MIRA INFORM REPORT
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Report No. : |
307974 |
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Report Date : |
16.02.2015 |
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, |
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Country : |
India |
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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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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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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 |
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|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
June 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative. (Tel. No.: 91-33-22832120)
LOCATIONS
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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 : |
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, Uttarakahnd, India |
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. 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. 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. 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 · Mr. Sudhir Chand · Mr. Vijay Aggarwal · Ms. Mona N Desai |
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Remuneration Committee |
· Mr. R. G. Kapadia ·
Mr. P K Kataky ·
Mr. Vijay Aggarwal ·
Mr. Sudhir Chand · Ms. Mona N Desai |
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|
Executive Committee |
· Mr. P K Kataky · Mr. G. Chatterjee · Mr. A. K. Mukherjee · Mr. Nadeem Kazim ·
Mr. Supriya
Coomer · Mr. Sabir Chakraborthy |
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Shareholders Grievance Redressal Committee : |
· Mr. Sudhir Chand · Mr. P K Kataky · Mr. G. Chatterjee |
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Share Transfer
Committee |
· Mr. P K Kataky · Mr. G. Chatterjee · Mr. A. K. Mukherjee · Mr. Nadeem Kazim |
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Banking Operations
Committee |
· Mr. P K Kataky · Mr. G. Chatterjee · Mr. A. K. Mukherjee · Mr. Nadeem Kazim |
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Corporate Social Responsibility Committee: |
· Mr. P K Kataky · Mr. G. Chatterjee · Mr. A. K. Mukherjee · Mr. Nadeem Kazim |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
390954666 |
45.99 |
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|
390954666 |
45.99 |
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Total shareholding of Promoter and Promoter Group (A) |
390954666 |
45.99 |
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(B) Public Shareholding |
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|
57673171 |
6.79 |
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|
999317 |
0.12 |
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|
88190103 |
10.38 |
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|
143686715 |
16.90 |
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|
290549306 |
34.18 |
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|
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|
79020828 |
9.30 |
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|
71009389 |
8.35 |
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|
11890519 |
1.40 |
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|
6575292 |
0.77 |
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|
3437555 |
0.40 |
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|
890908 |
0.10 |
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|
2138049 |
0.25 |
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|
85740 |
0.01 |
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|
23040 |
0.00 |
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|
168496028 |
19.82 |
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Total Public shareholding (B) |
459045334 |
54.01 |
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Total (A)+(B) |
850000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
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 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
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Line of Business : |
Manufactures and sells lead acid storage batteries |
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Products : |
Lead Acid Storage Batteries |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
5001 (Approximately) |
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Bankers : |
·
State Bank of India ·
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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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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Solicitors: |
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Name : |
A.H.
Parpia and Company Advocates and Solicitors |
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Address : |
203-204
Prabhat Chambers, 92 S V Road, Khar (West), Mumbai – 400 052, Maharashtra,
India |
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Memberships : |
-- |
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Collaborators : |
-- |
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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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|
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 equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Chloride Eastern
Limited, UK holding |
390954666 |
45.99% |
|
Life Insurance
Corporation of India holding |
62495230 |
7.35% |
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 |
36,464.600 |
33,385.900 |
29,723.100 |
|
(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) |
37,314.600 |
34,235.900 |
30,573.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1,050.700 |
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) |
1,312.100 |
1,253.800 |
1,030.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
6,529.600 |
5,604.100 |
5,658.500 |
|
(c) Other current
liabilities |
2,485.200 |
2,625.000 |
2,167.200 |
|
(d) Short-term provisions |
1,924.700 |
1,764.700 |
1,481.700 |
|
Total Current Liabilities (4) |
10,939.500 |
9,993.800 |
9,307.400 |
|
|
|
|
|
|
TOTAL |
49,566.200 |
45,483.500 |
40,911.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9,768.300 |
9,775.700 |
9,547.500 |
|
(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 |
15,946.000 |
14,594.000 |
9,065.500 |
|
(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 |
27,089.900 |
25,656.500 |
19,623.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3,724.100 |
1,807.300 |
6,480.700 |
|
(b) Inventories |
11,855.700 |
11,671.000 |
9,650.100 |
|
(c) Trade receivables |
5,166.400 |
5,091.900 |
4,023.000 |
|
(d) Cash and cash
equivalents |
1,199.500 |
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 |
22,476.300 |
19,827.000 |
21,287.900 |
|
|
|
|
|
|
TOTAL |
49,566.200 |
45,483.500 |
40,911.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
59,642.400 |
60,713.700 |
51,100.600 |
|
|
|
Other Income |
330.300 |
758.800 |
672.600 |
|
|
|
TOTAL (A) |
59,972.700 |
61,472.500 |
51,773.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
40,099.800 |
41,602.400 |
34,607.400 |
|
|
|
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 |
3,558.600 |
3,492.700 |
2,862.100 |
|
|
|
Other expenses |
8,811.500 |
8,993.200 |
7,039.500 |
|
|
|
TOTAL (B) |
51,474.000 |
52,873.200 |
44,261.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8,498.700 |
8,599.300 |
7,511.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.900 |
41.700 |
53.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8,486.800 |
8,557.600 |
7,458.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,256.000 |
1,134.800 |
1,006.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7,230.800 |
7,422.800 |
6,451.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2,360.000 |
2,195.000 |
1,840.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4,870.800 |
5,227.800 |
4,611.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15,209.900 |
12,087.500 |
9,673.600 |
|
|
|
|
|
|
|
|
|
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 |
17,798.600 |
15,209.900 |
12,087.500 |
|
|
|
|
|
|
|
|
|
|
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 Per
Share (Rs.) |
5.73 |
6.15 |
5.42 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Total Expenditure |
16212.300 |
15556.300 |
13784.500 |
|
PBIDT (Excl OI) |
2893.800 |
2077.100 |
1802.000 |
|
Other Income |
104.900 |
68.600 |
12.400 |
|
Operating Profit |
2998.700 |
2145.700 |
1814.400 |
|
Interest |
2.400 |
4100 |
7.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
2996.300 |
2141.600 |
1806.900 |
|
Depreciation |
323.300 |
329.000 |
352.100 |
|
Profit Before Tax |
2673.000 |
1812.600 |
1454.800 |
|
Tax |
820.000 |
555.000 |
482.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1853.000 |
1257.600 |
972.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1853.000 |
1257.600 |
972.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.17 |
8.61 |
9.02 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.25 |
14.16 |
14.70 |
|
|
|
|
|
|
|
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 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
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 |
51,100.600 |
60,713.700 |
59,642.400 |
|
|
|
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
|
51,100.600 |
60,713.700 |
59,642.400 |
|
Profit |
4,611.700 |
5,227.800 |
4,870.800 |
|
|
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 |
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
: Pending Status of APPL.UND.CENTRAL EXC (CEXA) 5
of 2010 COMMISSIONER OF CENTRAL EXCISE, HALDIA
C Vs. M/S. EXIDE INDUSTRIES LIMITED Pet's Adv.
: SUBIR KUMAR Court No. : 1
Last
Listed On : 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.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED
31ST DECEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
155.790 |
176.132 |
522.883 |
|
b) Other operating income |
0.075 |
0.202 |
0.378 |
|
Total
income from Operations(net) |
155.865 |
176.334 |
523.261 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
96.791 |
132.123 |
361.865 |
|
b) Purchases of stock in trade |
2.240 |
0.549 |
2.808 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
5.446 |
-14.348 |
-15.172 |
|
d) Employees benefit expenses |
10.198 |
10.829 |
31.028 |
|
e) Depreciation and amortization expenses |
3.521 |
3.290 |
10.044 |
|
f) Other expenditure |
23.170 |
26.410 |
74.829 |
|
Total expenses |
141.366 |
158.853 |
465.402 |
|
3. Profit from operations before other income and
financial costs |
14.499 |
17.481 |
57.859 |
|
4. Other income |
0.124 |
0.686 |
1.684 |
|
5. Profit from ordinary activities before finance costs |
14.623 |
18.167 |
59.543 |
|
6. Finance costs |
0.075 |
0.041 |
0.140 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
14.548 |
18.126 |
59.403 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
14.548 |
18.126 |
59.403 |
|
10.Tax expenses |
4.825 |
5.550 |
18.575 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
9.723 |
12.576 |
40.828 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
9.723 |
12.576 |
40.828 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
8.500 |
8.500 |
8.500 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
1.14 |
1.48 |
4.80 |
|
(b) Diluted |
1.14 |
1.48 |
4.80 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
459045334 |
459045334 |
459045334 |
|
- Percentage of shareholding |
54.01% |
54.01% |
54.01% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
390954666 |
390954666 |
390954666 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
45.99% |
45.99% |
45.99% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Receiving during the quarter |
|
5 |
|
|
Disposed of during the quarter |
|
5 |
|
|
Remaining unreserved at the end of the quarter |
|
Nil |
|
Notes
1. As the Company's business activity falls within a single significant primary business segment, viz. "Storage Batteries and Allied Product", and no separate segment information is disclosed.
2. Gross Sales and Net Sales are net of trade discounts / trade incentives.
3. There was no exceptional / extra-ordinary item during the quarter and nine months ended 31 December, 2014.
4. Previous periods' / year's figures have been regrouped / rearranged where necessary.
5. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on January 31, 2015.
6. Limited Review of these results, as required under clause 41 of the Listing Agreement, has been completed by Auditors.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10532938 |
31/10/2014 |
1,000,000,000.00 |
State Bank Of India |
Corporate Accounts Group Branch, 2nd Floor, Reliance House, 34, J. L. Nehru Road, Kolkata, West Bengal - 700071, INDIA |
C34668426 |
|
2 |
10484072 |
21/02/2014 |
200,000,000.00 |
Axis Bank Ltd. |
1,
Shakespeare Sarani, 3rd Floor,, A.C. Market Bu |
C00147199 |
|
3 |
10484073 |
21/02/2014 |
200,000,000.00 |
IDBI Bank Limited |
Idbi House, 44, Shakespeare Sarani, Kolkata, West Bengal - 700017, India |
C00148064 |
|
4 |
10476484 |
20/12/2013 |
400,000,000.00 |
Yes Bank Limited |
Nehru
Centre, 9th Floor,Discovery Of India,, Dr. |
B95882718 |
|
5 |
10119175 |
06/02/2014 * |
700,000,000.00 |
Deutsche Bank Ag |
9, Shakespeare Sarani, Kolkata, West Bengal - 700071, India |
B98304736 |
|
6 |
10119196 |
12/03/2008 |
400,000,000.00 |
Deutsche Bank Ag |
9, Shakespeare Sarani, Kolkata, West Bengal - 700071, India |
A40645467 |
|
7 |
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 |
|
8 |
10017643 |
28/11/2014 * |
850,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
C38517678 |
|
9 |
80033034 |
11/03/2014 * |
850,000,000.00 |
The Royal Bank Of Scotland N.V. |
Azimganj House, 7, Camac Street, Kolkata, West Bengal - 700017, India |
C00462408 |
|
10 |
90255025 |
21/02/2014 * |
1,100,000,000.00 |
CITIBANK NA |
Kanak building,, 41, Chowringhee Road, Kolkata, West Bengal - 700071, INDIA |
C25309857 |
|
11 |
80055422 |
30/06/2009 * |
900,000,000.00 |
HDFC Bank Limited |
HDFC
Bank Housesenapati Bapat Marg, Lower Parel W |
A68200096 |
|
12 |
80033793 |
11/06/2007 * |
600,000,000.00 |
BNP PARIBAS |
Stephen House, 4a, Bbd Bag (East), Kolkata, West Bengal - 700001, India |
A19137991 |
|
13 |
80045202 |
25/06/1996 * |
81,000,000.00 |
The Hongkong & Shanghai Banking Corporation Limited |
31 B B D Bag, Kolkata, West Bengal - 700001, India |
- |
|
14 |
80045200 |
31/03/1997 * |
100,500,000.00 |
The Hongkong & Shanghai Banking Corporation Limited |
31 B B D Bag, Kolkata, West Bengal - 700001, India |
- |
|
15 |
80046215 |
06/07/2001 * |
425,000,000.00 |
The Hongkong & Shanghai Banking Corporation Limited |
31 B B D Bag, Kolkata, West Bengal - 700001, India |
- |
|
16 |
80048344 |
24/11/2003 * |
620,000,000.00 |
The Hongkong & Shanghai Banking Corporation Limited |
31 B B D Bag, Kolkata, West Bengal - 700001, India |
- |
|
17 |
80042936 |
28/01/2014 * |
1,100,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
Hongkong House, 31 B B D Bag, Kolkata, West Bengal - 700001, INDIA |
B96684170 |
|
18 |
80049356 |
28/05/2014 * |
1,100,000,000.00 |
STANDARD CHARTERED BANK |
19, N.S.Road, Kolkata, West Bengal - 700001, INDIA |
C05968508 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.62.43 |
|
UK Pound |
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
--PROFITABILITY |
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.