MIRA
INFORM REPORT
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Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FCI OEN CONNECTORS LIMITED |
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Formerly Known As : |
O/E/N CONNECTORS LIMITED |
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Registered Office : |
XX/X/2089 Thykoodamtripunithura Road, Vyttila, Cochin, Ernakulam,
Kerala – 682019 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
02.06.1981 |
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Com. Reg. No.: |
003348 |
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CIN No.: [Company
Identification No.] |
U32104KL1981PLC003348 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturer of Connectors and Accessories, Suitable for Diverse
Applications. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 6700000 |
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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 fine track. Financial position is
good. Payments are correct and as per commitments. Trade relations are fair. The company can
be considered good for any normal business dealings. It can be
considered as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office : |
XX/X/2089 Thykoodamtripunithura Road, Vyttila, Cochin, Ernakulam,
Kerala – 682019, India |
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Tel. No.: |
91-484-2303027/28/2301320/2314281 |
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Fax No.: |
91-484-2301973/2304279/2316973 |
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E-Mail : |
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Website : |
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Head Office : |
Kammanahallo Main Road, BE Bangalore – 560076, Karnataka, India |
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Tel. No.: |
91-80-26484460 |
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Head Office : |
29/2089,
Tripunithura Road, Thykoodam, Vyttila, Cochin - 682019, Kerala, India. |
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Factory s: |
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DIRECTORS
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Name : |
Mr. S.N. Talwar |
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Designation : |
Chairman |
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Address : |
M/s. Crawford
Bayley and Company, StateBank Building N G N Vaidya Marg Mumbai – 400023,
Maharashtra |
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Name : |
Dr. M.V. Pylee |
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Designation : |
Vice Chairman |
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Address : |
Asian Institute
of Development and Entrepreneurship S. KALAMASSERY – 22 |
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Date of Birth/Age : |
05.10.1922 |
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Qualification : |
MA. LLM |
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Date of Appointment : |
02.06.1981 |
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Profile : |
He was the founder
director of school of management of Kerala University and Cochin University
of Science and Technology and a renowned management expert. He was the former
vice chancellor of the cochin University of Science and Technology. |
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Name : |
Mr. P. George Varghese |
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Designation : |
Managing Director |
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Address : |
FCI OEN Connectors Limited, Post Box No. 1958, Thykoodam, Cochin – 682019, Kerala, India |
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Date of Birth/Age : |
01.02.1982 |
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Qualification : |
B.Sc. Engineering, MBA |
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Experience : |
31 Years |
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Date of Appointment : |
01.02.1982 |
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Previous
Employment |
Assistant Manager Ancillaries Development O/E/N India Limited |
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Name : |
Daniel Magne |
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Designation : |
Director
(Industrial Electro) |
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Address : |
FCI France 145 Rue
Vye –Le-Coz 78035, Versailles CEDEX, France |
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Name : |
Mr. Thierry
Lacarne |
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Designation : |
Senior Vice
President and President FCI |
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Address : |
FCI Asia PTE
Limited 391B, Orchard Road # 18-00 Ngee Ann City, Singapore – 238874 |
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Name : |
Ms. Ghislaine Bouillet |
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Designation : |
Vice President
and Chief Cour |
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Address : |
FCI Asia PTE
Limited 391B, Orchard Road # 18-00 Ngee Ann City, Singapore – 238874 |
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Name : |
Ms. Sylvie
Richard |
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Designation : |
Vice President and
Chief Counsel |
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Address : |
FCI Asia Pte Limited 391B, Orchard Road #18-00 Ngee Ann City SINGAPORE
238874 |
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Date of Birth/Age : |
19.05.1965 |
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Qualification : |
Masters Degree in Business Law, Patent Law and Trade Mark Law |
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Date of Appointment : |
16.10.2004 |
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Profile : |
She is French citizen and holds Master Degree in Business Law, Master
Degree in Patent Law, and Master Degree in Trade Mark Law. She has 15 years
of experience in the industry/ profession. |
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Name : |
Mr. P. K. Kurian |
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Designation : |
Advocate |
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Address : |
Partner, M/s. Menon and Pai
Post Box 1911, I S Press Road Cochin – 682018 |
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Name : |
Ms. Sarah Mathew |
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Designation : |
Director |
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Address : |
O/E/N India
Limited VYTTILA 682 019 |
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Name : |
Mr. Gerard
Leveque |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Biju K. Elias |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.12.2006)
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Foreign |
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Bodies
Corporate |
4301830 |
68.31 |
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Public
Shareholding Institutions |
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Mutual
Funds and DTI |
5905 |
0.09 |
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Financial Institutions/ Banks |
2163 |
0.03 |
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Insurance Companies |
776 |
0.01 |
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Foreign Institutional Investors |
5667 |
0.09 |
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Non-
Institutions |
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Bodies Corporate |
336980 |
5.36 |
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Individuals
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Individual Shareholders holding nominal shares capital up to Rs.0.100 Million |
1446569 |
22.97 |
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Individual Shareholders holding nominal shares capital in excess of Rs.0.100 Million |
155572 |
2.47 |
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Any Others
– Clearing Members |
42015 |
0.67 |
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Total |
6297477 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Connectors and Accessories, Suitable for Diverse
Applications. |
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Products : |
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Brand Names : |
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Agencies Held : |
Framantome
Connectors, France |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Contract, Credit
(45 days), Cash or L/C terms. |
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Purchasing : |
Contract, Credit
(45/90 days), Cash or L/C terms. |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Connectors |
Nos. |
210000000 |
64464212 |
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Accessories |
Nos. |
NA |
156529213 |
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Cable assembly |
Nos. |
NA |
5906212 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Some of the major
customers of the company are :
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No. of Employees : |
478 |
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Bankers : |
M. G. Road, Ernakulam
M. G. Road, Kochi - 682016, Kerala
Choice Towers, Manorama Junction, Kochi - 682016, Kerala
Overseas Branch, Willingdon Island, Kochi - 682003, Kerala
Wellington Island, Kochi - 682003, Kerala
Ravipuram, Ernakulam, Tamilnadu |
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Facilities : |
Unsecured Loans Fixed Assets
---------------------------------- Rs.17.407
Millions ---------------------------------- Note: Fixed Deposit maturing within the next one year – Rs.7.013 Millions
(2005- Rs.9.394 Millions) |
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Banking
Relations : |
Good |
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Auditors : |
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Statutory
Auditor Deloitte
Haskins and Sells Chartered
Accountants Wilmont
Park Business Centre, Warriam Road, Cochin - 682016 INTERNAL AUDITOR Vanna and
Varma Chartered
Accountants Netlepadam
Road, Cochin - 682016 LEGAL
ADVISORS Menon and
Pai I. S.
Press Road, Cochin - 682018 |
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Collaborators : |
145-147, Rue
Yves-Le-Coz, 78035, Versailles, Cedex, France |
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Associates/Subsidiaries : |
Subsidiaries
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs.10/- Each |
Rs.90.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
6301755 |
Equity Shares |
Rs.10/- Each |
Rs.63.017
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6297477 |
Equity Shares |
Rs.10/- Each |
Rs.62.974
Millions |
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Add: Forfeited Shares |
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Rs.0.016 Millions |
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Total |
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Rs.62.991
Millions |
Notes:
Rs.0.189 Million (2005-Rs.0.189 Million)
Equity Shares of Rs.10/- each were issued as fully paid up for consideration other
than cash pursuant to a scheme of amalgamation of Framatome Connectors Berg
Limited.
Rs.4.271 Millions (205- Rs.4.271 Millions)
Equity Shares of Rs.10/- each are held by the holding company, FCI France SA
and Rs.0.030 Million (2005-Nil) equity shares of Rs.10/- each are held by FCI
SA, the holding company of FCI France SA.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
62.991 |
62.991 |
62.991 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1283.141 |
1107.462 |
948.615 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1346.132 |
1170.453 |
1011.606 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
17.407 |
18.954 |
19.956 |
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TOTAL BORROWING |
17.407 |
18.954 |
19.956 |
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DEFERRED TAX LIABILITIES |
35.550 |
45.600 |
51.840 |
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TOTAL |
1399.089 |
1235.007 |
1083.402 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
484.786 |
515.059 |
500.689 |
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Capital work-in-progress |
212.893 |
11.704 |
25.342 |
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INVESTMENT |
248.995 |
261.261 |
212.995 |
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DEFERREX TAX ASSETS |
5.890 |
11.216 |
15.082 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
249.002
|
196.031
|
212.577 |
|
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Sundry Debtors |
383.309
|
302.201
|
347.426 |
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Cash & Bank Balances |
91.149
|
94.850
|
62.350 |
|
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Other Current Assets |
3.979
|
3.987
|
3.547 |
|
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Loans & Advances |
548.984
|
403.281
|
324.568 |
|
Total
Current Assets |
1276.423
|
1000.350 |
950.468 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
375.140
|
227.585
|
375.511 |
|
|
Provisions |
454.758
|
336.998
|
245.663 |
|
Total
Current Liabilities |
829.898
|
564.583 |
621.174 |
|
|
Net Current Assets |
446.525
|
435.767
|
329.294 |
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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TOTAL |
1399.089 |
1235.007 |
1083.402 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
1829.996 |
1506.844 |
1232.734 |
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|
Other Income |
122.181 |
0.000 |
0.000 |
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Total Income |
1952.177 |
1506.844 |
1232.734 |
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Profit/(Loss) Before Tax |
306.221 |
259.963 |
175.586 |
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Provision for Taxation |
109.960 |
84.960 |
57.671 |
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Profit/(Loss) After Tax |
196.261 |
175.003 |
117.915 |
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Export Value |
2127.027 |
1666.971 |
636.995 |
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Import Value |
NA |
NA |
536.651 |
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Expenditures : |
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Manufacturing Expenses |
1544.854 |
1155.495 |
0.000 |
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Interest |
1.632 |
2.028 |
0.000 |
|
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Depreciation & Amortization |
99.471 |
88.233 |
0.000 |
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Other Expenditure |
0.000 |
1.125 |
1057.148 |
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Total Expenditure |
1645.957 |
1246.881 |
1057.148 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2007 1st Quarter |
30.06.2007 2nd Quarter |
|
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|
|
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Sales Turnover |
|
496.600 |
526.100 |
|
Other Income |
|
64.500 |
191.700 |
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Total Income |
|
561.100 |
717.800 |
|
Total Expenditure |
|
455.500 |
459.100 |
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Operating Profile |
|
105.600 |
258.700 |
|
Interests |
|
0.400 |
0.400 |
|
Gross Profit |
|
105.200 |
258.300 |
|
Depreciation |
|
24.100 |
26.500 |
|
Tax |
|
30.700 |
35.800 |
|
Reported PAT |
|
54.900 |
199.300 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
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Debt-Equity Ratio |
|
0.01
|
0.02 |
0.02
|
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Long Term Debt-Equity Shares |
|
0.01
|
0.02 |
0.02
|
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Current Ratio |
|
1.55
|
1.54 |
1.41
|
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TURNOVER RATIOS |
|
|
|
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|
Fixed Assets |
|
1.79
|
1.48 |
1.39
|
|
Inventory |
|
8.59
|
7.19 |
6.61
|
|
Debtors |
|
5.58
|
4.52 |
4.38
|
|
Interests Cover Ratio |
|
192.44
|
131.00 |
80.82
|
|
Operating Profit Margin (%) |
|
21.31
|
23.84 |
21.74
|
|
Profit Before Interests and Tax Margin (%) |
|
16.10
|
17.83 |
15.05
|
|
Cash Profit Margin (%) |
|
15.47
|
17.92 |
16.67
|
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Adjusted Net Profit Margin (%) |
|
10.27
|
11.91 |
9.98
|
|
Return On Capital Employed (%) |
|
24.12
|
23.59 |
19.38
|
|
Return On Net Worth (%) |
|
15.60
|
16.04 |
13.14
|
LOCAL AGENCY
FURTHER INFORMATION
History
Incorporated in Jun.'81, as Subject and subsequently changed
its name to Framatone Connectors OEN and presently known as Subject was
promoted by K. A. Mathew with equity support from the Kerala State Industrial
Development Corporation and OEN India.
The company set up a project to manufacture edge-connectors and euro-connectors
for industrial and electronic appliances in technical collaboration with
Souriau and Cie, France. Commercial production commenced in 1984. In 1989,
Framatome Connector International (FCI) became the collaborator of the company
as a result of the merger of various subsidiaries of the Alcatel Alsthom,
France, and the ultimate holding company of the collaborator. Presently,
Framatome holds a 61.54% stake in the company.
It supplies a wide range of connectors for telecom data processing to the
defence sector, industrial control and professional electronics industries. It
has also received several awards including the National Productivity Council's
award for the best productivity in the electronic components group (large
units) for 1989-90 and 1990-91. It is also accredited with the ISO 9002
certification. In 1998, the company received QS 9000 certification from Bureau
of Veritas Quality International for manufacture and supply of automotive
connectors.
In 1998-99, it acquired 60% stake in TVS Berg Limited and TVS Berg's name has
been changed to Framatome Connectors Berg Limited The company has increased its
equity stake in its subsidiary OCL Interconnections from 51% to 100%. Subsequently,
pursuant to an agreement dated 30 Sep 2000, FCOENL acquired the assets and
liabilities (other than cash and bank balances, and tax assets and liabilities)
of OCL for a lumpsum consideration of Rs.360.000 Millions.
The Hon'ble High Court of Kerala has approved the amalgamation of Framatome
Connectors Berg Ltd. (FC Berg) with the company. One equity share of the
company will be allotted for every four equity shares of FC Berg held. The
company has sold its Military,Aeronautics and Industrial(MAI) division to AXA
Priate Equity(AXA),a venture capital company in France.
The Company has increased its installed capacity of Connectors by 75000000 NOS.
With this expansion the total installed capacity of Connectors has increased
upto 125000000 Nos.
Financial Result:
Domestic sales increased by 33% to Rs.772 million (Rs.581
million in 2005).
Export sales increased by 28% to Rs.1057 million (Rs.828
million in 2005).
Growth in turnover came from connectors for communication
and data sectors and higher export business. Net sales thus grew by 30% to
Rs.1830 million in 2006 from Rs.1409 million in 2005.
Other income was Rs122 million (Rs.97 million in 2005). Profit before Interest,
Depreciation and Tax (PBDIT) was up by 16% to Rs.407 million, against Rs.350
million in 2005. Net profit also increased by 12% to Rs.196million (Rs.175
million in 2005). Earnings per share are higher at Rs.31.170 Millions
(Rs.27.790 Millions in 2005).
Business Performance:
Sales to Communication and Data market grew. With the Government's initiative for higher tele-density, local telecom equipment manufacturers started scaling up their production plans. Many international players in the communication market such as Nokia, Ericson, Motorolla scaled up their operations in India. Contract equipment manufacturers such as Flextronics, Soletron, Volex etc. also started their operations in India to support the original equipment manufacturers. This resulted in higher business for the Company.
Subject is working very closely with Tejas Networks, an Indian Telecom
equipment manufacturing company. The Company supplies connectors and cable
assemblies/board assemblies to these equipment manufacturers.
Data market recorded reasonable growth in 2006. Industrial, Automotive, Electrical
segments also showed marginal growth during the year. These markets helped to
increase the Company's turnover.
Subsidiary
OCL Infomatics Limited an 85% subsidiary had been engaged in the business of software
training. The said business was sold 'as a going concern' to M/s. Ideonic
Systems (Private) Limited. on 4th August 2005. Thereafter it goes as a Shell
Company. The shareholders at its meeting dated 29th June 2006 resolved to wind
up the Company under 'Members voluntary winding up. The process of winding up
is on. Hence information as required under section 212 (1) (a), (b), (c),
(d) and (f) of the Companies Act, 1956 are not attaching herewith.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry
Structure and Development:
Subject has been producing a variety of connectors which caters to the
requirement of Communication, Data and Industrial sectors. In the last few
years the domestic market for communication had dropped which is now regaining
its strength, thanks to the Government of India's effort for higher teledensity
and telephone penetration in rural areas. Communication business is poised to
grow locally in future. The Company has reported good growth in the Industrial
segment also. The overall Company's sale has grown by 30% last year.
Opportunities and challenges:
The Company has successfully completed an expansion programme in the previous
year where by it has acquired the capability for producing connectors for high speed
applications and a variety of Smart cards which has good potential both in the
export as well as in the domestic markets.
The Company's capability in the Engineering and Design
fields and its fully integrated manufacturing facility to produce connectors to
the choice of a wide global market segment at very competitive prices puts it
in a very unique position. The challenges pertain to reaching global
standards.
Segment-wise performance:
Subject is engaged in the business of manufacture and sale of connectors and
accordingly this is the only primary reportable segment.
Outlook:
With increased focus on exports combined with the expectation on higher
domestic demand in the communication sector, there will be opportunity for
growth for the company in 2007 and beyond.
Risk
and Concerns:
The Company's performance may also be affected by unforeseen technology
changes. Increasing prices of raw materials without the possibility to
correspondingly increase the price of finished products, due to competition, is
another concern.
Note of Accounts:
|
Contingent Liability |
31.12.2006 (Rs.
In Millions) |
31.12.2005 (Rs.
In Millions) |
|
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|
|
|
Claims against the company not
acknowledged as debts: - Sales Tax |
0.421 |
0.421 |
|
Estimated amount of contracts
remaining to be executed on capital account not provided for |
83.737 |
14.414 |
It is
in trade terms with:-
·
Aloka Flex
·
Agappe
·
Ardra Process
·
Technoplast
·
Trystar
·
Micro Plastics
·
Press Tech
·
Cochin Carton
·
Talash
Plastopacks
·
Stamptek
Components
·
Leetha
Industries
·
Amrutha Metal
Finish
·
Granoplast
·
Turbo India
·
Associated
Industrial
·
L. N. Designs
·
Wintech
Components
·
Sri Vigneswara
Automats
·
DNA Fasteners
(Private) Limited
·
Thermochil
Industries
·
Ambika
Industries
·
K-Tech
Engineering
·
Jocyt
Precision
·
Bangalore
Springs
·
Time Pack
Industries
Fixed Assets:
- Land –
Freehold
- Buildings
- Plant
Machinery
- Office
Equipments
- Vehicles
- Furniture and
Fittings
Website Details
Company Profile:
Subject is the country's prime supplier of Professional
Grade Connectors. The Company is a joint venture with FCI France (earlier
called Framatome Connectors France).
It was incorporated on the 2nd day of June 1981.
Located far away from the madding crowds of the city of Cochin in Kerala, on
the outskirts of Mulanthuruthy, atop a hillock aptly named Electrogiri, the
Company commands a calm and peaceful milieu.
Way back in 1984, when the Company commenced its commercial
operations, the product range was limited.
However, enriched by the technical backing of the joint venture partner, M/s.
FCI France and its subsidiaries, also catalysed by the Company's ever
continuing quest for excellence and completeness, the accretion of the Company
every passing day has been prodigious. The result - Company is today
magniloquent of a wide gamut of connectors like Rack & Panel Connectors,
Terminal Connectors, Flat Cable Connectors, Circular Connectors, PCB
Connectors, Heavy Duty Connectors and IC Sockets.
FCI France is the technology supplier of the Company since
inception. In 1989, they acquired 26% of the Company's equity share capital. In
August 1993, the equity stake increased to 40%. Immediately thereafter, the
stake further increased to 51% by an exclusive issue of 7,59,863 equity shares
to them at a premium of Rs.75/- per share. In 1999, by the conversion of Zero
Interest Fully convertible Debentures issued to FCI France, their equity
increased from 51% to 61.5%.
FCI France, with its headquarters at Versailles, France, has a turnover of 2.4
billion US dollars in 2000, FCI is the world's second largest connector
manufacturer and the only European company amongst the top ten. Operating more
than 60 production plants in 29 countries, its activities spread over to
following markets: Communications, data, consumer, industrial &
instrumentation, military, energy and automotive. FCI has its headquarters in
Paris, France and employs more than 14,000 people in Europe, Asia and the
Americas.
At Mulanthuruthy, Cochin
Immaculately clean and impeccably tidy, the factory today boasts
of the most sophisticated and contemporary equipments and fully air-conditioned
assembly of area 31,500 sq. ft. The manufacturing process strictly adheres to
the standards and specifications set by the collaborator so as to ensure that
the end products match the quality and reliability levels set by the
collaborator. No wonder, the products are well accepted by the market.
At Bangalore
Fibre Optic Cable Assembly and Value Added business is being
undertaken at the Bangalore manufacturing facility. Value Added products offer
not only connectors, but also complete interconnect sub-assemblies
(particularly cable assemblies and back planes). Fibre Optic and Value Added
business will find increased markets in the future and therefore the Company
has identified these as thrust areas for future growth.
PRESS RELEASE:
FCI OEN CONNECTORS REPORTS ROBUST GROWTH IN Q1
TURNOVER OF RS.50 CRORES FOR THE FIRST QUARTER
NET PROFIT OF RS.55.000 MILLIONS FOR THE FIRST QUARTER
_______________________________________________
30th
April 2007
FCI OEN Connectors has reported robust growth in the
first quarter of 2007.Sales turnover grew by 28% to Rs.500.000 “Millions
from Rs.390.000 Millions in the corresponding quarter of 2006. Turnover
for the previous year was Rs.1830.000 Millions.
Other income grew by 100% to Rs.60.000 Millions from
Rs.30.000 Millions in the corresponding previous quarter. PBT increased
by 10% to Rs.80.000 Millions. Net Profit went up by 10% to Rs.55.000
Millions. EPS grew from Rs.79.100 Millions to Rs.87.100
Millions. EPS for the previous financial year ended 31st December
2006 was Rs.31.17.
Shareholders had earlier approved the sale of automotive
connector division with effect from 1st January 2007. The operating
results of the automotive connectors are therefore not included in the Q1
results.
(BIJU K. ELIAS)
COMPANY SECRETARY
Encl: Financial Result
FCI OEN
CONNECTORS REPORTS ANNUAL RESULTS
TURNOVER
INCREASES 30% TO RS.1830.000 MILLIONS
NET
PROFIT INCREASES 12% TO RS.196.000 MILLIONS
__________________________________________________________________
FCI OEN Connectors Ltd. has announced its audited results
for the year 2006. Sales turnover grew by 30% to Rs.1830.000
Millions from Rs.1410.000 Millions in 2005. PBT increased by 16% to
Rs.407.000 Millions. Net Profit went up by 12% to Rs.196.000
Millions. EPS is up by 14% to Rs.311.700 Millions.
Growth in turnover came from connectors for communication
& data sectors and higher export business. Export sales increased by
28% to Rs.1057.000 Millions in the year 2006. Exports are now 58% of
the total sales. Connectors made by the company are now exported to more
than 32 countries. Exports have crossed the Rs.1 billion mark
for the first time, up from Rs.828 million in 2005.
Data market recorded reasonable growth in
2006. Industrial, Automotive, Electrical segments also showed
marginal growth during the year. These markets helped to increase the Company’s
turnover.
Margin was under heavy pressure due to the steep increase in
metal prices, which constitute around 50% of raw material cost.
During the year, the Company registered an average margin of 12%. FCI OEN
has fared reasonably well by adopting cost cutting measures, bringing new
product lines, adding value added business, entering new markets and customers.
The Board of Directors has recommended payment of
dividend at the rate of 22.5% for the year ended 31 December 2006
(BIJU K. ELIAS)
COMPANY SECRETARY
Encl: Financial Results
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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. |
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 |
|