MIRA
INFORM REPORT
|
Report Date : |
17.07.2014 |
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, 59E, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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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 Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufactures and sells lead acid storage batteries. |
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No. of Employees
: |
5001 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having excellent track record. The company possesses a healthy financial profile marked by strong networth
base along with highly favourable liquidity position despite lending
financial support to its group companies, as reflected by its zero debt
status as well as sizeable portfolio of cash and liquid investments during
FY14. Management has reported a slight pressure on company’s business as a
result of downturn in the domestic automobile industry and increasing raw
material costs on the back of a weak domestic currency. The ratings also take into consideration the extensive reach and
strong after sales service network which helps the company to maintain its
leadership position in the market. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of experienced promoters, dominant market position and
technical tie-ups with reputed foreign associates, the subject can be
considered excellent for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before. A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly
because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns
from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits: AAA |
|
Rating Explanation |
Highest credit quality and lowest credit risk. |
|
Date |
June 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
June 2014 |
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
Management Non-cooperative. (Tel. No.: 91-33-22832120)
LOCATIONS
|
Registered Office : |
Exide House, 59E, |
|
Tel. No.: |
91-33-22478320
/ 8326 / 8329 / 2313 / 22403604 / 22801083 / 2280 2150-51 / 22832120 / 22832133 /
22832136 / 50 |
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Fax No.: |
91-33-22479819
/ 22870725 / 2283 2632 / 37 |
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E-Mail : |
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Website : |
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Factory : |
West Bengal 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 Maharashtra 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: 31.03.2014
|
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. 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. Subir
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. 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 |
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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Corporate Social Responsibility 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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
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|
390954666 |
45.99 |
|
|
390954666 |
45.99 |
|
Total shareholding
of Promoter and Promoter Group (A) |
390954666 |
45.99 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
58568982 |
6.89 |
|
|
1357700 |
0.16 |
|
|
106778049 |
12.56 |
|
|
126875964 |
14.93 |
|
|
293580695 |
34.54 |
|
|
|
|
|
|
76114107 |
8.95 |
|
|
|
|
|
|
72548885 |
8.54 |
|
|
9858952 |
1.16 |
|
|
6942695 |
0.82 |
|
|
3311222 |
0.39 |
|
|
1754024 |
0.21 |
|
|
1763789 |
0.21 |
|
|
90620 |
0.01 |
|
|
23040 |
0.00 |
|
|
165464639 |
19.47 |
|
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 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
850000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and sells lead acid storage batteries. |
GENERAL INFORMATION
|
No. of Employees : |
5001 (Approximately) |
|
|
|
|
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 ·
Bank of America N.A ·
The Royal Bank of Scotland N.V. ·
Axis Bank Limited ·
Yes Bank Limited ·
IDBI Bank Limited |
|
|
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|
Facilities : |
-- |
|
|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
22, Camac Street, Block ‘C’, 3rd Floor, Kolkata-700 016, West Bengal,
India |
|
|
|
|
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) |
|
|
|
|
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: 31.03.2014
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 |
|
|
|
|
|
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 2014, the amount of per share Dividend recognised as
distributions to equity shareholders was Rs 1.80 (PY Rs 1.60 per share)
Details of
shareholders holding more than 5% shares in Company
|
Name of Shareholder |
31.03.2014 |
|
|
Number of Shares |
|
Chloride Eastern
Limited, UK holding 45.99% (PY: 45.99%) |
390954666 |
|
Life Insurance
Corporation of India holding 7.35% (PY 5.82%) |
62495230 |
|
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
850.000 |
850.000 |
850.000 |
|
(b) Reserves & Surplus |
36464.600 |
33385.900 |
29723.100 |
|
(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) |
37314.600 |
34235.900 |
30573.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1050.700 |
976.500 |
825.000 |
|
(c) Other long
term liabilities |
57.600 |
71.400 |
41.400 |
|
(d) long-term
provisions |
203.800 |
205.900 |
164.500 |
|
Total Non-current
Liabilities (3) |
1312.100 |
1253.800 |
1030.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
6529.600 |
5604.100 |
5658.500 |
|
(c)
Other current liabilities |
2485.200 |
2625.000 |
2167.200 |
|
(d) Short-term
provisions |
1924.700 |
1764.700 |
1481.700 |
|
Total Current
Liabilities (4) |
10939.500 |
9993.800 |
9307.400 |
|
|
|
|
|
|
TOTAL |
49566.200 |
45483.500 |
40911.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9768.300 |
9775.700 |
9547.500 |
|
(ii)
Intangible Assets |
211.900 |
168.400 |
118.000 |
|
(iii) Capital
work-in-progress |
509.800 |
587.700 |
266.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
15946.000 |
14594.000 |
9065.500 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
641.900 |
516.200 |
617.100 |
|
(e) Other
Non-current assets |
12.000 |
14.500 |
9.000 |
|
Total Non-Current
Assets |
27089.900 |
25656.500 |
19623.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
3724.100 |
1807.300 |
6480.700 |
|
(b)
Inventories |
11855.700 |
11671.000 |
9650.100 |
|
(c)
Trade receivables |
5166.400 |
5091.900 |
4023.000 |
|
(d) Cash
and cash equivalents |
1199.500 |
747.900 |
576.700 |
|
(e) Short-term
loans and advances |
530.600 |
482.000 |
513.200 |
|
(f)
Other current assets |
0.000 |
26.900 |
44.200 |
|
Total
Current Assets |
22476.300 |
19827.000 |
21287.900 |
|
|
|
|
|
|
TOTAL |
49566.200 |
45483.500 |
40911.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
59642.400 |
60713.700 |
51100.600 |
|
|
Other Income |
330.300 |
758.800 |
672.600 |
|
|
TOTAL (A) |
59972.700 |
61472.500 |
51773.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
40099.800 |
41602.400 |
34607.400 |
|
|
Purchases of
Stock-in-Trade |
32.900 |
145.200 |
73.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1028.800) |
(1360.300) |
(320.300) |
|
|
Employees benefits
expense |
3558.600 |
3492.700 |
2862.100 |
|
|
Other expenses |
8811.500 |
8993.200 |
7039.500 |
|
|
TOTAL (B) |
51474.000 |
52873.200 |
44261.700 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
8498.700 |
8599.300 |
7511.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
11.900 |
41.700 |
53.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8486.800 |
8557.600 |
7458.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1256.000 |
1134.800 |
1006.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
7230.800 |
7422.800 |
6451.700 |
|
|
|
|
|
|
|
Less |
TAX (H) |
2360.000 |
2195.000 |
1840.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
4870.800 |
5227.800 |
4611.700 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
15209.900 |
12087.500 |
9673.600 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
General
Reserve |
500.000 |
550.000 |
500.000 |
|
|
Contingency
Reserves |
0.000 |
0.000 |
250.000 |
|
|
Interim
Dividend (100%Tax on Interim Dividend ) |
935.000 |
850.000 |
765.000 |
|
|
Tax
on Interim Dividend |
158.900 |
137.900 |
92.500 |
|
|
Proposed
Final Dividend (60%) |
595.000 |
510.000 |
510.000 |
|
|
Tax
on final Dividend |
93.200 |
57.500 |
80.300 |
|
|
BALANCE CARRIED TO THE
B/S |
17798.600 |
15209.900 |
12087.500 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export
Earnings |
1700.000 |
1573.200 |
1849.800 |
|
|
Dividend |
12.900 |
37.800 |
81.800 |
|
|
Technical Assistance Fee |
4.700 |
3.900 |
3.500 |
|
|
TOTAL EARNINGS |
1717.600 |
1614.900 |
1935.100 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw
Materials |
6683.100 |
7457.700 |
7247.800 |
|
|
Spares
Parts |
20.500 |
124.100 |
126.200 |
|
|
Capital
Goods |
201.700 |
210.700 |
915.000 |
|
|
Trading
Items |
433.600 |
565.600 |
22.800 |
|
|
TOTAL IMPORTS |
7338.900 |
8358.100 |
8311.800 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
5.73 |
6.15 |
5.42 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
8.12 |
8.50 |
8.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.12 |
12.23 |
12.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.84 |
24.50 |
20.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.22 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05 |
1.98 |
2.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
850.000 |
850.000 |
850.000 |
|
Reserves & Surplus |
29723.100 |
33385.900 |
36464.600 |
|
Net worth |
30573.100 |
34235.900 |
37314.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
51100.600 |
60713.700 |
59642.400 |
|
|
|
18.812 |
(1.765) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
51100.600 |
60713.700 |
59642.400 |
|
Profit |
4611.700 |
5227.800 |
4870.800 |
|
|
9.02% |
8.61% |
8.17% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
OUTLOOK
Inspite of the depressed economic conditions during the past two years, the prospects for the medium to long term looks promising. A new Government would be assuming office shortly and it is expected that major policy reforms would be undertaken with all seriousness.
Lowering of interest rates would give a fillip to the automobile industry. 123 road projects worth Rs. 248 billion were commissioned during 2013-14 and several other projects are on the verge of being commissioned. Similarly railway infrastructural projects worth Rs. 73 billion were commissioned during 2013- 14. All these projects are expected to lead to large scale activity in the infrastructural sector in the near term. Similarly, several power projects have been commissioned or are expected to be commissioned shortly once the infrastructural bottlenecks are smoothened out. This would inevitably lead to better prospects, mainly for your Company's industrial battery business.
CONTINGENT
LIABILITIES
(Rs. in Millions)
|
PARTICULARS |
31.03.2014 |
|
Outstanding Bank
Guarantees / Indemnity Bonds |
179.700 |
|
Sales Tax
demands |
243.700 |
|
Excise Duty
demands |
341.200* |
|
Income Tax
demands |
68.200 |
|
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.
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
FIXED
ASSETS
·
Goodwill
· Land
· Freehold
· Leasehold
· Buildings
· Plant and Machinery
· Moulds
· Furniture
and Finings
· Motor
Vehicles
· Computers
·
Software’s
PRESS
RELEASE
EXIDE: RUNNING ON LOW
POWER
Given the pressure on
volumes, the company will find it difficult to maintain its pricing premium,
margins and market share
The Exide Industries' stock has been touching 52-week lows in the past week and has lost 19 per cent in a month and a half. The fall is on a poor September quarter performance and earnings downgrades thereafter. Analysts say the company, which saw its volumes fall in the quarter, is losing to Amara Raja.
Given the poor volume growth in the automobile original equipment manufacturer
(OEM) space and the muted show in the industrial segment, research houses have
cut FY14 earnings estimate 15 per cent. While most have a buy on Raja and
Exide, the former is preferred. Exide is trading at 14.6 times its FY15
estimates. Given target upwards of Rs 125 and the steep correction in the stock
(Rs 114), there is limited upside in a year. The trigger will be volume gains
and margin improvement.
More price cuts?
Analysts say unless the company cuts the premium it charges on batteries (10
per cent compared to Amara Raja), it could lose more market share. Joseph
George and Kevin Mehta of IIFL Institutional Equities say given the
inefficiencies in its cost structure and Raja's increasing brand recall, Exide
may have to settle for lower pricing premium and, hence, lower earnings before
interest, taxes, depreciation and amortisation (Ebitda) margin than Raja’s. The
company has been focusing on margins and has taken a series of price rises in a
year.
However, after four rises, five to seven per cent each since the start of
November 2012, the company dropped prices two to five per cent at the start of
November 2013. Both have been raising prices on higher lead prices and falling
rupee. The likely causes for the recent price cut by Exide could be the rupee recovery,
lower lead prices year-on-year or market-share loss.
In a recent con call, the management said the market share in the auto segment
was intact and it would like to retain its share without compromising on
margins. IIFL analysts, however, said the market-share loss forced the company
to cut prices. While the firm did not comment on its future pricing strategy,
what would come to its aid is the stable rupee and the 3.5 per cent to four per
cent fall in lead prices year-on-year (sequentially flat).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.20 |
|
|
1 |
Rs. 103.13 |
|
Euro |
1 |
Rs. 81.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
73 |
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.