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एक्सेडी इंडिया

बीएसई: 505923  |  NSE: N.A  |  ISIN: INE773A01014  |  Auto Ancillaries

खोजें एक्सेडी इंडिया कनेक्शन Mar 11
निदेशकों की रिपोर्ट वर्षांत : Mar '12
TO THE MEMBERS
 
 The Directors hereby present the Thirty Eighth Annual Report together
 with the Audited Balance Sheet and Profit & Loss Account for the year
 ended 31st March 2012
 
 1) FINANCIAL RESULTS:
 
                                                 2011-2012    2010-2011
                                                 Rs. in Lacs  Rs. in Lacs
 
 i) INCOME
 
 Sale of products & other services (Net of 
 Excise & inter division sales)                  21,587.08    20,139.47
 
 ii) EXPENSES
 
 Manufacturing and other expenses                23,179.82    19,422.82
 
 iii) OPERATING PROFIT
 
 Before interest & Depreciation                  (1,592.74)      716.65
 
 iv) INTEREST                                      (556.07)     (552.32)
 
 v) GROSS PROFIT (Before depreciation)           (2,148.81)      164.33
 
 vi) DEPRECIATION                                  (941.14)     (807.49)
 
 vii) PROFIT (After depreciation)                (3,089.95)     (643.16)
 
 viii) PRIOR PERIOD ITEMS                           (28.44)       (4.17)
 
 ix) TAX IN RESPECT OF PREVIOUS YEAR                 (3.38)       (0.15)
 
 x) PROVISION FOR DEFERRED TAX                       (7.53)           -
 
 xi) PROVISION FOR CURRENT TAX                           -            -
 
 xii) TRANSFER FROM GENERAL RESERVES                     -            -
 
 xiii) PROFIT/(LOSS) AFTER TAX                   (3,129.30)     (647.48)
 
 xiv) Balance of profit / (loss) brought 
 forward from previous year                        (356.66)      290.82
 
 xv) Amount available for appropriations         (3,485.96)     (356.66)
 
 xvi) APPROPRIATIONS
 
 a) Dividend (Proposed)                                  -            -
 
 b) Dividend Tax                                         -            -
 
 c) Transfer to General Reserve                          -            -
 
 d) Balance carried to Balance Sheet             (3,485.96)     (356.66)
 
 2) DELISTING
 
 Board of Directors of the Company had approved the delisting proposal
 and subsequently obtained approval from the shareholders through postal
 ballot on 25th July, 2011 on request of one of the promoters EXEDY
 Corporation Japan.
 
 Subsequently company has obtained final delisting approval from the
 Bombay Stock Exchange on 16th April, 2012.
 
 3) DIVIDEND
 
 The revenue account of your Company for the year has shown a loss of Rs
 3129.30 lacs after providing for interest and depreciation. In view of
 the loss incurred, your directors do not recommend dividend this year.
 
 4) OPERATIONS
 
 Your Company has been operating plants under the policy laid down by
 EXEDY Corporation, Japan. Based on the policy of safety, quality, just
 in time quantity and cost, the company has minimized the number of
 accidents, even the minor one. Also waste from quality problems were
 reduced.
 
 Sales have increased by around 7.4%, operating profit before interest
 and deprecation has decreased from Rs. 716.65 lacs to a loss of Rs.
 1,592.74 lacs. Interest costs are high on account of high debt levels.
 Company incurred heavy burden from high interest as well as increase of
 imported material cost such as friction facing from Thailand due to
 very strongJPY against Rupee.
 
 Your Company achieved production of 1.8 million Clutch Disc and 1.7
 million Clutch Covers in 2011-12. Production of One Way Clutches was
 1.7 million.
 
 The passenger vehicle segment grew by 8% y-o-y. The Commercial vehicle
 segment had a 17% increase in sales.  Increase of the passenger vehicle
 segment was slower than market expectation due to high petrol & diesel
 price and high interest on car loan. Especially Maruti Suzuki India
 Limited who is our biggest customer has reduced their production due to
 operator unrest, our sales were adversely impacted by this. Other
 automotive sector such as the commercial vehicle segment and two
 wheeler segment showed a smart growth.Two wheelers grew by 23%.
 Overall, the automotive sector showed a steady recovery from the
 recessionary phase.
 
 The Sale of products during the year is as follows:
 
 Particulars                  2011-2012         2010-2011
 
 A) Clutch Discs            18,32,742 Nos.     17,07,829 Nos.
 
 B) Clutch Covers           17,07,274 Nos.     15,82,435 Nos.
 
 C) One Way Clutch          16,95,551 Nos.     16,18,177 Nos.
 
 Your Company incurred an operating loss of Rs. 1,592.74 lacs, during
 the current year as against an operating profit of Rs. 716.65 lacs for
 the previous year. The Sales (net of excise and inter division sales)
 and other income for the financial year under review was Rs.21,587.08
 lacs as against Rs. 20,139.47 lacs for the previous financial year.
 
 The loss is at Rs.3,129.30 lacs as against loss of Rs. 647.48 lacs in
 the previous year. Your company has been impacted by slow market growth
 and higher cost such as interest on loan and imported material by
 stronger JPY.
 
 The Sales from April to July 2012-13 as compared to the same period in
 2011-12 is as follows:
 
                                        2012-2013        2011-2012
 
 Clutch Disc Assly                    16,28,707 Nos.     14,90,654 Nos.
 
 Clutch Cover Assly                   15,55,666 Nos.     13,91,146 Nos.
 
 One Way Clutch                       19,05,323 Nos.     14,19,695 Nos.
 
 Net Turnover (net of excise and 
 Inter division sales)           Rs. 19,152.97 Lacs Rs. 16,574.34 lacs
 
 New Development
 
 Various new vehicle developments took place for vehicles to be launched
 in 2012-2013.
 
 New Business
 
 Your company has started production for new model at Maruti Suzuki
 India Limited and is in continuous discussion with various
 manufacturers for development of clutches fortwo, three and four
 wheelers
 
 Finances
 
 Your Company is considering various options to raise funds to finance
 additional manufacturing capabilities for existing products as well as
 new products. Your company has started company-wide financial
 restructuring process for investment of new business and for tight
 monitoring accounting work.
 
 5) EXEDY CORPORATION
 
 Exedy Corporation your Collaborators & Promoters have continued their
 valuable support in technology transfer, training our personnel at
 their as well as your factory and for up-gradation in technology. The
 Directors would like to place on record their appreciation for
 continuous patronage given by them.
 
 6) RETIRING DIRECTOR
 
 Mr. Sudhir S. Sathe has expressed his desire to step down as Director
 of your company. The Directors would like to place on record their
 appreciation for the continuous guidance and advice offered by him
 during his tenure.
 
 7) BANKS AND INSTITUTIONS
 
 The Banks have continued their assistance by giving adequate working
 capital facilities to the Company, which has been of immense help in
 the day to day cash flow. The long term lending banks have been giving
 their fullest support.  Your Directors take this opportunity to express
 their appreciation for the excellent assistance and co-operation
 received from all the banks.
 
 8) DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the directors
 hereby confirm that:
 
 1.  The applicable accounting standards have been followed by the
 Company in preparation of the annual accounts for the year ended 31st
 March, 2012, along with proper explanation relating to material
 departures;
 
 2.  They have selected accounting policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent, so as to give a true and fair view of the state of affairs of
 the Company at the end of the financial year ended 31st March, 2012
 and of the profits of the Company for the year under review;
 
 3.  They have taken proper and sufficient care for the maintenance of
 adequate accounting records, in accordance with the provisions of the
 Companies Act, 1956, for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities; and
 
 4.  They have prepared the annual accounts on a ''going concern'' basis.
 
 9) PERSONNEL
 
 Industrial relations between Management, Labour and Staff in the
 establishment at Aurangabad and Greater Noida have continued to be
 generally pleasant and harmonious during the year under review. Your
 Directors wish to place on record their deep appreciation of the
 excellent work done and cooperation extended by the employees at all
 levels in achieving the assigned tasks and goals.
 
 10) INSURANCE
 
 All the properties including buildings, plant and machinery, stocks
 etc. have been adequately insured.
 
 11) PARTICULARS OF EMPLOYEES
 
 Information as per section 217(2A) of the Companies Act, 1956 (The
 Act) read with the Companies (particular of EmployeesJRules, 1975
 forms part of this report. As per the provision of Section
 219(l)(b)(iv) of the Act, the Report and Accounts are being sent to the
 Shareholders of your company excluding the statement on particulars of
 employee under Section 217(2A) of the Act. Any shareholders interested
 in obtaining a copy of said statement may write to the Secretarial
 Department of your company.
 
 12) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUT-GO.
 
 The required details are furnished in Annexure to this report.
 
 13) AUDITORS
 
 Messrs D. L. Shah & Company, Chartered Accountants, the retiring
 auditors of the Company have expressed their desire to step down as
 auditors of the Company for the financial year 2012-13 and have
 requested to be relived from the responsibility. The Board appreciates
 the services rendered by Messrs D. L. Shah & Company, Chartered
 Accountants as statutory auditors of the Company and accept their
 resignation.
 
 The Board approached M/S ASA & Associates, Chartered Accountants, KS
 House, 118, Shahpur Jat, New Delhi to be appointed as Statutory
 Auditors of the Company for the financial year 2012-13 and M/s ASA &
 Associates, Chartered Accountants, being eligible gave their consent
 for such appointment as Statutory Auditor of our Company . Your Company
 wishes to appoint M/s ASA & Associates, Chartered Accountants, New
 Delhi as Statutory Auditors of the Company for the financial year
 2012-13 subject to the approval of Members of the Company.
 
 With respect to the Auditor''s report for the financial year 2011-12,
 specific notes forming part of the accounts referred to in the
 Auditors'' Report are self explanatory and give the complete
 information.
 
 15) DEMATERILISATION OF SHARES
 
 Your Company entered into an agreement with National Depository
 Services Ltd. (NSDL) and Central Depository Services (India) Ltd.
 (CDSL), Mumbai for dematerialization of the equity shares of the
 Company. The members now have an option of dematerializing the shares
 with NSDL and CDSL.98.68 % of the total Equity capital is held in a
 dematerialized form with National Securities Depository Limited (NSDL)
 and Central Depository Services (India) Ltd.
 
                            For and on behalf of the Board of Directors
 
                                                     MAHESH. B. KOTHARI 
 
                                                     Executive Chairman
 
 Registered Office:
 
 Plot No. L-4, MIDC Industrial Area,
 
 Chikalthana, Aurangabad -431006,
 
 Maharashtra.
 
 Mumbai, 21st February, 2013
स्रोत: रेलीगरे टेचनोवा

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