Download Exide company data - Financial data for past 4 years and more Study Guides, Projects, Research Finance in PDF only on Docsity!
1 Exide Industries Limited Annual Report 2016-17 27
Net Fixed Assets** 1025 1168 1451 1687 Investments 1967 1896 2698 2674 Current Assets 1941 2317 1989 2414 Total Assets 4933 5381 6107 6775 Total Liabilities 4933 5381 6107 6775 Book Value Per Share (Rs.) *** 43.62 47.44 53.07 58. Return on Net Worth(%) 14.3 14.7 15.5 15. Return on Net worth (%) 14.3 14.7 15.5 15.
Th
e
Ex
id
e
St
or
Go
ve
rn
an
ce
Fi
na
nci
als
Past 4-Year
PERFORMANCE
(Rs. in Crores) 2013-14 2014-15 (^) 2015-16#^ 2016-17# Sales (Net) 5964 6866 6848 7620 Operating Profit 825 917 1026 1097 Profit before tax 723 798 908 976 Taxation 236 252 284 282 Net Profit 487 546 624 694 Cash Profit 613 685 782 900 Earning Per Share (Rs.) 5.73 6.42 7.35 8. Dividend Payout* 178 220 234 243 Balance Sheet Loans - 18 103 170 Current Liabilities 1120 1205 1397 1486 Sub Total 1120 1223 1500 1656 Deferred Tax Liability 105 126 127 155 Net Worth** 3708 4032 4511 4964
Growth in Market Capitalisation (^) Growth in Operating Profit (EBITDA)
Growth in Revenue
Growth in Net Profit
Growth in PBT
Growth Figures indicate CAGR
2 Exide Industries Limited Annual Report 2016-17 27
2013-14 2014-15 2015-16 2016- Growth in Market capitisation 15% Growth in Operating Profit 10% Growth in revenue 12% Growth in Net Profit 12% Growth in PBT 11%
4 Exide Industries Limited Annual Report 2016-17 41
Th
e
Ex
ide
St
or
y
G
ov
er
na
nc
e
Fi
na
nci
als
Share Capital The paid up equity share capital as on March 31, 2017 was Rs. 85 crores, divided into 85,00,00,000 equity shares of face value of Re. 1/- each. A) Issue of equity shares with differential rights The Company did not issue equity shares with differential rights during the financial year 2016-17. B) Issue of sweat equity shares The Company did not issue sweat equity shares during the financial year 2016-17. C) Issue of employee stock options The Company did not issue stock options during the financial year 2016-17. D) Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees The Company does not have a scheme for purchase of its own shares by employees or by trustees for the benefit of employees. Deposits During the year under review the Company did not accept any deposits from the public within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014. Particulars of Loans, Guarantees or Investments Pursuant to Section 186 of the Companies Act, 2013, the details of the loans given (Note nos. 6 and 13), guarantees on securities provided (Note no. 38 (ii)) and investments made (Note nos. 4 and 9) by the Company during the year under review, have been disclosed in the financial statements. Material Changes and Commitments There have been no material changes which have occurred subsequent to the close of the financial year of the Company to which the financial statements relates and the date of the report, for example: Settlement of tax liabilities; Operation of patent rights; Depression in market value of investments; Institution of cases by or against the Company; Destruction of any assets or disposal of a substantial part of undertaking; Changes in capital structure; Alteration in wage structure arising out of trade union negotiation; and Material changes concerning purchase of raw material and sale of the product. AUDITORS Statutory Auditors and their Report Pursuant to Section 139 of the Companies Act, 2013, S. R. Batliboi & Co. LLP, Chartered Accountants would complete their current term as Statutory Auditors as permitted under the Companies Act, 2013 read with the relevant rules thereof at the conclusion of the ensuing 70th Annual General Meeting of the Company. Accordingly, the Board of Directors has recommended the appointment of B S R & Co. LLP, Chartered Accountants as Statutory Auditors to hold office for a period of five (5) consecutive years from the conclusion of 70th Annual General Meeting till the conclusion of 75th Annual General Meeting, of the Company subject to approval of shareholders. B S R & Co. LLP, Chartered Accountants have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder for appointment as auditors of the Company. As required under Regulation 33(1)(d) of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, the auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India. The Statutory Auditors have not reported any incidence of fraud to the Audit Committee of the Company during the year under review. Cost Auditors Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 (as amended), the cost records maintained by the Company in respect of the products manufactured by the Company are required to be audited. Your Directors, on the recommendation of the Audit Committee has appointed M/s Shome and Banerjee, Cost Accountants to audit the cost records of the Company for the financial year 2017-18 at a remuneration of Rs. 9,00,000/- plus out-of-pocket expenses and taxes as applicable. A resolution regarding ratification of remuneration payable to M/s Shome & Banerjee, Cost
5 Exide Industries Limited Annual Report 2016-17 41
Accountants, forms part of the Notice convening the 70th Annual General Meeting of the Company. Secretarial Auditors & their Report Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s A. K. Labh & Co., Practicing Company Secretaries to undertake audit of secretarial and other related records of the Company for the financial year 2016-2017. The Secretarial Audit Report is annexed herewith as “Annexure – I”. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark. BUSINESS RESPONSIBILITY REPORT The Ministry of Corporate Affairs, Government of India, in July 2011, came out with the ‘National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business’. These guidelines contain certain principles which are to be adopted by companies as part of its business practices and disclosures regarding the steps taken to implement these principles through a structured reporting format, viz. Business Responsibility Report. Pursuant to Regulation 34(2)(f ) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company has prepared the Business Responsibility Report and is annexed herewith as “Annexure - II”. CORPORATE GOVERNANCE Transparency is the cornerstone of your Company’s philosophy and all requirements of corporate governance are adhered to both in letter and spirit. All the committees of the Board of Directors have held meetings at regular intervals as required in terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Your Board of Directors has taken all necessary steps to ensure compliance with all statutory requirements. The Directors and key management personnel and senior executives of your Company have complied with the approved ‘Code of Ethics for Board of Directors and Senior Executives’ of the Company. The declaration to this effect pursuant to Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 signed by Managing Director and CEO of the Company forms part of the Annual Report. The Report on Corporate Governance as required under Regulation 34(3) read along with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of and is annexed herewith marked as “Annexure – III”. The Auditors’ Certificate on compliance with Corporate Governance norms is also attached to this Report. Further as required under Regulation 17(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 , a certificate from the Managing Director & CEO and Director-Finance & CFO is being annexed with this Report. BUSINESS EXCELLENCE Your Company has a well-designed TQM model to drive the organisation towards continual improvement in order to deliver high-quality products and services to customers. The TQM model is aimed at developing TQM culture for long– term success through customer satisfaction. All members of the organisation participate in improving processes, products, services aligned with the business needs. The TQM initiatives deployed in your Company at present are: 5S, Kaizen, Quality Circle, Suggestion, TPM, Six Sigma and implementation of International Standards. The organisational learning and development is one of the key focus areas during the financial year. Over 65 training programs covering 1272 people across the organisation have been trained on various TQM modules during the financial year. There is structured monitoring and measurement system in your Company that flashes the monthly report on various TQM Performance metrics for each initiative. Quality Circle is an effective approach to voluntarily involve people in continuous improvement journey. The QC projects are aligned to the business strategy to achieve the business goals and produce tangible and intangible benefits through involvement of workmen. This initiative is deployed in all the factories and extended supply chain. Workmen participation during the financial year was achieved at 47% in this initiative and 164 QC projects have been completed. There is mechanism to evaluate and recognise the projects in Exide Regional Conferences which were conducted at Kolkata, Delhi and Pune. These conferences are learning and sharing platform for factories and suppliers. The QC teams regularly participate in external competitions organised by QCFI as well as internal competitions organised by your Company. During the year, a total of 99 Quality Circle awards have been received by the QC teams.
111 Exide Industries
Limited a) Inventories 8 1,527.37 1,133.51 1,522. b) Financial Assets (i) Investments 9 905.48 927.87 141. (ii) Trade Receivables 10 621.65 603.94 552. (iii) Cash and Cash Equivalents 11 11.19 66.63 23. (iv) Bank Balances other than (iii) above 12 8.38 7.20 6. (v) Loans and Deposits 13 10.46 10.33 8. (vi) Other Financial Assets 14 24.54 31.41 20. c) Other Non-Financial Assets 15 67.35 63.72 49. **3,176.42 2,844.61 2,325. Total Assets 6,775.60 6,138.40 5,415. II) Equity And Liabilities
- Equity** a) Equity Share Capital 16 85.00 85.00 85. b) Other Equity 17 4,878.59 4,426.43 4,046. **4,963.59 4,511.43 4,131.
- Liabilities i) Non-Current Liabilities** a) Financial Liabilities (i) Trade Payables 18 3.73 3.35 3. (ii) Capital Creditors 19 2.07 1.64 1. b) Provisions 20 42.54 35.49 28. c) Deferred Tax Liabilities (Net) 21 155.18 126.95 130. 203.52 167.43 164. ii) Current Liabilities a) Financial Liabilities i) Borrowings 22 170.23 102.51 17. ii) Trade Payables 23 Total Outstanding Dues of Micro and Small Enterprises 10.04 3.
Total Outstanding Dues of others 757.81 741.58 644. iii) Other Financial Liabilities 24 316.21 236.27 176. b) Other Non-Financial Liabilities 25 132.07 177.17 93. c) Provisions 26 222.13 198.69 183. 1,608.49 1,459.54 1,119. Total Equity and Liabilities 6,775.60 6,138.40 5,415. Significant accounting policies 1 The accompanying notes are an integral part of the financial statements As per our report of even date. S.R.Batliboi & Co. LLP Registration Number: 301003E/ E300005 For and on behalf of the Board of Directors Chartered Accountants Sd/- per Kamal Agarwal Sd/- Sd/- Sd/- Partner J. Kumar A. K. Mukherjee Gautam Chatterjee Membership No. 058652 Company Secretary & Sr. VP- Legal Director- Finance & CFO Managing Director & CEO Mumbai, May 04, 2017
ACS: 11159 DIN: 00131626 DIN: 00012306
The accompanying notes are an integral part of the financial statements As per our report of even date. For and on behalf of the Board of Directors S.R.Batliboi & Co. LLP Registration Number: 301003E/ E Chartered Accountants Sd/- per Kamal Agarwal Sd/- Sd/- Sd/- Partner J. Kumar A. K. Mukherjee Gautam Chatterjee Membership No. 058652 Company Secretary & Sr. VP- Legal ACS: 11159 Mumbai, May 04, 2017 Director- Finance & CFO DIN: 00131626 Managing Director & CEO DIN: 00012306 Annual Report 2016-17 111
Th
e
Ex
ide
St
or
y
Go
ve
rn
an
ce
Fi
na
nc
ial
s
Statement of Profit and Loss
for the year ended March 31, 2017
(Rs. in Crores) Particulars Note No. 2016-17 2015- I) Income: Revenue from operations 27 8,598.65 7,733. Other Income 28 103.88 51. Total Income (I) 8,702.53^ 7,785. II) Expenses: Cost of raw materials and components consumed 29 4,986.28 3,986. Purchase of traded goods 15.71 3. (Increase) / decrease in inventories of finished goods, work-in-progress 30 and traded goods (294.25) 252. Excise duty on sale of goods 970.27 879. Employee Benefits Expenses 31 519.57 467. Other Expenses 34 1,318.59 1,129. Total Expenses (II) 7,516.17 6,717. III) Earnings before Interest, Tax, Depreciation and Amortisation expenses (I-II) 1,186.36 1,067. Finance Costs 32 4.31 1. Depreciation and Amortisation Expenses 33 206.32 157. IV) Interest, Depreciation and Amortisation expenses 210.63 159. V) Profit Before Tax (III-IV) 975.73 908. VI) Tax Expenses:
- Current Tax [net of reversal of excess provision for earlier years Rs. 8.44 crs (PY: Rs. 2.96 crs)] 253.85 287.
- Deferred Tax 28.24 (3.46) 282.09 283. VII) Profit After Tax (V-VI) 693.64 624. VIII) (^) Other Comprehensive Income (OCI) Other Comprehensive Income not to be reclassified to Statement of Profit or Loss in subsequent periods : a) Re-Measurement gains/(losses) on defined benefit plans 37 (3.13) (7.70) Income tax effect 1.08 2. b) Net (Loss)/ gain on investment in equity shares / units accounted at Fair Value 3.95 (5.29) Income tax effect (^) - 0. Other Comprehensive Income for the year (^) 1.90 (10.26) IX) Total Comprehensive Income for the year (VII+VIII) 695.54 614. Earnings Per Share - Basic and Diluted (Nominal value Re 1 per share (PY Re 1 per share)) 8.16 7. Significant accounting policies 1
113 Exide Industries
Limited
