MIRA
INFORM REPORT
|
Report Date : |
16.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
PANASONIC AVC NETWORKS INDIA COMPANY LIMITED |
|
|
|
|
Registered Office : |
D-13/4, Okhla Industrial Area, Phase – II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
19.03.1996 |
|
|
|
|
Com. Reg. No.: |
55-77330 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74899DL1996PLC077330 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09384E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM6492M |
|
|
|
|
Legal Form : |
A public limited liability company. The company’s shares are listed on the stock exchange. |
|
|
|
|
Line of Business : |
Importers, Exporters and Manufacturers of Colour Television, Audio Hi-fi Systems, Picture Tube, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Panasonic Groups. Profit margin is under severe pressure. Trade relations are fair. Payments are slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
D-13/4, Okhla Industrial Area, Phase – II, |
|
Tel. No.: |
91-11-26101174/83/89/90 |
|
Fax No.: |
91-11-26176339 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/Factory : |
C-52, Phase II, Noida – 201 305, District Gautam Budh Nagar, Uttar Pradesh |
|
Tel. No.: |
91-120-2567045 |
|
Fax No.: |
91-120-2567042/2567046 |
|
|
|
|
Branches : |
Located at :- ·
AB11, Community Centre, Safdarjung Enclave, Tel. 91-11-26101174/26101183/26101189/26101190 Fax. 91-11-26176339 ·
No. 2 C & D, GG Emerald, Tel. 91-44-28253462 to 65 ·
SCO 4 & 5 Sector – 9D, Madhya Marg, Tel. 91-172-2742710/2747218 ·
F/101, Wall Street 1, Opposite Orient Club,
Near Tel. 91-79-26405060 · Kale Rubber Works Compound, Near Kohinoor Industrial Estate & SBI Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra Tel. 91-22-28761677-91/28761711/22/33 ·
6th Floor, 6 (1), Tel. 91-33-22882531/32/33/34 ·
4th Floor, Tel. 91-4840-2364427/2364747 ·
5-A, APII C, Kukatpally, Ranga Reddy District,
Tel. 91-40-23073690/92 |
|
|
|
|
Overseas Office: |
v
Panasonic AVC Networks Company v
Panasonic AVC Networks Company de Baja ( v
Matsushita Avionics Systems Corporation MASC 22333 29th v
Panasonic Disc Manufacturing Corporation of v
Panasonic AVC American Laboratories, Inc.
PAVCAL 311Main Street, v
Matsushita Electric ( THE v
Panasonic AVC Networks Hesebergweg 49, 31228 Peine, F.R.GERMANY v
Panasonic AVC Networks Czech s.r.o. PAVCCZ U Panasoniku 1,320 84 v
Panasonic Europe Software Development
Laboratory s.r.o. PESDL Morseova 51, 313 62 v
Panasonic AVC Networks 202, v
Panasonic AVC Networks v
Panasonic AVC Networks Johor IE, PLO 460, v
Panasonic AVC Networks ( 101 Moo Samutprakarn, 10540, v
Panasonic AVC Networks Australia Pty. Limited,
PAVCAU Station Street, Penrith, N.S.W.
2750 v
Panasonic AVC Networks India Company, Limited,
PAVCV C-52, Phase 2U, Noida-201 305, v
Panasonic AVC Networks Vietnam Company,
Limited, PAVCTW Phuoc Long, B v
Panasonic AVC Networks Taiwan Company,
Limited, CHPAVC 579, Yuan Shan Rod, Chung-Ho.
Taipei v
China Hualu Panasonic AVC Networks Company,
Limited, PAVCSH No.1 Hua Road Qixianling High
Technology zone v
Panasonic AVC Networks Shandong Company,
Limited, PAVCX 250101 No.312, v
Panasonic AVC Networks Xiamen Company, Limited 361006 Hi-Tech Industrial
Development Zone |
DIRECTORS
|
Name : |
Mr. S. R. Jiwarjka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Makoto Ikeda |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Graduate |
|
Experience : |
22 Years |
|
Date of Appointment : |
26.06.2002 |
|
Previous Employment : |
MEI, |
|
|
|
|
Name : |
Mr. Gopal Jiwarajka |
|
Designation : |
Whole time Director |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
Graduate |
|
Experience : |
23 Years |
|
Date of Appointment : |
19.03.1996 |
|
Previous Employment : |
Salora International Limited |
|
|
|
|
Name : |
Mr. Tsutomu Ueda |
|
Designation : |
Director |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
Engineer |
|
Experience : |
38 Years |
|
Date of Appointment : |
06.11.2003 |
|
Previous Employment : |
Panasonic Amazonic, |
|
|
|
|
Name : |
Mr. R. P. Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. N. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. D. Dikshit |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Autar Krishna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Kochhar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. G. Kulkarni |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ken Morita |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hisao Ozono |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajiv Bajaj |
|
Designation : |
Company Secretary, Head Finance and Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters |
41,369,319 |
82.74 % |
|
Financial Institutions |
Nil |
00.00 |
|
Foreign
Institutional Investors |
14,000 |
00.03 % |
|
Mutual Funds |
28,400 |
00.06 % |
|
Banks |
Nil |
00.00 |
|
Private
Corporate Bodies |
1,125,166 |
02.25 % |
|
Non Resident
Indian / OCBs |
117,466 |
00.23 % |
|
Others |
7,345,656 |
14.69 % |
|
Total |
50,000,007 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Importers, Exporters and Manufacturers of Colour Television, Audio Hi-fi Systems, Picture Tube, etc. |
||||||||
|
|
|
||||||||
|
Products : |
The division is also handling imported products of the following · Plasma TV · Projection TV · Digital Movie Camera · Movie Camera · Mini-compo with DVD · DVD Player both portable and tabletop and Microwaves Its’ products range includes:- Consumer Products · Washing Machine · Fully Automatic · Semi Automatic Microwave Oven · Convection · Grill · Solo · Cookers and Mixer Grinders · Home Theatre Television Systems · Plasma Display Panels · LCD TV · Digital Flat Televisions · Projection TV · PS Series · DVD Players/Recorders · Mini Compo Systems · Portable CD Players/RCR · CD RCR · RCR · Fashion · Home Theatre Audio Systems · Camcorders · Digital Video Camera · Shaped for Professional Style Shooting · 3CCD Cameras · Digital Still Cameras · System Products · Consumer Telecom · GSM · Cordless · Corded · Office Automation · Fax · Thermal · Plain Paper · Laser · Panaboard · Non Interactive · LCD · Business Projectors · Multi Function Devices · KTS · Analog Generic Names of Principal Products/Services of the company are :- · Colour TV Sets v Audio Equipments |
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
Neighboring countries |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Countries : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Colour TV Sets |
Nos |
NA |
300000 |
249339 |
|
Audio Equipments |
Nos |
NA |
100000 |
2905 |
GENERAL INFORMATION
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
v
The Bank of Tokyo Mitsubhi Limited, v
Citi Bank, v
ICICI Bank, Noida, v
Sumitomo Mitsui Banking Corporation, v
UFJ Bank, v
Standard Chartered Bank, |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Statutory Auditors : B.S.R. &
Company Chartered Accountant 4 B. DLF Corporate Park, Internal Auditors: K Prasad and
Company Chartered Accountant C-31, South
Extension Part-1, |
|
|
|
|
Associates/Subsidiaries : |
v Salora International Limited v
Panasonic AVC Networks Company v
Panasonic AVC Networks Company de Baja ( v
Matsushita Avionics Systems Corporation MASC 22333 29th v
Panasonic Disc Manufacturing Corporation of v
Panasonic AVC American Laboratories, Inc.
PAVCAL 311Main Street, v
Matsushita Electric ( THE v
Panasonic AVC Networks Hesebergweg 49, 31228 Peine, F.R.GERMANY v
Panasonic AVC Networks Czech s.r.o. PAVCCZ U Panasoniku 1,320 84 v
Panasonic Europe Software Development
Laboratory s.r.o. PESDL Morseova 51, 313 62 v
Panasonic AVC Networks 202, v
Panasonic AVC Networks v
Panasonic AVC Networks Johor IE, PLO 460, v
Panasonic AVC Networks ( 101 Moo Samutprakarn, 10540, v
Panasonic AVC Networks Australia Pty. Limited,
PAVCAU Station Street, Penrith, N.S.W.
2750 v
Panasonic AVC Networks India Company, Limited,
PAVCV C-52, Phase 2U, Noida-201 305, v
Panasonic AVC Networks Vietnam Company,
Limited, PAVCTW Phuoc Long, B v
Panasonic AVC Networks Taiwan Company,
Limited, CHPAVC 579, Yuan Shan Rod, Chung-Ho.
Taipei v
China Hualu Panasonic AVC Networks Company,
Limited, PAVCSH No.1 Hua Road Qixianling High
Technology zone v
Panasonic AVC Networks Shandong Company, Limited,
PAVCX 250101 No.312, v
Panasonic AVC Networks Xiamen Company, Limited 361006 Hi-Tech Industrial
Development Zone
v
Matsushita Techlology ( v
Matsushita Telva Network Systems Company ( v
Matsushita Electric AVC ( v Pana Trading (S) Pte Limited (Formerly known as Asia Matsushita Electrics (S) Pte. Limited v Matsushita Electric Industries, Hong Kong v Matsushita Electric Vietnam Company v Matsushita Electric (S) Pte. Limited v
Matsushita Electric Components ( v Pana Industries Company (Mall) Sdn. Bhd. v AMAC Corporation v P. T. National Gobel v National Panasonic India Private Limited v Indo National Limited v
Panasonic v
Panasonic Battery India Company Limited |
|
|
|
|
Joint Venture : |
Matsushita Electric Industrial Company Limited 1006, Kadoma, Jiwarajka Group D-13/4, Okhla Industrial Area, Phase-ll, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000,007 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 millions |
|
59,999,993 |
5% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 600.000 millions |
|
|
Total
|
|
Rs. 1100.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,00,007 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
500.000 |
500.000 |
500.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated
Losses) |
(84.373) |
(112.934) |
(123.107) |
|
NETWORTH
|
415.627 |
387.066 |
376.893 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
2.905 |
5.298 |
|
|
2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL BORROWING
|
0.000 |
2.905 |
5.298 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
415.627 |
389.971 |
382.191 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
110.775 |
120.596 |
135.031 |
|
Capital work-in-progress
|
2.018 |
0.329 |
2.203 |
|
|
|
|
|
|
|
INVESTMENT
|
0.024 |
0.024 |
142.204 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
59.847
|
53.754
|
93.135 |
|
|
Sundry Debtors
|
75.758
|
55.919
|
58.044 |
|
|
Cash & Bank Balances
|
160.418
|
155.885
|
5.528 |
|
|
Other Current Assets
|
1.375
|
2.454
|
0.000 |
|
|
Loans & Advances
|
140.903
|
98.648
|
56.827 |
Total Current Assets
|
438.301
|
366.660
|
213.534 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
127.646
|
92.069
|
107.089 |
|
|
Provisions
|
7.845
|
5.569
|
4.665 |
Total Current Liabilities
|
135.491
|
97.638
|
111.754 |
|
Net Current Assets
|
302.810
|
269.022
|
101.780 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.973 |
|
|
|
|
|
|
|
TOTAL
|
415.627 |
389.971 |
382.191 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1199.331 |
1014.400 |
1037.194 |
|
|
Other Income |
79.897 |
86.221 |
|
|
|
Total Income |
1279.228 |
1100.621 |
1037.194 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
29.852 |
10.183 |
(0.123) |
|
|
Provision for Taxation |
1.291 |
0.010 |
0.000 |
|
|
Profit/(Loss) After Tax |
28.561 |
10.173 |
(0.123) |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
627.516 |
502.438 |
240.074 |
|
Total Earnings |
627.516 |
502.438 |
240.074 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
729.367 |
523.847 |
|
|
|
Stores & Spares |
1.149 |
1.037 |
438.665 |
|
|
Capital Goods |
6.506 |
6.650 |
|
|
Total Imports |
737.022 |
531.534 |
438.665 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
(lncrease)/decrease
in stocks |
(15.666) |
23.085 |
|
|
|
Materials
consumed |
1,082.617 |
906.325 |
|
|
|
Personnel
expenses |
42.426 |
36.594 |
|
|
|
Operating and
other expenses |
50.899 |
39.631 |
|
|
|
Selling and
distribution expenses |
66.429 |
57.771 |
1160.301 |
|
|
Finance charges |
0.660 |
1.078 |
|
|
|
Depreciation/
amortisation |
22.011 |
24.980 |
|
|
|
Preliminary
expenses written off |
0.000 |
0.974 |
|
|
Total Expenditure |
1249.376 |
1090.438 |
1160.301 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 |
|
Type |
|
|
Full
Year |
|
Sales
Turnover |
|
|
1296.600 |
|
Other
Income |
|
|
20.500 |
|
Total
Income |
|
|
1317.100 |
|
Total
Expenditure |
|
|
1254.300 |
|
Operating
Profit |
|
|
62.800 |
|
Interest |
|
|
00.300 |
|
Gross
Profit |
|
|
62.500 |
|
Depreciation |
|
|
20.900 |
|
Tax |
|
|
04.500 |
|
Reported
PAT |
|
|
37.100 |
|
Dividend
(%) |
|
|
00.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.00 |
0.01 |
0.40 |
|
Long Term Debt Equity Ratio |
0.00 |
0.01 |
0.02 |
|
Current Ratio |
3.45 |
2.77 |
1.03 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.64 |
2.25 |
1.58 |
|
Inventory |
23.45 |
15.60 |
9.93 |
|
Debtors |
20.22 |
20.10 |
20.15 |
|
Interest Cover Ratio |
43.57 |
10.27 |
(10.12) |
|
Operating Profit Margin (%) |
3.94 |
3.17 |
(0.75) |
|
Profit Before Interest and Tax Margin (%) |
2.29 |
0.99 |
(7.63) |
|
Cash Profit Margin (%) |
3.79 |
3.07 |
(1.50) |
|
Adjusted Net Profit Margin (%) |
2.14 |
0.89 |
(8.38) |
|
Return on Capital Employed (%) |
6.08 |
2.56 |
0.00 |
|
Return on Net Worth (%) |
5.70 |
2.33 |
0.00 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.14.15/- |
|
Low |
Rs.13.30/- |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
v
v Building
v Plant & Machinery
v Dies & Moulds
v Furniture & Fixture
v Vehicles
HISTORY
Incorporated in the year 1996,Matsushita Television &
Audio India Limited has been engaged in the segment of Consumer Electronics.
The company produces Audio Systems, Televisions and other electronic
products.
During the year 2003,the company has changed its name from Matsushita
Television & Audio India Limited to Panasonic AVC Networks India Limited
BUSINESS
PHILOSOPHY
Companies in the electronics sector need to innovate on a consistent basis in
order to survive in this age. Everyday major breakthroughs are taking place,
having the power to change the face of the electronic sector. The pace of
development is such that the technology of yesterday seems primitive today. The
focus of our company is on delivering cutting edge products at affordable
prices. For this very reason Matsushita Group lays a lot of emphasis on
Research and Development and continuously churns out innovative products.
Matsushita Group's vision is to become the numero uno, through offering
excellent products under its brand 'Panasonic', and delivering quality service
to its customers, something that Panasonic's customers vouch for.
OUTLOOK
With Indian economy on the fulcrum of an ever expanding growth curve, the next
few years look set to clock around 8% GDP growth rate, which bodes good for our
company. The GDP grew by 8.4% in the year 2005-06, according to the estimates
of Central Statistical Organization. The agricultural sector has also grown at
an impressive rate of 3.9% in 2005-06. All economic indicators are pointing
upwards, except oil prices, which continue to be a major cause of worry. Rising
oil prices have already pushed up interest rates, thereby putting the economy
under inflationary pressures. This might also slow down investment and reduce
consumer spending.
The good performance of the economy has lured in huge investments by major
electronics companies and the resulting competition has forced the companies to
reduce the market prices of their products, thereby affecting their
profitability. ]
INDUSTRY
STRUCTURE AND DEVELOPMENT
This age of globalization has brought about many significant
changes. The companies are finding it much easier to move across the globe. As
a result consumers are being bombarded with diverse and latest products from
different companies, leading to a change in tastes and preferences. Traditional
distribution models have also undergone considerable change, necessitating a
review of the overall business model.
The economic growth has provided individuals with greater disposable income
which they are ready to spend on latest and good quality products. There is a
growing disposition of consumer toward flat screen television. With a large
portion of the populace still deprived of TVs, there is considerable scope for
growth in this sector. And it will be our endeavour to make the best out of
this opportunity.
PRODUCT WISE PERFORMANCE
Nowadays consumers have got a lot of options to choose from,
unlike the earlier days when the choices were extremely limited. Whether it be
on the quality front or the price front, there is an abundance of options.
Therefore, the way to succeed today is to offer the best of products at
extremely competitive of prices. Our endeavour at Panasonic is to do just this;
to bring down the prices without compromising on the quality. The export
business has grown during this period and there has been considerable
improvement in the quality, cost and delivery. The company has also improved
its performance in the domestic market as compared to the previous year. The
efficiency improvement on the production side has brought in improvement in the
volume from the same facilities. The company is focussing on 14', 20' and 21'
round tube models for export business and 21' flat TV for the domestic market.
The company has recently launched 9 new models in the flat TV category including
PIP model . The way the market is expanding the company is expecting good
growth in the 29' segment also.
OPPORTUNITIES
AND THREATS
This age is witnessing many unprecedented changes. The
globalization has shrunk and merged boundaries leading to many opportunities as
well as threats. The consumers, nowadays, have been spending much more than
before, because of rising income, but they also have a host of choices to
choose from. This makes it very necessary to offer cutting edge quality
products at affordable prices in order to be a distinguished and an excellent
brand. We, at Panasonic AVC India Company, are trying to make it a reality by
drawing on the strong base of High Technology and intellectual Property based
products that our parent company, Matsushita Electrical Industrial Go.,
AS PER WEBSITE DETAILS:
Profile
Panasonic India is a part of the US $ 69
billion Matsushita Group that's ranked 26th in the Fortune 500 Company
list.Matsushita Electric Industrial Company, Limited, best known for its
Panasonic brand name, is a worldwide leader in the development and manufacture
of electronic products for a wide range of consumer, business, and industrial
needs. Based in
National and Panasonic are the brand names
under which the Matsushita Group markets different products. All electric home
appliances are branded 'national' and the audio-video equipment; information
and communications equipment is marketed under the brand 'Panasonic'.
With major breakthrough the Matsushita Group
has met many milestones since its inception in 1918. It has always been a
leader in the international market. It brings to Indian homes & offices
world-renowned products ranging from batteries, rice cookers, microwaves to all
categories of colour televisions, audio systems, Washing machines & air -
conditioners. From key telephone systems & cordless phones to high
performance fax machines, innovative technologies & futuristic products
have been designed to meet the changing lifestyles of modern
With initial manufacturing & marketing alliances in
Indian Operations
Customer satisfaction is vital issue to
Panasonic
To ensure superior & cost effective
customer service, the service personal receives comprehensive & thorough
technical training. Regular service clinics are held where customer can bring
products for on site repairs. MEI has given a major thrust to it's Indian operations
in the audio-visual industry, by infusing additional funds in NPI. For focused
operations the company has 3 different divisions for different categories of
products.
The Consumer Product Division manages
audio-visual products like televisions,audio systems,VCRs,movie cameras &
imported products under this category. Another group company, the Matsushita
Washing Machine India Limited That has its factory at Pune, manufactures
washing machines. This division is also handling imported products such as Plasma
TV, Projection TV Digital Movie Camera, Movie Camera, Mini-compo with DVD, DVD
Player both portable and tabletop and Microwaves etc.
The System Products Division handles office
automation products such as faxes, key telephone systems, cordless phones,
Panaboards, etc. The company's Industrial Division deals in industrial products
such as electronic component batteries, welding equipment, measuring
instruments, Panaserts, etc. Creating the right fusion of technology and style,
NPI set the pace with advanced converging digital technologies by recently
launching its Tau-Flat TV, Plasma TV, Projection TV, Digital Movie Camera,
Movie Camera, Mini-compo with DVD, DVD Player (both portable and tabletop).
A
befitting beginning to the new millennium.
With a span of 8 years of operation, NPI
has been able to notch a 10 percent market share in Washing Machines. The CTVs
from Panasonic are also immediately popular in the Indian market.
June 2003
The company and the display devices compared
tegrated. Establishment of Visual Products and Display Devices Business.
January 2003
Establishment of company President Fumio
Ohtsubo
June 2002
Fumio Ohtsubo is appointed President.
February 2002
Establishment of the IT Products Business
Division.
December 2001
Establishment of
October 2001
Establishment of Corporate Broadband Systems
Office.
April 2001
Implementation of matrix organisation and
business group structure.
December 2000
Establishment of
June 2000
Kazuo Toda appointed as president.
April 2000
Broadcast Systems Divisions of Matsushita
Communications Industrial and the AVC Company were in tegrated.
April 1999
Establishment of PAVCEL (Panasonic AVC
European Laboratory)
August 1998
First to surpass production of 200 million
television worldwide.
June 1998
Establishment of Matsushita Electric AVC (
September 1997
Establishment of Panasonic AVC Multimedia
Business Group
June 1997
Kunio Nakamura appointed as President.
April 1997
Establishment of AVC
Company (Spin-off), Mikio Higashi appointed President.
Press clipping
The Hindu October 21, 2003
Matsushita Television and Audio India Limited, the Indian arm of Matsushita Electric Industrial Company, which has not been in the pink of health, hopes to start making profit by the next fiscal (2004-05). Besides beginning November, the company will be called, Panasonic AVC Networks India Company Limited.
Disclosing the company’s strategy to get back into good health, Mr. Kazuo Ogishima, Managing Director, Matsushita Television & Audio said, “The company has opted for a capital reduction plant to wipe out accumulated losses. As per this plan, the preference capital of Rs. 390 millions will be reduced to bring down the loss and to make the balance sheet strong and healthy”.
Elaborating further on the financial health of the company, he told the Business Line that the current turnover of the company (for 2002-03) is Rs. 1200 millions. On how the capital reduction plan will be used, Mr. Ogishima said, “with the capital reduction plan intention is not to increase the turnover but wipe out the accumulated losses and impairment of assets. And with this restructuring, the company hopes to become financially sound and target healthy growth”.
Further, the Japanese parent, which has 55% stake in the company had been infusing fresh capital into the entity. The current equity base of the company is Rs. 890 millions, which includes Rs. 500 millions equity capital and Rs. 390 millions preference capital. The company has the capacity to manufacture TV sets and audio units per annum at its production facility in Noida.
Commenting on the reasons behind the company’s current
health despite ‘National’ being an established brand, Mr. Ogishima said,
“Panasonic itself as a brand in
Mr. Ogishima said new launches in the offing comprise a 51 inches projection TV, PS series of flat models including 21 inches and 29 inches and VK series of Audio Hi-Fi systems, which includes models such as VK30 (1,400 Watts) and VK 50 (3,200 Watts).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.97 |
|
|
1 |
Rs.80.73 |
|
Euro |
1 |
Rs.54.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|