MIRA
INFORM REPORT
|
Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
EXIDE INDUSTRIES LIMITED (w.e.f 25.08.1995) |
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Formerly Known As : |
CHLORIDE INDUSTRIES LIMITED (w.e.f 12.10.1988) CHLORIDE INDIA LIMITED (w.e.f 02.08.1972) ASSOCIATED |
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Registered Office : |
Exide House, 59E, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
31.01.1947 |
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Com. Reg. No.: |
21-014919 |
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Paid-up Capital
: |
Rs.850.000 millions |
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CIN No.: [Company
Identification No.] |
L31402WB1947PLC014919 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALE01193D CALC00084A |
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PAN No.: [Permanent
Account No.] |
AAACE6641E |
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Legal Form : |
public limited liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturing of Lead Acid
Storage Batteries. |
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No. of Employees : |
5151 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 109000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered
normal for business dealings at usual trade terms and conditions. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Exide House, 59E, |
|
Tel. No.: |
91-33-22478320
/ 8326 / 8329 / 2313 / 22403604 / 22801083 / 2280 2150-51 / 22832120 / 22832133 /
22832136 / 50 |
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Fax No.: |
91-33-22479819
/ 22870725 / 2283 2632 / 37 |
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E-Mail : |
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Website : |
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Factory : |
91 New Chord Road, Athpur, Shamnagar, 24 Parganas (N) - 743 128
Durgachak, Haldia, District Midnapore, West Bengal -72
1602,
Haryana Plot No. 179, Sector 3, HSIDC Growth Centre, Bawal - 123 501
D2, MIDC Industrial Estate, Chinchwad East, Pune 41 1019,
Plot No. T-17 MIDC Taloja Industrial Area, Taloja- 410
208,
Tamil Nadu
Chichurakanapalii, Sevaganapalli Panchayat, Hosur Taluk,
District Dharmapuri - 635 103, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Rajesh G. Kapadia |
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Designation : |
Chairman and Non Executive
Director |
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Name : |
Mr. P.K. Kataky |
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Designation : |
Director (Automotive) |
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Name : |
Mr. R. B. Raheja |
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Designation : |
Vice Chairman and Non Executive
Director |
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Date of Birth/Age : |
17.06.1954 |
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Name : |
Mr. T. V.
Ramanathan |
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Designation : |
Managing Director
and Chief Executive Officer |
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Qualification: |
B.Com., FCA, ACS |
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Date of Joining: |
01.02.1995 |
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Name : |
Mr. G. Chatterjee |
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Designation : |
Director
(Industrial) |
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Qualification: |
B.E., (Mech.),
PGDBM (IIM) |
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Name : |
Mr. Vijay Aggarwal |
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Designation : |
Non-Executive
Director |
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Name : |
Mr. Hemandra M.
Kothari |
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Designation : |
Non-Executive
Director |
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Name : |
Mr. Bhaskar Mitter |
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Designation : |
Non-Executive
Director |
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Name : |
Mr. S. N.
Mookherjee |
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Designation : |
Non-Executive
Director |
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Name : |
Mr. S. B. Raheja |
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Designation : |
Non-Executive
Director |
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Name : |
Mr. Winston Wong |
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Designation : |
Non-Executive
Director |
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Date of Birth/Age : |
14.04.1947 |
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Name : |
Mr. A K Mukherjee |
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Designation : |
Director (Finance and
Chief Financial Officer) |
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Name : |
Mr. D S Parekh |
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Designation : |
Alternate Director
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Name : |
Mr. Nadeem Kazim |
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Designation : |
Director – HR and
Personnel (w.e.f. 01.05.2011) |
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Date of Birth/Age : |
26.01.1964 |
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Name : |
Ms. Mona N Desai |
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Designation : |
Non Executive Director |
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Name : |
A. H. Parpia |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Supriya Coomer |
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Designation : |
Company Secretary |
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Name : |
R. Raja Prakash |
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Designation : |
Deputy General Manager –
Secretarial and Internal Audit |
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AUDIT COMMITTEE |
Mr. R. G. Kapadia |
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|
Mr. Bhaskqr Mitter |
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Mr. S. N. Mookherjee |
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|
Mr. Vijay Aggarwal |
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|
Ms. Mona N Desai |
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REMUNERATION COMMITTEE |
Mr. Bhaskar Mitter |
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Mr. R. G. Kapadia |
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Mr. T. V. Ramanathan |
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|
Mr. S. N. Mookherjee |
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|
Mr. Vijay Aggarwal |
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|
Ms. Mona N Desai |
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EXECUTIVE COMMITTEE |
Mr. T. V. Ramanathan |
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|
Mr. G. Chatterjee |
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Mr. A. K. Mukherjee |
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|
Mr. Nadeem Kazim |
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|
Mr. P K Kataky |
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SHAREHOLDERS GRIEVANCE REDRESSAL COMMITTEE : |
Mr. Bhaskar Mitter |
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|
Mr. T. V. Ramanathan |
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|
Mr. G. Chatterjee |
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SHARE TRANSFER
COMMITTEE |
Mr. T. V. Ramanathan |
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|
Mr. G. Chatterjee |
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Mr. P. K. Kataky |
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|
Mr. A. K. Mukherjee |
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BANKING OPERATIONS
COMMITTEE |
Mr. T. V. Ramanathan |
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|
Mr. G. Chatterjee |
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|
Mr. P. K. Kataky |
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|
Mr. A. K. Mukherjee |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
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|
390954666 |
45.99 |
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|
390954666 |
45.99 |
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Total shareholding of Promoter and Promoter Group (A) |
390954666 |
45.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
40069993 |
4.71 |
|
|
670993 |
0.08 |
|
|
86518033 |
10.18 |
|
|
144980037 |
17.06 |
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|
272239056 |
32.03 |
|
|
|
|
|
|
91713304 |
10.79 |
|
|
|
|
|
|
81565713 |
9.60 |
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|
8771233 |
1.03 |
|
|
4756028 |
0.56 |
|
|
3384708 |
0.40 |
|
|
1031087 |
0.12 |
|
|
220840 |
0.03 |
|
|
119393 |
0.01 |
|
|
186806278 |
21.98 |
|
Total Public shareholding (B) |
459045334 |
54.01 |
|
Total (A)+(B) |
850000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
850000000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Lead Acid
Storage Batteries. |
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||||||
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Products : |
·
Golf Cart ·
OPzS ·
VRLA For Telecom ·
Plante ·
Tabular For Inverters ·
VRLA For UPS System ·
Traction ·
Railway Starter · Miner's
Cap Lamp |
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Brand Names : |
'Exide', 'Dagenite', 'Dynex' and
'Index' |
PRODUCTION STATUS (As on
31.03.2011):-
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Storage
Batteries |
Nos. |
27992068 |
24215775 |
GENERAL INFORMATION
|
No. of Employees : |
5151 (Approximately) |
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Bankers : |
·
State Bank of ·
Standard Chartered Bank ·
Citibank N.A. ·
The Hongkong and ·
Banking Corporation of India Limited ·
BNP Paribas ·
HDFC Bank Limited ·
Deutsche Bank AG ·
ICICI Bank Limited ·
ABN AMRO Bank N.V. ·
Bank of |
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Facilities : |
* Includes repayable within one year Rs. 20.900 millions (Rs. 234.400
millions) |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
22, |
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Solicitors: |
·
A.H. Parpia and Company Advocates and
Solicitors Address : 203-204
Prabhat Chambers, |
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Subsidiaries : |
·
Chloride Batteries S.E. ·
Chloride International Limited (CIL) ·
Caldyne Automatics Limited (Caldyne) ·
Espex Batteries Limited, ·
Associated Battery Manufacturers ( ·
Chloride Metals Limited (CML – Formerly Tandon
Metals Limited) ·
Leadage Alloys India Limited ·
Exide Batteries Private Limited (Subsidiary of
CBSEA) |
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Associates : |
·
ING
VYS'VA Life Insurance Company Limited |
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Enterprise/Individuals
having a direct or indirect controls over the company : |
·
Chloride Eastern Limited, ·
Chloride Eastern Industries Pte Limited, ·
LIEC Holdings SA, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Re.1/- each |
Rs.1000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850,000,000 |
Equity Shares |
Re.1/- each |
Rs.850.000 millions |
|
|
|
|
|
NOTE :-
·
Includes 13,50,000 shares
issued for consideration other than cash and 54,14,69,580 shares issued as fully
paid up bonus shares by capitalization of Securities Premium and Capital and
Revenue Reserves
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
850.000 |
850.000 |
800.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
26574.500 |
21347.700 |
11703.500 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
27424.500 |
22197.700 |
12503.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.600 |
1.700 |
1796.200 |
|
|
2] Unsecured
Loans |
20.900 |
898.200 |
1375.600 |
|
TOTAL BORROWING
|
21.500 |
899.900 |
3171.800 |
|
|
DEFERRED TAX
LIABILITIES |
675.000 |
590.000 |
412.000 |
|
|
|
|
|
|
|
TOTAL
|
28121.000 |
23687.600 |
16087.300 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
8358.400 |
6766.800 |
6680.000 |
|
Capital work-in-progress
|
659.700 |
377.600 |
173.100 |
|
|
|
|
|
|
|
INVESTMENT
|
13779.700 |
13353.700 |
6681.800 |
|
DEFERRED TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
8589.500
|
6067.700
|
4384.700
|
|
|
Sundry Debtors
|
3665.300
|
2545.800
|
2310.200
|
|
|
Cash & Bank Balances
|
147.800
|
28.800
|
337.100
|
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances
|
884.800
|
475.900
|
386.800
|
Total Current Assets
|
13287.400
|
9118.200
|
7418.800
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
5275.900
|
3911.200
|
3005.600
|
|
|
Other Current Liabilities
|
1326.700
|
1032.100
|
801.700
|
|
|
Provisions
|
1361.600
|
985.400
|
1059.100
|
Total Current Liabilities
|
7964.200
|
5928.700
|
4866.400
|
|
Net Current Assets
|
5323.200 |
3189.500 |
2552.400 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
28121.000 |
23687.600 |
16087.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45536.000 |
37940.000 |
33930.200 |
|
|
|
Other Income |
1038.400 |
121.100 |
64.700 |
|
|
|
TOTAL (A) |
46574.400 |
38061.100 |
33994.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
29469.000 |
22239.600 |
22102.000 |
|
|
|
Purchase of Trading Goods |
615.000 |
60.400 |
122.100 |
|
|
|
Personnel Costs |
2828.500 |
2252.100 |
1709.000 |
|
|
|
Expenses |
5844.500 |
4986.400 |
4290.100 |
|
|
|
Increase
in Stocks |
(2008.700) |
(492.700) |
259.500 |
|
|
|
Exceptional
Items |
(469.300) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
36279.000 |
29045.800 |
28482.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10295.400 |
9015.300 |
5512.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
57.300 |
102.900 |
478.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10238.100 |
8912.400 |
5033.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
834.500 |
806.500 |
679.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9403.600 |
8105.900 |
4353.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2740.000 |
2735.000 |
1510.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6663.600 |
5370.900 |
2843.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5164.400 |
3245.900 |
2813.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
750.000 |
2500.000 |
1850.000 |
|
|
|
Interim Dividend |
765.000 |
480.000 |
320.000 |
|
|
|
Tax on Interim Dividend |
125.800 |
81.600 |
54.400 |
|
|
|
Proposed Dividend |
510.000 |
340.000 |
160.000 |
|
|
|
Tax on above Dividend |
3.500 |
50.800 |
26.600 |
|
|
BALANCE CARRIED
TO THE B/S |
9673.700 |
5164.400 |
3245.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1452.800 |
1075.600 |
1200.500 |
|
|
|
Dividend |
14.300 |
8.600 |
11.300 |
|
|
|
Technical Assistance Fee |
3.200 |
3.200 |
03.000 |
|
|
|
Interest |
0.000 |
0.000 |
02.100 |
|
|
TOTAL EARNINGS |
1470.300 |
1087.400 |
1216.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5394.200 |
5150.000 |
6180.000 |
|
|
|
Spares Parts |
159.100 |
88.200 |
77.700 |
|
|
|
Capital Goods |
930.500 |
253.400 |
825.800 |
|
|
|
Trading Items |
466.900 |
62.500 |
101.900 |
|
|
TOTAL IMPORTS |
6950.700 |
5554.100 |
7185.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.84 |
6.69 |
3.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011
(1st Quarter) |
30.09.2011
(2nd Quarter) |
|
Net Sales |
|
|
12444.100 |
11726.600 |
|
Total Expenditure |
|
|
10248.000 |
10858.100 |
|
PBIDT (Excl OI) |
|
|
2196.100 |
868.500 |
|
Other Income |
|
|
334.200 |
113.300 |
|
Operating Profit |
|
|
2530.300 |
981.800 |
|
Interest |
|
|
11.300 |
16.100 |
|
PBDT |
|
|
2519.000 |
965.700 |
|
Depreciation |
|
|
237.000 |
246.700 |
|
Profit Before Tax |
|
|
2282.000 |
719.000 |
|
Tax |
|
|
650.000 |
207.500 |
|
Profit After Tax |
|
|
1632.000 |
511.500 |
|
Net Profit |
|
|
1632.000 |
511.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.31
|
14.11
|
8.36
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.65
|
21.36
|
12.83
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.44
|
51.03
|
30.88
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.37
|
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.31
|
0.64
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.54
|
1.52
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject, the company was incorporated as Associated Battery Makers
(Eastern) Limited in 31st January of the year 1947 to purchase all or any of
the assets of the business of manufacturers, buyers and sellers of and dealers
in and repairers of electrical and chemical appliances and goods carried on by
the Chloride Electric Storage Company (India) Limited, in India. Thereafter,
the company started manufacturing storage batteries in the country and has
grown to become one of the largest manufacturer and exporter of batteries in
the sub-continent today. It manufactures the widest range of storage batteries
in the world from 2.5 Ah to 20,400 Ah capacity, covering the broadest spectrum
of applications and various technology configurations. The business segment of the
company comprises Automotive Batteries, Industrial Batteries and Submarine
Batteries. Its products are sold under the brands of Exide, Dagenite, Dynex and
Index. The Company's Plants at Chinchwad, Maharashtra and Bawal, Haryana are
ISO / TS: 16949 and ISO: 14001 certified by TUV, NORD and the one at
Kanjurmarg,
As a manufacturer, the company had commissioned its second factory at
Chinchwad, Pune during the year1969, its first factory situated in Shamnagar,
During the year 1998, with an objective of increasing capacity without the time
lag in setting-up
Subject made its investment in 50% shareholding of ING Vysya Life Insurance
Company Limited in the year 2005 and in the same year, the company launched new
GenX batteries. The Company secured the Best SMF Battery Award for three
consecutive years of 2005, 2006 and also in 2007. Subject got 1st Position for
Sustaining a High level of Productivity Award Contest by the CII for the year
2006-07. On the marketing front, with an objective to get a global platform to
expand its business the Company acquired a 100% stake in Caldyne Automatics
Limited in July 2007, Caldyne Automatics Limited became 100% subsidiary of the
company consequent to acquisition and also in the same year subject made
investment with 26% shareholding in CEIL Motive Power Pty Limited, committed
one Joint Venture in Australia. The Company acquired 100% of stake in Tandon
Metals Limited during the year 2007 and also acquired 51% of stake in Lead Age
Alloys India Limited in June of the year 2008.
MANAGEMENT
DISCUSSION AND ANALYSIS
Economic
Environment
After the economic slowdown caused by the global financial crisis in 2007 the Indian economy, which showed signs of recovery in 2009-10, continued to gain momentum. The growth rate which plummeted to 6.8% in 2008-09, rose upto 8% in 2009-10 and is expected to be 8.6% for 2010-11 as per the Advance Estimates of the Central Statistics Office (CSO). The positive feature of such turnaround is that this recovery has been broad-based with almost all the core sectors recording an impressive turnaround. Agriculture, which had a negligible growth in 2009-10, recorded an impressive 5.4% increase in growth.
All these positive developments were however marred to a
certain extent due to high inflation, mainly driven by high cost of food items.
A negative growth in agriculture in 2008-09, a severe drought in 2009-10
followed by unseasonal rains during 2010-11, coupled with inadequacies in the
public distribution system resulted in shortage of food crops. Further, due to
enhancement of income amongst the marginalized sections of the rural populace,
arising out of social security policies of the Government, there was an
increased demand for cereals and other food grains. All these factors
contributed to severe pressure on prices of food grains. Thankfully, due to
better monsoons and certain interventions made by the Government and the
Reserve Bank of
Looking into the medium to long term, it is expected that
this growth story would continue unabated and, in fact, would accelerate
further. All key economic indicators look favourable which leads us to the
expectation that the rate of growth will breach the 9% mark in 2011-12.
However, there are certain causes for concern. The recent political instability
in the African countries is having a spiraling effect on the crude prices which
is fuelling inflation and if the situation does not improve this may have an
adverse effect on the economy. Further,
Industry Structure and Development
The Domestic Battery Industry has had mixed fortunes during
the year. The telecom, infrastructure and export sectors continue to be
sluggish but this has been compensated by an unexpected high growth in the
automobile sector. The passenger vehicle segment grew by over 29% whilst the
commercial vehicle segment registered a growth of nearly 27% as compared to
2009-10.
As stated earlier,
Infrastructure continues to be a key focus area for the Government with massive investments planned in the near term. Rs. 2140000.000 millions has been allocated in the Union Budget 2011-12 for the infrastructure sector, which is 23% higher than the previous year and this amounts to 48.5% of the Gross Budgetary support to plan expenditure. Further, plans for modernization of Railways and setting up of Nuclear Power Plants would lead to considerable demand for the battery industry.
Performance
The Company is not only one of the leading manufacturers of
Lead Acid Batteries in
Automotive Batteries
The sales of automotive batteries registered a growth of 23% as compared to the previous year. However, the Company was unable to cater fully to the unanticipated demand by all segments of vehicle manufacturers due to capacity constraints and thereby take full advantage of the potential growth in the industry. In such a scenario, in line with its long term perspective, the Company took a conscious decision to give priority to the increased requirements of the vehicle manufacturers over the more profitable after market segment. The Company continues to remain the preferred supplier for most of the new vehicles launched during the year. These batteries have been developed by the Company through in-house R and D and several of these underwent rigorous tests including tests in overseas laboratories prior to being selected for supplies. The Company has already launched Deep Cycling Electric Bike batteries for electric bicycles and scooters and is also in the process of developing batteries for Stop-Start Micro Hybrid Vehicles in collaboration with The Furukawa Battery Company Limited, Japan. The Company is also exploring the possibility of developing and marketing Lithium-ion batteries for the Electric Vehicle Segment.
As informed in the earlier Directors Report, the marketing and distribution set up has been reorganized on the hubs and spokes model and presently the Company is operating from 204 locations. By the end of the current year the Company is expected to be present in 250 cities and towns. Through this initiative the Company has been able to reach out to the customers in ‘B’ Class and ‘C’ Class cities and also provide better after sales and warranty services.
The CRM initiative exidereachout.com
has helped in building a loyal customer base. The Company has also
been able to divert customers from the un-organised sector through its unique
initiative “Project Kisan”, which primarily services the rural markets. The
‘Humsafar’ module, under which batteries are sold through motor garages, and
the arrangements with several companies for distribution of the Company’s
products through their outlets have resulted in reaching the products at the
door step of the consumers. As stated earlier, the Company was unable to cater
to the entire market demand inspite of running its Plants in full capacity.
Consequently, the Company has invested Rs. 2750.000 millions in the year and
proposes to invest a further amount of Rs. 3700.000 millions in 2011-12 in
capacity expansion. A new facility for production of two wheeler batteries has
also been commissioned at Ahmednagar,
Industrial Batteries
Sales of Industrial batteries for 2010-11 registered a
growth of around 16% in terms of value and 13% by volume. This has been
possible in spite of severe competition and low cost imports in the domestic
market. Overall Infrastructure business has shown a growth of 15%, mostly
contributed by Solar at 68% and Traction segment at 62%. Telecom recorded a
comparatively lower growth of 9%. Power segment recorded a growth of 12% with a
very healthy order booking for future months. In Fast Moving Industrial Battery
segment, Sales for the year ended 31.03.2011 recorded a growth of around 18% in
terms of value and 13% in terms of volume. While there has been a marginal
degrowth of 5% in UPS OEM segment, Trade growth during the period was 18%.
Measures have been initiated for further upgradation of quality and performance
of VRLA Batteries. Exports had a growth of 40% by value and 26% by volume,
mostly through exports to
A lot of Research and Development work has been done in developing Maintenance Free Tubular Batteries for Telecom and UPS with long life. Flooded Batteries with 10 year’s Warranty are being developed for Telecom and Solar Applications.
Submarine Batteries
The Company continues to be the sole supplier for Submarine batteries to the Indian Navy and an accredited supplier to the Admiralty
Shipyard,
Exports
Inspite of depressed international market conditions,
exports of both the automotive as well as industrial batteries registered a
growth during the year. Exports of Industrial Batteries reached Rs. 1170.000
millions with a growth of 40% in value and 26% in volume, mostly through
exports to European countries and
Business / Operational Excellence
Providing credible value addition to stakeholders and being recognized as a responsible corporate citizen is the vision of the Company. Aiming towards this, the Company has implemented an exhaustive Total Quality Management System (TQM). Over the years it has been improved upon and fine-tuned to become more effective
in meeting the strategic challenges of the business. The latest techniques of Total Productive Maintenance (TPM), 6 Sigma and Lean Manufacturing now form an integral part of the TQM system – leading to Business Excellence.
The Company’s state-of-the-art factories manufacture products of the highest quality that enhance customer satisfaction. Quality is designed and built into products by using techniques like Advanced Product Quality Planning (APQP), Failure Mode and Effect Analysis (FMEA), Statistical Process Control (SPC) and Measurement System Analysis (MSA). Process Capability Index monitoring is done to ensure that products are well within the specification limits, leading to minimal rework and scrap.
With the support of TQM as a strategic initiative, the
company has crossed several milestones in its unending journey towards Business
Excellence. In regard to the Quality Management System (QMS), the Industrial
SBU has been certified to ISO-9001:2008, while the Automotive SBU has been
certified to ISO/TS-16949:2009 international standards. These certifications
include all the business processes of R and D, Manufacturing, Marketing, Sales
and after sales support, and Corporate functions. The Submarine SBU is also
certified to ISO-9001:2008. The certification body is the renowned TUV-Nord,
headquartered in
In addition to these, in the last few years, the Company has won several awards and accolades in Quality, Safety-Health-Environment, 5-S, Energy Conservation, Productivity and Quality Circles. In 2009 the Hosur plant won the prestigious Asia Manufacturing Excellence Award-Gold Category in Auto Ancilliary from Frost and Sullivan as well as the ABK-AOTS 5-S Award 1st Prize in Large Manufacturing category. For the same year the Shamnagar plant has won the TQM Role Model Quality Award from CII (ER).
The Company has also won awards and recognitions from its
valued customers like
maximizing the utilization of plant and equipment, the Company has implemented Total Productive Maintenance (TPM) in the factories. The best methodology as given by the Japanese Institute of Plant Maintenance (JIPM) is being followed.
For outstanding efforts and results in TPM, the JIPM has conferred the “Award for TPM Excellence” to the Haldia plant for 2008 which has now been awarded also to the Hosur and Chinchwad plants in 2010. Other factories are also making efforts to win this coveted award in the near future.
Outlook
Due to the overall buoyancy the future outlook, as far as the Battery Industry is concerned, appears to be promising. The high growth rate in both auto and auto ancillary industries are expected to continue for the medium term. The huge expenditure proposed in the infrastructure sectors, including setting-up of power plants and modernization of Railways, would also result in better prospects for the Company’s business. Increase in disposable income and the growing middle class would lead to higher demand for quality and technologically superior products as compared to the cheaper substitutes. Stringent pollution control norms would act as a deterrent to small scale battery manufacturers in the unorganized sector thereby yielding more market share to the organized sector. The international markets are also showing signs of recovery which augurs well for the export of the Company’s products.
Subsidiary Companies
The Company has four wholly owned Indian subsidiaries, viz.
Chloride Metals Limited, Caldyne Automatics Limited, Leadage Alloys India
Limited and Chloride International Limited and three foreign subsidiaries, viz.
Chloride Batteries S.E. Asia Pte. Limited, Singapore, Espex Batteries Limited,
During the year 2010-11 the said company has achieved a turnover of Rs. 7447.900 millions representing an increase of over 36% over the previous year and profit before tax of Rs. 325.700 millions as compared to Rs. 537.400 millions in the previous year. Chloride International Limited, a 100% subsidiary of the Company, is engaged in the marketing and sale of Non-conventional Energy Systems like Solar Home Lighting and Heating System Panels, and Home UPS / Inverters etc. The net sales of the said company during 2010-11 amounted to Rs. 203.900 millions which was 70% higher than that of the previous year. The Profit Before Tax also increased from Rs. 3.700 millions to Rs. 4.600 millions.
The Company holds 100% of the share capital in Chloride
Batteries S E Asia Pte. Limited,
of GBP 6.230 million and made a Profit Before Tax of GBP 0.200 million which were 56% and 324% higher than the previous year.
The Company also holds 61.5% in Associated Battery
Manufacturers (
The statement of Holding Company’s interest in Subsidiaries as specified in sub section (3) of section 212 of the Companies Act, 1956 is attached to the Report and Accounts of the Company. The Profit and Loss Accounts, Balance Sheet, Auditors Report and Directors Report of the Subsidiaries are not attached to the Annual Accounts of the Company pursuant to general exemption granted vide General Circular no. 2/2011 dated 08.02.2011 issued by the Government of India, Ministry of Corporate Affairs. However, the necessary details about the Subsidiaries are given in the Consolidated Financial Statements attached to the Annual Accounts. Further, any shareholder of the Company or the Subsidiary Companies may obtain copies of these documents by writing to the Company Secretary at the Registered Office of the Company. Copies of the Annual Accounts of the Subsidiaries would also be available for inspection by any such person at the Registered Office of the Company on any working day
UNAUDITED
FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 30.09.2011
Rs. In Millions
|
Particulars |
3 months ended 30.09.2011 (Unaudited) |
6 months ended 30.09.2011 (Unaudited) |
|
Gross Sales |
14326.300 |
29489.100* |
|
Less: Excise Duty, VAT and Sales Tax |
2573.500 |
5299.600 |
|
Net Sales |
11752.800 |
24189.500 |
|
Other Operating Income |
8.200 |
15.600 |
|
Total Income |
11761.000 |
24205.100 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and Work in Progress |
1416.500 |
354.500 |
|
(b) Consumption of Raw Materials* |
7063.400 |
16025.500** |
|
(c) Purchase of traded goods |
19.000 |
24.800 |
|
(d) Employees Cost |
644.100 |
1363.600 |
|
(e) Depreciation |
246.700 |
483.700 |
|
(f) Other Expenditure |
1715.100 |
3311.300 |
|
Total |
11104.800 |
21563.400 |
|
Profit From Operations before other Income Interest & Exceptional Items |
656.200 |
2641.700 |
|
Other Income |
78.900 |
386.700 |
|
Profit before Interest and Exceptional items |
735.100 |
3028.400 |
|
Interest and Finance Cost (Net) |
16.100 |
27.400 |
|
Profit after interest before Exceptional items |
719.000 |
3001.000 |
|
Exceptional Items |
- |
- |
|
Profit before Tax |
719.000 |
3001.000 |
|
Taxation Expenses |
|
|
|
- Current |
233.000 |
842.500 |
|
- Differed |
[25.500000] |
15.000 |
|
Total |
207.500 |
857.500 |
|
Net Profit after Tax |
511.500 |
2143.500 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.1/- each ) |
850.000 |
850.000 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earnings Per Share
(Basic and Diluted) # |
0.60# |
2.52# |
|
Public Share Holding |
|
|
|
- Number of Shares |
459045334 |
459045334 |
|
- Percentage of shareholding |
54.01% |
54.01% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
Nil |
Nil |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of shares(as a % of the total share capital of the company) |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
390954666 |
390954666 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
|
- Percentage of Share (as a % of the total share capital of the company) |
45.99% |
45.99% |
* Including exchange
gain of Rs.38.300 millions, containing Rs.34.400 millions for the quarter
[previous year same period : including exchange gain of Rs.29.000 millions and
Rs.15.400 millions respectively]
**including exchange loss of Rs.122.400 millions, containing
Rs.148.800 millions for the quarter [previous year same period : net of exchange gain of Rs.92.300 millions and
Rs.42.800 millions respectively]
# Not annualized.
STATEMENT OF
ASSETS AND LIABILITIES
|
Particulars |
As on 30.09.2011 [Unaudited] |
|
SHAREHOLDERS FUNDS |
|
|
SHARE CAPITAL |
850.000 |
|
RESERVES & SURPLUS |
28710.100 |
|
|
29560.100 |
|
|
|
|
LOAN FUNDS |
0.000 |
|
DEFERRED TAX LIABILITY |
690.000 |
|
|
|
|
TOTAL |
30250.100 |
|
|
|
|
FIXED ASSETS |
9406.100 |
|
|
|
|
INVESTMENT |
13571.000 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
8437.100 |
|
Sundry Debtors |
4630.700 |
|
Cash & Bank Balances |
578.900 |
|
Other Current Assets |
0.000 |
|
Loans & Advances |
936.700 |
|
|
14583.400 |
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
6377.600 |
|
Provisions |
932.800 |
|
|
7310.400 |
|
|
|
|
Net
Current Assets |
7273.000 |
|
|
|
|
TOTAL |
30250.100 |
Notes
1.
As the company’s business
activity falls within a single primary business segment viz. “Lead Acid Storage
Batteries”, the disclosure requirements of accounting standard (AS-17) on
“Segment Reporting”, notified by the companies (Accounting Standards) Rules,
2006, are not applicable.
2.
Gross sales and net
sales are net of trade discounts / trade incentives.
3.
There was no
exceptional / extra ordinary item during the quarter ended 30.09.2011.
4.
In terms of amended
clause 41 of the listing agreement, details of number of inventor complaints
for the quarter ended 30.09.2011 are : beginning-nil, received-1, disposed off
– 1 and pending – nil.
5.
Previous periods’
figures have been regrouped/rearranged where necessary.
6.
The board has declared
today, an interim dividend for the year 2011-12 of Re. 0.90 per share [90% on
the face value of Re.1/- each]. The record date for the same has been fixed as
November 03, 2011.
7.
The aforementioned
results were reviewed by the audit committee and approved by the board of
directors at their respective meetings held on 20.10.2011 at Mumbai. Limited
review of these results, as required under clause 41 of the listing agreements,
has been completed by the auditors.
FIXED
ASSETS
·
Goodwill
· Land
· Freehold
· Leasehold
· Buildings
· Plant and Machinery
· Moulds
· Furniture
and Finings
· Motor
Vehicles
· Computers
·
Softwares
AS PER
WEBSITE
Profile
The Company was incorporated as Associated Battery Makers
(Eastern) Limited, on 31.01.1947 under the Companies Act, 1913 to purchase all
or any of the assets of the business of manufacturers, buyers and sellers of
and dealers in and repairers of electrical and chemical appliances and goods
carried on by the Chloride Electric Storage Company (India) Limited, in India,
since 1916 with a view thereto to enter into and carry into effect (either with
or without modification) an agreement which had already been prepared and was expressed
to be made between the Chloride Electric Storage Co (India) Limited on the one
part and the Company of the other part. The name of the Company was changed to
Chloride India Limited on 02.08.1972. The name of the Company was again changed
to Chloride Industries Limited vide fresh Certificate of Incorporation dated
12.10.1988. The name of the Company was further changed to Exide Industries
Limited on 25.08.1995.
The Company manufactures the widest range of storage batteries in the
world from 2.5 Ah to 20,400 Ah capacity, covering the broadest spectrum of
applications. The Company has six factories strategically located across the
country – two in Maharashtra, one in
Milestones
1916
Chloride Electric Storage Company (CESCO)
1946
First factory set up in Shamnagar,
1947
Incorporated as Associated
1947
Incorporated Chloride International Limited (previously Exide Products
Limited)
1969
Second factory at Chinchwad, Pune
1972
The name of the Company was changed to Chloride India Limited
1976
RandD Centre established at Kolkata
1981
Third factory at Haldia,
1988
The name of the Company was changed to Chloride Industries Limited
1994
Technical collaboration with Shin Kobe Electric Machinery Company
Limited of
Group.
1995
Chloride Industries Limited renamed Exide Industries Limited
1997
Fourth factory at Hosur, Tamil Nadu
1998
Acquisition of industrial/ manufacturing units of Standard Batteries
Limited located at Taloja and Kanjurmarg (Maharashtra), Guindy (Tamilnadu) and
plant at Ahmednagar (
1999
Acquired 51% Shareholding in Caldyne Automatics Limited
2000
Acquisition of 100% stake in Chloride Batteries S E Asia Pte Limited,
Singapore and 49% stake in Associated Battery Manufacturers (
2003
Commissioned plant at Bawal, Haryana
2003
New joint venture in
2004
Associated Battery Manufacturers (
2005
Investment in 50% shareholding of ING Vysya Life Insurance Company
Limited
2007
Caldyne Automatics Limited becomes 100% subsidiary consequent to
acquiring the balance 49% shareholding.
2007
Investment with 26% shareholding.in CEIL Motive Power Pty Limited A
Joint Venture in
2007
Acquired 100% stake in Tandon Metals Limited
2008
Acquired 51% stake in Lead Age Alloys India Limited
Business
The Company’s predecessor began its operations in 1916 as an import
house called Chloride electrical Storage Company. Since then, over the years,
the Company has been steadily progressing by taking necessary initiatives to
modernize its manufacturing processes and by constantly improving its customer
services.
In the year 1994, the Company had entered into a technical collaboration with
Shin Kobe Electric Machinery Company Limited of
On the marketing front, with an objective to get a global platform to
expand its business the Company acquired a 100% stake in Caldyne Automatics
Limited in July 2007 and 100% stake in Chloride Batteries S E Asia Pte Limited,
Singapore and 49% stake in Associated Battery Manufacturers (Ceylon) Limited,
Sri Lanka in the year 2001. The stake in Associated Battery Manufacturers (
The company has also acquired a 51% stake in ESPEX Batteries Limited, U.K.and a
26% shareholding in Ceil Motive Power Pty Limited,
Through these continuous innovations and collaborations the Company has
gradually risen to become one of the largest manufacturers and exporters of
batteries in the sub-continent today. The Company manufactures the widest range
of storage batteries in the world from 2.5 Ah to 20400 Ah capacity, covering
the broadest spectrum of applications. As on today, the Company has a domestic
market share of 45% in Industrial, 72% in Auto OE and 73% in replacement auto .
The Company being the domestic storage major, is also one of the largest power
storage solution company in
On the domestic front, the Company has six factories located across
Automotive Batteries
In the domestic market, the Company sells its products under EXIDE, SF, SONIC and Standard Furukawa Brands.’EXIDE’ and ‘SF” are its flagship brands. In the international market the products are sold mainly under DYNEX, INDEX and SONIC brands. The Company supplies batteries to almost all the car and two-wheeler manufacturers in the country.
The Company has a distribution network comprising over 4000 dealer outlets.
These outlets are supported by 4 regional offices and 28 branch offices. The
Company also exports batteries to the Middle East,
The Company has a market share of 72% in case of Automotive OEM and 70% in case
of Organized Retail. The Company also manufactures submarine batteries.
Industrial Batteries
The Company designs
and manufacture its industrial batteries in a wide range from 2.5 Ah to 20,600
Ah in conventional flooded and Valve Regulated Lead Acid (VRLA) design. In
domestic market, the Company sell its products mainly under EXIDE, INDEX, SF,
CEIL and POWER SAFE brands and in the international markets mainly under CEIL,
CHLORIDE and INDEX brands.
Industrial batteries
are of three types, Conventional lead acid batteries, VRLA (Valve regulated
lead acid batteries) batteries and Nickel-Cadmium batteries.
Both organized and
unorganized players compete in the OEM and retail industrial battery markets.
Industrial batteries cater mostly to the infrastructure sector such as
railways, telecom, power plants, solar cells and other industrial segments such
as uninterrupted power supply, inverters and traction batteries. Subject’s Inva
tubular batteries for Inverter applications were introduced in 2000 and Tele
tubular for Telecom Sector introduced in the year 2007 has created volume growth..
The Company also manufacture industrial batteries for niche segments such as
miners’ cap lamp batteries and submarine batteries.
Submarine Batteries
The Company also manufactures high-end submarine batteries
(Type 1, 2 and 3). The Company manufactures two to three submarine batteries a
year to meet the country’s defence requirements. The Company is one of the five
companies in the World which has the capability to make submarine batteries for
both Russian and German types. With the government’s permission, in recent
years, the Company has exported to
BUSINESS DESCRIPTION
Subject manufacturers lead acid storage batteries. The
Company is engaged in manufacturing storage batteries from 2.5 ampere-hour to
20,400 ampere-hour. The products manufactured by the Company include automotive
batteries, industrial batteries and submarine batteries. The Company sells its
products under EXIDE, SF, SONIC and Standard Furukawa Brands. In the
international market, the products are sold under DYNEX, INDEX and SONIC
brands. The Company operates in two segments: lead acid storage batteries and
solar lantern and homelights. As of 31.03.2011, the Company had six factories
located all over
PRESS RELEASES
Exide declares results for Q1 2011-12
Kolkata, 20.07.2011: Exide Industries Limited, the country’s
largest lead acid storage battery manufacturer and stored energy solutions
provider, today declared its first quarter results for the year 2011-12 (April
to June). While net turnover during the 3-month period rose 8 per cent to Rs
12440.000 millions, net profit during the same period was Rs 1632.000 millions,
only as compared to Rs. 1653.400 millions in the corresponding period of the
previous fiscal.
The company’s board of directors met in the city on Wednesday to approve the
financial results for the quarter April to June of 2011-12.
The slower growth in the automotive vehicle segment and the lower demand for inverter
batteries is now reflected in the company’s financial performance for the
quarter.
Talking about the performance of the company, the Managing Director and CEO of
Exide Industries Limited, Mr T.V. Ramanathan said, “the demand growth that was
seen in the country’s automotive industry over the last several quarters has
not been sustained, resulting in lower OE demand. The prevalent power supply
situation and pleasant weather conditions in the north Indian markets also
resulted in a lower inverter battery sales during the Quarter.
Whilst the demand in the key high volume segments were subdued, the Lead prices
remained high resulting in a drop of 300 basis points in the operating margins
- at PBIDT level. Nevertheless, the current PBIDT (Profit before Interest,
Depreciation and Tax) which is 20.3% for the Quarter, is much above the
Industry average.
The demand contraction reduced the Company’s ability to pass on, in full, the
cost of Lead – 21% increase on YOY basis. These factors dampened sales and profitability”.
“However, we feel these setbacks are short term and our faith and confidence in
the vibrancy of the Indian economy is very strong and there is no reason to
worry about the longer term growth prospects of the Company,” Mr Ramanathan
added.
In the interim the Company continue to make its planned investments aimed at
augmenting capacities in all its plants across the country to benefit when the
economy regains the robust growth. Capacity enhancement in the new Ahmednagar
plant is on schedule and capital expenditure of Rs. 3700.000 millions is
budgeted for this financial year.
Various Brand building and related marketing initiatives have been undertaken
since June 2011 and the favourable impact of these initiatives will be
reflected by Q3 of this year.
The Company is a debt free Company. The Return On capital Employed (R.O.C.E) is
healthy at 32%.
Accord Fintech (
05.08.2011
India, Aug. 05 -- Exide Industries is currently trading at Rs 151.95, up
by 1.95 points or 1.30% from its previous closing of Rs 150.00 on the BSE.The
scrip opened at Rs 147.05 and has touched a high and low of Rs 153.45 and Rs
143.55 respectively. So far 114000 shares were traded on the counter.The BSE
group 'A' stock of face value Re 1 has touched a 52 week high of Rs 179.80 on
12.10.2010 and a 52 week low of Rs 112.00 on 31.01.2011.Last one week high and
low of the scrip stood at Rs 158.00 and Rs 143.55 respectively. The current
market cap of the company is Rs 129150.000 millions.The promoters holding in
the company stood at 45.99% while Institutions and Non-Institutions held 31.77%
and 22.24% respectively. Recently, the company reported that it has launched IT
500 (super) battery with an aim to further strengthen their market share in
inverter batteries. The company has currently 30 percent market share in the
inverter batteries and it is eyeing a growth of 2-3% market share in inverter
batteries this year with the launch of new batteries. The company last year
sold 10 lakh batteries and this year it plans to sell around 13 lakh batteries,
grabbing around 33% market share.The company's net profit after tax dipped by
1.29% to Rs 1632.000 millions for the quarter ended 30.06.2011, against Rs
1653.400 millions in the same period last fiscal. The firm's total income rose
10.10% to Rs 12751.900 millions for the quarter, compared to Rs 11582.400
millions in the same period last fiscal. Published by HT Syndication with
permission from Accord Fintech.
Exide Industries launches IT 500 (super) battery
Accord Fintech (
25.07.2011
INDIAN
22.07.2011
The company had posted a net profit of Rs 1653.400 millions in the
corresponding quarter last year, Exide Industries said in a filing to the
Bombay Stock Exchange (BSE).
The total income during the first quarter of this fiscal, however,
increased by 8.01 per cent to Rs 12444.100 millions from Rs 11520.800 millions
in the year-ago period, it added.
"The demand growth that was seen in the country's automotive
industry over the last several quarters has not been sustained, resulting in
lower OE demand," Exide Industries Managing Director and CEO T V
Ramanathan said.
The prevalent power supply situation and pleasant weather conditions in
the North Indian markets also resulted in a lower inverter battery sales during
the quarter, he added.
22.07. 2011
* The total income during the first quarter of this fiscal, however,
increased by 8.01 per cent to Rs 12444.100 millions from Rs 11520.800 millions
in the year-ago period, it added.
* "The demand growth that was seen in the country's automotive
industry over the last several quarters has not been sustained, resulting in
lower OE demand," Exide Industries Managing Director and CEO T V
Ramanathan said.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.24 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.70.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.