings, Plant & Machinery and Equipments, both present and future.
A first and fixed charge on the Parent company's Land and premises situated at Gurgaon, Haryana State together with all existing and
¢
future buildings, erections and structures.
A pari passu first charge on all the movable assets except current assets of the Parent company.
¢

A second charge on all the current assets of the Parent company.

¢

2. Loan from State Bank of India is secured by :

A pari passu first charge along with other lenders on the Parent company's land at Chalakudy, Kerala State and at
¢ village Limda, Gujarat
State together with the Factory Buildings, Plant & Machinery and Equipments, both present and future.
A second charge on all the current assets of the Parent company.
¢

3. Loan from GE Capital Services India is secured by :

A pari passu first charge along with other lenders on the Parent company's land at Chalakudy, Kerala State and at
¢ village Limda, Gujarat
State together with the Factory Buildings, Plant & Machinery and Equipments, both present and future.
A pari passu first charge on all the moveable assets, except current assets, at Chalakudy, Kerala State and at village Limda, Gujarat
¢
State.
4. Loan from BNP Paribas is secured by:
A pari passu first charge along with other lenders by way of mortgage (created on 21st April, 2009 ) on the Parent company's land at
¢
village Limda, Gujrat State together with the factory Building , Plant and Machinery and equipments both present and future . Further,
this has to be secured by way of mortgage on all the immovable assets of the Parent company, both present and future.
A pari passu first charge along with other lenders by way of hypothecation over all movables assets of the parent company, both present
¢
and future ( except stocks & book debts)
5. Loan from Standard Chartered Bank is secured by;
A pari passu first charge along with other lenders by way of mortgage (created on 21st April , 2009) on the Parent company's land at
¢
village Limda, Gujrat State together with the factory Building , Plant and Machinery and equipments both present and future . Further,
this has to be secured by way of mortgage on all the immovable assets of the Parent company, both present and future.
A pari passu first charge along with other lenders by way of hypothecation over all movable fixed assets of the parent company , both
¢
present & future(except current assets); and
A second charge by way of hypothecation over all current assets of the Parent company.
¢

6. Loan from BEML is secured by :

Hypothecation on the assets to be created out of the proceeds of the loan taken from BEML.
¢

7. 1,250 (Nil) 11.50% Secured Redeemable Non-Convertible Debentures of Rs.1 Million each aggregating to Rs 1,250 Millions (Nil) subscribed
by Life Insurance Corporation of India is secured by a pari passu first charge (created on 21st April 2009) along with other lenders by way of
mortgage on the Parent company's Land & Premises at Chalakudy, Kerala State & at Village Limda, Gujrat State together with the factory
buildings, Plant & machinery & Equipments, both present & future.
8. Cash Credits and Guarantees from Banks are secured by Hypothecation of Raw materials, Work-in-Process, Stocks, Stores and Book Debts
ranking in priority to the charge created in respect of the IFC Loan and also by second charge on the Parent company's land at Chalakudy,
Kerala State and at Village Limda, Gujarat State together with the Factory Buildings, Plant & Machinery and Equipments, both present and
future.
9. Deferred payment credit is secured by specific assets purchased under the scheme and includes Rs. 24.11 Million (Rs.20.94 Millions)
repayable within one year.
10. The Parent company had availed interest free Sales Tax Loan from Gujarat State Government amounting to Rs. 112.61 Millions. This loan is
secured by a pari-passu charge on the entire fixed assets of the company, both present and future situated at Village Limda in Gujarat State.
The said loan is repayable in six equal annual installments on the expiry of 14 years from the commencement of commercial production i.e.,
31st May, 2006. Accordingly, a sum of Rs. 18.53 Millions (Rs. 18.53 Millions) was paid during the year and a similar amount is repayable within
one year.
11. Secured Loans include Rs. 956.36 Millions (Rs. 928.38 Millions) repayable within one year.
12. Maximum amount outstanding on Commercial papers at any time during the year is Rs. 2,250 Millions ( Rs. 2,450 Millions).
13. One of the subsidiary company has entered into an inter-creditor Agreement with the security SPV namely Micawber 362 Pty Ltd, wherein
security has been given to the lenders by the Security SPV. The subsidiary company company, in turn, has issued counter indemnity and
cession in security to the Security SPV for all amounts which may become payable to the lenders for present and future obligations. The
lenders who rank as pari passu creditors of the security SPV are Standard Bank, State Bank of India and ICICI Bank Ltd.
The security held by the Security SPV is as follows:
a covering mortgage bond over freehold property
¢

a collateral mortgage bond over free hold property

¢

a general notarial bond over all movable property and effects, including debtors, rights, plant & equipment and furniture & fittings.
¢

a special notarial bond over certain specified assets

¢

a deed of suretyship of Dunlop Marketing (UK) Limited

¢

a cession in security of the Parent company'rights, title and interest in and to a trade mark license agreement with BTR Industries Ltd
¢
dated 30th April 1998, as amended and a trade mark assignment agreement with Dunlop International Ltd.

SCHEDULE 4 - FIXED ASSETS

Rs.
/M i
l
li
on
s
GROSS BLOCK DEPRECIATION / NET BLOCK
AMORTIZATION
Description of Assets As at Additions Deductions Exchange As at For the Year To date As at As at
31st March, rate 31st March, 31st March, 31st March,
2008 Adjustment (f) 2009 2009 2008
Land 163.25 - 0.40 8.32 171.17 - - 171.17 163.25
(b) (b)
Leasehold Land 153.65 - - - 153.65 1.74 2.94 150.71 152.45
(a)
Buildings 2
,
04
8.
1
1 965.93 41.81 29.71 3,001.94 68.10 528.88 2,473.06 1,593.79
(
b
) (b)
Plant & Machinery 1
5
,
14
8.
991,875.36 122.28 285.34 17,187.41 1,045.39 7,063.04 10,124.37 9,172.98
(
b
) (c) (b)
Electrical Installation 3
4
4.
03121.71 - - 465.74 17.72 193.93 271.81 167.82

Furniture Fixtures & Office 7

7
3.
94 85.99 19.26 15.18 855.85 55.43 495.32 360.53 329.03
Equipments (d)

Vehicles 5
1
5
.2
3 91.33 45.37 1.42 562.61 43.67 332.19 230.42 210.78

Intangible Assets 4
0
8
.2
4 9.01 - 24.86 442.11 53.08 205.45 236.66 261.26

19,555.44 3,149.33 229.12 364.83 22,840.48 1,285.13 8,821.75 14,018.73 12,051.36

(e)
Previous Year 19,475.62 1,548.52 656.51 (812.19) 1
9
,
55
5.
441,298.64 7,504.08 1
2
,
051
.
3612,661.85

(a) Represents proportionate lease premium Rs. 1.74 Millions (Rs. 0.78 Millions) written off.
(b) Includes amount added on revaluation in 1985-86 and 1986-87 - Rs.227.41 Millions (Rs. 227.76 Millions)
(c) Includes Rs. 80.88 Millions (Rs. 15.89 Millions) for capital expenditure on Research & Development (Note B -7)
(d) Includes Rs. 0.08 Millions (Nil) on account of impairment of some fixed assets located at the subsidiary in Hungary.
(e) Includes pre-operative expenses capitalized to the extent of Rs. 51.97 Millions (Nil) as per Note B-9 & Borrowing cost capitalized to the
extent of Rs. 120.75 Millions (Nil)
(f) Represents exchange rate adjustment arising on consolidation of foreign subsidiaries to difference in opening and dosing conversion rates.

1
1
2/
1
13
SCHEDULE 5 - INVESTMENTS
As at As at
st st
31 March, 2009 31 March, 2008
Rs./Millions Rs./Millions
LONG TERM (AT COST):
TRADE (FULLY PAID)
QUOTED
Equity Shares of Rs.10/- each in Companies:
999,515 (999,515) Shares in Raunaq Finance Ltd. 10.00 10.00
167,150 (167,150) Shares in Apollo Tubes Ltd. 0.17 0.17
16,394 (16,394) Shares in Bharat Gears Ltd. 0.36 0.36
86,867,731 (86,867,731) Ordinary Shares in National Tyre Service, Zimbabwe 35.81 39.22
46.34 49.75
UNQUOTED
5,000 (5,000) Equity Shares of Rs. 100/- each in Apollo Tyres Employees'
Multipurpose Co-operative Society Limited 0.50 0.50

500,000 (500,000) Ordinary Shares in RADUN Investment (Private) Ltd, 9.02 9.89
Zimbabwe

24,500 (24,500) Equity Shares of Rs. 10/- each in Apollo Radial Tyres Ltd. 0.17 0.20
24,500 (24,500) Equity Shares of Rs. 10/- each in Apollo Automotive Tyres Ltd. 0.17 0.20
9.86 10.79
NON TRADE (FULLY PAID)
QUOTED
CURRENT:
132,191 (132,191) Units of "UTI Balanced Fund - Dividend Plan - Reinvestment" 1.50 1.50
of Unit Trust of India (Face Value of Rs. 10/- each) #
57.70 62.04

Less : Provision for Diminution / Reduction in the Value of Investments 10.17 10.17
47.53 51.87
Cost / Book value of Quoted Investments ( Net of Provision for Diminution /
Reduction in the Value of Investments ) 36.17 39.58
Market Price of Quoted Investments 66.90 50.07
# Repurchase Price of Units 1.89 2.61
SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES
As at As at
st st
31 March, 2009 31 March, 2008
Rs./Millions Rs./Millions
CURRENT ASSETS
Inventories : @
Raw Materials 1
,
83
4.
17 2,756.69
Stores and Spares 38
3.
42 316.97
Work-in-Process 52
5.
04 417.82
Finished Goods 3
,
55
9.
52 3,660.00
6
,
30
2.
15 7,151.48

Sundry Debtors - Unsecured

Considered Good 2
,
24
7.
35 3,128.98
Considered Doubtful 64.
50 108.28
2
,
31
1.
85 3,237.26
Less: Provision for Doubtful Debts 64.
50 108.28
2
,
24
7.
35 3,128.98

Cash and Bank Balances

Cash on hand 6
.8
7 4.78
Cheques on hand 6
6
6
.7
4 420.65
Remittances in Transit 3
2
1
.4
2 326.99

With Banks :
Current Accounts 86
9.
38 949.21
Dividend Accounts 2
2.
94 17.75
Deposit Accounts* 1
,
73
3.
56 1,127.71

3
,
62
0.
91 2,847.09

Other Current Assets

Interest Accrued on Loans/ Deposits 5
.
33 0.42
5
.
33 0.42

*Includes Rs. 168.13 Millions (Rs.156.75 Millions) pledged with a bank

against which working capital loan has been availed by Apollo Finance Ltd.

@ Includes stock in transit of Finished Goods 7

2
9.
98 619.81

1
1
4/
1
15
SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES (Continued)

As at As at
st st
31 March, 2009 31 March, 2008
Rs./Millions Rs./Millions

LOANS AND ADVANCES - UNSECURED

(Considered good unless otherwise stated)

Advances recoverable in cash or in kind

or for value to be received
Considered Good 1,981.76 1,711.74
Considered Doubtful 41.12 2.25
2,022.88 1,713.99
Less: Provision for Doubtful Advances 41.12 2.25
1,981.76 1,711.74
Advance Tax 3,910.10 3,501.61
Less: Provision for Taxation 3,843.22 66.88 3,534.85 (33.24)
Balance with Customs, Port Trust etc. 3.26 0.26

2,051.90 1,678.76

14,227.64 14,806.73
SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS
As at As at
st st
31 March, 2009 31 March, 2008
Rs./Millions Rs./Millions
CURRENT LIABILITIES
Acceptances 245.02 749.16
Sundry Creditors :
Dues to micro & small enterprises (Note - B 4) 43.88 109.46
Others 5,425.85 5,996.16
Investor Education and Protection Fund shall be
credited by the following amounts whenever due:-*
Unpaid Debenture Redemption Amount 0.85 1.74
Unpaid Interest on Debentures 0.17 0.47
Unpaid Matured Deposits 1.21 1.21
Interest on Unpaid Matured Deposits 0.10 0.10
Unpaid Dividend** 25.38 21.15
Financial Liabilities 10.09 -
Interest accrued but not due 107.89 44.34
5,860.44 6,923.79
PROVISIONS
Dividend Tax 38.55 42.83
Proposed Dividend on Equity Shares 226.81 252.01
Post Retirement Medical Benefits 126.48 116.16
Provision for Sales related obligations 484.91 431.10
Gratuity, Leave Encashment & Superannuation 262.25 269.42
1,139.00 1,111.52
6,999.44 8,035.31

* 1. There are no amounts due and outstanding as at Balance Sheet Date to be credited to the Investor Education & Protection Fund.
2. Other unpaid amounts represent warrants / cheques issued to the Debentureholders / Depositors / Shareholders, as the case may be, which
remain unpresented to the bankers as on 31st March, 2009.
** Includ es Rs .2.
44M illl
ions (
R s.3 .
4 0M il
lion s) payable byon e ofth e su bsidiari
e s.

SCHEDULE 8 - OTHER INCOME

Year Ended Year Ended
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
Income from Investments
Income from trade Investments 0
.
02 -
Income from Non-trade Investments
- From Mutual Funds - 0.45
0
.
02 0.45

Provisions no longer required written back 1

0
0.
22 -

Bad Debts Recovered 5

.
00 -

Miscellaneous Receipts* 1
2
4.
81 211.41
2
3
0.
05 211.86

* Tax Deducted at Source Rs. 0.56 Millions ( Rs. 0.41 Millions)

1
1
6/
1
17
SCHEDULE 9 - MANUFACTURING & OTHER EXPENSES
Year Ended Year Ended
31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions
MATERIALS
Raw Materials Consumed* 32,392.06 28,284.35
Less: Scrap Recoveries 106.67 91.78
32,285.39 28,192.57
Purchase of Finished Goods 1,831.34 1,764.99

EMPLOYEES
Salaries, Wages and Bonus** 3,593.77 3,917.75
Contribution to Provident and Other Funds 222.29 161.04
Workmen and staff welfare expenses 334.22 326.79

MANUFACTURING, ADMINISTRATIVE AND SELLING

Consumption of stores and spare parts 340.62 335.18
Power and Fuel 1,717.22 1,546.44
Conversion Charges 539.05 448.91
Repairs and Maintenance
- Machinery 285.36 282.86
- Buildings 33.39 24.06
- Others 162.90 152.21
Rent*** 103.90 101.78
Insurance 101.89 110.95
Rates and Taxes 91.79 106.29
Directors' Sitting Fees 1.40 1.19
Loss on Sale of Assets (Net)**** 8.75 3.77
Travelling, Conveyance and Vehicle Expenses 545.40 505.44
Postage, Telex, Telephone and Stationery 92.89 97.32
Freight & Forwarding 1,236.80 1,237.74
Commission to Selling Agents 51.29 44.79
Sales Promotion Expenses 645.77 714.30
Advertisement & Publicity 486.91 439.70
Research and Development 214.40 121.11
Bank Charges 74.64 63.00
Provision for Doubtful Debts / Advances 38.87 46.56
Bad Debts/Advances Written off 18.18 7.69
Less: Transferred from Provision 18.18 - 5.68 2.01
Lease/ Service Charges 313.30 257.94
Legal & Professional Expenses 200.85 148.30
Miscellaneous Expenses***** 238.52 539.66
45,792.92 4
1
,
694.65

* Includes Foreign Exchange Fluctuation Loss of Rs. 204.76 Millions (Net of Gain of Rs. 60.28 Millions).
** Includes VRS payments amortised during the year of Rs. 1.71 Millions (Rs. 2.24 Millions).
*** Net of Rent Receipts of Rs. 13.42 Millions, TDS Rs. 3.04 Millions (Rs. 13.73 Millions, TDS - Rs. 3.15 Millions).
**** Net of Transfer from Revaluation Reserve to the extent of Rs. 0.35 Millions (Nil).
***** Includes Foreign Exchange Fluctuation loss of Rs. 127.49 Millions (Rs. 62.46 Millions).
S
C
HE
D
UL
E
10
-
(
IN
CR
E
A
SE
)
/D
EC
R
E
AS
EI
N
WO
RK
I
NP
R
OC
E
SS
A
ND
F
IN
I
S
HE
DG
O
OD
S

Year Ended Year Ended

31st March, 2009 31st March, 2008
Rs./Millions Rs./Millions

(Increase) / Decrease in Work in Process / Finished Goods (5.48) (666.79)

Excise Duty on Increase / Decrease

of Finished Goods (Note - B 5) (108.23) (39.50)
(113.71) (706.29)

SCHEDULE 11 - INTEREST

Year Ended Year Ended

31st March, 2009 31st March,2008
Rs./Millions Rs./Millions
Fixed Loans 3
0
2.
35 300.80
Debentures 2
2.
84 0.88
Bank Overdraft 1
6
1.
79 -
Others # * 4
8
5.
55 482.82
9
7
2.
53 784.50

# Net of Interest Earned Rs. 70.67 Millions (Rs. 35.98 Millions) including:
Interest Earned on Deposits Rs. 59.90 Millions (Rs. 20.67 Millions).
Interest Earned on Trade Balances Rs. 7.02 Millions (Rs. 5.65 Millions).
Interest Earned - Others Rs. 3.75 Millions (Rs. 9.66 Millions).

Tax Deducted at source on interest earned Rs. 8.67 Millions (Rs.4.38 Millions).
* Net of Foreign Exchange Fluctuation gain of Rs. 36.50 Millions (Rs. 2.64 Millions).

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SCHEDULE 12 - SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS

A
.
SIG
N
I
FI
C
AN
TA
C
C
OU
NT
I
NG
P
OL
I
CI
E
S:

1. A. BASIS OF ACCOUNTING
The financial statements are prepared on historical cost convention with the exception of certain fixed assets (which were revalued) based
on accrual method of accounting and applicable accounting standards.
B. USE OF ESTIMATES
The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amounts
of assets and liabilities including the disclosure of contingent liabilities as of the date of the financial statements and the reported income
and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are
prudent and reasonable. Actual results could vary from these estimates. Any revision to accounting estimates is recognised in the period in
which the results are known/materialized.
2. BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of Apollo Tyres Ltd. (the company) and the following companies of
Apollo Tyres Group.
a) Subsidiaries:
Name of the Company Relationship Country of Proportion of Proportion of
Incorporation Ownership Ownership
31st Mar-09 31st Mar-08
Apollo (Mauritius) Holdings Pvt. Ltd. (AMHPL) Subsidiary Mauritius 100% 100%
Apollo Tyres AG ( AT AG) Subsidiary Switzerland 100% 100%
Apollo (South Africa) Holding Pty. Ltd. (ASHPL) Subsidiary through AMHPL South Africa 100% 100%
Apollo Tyres Pte Ltd. (AT PL) Subsidiary through AMHPL Singapore 100% 100%
Apollo Tyres (Nigeria) Limited Subsidiary through AMHPL Nigeria 100% -
Apollo Tyres South Africa Pty. Ltd.(ATSA)
-Previously Dunlop Tyres International (Pty) Ltd.(DTIPL) Subsidiary through ASHPL South Africa 100% 100%
Dunlop Africa Marketing(United Kingdom) Ltd. (DAMUK) Subsidiary through ATSA United Kingdom 100% 100%
Apollo Tyres GmbH ( AT GmbH) Subsidiary through AT AG Germany 100% 100%
Apollo Tyres Zrt ( AT ZRT) * Subsidiary through AT AG Hungary 100% 100%

* Apollo Tyres Kft, Hungary was incorporated on 11th February 2008 as a wholly owned subsidiary of Apollo Tyres AG, Switzerland, with a
share capital of 387,140 tHUF, Rs. 95.12 Millions
The members of Apollo Tyres Kft, Hungary resolved on 14th July 2008 for transformation of the form of business from Limited Liability
Company to Private Limited Company. The Court of Registry incorporated the transformation on 28th August 2008, and Apollo Tyres ZRT
came into existence with a share capital of 256,976 tHUF, Rs. 57.31 Millions and reserves of 92,679 tHUF, Rs. 20.67 Millions after adjusting
the accumulated losses of 37,485 tHUF, Rs. 9.30 Millions against the net worth of the erstwhile Company.

b) Associates:
Name of the Company Relationship Country of Incorporation Proportion of Ownership Proportion of Ownership
31st Mar 09 31st Mar 08
National Tyre Service, Zimbabwe Associate of DAMUK Zimbabwe 46.90% 46.90%
Apollo Automotive Tyres Ltd. Associate India 49.00% 49.00%
Apollo Radial Tyres Ltd. Associate India 49.00% 49.00%

The consolidated financial statements have been prepared in accordance with the principles and procedures for the preparation and
presentation of the consolidated financial statements as laid down in accounting standard (AS 21) “ Consolidated Financial Statements”.
Investment in associates is accounted for in the consolidated financial statements under the “Equity Method” as laid down in accounting
standard (AS 23). Consolidated financial statements are prepared using uniform accounting policies.
 The excess of cost to the parent company of its investments in subsidiaries over its share of equity in the subsidiary at the date on which
investment was made is recognized in the financial statements as goodwill. The parent company's portion of equity in the subsidiary is
determined on the basis of the book value of assets and liabilities as per the financial statements of the subsidiary on the date of investment.
In respect of the foreign operations, the audited financial statements for the year ended 31st March 2009 were converted into Indian
currency as per accounting standard (AS 11) “The effect of changes in Foreign Exchange Rates”.
c) Foreign subsidiaries, which operate under severe political and economic uncertainty that significantly diminishes control or which
operate under severe long term restrictions that significantly impair their ability to transfer funds to the parent company are not
consolidated.
In view of the Current political situation in Zimbabwe and the long term restriction on financial repatriation, the accounts of Zimbabwe
based entities have not been consolidated under accounting standard (AS 21) “Consolidated Financial Statements” and has been
considered as detailed below:
Subsidiaries Treatment in consolidated financials
Radun Investment (Private) Ltd. (RADUN), Zimbabwe Not consolidated. Cost of investment included under investment.
Dunlop Zimbabwe (Private) Ltd. The cost of investment has been impaired.
ASF Minning (Pvt) Ltd. Zimbabwe The cost of investment has been impaired.
Associates
National Tyre Service Zimbabwe (NTS) Investment is accounted for on equity basis to the extent of actual receipt of
share of profit, if any, in the form of dividend.
d) The cost of investment of Pressurite (pty) Ltd South Africa has been fully impaired and hence not consolidated.
3. FIXED ASSETS
(a) Fixed assets are stated at cost, as adjusted by revaluation of certain land, buildings, plant and machineries based on the then
replacement cost as determined by approved independent valuer in 1986 and 1987 , less depreciation.
(b) All costs relating to the acquisition and installation of fixed assets (net of Cenvat /VAT credits wherever applicable) are capitalised and
include finance cost on borrowed funds attributable to acquisition of qualifying fixed assets for the period upto the date of
commencement of production, and adjustments arising from exchange differences arising from foreign currency borrowings to the
extent they are regarded as an adjustment to interest costs.(Also refer accounting policy No. 5 on Borrowing Costs.) Other incidental
expenditure attributable to bringing the asset to its working condition for its intended use is capitalized.
(c) Fixed assets taken on financial lease are capitalised and depreciation is provided on such assets, while the interest is charged to the
profit and loss account.
4. DEPRECIATION
Depreciation on fixed assets is provided using straight line method at the rates specified in Schedule XIV of the Companies Act 1956, except
for certain vehicles and other equipments for which the depreciation is provided at 30% and 16.67%, respectively Certain plant and
machinery are classified as continuous process plant based on technical evaluation by the management.
Additional depreciation consequent to the enhancement in the value of fixed assets on the revaluation is adjusted in the fixed assets
revaluation reserve account.
Leasehold land/improvements thereon is amortised over the period of lease.
In respect of assets whose useful life has been revised, the unamortized depreciable amount is charged over the revised remaining useful
life.
In case of a subsidiary company incorporated outside India, depreciation is provided for on a straight line basis at such rates as will write off
the cost of the various assets over the period of their expected useful lives. The rates of depreciation considered for the major assets are as
under:
Asset Class Rate of Depreciation
Building 4%
Plant & Equipments (Average) 9%
Moulds 20%
Material Handling Equipments 15%
Computer Hardware 20%
Computer Software 33.33%
Motor Vehicles 20%
Furniture & Fixtures and Office Equipment 20%

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 Since it is practically impossible to use uniform accounting policy, the fixed assets of such subsidiaries have been depreciated in accordance
with their respective accounting policy. The proportion of such fixed assets is 18 % (19%) of the consolidated value of fixed assets.
Leasehold land/improvements thereon is amortised over the period of lease.
5. BORROWING COSTS
Borrowing costs are capitalised as part of the cost of qualifying asset when it is possible that they will result in future economic benefits and
the cost can be measured reliably. Other borrowing costs are recognised as an expense in the period in which they are incurred.
6. IMPAIRMENT OF ASSETS
The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable
amount is the greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value at the pre tax weighted average cost of capital.
7. INTANGIBLE ASSETS
The expenditure incurred by the company on acquisition and implementation of software system / development cost upto the stage when
the new product reaches technical feasibility has been recognised as an Intangible asset and is amortized over a period of five years based
on their estimated useful life.
Trademarks are measured at cost and amortised over a period of ten years.
8. INVESTMENTS
Long term investments are stated at cost and provision for diminution is made if the decline in value is other than temporary in nature.
Current investments are stated at lower of cost and fair value determined on the basis of each category of investments.
9. INVENTORIES
Inventories are valued at the lower of cost and net realisable value. The cost comprises of cost of purchase, cost of conversion and other
costs including appropriate production overheads in the case of finished goods and work in process, incurred in bringing such inventories to
their present location.
For Indian companies, in case of raw materials and stores & spares, cost (net of Cenvat/VAT credits wherever applicable) is determined on a
moving weighted average basis and in case of finished goods, cost is determined on first in first out basis, whereas in case of subsidiary
companies incorporated outside India, the cost is determined on the basis of “first-in first-out” and consumable stores are stated at actual
cost by reference to latest purchases.
Since it is not practically possible to use uniform accounting policy, the valuation of the inventory of such subsidiaries has been considered
for the purpose of consolidation. The proportion of such inventory is 34 % (29%) of the consolidated value of inventory.
10. FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are recorded at rates of exchange prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currencies as at the balance sheet date are translated at the rate of exchange prevailing at the year-end. Exchange
differences arising on actual payments/realisations and year-end restatements are dealt with in the profit & loss account.
The premium or discount arising at the inception of the foreign exchange contract are amortised as expense or income over the life of the
contract. Exchange difference on such contracts is recognised in the profit and loss account in the year in which the exchange rates change.
The financial statements of consolidated foreign subsidiaries are translated into Indian Rupees, which is the functional currency of the
company, as follows:
• Assets and liabilities at rates of exchange ruling at year end
• Income Statement items at the average rate for the year.
Exchange rate differences arising on the translation of consolidated foreign subsidiaries are classified as equity and transferred to the
foreign currency translation reserve.
11. REVENUE RECOGNITION
Revenue is recognised when the significant risks and rewards of ownership of goods have been passed to the buyer. Gross sales are inclusive
of excise duty and are net of trade discounts/sales returns/VAT.
Sales of the consolidated entity include sales to external customers and non-consolidated subsidiaries.
Dividend income from investments is accounted for when the right to receive the payment is established.
12. EXPORT INCENTIVE
Export Incentive in the form of advance licences / credit earned under duty entitlement pass book scheme are treated as income in the year
of export at the estimated realisable value / actual credit earned on exports made during the year and are credited to the raw material
consumption account.
13. EMPLOYEE BENEFITS
¢ Liability for gratuity to employees of the Parent company determined on the basis of actuarial valuation as on balance sheet date is
funded with the Life Insurance Corporation of India and is recognised as an expense in the year incurred.
¢ Liability for short term compensated absences is recognised as expense based on the estimated cost of eligible leave to the credit of the
employees as at the balance sheet date on undiscounted basis. Liability for long term compensated absences is determined on the basis
of actuarial valuation as on the balance sheet date.
¢ Contributions to defined contribution schemes such as provident fund, employees pension fund and superannuation fund and cost of
other benefits are recognised as an expense in the year incurred.
¢ Actuarial gains and losses arising from experience adjustments and effects of changes in actuarial assumptions are immediately
recognised in the profit & loss account as income or expense.
¢ In case of subsidiary companies incorporated outside India, the employer's liability for post employment medical benefits, in respect of
past service, is provided for and adjusted in response to actuarial assessments when necessary.
14. DEFFERED REVENUE EXPENDITURE
Payments under voluntary retirement scheme are being charged to profit and loss account over a period of three years or over the period
ending 31st March, 2010, which ever is earlier.
15. TAXES ON INCOME
Current tax is determined in accordance with the applicable income tax laws of the country in which the respective entities in the group are
incorporated. Deferred tax is recognised for all timing differences, subject to the consideration of prudence, in respect of deferred tax
assets.
16. PROVISIONS
A provision is recognised when the company has a present obligation as a result of past event; it is probable that an outflow of resources will
be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to their present value
and are determined based on best estimates required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date and adjusted to reflect the current best estimates.

B NOTES ON ACCOUNTS:
1. CONTINGENT LIABILITIES
PARTICULARS 2008-09 (Rs./Millions) 2007-08 (Rs./Millions)
Sales Tax 65.64 68.59
Income Tax-Disputed Demands under Appeal 247.10 145.60
Claims not acknowledged as debts – Employee Related 28.22 17.81
– Property Disputes 2.60 2.60
– Others 16.53 11.29
Provision of Security 168.13 156.75
Guarantees given by bankers on behalf of the Company 590.88 370.88
Custom Duty 23.50 23.50
Excise Duty* 125.68 297.30
Irrevocable letters of credit 1,586.06 1,159.93

* Excludes demands of Rs. 533.31 Millions (Rs. 533.31 Millions) raised on one of the Parent company's units relating to the issues which
have been decided by the Appellate Authority in Parent company's favour in appeals pertaining to another unit of the company.
In the opinion of the management, no provision is considered necessary for the disputes mentioned above on the grounds that there are
reasonable chances of successful outcome of appeals.
2. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st March, 2009 is R s
.6, 7
7
4
.3
1
M i
llions(Rs. 4,036.48 Millions)
3 a) Splitof eq uityshares :
Pursuant to the resolution passed by the shareholders at the annual general meeting held on July 26, 2007, the equity shares of Rs.10
each of the company were sub divided into 10 equity shares of Re.1 per share with effect from record date i.e., 27th August , 2007.

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 b) P refere ntiala l
lo tme nt ofequ i
t
ysh are to t
h epro mo terg rou pthrough conve rsi
o n ofEquitys ha rew arra nts :
During 2006-07, the company had received Rs. 117.20 Millions towards 10% security deposit against preferential allotment of 4 Millions
equity share warrants to the promoter group (in accordance with SEBI (DIP) guidelines, 2000) at Rs.293.00 each to be converted into
40 Millions equity shares of Rs.1.00 each at a premium of Rs.28.30 per equity share (4 Millions equity shares of Rs. 10.00 each at a
premium of Rs. 283.00 each prior to share split) on exercise of option by warrant holders before the expiry of 18 months from 19th
October , 2006.
During the year, the company has issued 15,580,000 (24,420,000) equity shares consequent upon conversion of remaining 1,558,000
(2,442,000) warrants into equity shares on exercise of option by promoter group. Balance amount of Rs. 410.84 Millions (Rs. 643.96
Millions) equivalent to 90% portion in respect of 15,580,000 (24,420,000) equity shares has been received during the year and utilised
towards meeting the normal capital expenditure and other general business needs of the company.
c) B uy B ac ko ft
h eS h ares :
During the year, the Board of Directors at its meeting held on 19th March 2009 has approved a proposal to buy back equity shares of the
company from open market through stock exchange route up to an amount not exceeding Rs. 1,220 Millions at a maximum buy back
price of Rs 25 per equity share.
4. Based on information available with the company and relied upon by the auditors, the information as required to be disclosed under “Micro,
Small and Medium Enterprises Development Act, 2006” (MSMDA) as on 31st March , 2009 is given below:

PARTICULARS 2008-09 2007-08

Rs./Millions Rs./Millions
Principal amount unpaid as at year-end 38.85 104.79
Amount paid after appointed date during the year 104.54 346.85
Amount of interest accrued and unpaid as at year-end 5.03 4.67

5. Excise duty relating to sales of the company has been disclosed as a reduction from turnover. Excise duty related to difference between
the closing stock and opening stock has been disclosed in Schedule 10 "(Increase)/Decrease in Work in Process and Finished Goods”.

6. Borrowing costs capitalised / transferred to capital work in progress during the year is R
s
.
21
5.
48M
i
l
li
on
s(Rs.0.31 Millions).
7. Research and development expenses comprise of the following:

PARTICULARS 2008-09 2007-08

Rs./Millions Rs./Millions
(A) Salary, Wages & Other Benefits 61.30 30.90
Travelling & Conveyance 8.90 4.89
Others 144.20 85.32
SUB-TOTAL 214.40 121.11
(B) Capital Expenditure 80.88 15.89
TOTAL (A+B) 295.28 137.00

8
.D
e
f
er
r
ed
re
v
e
nu
ee
x
p
en
di
t
ure
:
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Payment Under Voluntary Retirement Scheme:
Opening Balance 2.59 1.24
Add : Payment during the year 0.63 3.59
Less : Amortised during the year 1.71 2.24
Closing Balance 1.51 2.59
9. Pre-operative expenses capitalized / included in capital work in progress during the year
PARTICULARS 2008-09 2007-08
Rs./Million Rs./Million
Salaries, Wages and Bonus 56.13 3.46
Contribution to Provident and Other Funds 11.83 0.14
Welfare Expenses 0.14 0.13
Rent 0.02 1.91
Travelling, Conveyance and Vehicle expenses 3.44 4.84
Postage, Telex, Telephone and Stationery 0.41 0.11
Power Expenses 4.15 -
Insurance Expenses 4.41 -
Miscellaneous Expenses 115.18 0.28
TOTAL* 195.71 10.87
*Including, Rs.143.74 Millions (Rs.10.87 Millions) lying in capital work in progress as on 31st March, 2009.

10. Statutory Auditors' Remuneration included under Miscellaneous Expenses

PARTICULARS 2008-09 2007-08
Rs./Million Rs./Million
For Audit 17.07 10.75
For Certification & Other Service 4.78 3.16
Reimbursement of expenses 0.52 0.59
TOTAL 22.37 14.50

11. Employee Benefits

A. Indian Operations
The company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on
leaving the company at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with Life Insurance
Corporation of India.
The following table summarise the components of net benefit expense recognised in the profit and loss account and the funded status and
amounts recognised in the balance sheet for the respective plan:
Profit and Loss Account:
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Net employee benefit expenses (recognised in employee cost):
Current service cost 24
.7
1 19.77
Interest cost on benefit obligation 23
.7
8 23.87
Expected return on plan assets (
2
3.
32
) (19.93)
Net actuarial loss recognised in the year 23
.2
8 17.81
Net benefit expense 48
.4
5 41.52

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Balance Sheet
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Reconciliation of present value of the obligation and the fair value of plan assets:
Fair value of plan assets at the end of the year 311.03 248.14
Present value of funded obligation at the end of the year 393.04 339.69
Asset/(Liability) recognised in the balance sheet (82.01) (91.55)

Changes in the present value of the defined benefit obligation are as follows:
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Present value of obligations as at the beginning of the year 339 .69 298.35
Interest cost 23 .78 23.87
Current service cost 24 .71 19.77
Benefits paid (20 .
2 2) (20.62)
Actuarial loss on obligation 25 .08 18.32
Present value of obligations as at the end of the year 393 .
0 4 339.69

Changes in the fair value of plan assets are as follows:

PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Fair value of plan assets at beginning of the year 248 .
1 4 213.12
Expected return on plan assets 23.3 2 19.93
Contributions 57.9 9 28.83
Benefits paid (20.2 2) (14.25)
Actuarial gain on plan assets 1.8 0 0.51
Fair value of plan assets as at the end of the year 311.0 3 248.14
The company's gratuity funds are managed by the Life Insurance Corporation of India and therefore, the composition of the fund
assets is not presently ascertained.
Principal actuarial assumptions
PARTICULARS 2008-09 2007-08
Rate (%) Rate (%)
a) Discount rate 7.
0 0 8.00
b) Future salary increase* 4.
5 0 5.50
c) Expected rate of return on plan assets 9.
4 0 9.35
* The estimates of future salary increase take into account inflation, seniority, promotion and other relevant factors.
B. South African Operations
A po ll
o T yres Sou thA fr
ic a(P ty)Ltd .
Employees are members of an umbrella fund of one of three active retirement benefit funds which are defined contribution provident funds.
These are governed by the Pensions Funds Act, 1956. The assets of these funds are independent of the company.
The Retirement On-Line Provident Fund is an umbrella fund which is managed and controlled by an external board of trustees. Members of
the Dunlop Staff Provident Fund were transferred to this fund with effect from 1st September 2007.
The Dunlop Tyres Operatives Provident Fund is valued in three year intervals. The fund's last formal actuarial valuation was independently
performed as at December 2006. The fund is judged to be in a sound financial position.
The New Tyre Manufacturing Industry Provident Fund was established in 2005 and the majority of weekly paid employees are members of
this fund. Interim valuations are performed by an actuary, the most recent being June 2006. The fund is judged to be in a sound financial
position.
The Dunlop Staff Provident Fund is currently under Liquidation. It has no active members and last statutory valuation was as at 31st
December 2006.
The contribution holiday in the current period amounted to Rs. 101.31 Millions (Rs. 113.65 Millions). This is derived from the surplus status of
the Dunlop Staff Provident Fund.
Certain management are members of an umbrella fund which is managed and controlled by an external board of trustees.
There is a single defined benefit fund, the Dunlop Africa Pension Fund. It has no active members and the last statutory valuation was as at
31st March 2005.
The surplus apportionment schemes for the Dunlop Africa Pension Fund and the Dunlop Staff Provident Fund, in terms of section 15B of the
Act, have been approved by the Financial Services Board (FSB). After all of the surplus claims in these funds have been paid there will be a
balance in the employer surplus account in the Dunlop Staff Provident Fund. Realisation of the surplus amount is still conditional upon
several activities/ approvals, accordingly the surplus has not been recognised on the balance sheet.
Foreign consolidated subsidiaries of Apollo Tyres South Africa (Pty) Ltd.
Employees are members of two defined contribution pension funds which are governed by the UK Pensions Act of 1995. The funds are
managed by appointed Investment managers and are reviewed as statutorily required. Both funds are in a sound financial position.
Post-employment medical obligation
A po ll
o T y
r es S outh Afri
c a(P ty)L td.
Prior to 1998, it was the company's policy to provide post-employment medical benefits for its employees, by the way of subsidies. These
subsidies have been funded by means of pensions purchased from insurers. Each year additional amounts are paid in line with the increases
in medical aid subscriptions.
The company's liability in respect of the post-employment medical obligation has been actuarially valued at Rs. 126.27 Millions (Rs. 115.98
Millions) at 31st March 2009 by Fifth Quadrant Actuaries and Consultants. The actuarial valuation performed has been based on the
following assumptions:
a) a health care cost inflation rate of 6.25% p.a. (7.80% p.a)
b) a discount rate of 8.50% p.a. (10.20% p.a)
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Opening Balance 116.16 134.73
Interest cost recognised in income statement in current period 6.36 10.23
Health care cost inflation 11.65 3.41
Actuarial loss recognised in income statement in current period (0.53) 4.55
Miscellaneous (including basis and data changes) (7.17) (36.74)
Closing balance 126.47 116.18
Sensitivity of healthcare cost
For every 1% strengthening/weakness of investment returns, relative to medical aid inflation, the liability is calculated to increase/reduce by
Rs. 10.25 Millions (Rs. 11.84 Millions) from the reported level of Rs. 126.27 Millions (Rs. 115.98 Millions). Similarly for every 1%
increase/decrease in medical aid inflation, relative to investment returns, the liability is calculated to increase/decrease by Rs.15.36
Millions (Rs. 15.79 Millions)
Foreign consolidated subsidiaries of Apollo Tyres South Africa (Pty) Ltd.
Foreign consolidated operations do not provide post-retirement medical benefits for employees, hence no employer obligation exists.

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1
2
.T
he
c
om
p
on
e
n
ts
o
fD
e
fe
r
r
ed
Ta
x
Li
ab
il
i
t
y(N
e
t)
ar
ea
s
fo
l
l
ows
:
PARTICULARS 2008-09 2007-08
Rs./Millions Rs./Millions
Deferred Tax Liability on timing differences arising on:
Depreciation 2,149.43 1,975.64
Others 8.75 3.72
Sub Total (A) 2,158.18 1,979.36
Deferred Tax Assets on timing differences arising on:
Payment under Voluntary Retirement Scheme 0.55 0.65
Others 216.09 223.03
Sub Total (B) 216.64 223.68
Net Deferred Tax Liability (A-B) 1,941.54 1,755.68

13. Provision for sales related obligations of the Parent company represents estimates for payments to be made in future. Major portion of the
these costs is estimated to be paid in the next financial year and will be paid within a maximum of 3 years from the balance sheet date.
Rs./
M i l
l
i
ons
Opening Balance Additional provision Incurred against Closing Balance
as at 01.04.2008 made during the year provision during the year as at 31.03.2009
43 1.10 4 68.44 414.
63 484 .
91
14. The following Forward Exchange Contracts entered into by the company are outstanding as on 31st March, 2009:
Currency Amount Buy/Sell Cross Currency
US Dollar US $ 2,811,100.00 Buy Rupees
US Dollar US$ 4,683,000.00 Buy ZAR
U.K. Pound GBP 208,000.00 Sell ZAR
Euro Euro 604,000.00 Sell ZAR
Jap. Yen JPY 1,727,000.00 Buy ZAR
Australian Dollar Aus $ 827,000.00 Sell ZAR
The above forward contracts have been valued mark to market as at the year-end and the resulting loss has been charged to profit &
loss account.
15. Segmental Reporting
a) Geographical Segments
The company has considered geographic segments as the primary segments for disclosure. The Geographic Segments are India and
South Africa on the basis of Organisation Structure and Operating Locations. Indian segment includes manufacturing and sales
operations through India and South African segment includes manufacturing and sales operations through South Africa along with its
subsidiaries.
b) Business Segments
The Company has considered business segment as the secondary segment for disclosure. The Company's operations comprise of only
one segment - Tyres, Tubes & Flaps and therefore, there are no other business segments to be reported as required under accounting
standard (AS-17) - “Segment Reporting”.
c) Segmental assets includes all operating assets used by respective segment and consists principally of operating cash, debtors,
inventories and fixed assets net of allowances and provisions. Segmental liabilities include all operating liabilities and
consist primarily of creditors and accrued liabilities. Segment assets and liabilities do not include income tax assets and liabilities
 d
)I
nf
o
rma
t
i
ona
b
ou
t
pr
i
mar
y
se
gm
e
n
t(
Ge
og
r
a
ph
i
ca
l)
i
sas
u
nd
e
r: R
s
.
/
M i
l
li
on
s
Particulars India South Africa Other Corp Total
2008-2009 2007-2008 2008-2009 2007-2008 2008-2009 2007-2008 2008-2009 2007-2008
1. REVENUE
Total Sales 40,704.41 36,939.27 9,175.93 10,068.55 - - 49,880.34 47,007.82
Inter segment Sales 39.65 95.46 39.65 95.46
External Sales 40,664.76 36,843.81 9,175.93 10,068.55 - - 49,840.69 46,912.36
2. RESULTS
Segment result 2,382.06 3,853.63 736.39 990.07 (12.05) (6.48) 3,106.40 4,837.22
Interest expense (727.16) (551.31) (318.04) (269.17) - - (1,045.20) (820.48)
Interest and 58.73 30.90 6.70 4.82 7.24 0.26 72.67 35.98
Dividend Income
Income Taxes (630.47) (1,141.44) (108.34) (210.31) (3.53) (4.12) (742.34) (1,355.87)
Net profit 1,083.16 2,191.78 316.70 515.41 (8.34) (10.34) 1,391.53 2,696.85
3. OTHER
INFORMATION
Segment assets 24,566.03 21,591.11 6,589.09 6,469.89 187.95 13.44 31,343.07 28,074.44
Segment liabilities 12,503.83 11,195.61 3,373.75 3,292.28 1,970.65 1,764.31 17,848.23 16,252.20
Capital Expenditure 4,662.95 1,569.32 346.54 122.29 9.86 5.40 5,019.35 1,697.01
Depreciation 980.07 878.10 304.86 420.54 0.20 - 1,285.13 1,298.64

16. Disclosure of related party transactions in accordance with accounting standard (AS 18) “Related Party Disclosures”
a) Name of the Related Parties:
PARTICULARS 2008-09 2007-08
Associates A
p
ol
l
oIn
te
rn
ati
on
al
Ltd
.(
AIL
) Apollo International Ltd.
E
n
c
or
pESer
vi
ce
sLt
d. Encorp E Services Ltd.
L
a
n
dmar
kFa
rms&Ho
usi
ng(
P)
Lt
d. Landmark Farms & Housing (P) Ltd.
S
u
nl
i
f
eTr
ade
li
nk
s(P
)Lt
d. Sunlife Tradelinks (P) Ltd.
T
r
a
ve
lT
rac
ks(
P)
Ltd
. Travel Tracks (P) Ltd.
P
T
LE
nt
erp
ri
se
sLt
d.
(PT
L) PTL Enterprises Ltd. (PTL)
N
a
t
io
na
lTy
re
Serv
i
ces
,Zi
mba
bwe National Tyre Services, Zimbabwe
P
r
e
ss
ur
it
e(
Pt
y)L
td,
Sou
thA
fr
ic
a Pressurite (Pty) Ltd, South Africa
A
p
ol
l
oFi
na
nc
eLtd
. Apollo Finance Ltd.
A
r
t
emi
sMe
di
car
eSe
rvi
ce
sPv
t.
Lt
d. Artemis Medicare Services Pvt. Ltd.
A
r
t
emi
sHe
al
th
Sci
enc
esPv
t.
Lt
d. Artemis Health Sciences Pvt. Ltd.
A
p
ol
l
oAu
tom
oti
ve
Tyr
esL
td
. Apollo Automotive Tyres Ltd.
A
p
ol
l
oRa
di
al
Tyr
esL
td. Apollo Radial Tyres Ltd.
Key Management Personnel M
r
.
O.
S.K
anwa
r Mr. O. S. Kanwar
M
r
.
Nee
ra
jKa
nwar Mr. Neeraj Kanwar
M
r
.
U.
S.Ob
er
oi Mr. U. S. Oberoi
M
r
.
Sun
amSa
rka
r Mr. Sunam Sarkar
Relative of Key Managerial Personnel M
r
.
Raa
j
aKan
war Mr. Raaja Kanwar

1
2
8/
1
29
b) Transactions with Related Parties
2008-09
Particulars Associates Key Management Total
Rs./Millions Personnel Rs./Millions
Rs./Millions
Volume of Transactions:
Sales t
oAI L 1
,
409
.
49 1
,
409
.
49
Reim bur
se m entofE xpen s
est oPTL 295
.
30 295
.
30
Reim bur
se m entofE xpen s
est oOth
ers (0
.
01
) (0
.
01)
Reim bur
se m entofE xpen s
est o
Artem i
sM edi
careS ervi
c esPv t.
Lt
d. 0.
46 0.46
Lease Rent pai
d toP TL 2
5
0.
00 250.00
ServiceCh argesreco v
ere df
ro m PT
L (
3.
22) (
3 .
22)
M ana g
er
ia lRem unerati
o n 1
3
4.
94 134.94
Trave l
l
i
ng Expenses -Tra v
elTr a
cks 112.02 112.02
Ren t R
eceived (
0.95 ) (
0.95)
Con f
e r
ence Expense sPa idt
o T r
ave
lTr
a
cks 47.40 47.40
Inter e
stRe cei
ved- P TL (
3.88) (
3.88)
Ren t P
ai
d - Sunli
fe Trade Li
nk s(P
)Lt
d. 21.30 21.30
Rent P
ai
d - Landma rkFa rmsH o
usi
ng(
P)
Lt
d. 13.20 13.20
Clai
m s
A cc ept
ed -A IL 2.38 2.38
Total 2143.49 134.94 2278.43
Amount Outstanding Dr./(Cr.) 545.38 545.38
PTL 289.67
Land mark Farms & H ous i
ng(P )
Ltd
. 31.50
AIL 1
91.78
Other s 32.43
b) Transactions with Related Parties
2007-08
Particulars Associates Key Management Total
Rs./Millions Personnel Rs./Millions
Rs./Millions
Volume of Transactions:
Salest
o AI L 2
,
21
6.
41 2
,
216
.
41
Reimburse m entofE xpen s
e
stoP
TL 35
5.
85 355
.
85
Reimburse m entofE xpen s
e
stoo
t
he
rs 0.
01 0.
01
LeaseRe n tpai
d toP TL 2
00.
00 20
0.
00
Servi
ceC h argesrece i
ved f
r
omPT
L (
3.
60) (
3.
60)
Ma na
geria lRem unerati
o n 1
8
6.
81 186
.
81
Trave
li
ng E xp e
nses to Tr
a v
el
Tra
c
ks
(P
)Lt
d. 13
9.
25 139
.
25
RentRec eived (
0.
87) (
0.
87)
Con f
er
en ce Expense sto Tr
av
elT
r
ac
ks
(P)
Lt
d. 4
0.
01 4
0.
01
Inter
est Re cei
vedfro m P T
L (
2.
72) (2
.
72)
Rentpaid to Sunli
fe Trad e
Li
nk
s(
P)
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d. 2
1.
30 21
.
30
Rentpaid to Landm arkFa r
ms&Ho
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. 1
3.
20 1
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20
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0.
00 10
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00
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15 3
.
15
Total 3
,
08
1.
99 1
8
6.
81 3
,
26
8.
80
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.
) 62
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01 627
.
01
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21
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.
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As per our Report attached
For DELOITTE HASKINS & SELLS
Chartered Accountants
GEETHA SURYANARAYANAN
Partner
Gurgaon
29th April, 2009
MR. ONKAR S.KANWAR MR. NEERAJ KANWAR MR. M.R.B.PUNJA
Chairman & Managing Director Vice Chairman & MR. U.S.OBEROI
Joint Managing Director MR. A.K.PURWAR
MR. ROBERT STEINMETZ
MR. SUNAM SARKAR MR. P. N. WAHAL MR. RAAJA KANWAR
Chief Financial Officer & Head (Sectt. & Legal) & MR. K. JACOB THOMAS
Whole Time Director Company Secretary MR. SHARDUL SHROFF
Directors

1
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Share Capital 2,520.20 541.75 217.97 - 1.45 136.92 26.29 65.58 0.87
Reserves / (Accumulated Loss) (257.76) (133.89) 2,424.22 69.32 (1.00) (5.84) (9.82) (22.68) -
Total Assets 2,270.78 2,169.10 6,349.51 69.32 1.02 136.92 26.29 89.23 0.87
Total Liabilities 2,270.78 2,169.10 6,349.51 69.32 1.02 136.92 26.29 89.23 0.87
Detail of Investments(other than - - - 34.34 - - - - -
investment in subsidiary companies)
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