MIRA INFORM REPORT
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Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VIDEOCON INTERNATIONAL LIMITED - MERGED WITH VIDEOCON INDUSTRIES
LIMITED |
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Registered Office : |
14 KM Stone,
Aurangabad – Paithan Road, Village Chittegaon, Taluka Paithan, District
Aurangabad – 431105, Maharashtra |
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Country: |
India |
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Financials (as on): |
30.09.2005 |
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Date of Incorporation : |
29.10.1996 |
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Com. Reg. No.: |
11-103624 |
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CIN No.: [Company Identification No.] |
L99999MH1996PTC103624 |
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TAN No.: (Tax Deduction & Collection Account No.) |
MUMV09411D NSKV01616G |
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PAN No.: (Permanent Account No.) |
AABCV4012H |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the stock exchange. |
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Line of Business : |
Manufacturing and trading activity of Electronic\Electric
Consumer Durables and home appliances all kinds of electric and Electronic goods
as well as telecommunication equipments, office equipments, games and gaming
solutions including lotteries etc., |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 185000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Company’s profitability is improving.
The company was successful in wiping-off all its previous losses . Payments
are reported as slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office/Factory : |
Auto Cars Compound, Adalat Road, Aurangabad – 431005, Maharashtra |
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Tel. No.: |
91-240-2320750 |
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Fax No.: |
91-240-2333704 |
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Plant Locations : |
v
14 Km Stone, Aurangabad-Paithan
Road, Village Chitegaon, Tq- Paithan, Dist: Aurangabad-431105 Tel.
No. 91-2642-240803 Fax.
No. 91-2642-240391 / 251551 v
15 Km Stone,
Aurangabad-Paithan Road, Village Chitegaon, Tq- Paithan v
Gut No 350, Bhalgaon, Dist:
Aurangabad – 431210 v
Survey No-6 To 11,
Krishna Sagar Village, Attibele, Hosur Road v
Plot No-72 (Phase -1),
Sipcot Industrial Complex, Hosur – 635126 v
Sector –V, Block
B.P, Salt Lake City, Kolkata – 700
091 v
Hardwar Park, Survey No-1/1, Village Imarat Kancha,
Maheshwaram Mandal, Dist. Ranga Reddy – 500 005 v
P.O Box No-68, Videocon House, Village Chhavaj, Bharuch –
392002 |
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Branches : |
Videocon
International Limited Tel. No. : 86-755-25833-845
Upto 850 Tel. No. : (48 22) 7571112 |
DIRECTORS
|
Name : |
Mr. Pradeepkumar N Dhoot |
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Designation : |
Director |
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Name : |
Mr. Anirudha V Dhoot |
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Designation : |
Director |
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Name : |
Mr. S K Shelgikar |
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Designation : |
Director |
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Name : |
Mr. Vivek D Dham |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Parag A Inamdar |
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Designation : |
Company Sectary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters Holding |
|
|
|
Indian Promoters |
15,64,99,971 |
70.82 % |
|
Person Acting in Concert # |
11,93,354 |
0.54 % |
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Sub-Total |
15,76,93,325 |
71.36 % |
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Non-Promoter's Holding |
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Institutional Investors |
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|
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Mutual Funds and UTI |
4,12,967 |
0.19 % |
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Banks ,Financial Institutions, Insurance, Companies,
(central / State Government Institutions, Non -Government
Institutions ) |
10,07,451 |
0.46 % |
|
FIIs |
30,34,820 |
1.37 % |
|
Sub – Total |
44,55,238 |
2.02 % |
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Others |
|
|
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Private Corporate Bodies |
56,07,674 |
2.54 % |
|
Indian Public |
64,12,031 |
2.90 % |
|
NRIs/OCBs |
9,28,363 |
0.42 % |
|
GDR |
4,58,89,202 |
20.77 % |
|
Sub -Total |
5,88,37,270 |
26.62 % |
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|
|
|
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Grand Total |
22,09,85,833 |
100.000 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and trading activity of Electronic\Electric
Consumer Durables and home appliances all kinds of electric and Electronic
goods as well as telecommunication equipments, office equipments, games and gaming
solutions including lotteries etc., |
GENERAL
INFORMATION
|
Bankers : |
v State Bank of
India v Indian Bank |
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Facilities : |
- |
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Banking
Relations : |
Unknown |
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Auditors : |
Khandelwal Jain & Company/ Kadam & Company Chartered Accountant |
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Associates/Subsidiaries : |
v
Videocon Appliances Limited Manufacturing washing
machines. v
Applicomp India Limited v
Epitome Components Limited v
Videocon Housing Finance Limited v
Videocon Properties Limited v
Mecne Spa, Italy v
European Refrigeration Components SRL v
Videocon
Industries Limited v
Videocon Communications Limited v
Indian Refrigerator Company Limited v
Kitchen Appliances India Limited v
Millennium Appliances India Limited v
Videocon Narmada Glass |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 3500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
262210000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2622.100
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
30.09.2005 (15 months ) |
30.06.2004 |
30.06.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2622.100 |
328.900 |
328.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
43724.100 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(412.200) |
(394.800) |
|
NETWORTH
|
46346.200 |
(83.300) |
(65.900) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27761.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
4734.700 |
900.700 |
999.600 |
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TOTAL BORROWING
|
32495.700 |
900.700 |
999.600 |
|
|
DEFERRED TAX LIABILITIES |
|
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|
|
|
|
|
|
|
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TOTAL
|
78841.900 |
817.400 |
933.700 |
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APPLICATION OF FUNDS
|
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|
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|
|
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|
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FIXED ASSETS [Net Block]
|
33497.500 |
1099.300 |
1099.700 |
|
Capital work-in-progress
|
6153.700 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT
|
3387.900 |
82.900 |
88.400 |
|
DEFERREX TAX ASSETS
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
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Inventories
|
8730.200
|
0.000
|
0.000 |
|
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Sundry Debtors
|
9971.200
|
6.800
|
0.000 |
|
|
Cash & Bank Balances
|
13960.100
|
2.800
|
1.600 |
|
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Other Current Assets
|
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances
|
12091.300
|
1049.600
|
1701.300 |
Total Current Assets
|
44752.800
|
1059.200
|
1702.900 |
|
Less : CURRENT
LIABILITIES & PROVISIONS
|
|
|
|
|
|
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Current Liabilities
|
8253.100
|
1423.800
|
1957.300 |
|
|
Provisions
|
696.900
|
0.200
|
0.000 |
Total Current Liabilities
|
8950.000
|
1424.000
|
1957.300 |
|
Net Current Assets
|
35775.800
|
(364.800)
|
(254.400) |
|
|
|
|
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
78841.900 |
817.400 |
933.700 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.09.2005 (15 months ) |
30.06.2004 |
30.06.2003 |
Sales Turnover [including other income]
|
57706.500 |
207.800 |
584.100 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
2616.500 |
(18.900) |
(143.000) |
Provision for Taxation
|
(1660.300) |
(1.500) |
70.900 |
Profit/(Loss) After Tax
|
4276.800 |
(17.400) |
(213.900) |
|
|
|
|
|
Total Expenditure
|
55466.800 |
167.800 |
305.600 |
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.09.2006
Full Year |
|
Sales Turnover |
|
|
76097.700 |
|
Other Income |
|
|
1445.500 |
|
Total Income |
|
|
77543.200 |
|
Total Expenditure |
|
|
62166.400 |
|
Operating Profit |
|
|
15376.800 |
|
Interest |
|
|
2447.300 |
|
Gross Profit |
|
|
12929.500 |
|
Depreciation |
|
|
3077.500 |
|
Tax |
|
|
1100.900 |
|
Reported PAT |
|
|
8751.100 |
|
Dividend |
|
|
0.000 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.12.2006 1st
Quarter |
|
Sales Turnover |
|
|
20586.700 |
|
Other Income |
|
|
469.200 |
|
Total Income |
|
|
21055.900 |
|
Total Expenditure |
|
|
16820.500 |
|
Operating Profit |
|
|
4235.400 |
|
Interest |
|
|
724.100 |
|
Gross Profit |
|
|
3511.300 |
|
Depreciation |
|
|
1099.700 |
|
Tax |
|
|
350.000 |
|
Reported PAT |
|
|
2061.600 |
Notes
:
200612
Quarter 1 –
1. The above results have been reviewed by the Audit
Committee and taken an record by the Board of Directors at'its meeting held on
31st January, 2007. The results for the quarter ended 31st December,
2006 have been subjected to a 'Limited Review' by the auditors of the Company,
as per the listing agreement with the Stock Exchanges. 2. a) In terms of the
Scheme of Amalgamation sanctioned by the Hon'ble High Court of Bombay vide
order dated 30th-June 2006, EKL Appliances Limited amalgamated with the Company
with effect from 1st January 2005. The Scheme has become effective
on 21st July, 2006. Pursuant to the Scheme, the Company has alloted
416 Equity Shares of Rs.10/-each to the equity shareholders of erstwhile EKL
Appliances Limited. The paid-up Equity Share Capital of the Company as
mentioned above-includes the effect of this allotment. b) Consequent to the
amalgamation of EKL Appliances Limited with the Company, figures for the
quarter ended 31st December 2006, quarter ended 31st
December 2005 and the year ended 30th September 2006 include
operations of EKL Appliances Limited. c) Figures for the quarter ended 31st
December 2005 have been restated to include operations of erstwhile EKL
Appliances Limited which was amalgamated with the Company later. 3. During the
quarter ended 31st December, 2006, 366 investor’s complaints were received and
resolved. There were no investor complaints pending at the beginning of the
quarter and at the end of the quarter. 4. The Provision for Tax for the quarter
and period includes Provision for Deferred Tax and Fringe Benefit Tax. 5
Previous quarters/year's figures have been regrouped/reclassified and re casted
wherever necessary.
KEY RATIOS
|
PARTICULARS |
30.09.2005 (15 months) |
30.06.2004 |
30.06.2003 |
|
Debt-Equity Ratio |
0.91 |
0.00
|
0.00 |
|
Long Term Debt-Equity Ratio |
0.88 |
0.00
|
0.00 |
|
Current Ratio |
3.80 |
0.79
|
1.04 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.88 |
0.18
|
0.51 |
|
Inventory |
10.36 |
0.00
|
432.67 |
|
Debtors |
9.07 |
61.12
|
13.26 |
|
Interest Cover Ratio |
2.84 |
0.75
|
0.67 |
|
Operating Profit Margin(%) |
16.40 |
38.50
|
52.82 |
|
Profit Before Interest And Tax Margin(%) |
12.29 |
27.48
|
49.58 |
|
Cash Profit Margin(%) |
14.73 |
2.65
|
(33.38) |
|
Adjusted Net Profit Margin(%) |
10.62 |
(83.700)
|
(36.62) |
|
Return On Capital Employed(%) |
15.85 |
0.00
|
0.00 |
|
Return On Net Worth(%) |
26.45 |
0.00
|
0.00 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.455.00/- |
|
Low |
Rs.438.25/- |
LOCAL AGENCY
FURTHER INFORMATION
Formerly known as Adhigam Trading, Videocon Leasing and
Industrial Finance was incorporated in 1986. In 1990-91, the management
underwent a change by way of transfer of equity shares to the Videocon group. The
company is been engaged in lease financing, hire-purchase, bill discounting and
merchant banking. It had diversified into corporate financing and investment
operations. It became a category-I merchant banker and played an active role in
issue management, underwriting, advisory services and loan syndication.
During 1994-95, it floated a 100% subsidiary Popup Properties and Investments,
to deal with investments, and to advise on investments, and also to provide
corporate finance advisory services as well as arrange and deal in the areas of
corporate finance.
Videocon Energy Holdings Limited (VEHL) and consequently Goa Energy Private
Limited (Formerly Talchar Minings Private Limited), which is a subsidiary of
VEHL, ceased to be the subsidiaries of the company with effect from 31st
March 2004. On 15th June 2004, Videocon Securities Limited has become a
subsidiary of the company and On 5th June 2004 Petrocon India Limited (PIL) has
become a subsidiary of the company. Further Popup Properties & Investments
Private Limited and Videocon (Mauritius) Infrastructure Ventures Limited are
also the subsidiaries of the company.
During December 2005 the Company has acquired 81% equity stake in Eagle
Corporation Limited (ECL) and consequently ECL became a subsidiary of the
company.
Banganga Investments Private Limited, New Design Finance & Investments
Private Limited, Wide Range Credit & Investments Private Limited and Verka
Investments Private Limited, were merged with the company under the scheme of
amalgamation.
The name of the company has been changed during September 2004, from Videocon
Leasing and Industrial Finance Limited to Videocon Industries Limited.
During 2003-04 the company had successfully launched the business of
Manufacturing and trading activity of Electronic\Electric Consumer Durables and
home appliances all kinds of electric and Electronic goods as well as
telecommunication equipments, office equipments, games and gaming solutions
including lotteries etc., and the company has also started the online lottery
business as distributors and commerical launched the business in April 2004.
Further the company has decided to merge Petrcon India Limited (Formerly
Videocon Petroleum Limited), which is subject to approval.
OPERATIONS:
During the year, name of the Company was changed from Videocon Leasing &
Industrial Finance Limited to Videocon Industries Limited. The Company also
changed its main objects in line with the proposed business strategy.
During the year under consideration,
the company started the online lottery business as distributors.
After the initial
preparations like networking etc., the commercial launch of the business was
done in the month of April'04. However, being in the initial stage, the volume
of activities remained low.
FINANCIAL RESULTS
The financial period under review of the Company was extended by a period of
three months so as to end on September 30, 2005, with requisite approval from
Registrar of Companies. The performance of the Company for the financial period
ended September 30, 2005 is as summarized below:
HIGHLIGHTS
Some of the highlights of the period under review are as under:
Mergers:
Petrocon India Limited amalgamated with the Company on June 7, 2005 (w.e.f.
31.03.2004). This resulted in the Company getting into oil and gas business.
With merger of Petrocon, the Company has become a member of the consortium that
operates the Ravva Oil and Gas fields.
The Company has a 25% participating interest in the Ravva Oil and Gas Field
that presently produces 50,000 barrels of oil per day. The operating cost of
the project is among the lowest in the industry.
Apart from Ravva, company plans forays outside India and is on the lookout for
strategic tie-ups in Exploration & Prospecting (E & P) on a purely
opportunistic basis.
Videocon International Limited (VIL) amalgamated with the Company on December
7, 2005 (w.e.f. 31.12.2004). VIL was engaged in manufacture and marketing of
various consumer durables and home appliances as also Glass Shells for Colour
Picture Tubes.
On August 13, 2005, Board of Directors of the Company approved a proposal for
amalgamation of EKL Appliances Limited (Formerly Electrolux Kelvinator Limited)
with the Company. EKL owns three manufacturing facilities in India -
Shahajanpur in Rajasthan, Butibori and Warora in Maharashtra. The details of
the amalgamation are being worked out.
Change in Capital Structure:
During the period under review, there were material changes
in the capital structure of company on account of amalgamations as well as
further issues of capital. Details of the same are as under:
On June 29, 2005, the GDRs got listed on Luxembourg Stock
Exchange upon issue of 75,00,000 GDRs representing 75,00,000 equity shares at a
price of US$ 10 per GDR.
On July 7, 2005, AB Electrolux, Sweden, subscribed to 94,10,145 GDRs
representing 94,10,145 underlying equity shares at a price of US$10 per GDR.
On September 13, 2005, the Company issued 23,25,500 equity shares to M/s.
Bennett, Coleman & Co., Limited, Mumbai, the publishers of The Economic
Times and The Times of India, among other publications, on a preferential basis
as per the SEBI guidelines for preferential issues.
On September 13, 2005, the Company allotted 12,57,55,450 equity shares to the
shareholders of erstwhile Petrocon India Limited pursuant to Scheme of
Amalgamation of Petrocon India Limited with the Company.
On September 30, 2005, Thomson subscribed for 28,650,000 GDRs representing
28,650,000 underlying equity shares at a price of US$ 10 per GDR.
As a result of this, the paid up equity capital of the Company stood at Rs
2065.26 Million as on 30.09.2005.
OUTLOOK
The consumer electronics sector is undergoing a major transformation. The
analog technologies are giving way to digital technologies. Digitalization in
turn is leading to convergence of consumer, computer, communication, broadcast
cable technologies and the contents. A digital signal can be far more easily
processed than an analog one. The company is planning to tap this.
The Company has adopted the best and the most sophisticated technology to suit
Indian needs. The company as a part of global diversification has been planning
international forays in advanced and alternate technologies like Flat Panel
Displays.
The Company as a part of reducing manufacturing cost of products as also to
strengthen the bottomline, has decided to adopt the policy of becoming
'backbone provider' to the industry through focusing on various
components.
RISKS AND CONCERNS
The markets for consumer electronics products and household appliances are
highly competitive and the Company has experienced pressure on its prices and
margins. The Company expects that technological advances and aggressive pricing
strategies by competitors will intensify competition.
The consumer electronics products industry is subject to technological changes
and shifts in consumer preferences. A substantial portion of company's business
depends on the sales of consumer electronics products. As new features and
applications of electronics products are frequently introduced and can be
significantly different from the ones they supersede, there is a risk that the
company will not be equipped as rapidly with the technologies and/or licenses
required for developing and manufacturing electronics products that meet new
standards.
The pricing of oil and gas is subject to variation and depends on a number of
factors beyond control
Discussion On Financial Performance With Respect To
Operational Performance
The Financial performance for the current period is not comparable with the
performance for the corresponding period in the preceding year as there has
been substantial change in the business model of the company due to
amalgamations of Petrocon India Limited and Videocon International Limited. Due
to the mergers, there has been substantial increase in the volume of activities
of the company as also there has been diversification of activities on a large
scale.
Being incomparable, the previous year performance has not been discussed under
this head. The salient features of the performance of the company during the
current period under consideration are as under :
Sales & Income from Operations
During the period under consideration, the Company achieved a turnover of Rs.
56538.25 million, which comprised of that from the Consumer Durables and
Household Appliances Segment to the extent of Rs. 41002.30 million, Oil and Gas
segment to the extent of Rs.14316.52 million and from other segment to the
extent of Rs. 1219.43 million.
Other Income
Other Income for the period was Rs. 841.92 million. Other Income comprises of
rental receipts, dividend income, fluctuation of foreign exchange rate,
insurance claim received, interest income and miscellaneous income.
Corporate Profile
The Videocon group emerges as a USD 2.5 Billion global conglomerate continuing
to set trends in every sphere of its activities from a conference room sized
assembly line in 1979.
Today the group operates through 4 key sectors:
v Consumer
Durables
v Thomson
CPT
v CRT
Glass
v Oil
& Gas
Consumer Electronics, Home Appliances & Compressor
manufacturing in India
They enjoy a pre-eminent position in terms of sales and customer satisfaction
in many of their consumer products like Colour Televisions, Washing Machines,
Air Conditioners, Refrigerators, Microwave ovens and many other home
appliances, selling them through a Multi-Brand strategy with the largest sales
and service network in India. Refrigerator manufacturing is further supported
by their inhouse compressor manufacturing technology in Bangalore.
Display
industry and its components
With the Thomson acquisition Videocon has emerged as one of the largest Colour
Picture tube manufacturers in the world operating in Mexico, Italy, Poland and
China, continuing to lead through new innovative technologies like slim CPT,
extra slim CPT and High Definition 16:9 format CPT.
Colour
Picture Tube Glass
Videocon is one of the largest CPT Glass manufacturers in the world with a high
level of experience and technical expertise operating through Poland and India.
Videocon will leverage on this synergy after the Thomson acquisition to
internally source glass for its CPT manufacturing increasing efficiencies and
lowering costs.
Oil
and Gas
An important asset for the group is its Ravva oil field with one of the lowest
operating costs in the world producing 50,000 barrels of oil per day. The group
has ambitious plans for expansion in this sector globally.
Videocon’s Lifestyle Expo set to make a Big Splash
Videocon, India’s leading Consumer Electronics & Home Appliances
brand, has launched a nation-wide series of roadshows, called Videocon
Lifestyle Expo 05. Organized to showcase Videocon’s product range superiority
and to bring the Videocon experience close to the consumers’ homes, the
Lifestyle Expo promises to create a sensation as it showcases in different
parts of the country over the next few months.
The Videocon Lifestyle Expo will run for 3 days and along with the product
showcase, there is a shopping festival organised, where consumers can purchase
Videocon products at attractive prices, with 0% finance options also being
available. Lucky Draws and entertainment for ladies & kids are also part of
the event.
Also launched at this time is Videocon’s mega consumer offer, the
Hum-Tum Offer. A celebration of the spirit of togetherness, the Hum-Tum Offer
gives the consumers many exciting product combinations to choose from, across
the product categories of Colour TVs, Refrigerators, Washing Machines, DVD
Players & Home Theatres. The combination offer is unique in that it allows
the consumer to choose from among 15 combinations according to his needs, at
extremely attractive prices.
The product combinations in Hum-Tum have been created with special care.
“Videocon is known for always keeping the customer’s best interests in mind,
and this time is no different. Hum-Tum combinations are tailored to suit every
need, at prices that are irresistible”, said Mr. Sunil Tandon, Vice-President,
Marketing, Videocon.
This is reconfirmed by Mr. Pawan Kalra, VP, HA Sales, who says, “The
combination prices are truly amazing. For example, where else can one avail of
a combination of a fully-automatic washing machine and a 250-litre frost-free
refrigerator for just Rs. 18990? Other combination prices are equally
challenging, both in electronics and appliances.” With combinations of TVs with
DVD players, TV with refrigerator, washing machines with refrigerator, TVs with
different mobile phones, and many others, the list seems endless.
Scheduled to travel all over the country, including Maharashtra,
Gujarat, Uttar Pradesh, Punjab, Madhya Pradesh & Tamil Nadu, the Videocon
Lifestyle Expo promises to give the customers a truly unique experience.
This is the first time that the company has launched a countrywide
series of exhibitions on such a grand scale. According to Mr. Sunil Mehta, VP,
CE Sales, Videocon, the Lifestyle Expo is basically a fun-fair for the whole
family – “One can come and have a look at the latest technologies on offer,
experience the Videocon products hands-on, and be entertained in a variety of
other ways. They have special Plasma TV and Home Theatre displays &
demonstrations, which will enable you to truly feel the movie theatre
experience; and with the exciting Hum-Tum combinations also on offer at the
Expo, it is the opportunity of a lifetime, as well as an unforgettable
experience”, he said.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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.44.27 |
|
UK Pound |
1 |
Rs.85.54 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|