MIRA INFORM REPORT
|
Report Date : |
05.09.2012 |
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) : |
31.03.2012 |
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Date of
Incorporation : |
31.01.1947 |
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Com. Reg. No.: |
21-014919 |
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Capital
Investment / 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 : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of Lead Acid
Storage Batteries. |
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|
No. of Employees
: |
4532 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 120000000 |
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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 an established company having good track record. There
appears dip in the profitability in the current year. However the performance
capacity and financial strength of the company seem to good. Trade relations
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitment. The company can be considered for normal business dealing at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AAA (Long Term Rating) |
|
Rating Explanation |
It is having high degree of safety regarding timely servicing of
financial obligation it carry lowest credit risk. |
|
Date |
April 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
It is considered to have very strong degree of safety regarding timely
payment of financial obligation it carry lowest credit risk. |
|
Date |
April 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
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 |
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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, Maharashtra, India
Tamil Nadu
Chichurakanapalii, Sevaganapalli Panchayat, Hosur Taluk,
District Dharmapuri - 635 103, Uttarakhand Khasra No.275, Lakeshwari Industrial Area, Bhagwanpur, Roorkee,
District. Haridwar – 247661, |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Rajesh G. Kapadia |
|
Designation : |
Chairman and Non Executive
Director |
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|
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|
Name : |
Mr. R. B. Raheja |
|
Designation : |
Vice Chairman and Non Executive
Director |
|
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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|
|
|
Name : |
Mr. G. Chatterjee |
|
Designation : |
Director
(Industrial) |
|
Qualification: |
B.E., (Mech.),
PGDBM (IIM) |
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|
Name : |
Mr. P.K. Kataky |
|
Designation : |
Director (Automotive) |
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Name : |
Mr. A K Mukherjee |
|
Designation : |
Director (Finance
and Chief Financial Officer) |
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Name : |
Mr. Nadeem Kazim |
|
Designation : |
Director – HR and
Personnel |
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Date of Birth/Age : |
26.01.1964 |
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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. B. Raheja |
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Designation : |
Non-Executive
Director |
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Name : |
Mr. D S Parekh |
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Designation : |
Non-Executive Director |
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Name : |
Ms. Mona N Desai |
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Designation : |
Non Executive Director |
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Name : |
Mr. W Wong |
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Designation : |
Non Executive 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 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
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|
390,954,666 |
45.99 |
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|
390,954,666 |
45.99 |
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Total shareholding of Promoter and Promoter Group (A) |
390,954,666 |
45.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
27,475,023 |
3.23 |
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|
760,484 |
0.09 |
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|
84,788,588 |
9.98 |
|
|
153,678,824 |
18.08 |
|
|
266,702,919 |
31.38 |
|
|
|
|
|
|
101,550,163 |
11.95 |
|
|
|
|
|
|
78,248,117 |
9.21 |
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|
7,785,677 |
0.92 |
|
|
4,758,458 |
0.56 |
|
|
3,233,570 |
0.38 |
|
|
1,201,325 |
0.14 |
|
|
204,170 |
0.02 |
|
|
119,393 |
0.01 |
|
|
192,342,415 |
22.63 |
|
Total Public shareholding (B) |
459,045,334 |
54.01 |
|
Total (A)+(B) |
850,000,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
850,000,000 |
- |
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 |
PRODUCTION STATUS (As on
31.03.2011):-
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Storage
Batteries |
Nos. |
27992068 |
24215775 |
GENERAL INFORMATION
|
No. of Employees : |
4532 (Approximately) |
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Bankers : |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Statutory Auditors : |
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|
Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
22, Camac Street, Block ‘C’, 3rd Floor, Kolkata-700 016, West Bengal,
India |
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Cost Auditors |
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Name : |
Mani and Company Cost Accountants |
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Address : |
“Ashoka”, 111 Southern Avenue, Kolkata - 700 029, West |
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Solicitors: |
Advocates and
Solicitors Address : 203-204
Prabhat Chambers, |
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Subsidiaries: |
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Associate
Companies: |
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Enterprise/Individuals
having a direct or indirect control over the Company: |
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CAPITAL STRUCTURE
As on 31.03.2012
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 |
|
|
|
|
|
|
850000000 |
Equity Shares |
Rs.1/- each |
Rs.850.000
Millions |
|
|
|
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|
Note:
Terms / rights
attached to equity shares
The company has
only one class of Equity Shares having a Par Value of Re 1 per share. Each Holder
of Equity Shares is entitled to one Vote per share. The company declares and
pays dividends in Indian Rupee. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting.
In the event of
Liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
During the year
ended 31st March 2012, the amount of per share Dividend recognised as
distributions to equity shareholders was Rs 1.50 (PY Rs 1.50 per share)
Details of
shareholders holding more than 5% shares in Company March 31, 2012 March
31,2011
Name of
Shareholder
Chloride Eastern
Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
850.000 |
850.000 |
850.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
29723.200 |
26574.500 |
21347.700 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
30573.200 |
27424.500 |
22197.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.600 |
1.700 |
|
|
2] Unsecured
Loans |
0.000 |
0.000 |
898.200 |
|
TOTAL BORROWING
|
0.000 |
0.600 |
899.900 |
|
|
DEFERRED TAX
LIABILITIES |
825.000 |
675.000 |
590.000 |
|
|
|
|
|
|
|
TOTAL
|
31398.200 |
28100.100 |
23687.600 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
9665.500 |
8358.400 |
6766.800 |
|
Capital work-in-progress
|
266.400 |
474.800 |
377.600 |
|
|
|
|
|
|
|
INVESTMENT
|
15546.200 |
13779.800 |
13353.700 |
|
DEFERRED TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
9681.200
|
8589.400
|
6067.700
|
|
|
Sundry Debtors
|
4023.000
|
3662.200
|
2545.800
|
|
|
Cash & Bank Balances
|
576.700
|
147.400
|
28.800
|
|
|
Other Current Assets
|
53.100
|
111.300
|
0.000
|
|
|
Loans & Advances
|
1131.600
|
946.700
|
475.900
|
Total Current Assets
|
15465.600
|
13457.000
|
9118.200
|
|
Less : CURRENT
LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
5795.600
|
4867.800
|
3911.200
|
|
|
Other Current Liabilities
|
2103.800
|
1740.500
|
1032.100
|
|
|
Provisions
|
1646.100
|
1361.600
|
985.400
|
Total Current Liabilities
|
9545.500
|
7969.900
|
5928.700
|
|
Net Current Assets
|
5920.100 |
5487.100 |
3189.500 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
31398.200 |
28100.100 |
23687.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
51070.400 |
45473.300 |
37940.000 |
|
|
|
Other Income |
672.600 |
1041.400 |
121.100 |
|
|
|
TOTAL (A) |
51743.000 |
46514.700 |
38061.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
34577.200 |
29623.600 |
|
|
|
|
Purchase of Trading Goods |
73.000 |
614.900 |
|
|
|
|
Increase in Stocks |
(320.300) |
(2008.600) |
|
|
|
|
Employees Benefit Expenses |
2862.100 |
2828.500 |
|
|
|
|
Other
Expenses |
7039.500 |
5629.100 |
|
|
|
|
Exceptional
Items |
0.000 |
(469.300) |
|
|
|
|
TOTAL (B) |
44231.500 |
36218.200 |
29045.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7511.500 |
10296.500 |
9015.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.000 |
60.300 |
102.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7458.500 |
10236.200 |
8912.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1006.800 |
834.600 |
806.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6451.700 |
9403.600 |
8105.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1840.000 |
2740.000 |
2735.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4611.700 |
6663.600 |
5370.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9673.700 |
5164.400 |
3245.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
500.000 |
750.000 |
2500.000 |
|
|
|
Interim Dividend |
765.000 |
765.000 |
480.000 |
|
|
|
Tax on Interim Dividend |
92.500 |
125.800 |
81.600 |
|
|
|
Proposed Dividend |
510.000 |
510.000 |
340.000 |
|
|
|
Tax on above Dividend |
80.300 |
3.500 |
50.800 |
|
|
BALANCE CARRIED
TO THE B/S |
12337.600 |
9673.700 |
5164.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1849.800 |
1390.200 |
1075.600 |
|
|
|
Dividend |
81.800 |
14.300 |
8.600 |
|
|
|
Technical Assistance Fee |
3.500 |
3.200 |
3.200 |
|
|
|
Interest |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1935.100 |
1407.700 |
1087.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7247.800 |
5394.200 |
5150.000 |
|
|
|
Spares Parts |
126.200 |
159.100 |
88.200 |
|
|
|
Capital Goods |
915.000 |
930.500 |
253.400 |
|
|
|
Trading Items |
22.800 |
466.900 |
62.500 |
|
|
TOTAL IMPORTS |
8311.800 |
6950.700 |
5554.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.42 |
7.84 |
6.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.91
|
14.33 |
14.11
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.63
|
20.68 |
21.36
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
41.72
|
69.88 |
51.03
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.34 |
0.37
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.29 |
0.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.69 |
1.54
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Business
Operational Excellence
To move towards
the Company’s vision of providing credible value addition to stakeholders and
being recognized as a responsible Corporate Citizen, an elaborate Total Quality
Management (TQM) system has been set up. Having gathered momentum, it has been
improved and upgraded to meet the strategic challenges of the business. Apart
from the international quality, environment, occupational health and safety
standards, the Company has been methodically implementing the latest techniques
of Total Productive Maintenance (TPM), Lean Manufacturing and 6-Sigma aimed
towards achieving Business Excellence.
The Company’s
factories, having modern machinery and equipments, manufacture and deliver products
of high quality that meet the demanding requirements of a wide range of
customers. Quality is built into the products right
from the
conceptual design stage by using sophisticated techniques like Advanced Product
Quality Planning (APQP), Failure Mode and Effect Analysis (FMEA), Statistical
Process Control (SPC) and Measurement System Analysis (MSA). To ensure
adherence to specifications, continuous monitoring of Process Capability index
is done with on-line mistake-proofing (Poka-Yoke) devices, resulting in minimal
scrap and rework.
TQM being a
strategic initiative, it is only natural that the Company has crossed several
milestones in its unending journey towards Business Excellence that has been
widely applauded and recognized.
With respect to the
Quality Management System (QMS), the Industrial SBU is certified to ISO
9001:2008, while the Automotive SBU is certified to ISO/ TS-16949:2009 latest
international standards. These certifications include all the business
processes of RandD, Manufacturing, Marketing, Sales, After-Sales Support and
Corporate functions. The Submarine SBU is also certified to ISO-9001:2008. The
Company’s certification body is the renowned TUV-Nord head- quartered in
Suppliers are
their partners in progress. In order to fulfill their responsibility towards
meeting common objectives and continuous improvement, the TQM initiatives
employed in the Company have been extended to cover key suppliers also. An
effective system of quality control, periodic audits, “Vendor Rating” and
training has been established and strengthened. Some of the key suppliers have
achieved IS/ TS-16949:2009 certification. Striving for Excellence, being one of
the Core Values, the Company has been progressively implementing the European
Foundation for
Quality Management (EFQM) Excellence Model and have won coveted awards for its
efforts.
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 Ancillary from Frost and Sullivan as well as the
ABK-AOTS 5S-Award 1st prize in large Manufacturing category. In the recent
past, the Haldia and Shamnagar Plants have won TQM Role Model Quality Award
from CII (ER). The Company has also won awards and recognitions from its valued
customers like
As improving the
efficiency and maximizing the utilization of plant and equipment is an
important objective of the Company, Total Productive Maintenance (TPM) has been
implemented in the factories. The best methodology as given by the Japanese
Institute of Plant Maintenance (JIPM) is being followed.
For its sustained
efforts and commendable results in TPM the JIPM has, through a system of
rigorous audits, conferred the “Award for TPM Excellence” to Haldia plant for 2008, to Hosur and
Chinchwad plants for 2010 and to Taloja plant in 2011. Efforts to reach still
higher levels are ongoing.
To give more
thrust to their R and D efforts, training and quality management systems have
been intensified. A pool of internal quality auditors as per the requirements
of ISO 19011:2011 have been created through a process of workshops, case
studies and examinations.
Environment and
Safety
In support of the
core value of being a responsible Corporate Citizen, an effective Environmental
Management System (EMS) has been established in the Company. The Shamnagar,
Haldia, Hosur, Taloja and Chinchwad plants had been certified several years
back to ISO-14001:2004. In February 2012, the Bawal plant has been certified to
ISO-14001:2004. Surveillance Audits by TUVNord has confirmed that the Company
not only continues to meet all the statutory and regulatory environmental norms
but has also improved its environmental performance through the years.
Minimisation of
waste and preservation of natural resources is part of the Company’s policy. In
this direction, the processes are designed and operated optimally. Every year,
various improvement projects are undertaken to reduce any adverse environmental
impacts. The efforts have been recognized and rewarded. The Company had
received the prestigious TERI Corporate Environment Award in 2007 and Best
Innovation Award for Leadership and Excellence in Environment-Health-Safety
from CII (Southern Region) in 2008.
Safety and
Occupational Health of employees are continuous focus areas of the Company.
This commitment is shown in the implementation of the OHSAS 18001:2007 standard
in the factories. The Hosur plant is a ZERO effluent discharge plant and other
factories are expected to be similarly upgraded in the near future. As part of
the Company’s Corporate Social Responsibility and efforts towards cost
reduction, energy conservation continues to be a focus area. Several
initiatives have been taken in this direction at all plants for energy
conservation, recovery and recycling of water in line with their policy of
conservation of natural resources.
Corporate Social
Responsibility
Overview of CSR
Activities Carried Out During 2011-12
Exide’s commitment
to corporate social responsibility has a two pronged approach - marketing
centric and production centric. Whilst on the one hand the Company tries to
involve its customers in its efforts to create a better world for the weaker
sections of the society, on the other hand it also ensures that the production
facilities and other important offices from where it operates also contribute
meaningfully to the overall upliftment of the society.
Marketing Centric
CSR
For the last three
years the Company has been actively involved with UNICEF in creating better
health and hygiene for economically disadvantaged children in rural
The pre-committed
money that UNICEF gets through this unique scheme is used for bringing clean
water to villages in parts of India, making affordable toilets and create
“Nirmal Villages” (where all the houses in a particular village has its own toilet)
and educating rural children on health and hygiene issues. The programme is
being actively implemented through reputed NGOs like Ramkrishna Mission,
regional government bodies and local gram panchayats.
Production Centric
CSR
The factories of
the Company across the country are important centres of economic activity in
the regions that they are located in. The local community, particularly the
weaker sections look up to the factory management for various social and
economic supports. The Company discharges this obligation to the immediate
surrounding society sensitively and on a need based manner. While routine
planting of saplings in and around the plants is now an institutionalized
activity within all the factories, other activities like running health camps,
round the year ambulances, helping local women in skill development or
upgrading infrastructure of local schools and health units is done on a case by
case basis by each manufacturing unit. During natural disasters the Company
runs relief camps in the affected areas which are mainly manned by the
Company’s employees.
The Company also
runs a programme through a reputed NGO CINI-Asha that directly benefits
children in a slum in eastern Kolkata. These prenursery children would
otherwise be mostly left to themselves in those difficult surroundings while
their parents go out in search of work during a better part of the day. But
through the Company’s support these children are now taken care of during the
day and taught basic skills so that they are fit to go to school when they are
of the right age.
Internal Controls
The Company has
proper and adequate system of internal controls. The Internal Audit team
conducts both Systems and Financial Audit which are carried out in two phases
at each factory, Branch, Regional and Corporate
offices. The audit
findings are reviewed by the Audit Committee of Directors and corrective
action, as deemed necessary is taken. The Company also has laid down procedures
and authority levels with suitable checks and balances encompassing the entire
operations of the Company.
The Company has
identified various business risks and has laid down the procedure for
mitigation of the same. The Risk Management and Mitigation Systems are reviewed
periodically by the management.
Outlook
With inflation
showing a declining trend and with expected further reduction in the interest
rates there should be an overall buoyancy and, as far as the battery industry
is concerned, the future growth prospects should be positive. The high growth
rates achieved by the Automotive Industry in March 2012 are expected to
continue, at least with some moderations. As stated earlier, the automotive
industry is estimated on an average to have a double digit growth annually for
the next five years. Several infrastructure sectors like power, coal, etc., are
on an upward swing and with the massive investments on infrastructure planned
by the Government, including modernization of railways and commissioning of
nuclear power plants, etc., the Industrial battery business should also
continue to have better prospects. The burgeoning middle class with higher
disposable incomes and an appetite for aspirational life styles would lead to
higher demand, where technologically superior products would be more sought
after than cheaper alternatives. Due to strict pollution control norms being
introduced with each passing month, the incremental battery demand will
gravitate towards the players in the organized sector. Though
Europe is
exhibiting signs of a recession, the economy in the
Subsidiaries
The Company has four
Indian subsidiaries viz. Chloride Metals Limited, Chloride Power Systems and
Solutions Limited, Chloride 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 net sale of 4400.300 Millions which was 15% higher than the previous
year and a profit before tax of 127.400 Millions which was 35% lower than the
previous year.
Chloride Power
Systems and Solutions Limited (formerly known as Caldyne Automatics Limited) is
a 100% subsidiary of the Company having its factory at Sector V,
Chloride Alloys
India Limited (formerly known as Leadage Alloys India Limited), a 100%
subsidiary of the Company, has its Plant at Kolar District, Karnataka and is
engaged in lead smelting and refining activities. During the year 2011-12 the
said company has achieved a turnover of 8501.300 Millions representing an
increase of over 14% and profit before tax of 123.600 Millions as compared to
325.700 Millions in the previous year.
Chloride
International Limited a 100% subsidiary of the Company was engaged in the
marketing and sale of Non-conventional Energy Systems like Solar Home Lighting
and Heating System Panels, and Home UPS / Inverters etc. However, following a
reorganization of business activities since 1st May, 2011 these businesses are
being handled by Chloride Power Systems and Solutions Limited. The net sales of
Chloride International Limited during 2011-12 amounted to 31.200 Millions with
a Profit Before Tax of 1.100 Millions.
The Company also
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 (
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 8.2.2011 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 shareholder at the Registered Office of the
Company and the offices of the Subsidiary Companies on any working day.
Management Discussion and Analysis
Economic
Environment
Within a year
following the global financial crisis in 2007-08 the macro economic situation
in
To add to the woe,
the country was faced with a galloping rate of inflation which crossed the
double digit mark. The year 2011-12 started with 9.7% inflation which touched
double digits in September 2011 and thereafter declined to 6.6% in January
2012. The major factors contributing to such inflation was due to high prices
of vegetables, eggs, meat and fish due to change in dietary pattern of rural
households, increasing global commodity prices leading to higher cost of
production and continuous high prices of crude oil. Since reigning in the
unbridled inflation became the dominant objective, the Reserve Bank of
Industrial growth
suffered a real set-back with production in eight core industries growing by
merely 0.5% in January 2012 as compared to 6.4% in January 2011. The cumulative
growth in 2011-12 is estimated to be 4% as compared to nearly 6% of the
previous year. Though coal, fertilizers, cement and electricity showed some
positive trend the other four sectors, viz. crude oil, natural gas, refinery
products and steel registered a sharp decline.
The continuing
uncertainties in the international foreign markets and the depressed global
economic scenario also had its toll on the Indian economy. The sovereign risk
concerns in the Euro area, especially with the overhang of
the Japanese Yen
which had a cascading effect on the already high imported commodity prices.
The Indian markets
also saw a large decline in the in-flow of funds from the Foreign Institutional
Investors partly due to the concerns over the longer term impact of higher
current account deficits and partly due to risk aversion to invest in volatile
markets. The flight of capital by foreign investors was also influenced by the
melt down in
However, inspite
of the difficult situation in the global economy, the country’s exports
continue to be quite robust and in the current year it registered a growth of
over 14% in real terms and nearly 23% as compared to the previous year.
International Trade currently accounts for 53% of the GDP and therefore such
sharp increase in exports is definitely a redeeming factor. The export markets
witnessed such high growth during the year inspite of the deceleration in the
core economies in the Euro area. The major factor for this is due to the
diversification in
To counteract the
flight of capital by foreign investors the Government has allowed Qualified
Foreign Investors (QFIs) to directly invest in the equity markets which would
not only widen the investor basis, but also attract more foreign funds to
reduce market volatility and deepen the Indian Capital Markets.
A much awaited
respite came at the beginning of the current financial year when the Reserve
Bank of
After countering
economic slowdown twice in quick succession within a span of four years, since
the end of 2011-12 there seems to be a slow but steady turnaround in
manufacturing sector and one looks forward to the near term future with
cautious optimism. However, there are major areas of concern – the widening
budgetary deficit, slowdown in the reforms programmes and the looming spectre
of possible debt defaults by some of the weaker Eurozone countries.
Industry Structure
and Development
The domestic
Battery Industry suffered a definite set-back during the period. Apart from the
automobiles, telecom, infra-structure and export sectors continued to be
sluggish. Though automobile sector had a higher growth towards the end of the
financial year but it was quite modest compared to the rapid rate of growth
achieved in
2010-11. Passenger vehicles segment grew by less than 5% as compared to a 29%
growth in the previous year whilst commercial vehicles registered a growth of
18%. Passenger cars grew by only 2% whilst three-wheelers recorded a de-growth of around 3% as
compared to a 26% growth in the previous year. Domestic
sales of
automobiles grew by 12%. Inflationary pressures, rise in the price of petrol
and high cost of borrowings generally depressed the overall demand generation
and were instrumental for the lower growth.
As per the current
indications, the automobile industry is poised for challenging times with
uncertainties on the demand side in coming months, which hopefully is only a
short term phenomenon. They believe that the total automobile market is
expected to grow by double digits annually for the next 5 years.
India is emerging
as a small car hub in the Asia Pacific region. This is now evident since all
the major international automobile manufacturers have registered their presence
in
positive
developments in the automobile sector would augur well for the domestic battery
industry. As for industrial battery segment, the recurring power shortages on
the top of demand versus supply gap in Grid power, provides a robust demand for
Home UPS batteries in the foreseeable future. Further, inspite of delays in commissioning
or postponement of projects, infrastructure continues to be a major focus area
of the Government. Modernization of Railways and setting-up of Nuclear Power
Plants, though encountering initial teething problems, is inevitable in the
years to come. All these developments should definitely lead to high demand for
the local battery industry.
Performance
The Company
recorded net sales of 51070.000 Millions in 2011-12 as compared to 45470.000
Millions in the previous year. The Profit Before Exceptional Item and Tax stood
at 6450.000 Millions in 2011-12 as compared to 8930.000 Millions in the
previous year. Inspite of the very difficult market situation, the Company was
able to record a 12% growth in net sales but the profitability was affected
severely. This was mainly due to the inability of the Company to pass on the
increases in material costs to the customers due to the price sensitive market
sentiments prevailing during the major part of the year mainly in the
automotive sector. In the Industrial sector, the de-growth in almost all
sections resulted in reduction in profitability. The hardening of prices of
lead which is the major raw material, coupled with the high depreciation in the
value of the Rupee affected the bottom line of the Company significantly.
However, the gradual surge in demand along with the market responding
favourably to the increase of availability of the automotive batteries in after
sales market, in the last quarter of the year has been a welcome development.
In the Industrial segment, the contracts for most of institutional sales have
now been re-negotiated to link the sales price to the lead prices. These
efforts, coupled with the softening of the lead prices towards the end of the
year resulted in a recovery to a certain extent both in overall sales as well
as profitability.
Automotive
Batteries
Sales for
automotive batteries registered an overall value growth of 14% as compared to
the previous year. Inspite of a dismal performance by the automobile industry a
volume growth of 4% was possible in supplies to OEM customers. The Company was
also able to regain a portion of the market share which it had partially lost
during the previous year due to capacity constraints. In the OEM segment the
Company’s share is 72% for automotive batteries and 71% for Motorcycle
Batteries.
The Directors are
pleased to reiterate that the Company continues to remain the preferred
supplier for almost all the vehicle manufacturers in
By re-organising
the marketing and distribution set up on the hubs and spokes model the Company
has been able to reach out to customers in the 2-Tier and 3-Tier cities and
also provide better after sales and warranty services. During the year 2011-12
the dealer/distribution network was increased to 16000 dealers. The Company
is presently
operating from 204 locations and has plans to increase its presence in more
than 250 cities within next 18 months. Through its unique initiative “Project
Kissan”, a large number of tractor owners mainly in the un-organised rural
markets are now regular customers of the Company. The ‘Humsafar’ module, where
batteries are sold through motor garages, service centres, retail outlets,
petrol pumps, etc and direct sales arrangements with a number of Oil marketing
Companies, have also resulted in 14000 outlets which ensures wide-spread
distribution and easy availability of the Company’s products for the end-users.
The CRM initiative exidereachout.com is
running successfully and has helped in building-up a substantial base of loyal
customers. Currently there are around 3.5 million customers’ database in the
CRM programme. The Company has further consolidated the operations at the two
wheeler battery plant in Ahmednagar, Maharashtra and has also invested around
2000.000 Millions in capacity expansion across all plants both for twowheelers
as well as other automotive batteries.
Industrial Batteries
Industrial
batteries registered a growth of around 12% in terms of value with a
corresponding volume growth of %, as compared to the previous year. This was
possible inspite of the de-growth for most of the period in the year in almost
all sectors being catered to by the Company. The gravity of the situation was
further compounded by severe competition both from domestic manufacturers as
well as from imports. The infrastructure business recorded a de-growth of 13%
which was mostly contributed by the Telecom and Project segment. However, the
Power Segment and the solar business recorded a healthy growth. Sales for the
fast moving industrial battery segment recorded a growth of 11% whilst the UPS
OEM segment grew by a healthy 38%.
New products have
been developed and introduced for various applications including Gel Technology
for solar, telecom and UPS markets with a five year warranty which compares
well with those offered by other manufacturers. For the Home -UPS segment the
first ‘Intelligent’ battery has been launched. This battery enables the user to
be informed of the state-of-charge, discharge and other data relating to the
status of the battery at any point of time which helps in proper usage and
maintenance of the battery. New range of ‘Battery Packs’ for REVA’s new
generation NXR cars have also been introduced with superior features.
For synergistic benefits
and strategic reasons the Company has forayed into the manufacture and
marketing of inverters for home usage and for this purpose an existing inverter
manufacturing unit at Roorkee, Uttarakhand, has been acquired in January 2012.
The inverters manufactured by the Company are based on Sine Wave technology and
are technologically superior to most of the inverters presently available in
the domestic market. These inverters are being marketed under the Company’s
owned brands like ‘EXIDE’, ‘SF’ and ‘CEIL’ and have been well accepted by the
customers.
Submarine
During the year
the sales of submarine batteries amounted to 250.000 Millions. The Company is
the sole supplier of submarine batteries to the Indian Navy and is also an
accredited supplier to the Admiralty Ship Yard,
Exports
Inspite of near
recessionary conditions in Europe, export of industrial batteries at 1510.000
Millions grew by 8%. This includes export of industrial batteries to the
Company’s wholly owned subsidiary, Chloride Batteries S.E. Asia Pte. Limited,
based at
Technology
Up-gradation
In order to
maintain its leadership position the Company is continuously upgrading its technology
and also acquiring new technology to meet the increasing demands of the
customers. Apart from in-house R and D activities and partnering with various
research / educational institutions the Company also acquires new technology
and upgrades its existing technology through technical collaboration agreements
with leading international battery manufacturing companies. The Board is
pleased to inform you that the Company entered into technical collaboration and
assistance agreements with East Penn Manufacturing Company Inc.,
procurement. East
Penn has also agreed to provide technical assistance and support to the two
captive smelters of the Company located near Pune and
Apart from the
above, the Company has ongoing agreements with Furukawa Battery Company
Limited,
The in-house R and
D Division is also engaged in development of new products and technology. It
also spearheads projects for improvement in manufacturing processes and
materials with a view to achieve technological advantages and cost savings.
Apart from the
above, foreign experts are regularly engaged from time to time for advising on
operational processes and best manufacturing practices. The Company’s engineers
also undergo frequent training and knowledge sharing both at the foreign
collaborators facilities as well as by extensively attending international
seminars and conferences.
CONTINGENT
LIABILITIES
(Rs. in Millions)
|
PARTICULARS |
31.03.2012 |
|
Outstanding Bank
Guarantees / Indemnity Bonds |
159.300 |
|
Sales Tax
demands |
15.300 |
|
Excise Duty
demands |
337.700* |
|
Service Tax
demands |
7.700 |
|
Income Tax
demands |
65.000 |
|
Other claims
being disputed by the Company |
4.500 |
Note:
* Includes a Demand
of Rs 326.000 Millions plus penalties, as applicable, for the period June
2006-May 2009 on the grounds that Excise Duty was payable on the MRP of
batteries. The Company has contested this demand largely on grounds of
non-applicability of The Standards of Weights and Measures Act, 1976 and Rules
there under, the applicability of which is still to be adjudicated by the
Hon’ble Supreme Court. Pending the adjudication, the demand has been treated as
Contingent Liability in these Financial Statements.
UNAUDITED
FINANCIAL RESULT FOR THE QUARTER ENDED 30 JUNE 2012
|
|
|
|
Rs
in Millions |
|
|
|
Particulars |
Quarter ended |
||
|
|
30.06.2012 |
|||
|
|
(Unaudited) |
|||
|
1 |
Gross Sales |
17521.700 |
||
|
2 |
Less: Excise Duty |
2010.900 |
||
|
3 |
Net Sales |
15510.800 |
||
|
4 |
Other Operating Income |
25.000 |
||
|
5 |
Total Income from
operations |
15535.800 |
||
|
6 |
Expenditure |
|
||
|
|
a) |
Cost Material consumed |
10896.000 |
|
|
|
b) |
Purchase of traded goods |
14.100 |
|
|
|
c) |
Changes in inventories of finished goods and
works-in-process |
(796.200) |
|
|
|
d) |
Employee benefits expense |
840.500 |
|
|
|
e) |
Depreciation |
276.200 |
|
|
|
f ) |
Other Expenditure |
2253.700* |
|
|
|
|
Total Expenses |
13484.300 |
|
|
7 |
|
Profit from Operations before Other Income, financial
costs and exceptional item |
2051.500 |
|
|
8 |
|
Other Income |
147.400 |
|
|
9 |
|
Profit before finance costs and exceptional item |
2198.900 |
|
|
10 |
Financial Costs |
13.600 |
||
|
11 |
Profit before tax |
2185.300 |
||
|
12 |
Tax Expenses - Current |
640.000 |
||
|
|
Current |
25.000 |
||
|
|
Deferred |
665.000 |
||
|
13 |
Net Profit after tax |
1520.300 |
||
|
14 |
Paid up equity share capital (Face value per share of Rs.10/- each) |
850.000 |
||
|
15 |
Reserves excluding revaluation reserve |
0.000 |
||
|
16 |
Earning Per Share (Basic and Diluted) |
1.79# |
||
|
|
Note: * Including net exchange loss of Rs.103.100
Millions for the quarter end 30 June, 2012 (Previous year same period:
Net exchange gain of Rs. 38.600
Millions) and immediate preceding quarter -1 exchange gain of Rs. 61.300 Millions. # Not annualised |
|||
|
|
|
|
||
|
17 |
Public Shareholding |
|
||
|
|
Number of Shares |
459045334 |
||
|
|
Percentage of Shareholding |
54.01% |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
0.000 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
0.000 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
0.000 |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
390954666 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100% |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
45.99% |
||
|
Particulars |
3 months ended 30.06.2012 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
10 |
|
Disposed of during the quarter |
10 |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
As the Company’s business activity falls
within a single significant primary business segment, viz. "Storage Batteries
and Allied Product", no
separate segment information is disposed.
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 June, 2012.
4. Previous periods
/ year's figures have been regrouped Ire arranged where necessary.
5. Other Income
(Dividend) for the quarter ended 30
June, 2012, includes dividend from subsidiaries Rs. Nil (Previous year same period: Rs. 228.700 Millions) and immediate preceding quarter Rs 43.300 Millions.
6. The
aforementioned result were reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on July 16,2012 in Kolkata.
FIXED
ASSETS
·
Goodwill
· Land
· Freehold
· Leasehold
· Buildings
· Plant and Machinery
· Moulds
· Furniture
and Finings
· Motor
Vehicles
· Computers
·
Software’s
AS PER WEBSITE
DETAILS
COMPANY 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 |
R and D 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 |
|
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 |
PRESS
RELEASES
• Exide top line grows by 25
percent
Kolkata,
July 16, 2012: 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 2012-13 (April to June). Net
turnover during the 3-month period rose 25 per cent to Rs 15510.000 Millions.
Profit from operations during the same period at Rs.2050.000 Millions rose 10
per cent sequentially and 3 per cent as compared to the corresponding period of
the previous fiscal.
Net
Profit of Rs. 1520.000 Millions even though reflects a de-growth of 7% on YOY
basis is 6.6% higher than the previous quarter.
The
Company’s Board of Directors met in the city on Monday to approve the financial
results for the quarter April to June of 2012-13.
The
prevalent depressed conditions in the automotive OE segment somewhat eroded the
beneficial impact of the higher sales volume achieved in replacement market.
“Being a significant player in the automotive OE business, any negative swing
in Auto Sector is a matter of concern for the Company. Nevertheless Company is
able to modestly improve its overall margin levels”, said Mr T.V. Ramanathan,
the Managing Director and CEO of Exide Industries.
The volume growth in four wheeler Automotive battery division was 10%, and the
Volume growth of Industrial batteries was 19% for the Quarter under review. The
company’s motorcycle battery business continued to do well showing 28% volume
growth.
Price
of lead continued to remain under check in the international markets during the
period under review. However, the depreciation of rupee vis-ŕ-vis dollar
negated most of the resulting advantages.
During
the quarter under review the Company rolled out home UPS systems across the
cities successfully under its own brands. Our range of home UPS has been well
received in the market. We are now in the process of increasing the production
capacity, having stabilized the products.
“Though
synergistic, this is a new line of business for us where we will have to make a
niche for ourselves through top level after sales service. The Company is using
its existing network of nationwide dealers to market the product”, Mr
Ramanathan said.
The
Capital expenditure for the current financial year is budgeted at Rs. 2700.000
Millions.
•
Exide reports 35 per cent rise in PAT
Kolkata,
July 13, 2010: In an encouraging start to the financial year 2010-11 Exide
Industries Limited today reported a 35 per cent rise in net profit and 30 per
cent rise in gross sales during the first quarter of 2010-11 compared to the
corresponding period of the previous year. The company’s board met in the city
on Tuesday to review the first quarter (April-June 2011) results of the current
financial year.
During
the period under review, the company’s gross sales stood at Rs 14100.000
Millions, compared to Rs 10840.000 Millions during the same period of the
previous year and net profit stood at Rs 1650.000 Millions compared to Rs
1220.000 Millions earned during the same period of the previous year.
“Our
continued focus on cost reduction and product mix is once again reflected in
this quarter’s overall performance,” said Mr T.V. Ramanathan, Managing Director and Chief Executive Officer Exide
Industries Limited.
The higher profitability figures are satisfactory considering the continued
volatility in raw material prices and foreign exchange rates even as
competition from cheaper imports from neighbouring countries continued
unabated.
“The Indian market for batteries across segments is fast maturing and customers
are becoming more quality rather than price conscious. This positive trend will
continue and gain momentum in future to help technology focussed companies like
Exide Industries,” Mr Ramanathan added.
The
company’s penetration strategy into the replacement market for commercial
vehicles and tractor segment is paying off handsomely where sales grew by 14
per cent. Among other segments, motorcycle battery sales showed significant
growth, improving 27 per cent in volume terms.
“To
cater to the increased demand for our motorcycle customers – both in OE and
after market - and to consolidate our position as the world’s second largest
two-wheeler battery manufacturer, we are going to start production at our new
motorcycle battery manufacturing plant at Ahmednagar in Maharastra,” Mr
Ramanathan added.
During the current financial year the company’s automotive battery SBU showed a
growth of 28 per cent and the industrial battery SBU showed a growth of 26 per
cent in value terms. Significantly the growth in value terms far outstrips the
growth in unit terms in all the segments.
The
Board also approved in principle acquisition of the entire shareholding in
Leadage Alloys India Limited, a Lead smelting unit, where Exide presently holds
51% shares. With such acquisition, Exide would have two wholly owned smelting
units for captive consumption to cater to its requirements of Lead and Lead
Alloys.
The
company’s 63rd annual general meeting is scheduled to be held in the city on
Wednesday the 14th July, 2010.
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 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.55.54 |
|
|
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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.