1. Summary Information
|
|
|
Country |
|
|
Company Name |
EXIDE
INDUSTRIES LIMITED |
Principal Name 1 |
Mr. R. G. Kapadia |
|
Status |
Good |
Principal Name 2 |
Mr. P.K. Kataky |
|
|
|
Registration # |
14919 |
|
Street Address |
Exide House, 59E, |
||
|
Established Date |
23.10.1970 |
SIC Code |
-- |
|
Telephone# |
91-33-22478320 / 8326 / 8329 /
2313 / 22403604 / 22801083 / 2280 2150-51 / 22832120 / 22832133 / 22832136 /
50 |
Business Style 1 |
Manufacturing of Lead Acid
Storage Batteries |
|
Fax # |
91-33-22479819 / 22870725 / 2283 2632 / 37 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Golf Cart |
|
|
# of employees |
4186 |
Product Name 2 |
OPzS |
|
Paid up capital |
Rs.
800,000,000 |
Product Name 3 |
VRLA For Telecom |
|
Shareholders |
Bodies corporate (45.99%) |
Banking |
State Bank of Corporation Bank |
|
Public Limited Corp. |
Yes |
Business Period |
41 years |
|
IPO |
- |
International Ins. |
- |
|
Public |
- |
Rating |
A |
|
Related
Company |
|||
|
Relation
- Associates |
Country
|
Company
Name |
Chloride
Eastern Limited, ING VYS'VA Life Insurance Company Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,050,500,000 |
Current Liabilities |
5,928,700,000 |
|
Inventories |
6,067,700,000 |
Long-term Liabilities |
899,900,000 |
|
Fixed Assets |
6,766,800,000 |
Other Liabilities |
590,000,000 |
|
Deferred Assets |
-- |
Total Liabilities |
7,418,600,000 |
|
Invest& other Assets |
13,731,300,000 |
Retained Earnings |
21,347,700,000 |
|
|
|
Net Worth |
22,197,700,000 |
|
Total Assets |
29,616,300,000 |
Total Liab. & Equity |
29,616,300,000 |
|
Total Assets (Previous Year) |
20,953,700,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
37,940,000,000 |
Net Profit |
5,370,900,000 |
|
Sales(Previous yr) |
33,930,200,000 |
Net Profit(Prev.yr) |
2,843,900,000 |
MIRA
INFORM REPORT
|
Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
EXIDE INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
Exide House, 59E, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
23.10.1970 |
|
|
|
|
Com. Reg. No.: |
21-14919 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L31402WB1970PLC014919 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALE01193D / CALC00084A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE6641E |
|
|
|
|
Legal Form : |
public limited liability company. The company’s shares are listed on the
Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturing of Lead Acid
Storage Batteries. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 88790000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
|
Fax No.: |
91-33-22479819
/ 22870725 / 2283 2632 / 37 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
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 31.03.2010
|
Name : |
Mr. R. G. Kapadia |
|
Designation : |
Chairman and Non Executive
Director |
|
|
|
|
Name : |
Mr. P.K. Kataky |
|
Designation : |
Director (Automotive) |
|
|
|
|
Name : |
Mr. R. B. Raheja |
|
Designation : |
Vice Chairman and Non Executive Director |
|
|
|
|
Name : |
Mr. T. V. Ramanathan |
|
Designation : |
Managing Director and Chief
Executive Officer |
|
Qualification: |
B.Com., FCA, ACS |
|
Experience: |
34 years |
|
Date of Joining: |
01.02.1995 |
|
Previous Employment: |
UB Group, |
|
|
|
|
Name : |
Mr. G. Chatterjee |
|
Designation : |
Director (Industrial) |
|
Qualification: |
B.E., (Mech.), PGDBM (IIM) |
|
Experience: |
30 years |
|
Date of Joining: |
23.08.1982 |
|
Previous Employment: |
Indian Oxygen Limited –
Production Engineer |
|
|
|
|
Name : |
Mr. S. K. Mittal |
|
Designation : |
Director (Research and
Development) |
|
Qualification: |
M.S., Ph.D., (Engg. Sc.) ( |
|
Experience: |
30 years |
|
Date of Joining: |
11.03.1974 |
|
Previous Employment: |
Florida Department of
Environment Control ( |
|
|
|
|
Name : |
Mr. Vijay Aggarwal |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. H. M. Kothari |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Bhaskar Mitter |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. S. N. Mookherjee |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. A. H. Parpia |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. S. B. Raheja |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. W. Wong |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. A K Mukherjee |
|
Designation : |
Director (Finance and Chief
Financial Officer) |
|
|
|
|
Name : |
Mr. D S Parekh |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. Barun Das |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Supriya Coomer |
|
Designation : |
Company Secretary |
|
|
|
|
AUDIT COMMITTEE |
Mr. R. G. Kapadia |
|
|
Mr. Bhaskqr Mitter |
|
|
Mr. S. N. Mookherjee |
|
|
Mr. Vijay Aggarwal |
|
|
|
|
REMUNERATION COMMITTEE |
Mr. Bhaskar Mitter |
|
|
Mr. R. G. Kapadia |
|
|
Mr. T. V. Ramanathan |
|
|
Mr. S. N. Mookherjee |
|
|
Mr. Vijay Aggarwal |
|
|
|
|
EXECUTIVE COMMITTEE |
Mr. T. V. Ramanathan |
|
|
Mr. G. Chatterjee |
|
|
Mr. S. K. Mittal |
|
|
Mr. A. K. Mukherjee |
|
|
Mr. Barun Das |
|
|
Mr. Monodip Chaudhuri (upto 31 May 2008) |
|
|
Mr. R. P. Ray |
|
|
Mr. R. Chakraborty |
|
|
Mr. P K Kataky |
|
|
|
|
SHAREHOLDERS GRIEVANCE REDRESSAL COMMITTEE : |
Mr. Bhaskar Mitter |
|
|
Mr. T. V. Ramanathan |
|
|
Mr. G. Chatterjee |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 31.12.2010)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Group |
|
|
|
1) Indian |
-- |
-- |
|
|
|
|
|
2) Foreign |
|
|
|
a) Bodies corporate |
390954666 |
45.99 |
|
|
|
|
|
(B) Public Shareholdings |
|
|
|
1) Institutions |
|
|
|
a) Mutual Funds |
48359856 |
5.69 |
|
b) Financial Institutions/Banks |
509770 |
0.06 |
|
c) Insurance Companies |
90738474 |
10.68 |
|
d) Foreign Institutional Investors |
131434572 |
15.46 |
|
|
|
|
|
2) Non – Institution |
|
|
|
a) Bodies corporate |
85387245 |
10.05 |
|
|
|
|
|
b) Individuals |
|
|
|
i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
81156103 |
9.55 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
15679183 |
1.84 |
|
|
|
|
|
c) Any other |
|
|
|
i) Clearing Member |
1340532 |
0.16 |
|
ii) Trust |
219313 |
0.03 |
|
iii) NRI |
4100923 |
0.48 |
|
iv) Foreign Nationals |
119393 |
0.01 |
|
|
|
|
|
Total |
850000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Lead Acid
Storage Batteries. |
||||||
|
|
|
||||||
|
Products : |
·
Golf Cart ·
OPzS ·
VRLA For Telecom ·
Plante ·
Tabular For Inverters ·
VRLA For UPS System ·
Traction ·
Railway Starter · Miner's
Cap Lamp |
||||||
|
|
|
||||||
|
Brand Names : |
'Exide', 'Dagenite', 'Dynex' and
'Index' |
PRODUCTION STATUS (As on
31.03.2010):-
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Storage
Batteries |
Nos. |
24235970 |
21689011 |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
4186 |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Corporation Bank,
Kolkata, ·
Bank of ·
State Bank of ·
Citibank N.A ·
BNP Paribas ·
Deutsche Bank AG ·
ABN AMRO Bank N.V. ·
Standard Chartered Bank ·
The Hongkong and Shanghai Banking Corporation
Limited ·
HDFC Bank Limited ·
ICICI Bank Limited 2B Tel No. 91-33-2283 2209 Fax no.:91-33-2283 2308 E-mail: prakash.bagla@icicibank.com |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Securities (a) Secured by hypothecation of Plant and
machinery, Moulds and other movable assets of the company located at its
Hosur factory (b) Secured by hypothecation of stocks and book debts, both present
and future. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Banking
Relations : |
--- |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Auditors : |
|
||||||||||||||||||||||||||||||
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
||||||||||||||||||||||||||||||
|
Address : |
22, |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Solicitors: |
·
A.H. Parpia and Company Advocates and
Solicitors Address : 203-204
Prabhat Chambers, ·
Victor Moses and Company Advocates and
Solicitors Address : ·
Amarchand and Mangaldas and Suresh A Shroff and Company Advocates and
Solicitors Address
:
Ananda Lok, |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Membership : |
Confederation of Indian Industry
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Collaborators : |
·
Shin-Kobe Electric Machinery Company Limited,
Hitachi Group, Japan ·
The Furukawa Battery Company Limited, |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Subsidiaries : |
·
Chloride
Batteries S.E. ·
Chloride
International Limited (CIL) ·
Caldyne
Automatics Limited (Caldyne) ·
Espex
Batteries Limited, ·
Associated
Battery Manufacturers ( ·
Tandon Metals Limited (w.e.f. 1, November 2007) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Associates : |
·
ING
VYS'VA Life Insurance Company Limited ·
MSA
( ·
Chloride
Eastern Limited, ·
Chloride
Eastern Industries Pte Limited, ·
LIEC
Holdings SA, ·
CEIL Motive Power Pty Limited, |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Holding
Company: |
·
Chloride Eastern Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.1/- each |
Rs.1000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000000 |
Equity Shares |
Rs.1/- each |
Rs.800.000 millions |
NOTE :-
- 850,000,000 (800,000,000) Equity Shares fully paid up
- 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 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
850.000 |
800.000 |
800.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
21347.700 |
11703.500 |
9463.534 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
22197.700 |
12503.500 |
10263.534 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.700 |
1796.200 |
2723.992 |
|
|
2] Unsecured
Loans |
898.200 |
1375.600 |
774.115 |
|
TOTAL BORROWING
|
899.900 |
3171.800 |
3498.107 |
|
|
DEFERRED TAX
LIABILITIES |
590.000 |
412.000 |
479.000 |
|
|
|
|
|
|
|
TOTAL
|
23687.600 |
16087.300 |
14240.640 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
6766.800 |
6680.000 |
5551.069 |
|
Capital work-in-progress
|
377.600 |
173.100 |
466.665 |
|
|
|
|
|
|
|
INVESTMENT
|
13353.700 |
6681.800 |
5182.755 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
6067.700
|
4384.700
|
5707.431
|
|
|
Sundry Debtors
|
2545.800
|
2310.200
|
2592.122
|
|
|
Cash & Bank Balances
|
28.800
|
337.100
|
16.779
|
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances
|
475.900
|
386.800
|
448.397
|
Total Current Assets
|
9118.200
|
7418.800
|
8764.729
|
|
Less : CURRENT
LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
4943.300
|
3807.300
|
4670.690
|
|
|
Provisions
|
985.400
|
1059.100
|
1053.888
|
Total Current Liabilities
|
5928.700
|
4866.400
|
5724.578
|
|
Net Current Assets
|
3189.500 |
2552.400 |
3040.151
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
23687.600 |
16087.300 |
14240.640 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37940.000 |
33930.200 |
28449.347 |
|
|
|
Other Income |
121.100 |
64.700 |
64.547 |
|
|
|
TOTAL (A) |
38061.100 |
33994.900 |
28513.894 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
22239.600 |
22102.000 |
19409.516 |
|
|
|
Purchase of Trading Goods |
60.400 |
122.100 |
166.405 |
|
|
|
Personnel Costs |
2252.100 |
1709.000 |
1510.316 |
|
|
|
Increase
in Stocks |
(492.700) |
259.500 |
(835.118) |
|
|
|
Expenses |
4986.400 |
4290.100 |
3503.128 |
|
|
|
TOTAL (B) |
29045.800 |
28482.700 |
23754.247 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9015.300 |
5512.200 |
4759.647 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
102.900 |
478.900 |
374.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8912.400 |
5033.300 |
4385.634 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
806.500 |
679.400 |
642.358 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8105.900 |
4353.900 |
3743.276 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2735.000 |
1510.000 |
1240.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5370.900 |
2843.900 |
2503.276 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3245.900 |
2813.000 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2500.000 |
1850.000 |
NA |
|
|
|
Dividend |
480.000 |
320.000 |
NA |
|
|
|
Tax on Dividend |
81.600 |
54.400 |
NA |
|
|
|
Proposed Dividend |
340.000 |
160.000 |
NA |
|
|
|
Tax on proposed Dividend |
50.800 |
26.600 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
5164.400 |
3245.900 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1075.600 |
1200.500 |
1359.692 |
|
|
|
Dividend |
8.600 |
11.300 |
5.245 |
|
|
|
Technical Assistance Fee |
3.200 |
03.000 |
3.836 |
|
|
|
Interest |
0.000 |
02.100 |
1.455 |
|
|
TOTAL EARNINGS |
1087.400 |
1216.900 |
1370.228 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5150.000 |
6180.000 |
5418.536 |
|
|
|
Stores & Spares |
88.200 |
77.700 |
42.368 |
|
|
|
Capital Goods |
253.400 |
825.800 |
587.766 |
|
|
|
Others |
62.500 |
101.900 |
129.377 |
|
|
TOTAL IMPORTS |
5554.100 |
7185.400 |
6178.047 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.69 |
3.55 |
-- |
|
QUARTERLY RESULTS
(UNAUDITED)
(Rs. In Millions)
|
PARTICULARS |
30.06.2010 1st Quarter |
30.09.2010 2nd Quarter |
31.12.2010 3rd
Quarter |
|
Net
Sales |
11520.800 |
11272.000 |
10501.700 |
|
Total
Expenditure |
8888.900 |
8817.100 |
8900.400 |
|
PBIDT
(Excl OI) |
2631.900 |
2454.900 |
1601.300 |
|
Other
Income |
61.600 |
190.900 |
331.300 |
|
Operating
Profit |
2693.500 |
2645.800 |
1932.600 |
|
Interest |
13.400 |
16.900 |
18.800 |
|
Exceptional
Items |
0.000 |
469.300 |
0.000 |
|
PBDT |
2680.100 |
3098.200 |
1913.800 |
|
Depreciation |
194.200 |
201.400 |
212.100 |
|
Profit
Before Tax |
2485.900 |
2896.800 |
1701.700 |
|
Tax |
832.500 |
767.500 |
457.500 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
1653.400 |
2129.300 |
1244.200 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
1653.400 |
2129.300 |
1244.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.11
|
8.36
|
8.78
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.36
|
12.83
|
13.16
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
51.03
|
30.88
|
26.15
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.34
|
0.36
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.64
|
0.90
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.52
|
1.53
|
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.
Economic
Environment
The initial months of 2009-10 for the Indian economy were
mired with uncertainty and confidence was running low. The financial crisis in
the industrialized nations spread across to all sections of the World economy
thereby leading to severe slowdown across countries.
The real turnaround came in the second quarter of 2009-10 by
recording a growth of 7.9% which resulted in the growth rate of GDP to climb
upto 7.2% during the year. The industrial and service sectors grew by 8.2% and
8.7% respectively which, given the global situation, was indeed a commendable
performance by any standards. This growth rate was more significant since this
was achieved inspite of a decline in agricultural output and more importantly
the manufacturing sector, which had been witnessing continuous decline since
mid-2008, grew more than double from 3.2% in 2008-09 to 8.9% in 2009-10. In
December 2009, the Index of Industrial Production (IIP) reached an all time
high of 16.8% year on year growth, which was the highest monthly growth
recorded by the Index since 1982.
A heartening feature was that this recovery was broad based
as seven out of the eight sectors / sub-sectors registered a growth rate
between 6.5% to 10%. Within the industry and infrastructure sectors,
automobiles, rubber and plastic goods, textiles, chemicals, power, telecom etc.
recorded an impressive turnaround.
Foreign Institutional Investors who had withdrawn from the
scene at the early stages of the economic downturn returned with a renewed
vigour and in the month of March 2010 there was a net investment of over US $ 4
billion in equity and US $ 2 billion in debt instruments, according to data
released by the Securities and Exchange Board of India. Foreign Exchange
Reserves as of end March 2010 was US $ 280 billion and Foreign Investment was
around US $ 20 billion. According to estimates,
fiscal deficit in the medium term.
Industry
Structure and Development
The domestic battery industry is passing through an exciting
phase. Whilst on the one hand there was a set back due to sluggish growth in
the telecom, infrastructure and export sectors during the early part of the
year it was compensated by the more than expected growth in the Automobile
sector.
The passenger car market in
Infrastructure development is a key focus area for the
Government and in the Union Budget 2010-11 an amount of Rs 1735550 millions has
been allocated for this sector which is 46% of the total plan allocation. This
huge spending on infrastructure by the Government coupled with plans for
modernization of railways and setting up of nuclear power plants etc. would
augur well for the battery industry.
Performance
The Company is not only one of the leading manufacturers of Lead
Acid Batteries in
Automotive Batteries
The Company has achieved a growth in sales of 13% in
automotive batteries over the previous year. Inspite of increased competition,
such growth was possible due to increased marketing efforts, aggressive forays
in the replacement segment, securing larger volumes in the two wheeler segment
and introduction of new technology products.
Nearly all the vehicle manufacturers have chosen the Company
as their major supplier. The Company is supplying batteries for Tata Motors
small car Nano and in view of certain innovative features a design registration
for this type of battery has been filed in
The Directors are pleased to inform that the Company was a
preferred supplier for most of the new vehicles launched by the vehicle
manufacturers during the year under review. These included Chevrolet Beat,
Honda Zazz and Accor V6, Toyota Fortuner, Maruti Suzuki Ritz and EECO, Fiat
Grand Punto, Premier RIO, Tata Sumo Grande and Caterpillar Dumpers. The Company
has also been selected as a supplier for several new vehicles proposed to be
launched by the vehicle manufacturers during the current year. All these
batteries were developed in house and underwent rigorous tests both in
The Directors are also pleased to inform that the Company
has won the prestigious ZERO PPM award from
The Company has launched the Deep Cycling E-bike batteries
for electric bicycles and scooters and is also in the process of developing
batteries for Stop Start Micro Hybrid vehicles. Further, the possibilities of
development and marketing of Lithium-ion batteries for the emerging electric
vehicle segments is also under active consideration.
The Company had recently re-organised its marketing and
distribution set up by setting up Hubs and Spokes which are monitored by the Regional
Controlling Centres. Presently through this model the Company is present in 206
locations and it is proposed to increase the presence in 250 cities and towns
by the third quarter of the current year. This has enabled the Company not only
to reach customers in B class and C class cities, but also to provide better
after-sales and warranty services to the customers. The CRM initiative exidereachout.com
is running successfully and has helped in building up a substantial number
of loyal customers. “Project Kissan”, another initiative by the Company to
service the rural markets has also gained great popularity and resulted in
conversion of large number of customers from the unorganized sector. The
Company continued with its Humsafar module under which batteries are
sold by the dealers through various motor garages thus making the products
reach the consumers at their doorstep. As reported earlier, arrangements with
Indian Oil Corporation, Hindustan Petroleum and Toyota Kirloskar for
distribution of the Company’s products through their retail outlets have been
entered into which also would go a long way to have a presence across the
country, including highways and small locations.
Due to the unprecedented growth in the Automotive Sector,
mainly in the small car and two wheeler segments, the Company was at times not
able to cater to the market demands inspite of running the plants nearly full
capacity. The Company is, therefore, expanding its manufacturing capacities at
all plants and a new manufacturing facility is being set up at Ahmednagar,
Industrial Batteries
Sales of Industrial batteries for 2009-10 registered a
growth of around 10%, both in terms of value as well as volume. This has been
possible inspite of severe competition and low cost imports in the domestic
market. Fluctuations in lead prices have also been effectively countered
through imposition of Price Variation Clauses.
As a result of economic downturn, overall Infrastructure
business has shown degrowth of 10%, mostly contributed by a Telecom degrowth of
35%.However, a handsome growth could be achieved in other Infrastructure
segments. In Railways, a 17% growth was maintained. Power segment recorded a
growth of 36% with a very healthy order booking for future months. Projects
sales were higher than last year by 27% and Traction also recorded a growth of
36%.
In the Fast Moving Industrial Battery segment, sales for
2009-10 recorded a growth of around 21% in terms of value and 18% in terms of
volume. While there had been a degrowth of 7% in UPS manufacturing segment,
trade growth during the period was 28%.
Measures have been initiated for upgrading quality and
performance of VRLA batteries. Further, the Company has developed Expanded VRLA
and Long Life VRLA batteries which have been recently launched in the market.
Substantial manufacturing efficiencies have been achieved
through productivity improvements negotiated with permanent workmen in Hosur,
Shamnagar and Haldia.
Submarine Batteries
The Company continues to be the sole supplier for Submarine
batteries to the Indian Navy. As informed earlier, the Company remains an
accredited supplier to the Admiralty Shipyard,
Exports
Due to the depressed international market conditions,
exports of both the automotive as well as industrial batteries registered a
degrowth during the year. Details of activities relating to exports is given in
Part III of the Information as per Section 217 (1)(e) of the Companies Act,
1956, which is annexed to this Report.
Business
/ Operational Excellence
In keeping with its vision to provide credible value
addition to the stakeholders and being recognized as a responsible corporate
citizen the Company has implemented an exhaustive Total Quality Management
System (TQM) throughout the organization. The TQM system involves the latest
techniques of Total Productive Maintenance (TPM), 6 Sigma and Lean
Manufacturing - leading towards business excellence.
Products manufactured at the Company’s state-of the- art
manufacturing facilities symbolise quality and customer satisfaction. Quality
is designed into products through use of techniques like - Advanced Product
Quality Planning (APQP), Failure Mode & Effect Analysis (FMEA) ,
Statistical Process Control (SPC) and Measurement System Analysis (MSA).
Process capability monitoring ensures that products are well within
specification with minimal rework and scrap.
TQM is a strategic initiative and the Company has progressed
considerably in its journey towards Business Excellence. For its Quality
Management System (QMS), the Industrial SBU part of Haldia, Hosur and Shamnagar
factories have been certified for ISO-9001. For the Automotive SBU - Bawal,
Chinchwad, Haldia, Hosur, Shamnagar and Taloja factories have been certified
for ISO/ TS-16949. The Submarine SBU is certified for ISO-9001. These
certifications, by the renowned TUV-NORD, headquartered in
In line with its core value of striving for Excellence, the
Company is implementing the European Foundation for Quality Management (EFQM)
Business Excellence Model. The Company has won the CIIEXIM Bank Award for “
Strong Commitment to Excel” in 2006 and 2007. In 2008 the Company bettered its
performance and has been amongst eight companies in
Apart from 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 & 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). As a proof of customer
satisfaction, the Company has also won awards and recognitions from
To improve efficiency and utilization of machines the
Company has implemented Total Productive Maintenance (TPM) in the factories,
following the methodology given by the Japanese Institute of Plant Maintenance
(JIPM). For its efforts in TPM, the JIPM has conferred the “Award for TPM
Excellence - 2008” to the Haldia plant . Other factories are also gearing up to
the challenge to win this award in the near future.
Outlook
With the growth momentum picking up and the all round sense
of buoyancy the future outlook, as far as the battery industry is concerned,
looks promising. Both auto and auto ancillary Industries are expected to
register double digit growth year on year basis for the next five years. Added
to this, the huge expenditure proposed in the infrastructure sector, both by
public and private enterprises, augur well for the Company’s business. The high
growth envisaged in telecom and power including setting up of nuclear power
plants should lead to increased opportunities. It is imperative to usher in a
second Green Revolution which would necessitate increase in mechanized farming
and rural electrification projects which in turn would lead to increased demand
of the Company’s products. Due to rise in the disposable income of all sections
of the population there would be a shift towards procurement of quality and
technological superior products as compared to cheaper substitutes.
In the international market, though signs of recovery are
evident, but the growth is expected to be sluggish. This may, in the medium
term, lead to depressed markets for export of the Company’s products, mainly
for industrial batteries.
Subsidiary
Companies
The Company has four 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,
Chloride Metals Limited which is a 100% subsidiary of the
Company is engaged in lead smelting and refining operations and has its plant
at Markal, Pune. The said Company achieved a turnover of Rs 2640 Millions
representing a growth of 52% over the previous year and a profit before tax of
Rs 150 Millions which is 106% higher than the previous year.
Caldyne Automatics Limited is a 100% subsidiary of the
Company having its factory at Sector V,
Leadage Alloys India Limited, a 51% subsidiary of the
Company, has its plant at Kolar District, Karnataka and is engaged in lead
smelting and refining activities. During the year 2009-10 the said company has
achieved a turnover of Rs 5460 Millions representing an increase of over 23%
over the previous year and profit before tax of Rs 540 Millions representing a
growth of 621% over 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 sales of the said company during 2009-10 amounted to Rs 120
Millions which was 224% higher than that of the previous year. The Profit
Before Tax also increased from Rs 00.100 Millions to Rs 3.700 Millions.
The Company holds 100% of the share capital in Chloride
Batteries S E Asia Pte. Limited,
Espex Batteries Limited,
The Company also holds 61.5% in Associated Battery
Manufacturers (
During the year the Company divested its 26% shareholding in
Ceil Motive Power Pty. Limited,
investment in the Accounts for the year ended 31st
March, 2009. Hence, there has been no charge to the profit and loss account in
the current year and instead a small income as consideration for the divestment
was earned.
The dividends received from and proposed by the Subsidiaries
during 2009-10 aggregates to Rs 49.800 Millions as compared to Rs 13.300
Millions in the previous year.
The statement of the Holding Company’s interest in
Subsidiaries as specified in sub section (3) of section 212 of the Companies
Act, 1956 along the Accounts, Directors’ Reports’ and Auditors’ Report of the
subsidiaries are attached to the Report and Accounts of the Company.
FIXED
ASSETS
·
Goodwill
· Land
· Freehold
· Leasehold
· Buildings
· Plant and Machinery
· Moulds
· Furniture
and Finings
· Motor
Vehicles
· Computers
AS PER
WEBSITE
Profile
The Company was incorporated as Associated Battery Makers
(Eastern) Limited, on 31st January, 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 2nd August, 1972. The name
of the Company was again changed to Chloride Industries Limited vide fresh
Certificate of Incorporation dated 12th October, 1988. The name of the Company
was further changed to Exide Industries Limited on 25th August, 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 (Ceylon) Limited,
Sri Lanka.
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
PRESS RELEASES
Exide reports Rs 2130.000 Millions Net Profit
Kolkata, October 12, 2010:
Exide Industries Limited on Tuesday reported net profit of Rs 2130.000 millions
and gross sales of Rs 13740.000 millions for the second quarter of 2010-11. The
company’s gross sales for the half year ended 30 September stood at Rs
27830.000 millions and net profit for the same period was Rs 5380.00 millions.
During the day the Company’s Board met in Mumbai to approve the results for the
quarter ended 30th September 2010.
The Profit before Tax for the second Quarter includes Rs 469.300 millions on
transfer of a leasehold land, which was no longer in use.
During the quarter under review the company commissioned its third motorcycle
battery plant in Ahmednagar,
The Board of Directors also declared an interim dividend of Rupee 0.90 per
share which works out to 90% on the face value of Rupee one per share.
“In the recent past we faced some challenging times trying to keep pace with
the sudden and unprecedented rise in demand in the automobile sector, mainly
for motorcycle batteries In addition, the inadequate production capacity for
4-wheeler batteries (SLI) also restricted the volume available for more
profitable replacement trade segment. We had to earmark a significant part of
their production volume for their valued OE customers even at the cost of
reduced supplies in the replacement market, inspite of it being more profitable.
Priority given to OE customers had a negative impact in terms of market share,
adverse sales mix and consequent operating margins during the quarter under
review. However, with the commissioning of the Ahmednagar plant for motor cycle
batteries and additional production lines at their Shamnagar and Haldia
factories for 4-wheeler batteries all in September, the availability for
replacement segment will improve significantly in the near term which augurs
well for the rest of the financial year” Mr T V Ramanathan, Managing Director
and CEO said.
“The Company plans to invest Rs 3750.000 to Rs 400.000 millions on capital
expenditure in this financial year to enhance the production capacities
compatible with the now projected demand for the coming financial year.
During the quarter under review the Company acquired the balance 49 per cent
stake from the erstwhile promoters of Leadage Alloys India Limited, whereby the
said company became a 100 percent subsidiary of Exide. This would enable the
Company to ensure better compliance requirements under Batteries (Management
and Handling) Rules 2001, and to augment the availability of indigenous raw
materials.
“This acquisition gives us better control over the entire manufacturing value
chain and consolidates their position as a complete producer and recycler of
lead acid batteries,” Mr Ramanathan added.
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 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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
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.