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MIRA INFORM REPORT
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Report No. : |
500079 |
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Report Date : |
26.03.2018 |
IDENTIFICATION DETAILS
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Name : |
EVEREADY INDUSTRIES INDIA LIMITED |
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Registered Office : |
Jeevan Deep Building, 1, Middleton Street, Kolkata - 700 071, West Bengal, India |
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Tel. No.: |
91-33-2288 3950, 2288 2147 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.06.1934 |
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Com. Reg. No.: |
21-007993 |
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Capital
Investment / Paid-up Capital : |
INR 363.436 Million |
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CIN No.: [Company Identification
No.] |
L31402WB1934PLC007993 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No: |
19200140037 |
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GSTN : [Goods & Service Tax
Registration No.] |
19AAACE5778N1ZX |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE5778N |
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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
: |
Manufacture and Marketing of
batteries, flashlights and packet tea under the brand name of “Eveready”. The
Company also distributes a wide range of electrical products and small home
appliances. (Registered
Activity) |
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No. of Employees
: |
2866 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 8300000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
“Eveready Industries India Limited” is one of the oldest and the largest producer of carbon zinc batteries. It was incorporated in the year 1934 having excellent track record. The subject’s product portfolio comprises of batteries, flashlights, lightning solution, home appliances and packet tea. As per the financial record of 2017, the company has achieved decent growth in its revenue as compared to its previous year along fair profitability margin during the year. Rating takes into consideration, the robust financial risk profile marked by healthy net worth base and strong debt protection metrics and liquidity position. Rating continue to derive strength from its demonstrated track record of its business operation backed by its leading position in the market along with significant product diversification. Further, the company is listed on BSE at the quoted price held at INR 364.15 against its face value of INR 5. As per quarterly results of December 2017, the company has achieved decent revenue of 373,800 million and has clocked profit margin of around 6% However, these rating strengths gets partially offset by intense competition from both national and overseas market which has muted the growth in dry cell industry. Payments seems to be regular. In view of aforesaid, the company can be considered 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
INDIA RATINGS |
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Rating |
Fund Based Limits (AA-) |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
17.10.2017 |
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Rating Agency Name |
INDIA RATINGS |
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Rating |
Non-Fund Based Limits (A1+) |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
17.10.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 26.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non-cooperative (Tel No.: 91-33-22883950)
LOCATIONS
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Registered Office : |
Jeevan Deep Building, 1, Middleton Street, Kolkata - 700 071, West Bengal, India |
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Tel. No.: |
91-33-2288 3950, 2288 2147 |
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Fax No.: |
91-33-22884059 |
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E-Mail : |
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Website : |
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Corporate Office : |
2, Rainey Park, Kolkata - 700019, West Bengal, India |
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Tel. No.: |
91-33-2486 4961 |
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Fax No.: |
91-33-2486-4673 |
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Plant Location: |
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R and D Location: |
P-4, Transport Depot Road, Kolkata – 700 088, West Bengal, India |
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Sales Office: |
Located At:
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DIRECTORS
As on 31.03.2017
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Name : |
Mr. Amritanshu Khaitan |
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Designation : |
Managing Director |
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Address : |
10, Queens Park, Ballygunge, Kolkata-700019, West Bengal, India |
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Date of Appointment : |
10.08.2011 |
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DIN No: |
00213413 |
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Other Directorship:
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Name : |
Mr. Ramni Nirula |
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Designation : |
Director |
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Address : |
A-14, Anand Niketan, New Delhi-110021, India |
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Date of Appointment : |
07.02.2014 |
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DIN No: |
00015330 |
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Other Directorship:
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Name : |
Mr. Brij Mohan Khaitan |
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Designation : |
Director |
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Address : |
10, Queens Park, Ballygunge, Kolkata-700019, West Bengal, India |
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Date of Appointment : |
23.11.1994 |
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DIN No: |
00023771 |
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Other Directorship:
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Name : |
Mr. Aditya Khaitan |
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Designation : |
Director |
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Address : |
10, Queens Park, Ballygunge, Kolkata-700019, West Bengal, India |
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Date of Appointment : |
23.11.1994 |
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DIN No: |
00023788 |
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Other Directorship:
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Name : |
Mr. Sudipto Sarkar |
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Designation : |
Director |
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Address : |
31, Broad Street, Kolkata-700019, West Bengal, India |
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Date of Appointment : |
24.02.2010 |
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DIN No: |
00048279 |
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Other Directorship:
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Name : |
Mr. Ajay Kaul |
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Designation : |
Director |
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Address : |
1491, ATS Green Village, Sector - 93A, Off. Express Highway,
Noida-201304, Uttar Pradesh, India |
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Date of Appointment : |
30.05.2017 |
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DIN No: |
00062135 |
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Other Directorship:
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Name : |
Mr. Sanjiv Goenka |
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Designation : |
Director |
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Address : |
19, Belvedere Road, Kolkata-700027, West Bengal, India |
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Date of Appointment : |
28.04.2005 |
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DIN No: |
00074796 |
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Other Directorship:
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Name : |
Mr. Suvamoy Saha |
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Designation : |
Wholetime Director |
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Address : |
3, Alipore Estate, 8/6/1, Alipore Road, Kolkata-700027, West Bengal,
India |
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Date of Appointment : |
22.03.2005 |
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DIN No: |
00112375 |
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Other Directorship:
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Name : |
Subir Ranjan Dasgupta |
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Designation : |
Director |
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Address : |
1, Peck Hay Road, 12-03, Singapore 228305 |
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Date of Appointment : |
17.05.2007 |
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DIN No: |
01401511 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Tehnaz Punwani |
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Designation : |
Company Secretary |
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Address : |
Flat No - 2a, 1, Sunny Park, Kolkata-700019, West Bengal, India |
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Date of Appointment : |
01.02.2006 |
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PAN No.: |
AEMPP1777P |
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Name : |
Suvamoy Saha |
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Designation : |
Chief Finance Officer |
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Address : |
3, Alipore Estate, 8/6/1, Alipore Road, Kolkata-700027, West Bengal,
India |
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Date of Appointment : |
05.05.2014 |
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PAN No.: |
AKVPS6853L |
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AUDIT COMMITTEE |
Mr. Subir Ranjan Dasgupta, Chairman Mrs. Ramni Nirula Mr. Sudipto Sarkar |
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NOMINATION AND
REMUNERATION COMMITTEE |
Mr. Sudipto Sarkar, Chairman Mr. Subir Ranjan Dasgupta Mr. Aditya Khaitan |
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STAKEHOLDERS
RELATIONSHIP COMMITTEE |
Mr. Subir Ranjan Dasgupta, Chairman Mr. Suvamoy Saha |
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CORPORATE SOCIAL RESPONSIBILITY COMMITTEE |
Mr. Amritanshu Khaitan, Chairman Mr. Subir Ranjan Dasgupta Mr. Suvamoy Saha |
MAJOR SHAREHOLDERS
As on DECEMBER 2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
32015995 |
44.05 |
|
|
(B) Public |
40671265 |
55.95 |
|
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Grand Total |
72687260 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
853458 |
1.17 |
|
|
YASHODHARA KHAITAN |
235945 |
0.32 |
|
|
ADITYA KHAITAN |
232266 |
0.32 |
|
|
AMRITANSHU KHAITAN |
165000 |
0.23 |
|
|
VANYA KHAITAN |
164650 |
0.23 |
|
|
B . M . KHAITAN |
35897 |
0.05 |
|
|
ISHA KHAITAN |
17500 |
0.02 |
|
|
KAVITA KHAITAN |
2200 |
0.00 |
|
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Any Other (specify) |
31162537 |
42.87 |
|
|
WILLIAMSON MAGOR & CO LIMITED |
17007841 |
23.40 |
|
|
WIILIAMSON FINANCIAL SERVICES LIMITED |
6370988 |
8.76 |
|
|
BISHNAUTH INVESTMENTS LIMITED |
4148246 |
5.71 |
|
|
MCLEOD RUSSEL INDIA LIMITED |
1663289 |
2.29 |
|
|
BABCOCK BORSIG LIMITED |
987484 |
1.36 |
|
|
BENNETT, COLEMAN AND COMPANY LITMITED |
307400 |
0.42 |
|
|
KILBURN ENGINEERING LIMITED |
271337 |
0.37 |
|
|
ICHAMATI INVESTMENTS LTD |
171113 |
0.24 |
|
|
UNITED MACHINE CO LTD |
116443 |
0.16 |
|
|
ZEN INDUSTRIAL SERVICES LIMITED |
85366 |
0.12 |
|
|
NITYA HOLDINGS & PROPERTIES LTD |
30000 |
0.04 |
|
|
DUFFLAGHUR INVESTMENTS LIMITED |
3030 |
0.00 |
|
|
Sub Total A1 |
32015995 |
44.05 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
32015995 |
44.05 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully paid
up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
10643962 |
14.64 |
|
|
DSP BLACKROCK MICRO CAP FUND |
4461252 |
6.14 |
|
|
SBI FMCG FUND |
2053161 |
2.82 |
|
|
KOTAK EMERGING EQUITY SCHEME |
1933934 |
2.66 |
|
|
FRANKLIN TEMPLETON MUTUAL FUND
A/C TEMPLETON INDIA GROWTH FUND |
1070454 |
1.47 |
|
|
Alternate Investment Funds |
1114464 |
1.53 |
|
|
Foreign Portfolio Investors |
11829347 |
16.27 |
|
|
AMANSA HOLDINGS PRIVATE LIMITED |
4000000 |
5.50 |
|
|
FRANKLIN TEMPLETON INVESTMENT
FUNDS |
3150056 |
4.33 |
|
|
MALABAR INDIA FUND LIMITED |
930186 |
1.28 |
|
|
AMUNDI FUNDS SBI FM EQUITY
INDIA |
1200000 |
1.65 |
|
|
Financial Institutions/ Banks |
92343 |
0.13 |
|
|
Insurance Companies |
1545175 |
2.13 |
|
|
Any Other (specify) |
160000 |
0.22 |
|
|
Sub Total B1 |
25385291 |
34.92 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State
Government(s)/ President of India |
277 |
0.00 |
|
|
Sub Total B2 |
277 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto
INR 0.200 Million |
10284661 |
14.15 |
|
|
Individual share capital in
excess of INR 0.200 Million |
1107084 |
1.52 |
|
|
NBFCs registered with RBI |
122262 |
0.17 |
|
|
Any Other (specify) |
3771690 |
5.19 |
|
|
Bodies Corporate |
2063127 |
2.84 |
|
|
Clearing Members |
255874 |
0.35 |
|
|
NRI |
794780 |
1.09 |
|
|
Trusts |
17023 |
0.02 |
|
|
Foreign Individuals |
4401 |
0.01 |
|
|
INVESTOR EDUCATION AND PROTECTION
FUND AUTHORITY |
600971 |
0.83 |
|
|
DOMESTIC CORPORATE UNCLAIMED
SHARES ACCOUNT |
35514 |
0.05 |
|
|
Sub Total B3 |
15285697 |
21.03 |
|
|
B=B1+B2+B3 |
40671265 |
55.95 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacture and Marketing of batteries,
flashlights and packet tea under the brand name of “Eveready”. The Company
also distributes a wide range of electrical products and small home
appliances. (Registered
Activity) |
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Products / Services
: |
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Brand Names : |
Eveready |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
2866 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note: Secured by first pari passu charge on the property, plant and equipments of the Company situated at Hyderabad, Chennai, Lucknow, Rainey Park, Kolkata, Block- B, Sector No. 80, Ghaziabad, Noida and Plot No. -06, Sector 12, Pant Nagar Industrial Area, Jawalpur, Haridwar. Effective interest rate - March 31, 2017- 11.83%p.a, March 31, 2016 -11.52% p.a, April 1, 2015 - 12.95% p.a. Terms of repayment: 36 monthly instalments of INR 13.889 Million with 24 months moratorium period. Secured by first charge on all the assets financed by HDFC Bank, first pari passu charge on all property, plant and equipments other than those financed specifically by any Bank, second pari passu charge on all assets financed by any Bank or charged specifically to any Bank, wherein assets include all movable Plant and equipments. Effective interest rate as at March 31, 2017 -10.37% p.a., March 31, 2016 -10.42% p.a. April 1, 2015 - 11.07% Terms of repayment: 14 quarterly installments of INR 28.571 Million. Secured by first charge on all the assets financed by HDFC Bank on the plant at Mornoi Village, Goalpara District, Assam, second pari passu charge on movable and immovable assets of the Company’s unit at Uttaranchal. Effective interest rate as at March 31, 2017 -8.60% p.a, March 31, 2016 - 12.11% p.a, April 1, 2015 – Nil Terms of repayment: 48 equal monthly installments of INR 0.918 million with 2 years moratorium period. Secured by first pari passu charge on the property, plant and equipments of the Company situated at Hyderabad, Kolkata, Tiruvottiyur Chennai & Lucknow. Effective interest rate as at March 31, 2017 - Nil, March 31, 2016 - 10.5% p.a, April 1, 2015- Nil Terms of repayment: 16 equal quarterly installments of INR 7.813 million Secured by first pari passu charge on the property, plant and equipments of the Company situated at Kolkata, Tiruvottiyur Chennai & Lucknow. Effective interest rate as at March 31, 2017 - 9.98% p.a, March 31, 2016 - 9.98% p.a, April 1, 2015 – Nil Terms of repayment: 34 equal monthly instalments of INR 14.300 million and concluding 35th instalment of INR 13.800 million Terms of repayment: Various; Each repayable in 36 equated instalments. Secured by
hypothecation of stocks, stores & book debts relating to businesses of
the Company and ranking pari passu with the charges created and/or to be
created in favour of other banks in the consortium and first/second charge on
the property, plant and equipment of the Company. |
|
Auditors 1: |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Auditors 2: |
|
|
Name : |
Price Warehouse and Company Chartered Accountants |
|
Address : |
56 and 57, Block DN, Ground Floor, “A” Wing, Sector – V, Salt Lake,
Kolkata- 700091, West Bengal, India |
|
Tel. No.: |
91-33-44001111/ 44662000 |
|
Fax No.: |
91-33-44043065 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries |
|
|
|
|
|
Investor Company
(for which the Company is an associate) |
Williamson Magor and Company Limited |
|
|
|
|
Employee Benefit
Trusts |
|
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
211560000 |
Equity Shares |
INR 5/- each |
INR 1057.800 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72687260 |
Equity Shares |
INR 5/- each |
INR 363.436 Million |
|
|
|
|
|
a) Terms / rights
attached to equity shares
The Company has one class of equity shares having a par value of INR 5/- per share. Each holder of equity shares is entitled to one vote per share. 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 shall be according to the members right and interest in the Company.
b) Reconciliation of
the number of shares and amount outstanding at the beginning and at the end of
the reporting period:
|
Particulars |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Equity shares with voting rights |
|
|
|
Number of shares |
72687260 |
363.436 |
|
|
|
|
|
Total |
72687260 |
363.436 |
c) Details of
shareholders holding more than 5% of the shares in the Company
|
Particulars |
31.03.2017 |
|
|
Number |
% of holding |
|
|
Equity shares with
voting rights |
|
|
|
Williamson Magor and Company Limited |
17007841 |
23 |
|
Williamson Financial Services Limited |
6370988 |
9 |
|
Bishnauth Investments Limited |
4148246 |
6 |
|
DSP Blackrock Micro Cap Fund |
4504916 |
6 |
|
Amansa Holdings Private Limited |
4031191 |
6 |
LISTING DETAILS:
|
|
BSE : 531508 NSE : EVEREADY CSE : 000029 |
|
Stock Exchange Place : |
|
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
363.436 |
363.436 |
363.436 |
|
(b) Reserves & Surplus |
2531.848 |
1700.167 |
1097.467 |
|
(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) |
2895.284 |
2063.603 |
1460.903 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
945.318 |
665.190 |
525.519 |
|
(b) Deferred tax liabilities (Net) |
12.148 |
0.000 |
12.116 |
|
(c) Other long term
liabilities |
39.473 |
39.473 |
39.473 |
|
(d) long-term provisions |
65.343 |
54.518 |
53.763 |
|
Total Non-current
Liabilities (3) |
1062.282 |
759.181 |
630.871 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
727.171 |
718.384 |
1208.307 |
|
(b) Trade
payables |
2399.055 |
2114.400 |
2273.501 |
|
(c) Other
current liabilities |
837.743 |
902.417 |
721.564 |
|
(d) Short-term
provisions |
135.010 |
112.869 |
92.845 |
|
Total Current
Liabilities (4) |
4098.979 |
3848.070 |
4296.217 |
|
|
|
|
|
|
TOTAL |
8056.545 |
6670.854 |
6387.991 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3312.109 |
2190.541 |
2034.285 |
|
(ii) Intangible Assets |
28.905 |
29.860 |
34.709 |
|
(iii) Capital work-in-progress |
31.832 |
209.999 |
277.454 |
|
(iv) Intangible assets under development |
32.166 |
10.743 |
0.480 |
|
(v) Investment Property |
0.564 |
0.564 |
0.564 |
|
(b) Non-current Investments |
26.565 |
26.566 |
26.568 |
|
(c) Deferred tax assets (net) |
0.000 |
0.957 |
0.000 |
|
(d) Long-term Loan
and Advances |
15.381 |
18.299 |
18.836 |
|
(e) Other Non-current assets |
412.898 |
400.509 |
366.320 |
|
Total Non-Current Assets |
3860.420 |
2888.038 |
2759.216 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2842.953 |
2374.108 |
2595.474 |
|
(c) Trade receivables |
838.666 |
705.400 |
489.184 |
|
(d) Cash and cash equivalents |
31.023 |
26.923 |
26.738 |
|
(e) Short-term loans and advances |
74.130 |
45.902 |
83.200 |
|
(f) Other current assets |
409.353 |
630.483 |
434.179 |
|
Total Current Assets |
4196.125 |
3782.816 |
3628.775 |
|
|
|
|
|
|
TOTAL |
8056.545 |
6670.854 |
6387.991 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
14186.903 |
13942.339 |
12789.204 |
|
|
Other Income |
95.680 |
77.681 |
39.048 |
|
|
TOTAL |
14282.583 |
14020.020 |
12828.252 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5446.698 |
5761.542 |
5744.164 |
|
|
Purchases of
Stock-in-Trade |
3446.674 |
2362.266 |
2423.985 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(516.863) |
163.637 |
(103.709) |
|
|
Employees benefits
expense |
1442.235 |
1300.503 |
1133.978 |
|
|
Excise Duty |
635.115 |
706.004 |
0.000 |
|
|
Other expenses |
2400.038 |
2427.111 |
2354.007 |
|
|
TOTAL |
12853.897 |
12721.063 |
11552.425 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1428.686 |
1298.957 |
1275.827 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
232.313 |
303.487 |
335.968 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1196.373 |
995.470 |
939.859 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
149.303 |
138.957 |
319.811 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1047.070 |
856.513 |
620.048 |
|
|
|
|
|
|
|
Less |
TAX |
110.732 |
165.752 |
129.789 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
936.338 |
690.761 |
490.259 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
12.88 |
9.50 |
9.74 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
294.855 |
489.072 |
343.241 |
|
Cash generated from operations |
973.609 |
1321.496 |
993.593 |
|
Net cash flows from (used in) operating activity |
904.562 |
1159.113 |
890.286 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
3576.670 |
3982.460 |
3695.700 |
|
Total Expenditure |
3297.590 |
3511.230 |
3353.650 |
|
PBIDT (Excl OI) |
279.080 |
471.230 |
342.050 |
|
Other Income |
14.610 |
128.110 |
42.300 |
|
Operating Profit |
293.690 |
599.340 |
384.350 |
|
Interest |
66.360 |
70.700 |
68.940 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
227.330 |
528.640 |
315.410 |
|
Depreciation |
48.350 |
47.410 |
48.070 |
|
Profit Before Tax |
178.980 |
481.230 |
267.330 |
|
Tax |
43.360 |
117.680 |
57.890 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
135.620 |
363.540 |
209.440 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
135.620 |
363.540 |
209.440 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
21.58 |
18.47 |
13.96 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
16.92 |
19.77 |
26.14 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
98.46 |
95.00 |
101.59 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.50 |
0.55 |
0.49 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.42 |
0.53 |
0.54 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.66 |
0.75 |
0.81 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.68 |
0.91 |
1.42 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.42 |
1.86 |
2.94 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.18 |
1.18 |
1.61 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.15 |
4.28 |
3.80 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.60 |
4.95 |
3.83 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
11.62 |
10.35 |
7.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
32.34 |
33.47 |
33.56 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.02 |
0.98 |
0.84 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.33 |
0.37 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.36 |
0.31 |
0.23 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
5.41 |
5.15 |
5.72 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.02 |
0.98 |
0.84 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 3.00/ |
|
Market Value |
INR 364.15/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
363.436 |
363.436 |
363.436 |
|
Reserves & Surplus |
1097.467 |
1700.167 |
2531.848 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1460.903 |
2063.603 |
2895.284 |
|
|
|
|
|
|
long-term borrowings |
525.519 |
665.190 |
945.318 |
|
Short term borrowings |
1208.307 |
718.384 |
727.171 |
|
Current maturities of
long-term debts |
343.241 |
489.072 |
294.855 |
|
Total
borrowings |
2077.067 |
1872.646 |
1967.344 |
|
Debt/Equity
ratio |
1.422 |
0.907 |
0.679 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
12789.204 |
13942.339 |
14186.903 |
|
|
|
9.016 |
1.754 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
12789.204 |
13942.339 |
14186.903 |
|
Profit (Loss) |
490.259 |
690.761 |
936.338 |
|
|
3.83% |
4.95% |
6.60% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
363.436 |
363.436 |
|
(b) Reserves &
Surplus |
2531.583 |
1699.533 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(d) Share Application
money pending allotment |
0.000 |
0.000 |
|
(2) Minority Interest |
(0.004) |
(0.005) |
|
Total Shareholders’ Funds
(1) + (2) |
2895.015 |
2062.964 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
945.318 |
665.190 |
|
(b) Deferred tax
liabilities (Net) |
12.148 |
0.000 |
|
(c) Other long term
liabilities |
39.473 |
39.473 |
|
(d) long-term provisions |
65.346 |
54.518 |
|
Total Non-current
Liabilities (3) |
1062.285 |
759.181 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
920.790 |
850.036 |
|
(b) Trade payables |
2201.919 |
2007.006 |
|
(c) Other current
liabilities |
837.839 |
902.444 |
|
(d) Short-term provisions |
135.010 |
112.869 |
|
Total Current Liabilities
(4) |
4095.558 |
3872.355 |
|
|
|
|
|
TOTAL |
8052.858 |
6694.500 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
3312.109 |
2190.541 |
|
(ii) Intangible Assets |
28.905 |
29.860 |
|
(iii) Capital
work-in-progress |
31.832 |
209.999 |
|
(iv) Intangible assets
under development |
32.166 |
10.743 |
|
(v) Investment Property |
0.564 |
0.564 |
|
(b) Non-current
Investments |
0.006 |
0.007 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.957 |
|
(d) Long-term Loan and
Advances |
15.381 |
18.299 |
|
(e) Other Non-current
assets |
412.915 |
400.522 |
|
Total Non-Current Assets |
3833.878 |
2861.492 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
2844.353 |
2380.577 |
|
(c) Trade receivables |
838.666 |
705.398 |
|
(d) Cash and cash
equivalents |
56.487 |
72.164 |
|
(e) Short-term loans and
advances |
74.130 |
362.735 |
|
(f) Other current assets |
405.344 |
312.134 |
|
Total Current Assets |
4218.980 |
3833.008 |
|
|
|
|
|
TOTAL |
8052.858 |
6694.500 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
14207.526 |
13942.646 |
|
|
Other Income |
95.750 |
77.703 |
|
|
TOTAL |
14303.276 |
14020.349 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
5446.936 |
5761.542 |
|
|
Purchases of
Stock-in-Trade |
3460.367 |
2368.966 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(511.794) |
157.168 |
|
|
Excise Duty |
635.115 |
706.004 |
|
|
Employees benefits
expense |
1442.235 |
1300.503 |
|
|
Other expenses |
2397.246 |
2422.743 |
|
|
TOTAL |
12870.105 |
12716.926 |
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1433.171 |
1303.423 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
237.803 |
308.452 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1195.368 |
994.971 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
149.303 |
138.957 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1046.065 |
856.014 |
|
|
|
|
|
|
Less |
TAX |
110.781 |
165.752 |
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS) FOR PERIOD FROM CONTINUING OPERATIONS |
935.284 |
690.262 |
|
|
|
|
|
|
|
PROFIT (LOSS) OF MINORITY
INTEREST |
17.173 |
0.577 |
|
|
|
|
|
|
|
SHARE OF PROFIT (LOSS) OF
ASSOCIATES |
(34.346) |
(1.154) |
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS) FOR
PERIOD |
918.111 |
689.685 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
12.87 |
9.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONAL REVIEW
& STATE OF THE COMPANY’S AFFAIRS
Net sales for the year were higher by 2% over the previous financial year. Profit before Depreciation, Interest and Tax (PBDIT) was higher by 9% at INR 1333.000 Million (previous year- INR 1221.300 Million). There were no exceptional items (previous year- Nil). With depreciation of INR 149.303 Million (previous year- INR 138.957 Million) and a decrease in interest / exchange fluctuation charge of INR 232.313 Million (previous year- INR 303.487 Million), Profit after Tax stood at INR 936.338 Million for the year as against a restated profit of INR 690.761 Million in the previous year. Net accumulated losses stood at INR 377.400 Million, after adjustments, which includes the goodwill amount of INR 4785.000 Million, lying in the books, as at March 31, 2015, against the General Reserves and retained earnings, in terms of Ind AS 38.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMIC
OVERVIEW
The world economy has not yet emerged from the period of slow growth, characterized by weak investment, dwindling trade and flagging productivity growth. Yet, amidst that backdrop, the economy treaded along at a growth rate of 7.2% during the first half of the current fiscal, until the Government announced the radical measure of demonetization. The impact of the measure resulted in a sharp slow-down in the economy, especially during the last quarter of the year at 6.1%. Rural income was particularly affected by the demonetization measure as a result of which demand slowed down. Low demand restricted inflation and fiscal deficit showed marked improvement.
The impact of demonetization may be felt for a few quarters and over the medium term, benefits of this measure may start trickling in as alternative methods of transactions become more prevalent, cash shortages are somewhat replenished and more and more people come inside the tax net. The country also continues to face the challenges of global down turn as recovery is yet to gather speed. Many sectoral deficiencies are still weighing heavily on the overall economy. Despite obvious advantages such as a large consuming young population, relatively lower dependence on exports, lower inflation, overall economic parameters still needs improvement.
Although overall sentiments are yet to gather momentum, it appears that conditions do exist for Indian economy to achieve high growth rates. India continues to stand on the anvil of becoming a ‘middle income’ economy. Its people will continue to experience higher income levels - and a large percentage of its absolute poor will get lifted out of the abyss of poverty. This transition will certainly ignite consumerism. The consumer goods sector in which the Company operates in will be able to derive full advantage from this trend.
CONSUMER GOODS
INDUSTRY IN INDIA
India has been traditionally a consumption-driven economy. Broadly categorized into urban and rural markets, the Indian consumer segment is attracting increasing attention from marketeers across the globe.
The growing purchasing power and the rising influence of the social media have made the Indian consumer to adopt a more aspirational lifestyle. India could become the world’s largest middle class consumer market with total consumer spends of nearly US $13 trillion by the year 2030 (Source - Report titled ‘India Matters: Winning in growth markets’ by Deloitte). This sector has grown at an annual average of 11% over the last decade and is anticipated to expand at a CAGR of around 15%. Online retailing is expected to be a INR 1150 billion (US$ 17.5 billion) industry by end of 2018 and is growing at an impressive rate of 15% (Source: ASSOCHAM – Resurgent India study). Research from A.C. Nielsen has projected that rural India’s FMCG market will surpass US$ 100 billion by the year 2025.
The introduction of the path-breaking tax reform, the Goods and Services Tax (GST) is expected to bring down cascading effect of taxes, thereby reducing prices of various essential commodities. The economy will finally turn around -may be sooner than what is indicated by the current data. All these factors, coupled with the fundamental strength of the economy will accelerate consumption to its potential in both rural and urban markets. Hence the outlook for this sector appears quite robust over the coming years.
THE BUSINESS
Eveready Industries India Limited (EIIL) is one of India’s leading consumer goods Companies, with its products and brands being household names over the past century. Over the decades, it has been the leader in the dry cell batteries and flashlights markets in the second most populous country in the world.
The Company’s contemporary product portfolio in the domestic market comprises the following:
• Dry cell and rechargeable batteries under the brand names ‘Eveready’, ‘PowerCell’ and ‘Uniross’.
• Flashlights and lanterns under the brand names ‘Eveready’ and ‘PowerCell’.
• LED bulbs and luminaires under the brand names ‘Eveready’ and ‘PowerCell’.
• Devices like mobile power banks, rechargeable fans and radio under the ‘Eveready’ brand.
• Small Home Appliances under the ‘Eveready’ brand.
• Packet tea under the brand names ‘Tez’, ‘Jaago’ and ‘Premium Gold’.
The Company is the largest player in India with regard to dry batteries and flashlights having a market share exceeding 50% in both categories. Its competencies in these product categories are equal to the best in the world. The Company continues to leverage its wide distribution network with a range of product offerings in branded tea, lighting and electrical segments.
The Company believes that the Eveready brand is a natural fit to the lighting and electrical category. EIIL, thus, plans to persist in its efforts to be a significant player in these product segments. Towards this objective, additional efforts are being put to align distribution to the needs of this trade.
The platform of the Company today is to provide portable power and lighting - and the products as mentioned above are aligned to that platform.
The Company has also just forayed into the Small Home Appliance segment to leverage its brand and distribution network. Work for setting up a dedicated network for Appliance distribution is under way. This category having a low level of penetration, highly fragmented segmentation coupled with a large size offers a good potential for the Company to augment its turnover substantially in the coming periods. Though at a nascent stage, initial market response and results have been encouraging.
The Company has been in the packet tea business historically. Although its share of the packet tea market is limited, the product has traditionally played an important role to sustain distribution in certain areas. However, to provide greater focus to this category, it has now been decided that the Company will initiate discussions for reorganization of the operations to develop the category to a much higher level.
This makes for a robust product portfolio. EIIL expects to strengthen its presence across these products through increasing value and volumes in the future.
BATTERIES
INDUSTRY SIZE AND
STRUCTURE
The Indian market for dry cell batteries is now estimated to be worth over INR 16000.000 million by value and 2.7 billion pieces by volume. The battery market has few players, out of which EIIL has a market share of 50% between its Eveready and PowerCell brands. The battery category was adversely impacted due to lower consumer off-take and de-stocking in trade channels, post demonetization, announced by the Government during the latter part of the year. The market also continued to be disturbed by poor quality products imported from China at dumped prices. As a result, the category volume and value both remained flat during the year.
The above is quite similar to the pattern seen globally.
The split of technology within the dry batteries market remained constant with the zinc carbon battery segment virtually dominating the entire market with 97% share. The alkaline battery segment has minimal share of the market at less than 2%. The rechargeable battery segment, which accounts for the balance 1% market share, has remained stagnant, despite having a loyal customer base.
The consumption of batteries is driven by growth in the off-take of its applications. A growing need for portable power and the advent of a number of battery-operated gadgets like remotes, toys, clocks and torches have catalysed consumption. Since these gadgets are used on an everyday basis, batteries have enjoyed a non-cyclical demand.
FLASHLIGHTS
The flashlight market is shaped by EIIL because of its dominant market share position at about 70% of the organized segment. At the same time, there is also a vast unorganized segment that is estimated to be almost equivalent to the size of the organized one. Taking that into account, EIIL has a market share of around 35%.
PACKET TEA
EIIL has been leveraging its distribution network to market packet tea and derive additional revenues at virtually no extra costs. The Company has not really invested any money in advertising for the brands Tez, Jaago, and Premium Gold that are targeted at different consumer segments. Though these brands have gradually been increasingly accepted due to their superior quality, which has been a hallmark of EIIL’s packet tea branding strategy, the Company’s share of the packet tea market remains limited. Therefore, to bring in more focus to the category, it has now been decided that the Company will initiate discussion with McLeod Russel India Ltd (McLeod) for participating in a joint venture as a strategic business partner, through a separate entity. It is envisaged that EIIL and Mcleod will bring their respective skills of marketing & distribution and tea plantation knowledge to focus and develop the category to a much higher level.
OUTLOOK
The effect of demonetization impacted consumer demand, especially in the rural segment. However, various counter measures adopted by the Government to ease the money flow situation and steps taken to encourage non-cash transactions, restored normalcy to markets by the year-end. Thus the impact on the Company’s turnover on this count during the year was a one-time occurrence.
Introduction of the Goods and Services Tax (GST) in the near future is expected to have a positive impact on the economy, thereby augmenting demand, which will be beneficial to EIIL. Additionally, it is anticipated that the GST regime will bring in higher degree of tax compliance in the country. The battery and flashlight categories, bear the impact of non-compliance with tax laws by unorganized part of the market – either through undervalued dumped imports from China for batteries or gray market local operators in the flashlights market. It is expected that the GST regime will bring such elements into its net thereby eliminating the unfair gap in the pricing structure with tax compliant organizations. As a consequence both batteries and flashlights should show reasonable growth in 2017-18. This, alongwith projections for a near-normal monsoon in the forthcoming season, should add fillip to the demand. The Company is also confident that it will be able to capture growth in this market, riding on its obvious strengths of premium quality offering, brand and distribution. The outlook on battery and flashlight categories thus remains positive.
Prospects are promising in the Lighting & Electrical products category. This business has become a key focus area and an avenue for growth. As mentioned earlier, the market is currently going through a demand shift from CFL to LED bulbs. The lower margin CFL bulbs now forms a small percentage of the category. LED bulbs and LED based Luminaires with higher margins now constitute more than 70% of the category turnover and these will be the growth drivers for the category and the overall business of the Company. This range of new generation lights have been very well accepted by the market and will enhance the Company’s efforts towards a fruitful diversification. The outlook is thus upbeat - with potential for both growth and profitability.
Growth will also come from the newly launched product segment of appliances. Though at a nascent stage, initial market response and results have been encouraging.
CORPORATE INFORMATION
The Company is in the business of manufacture and marketing of batteries, flashlights and packet tea under the brand name of “Eveready”. The Company also distributes a wide range of electrical products and small home appliances. The Company is a Public Limited Company incorporated and domiciled in India with its registered office at 1, Middleton Street, Kolkata 700071. Eveready has its manufacturing facilities at Chennai, Lucknow, Noida, Haridwar, Maddur, Kolkata and Goalpara (Assam) and is supported by a sales and distribution network across the country.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
From Banks |
|
|
|
Car Loans |
0.347 |
2.693 |
|
Short-term
borrowings |
|
|
|
Unsecured at amortised cost |
253.420 |
139.671 |
|
Total |
253.767 |
142.364 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G75321034 |
100131226 |
Axis Bank Limited |
25/09/2017 |
20/01/2018 |
- |
300000000.0 |
CORPORATE BANKING BRANCH (CBB)1, SHAKESPEARE SARANI, 3RD FLOOR, AC MARKET, KOLKATA-700071, WEST BENGAL, INDIA |
|
2 |
G04501987 |
100029263 |
HDFC BANK LIMITED |
13/05/2016 |
- |
- |
900000000.0 |
HDFC BANK HOUSE, 3A, GURUSADAY ROAD, KOLKATA-700019, WEST BENGAL, INDIA |
|
3 |
C81819955 |
10626264 |
United Bank of India |
29/12/2015 |
- |
- |
500000000.0 |
CALCUTTA BRANCH4, N. C. DUTTA SARANI, KOLKATA-700001, WEST BENGAL, INDIA |
|
4 |
C74656497 |
10533217 |
HDFC BANK LIMITED |
22/09/2014 |
31/12/2015 |
- |
400000000.0 |
CENTRAL PLAZA, 2/6, SARAT BOSE ROAD, KOLKATA-700017, WEST BENGAL, INDIA |
|
5 |
G00724922 |
10015126 |
UCO Bank |
11/08/2006 |
24/03/2016 |
- |
2500000000.0 |
FLAGSHIP CORPORATE BRANCH", MCLEOD HOUSE", 3, NETAJI SUBHAS ROAD, KOLKATA-700001, WEST BENGAL, INDIA |
|
6 |
A15364987 |
80030172 |
UNITED BANK OF INDIA |
09/09/2005 |
30/04/2007 |
- |
412500000.0 |
4, N. C. DUTTA SARANI, KOLKATA-700001, WEST BENGAL, INDIA |
|
7 |
G40311011 |
10345537 |
ICICI BANK LIMITED |
04/04/2012 |
28/05/2012 |
28/03/2017 |
500000000.0 |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, VADODARA-390015, GUJARAT, INDIA |
|
8 |
G13547443 |
10572176 |
INDUSIND BANK LTD. |
15/05/2015 |
- |
04/10/2016 |
125000000.0 |
3A, UPPER WOOD STREET, KOLKATA-700017, WEST BENGAL, INDIA |
|
9 |
G12008041 |
10021716 |
STATE BANK OF INDIA |
26/09/2006 |
- |
03/09/2016 |
525000000.0 |
CORPORATE ACCOUNTS GROUP BRANCH, 34, J. L. NEHRU ROAD, KOLKATA-700071, WEST BENGAL, INDIA |
|
10 |
G12007357 |
10021404 |
STATE BANK OF INDIA |
26/09/2006 |
- |
03/09/2016 |
525000000.0 |
CORPORATE ACCOUNTS GROUP BRANCH, 34, J. L. NEHRU ROAD, KOLKATA-700071, WEST BENGAL, INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims against the
Company not acknowledged as debts: |
|
|
|
Excise & Customs * |
150.339 |
176.988 |
|
Sales tax |
6.984 |
6.436 |
|
Excludes interest
claimed in a few cases by respective authorities but amount not quantified. |
|
|
|
(b) Guarantees |
386.653 |
404.477 |
|
(c) Others (includes ESI, Property Tax, Water Tax etc.) |
13.435 |
15.323 |
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS DECEMBER 31, 2017
[INR
IN MILLION]
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.03.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from operations |
3695.699 |
3982.461 |
11254.825 |
|
Other Operating Income |
42.301 |
128.109 |
185.016 |
|
Total income from operations (net) |
3738.000 |
4110.570 |
11439.841 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
1428.723 |
1326.899 |
4036.770 |
|
Purchases of stock-in trade |
1093.824 |
697.485 |
2717.314 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
(276.950) |
462.203 |
14.462 |
|
Employee benefits expense |
411.269 |
419.739 |
1233.988 |
|
Depreciation and Amortization Expenses |
48.074 |
47.406 |
143.833 |
|
Other Expenses |
696.793 |
601.911 |
1971.122 |
|
Finance Costs |
68.940 |
70.702 |
206.001 |
|
Excise Duty |
0.000 |
0.000 |
188.818 |
|
Total expenses |
3470.673 |
3626.345 |
10512.308 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
267.327 |
484.225 |
927.533 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
267.327 |
484.225 |
927.533 |
|
Tax expenses |
57.892 |
120.683 |
218.939 |
|
Net Profit / (Loss) from ordinary activities after tax |
209.435 |
363.542 |
708.594 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
209.435 |
363.542 |
708.594 |
|
Comprehensive Income |
(4.028) |
(3.637) |
(10.650) |
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates |
205.407 |
359.905 |
697.944 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 5/-each) |
363.436 |
363.436 |
363.436 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR 5/-
each (not annualized): |
- |
- |
- |
|
(a) Basic |
2.88 |
5.00 |
9.75 |
Note:
- The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on February 05, 2018 and subjected to a limited review by the Statutory Auditors of the Company.
- According to the requirements of Ind AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, revenue for the corresponding previous quarter and nine months ended 31st December 2016 and for the previous year ended 31st March 2017 were reported inclusive of Excise Duty. The Government of India introduced Goods and Service Tax (GST) with effect from 1st July 2017 which subsumed Excise Duty and other indirect taxes. Consequently, the revenue for the quarters ended 31st December 2017 and 30th September 2017 is reported net of GST. In view of the aforesaid restructuring of indirect taxes, the revenue of the earlier reported periods is not comparable with the current quarter. The following information is being provided to facilitate such comparison For Table, kindly refer Corporate Announcements on www.bseindia.com.
- The Company is engaged in the business of marketing of dry cell batteries, rechargeable batteries, flashlights, packet tea, general lighting products and small home appliances which come under a single business segment known as Consumer Goods.
- Figures of the previous quarters/periods have been regrouped /rearranged wherever considered necessary.
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
- Vehicle
- Office equipment
- Brand
- Computer software
- Patent / Trademark
PRESS RELEASE:
EVEREADY ENTERS THE CONFECTIONERY BUSINESS WITH 'JOLLIES'
EIIL believes that the fast-growing fruit chew segment will double in
the next 3-4 years and expects to become a significant player in this segment
January 08, 2018: Eveready Industries India Limited (EIIL), player in the dry cell batteries segment now enters the INR 90000.000 million plus confectionary market through its brand "Jollies”. In the first phase, Jollies will be launched in the fruit chew segment. This segment is estimated to be around INR 4000.000 million and is growing at a rapid pace.
EIIL believes that the fast-growing fruit chew segment will double in the next
3-4 years and expects to become a significant player in this segment by making
this under-penetrated category available across urban and rural India through
its robust deep distribution network.
The Company is working on an asset light model and believes it can add
significant turnover and profitability with entry into this segment.
Speaking on the occasion, Mr Amritanshu
Khaitan, Managing Director, EIIL, stated, “Jollies is the first step
to scale up our FMCG portfolio
of products. We believe that priced at Re.1, Jollies Fruit
Chew will be an attractive offering to Indian consumers who
prefer healthier choices. The product being launched has a high percentage of
natural fruit pulp, making it a preferred healthier option to pure sugar candy.
Candies are a mass market product and can be carried in the Eveready vans
reaching a million outlets. This brings in a major competitive advantage for us
and we believe we can become a major player in the fast growing confectionery
market in the next 3-5 years with only investments required for branding.”
With extensive distribution, being one of EIIL’s key strengths, confectionary
would provide an opportunity to not only compliment the current basket of
products and give an opportunity to offer value added products to the Company’s
vast up-country distribution, Jollies will also provide a quality offering to
rural consumers who have limited access to branded confectionary and are
dependent on unorganized and often poor quality products.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 91.96 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.