MRF Ltd Company Summary

MRF Ltd Summary

MRF Ltd is Indias largest tyre manufacturer and ranked amongst the Top 20 Global Manufacturers. It is also Indias largest Original Equipment Manufacturer (OEM) tyre supplier with an expansive tyre range from two-wheelers to fighter aircrafts. The companys manufacturing facilities are located at Trichy, Tiruvottiyur and Arakonam in Tamil Nadu, Kottayam in Kerala, Ponda in Goa, Medak in Andhra Pradesh and Union Territory of Pondicherry.MRF Ltd was established in the year 1946 by K M Mammen Mappillai as a small toy ballon unit. Much later on November 05, 1960, the Company converted into Public Limited after which it started manufacture of automotive tyres and tubes. In the year 1964, the Company commissioned their main plant. Also, they established an overseas office at Beirut, Lebanon to tap the export market. In the year 1967, the Company became the first Indian company to export tyres to USA.In the year 1980, the company entered into a technical collaboration with the B. F. Goodrich Tyre Company, USA that paved the way to a significant exercise in new product development and quality improvement. They introduced Nylogrip tyres for two-wheeler vehicles and also introduced Legend, a premium segment nylon car tyre in the year 1985 and 1987 respectively.In 1989 the company collaborated with Hasbro International USA, the worlds largest toy maker and launched Funskool India. Also, they entered into a pact with Vapocure of Australia to manufacture polyurethane paint formulations and with Pirelli for MUSCLEFLEX conveyor and elevator belting. In the year 1996, they set up a factory dedicated entirely for the manufacture of radial tyres at Pondicherry. In the year 1999, the company was selected as the most ethical company in India by Business World magazine. In the year 2004, the company made a tie up with Maruti Udyog to boost motorsports in India. During the year 2004-05, the product range of the company expanded with Go-kart & Rally tyres and tyres for two/three wheelers. The company received the TOP Export Awards from CAPEXIL as well as AIRIA for the period ended 2005. In the year 2007, the company launched premium truck tyre Super Lug 50-FS. In May 2008, the company signed the memorandum of understanding (MoU) with government of Tamil Nadu for the new MRF plant to be located at Perambulur and also for expansion of their existing plants in Tamil Nadu. During the year 2009-10, the company increased the installed capacity of Automobile Tyres from 28,450,000 Nos to 31,700,000 Nos. Also, they increased the installed capacity of Automobile Tubes from 29,700,000 Nos to 31,600,000 Nos. They launched two popular tyres, namely MRF Meteor, a bike tyre for both tarmac and dirt; and the MRF Steel Muscle S3K4 truck radials for better mileage on diverse road conditions. Also, they completed the Ankenpally project at Medak district, Andhra Pradesh. During the year, the company won the All India Rubber Industries Associations (AIRIA) award for Highest Export Awards (Auto Tyre Sector) category and Top Export Award from Chemicals & Allied Products Export Promotion Council (CAPEXIL) for 2009-10.During the year 2010-11, the company launched new products namely MRF Z.L.O, MRF Meteor M and MRF Steel Muscle 53C8. The company hived off the Speciality Coatings division to MRF Corp Ltd, a 100% subsidiary of the company with effect from April 1, 2011. Also, the company won the All India Rubber Industries Associations (AIRIA) award for Highest Export Awards (Auto Tyre Sector) category and Top Export Award from Chemicals & Allied Products Export Promotion Council (CAPEXIL) for 2010-11. In 2011, MRF commissioned its 8th plant for the production of conventional tyres in Trichy, Tamil Nadu.In 2012, MRF commissioned its 9th plant in Trichy, Tamil Nadu solely for the manufacture of Radial Tyres. In 2015, the Company has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to invest not less than Rs 4500 crore in Tamil Nadu in its plants at Perambalur and Arakonam in Tamil Nadu over a period of 7 years. The company gets a place in The Forbes Indias Super 50 list of Indian Companies.On 22 July 2016, MRF announced that credit rating agency ICRA Limited has upgraded the Credit Rating for the companys Non-Convertible Debenture (NCD) Programme in their yearly surveillance from [ICRA] AA+ (pronounced as ICRA double A plus) to [ICRA] AAA (pronounced as ICRA triple A) for Non-Convertible Debentures of Rs 500 crore issued in 2011.On 11 January 2017, MRF signed a Memorandum of Understanding (MoU) with the Government of Gujarat expressing its in-principle intention to set up a new manufacturing facility in Gujarat for manufacture of automotive tyres, tubes, flaps and related products. The Company proposes to invest a sum of about Rs 4500 crores over a ten year period in a phased manner. The new plant is planned to be set up in Gujarat with the intention of broad basing the Companys manufacturing facilities across India. The project will be funded by internal accruals and/or debt.As on 31 March 2018,the company has 4 subsidiaries under its roof.During the year 2017-18,the company has been awarded the Highest Export Award 2016-17, by All India Rubber Industries Association (AIRIA). The product Perfinza by MRF also received the prestigious 2018 Product of the Year Award from Car India magazine. MRF also received the 2018 Corporate Award in the tyres category from DUN & BRADSTREET.During the FY2019, the Company was awarded top honours in the J.D. Power 2018 Passenger Radial Study for the 13th time - a feat without precedent or parallel. Your Company has also been ranked no.1 in Customer Satisfaction in the Inaugural J.D. Power 2018 India Tractor Tyre Satisfaction Index (TTSI) Study which validates your companys position in the Indian Market as the most preferred Farm Tyre Brand amongst Tractor owners. As on 31 March 2020,the company has two Indian and two overseas subsidiary companies namely,i. MRF Corp Limited,ii. MRF International Limited,iii. MRF Lanka (P) Ltd,iv. MRF SG PTE. LTD.The year 2021 also marked the completion of 75 years of establishment of Madras Rubber Factory (which was originally established in 1946 as a proprietorship concern for manufacture of toy balloons). Madras Rubber Factory later took up manufacture of tread rubber at which time it was converted into a partnership concern. In year 2022, the Company launched MRF Markus of tyres for Luxury SUVs on the Skoda Kodiaq and the Mahindra Alturas. It launched Zapper C1 TL, Zapper V TL, REVZ MG TL, MRK-X Plus N20 TT, MRK- E3 for the two-wheeler tyre. The greenfield site at Aanambakkam nearChengalpattu started trial production of Solvent Based products.During the year 2022-23, the Company introduced new sizes MRF Perfinza, series of tyres for Audi, BMW, Jaguar, Mercedes-Benz and Volvo cars, introduced new sizes for the brand MRF Markus for the premium SUVs of Audi, BMW, Mercedes-Benz, Volvo, Jeep, Hyundai and VW. MRF Citibus was introduced exclusively for the Force Traveller and Toyota Innova for Passenger Car Tyres. In the Two Wheeler Tyres, Block pattern rear tube-type tyre was developed for Royal Enfield Classic 350; Tubeless rear tyre for Yamaha Fascino125 BS6 scooter; Tubeless tyre developed for Electric Scooters. In the Commercial Vehicle Tyre, it launched MRF Super Miler 99 Plus, MRF Super Lug Fifty Plus R brand, MRF Savari Extra.