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Exedy India Ltd Stock Analysis

Small Cap
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Ceekay Daikin was established in 1973 as Ceekay Automotive Limited and in 1987 the name of the company got changed to Ceekay Daikin Limited.Ceekay Daikin is a leader in the field of automotive clutches. After its incorporation, in 1973 it entered into a technical collaboration agreement with...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed -2.94%-30.96%-3.55%-20.54%-13.85%-6.44%22.37%-6.57%21.91%-99.81%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 196216251320311321313347365335
Y-o-Y Gr. Rt.-9.9%16.2%27.5%-2.6%3.1%-2.5%10.8%5.2%-8.3%
Adjusted EPS (Rs.) -10.78-44.31-11.62-24.33-17.87-10.312.2-8.5-1.05-17.94
Y-o-Y Gr. Rt.-NANANANANANA-486.4%NANA
Book Value per Share (Rs.) 26.8-25.3-29.79-54.01-60.88-71.81-66.32-74.91-75.34-93.27
Adjusted Net Profit -6.5-26.6-7-14.6-10.7-6.21.3-5.1-0.6-10.8
Net Op. Cash Flow (Rs. Cr.) 5.616.121.826.511.320.912.66.56.223.9
Debt to Cash Flow from Ops 13.664.323.32.816.443.135.19.549.812.31
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Exedy India Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 6.1%1.5%2.2%-8.3%
Adjusted EPS NANA-301.3%NA
Book Value per Share -214.9000
Share Price - - - -
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) -33.49-5924.0942.258.0731.1115.53-3.1812.041.3921.28
Operating Profit Margin (%) -1.15-4.482.390.251.331.934.82.073.90.8
Net Profit Margin (%) -3.3-12.34-2.79-4.57-3.45-1.930.42-1.47-0.17-3.22
Debt to Equity 4.75-4.57-4.03-2.29-1.99-1.52-1.61-1.37-1.35-0.98
Working Capital Days 12011610787868386878794
Cash Conversion Cycle -15-32-46-53-67-80-89-59-46-55
Entity Percentage Holding
Promoters 98.07%
Institutions 0.05%
Non-Institutions 1.88%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
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Data is not available for this company.

Data is not available for this company

Ceekay Daikin was established in 1973 as Ceekay Automotive Limited and in 1987 the name of the company got changed to Ceekay Daikin Limited.

Ceekay Daikin is a leader in the field of automotive clutches. After its incorporation, in 1973 it entered into a technical collaboration agreement with Daikin Manufacturing Co. Ltd. In 1985 it commenced supplies to Maruti Udyog Limited.

Ceekay Daikin’s highly specialised line up of products encompasses a range of clutches for a range of

Ceekay Daikin was established in 1973 as Ceekay Automotive Limited and in 1987 the name of the company got changed to Ceekay Daikin Limited.

Ceekay Daikin is a leader in the field of automotive clutches. After its incorporation, in 1973 it entered into a technical collaboration agreement with Daikin Manufacturing Co. Ltd. In 1985 it commenced supplies to Maruti Udyog Limited.

Ceekay Daikin’s highly specialised line up of products encompasses a range of clutches for a range of applications – clutch disc assemblies, clutch cover assemblies from Coil type/ Diaphragm spring /DST type and clutch disc regular, silent and unity type.

In 2008 the manufacturing units are located at Noida in Uttar Pradesh and Aurangabad in Maharashtra with installed capacities of 1.2 million clutch cover assemblies and 1.8 million clutch disc assemblies per annum. Diversifying into the manufacture of clutches for two wheelers, a new project was set up at the existing unit of the Greater Noida plant to manufacture 1 million clutches per annum.

Its clientele include companies like Bajaj Tempo, Eicher Motor, M&M, Maruti Udyog Ltd, Tata Motors, Toyota Kirloskar, Swaraj Mazda, Honda, VST Trillers Tractors, Ghatge Patil Limited, etc.

In order to be competitive in market it is now introducing the 3 in 1 in the market. This 3 in 1 will be consisting of clutch disc, clutch cover and clutch release bearing.

It has its distributors located in nearly all the states like Andhra Pradesh, Assam, Chandigarh, Delhi, Goa, Kerala, Maharashtra, Orissa, Punjab, Rajasthan, West Bengal, Uttaranchal.

Excellent technology and precision engineering from Exedy Corporation (formerly known as Daikin Manufacturing Co. Ltd.) Japan, has enabled Ceekay Daikin to attain a position of strength and leadership in quality

Milestones achieved

  • 1973 -Established as Ceekay Automotive Limited
  • 1975 -Entered into a technical collaboration agreement with Daikin Manufacturing Co. Ltd.
  • 1985 -Commenced supplies to Maruti Udyog limited
  • 1987- EXEDY invests 25% in the equity of Ceekay. Equity raised Rs 10 million. Name of the company changed to Ceekay Daikin Limited. 
  • 1995 -Annual capacity for 10,00,000 Clutch Disc and 600,000 Clutch Covers Installed. Machines installed for Diaphragm Spring and Wire Rings production.
  • 1997 -Paid up capital increased to Rs 35 million.
  •  1998- Established Greater Noida facility. Capacity increased to 1.5 million clutch discs and 1.1 million clutch cover assemblies. Increasing capital stock to Rs.40 million. EXEDY's stake increased to 32.5 %.
  • 2005  - Noida plant TS16949 certified. Aurangabad Plant TS16949 certified.
  • 2006 -Clutch Disc production crossed one million

Awards/Achievements

  • Its plants are ISO/TS 16949: 2002, ISO 14001: 2004, OHSAS 18001: 1999 certified.
  • It received award for best quality 04 – 05 at Vendor Conference in Jaipur on 21st March, 2006
  • In 2003-04 received award for best quality at MUL vendor Conference at Bangkok
  • In 2002-03 award for best quality at MUL vendor Conference at Goa

Future Plans

With the joint efforts and ideas, the company is now at the stage of introducing the 3 in 1 in the market. This 3 in 1 will be consisting of clutch disc, clutch cover and clutch release bearing. The supply of 3 in 1 clutch kits is a very common and well accepted practice all over the world. Impact in the USA and Europe is , majority of clutch sales take place in 3 in 1 kits . The reason being the better life of clutch. Initially this will be for the following 4 models- Minidor, 800 CC Car, Omni/Van and Wagon R/ Alto.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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