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Poised for Growth Rane Holdings Limited | Annual Report 2009-10 Poised for growth Rane Holdings Limited | Annual Report 2009-10 Rane Holdings Limited Forward-looking statement In this annual report, we have disclosed forward-looking We cannot guarantee that these forward-looking statements information to enable investors to comprehend our prospects will be realised, although we believe we have been prudent and take informed investment decisions. The report and in assumptions. The achievement of results is subject to risks, other statements, written and oral, that we periodically make uncertainties and the underlying assumptions undergoing contain forward-looking statements that set out anticipated change. Should known or unknown risks or uncertainties results based on the management’s plans and assumptions. materialise, or should underlying assumptions not We have tried, wherever possible, to identify such statements materialise, actual results could vary materially from those by using words like ‘anticipates’, ‘estimates’, ‘expects’, anticipated, estimated or projected. Readers should bear this When the global slowdown happened in ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar in mind. substance in connection with any discussion on future We undertake no obligation to publicly update any forward- 2008, most companies responded by performance. looking statements, whether as a result of new information, future events or otherwise. seeking growth from the outside. Rane Group looked within to sharpen its competencies instead. Training people. Refining processes. Strengthening efficiencies. Now that the global and Indian economies are both reviving, the principal message we want to send out to our stakeholders is simple. Contents Rane Group is poised Our Visiting Card 02 Milestones 04 Chairman’s Overview 06 Highlights, 2009-10 09 Products, Companies for growth. and Markets 10 Report of the Directors 18 Corporate Governance 25 Financial Information of Subsidiary Companies 34 Financial Highlights and Balance Sheet Summary 36 Auditors’ Report 37 Balance Sheet 40 Profit and Loss Account 41 Cash Flow Statement 55 Balance Sheet Abstract 56 Consolidated Financial Statements 57 Our visiting card Background Technology Founded in 1929 to cater to automobile and spare parts Leveraged technology alliances with renowned auto industry distribution players: Diversified into auto-component manufacture in 1959 – TRW Automotive US LLC (the US), Consolidated into Rane Holdings Limited in 2008 (parent – NSK Ltd. (Japan) and company to Group companies - Rane (Madras) Limited, – Nisshinbo Brakes Inc. (Japan) Rane Engine Valve Limited, Rane Brake Lining Limited, Rane Strengthened competencies through internationally Diecast Limited, Kar Mobiles Limited and Joint Ventures - benchmarked technology transfer agreements and Rane TRW Steering Systems Limited and Rane NSK Steering continuous training Systems Limited ) Promoters’ stake of 42.90% in the Company’s equity as on Clientele 31st March 2010 Reputed international companies like Case New Holland (the UK), Deutz and Volkswagen (Germany), GM Electromotive Location Division and John Deere (the US), among others Pan-India presence with 25 manufacturing facilities across Brand-enhancing Indian clients include Ashok Leyland, seven states; manufacturing plants located in Chennai, Eicher, Escorts, Force Motors, FIAT, Ford, Hero Honda, Trichy, Hyderabad, Bangalore, Puducherry, Mysore, Bawal, Hindustan Motors, Honda, Hyundai, Mahindra, Maruti Pantnagar and Sanand. Suzuki, Renault, Swaraj Mazda, TAFE, TATA, Toyota, TVS Headquartered in Chennai, India and Yamaha, among others Listed on the Bombay Stock Exchange Ltd and the National Performance Stock Exchange of India Ltd Achieved a compounded five-year topline growth of 9% Products Awards, 2009-10 Driven by a philosophy of continuous improvement and Awarded the ISO 27001 ISMS certification by TUV for specialisation in automotive component design and information technology manufacture Received the Tata Motors Gold Award for ‘Excellence in Cost Diverse product portfolio of steering gear products (manual Efficiency’ and power steering gear), steering linkage products, engine valves, friction material products (brake lining, disc pad and Won the Ashok Leyland Best Supplier Award clutch facing) and occupant-restraint products (seat belts) Received an award for warranty improvement from Maruti Suzuki India Ltd Market presence Globally benchmarked technological capabilities and Conferred the award for outstanding performance from continuous quality improvement reinforce domestic and Mahindra & Mahindra, FES global footprint Recognised as the ‘Best Cost Improved Supplier’ from Marketing network comprises dedicated marketing teams Toyota Kirloskar Motor Ltd. for domestic and export markets. The Group exports more Received the Kaizen award from Maruti Suzuki India Ltd. than 11% of its manufactured products Received the Award for Technology Upgradation from Enduring product supply relationships with 55 OEM Brakes India (for 2008-09) customers in India; products offered to 124 customers in 32 countries 2 Rane Holdings Limited Annual Report 2009-10 3 Milestones 1929 1959 1960 1964 1974 1975 1987 1991 Incorporated to cater to the Diversified into the Extended into tie-rod end Initiated friction materials Founded Kar Mobiles Initiated manual steering Formed joint venture with Formed joint venture with distribution of automobiles manufacture of IC engine manufacture manufacture Limited for automotive and gears manufacture TRW to manufacture power JMA for auto component and spare parts valves large valve manufacture steering systems distribution 1995 2000 2003 2005 2006 2007 2008 Initiated occupant-restraint Institutionalised TQM under Received the prestigious Awarded the Deming Prize for Implemented ERP across all Awarded the prestigious Completed the remaining system manufacture the guidance of JUSE, Japan Deming Prize for Rane Brake Rane Engine Valve Ltd. and Group companies Deming Prize for Rane group restructuring activities Lining Ltd Rane TRW Steering Systems Ltd. (Madras) Ltd. the fourth to achieve a clean holding (Steering Gear Division) Group to receive the structure Invested in high-pressure coveted international aluminium die casting products recognition Embarked on a group Commissioned new restructuring and consolidation facilities in Haryana and of shareholding exercise Uttaranchal resulting in the creation of Rane Holdings Ltd 4 Rane Holdings Limited Annual Report 2009-10 5 Chairman’s overview “The Rane Group is attractively placed components just-in-time, resulting in Advanced Management Program) Rane Group also strengthened its enhanced customer convenience. The around business management. We product mix through the introduction to capitalise on the auto industry Group widened product lines in strengthened our training initiatives of the following products during the anticipation of market and customer by working closely with universities year under review: rebound optimism.” growth, resulting in anytime product and business schools. Tilt and telescopic steering column for availability. The Group recruited, trained heavy commercial vehicles From the desk of Mr. L Lakshman, Executive Chairman, Rane Holdings Limited These initiatives yielded desired results and retained effectively, resulting in a and even as the external environment Direct pull retractor seat belt rich accretion of intellectual capital. weakened, Rane Group emerged Pre-tensioner and ALR seat belts stronger. What initiatives sustained Rane (production increased in 2009-10) Group’s growth in 2009-10? the industry is likely to report a What corporate decisions in How did Rane Group strengthen Were you pleased with the How is the Rane Group Even as 2009-10 started hesitantly with compounded annual growth rate 2009-10 strengthened Rane its international presence? performance of the Rane Group addressing this encouraging consumers – and hence companies - (CAGR) of 11% in the 2008-15 period, Group’s working? Even though the international markets during the year under review? reality? preferring to wait and watch, we leading to probable industry revenues of Rane Group strengthened its customer were tentative, Rane Group entered We were pleased with the Group’s Rane Group is attractively placed to utilised the opportunity to look within US$40 billion by 2015-16. relationships through the introduction new geographies and added the performance in 2009-10 for reasons of capitalise on this industry optimism by and improve our efficiency through the of new production capacities: following customers during the year volume and value. While our topline leveraging its longstanding business following initiatives: Why is India emerging as a grew a significant 21% to Rs 17,277 presence, scale, market share, Rane TRW Steering Systems Limited under review: Renault in Romania, preferred global automobile and Value analysis or Value million, our EBIDTA margin grew 63% reputation and competitiveness. Rane (RTSSL) commissioned its fifth Indian Piaggio in Italy, Polaris Industries in the automotive component engineering (VA/VE): This initiative and our post-tax profit rose 205% to Rs Group is a dominant player in its plant at Pantnagar (Uttarakhand) in US, Benteler Automotive in Brazil, outsourcing destination? helped us address customer 770 million. products across segments. Rane Group March, 2010. RTSSL invested Rs. 140 Volkswagen in Brazil and Poland, According to the Investment is also the preferred supplier to most expectations and enhance profitability Cummins
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