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Fiem-Annual-Report-2017-18.Pdf Bright future FIEM INDUSTRIES LIMITED Annual Report, FY 2017-18 Forward-looking statement This document contains statements about expected future events and financial and operating results of Fiem Industries limited, which are forward- looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions, predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Further, certain industry data and other information presented in this document are collected from various reports and sources publicly available. We cannot authenticate the correctness of such data and information. Accordingly, this entire document is subject to this disclaimer. Readers are cautioned that the Company is in no way responsible for any loss / adverse result caused to them attributable to any statement in this document. Readers are requested to exercise their own judgment in assessing the risk associated with the Company. CONTENTS Corporate information 02 Chairman’s communiqué 04 Fiem’s Financial Snapshot 15 Milestones 16 Fiem: A Socially Responsible Corporate! 18 Product Segments 22 Awards and recognition 24 Valued Customers 25 Operational footprint 26 Board of Directors 28 General Information 29 Directors Report 30 Management discussion and analysis 47 Corporate Governance Report 53 Financial Statements 64 Download this report by scanning the QR code below: 1 | Annual Report 2017-18 At FIEM, we have been consistently investing in our future through world-class R&D, design capabilities, latest technologies, state-of-the-art manufacturing facilities, talented human capital and, above all, enduring relationships with prominent OEM customers. The result: FIEM has emerged as a leading manufacturer of a comprehensive range of automotive lighting products and signaling equipment, LED headlamps, other LED lamps and conventional automotive lighting, signaling equipment and rear-view mirrors across two, three, four-wheelers and commercial vehicles. Rooted in the realities of the moment. Focused on the market of the future! 2 | Fiem Industries Limited 7 realities that make FIEM one of the most exciting brands in India’s two-wheeler automotive lighting sector 1 Track record of resilience 2 World-class R&D, Design & of automotive lighting and rear a skilled and experienced and dynamism Testing capabilities view mirrors, LED luminaries workforce, aims to continuously With a history of over Our world-class Research & and passenger information fulfil customer needs. We 45 years, Company has Development capabilities deliver systems. believe that our experience scripted a success story with products that excite customers. and competitive advantage These centers are equipped farsighted vision, innovation Our products are the result have brought us to where we with modern tools, technology, and dynamism. FIEM is a well of understanding consumer are today. Our focus on the software and qualified talent reputed name in the automotive needs and responding with future will take us to where we pool. Our Photometry testing lighting industry with state-of- path-breaking technologies. want to be – satisfy the needs labs for LED general lighting the-art manufacturing facilities, We combine generations of of modern-day automobile and automotive lighting are a preferred supplier to leading practical experience with rich manufacturers. accredited by NABL. OEMs in India and abroad. The knowledge. 4 State-of-the-art Company has been growing 3 Passionate for newer Our government-approved R&D manufacturing facilities consistently despite the technologies and products Centre at Rai and design centers The Company believes in challenging market cycles and Passion resides at the heart of located in Japan and Italy manufacturing quality products macro-economic changes, our team. We are continuously provide us with the necessary at competitive costs. The validating its resilience and moving forward, innovating edge in redefining the future Company possesses a track dynamism. and growing. Team FIEM, record of maintaining the best 3 | Annual Report 2017-18 standards across essential customers and facilitate logistic adopting new technologies, needs, allowing us to grow as a parameters of quality, cost, cost savings and just-in-time manufacturing quality products business. development, delivery and delivery. and ensuring on-time delivery 7 Focus on the future management (QCDDM). The to customers. Continuing R&D 5 Human capital and remaining ahead of Company believes in in-house focus represents the backbone We believe that success competition manufacture, possessing an of FIEM’s success. is derived from collective The world is changing at a integrated manufacturing competence, technical ability 6 Enduring relationships with rapid pace and so are the infrastructure. and human capital. The most OEMs requirements of our customers. The Company has established valuable asset of the Company We believe the customer is Our quest to provide the best nine manufacturing facilities is its dedicated human capital, the reason for our existence; possible solutions to their across India comprising ultra- delivering quality products performance is the only way to needs is backed by our superior modern infrastructure with to customers. Team FIEM win more business while adding research and development state-of-the-art technology and comprises a skilled and new customers. We feel our (R&D) capability. We focus on automation to manufacture experienced workforce aiming customers deserve the best the future and in remaining world-class products at to fulfil customer needs. Team of our ability. Our mission is to ahead of competition. competitive costs. These FIEM strives for the highest continuously improve products facilities are situated near OEM standards in manufacturing, and services to meet customer 4 | Fiem Industries Limited Chairman’s communiqué JK Jain, Chairman & Managing Director 5 | Annual Report 2017-18 India’s motorcycle sales The company’s grew growth was % % 13.7 during FY2017-18 22.31 during FY2017-18 the implementation of Goods & Services Tax (implemented on July 1, 2017) reduced production and offtake for a couple of months. Against this challenging backdrop, After registering a the performance by the Indian two- wheeler industry (especially the domestic GDP growth of over motorcycles segment) proved impressive. 7% for the third year in After registering a contraction of 0.4% during FY2015-16 and a growth of 3.7% succession in 2016-17, during FY2016-17, India’s motorcycle sales grew 13.7% during FY2017-18, exceeding the Indian economy 12.6 million units, the fastest in the country reported 6.7% growth in since FY2010-11. Following consecutive years of 2017-18. deceleration, India’s motorcycle exports What is remarkable about India is that even increased 22.6% during the fiscal gone by to after reporting lower growth for 2017-18, reach 2.48 million units. Finally, the scooters its GDP growth averaged 7.3% from 2014- segment continued to perform creditably, 15 to 2017-18, the highest among major with domestic sales growing at 19.9% to 6.7 economies. million units. At FIEM, we believe that this FIEM replicated this sectoral resurgence outperformance was achieved on the back and growth of the automotive segment of low inflation, improved Current Account with a corporate growth of 29.14% that balance and reduced fiscal deficit-to-GDP translated into a turnover of Rs. 1,225.13 ratio. crore (Rs. 948.70 crore in the previous fiscal). However, on the overall basis, the The year under review was marked by company’s growth was relatively muted structural reforms undertaken by the at 22.31% due to a sharp decline in the Central Government. In addition to GST turnover of the LED general lighting introduction, the year witnessed significant FIEM replicated this segment. steps towards a resolution of problems sectoral resurgence associated with non-performing assets, This robust growth in the automotive and growth of FDI liberalisation, bank recapitalisation and revenues can be attributed to FIEM’s ability privatisation of coal mines. to consistently manufacture research- the automotive led products integral to the plans of its Although there could be several reasons valued OEM customers. FIEM capitalised segment with a attributable to this slower growth, the most on enduring institutional relationships apparent was investment deceleration growth of 29.14% to generate value- and volume-based resulting from spiralling NPAs from across growth. The convergence of a world-class that translated into the nation’s banking system. What this R&D platform, futuristic design team and means is that the banks are now far more a turnover of Rs. state-of-the art manufacturing capabilities selective in offering term loans or working 1,225.13 crore broadened FIEM’s range of new-gen capital debt, reducing funds availability proprietary products. The sizeable time and for several up-and-coming companies. resources expended by the Company in Besides, just when the dampening effects scaling capacities and capabilities resulted in of demonetisation had begun to recede, 6 | Fiem Industries Limited and superior aesthetics. The wider adoption of LEDs should
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