MIRA
INFORM REPORT
|
Report Date : |
12.07.2014 |
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, 59 E, Chowringhee
Road, Kolkata – 700020, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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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
: |
Manufactures and sells lead acid storage batteries. |
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No. of Employees
: |
4898 (Approximately) |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Fund based limits: AAA |
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Rating Explanation |
Highest credit quality and lowest credit
risk. |
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Date |
July 2013 |
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Rating Agency Name |
ICRA |
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Rating |
Commercial Paper: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
July 2013 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Arya Choudhary |
|
Designation : |
Chief Finance Officer |
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Contact No.: |
91-33-22832120 |
LOCATIONS
|
Registered Office : |
Exide House, 59E, |
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Tel. No.: |
91-33-22478320
/ 8326 / 8329 / 2313 / 22403604 / 22801083 / 2280 2150-51 / 22832120 / 22832133 /
22832136 / 50 |
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Fax No.: |
91-33-22479819
/ 22870725 / 2283 2632 / 37 |
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E-Mail : |
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Website : |
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Factory : |
91 New Chord Road, Athpur, Shamnagar, 24 Parganas (N) – 743128, West Bengal, Kolkata, India
Durgachak, Haldia, District Midnapore, West Bengal -721602, Kolkata, India
Haryana Plot No. 179, Sector 3, HSIDC Growth Centre, Bawal – 123501, Haryana, India
D2, MIDC Industrial Estate, Chinchwad East, Pune 411019, Maharashtra, India
Plot No. T-17 MIDC Taloja Industrial Area, Taloja- 410208, Maharashtra, India
Kanjur Village Road, Kanjurmarg (East), Mumbai - 400042, Maharashtra, India
Tamil Nadu 21/22 Alandur Road, Guindy, Chennai - 600032, Tamilnadu, India
Chichurakanapalii, Sevaganapalli Panchayat, Hosur Taluk, District Dharmapuri - 635103, Tamilnadu, India Uttarakhand Khasra No.275, Lakeshwari Industrial Area, Bhagwanpur, Roorkee,
District. Haridwar – 247661, |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Rajesh G. Kapadia |
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Designation : |
Chairman and Non Executive
Director |
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Name : |
Mr. R. B. Raheja |
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Designation : |
Vice Chairman and Non-Executive
Director |
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Date of Birth/Age : |
17.06.1954 |
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Name : |
Mr. T. V.
Ramanathan |
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Designation : |
Managing Director
and Chief Executive Officer |
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Qualification: |
B.Com., FCA, ACS |
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Name : |
Mr. G. Chatterjee |
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Designation : |
Join Managing
Director |
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Qualification: |
B.E., (Mech.),
PGDBM (IIM) |
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Date of Birth/Age : |
25.02.1950 |
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Name : |
Mr. P.K. Kataky |
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Designation : |
Director (Automotive) |
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Date of Birth/Age : |
15.07.1948 |
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Name : |
Mr. A K Mukherjee |
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Designation : |
Director (Finance
and Chief Financial Officer) |
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Name : |
Mr. Nadeem Kazim |
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Designation : |
Director – HR and
Personnel |
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Date of Birth/Age : |
26.01.1964 |
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|
Name : |
Mr. Sabir
Chakraborthy |
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Designation : |
Director
Industrial |
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Date of Birth/Age : |
30.09.1957 |
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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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Date of Birth/Age : |
22.10.1968 |
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Name : |
Mr. W Wong |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Sudhir Chand |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
21.08.1947 |
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Name : |
Mr. Bhaskar Mitter |
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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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Audit Committee : |
Mr. R. G. Kapadia |
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Mr. Sudhir Chand |
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Mr. Vijay Aggarwal |
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Ms. Mona N Desai |
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Remuneration Committee : |
Mr. R. G. Kapadia |
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Mr. P K Kataky |
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Mr. Vijay Aggarwal |
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Mr. Sudhir Chand |
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Ms. Mona N Desai |
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Executive Committee : |
Mr. P K Kataky |
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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. Supriya Coomer |
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Mr. Sabir Chakraborthy |
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Shareholders Grievance Redressal Committee : |
Mr. Sudhir Chand |
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Mr. P K Kataky |
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Mr. G. Chatterjee |
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Share Transfer
Committee : |
Mr. P K Kataky |
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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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Banking Operations
Committee : |
Mr. P K Kataky |
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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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|
Name : |
Mr. Arya Choudhary |
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Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
390954666 |
45.99 |
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|
390954666 |
45.99 |
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Total shareholding
of Promoter and Promoter Group (A) |
390954666 |
45.99 |
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(B) Public
Shareholding |
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|
35271930 |
4.15 |
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|
1062516 |
0.13 |
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|
109660128 |
12.90 |
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|
146635153 |
17.25 |
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|
292629727 |
34.43 |
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|
|
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|
72036317 |
8.47 |
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|
|
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|
75562946 |
8.89 |
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|
10393326 |
1.22 |
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|
8423018 |
0.99 |
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|
3110106 |
0.37 |
|
|
3772555 |
0.44 |
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|
1426697 |
0.17 |
|
|
90620 |
0.01 |
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|
23040 |
0.00 |
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|
166415607 |
19.58 |
|
Total Public
shareholding (B) |
459045334 |
54.01 |
|
Total (A)+(B) |
850000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
850000000 |
0.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufactures and sells lead acid storage batteries. |
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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
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No. of Employees : |
4898 (Approximately) |
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Bankers : |
·
State Bank of ·
Standard Chartered Bank ·
Citibank N.A. ·
The Hongkong and ·
Banking Corporation of India Limited ·
BNP Paribas ·
HDFC Bank Limited ·
Deutsche Bank AG ·
ICICI Bank Limited ·
ABN AMRO Bank N.V. ·
Bank of America N.A |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
22, 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: |
·
A.H. Parpia and Company Advocates and
Solicitors Address : 203-204
Prabhat Chambers, |
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Subsidiaries: |
·
Chloride Batteries S.E. ·
Chloride International Limited (CIL) ·
Chloride Power Systems and Solutions Limited
(CPSSL) ·
Espex Batteries Limited, ·
Associated Battery Manufacturers ( ·
Chloride Metals Limited (CML) ·
Chloride Alloys India Limited (CAIL) ·
Exide Batteries (Private) Limited (Subsidiary of
CBSEA) |
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Associate
Companies: |
·
ING VYSYA Life Insurance Company Limited (IVL) |
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Enterprise/Individuals
having a direct or indirect control over the Company: |
·
Chloride Eastern Limited, ·
Chloride Eastern Industries Pte Limited, ·
LIEC Holding SA, Switzerland |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.1/- each |
Rs.1000.000 Millions |
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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 2013, the amount of per share Dividend recognised as
distributions to equity shareholders was Rs 1.60 (PY Rs 1.50 per share)
Details of
shareholders holding more than 5% shares in Company
|
Name of Shareholder |
31.03.2013 |
|
|
Number of Shares |
|
Chloride Eastern
Limited, UK holding 45.99% (PY: 45.99%) |
390954666 |
|
Life Insurance
Corporation of India holding 5.82 (PY 4.69%) |
49432813 |
|
Note: As per of the company,
including its register of shareholders/ members and other declaration
received from shareholders, the above shareholding represents legal ownership
of shares. |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
850.000 |
850.000 |
850.000 |
|
(b) Reserves & Surplus |
33385.900 |
29723.100 |
26574.500 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
34235.900 |
30573.100 |
27424.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
976.500 |
825.000 |
675.000 |
|
(c) Other long term liabilities |
71.400 |
41.400 |
32.700 |
|
(d) long-term provisions |
205.900 |
164.500 |
464.800 |
|
Total Non-current Liabilities (3) |
1253.800 |
1030.900 |
1172.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.600 |
|
(b) Trade payables |
5604.100 |
5658.500 |
4835.100 |
|
(c) Other current
liabilities |
2625.000 |
2167.200 |
1740.500 |
|
(d) Short-term provisions |
1764.700 |
1481.700 |
896.800 |
|
Total Current Liabilities (4) |
9993.800 |
9307.400 |
7473.000 |
|
|
|
|
|
|
TOTAL |
45483.500 |
40911.400 |
36070.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9775.700 |
9547.500 |
8352.200 |
|
(ii) Intangible Assets |
168.400 |
118.000 |
6.200 |
|
(iii) Capital
work-in-progress |
587.700 |
266.400 |
474.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
14594.000 |
9065.500 |
8747.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
516.200 |
617.100 |
312.000 |
|
(e) Other Non-current assets |
14.500 |
9.000 |
3.100 |
|
Total Non-Current Assets |
25656.500 |
19623.500 |
17896.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1807.300 |
6480.700 |
5032.000 |
|
(b) Inventories |
11671.000 |
9650.100 |
8589.400 |
|
(c) Trade receivables |
5091.900 |
4023.000 |
3662.200 |
|
(d) Cash and cash
equivalents |
747.900 |
576.700 |
147.400 |
|
(e) Short-term loans and
advances |
482.000 |
513.200 |
634.700 |
|
(f) Other current assets |
26.900 |
44.200 |
108.200 |
|
Total Current Assets |
19827.000 |
21287.900 |
18173.900 |
|
|
|
|
|
|
TOTAL |
45483.500 |
40911.400 |
36070.000 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
60713.700 |
51100.600 |
45473.300 |
|
|
|
Other Income |
758.800 |
672.600 |
1041.400 |
|
|
|
TOTAL (A) |
61472.500 |
51773.200 |
46514.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
41602.400 |
34607.400 |
29623.600 |
|
|
|
Purchase of traded goods |
145.200 |
73.000 |
614.900 |
|
|
|
Increase in inventories of finished goods, work in progress and traded
goods |
(1360.300) |
(320.300) |
(2008.600) |
|
|
|
Employees benefit Expenses |
3492.700 |
2862.100 |
2828.500 |
|
|
|
Other Expenses |
8993.200 |
7039.500 |
5629.100 |
|
|
|
TOTAL
(B) |
52873.200 |
44261.700 |
36687.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8599.300 |
7511.500 |
9827.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
41.700 |
53.000 |
60.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8557.600 |
7458.500 |
9766.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1134.800 |
1006.800 |
834.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7422.800 |
6451.700 |
8932.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2195.000 |
1840.000 |
2268.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5227.800 |
4611.700 |
6663.600 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12087.500 |
9673.600 |
5164.400 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
550.000 |
500.000 |
750.000 |
|
|
|
Contingency Reserves |
0.000 |
250.000 |
0.000 |
|
|
|
Interim Dividend (100%Tax on Interim
Dividend ) |
850.000 |
765.000 |
765.000 |
|
|
|
Tax on Interim Dividend |
137.900 |
92.500 |
125.800 |
|
|
|
Proposed Final Dividend (60%) |
510.000 |
510.000 |
510.000 |
|
|
|
Tax on final Dividend |
57.500 |
80.300 |
3.500 |
|
|
BALANCE CARRIED
TO THE B/S |
15209.900 |
12087.500 |
9673.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1573.200 |
1849.800 |
1452.800 |
|
|
|
Dividend |
37.800 |
81.800 |
14.300 |
|
|
|
Technical Assistance Fee |
3.900 |
3.500 |
3.200 |
|
|
TOTAL EARNINGS |
1614.900 |
1935.100 |
1470.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7457.700 |
7247.800 |
5394.200 |
|
|
|
Spares Parts |
124.100 |
126.200 |
159.100 |
|
|
|
Capital Goods |
210.700 |
915.000 |
930.500 |
|
|
|
Trading Items |
565.600 |
22.800 |
466.900 |
|
|
TOTAL IMPORTS |
8358.100 |
8311.800 |
6950.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.15 |
5.42 |
7.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.50
|
8.91 |
14.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.23
|
12.63 |
19.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.50
|
20.43 |
33.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.21 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
2.29 |
2.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
850.000 |
850.000 |
850.000 |
|
Reserves & Surplus |
26574.500 |
29723.100 |
33385.900 |
|
Net
worth |
27,424.500 |
30,573.100 |
34,235.900 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.600 |
0.000 |
0.000 |
|
Total
borrowings |
0.600 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%2012-Jul-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
45473.300 |
51100.600 |
60713.700 |
|
|
|
12.375 |
18.812 |
%2012-Jul-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
45473.300 |
51100.600 |
60713.700 |
|
Profit |
6663.600 |
4611.700 |
5227.800 |
|
|
14.65% |
9.02% |
8.61% |
%2012-Jul-2014_files/image012.gif)
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CALCUTTA
HIGH COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status
: Pending |
|||||
|
|
|||||
|
Status of APPL.UND.CENTRAL EXC(CEXA) 5 of 2010 COMMISSIONER OF CENTRAL EXCISE, HALDIA C |
|||||
|
|
|||||
|
Vs. M/S. EXIDE INDUSTRIES LTD. |
|||||
|
|
|||||
|
Pet's Adv. : SUBIR KUMAR SAHA |
|||||
|
|
|||||
|
Res's Adv. : |
|||||
|
|
|||||
Monday, April 28, 2014 |
|||||
|
|
|||||
|
Category : EXCISE : REVENUE |
|||||
|
|
|||||
|
|||||
|
|||||
|
|
|||||
|
Case Updated on: Tuesday, April 22, 2014 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic Environment
After the global financial crisis in 2008-2009, due to the fiscal and monetary packages announced by the Government of India, the Indian economy recovered strongly and the rate of growth which was 6.7% in 2008-09 grew to 8.6% in 2009 -10 and thereafter climbed upto9.3% in 2010-11. However, the unforeseen fallout of this spurt in growth, which gave a boost to consumption but with supply side constraints, was unbridled inflation. The Reserve Bank of India therefore had no option but to drastically tighten the money supply which in turn adversely affected investments. Due to such policy, along with certain her ad verse developments, both internal as well as external, the growth rate in 2011-12 fell sharply to 6.2% and thereafter plummeted to 5% in 2012-13. This slowdown has been across the board for all sectors with none of the sectors of the economy performing better than previous year. Though wholesale price inflation did witness a downward trend towards the end of the year but food inflation continued to be high -resultantly, the consumer price index hovered around double digits. Due to the tight monetary policy continued by the Reserve Bank of India throughout the year, investments started further slowing down thereby causing further stagnation in growth. As a result of the slowdown, tax and other revenue collections also fell sharply whereas, on the other hand, due to rise in crude prices the subsidy bill started shooting up.
The slowdown in growth was primarily attributable to the industrial sector which registered a growth rate of only 3.5% and 3.1% in 2011-12 and 2012-13 respectively. Within this, the growth of the manufacturing sector was even lower at 2.7% and 1.9% for these years respectively. Due to the sub- optimal monsoon, especially in the initial stages, the growth in agriculture was also weak. The services sector, which has been continuously witnessing a double digit growth for five years, also declined to less than 7% in 2012-13with trade, hotels, restaurants, transport and communication being the worst affected. Whilst exports shrank, due to low demand the imports continued to be high. Apart from oil, gold imports surged and with a gross depreciation in the Rupee it resulted in a large trade deficit. All these factors along with minimal inflow of foreign capital resulted in a high Current Account Deficit. Though there was a cry for reduction in interest rates and also to increase liquidity in the system due to double-digit inflation in the consumer price index the Reserve Bank of India treaded cautiously. Subsequently, the meagre reduction in rates of interest announced by the RBI during the second half of the year could not stimulate investments and growth.
On the external front the global economy continued to be sluggish mainly due to crisis in the Euro zone and the uncertainties about the fiscal policies of the United States of America. As per data released by the International Monetary Fund the rate of growth of world output came down to around 3% in 2012 from 5% in 2010. For the advanced economies this growth in output was a meagre 1% in 2012. The faster growing emerging economies like Brazil and China, which had a blazing track record of growth, also slowed down considerably during this period. Incidentally, even with the very modest growth of 5%,India recorded the second highest growth rate after China in the previous year.
However, after the dismal economic performance in 2012-13, it appears that there would be a gradual turnaround in the current fiscal. As per analysts, the Indian economy has “bottomed-out" and should not de-grow any further. The pressures on inflation are easing, gold imports have been contained, international crude prices fallen sharply and a normal monsoon has been predicted for 2013-14. Resultantly, there are high expectations that the monetary policy would be eased which would lead to higher investments and savings. Fiscal consolidation and reducing the Current Account Deficit are now of prime importance. Needless to mention the country is also looking up to the Government to announce some big ticket reforms. The US economy also appears to be taxing for takeoff with increase in productivity and job opportunities being noted. The growth prediction for India for 2013-14 is now optimistically being estimated to be in the region of over 6%.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The domestic battery industry witnessed a mixed fortune in 2012-13. Sales of automotive batteries were severely affected due to an unprecedented slowdown in the automobile industry. Growth in production and sales of passenger vehicles during 2012-13 was around3% and 2% respectively as compared to the previous year. The total commercial vehicle segment recorded a de-growth of over 10% in production and 2% in domestic sales as compared to the last year. Medium and heavy commercial vehicles saw a de- growth in production and domestic sales during this period by over 27% and 23% respectively. Production of light commercial vehicles recorded practically a flat growth whilst domestic sales showed a better performance of 14%. In the 3-wheeler segment though there was as light increase in domestic sales of around 5%, production registered a de-growth of more than 4% as compared to the previous year. In the case of 2-wheelers there was a growth of only 2% in production and 3% in domestic sales. In case of exports also there was a de-growth of around 1% in 2012-13 as compared to 2011-12. Though passenger vehicle exports showed a growth of 9% there was a de- growth in all other segments, viz. commercial vehicles, two-wheelers and three-wheelers.
The major reasons for the dismal performance can be attributed to inflationary pressures, rise in fuel prices, high cost of borrowing, increase in input cost, adverse foreign exchange rate, some industrial unrest and above all an overall negative sentiment.
The industrial battery segment also continues to pass through difficult times with major de- growth in telecom and stagnation in traction and power segments. 16407 MW of power generation capacity was added in 2012-13 which is 20% less than the generation capacity of 20502 MW added during 2011- 12. In its report titled "Asia Power Utilities" by the Moody’s Investors Service, the outlook for the Power Sector in India is described as negative. Export of industrial batteries also record d negative growth due the recessionary conditions in Europe. However, the Home UPS/Inverter segment continued to grow due to recurring power shortages in certain States.
Performance
The Company recorded a net sale of Rs.60713.700 Millions in 2012-13 as compared to Rs 51100.600 Millions in the previous year. The Profit Before Tax stood at Rs 7422.800 Millions in 2012-13 as compared to Rs 6451.700 Millions in the previous year. Inspite of difficult market situation the Company was able to record over 19% growth in net sales with a corresponding growth of 15% in Profit Before Tax. The profitability was largely affected due to high price of imported lead, which is the major raw material, for the major portion of the year compounded by the high depreciation of the Rupee. For several months the Company was not in a position to pass on the increase in cost of materials to its customers due to price sensitivity especially in the OEM Automotive business. Subsequently, however, the Company was able to renegotiate and received price increases from the OEMs for both Automotive as well as Industrial batteries and the prices in the after-market segment were also increased.
AUTOMOTIVE BATTERIES
Sales of automotive batteries registered an overall value growth of 18% as compared to that of the previous year. Though the aftermarket in the four and three wheeler battery segments registered a handsome unit growth of 21% there was 7% de-growth in OEM in the same segment. This de-growth was mainly due to the all round stagnation in certain sectors of the automobile industry as well as the Company giving up some unprofitable OEM business. However, inspite of a meagre growth of 2% in two-wheeler sales the Company registered a unit growth of 19% in this segment as compared to the previous year.
The Directors are also pleased to announce that the Company has fully regained its market share in automotive batteries in replacement market which was partially lost during the previous couple of years mainly due to capacity constraints. The Company continues to remain the preferred supplier for almost all vehicle manufacturers in India and apart from domestic consumption, orders have also been received for supply of batteries in vehicles for the export market. The Company is also the only domestic supplier of lithium-ion batteries for electrical vehicles to Mahendra-Reva.
INDUSTRIAL BATTERIES
Net sales of Industrial batteries for the year ended 31st March, 2013 was around Rs.21600.000 Millions, as against last year’s sales of around Rs.18010.000 Millions, registering a growth of around 20%, in terms of value with a corresponding volume growth of around 9%. The Company has been able to increase its market share in the domestic market, despite adverse economic conditions. Overall Infrastructure business has shown a volume growth of 15%, mostly contributed by Solar and Projects segments. Recent upsurge in Solar applications has helped the Company to achieve a healthy value growth of 80% followed by a robust 33%growth in Projects. However, there is a slowdown in Telecom, Traction and Power segments. In the Fast Moving Industrial Battery segment, sales recorded a growth of around 28%.While the Company has been able to maintain its share with major UPS OEMs, Trade sales registered a comfortable growth of 12% by volume and 27% by value.
SUBMARINE
Sales of submarine batteries at Rs.430.000 Millions were an increase of 74% over the sales of the previous year. The Company continues to be the sole manufacturer of submarine batteries in India and has achieved a significant reputation in manufacture of these high quality and high capacity special types of batteries. A prestigious order for supply of batteries for the second nuclear submarine from the Indian Navy was received. The Company, which is an accredited supplier to the Admiralty Shipyard Russia, is also exploring possibilities of exporting to other countries subject to Government of India’s approval.
Home UPS
As you are aware, due to synergistic benefits and for strategic reasons the Company has recently commenced manufacturing and marketing of Home UPS. During the year, the Company acquired its second Home UPS manufacturing facility at Haridwar, Uttarakhand. With this acquisition the Company presently has two Home UPS manufacturing facilities. The Home UPS manufactured by the Company are based on the superior Sine-Wave technology and has been very well accepted in the market.
EXPORTS
Export of automotive batteries recorded a 31% growth in value as compared to the previous year. Successful inroads were made into Middle East countries and Myanmar for automotive batteries. However, due to global economic slowdown especially the recessionary conditions in Europe, exports of Industrial batteries showed a de-growth of nearly 22%.This was, however, excluding the industrial batteries exported by the Company to its wholly owned subsidiary, Chloride Batteries S. E. Asia Pte. Limited based at Singapore. Apart from its traditional markets, the Company made a foray into certain African countries for export of industrial batteries.
OUTLOOK
With the rate of inflation showing a downward trend it is expected that the Reserve Bank of India would reduce the interest rates further in the near term. Further, major policy decisions are also expected to be announced by the Govern men t to encourage savings and increase investments. The opening up of the aviation and retail sectors and the anticipated relaxation of ceiling limits on foreign investments in insurance sector is expected to result in significant foreign exchange inflows. Large amount of funds have already started flowing into the capital markets from FIIs during the current financial year. The softening of prices of crude and fall in the imports of gold would also result in a positive balance of payments situation. On the international front, the economy of USA is already showing signs of recovery. All these should lead to a positive impact on the various sectors of the Indian economy and result in buoyancy in the market.
The automobile industry is also expected to witness a surge and inspite of the current dismal performance the medium to long term prospects of the automobile industry are encouraging. As per earlier forecasts the total automotive market was expected to grow by double digits annually during this decade and though there has been an aberration in2012-13 the situation is likely to improve henceforth. India, as stated in their earlier Directors’ Reports, is emerging as a small car hub in the Asia-Pacific region. Almost all major international automobile car manufacturers have their manufacturing base in India. These manufacturing units would not only cater to the domestic consumers but also to the export markets. The demand for high-end and premium cars is also growing at a rapid pace. All these factors should lead to better prospects for the Company in the automotive sector.
With the thrust towards clean and renewable energy like solar and wind power the requirement for batteries would also increase manifold. Further, in the traction battery segment new opportunities are arising in the material handling applications in the food, pharmaceutical and textile industries where clean environment is essential in the manufacturing facilities. Massive investments are also planned on infrastructure, especially in road, ports, power, coal etc., which were kept on hold and are now expected to be accelerated both by the Government directly as well on a private/public partner ship basis. The large shortfall in the demand and generating capacity of power in the country is likely to widen further which would result in robust demand for the Home UPS/Inverter batteries. Modernisation of Railways and commissioning of the Nuclear Power Plants should also result in the industrial battery business having better growth prospects.
As per industry estimates the unorganized sector caters to nearly half of the demand of batteries in India. However, the demands for technologically superior products by the growing middle class with higher disposable incomes would lead to increase in demand for the Company’s products. The demand is also shifting towards products with higher A hand longer warranty periods which can only be offered by the organized sector. The demand for VRLA and tubular batteries from the traditional flat plate batteries are also growing and the unorganized sector will find it increasingly difficult to cope up with these technological advancements. The stricter pollution control norms, which would entail high investments, would definitely act as a deterrent for the unorganized sector to compete with the established players.
SUBSIDIARIES
At the beginning of the year, the Company had four Indian subsidiaries viz. Chloride Metals Limited, Chloride Alloys India Limited, Chloride Power Systems and Solutions Limited, Chloride International Limited and three foreign subsidiaries, viz. Chloride Batteries S.E. Asia Pte. Limited, Singapore, Espex Batteries Limited, UK and Associated Battery Manufacturers (Ceylon) Limited, Sri Lanka.
During the year the Company, which previously held 50% of the equity shares of INGVysya Life Insurance Company Limited (IVL), acquired the remaining 50% of the equity capital of the said Company from the other shareholders. Consequently, IVL has become a100% subsidiary of the Company. IVL headquartered at Bangalore is engaged in the business of life insurance and providing financial investment products. The total premium collected by the said Company during the year ended 31st March, 2013 was Rs.17367.200 Millions which was around 4% higher than the previous year. The said Company recorded a profit of Rs.230.700 Millions against a loss of Rs.311.500 Millions in the previous year. 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 Rs.5165.900 Millions which was 17% higher than the previous year and a profit before tax of Rs.175.600 Millions which was 27% higher than the previous year.
Chloride Power Systems and Solutions Limited, a 100% subsidiary of the Company, having its factory at Sector V, Salt Lake City, Kolkata is engaged in manufacture and sale of Chargers, DC Power Systems and associated equipment. During the year 2012-13, the said Company achieved a turnover of Rs.757.300 Millions and a Profit Before Tax of Rs. 61.600 Millions representing an increase of 4% and 29% respectively over the previous year.
Chloride 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 2012-13 the said company has achieved a turnover of Rs.7023.800 Millions as compared to Rs.8500.800 Millions of the previous year and a Profit Before Tax of Rs.184.300 Millions representing a 49% increase over Rs.123.500 Millions in the previous year.
With the re-organisation of business activities since 1st May, 2011, Chloride International Limited is presently not engaged in any trading or manufacturing activity and has income from rent and interest on securities. The income of Chloride International Limited during 2012-13 amounted to Rs.4.900 Millions with a Profit Before Tax of Rs. 3.400 Millions. The Company also holds 100% of the share capital in Chloride Batteries S. E. Asia Pte. Ltd., Singapore. The said company is engaged in the business of lead acid batteries and caters to the South East Asian and Australian markets. During the year 2012- 13 the said Company achieved a turnover of SGD 35.14 million and Profit Before Tax of SGD 1.63million representing a growth of 1% and 12% respectively over the previous year.
Due to a buy-back of shares by Espex Batteries Limited, UK, during the year, the shares held by the Company in the said Company increased from 51% to 100%. This Company is engaged in marketing and selling of lead acid batteries for industrial applications. During the year 2012-13 the Company achieved a turnover of GBP 5.04 million and made a Profit Before Tax of GBP 18,267.
The Company also holds 61.5% in Associated Battery Manufacturers (Ceylon) Limited, Sri Lanka. The said company is engaged in the business of manufacturing and marketing of Lead Acid batteries. During the year 2012- 13 the said company achieved a turnover of SLR 2099million and Profit Before Tax of SLR 150.1 million.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10119175 |
12/03/2008 |
400,000,000.00 |
DEUTSCHE BANK AG |
9, SHAKESPEARE
SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
A35561851 |
|
2 |
10119196 |
12/03/2008 |
400,000,000.00 |
DEUTSCHE BANK AG |
9, SHAKESPEARE
SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
A40645467 |
|
3 |
10069429 |
06/09/2007 |
250,000,000.00 |
BANK OF AMERICA |
KOLKATA BRANCH,
J K MILLENNIUM CENTRE, 5 TH FLOOR, 46D, JAWAHARLAL NEHRU ROAD, KOLKATA, WEST
BENGAL - 700071, INDIA |
A23883911 |
|
4 |
10017643 |
15/06/2009 * |
650,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A67176529 |
|
5 |
80033034 |
06/06/2007 * |
450,000,000.00 |
ABN AMRO BANK N.V |
HANSALAYA
BUILDING, 15, BARKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A17773300 |
|
6 |
90255025 |
19/03/2008 * |
1,000,000,000.00 |
CITIBANK N. A. |
KANAK BUILDING,
41,CHOWRINGHEE ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
A38905543 |
|
7 |
80055422 |
30/06/2009 * |
900,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A68200096 |
|
8 |
80033793 |
11/06/2007 * |
600,000,000.00 |
BNP PARIBAS |
STEPHEN HOUSE,
4A, BBD BAG (EAST), KOLKATA, WEST |
A19137991 |
|
9 |
80045202 |
25/06/1996 * |
81,000,000.00 |
THE HONKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
31 BBD BAG,
CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
10 |
80045200 |
31/03/1997 * |
100,500,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
31 BBD BAG,,
KOLKATA, WEST BENGAL - 700001, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs. in Millions)
|
PARTICULARS |
31.03.2013 |
|
Outstanding Bank
Guarantees / Indemnity Bonds |
182.400 |
|
Sales Tax
demands |
151.400 |
|
Excise Duty
demands |
343.200* |
|
Income Tax
demands |
44.600 |
|
Other claims
being disputed by the Company |
4.400 |
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.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED
30.09.2013
(Rs. In Millions)
|
Rs
in Millions |
|||||||
|
|
Particulars |
3 months ended 30.09.2013 |
3 months ended 30.06.2013 |
Year to date 30.09.2013 |
|||
|
|
|||||||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||
|
1 |
Gross Sales |
16200.600 |
18398.100 |
34598.700 |
|||
|
2 |
Less: Excise Duty |
1921.100 |
2134.700 |
4055.800 |
|||
|
3 |
Net Sales |
14279.500 |
16263.400 |
30561.700 |
|||
|
4 |
Other Operating Income |
41.200 |
11.300 |
18.800 |
|||
|
5 |
Total Income from
operations |
14320.700 |
16274.700 |
30561.700 |
|||
|
6 |
Expenditure |
|
|
|
|||
|
|
a) |
Cost Material consumed |
8234.600 |
12020.800 |
20255.400 |
||
|
|
b) |
Purchase of traded goods |
3.400 |
10.900 |
14.300 |
||
|
|
c) |
Changes in inventories of finished goods and
works-in-process |
1135.800 |
(1567.400) |
(431.600) |
||
|
|
d) |
Employee benefits expense |
854.600 |
937.900 |
1792.500 |
||
|
|
e) |
Depreciation |
313.200 |
300.400 |
613.600 |
||
|
|
f ) |
Other Expenditure |
208.800 |
2248.100 |
4293.200 |
||
|
|
|
Total Expenses |
12620.400 |
13950.700 |
26537.400 |
||
|
7 |
|
Profit from Operations before Other Income, financial
costs and exceptional item |
1700.300 |
2324.000 |
4024.300 |
||
|
8 |
|
Other Income |
36.700 |
62.100 |
98.800 |
||
|
9 |
|
Profit before finance costs and exceptional item |
1737.000 |
2386.100 |
4123.100 |
||
|
10 |
Financial Costs |
4.700 |
3.600 |
8.300 |
|||
|
11 |
Profit before tax |
1732.300 |
2382.500 |
4114.800 |
|||
|
12 |
Tax Expenses - Current |
568.000 |
721.000 |
1309.000 |
|||
|
|
Deferred |
(42.000) |
73.500 |
31.500 |
|||
|
|
Total |
546.000 |
794.500 |
1340.500 |
|||
|
13 |
Net Profit after tax |
1186.300 |
1588.00 |
2774.300 |
|||
|
14 |
Paid up equity share capital (Face value per share of Rs.10/- each) |
850.000 |
850.000 |
850.000 |
|||
|
15 |
Reserves excluding revaluation reserve |
-- |
-- |
-- |
|||
|
16 |
Earning Per
Share (Basic and Diluted) |
1.40 |
1.67 |
3.27 |
|||
|
Note: * Including net exchange loss of Rs.33.700 Millions,
Rs.139.600 Millions and Rs. 36.500 Millions for the three months end 30 June,
2013, three months 30 September, 2012 and year of date ended 30 September
2012. Respectively. ** Includes foreign exchange loss of Rs. 37.800 Millions and Rs. 4.100
Millions for the three months 30 June, 2013 and year to date ended 30
September, 2013 Respectively. # Not
annualised |
|||||||
|
|
|
|
|
|
|||
|
17 |
Public Shareholding |
|
|
|
|||
|
|
Number of Shares |
459045334 |
459045334 |
459045334 |
|||
|
|
Percentage of Shareholding |
54.01% |
54.01% |
54.01% |
|||
|
18 |
Promoters and Promoter group |
|
|
|
|||
|
|
a) Pledged/Encumbered |
|
|
|
|||
|
|
Number of shares |
0.000 |
0.000 |
0.000 |
|||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
0.000 |
0.000 |
0.000 |
|||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
0.000 |
0.000 |
0.000 |
|||
|
|
b) Non-encumbered |
|
|
|
|||
|
|
Number of shares |
390954666 |
390954666 |
390954666 |
|||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100% |
100% |
100% |
|||
|
|
Percentage of Shares (as a % of the total share capital of the Company)
|
45.99% |
45.99% |
45.99% |
|||
|
Particulars |
3 months ended 30.06.2013 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
8 |
|
Disposed of during the quarter |
8 |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. in millions)
|
Particular |
30.09.2013 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
850.000 |
|
(b) Reserves and surplus |
36155.700 |
|
Shareholders' funds |
37005.700 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Deferred tax liabilities |
1008.000 |
|
(b) Other long-term liabilities |
59.100 |
|
(c) Long-term provisions |
235.000 |
|
Non-current
liabilities |
1302.100 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
0.000 |
|
(b) Trade payables |
5099.800 |
|
(c) Other current liabilities |
2590.400 |
|
(d) Short-term provision |
1251.100 |
|
Current liabilities |
8941.300 |
|
EQUITY AND LIABILITIES |
47249.100 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
10411.100 |
|
(b) Non-current investments |
15946.100 |
|
(c) Long-term loans and advances |
306.400 |
|
(d) Other non current assets |
15.400 |
|
Non-current
assets |
26679.000 |
|
Current assets |
|
|
(a)current investments |
3016.900 |
|
(b) Inventories |
11388.900 |
|
(c) Trade receivables |
4794.400 |
|
(d) Cash and cash equivalents |
895.700 |
|
(e) Short-term loans and advances |
474.200 |
|
(f) Other current assets |
0.000 |
|
Sub-total
- Current assets |
20570.100 |
|
TOTAL
- ASSETS |
47249.100 |
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, September 2013
4. Previous
periods / year's figures have been regrouped Ire arranged where necessary.
5. The Board has declared
today, an interim dividend for the year 2013-2014 of Rs.1.10/- Per Share (100%
on the face value of Re.1/- each). The record date for the same has been fixed
as November 06, 2013. Final dividend of Re.0.60 per share proposed for the year
ended March 31, 2013 was approved by the shareholders and paid during the
current quarter.
6. The
aforementioned result were reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on October 23, 2013 at Mumbai. Limited
Review of these results, as required under clause 41 of the Listing Agreement,
has been completed by Auditors
FIXED
ASSETS
·
Goodwill
· Land
· Freehold
· Leasehold
· Buildings
· Plant and Machinery
· Moulds
· Furniture
and Finings
· Motor
Vehicles
· Computers
·
Software’s
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.60.18 |
|
|
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.