MIRA INFORM REPORT
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Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
TREND ELECTRONICS LIMITED |
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Formerly Known As : |
VIDEOCON COMMUNICATIONS LIMITED [CTV] |
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Registered Office : |
20 KM Stone, Aurangabad - Beed Road, Village Bhalgaon, Aurangabad
Maharashtra |
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Country : |
India |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
16.06.1989 |
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Com. Reg. No.: |
11-52233 |
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CIN No.: [Company Identification No.] |
L99999MH1989PLC052233 |
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TAN No.: [Tax Deduction & Collection Account No.] |
NSKV01128B |
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Legal Form : |
Public Limited Liability Company. The company's shares are listed on
Stock Exchange |
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Line of Business : |
Manufacturer of VCRs, VCPs and
video tape deck mechanisms (VTDM). |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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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 4050000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
20 KM Stone, Aurangabad - Beed Road, Village Bhalgaon, Aurangabad
Maharashtra, India |
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Tel. No.: |
91-2431-251505 |
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E-Mail : |
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Website : |
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Corporate Office : |
Gut No. 350, Bhalgaon, Beed Road – 431201, India |
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Tel. No.: |
91-240-2644507 |
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Fax No.: |
91-240-2644505 |
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E-Mail : |
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Website : |
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Correspondence Office : |
Harmony, 1st
Floor, Sector 1, Khanda, New Panvel (West)- 410 206, District – Raigad,
Maharashtra, India |
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Tel. No.: |
91-22-27492003 |
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Fax No.: |
91-22-27492005 |
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E-mail :- |
DIRECTORS
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Name : |
Mr. Venugopal N. Dhoot |
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Designation : |
Director |
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Name : |
Mr. Pradeepkumar N. Dhoot |
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Designation : |
Director |
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Name : |
Mr. S. Padmanabhan |
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Designation : |
Director |
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Name : |
Mr. Rajesh Rathi |
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Designation : |
Director |
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Name : |
Mr. S. S. Nabar |
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Designation : |
Director |
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Name : |
Mr. B. K. Chopra |
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Designation : |
Director |
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Name : |
Mr. V. D. Dharm |
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Designation : |
Director |
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Name : |
Mr. S. K. Bhandari |
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Designation : |
Nominee of IFCI Limited |
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Name : |
Mr. A. K. Godika |
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Designation : |
Nominee of IFCI Limited |
KEY EXECUTIVES
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Name : |
Mr. Mandar S. Nargund |
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Designation : |
Company Secretary |
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Name : |
Mrs. Gayathri R Girish |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 30.09.2007) :- |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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(1) Indian |
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Individuals /
Hindu Undivided Family |
150 |
0.00 |
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Bodies Corporate |
1691955 |
22.56 |
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(2) Foreign |
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Bodies Corporate |
1875000 |
25.00 |
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(B) Public Shareholding |
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(1) Institutions |
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Mutual Funds
/UTI |
2600 |
0.03 |
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Financial
Institutions / Banks |
1600 |
0.02 |
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(2)
Non-Institutions |
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Bodies Corporate |
199650 |
2.66 |
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Individuals |
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Individual
shareholders holding nominal share capital up to Rs. 0.100 Million |
2202914 |
29.37 |
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Above Rs. 0.100
million |
1526131 |
20.36 |
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Total (A +B) |
7500000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of VCRs, VCPs and
video tape deck mechanisms (VTDM). |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
·
Abhishek
Enterprises, ·
Abs
Electroplaters Private Limited, ·
Bird Audio
Electronics, ·
Bt Solders
Private Limited, ·
Creative
Polymers Private Limited, ·
Giriraj
Industries, ·
Ideal
Sealtape Private Limited, ·
M. S. Electronics
Mangalam Coils Private Limited, ·
Perfect Dies
and Engineering Works, ·
R. R.
EIectricals, ·
Rajmudra
Offset, ·
Sakshi
Packers Private Limited, ·
Shardul
Fasteners., ·
Sunvoice
Electronics Private Limited, ·
Swaroop
Decore. |
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Bankers : |
·
State Bank
of Hyderabad ·
Central Bank
of India ·
Punjab
National Bank ·
Ing Vysya
Bank Limited ·
Indian Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
· Khandelwal Jain & Company Chartered Accountants 12-B, Baldota Bhavan, 117, Maharshi Karve Road, Opposite Churchgate Railway
Station, Mumbai - 400 020, Maharashtra, India · Kadam & Company Chartered Accountants Ahmednagar College Road, Kothi, Near Badve
Petrol Pump, Ahmednagar - 414 001, India |
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Associates/Subsidiaries : |
Videocon VCR Securities Limited |
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CAPITAL STRUCTURE
(As
on 30.09.2007) :-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
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5000000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 500.000 Millions |
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Total
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Rs.
600.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2007 |
30.09.2006 |
30.09.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
75.000 |
75.000 |
75.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
735.560 |
722.643 |
702.077 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
810.560 |
797.643 |
777.077 |
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LOAN FUNDS |
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1] Secured Loans |
781.520 |
920.710 |
1055.464 |
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2] Unsecured Loans |
1559.100 |
1526.578 |
1008.756 |
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TOTAL BORROWING |
2340.620 |
2447.288 |
2064.220 |
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DEFERRED TAX LIABILITIES |
147.490 |
122.432 |
116.148 |
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TOTAL |
3298.670 |
3367.363 |
2957.445 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1373.190 |
1484.846 |
882.362 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
93.460 |
95.234 |
73.279 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1402.060
|
1315.876
|
1127.969 |
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Sundry Debtors |
1348.630
|
1337.259
|
1427.539 |
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Cash & Bank Balances |
93.880
|
62.906
|
138.899 |
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Other Current Assets |
5.880
|
3.456
|
5.372 |
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Loans & Advances |
100.880
|
79.620
|
71.031 |
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Total
Current Assets |
2951.330
|
2799.117
|
2770.810 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1097.680
|
986.063
|
747.571 |
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Provisions |
21.630
|
25.771
|
21.435 |
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Total
Current Liabilities |
1119.310
|
1011.834
|
769.006 |
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Net Current Assets |
1832.020
|
1787.283
|
2001.408 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3298.670 |
3367.363 |
2957.445 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.09.2007 |
30.09.2006 |
30.09.2005 |
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Sales Turnover |
8317.490 |
7742.538 |
7404.946 |
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Other Income |
30.110 |
25.918 |
16.035 |
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Total Income |
8347.600 |
7768.456 |
7420.981 |
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Profit/(Loss) Before Tax |
48.510 |
37.410 |
168.010 |
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Provision for Taxation |
31.200 |
13.077 |
35.791 |
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Profit/(Loss) After Tax |
17.310 |
24.333 |
132.219 |
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Export Value |
0.900 |
NA |
NA |
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Imports : |
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Raw Materials |
271.420 |
393.032 |
878.638 |
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Capital Goods |
74.570 |
13.030 |
13.130 |
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Total Imports |
345.990 |
406.062 |
891.768 |
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Expenditures : |
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Cost of Goods
Consumed/Sold |
7720.300 |
7126.157 |
6803.710 |
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Salaries, Wages
& Employees' Benefits |
80.220 |
89.361 |
77.059 |
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Manufacturing
and Other Expenses |
214.840 |
177.510 |
120.476 |
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Interest &
Finance Charges |
132.370 |
165.884 |
148.099 |
|
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Depreciation |
123.680 |
115.277 |
103.627 |
|
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Other Expenditure |
27.680 |
56.857 |
NA |
|
Total Expenditure |
8299.090 |
7731.046 |
7252.971 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
31.12.2007 |
31.03.2008 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales
Turnover |
|
2192.700 |
198.410 |
|
Other
Income |
|
6.100 |
3.700 |
|
Total
Income |
|
2198.800 |
198.780 |
|
Total
Expenditure |
|
2089.400 |
191.050 |
|
Operating
Profit |
|
109.400 |
77.300 |
|
Interest |
|
48.100 |
36.200 |
|
Gross
Profit |
|
61.300 |
41.100 |
|
Depreciation |
|
40.900 |
35.300 |
|
Tax |
|
5.000 |
2.000 |
|
Reported
PAT |
|
15.400 |
3.800 |
KEY RATIOS
|
Year |
30.09.2007 |
30.09.2006 |
30.09.2005 |
|
Debt-Equity Ratio |
2.98 |
2.87 |
2.23 |
|
Long Term Debt-Equity Ratio |
2.32 |
2.16 |
1.59 |
|
Current Ratio |
1.66 |
1.78 |
2.01 |
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TURNOVER RATIOS |
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Fixed Assets |
3.49 |
3.79 |
4.24 |
|
Inventory |
6.38 |
6.67 |
6.93 |
|
Debtors |
6.46 |
5.90 |
5.24 |
|
Interest Cover Ratio |
1.50 |
1.51 |
1.98 |
|
Operating Profit Margin(%) |
4.04 |
4.72 |
5.60 |
|
Profit Before Interest And Tax Margin(%) |
2.62 |
3.31 |
4.29 |
|
Cash Profit Margin(%) |
1.74 |
2.22 |
2.98 |
|
Adjusted Net Profit Margin(%) |
0.32 |
0.80 |
1.67 |
|
Return On Capital Employed(%) |
7.10 |
8.85 |
11.27 |
|
Return On Net Worth(%) |
3.43 |
8.31 |
18.65 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Incorporated in Jun.'89, Videocon Communications, formerly known as
Videocon VCR (VVL), a part of the Videocon group, manufactures VCRs, VCPs and
video tape deck mechanisms (VTDM).
VCL has a technical-cum-financial agreement with Toshiba, which provides the
entire know-how for manufacturing video cassette recorders, video cassette
players including tape deck mechanisms, and also trains VVL's employees in the
manufacturing process. Toshiba has taken a 25% equity stake in VVL.
The company came out with a public issue in Jan.'90 to part-finance its project
to manufacture VCRs, VCPs and VTDMs. The company has a subsidiary -- Videocon
VCR Securities.
The Company has been taking various steps to reduce consumption of electrical
energy by improved housekeeping, monitoring the use of solar lighting and
indoor shop lighting. Company is taking continuous efforts towards development
of new technology to launch various products with added features and at reduced
prices.
The Net sales for the financial year ended 2006 amounted to Rs. 7742.500
Millions as against Rs. 7404.900 Millions for the previous financial year. The
Profit after tax amounted to Rs. 24.300 Millions as against Rs. 132.200
Millions for the previous financial year.
Operations
Review:
The year 2006-07 witnessed a growth of about 7.43% in sales at Rs.
8317.49 Million (previous year Rs. 7742.54 Million). The Company has recorded a
Profit after Tax of Rs.17.31 Million during the, year as compared to Profit
after Tax of Rs. 24.33 Million in the previous year.
The Shareholders of the Company at the Annual General Meeting held on 30th
March, 2007 had, vide a special resolution, approved the change of name of
Company from "Videocon Communications Limited" to "Trend
Electronics Limited" Subsequently, on completion of the procedural
formalities, the office of Registrar of Companies has granted the Fresh
Certificate of Incorporation consequent to change of name to Trend Electronics
Limited, effective from 1st May; 2007:
Industry
Structure:
Consumer Electronics:
The Indian Electronics Industry is one of the fastest growing sectors of
the Indian economy riding on the economic growth and rising income levels that
India has been experiencing in the past few years. The largest segment being
the Consumer Electronics and Home Appliances Segment. The consumer durable
market has seen a proliferation of brands and product categories in recent
years.
The Indian, consumer electronics products and household appliances industry
underwent significant change when multinational companies entered the domestic
market in the early 1990s, following the introduction of new government
policies. These multinational companies have been generally aggressive in
launching their products.
The Year 2006-07 witnessed continuing growth in the consumer electronics
industry. The total production of consumer electronics was projected to
increase to over Rs. 200000.000 millions during the year 2006-07.
The consumer electronics and home appliances industry can be broadly
categorized into the following segments:
1. The consumer electronics products segment comprising of televisions, video
products and home entertainment products regarded as Brown goods;
2. Home Appliances segment comprising of white goods such as washing
machines refrigerators, air conditioners etc.; and
3. Small Domestic Appliances comprising of vaccum cleaners, water purifiers,
mixers, irons, heaters etc.
The key products in the Indian consumer electronics products and household
appliances industry are colour televisions, refrigerators, air conditioners,
washing machines and microwave ovens.
The key growth, drivers of the industry are:
· One of the fastest growing economies in the world leading to higher disposable incomes and buying power;
· Penetration levels in all categories are extremely low at present;
· Increased propensity to live better in the burgeoning middle class population;
· Attractive consumer finance deals available easily;
· Electrification in rural India and increasing rural aspiration;
· Trend towards nuclear families creating more households;
· Shorter product life cycle in consumer homes; and
Entry point products are becoming cheaper and more affordable for first time
buyers.
1. Colour Televisions:
Televisions continue to be the mainstay of the consumer electronics
industry in India With the transition slowly occurring to newer technologies
such as Liquid Crystal Display (LCD) and Plasma Display Panel(PDP). Upgradation
in technology coupled with a paradigm transition in the attitudes and
preferences of Indian consumers, has resulted in a shift from conventional TVs
to Flat TVs and from Flat TVs to Slim and Ultra Slim TVs.
The growth in demand in this sector has been driven by a reduction in the price
differential between 21" conventional colour television and flat colour
television, and increasing consumer preference for flat colour televisions.
Undergoing metamorphosis, the Flat Panel Display (FPD) market is turning from
low volume, high pricing and low consumer awareness to affordable pricing and
desire for enhanced technology and cinematic viewing experience. Higher
disposable incomes, greater aspirations, and younger demographic consumers,
have increased demands for the latest technology high-end television market. This
crossover is expected to accelerate as consumers do not look upon consumer
durables as items of luxury any longer but an integral part of their
lives.
Plasma TV is finding more popularity among corporate buyers, shopping malls and
airports, where there is public viewing.
The Indian CTV market is predominantly a small to medium segment comprising of
14", 20" and 21" segment.
The 21" CTV segment is growing rapidly.
Videocon continues to emerge as one of the leading players along with other key
players being LG, Samsung, Onida, Sony and Philips.
2. DVDs/VCDs:
The DVD player market has continued to capture the attention of major
players during the year. The major factor for the increase in sales of DVDs has
been the sharp decline in the prices, thereby bridging the price gap between
DVDs and VCDs. VCD consumers have been upgrading to DVD category.
With DVD players and discs becoming more affordable for the consumer,
the segment is all set to replicate the kind of growth it has had on the global
front in the Indian market.
Business
Outlook:
The consumer electronics industry is very dynamic and new products are
launched on continual basis. Consumer demand is ever increasing and companies
are using state-of the-art technologies to stay in the competition. The fast
evolving consumer electronics segment is driving innovation of new
technologies, standards and products. The progress of consumer electronics from
standalone, single function appliances into converged, complex, upgradeable,
network-connected devices poses a serious challenge for product
developers.
In this light, the Company proposes
to:
· Expand its product portfolio to cater to the increasing consumer demand;
· Intelligent use of the embedded systems to tap the major transformation in the consumer electronics industry;
· Creativity and time-to-market are the decisive factors that will aid to sustain leadership. The Company to focus on new, flexible, low-cost development solutions that will help address customer demand for innovative electronic Products at lower cost; and Render professional services to consumers.
Segment-Wise
Performance:
The Company is primarily engaged in manufacturing of electrical and
electronic appliances and there is no other reportable segment as defined in Accounting
Standard 17 on "Segment Reporting."
Gross Sales has increased from Rs. 8149.60 Million in the year 2006 to Rs.
8673.90 Million in the year 2007.
FINANCIAL PERFORMANCE
Fixed
Assets :-
The Gross block of the Company as on 30th September 2007 was Rs. 2702.00
million and Net Block was Rs. 1373.19 million. During the year, there were net
additions to gross block of fixed assets to the extent of Rs. 39.70
Million.
Sales
During the year, the company achieved a turnover of Rs.8673.96 million as
against Rs. 8149.62 million during the previous year ended on 30th September
2006, thereby recording an increase of 6.43% in turnover as compared to
previous year.
Other Income:
Other income for the year was Rs. 30.11 million as against Rs.25.92
million during the previous year ended on 30th September, 2006, representing an
increase of 16.17% as compared to previous year. The increase is mainly on
account of increase in interest, dividend and miscellaneous income. Other
income comprises of interest income, investments income, dividend income and
miscellaneous income.
Expenditure:
· Cost of goods Consumed
· Cost of Goods Consumed stood at Rs. 7720.30 million as against Rs.7126.16 million during the previous year, representing an increase of 8.34% as compared to previous year ended on 30th September 2006. The increase is on account of increase in turnover of the company.
Salaries, Wages, and Employees Benefits:
During the year the Salary and Wages were Rs. 80.22 million as against
Rs.89.36 million during the previous year ended on 30th September, 2006
representing a decrease of 10.23% as compared to previous year.
Manufacturing and
Other Expenses:
During the year the manufacturing and other expenses were Rs.214.84
million as against Rs. 177.51 million during the previous year, representing an
increase of 21.03% as compared to previous year ended on 30th September, 2006.
The increase is on account of increase in turnover of the company.
Interest and Finance Charges:
Interest and Finance charges were to the tune of Rs.132.37 million as
against Rs.165.88 million during the previous year ended, representing a
decrease of 20.20% as compared to previous year ended on 30th September, 2006.
The decrease is on account of decrease in total borrowings.
FIXED ASSETS:
·
Freehold Land
·
Building
·
Plant and
Machinery
·
Electrical
Installation
·
Computers
·
Office
Equipments
·
Vehicles
·
Computer
Software
OTHER INFORMATION:
-
|
Contingent Liabilities
not provided for in respect of |
Rs.
In Millions |
|
a. Letters of Credit issued by the Bank |
56.064 |
|
b. Custom Duty Demand under dispute |
3.306 |
|
c. Excise Duty Demand under dispute |
4.902 |
|
d. Service Tax Demand under dispute |
5.498 |
|
e. Sales Tax Demand [ Amount paid under protest |
3.342 |
As per the
accounting policy followed by the company, the quoted investments are valued at
cost or market value whichever is lower i.e. they have been marked to market and
the decline in the value of investment other than the temporary, is provided
for. Accordingly, during the year. There is net write back of Rs. 2.729
Millions (Previous year Rs. 7.645 Millions) towards the diminution in value of
Investments recognised in earlier years.
The Company has
reviewed the fixed assets for Impairment and has, identified some of the
machinery and equipments, no more useful in the production process.
Consequently, an amount of Rs. 56.857 Millions has been assessed as impairment
loss and has been recognized in the Profit and Loss Account. The related
deferred tax, credit of Rs. 19.138 Millions has been included in the Provision
for deferred tax in the Profit and Loss Account.
The Company has
made a provision of Rs. 6.330 Millions towards Income Tax (Previous year Rs.
14.121 Millions), after taking into consideration, the benefits admissible
under the provisions of the Income Tax Act, 1961 and the same is, in the
opinion of the Management, adequate.
The Company is
primarily engaged in manufacturing of Electrical and Electronic Appliances and
there is no other reportable segment as defined in Accounting Standard 1 7 on
"Segment Reporting".
AS
PER WEBSITE
Values
Shri Nandlal Madhavlal Dhoot, the founder of the Videocon Group, completed his
education in Ahmednagar and Pune. He was a successful sugarcane and cotton
cultivator. As a next logical step to vertical integration, he boldly took upon
an entrepreneurial venture by importing machinery from Europe to set up the
Gangapur Sakhar Karkhana (Sugar Mill) in 1955. Those were the times when the
village did not even have electricity. Thus was unleashed an Industrial
Revolution.
The die was cast. Over the years, Nandlalji's path-breaking attitude found
expression in a myriad ways, earning him the well-deserved reputation of the
pioneer of industrial activity in Marathwada India.
In early 80's Nandlalji initiated his three sons - Venugopal, Rajkumar and
Pradeep into business. Through a technical tie up with Toshiba Corporation of
Japan, he launched India's first world-class color Television: Videocon. Today,
Videocon is household name across the nation- India's No. 1 brand of Consumer
Electronics and Home Appliances, trusted by over 50 million people to improve
their quality of life.
Corporate Notices
Source: BSE
- Trend Electronics Limited has informed BSE that the Board of Directors of the
Company at its meeting held on March 31, 2008, inter-alia, has took on record the
Postal Ballot Scrutiny Report received from Mr. Sheetal Kumar Dak, Company
Secretary in Whole-Time Practice, and declared the following resolutions as
passed: 1. Special Resolution for authorizing authorize the Board of Directors
of the Company to make investments, extend guarantees, provide securities, give
inter corporate loans exceeding the limits specified under Section 372A of the
Companies Act, 1956 upto an amount not exceeding Rs 25000.000 millions and to
confirm guarantee(s) already extended by the Board. 2. Ordinary Resolution for
authorizing the Board of Directors of the Company to borrow funds upto an
amount of Rs 25000.000 millions, in terms of the provisions of Section
293(1)(d) of the Companies Act, 1956. 3. Ordinary Resolution for authorizing
the Board of Directors of the Company to sell, lease, mortgage or otherwise
dispose off the whole or substantially the whole of undertaking of the Company
upto an amount of Rs 25000.000 millions, as specified under sub-clause (a) of
sub-section (1) of Section 293 of the Companies Act, 1956. The result of Postal
Ballot was announced at the Eighteenth Annual General Meeting of the
Shareholders of the Company held on March 31, 2008. Date: 2008-03-31
Source: BSE
- Trend Electronics Limited has informed BSE that the members of the Company
will consider to approve by way of Postal Ballot the following Resolutions: 1.
For the Corporate Guarantee of an amount upto US$ 110000000/- (US Dollars One
Hundred Ten Million Only) extended by the Board of Directors vide resolution
passed on July 31, 2007, for securing the financial assistance of US$
100000000/- (US Dollars One Hundred Million Only) availed by M/s. Tuskar
Overseas Inc., a Joint Venture Company, notwithstanding that the aggregate of
all loans and investments thus far made in and the amounts for which the
guarantees or securities thus far provided to all other bodies, corporate,
along with the investments, loans, guarantees or securities so to be made or
given by the Board, exceeds the limits prescribed under the said section.
Further resolved that, for the Corporate Guarantee of an amount upto US $
110000000/- (US Dollar One Hundred Ten Million Only) extended by the Board of
Directors vide resolution passed on January 28, 2008 for securing the financial
assistance of US $ 100000000/- (US Dollars One Hundred Million Only) to be
availed by M/s. Taurus Overseas Inc., a Joint Venture Company, notwithstanding
that the aggregated of all loans and investments thus far made in and the
amounts for which the guarantees or securities thus far provided to all other
bodies corporate, along with the investments, loans, guarantees or securities
so to be made or given by the Board , exceeds the limits prescribed under the
said section. Further resolved that, to exercise its powers including the
powers conferred by this resolution) to make loan(s) and / or give guarantee(s)
/ provide any security(ies) in connection with loan(s) made either in Rupee or
in any other foreign currency, to the Company or other bodies corporate by any
Banks / Financial Institution / bodies corporate and / or any other person,
situated within or outside the country, and / or acquire by way of
subscription, purchase or otherwise the securities of any body corporate upto a
limit of Rs 25000.000 millions notwithstanding that the aggregate of all loans
and investments thus far made in and the amounts for which the guarantees or
securities thus far provided to all other bodies corporate, along with the
investments, loans, guarantees or securities so to be made or given by the
Board, exceeds the limits prescribed under the said section, subject to
necessary provisions and approvals. 2. To borrow from time to time any sum or
sums of money on such terms and conditions and with or without security as the
Board of Directors may think fit which, together with the moneys already
borrowed by the Company (apart from temporary loans obtained or to be obtained
from the Company's bankers in the ordinary course of business), may exceed the
aggregate for the time being of the paid-up capital of the Company and its free
reserves (that is to say, reserves not set apart for any specific purpose)
provided that the total amount of money / moneys so borrowed by the Board shall
not at any point of time exceed the limit of Rs 25000.000 millions (Rupees Two
Thousand Five Hundred Crores only), subject to necessary provisions and
approvals. 3. To sell, lease or otherwise dispose off the hole or substantially
the whole of the undertaking or to mortgage and / or charge, in addition to the
mortgages and / or charges created / to-be Seated by the Company, in such form
and manner and with such ranking as to priority and for such time and on such
terms as the Board may determine, all or any of the movable and or immovable,
tangible and or intangible properties of the Company both present and future or
otherwise dispose off the whole or substantially the whole of the undertaking
or undertakings of the Company together with the power to take over the
management of the business and the concern of the Company in certain events of
default in favour of the lender(s), agents trustees for securing the borrowings
of the Company availed / to be availed by way of loan(s) (in foreign currency
or in rupee currency), and securities for securing any loans and / or advances
already obtained or that may be obtained by the Company or others, from any
Financial institutions / Banks / Insurance companies / Other Bodies Corporate
or person or persons, and / or to secure any debentures Issued and / or that
may be issued upto sum not exceeding Rs 25000.000 millions at any point of
time, subject to necessary provisions and approvals. The Board of Directors has
appointed Ms. Shital Kumar Dak, Company Secretary in Whole-Time Practice, as
the Scrutinizer for conducting the Postal Ballot process in a fair and
transparent manner. The Postal Ballot form duly completed should reach the
scrutinizer on or before the close of working hours on March 29, 2008. The
scrutinizer will submit his report to the Chairman after completion of the
scrutiny and the results of the postal ballot will be announced on March 31,
2008 at the 18th Annual General Meeting of the Company. Date: 2008-03-03
Source: BSE
- Trend Electronics Limited has informed BSE that the Register of Members and
Share Transfer Books of the Company will remain closed from March 18, 2008 to
March 31, 2008 (both days inclusive) for the purpose of payment of dividend and
18th Annual General Meeting (AGM) of the Company to be held on March 31, 2008.
Date: 2008-02-27
Source: BSE
- Trend Electronics Limited has informed BSE that the Board of Directors of the
Company at its meeting held on February 25, 2008, inter alia, has recommended
5% dividend i.e., Re. 0.50 (Paise Fifty Only) per share for the financial year
ended September 30, 2007 for the consideration and declaration by the members
at the ensuing Annual General Meeting. Date: 2008-02-26
Source: BSE
- Trend Electronics Limited has informed BSE that the Board of Directors of the
Company at its meeting held on February 21, 2008, inter alia, approved the
followings: 1. To authorise the Board of Directors of the Company to make
investments, extend guarantees, provide securities, give inter corporate loans
exceeding the limits specified under Section 372A of the Companies Act, 1956
and to confirm guarantees already extended by the Board. 2. To authorise the
Board of Directors of the Company to borrow funds upto an amount of Rs 25000
millions, in terms of the provisions of Section 293(1)(d) of the Companies Act,
1956. 3. To authorise the Board of Directors of the Company to sell, lease,
mortgage or otherwise dispose of whole or substantially the whole of
undertaking of a Company upto an amount of Rs 25000.000 millions, as specified
under sub-clause (a) of sub-section (1) of Section 293 of the Companies Act,
1956. The Board has proposed to transact all the aforesaid resolutions by
Postal Ballot in terms of the provisions of Section 192A of the Companies Act,
1956 read with the Companies (Passing of the Resolution by Postal Ballot)
Rules, 2001. Accordingly, the Board has approved the draft of notice seeking
approval of the members through Voting by Postal Ballot. Date: 2008-02-22
Source: BSE
- Trend Electronics Limited has informed BSE that a meeting of the Board of
Directors of the Company will be held on February 25, 2008, inter alia, to
transact the following business(es):- 1. To receive, consider and take on
record the Audited Balance Sheet for the Financial Year ended on September 30,
2007 and the Profit and Loss Account as on that date. 2. To recommend dividend,
if any. 3. To receive, consider and take on record the Directors' Report for
the Financial Year ended on September 30, 2007, together with Report on
Corporate Governance. Date: 2008-02-15
PRESS RELEASES:-
Trend electronics has informed the BSE that a
board meeting will be held on February 25 to take on record the audited Balance
Sheet for the financial year ended on September 30, 2007 and recommend
dividend, if any.
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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.43.12 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.67.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
58 |
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 |
|