1. Summary Information
|
|
|
Country |
|
|
Company Name |
TREND ELECTRONICS
LIMITED |
Principal Name 1 |
Mr. Venugopal N. Dhoot |
|
Status |
Good |
Principal Name 2 |
Mr. Pradeepkumar N. Dhoot |
|
|
|
Registration # |
11-52233 |
|
Street Address |
20 KM Stone, |
||
|
Established Date |
16.06.1989 |
SIC Code |
-- |
|
Telephone# |
91-2431-251505 |
Business Style 1 |
Manufacturer |
|
Fax # |
---- |
Business Style 2 |
---- |
|
Homepage |
Product Name 1 |
VCRs |
|
|
# of employees |
---- |
Product Name 2 |
VCPs |
|
Paid up capital |
Rs. 75,000,000/- |
Product Name 3 |
Video Tape Deck Mechanisms (VTDM). |
|
Shareholders |
Shareholding of Promoter and Promoter Group (47.56%) Public Shareholding – 52.44% |
Banking |
·
Central
Bank of ·
Punjab National Bank |
|
Public Limited Corp. |
YES |
Business Period |
20 years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A (66) |
|
Related
Company |
|||
|
Relation
|
Country ----- |
Company
Name |
CEO |
|
|
India
|
Videocon VCR Securities Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
30.09.2009 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,930,360,000 |
Current Liabilities |
1,392,220,000 |
|
Inventories |
1,641,750,000 |
Long-term Liabilities |
2,521,490,000 |
|
Fixed Assets |
1,157,150,000 |
Other Liabilities |
164,090,000 |
|
Deferred Assets |
0 |
Total Liabilities |
4,077,800,000 |
|
Invest& other Assets |
207,120,000 |
Retained Earnings |
783,580,000 |
|
|
|
Net Worth |
85,858,000 |
|
Total Assets |
4,936,380,000 |
Total Liab. & Equity |
493,638,000 |
|
Total Assets (Previous Year) |
458,501,000 |
|
|
|
P/L Statement as of |
30.09.2009 |
(Unit: Indian Rs.) |
|
|
Sales |
8,271,800,000 |
Net Profit |
36,170,000 |
|
Sales(Previous yr) |
7,781,690,000 |
Net Profit(Prev.yr) |
24,340,000 |
MIRA INFORM
REPORT
|
Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
TREND ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
21 KM Store, Aurangabad Beed Road, Village Bhalg, Aurangabad,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2009 |
|
|
|
|
Date of
Incorporation : |
16.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-52233 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1989PLC052233 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04500G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV5946R |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company's shares are listed on
Stock Exchange |
|
|
|
|
Line of Business
: |
Manufacturer of Electrical and Electronics Appliances |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3434300 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and a reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
20 KM Stone, Aurangabad - Beed Road, Village Bhalgaon, Aurangabad
Maharashtra, India |
|
Tel. No.: |
91-2431-251505 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Gut No. 350, Bhalgaon, Beed Road – 431201. India |
|
Tel. No.: |
91-240-2644507 |
|
Fax No.: |
91-240-2644505 |
|
E-Mail : |
|
|
|
|
|
Correspondence Office : |
Harmony, 1st
Floor, Sector 1, Khanda, New Panvel (West)- 410 206, District – Raigad,
Maharashtra, India |
|
Tel. No.: |
91-22-27492003 |
|
Fax No.: |
91-22-27492005 |
|
E-Mail : |
DIRECTORS
AS ON 30.03.2010
|
Name : |
Mr. Venugopal N. Dhoot |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeepkumar N. Dhoot |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.03.1960 |
|
Qualification : |
Commerce Graduate |
|
Date of Appointment : |
16.06.1991 |
|
Name of other directorship
in Public limited Companies (including Subsidiary of public Limited company) |
· Videocon Industries Limited · Value Industries Limited · Datacon Solutions Private Limited · Instant Retail India Limited · Next Retail India Limited · Videocon Semiconductor Limited · Applicomp India Limited · Infodart Technologies Limited · Millenium Appliances India Limited |
|
|
|
|
Name : |
Mr. S. Padmanabhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhash S. Nabar |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.07.1947 |
|
Qualification : |
Mechanical Engineering |
|
Date of Appointment : |
31.10.2002 |
|
Name of other
directorship in Public limited Companies (including Subsidiary of public
Limited company) |
·
Daehund · Akal Consumer Electronics India Limited ·
Hyundai Electronics ·
· Videocon VCR Securities Limited |
|
|
|
|
Name : |
Mr. Bhopinder K. Chopra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek D. Dharm |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhash Dayama |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.05.1961 |
|
Qualification : |
Commerce graduate |
|
Date of Appointment : |
08.12.2005 |
|
Name of other directorship
in Public limited Companies (including Subsidiary of public Limited company)
: |
· Micro Housing Finance Corporation Limited · Shree Dhoot Trading and Agencies Limited · Videocon Reality and Infrastructure Limited · Pacific Appliances Manufacturing and Trading limited · Videocon VCR Securities Limited |
KEY EXECUTIVES
|
Name : |
Mr. Kanchan A Kakade |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
150 |
-- |
|
Bodies Corporate |
3566955 |
47.56 |
|
Sub Total |
3567105 |
47.56 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3567105 |
47.56 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
Mutual Funds/UTI |
2400 |
0.03 |
|
|
1575 |
0.02 |
|
Financial Institutional Investors |
367500 |
4.90 |
|
Any Other Specify |
176765 |
2.36 |
|
Non Resident Indians |
176765 |
2.36 |
|
|
548240 |
7.31 |
|
|
|
|
|
|
761630 |
10.16 |
|
|
|
|
|
|
1930890 |
25.75 |
|
|
692135 |
9.23 |
|
|
3384655 |
45.13 |
|
Total Public shareholding (B) |
3932895 |
52.44 |
|
Total (A)+(B) |
7500000 |
100.000 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
-- |
-- |
|
Total (A)+(B)+(C) |
7500000 |
100.00 |
(1) Indian
(2)
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electrical and Electronics Appliances |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
GENERAL INFORMATION
|
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.
Electrical, ·
Rajmudra
Offset, ·
Sakshi
Packers Private Limited, ·
Shardul
Fasteners ·
Sunvoice
Electronics Private Limited, ·
Swaroop
Decore. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
State
Bank of ·
Central
Bank of ·
Punjab
National Bank ·
Ing
Vysya Bank Limited ·
Indian
Bank |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
A.
Working Capital Loans from Banks Working Capital Loans from Banks are secured against hypothecation of
the Company's stock of raw materials, packing materials, stock-in-process,
finished goods, stores and spares, book debts and all other current assets
and guaranteed by Mr. V. N. Dhoot and Mr. P. N. Dhoot. B.
Vehicle Loans from Banks : Vehicle Loans from Banks are secured by way of hypothecation of
Vehicles acquired out of the said loan
Note :- The Company has availed interest free Sales Tax Deferral under package
incentive scheme of 1993. The Sales Tax collected during the deferral period
is payable in five annual installments, after completion of ten years from
the year in which the tax was collected. First such installment is due on 1st
May 2010. |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountant |
|
Address : |
12-B, Baldota
Bhavan, 117, |
|
|
|
|
Name : |
Kadam and Company Chartered Accountants |
|
Address : |
Vedant, 8/9 Viraj Estate, Opposite Tarakpur Bus Stand, Ahmednagar -
414003 |
|
|
|
|
Associates/Subsidiaries : |
Videocon VCR Securities Limited |
CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 500.000 Millions |
|
|
|
|
|
|
|
Total |
|
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 |
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
75.000 |
75.000 |
75.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
783.580 |
752.460 |
735.560 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
858.580 |
827.460 |
810.560 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
821.730 |
641.010 |
781.520 |
|
|
2] Unsecured Loans |
1699.760 |
1438.360 |
1559.100 |
|
|
TOTAL BORROWING |
2521.490 |
2079.370 |
2340.620 |
|
|
DEFERRED TAX LIABILITIES |
164.090 |
154.410 |
147.490 |
|
|
|
|
|
|
|
|
TOTAL |
3544.160 |
3061.240 |
3298.670 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1157.150 |
1262.560 |
1373.190 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
207.120 |
207.230 |
93.460 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1641.750
|
1286.540
|
1402.060
|
|
|
Sundry Debtors |
1451.560
|
1443.960
|
1348.630
|
|
|
Cash & Bank Balances |
224.190
|
104.560
|
93.880
|
|
|
Other Current Assets |
6.950
|
6.120
|
5.880
|
|
|
Loans & Advances |
247.660
|
274.040
|
100.880
|
|
Total
Current Assets |
3572.110
|
3115.220
|
2951.330
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1281.920
|
1455.760
|
1097.680
|
|
|
Other Current Liabilities |
72.260
|
47.460 |
|
|
|
Provisions |
38.040
|
20.550
|
21.630
|
|
Total
Current Liabilities |
1392.220
|
1523.770
|
1119.310
|
|
|
Net Current Assets |
2179.890
|
1591.450
|
1832.020
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3544.160 |
3061.240 |
3298.670 |
|
\
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8271.800 |
7781.690 |
8317.490 |
|
|
|
Other Income |
14.020 |
37.950 |
30.110 |
|
|
|
TOTAL (A) |
8285.820 |
7819.640 |
8347.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods
Consumed/Sold |
7734.870 |
7236.90 |
7720.300 |
|
|
|
Salaries, Wages
& Employees' Benefits |
68.450 |
78.020 |
80.220 |
|
|
|
Manufacturing
and Other Expenses |
204.190 |
210.840 |
214.840 |
|
|
|
Other
Expenditure |
0.000 |
0.000 |
27.680 |
|
|
|
TOTAL (B) |
8007.510 |
7525.760 |
8043.040 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
278.310 |
293.880 |
304.560 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
107.640 |
134.660 |
132.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
170.670 |
159.220 |
172.190 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
115.690 |
123.250 |
123.680 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
54.980 |
35.970 |
48.510 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.810 |
11.630 |
31.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
36.170 |
24.340 |
17.310 |
|
|
|
|
|
|
|
|
|
Add |
Provision for Income Tax for earlier years W/Back/(Paid) |
3.730 |
(0.280) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
134.610 |
119.940 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.000 |
5.000 |
NA |
|
|
|
Dividend |
7.500 |
3.750 |
NA |
|
|
|
Tax on Dividend |
1.280 |
0.640 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
161.730 |
134.610 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1124.200 |
1256.220 |
NA |
|
|
|
Capital Goods |
7.000 |
8.760 |
NA |
|
|
TOTAL IMPORTS |
1131.200 |
1264.980 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
5.32 |
3.21 |
-- |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
31.03.2010 |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
3106.300 |
4623.400 |
4770.500 |
4587.300 |
|
Total Expenditure |
2990.400 |
4443.40 |
4574.700 |
4385.600 |
|
PBIDT (Excl OI) |
115.900 |
180.00 |
195.800 |
201.700 |
|
Other Income |
4.200 |
6.800 |
7.100 |
12.700 |
|
Operating Profit |
120.100 |
186.800 |
202.900 |
214.400 |
|
Interest |
52.800 |
73.900 |
84.200 |
97.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
67.300 |
112.900 |
118.700 |
117.000 |
|
Depreciation |
29.700 |
30.500 |
31.000 |
46.600 |
|
Profit Before Tax |
37.600 |
82.400 |
87.700 |
70.400 |
|
Tax |
12.500 |
20.000 |
22.500 |
20.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
25.100 |
62.400 |
65.200 |
50.400 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
PAT / Total Income |
(%) |
0.43
|
0.31 |
0.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.66
|
0.46 |
0.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.16
|
0.82 |
1.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.04 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.55
|
4.35 |
4.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56
|
2.04 |
2.63 |
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.
FINANCIAL RESULTS
During the year, the Company focused on the production of various new products like Integrated Digital TVs with built in DTH facility, Set Top Boxes and other electronic products with built in DTH facility. Turnover of the Company during the year increased to Rs. 8,271.800 million as against Rs.7,781.690 million for the previous year ended 30th September, 2008 and the profit after tax also increased to Rs. 36.170 million as against Rs. 24.340
million for the last year.
INDUSTRY STRUCTURE
CONSUMER ELECTRONICS
INDUSTRY:
The Consumer Electronics Industry has registered a strong growth over the past few years. The demand in the Indian market for consumer electronics is growing rapidly and there continues to be an inflow of investments augmenting domestic manufacturing.
Consumer Electronics Industry broadly comprises of Brown Goods, White Goods and Small Domestic Appliances. Colour Televisions, LCD, TVs, PDPs, CD and DVD Players are categorized as Brown Goods. Airconditioners, Refrigerators, Washing Machine, Dish Washers, Drying Cabinets, Microwave Ovens, Washing Machines, Freezers etc., are categorized as White Goods and Iron, Vaccum Cleaners, Water Purifiers are Small Domestic Appliances.
The key growth drivers of the industry in
- Higher disposable incomes and buying power of people;
- Easy finance schemes that facilitate purchases;
- Increasing Rural aspiration;
- Penetration levels in all catagories are extremely low at present;
- Attractive consumer finance deals available easily;
- 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.
The Company primarily focuses on manufacturing Colour Televisions, Set Top Boxes, PCB Assemblies and DVD/VCDs.
COLOUR TELEVISIONS:
Colour Televisions (CTV) is one of the dominant products in the Consumer Electronics segment. With technological upgradation, there has been a shift from conventional TVs to Flat TVs and from Flat TVs to Slim and Ultra Slim TVs. The markets are changing rapidly from the conventional CRT technology to flat panel
display televisions.
With the technology changing day by day, the new trend in television industry is Flat Panel Display (FPD). Undergoing metamorphosis, 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. It comprises of Liquid Crystal Display (LCD) TV and Plasma .(POP) TV. The high-end products, particularly LCD TVs continue on their growth path.
The LCD TV segment in
The Company believes that Integrated Digital TV's with built in DTH facilities is the future of the industry.
OPPORTUNITIES
The Consumer Electronics Industry is increasingly becoming consumption-led creating a number of opportunities for the growth in this Industry. Consumers no longer look upon consumer durables as an item of luxury, but as an integral part of their lives. There is a huge demand for sophisticated brands with the consumers
preferring innovative, high grade products.
Rapid growth in population population and commissioning of modern retail formats, too, are encouraging manufacturers to introduce modern technology based, feature-rich products. Significant opportunities available in the Industry are:
- Significant potential for enhanced penetration in rural areas;
- Attractive finance schemes being offered for purchase of luxury products;
- Growth of Media leading to enhanced product awareness;
- Diversifying the product portfolio by bringing more products under one basket; and
- Launching high-end, cost effective products which would take care of the changed consumer preferences.
- Huge opportunities in manufacture of Integrated Digital TV's with built in DTH facility.
THREATS
Shift in the Customers' Focus;
- Increased Interest Outflow;
- Highly Competitive Market;
- Inflation;
- Cost Pressures;
- Rapid transition of technology;
- Recession;
- Erosion in Margins on account of time-lag between input cost escalation and increase in end product realizations; and
- Lack of awareness about new products and technologies.
BUSINESS OUTLOOK
The Consumer Electronics Industry is very dynamic and new products are being launched on a continual basis. Consumer demand is ever-increasing. The Industry, driven by new technologies, standards and products, is fast evolving.
The Company proposes to cash on its following strengths:
- Best and Most sophisticated technology to suit Indian needs;
- Maintaining High Quality Standards;
- Market Penetration;
- Research and Analysis;
- Futuristic Products;
- Energy Saving Techniques; and
- Quality workforce and efficient manpower
FINANCIAL PERFORMANCE
SALES:
During the year, the Company achieved 'a gross sales of Rs. 8,439.780 million as against Rs. 8,023.610 million during the previous year ended on 30th September, 2008, thereby recording an increase of 5.19% in gross sales as compared to previous year.
OTHER INCOME:
Other Income for the year was Rs.14.02 million as against Rs. 37.95 million during the previous ended on 30th September, 2008, representing a decrease of 63.06% as compared to previous year. The decrease is mainly on account of decrease in Dividend and Investment Income. Other income comprises of interest, dividend and miscellaneous income.
EXPENDITURE:
COST OF GOODS
CONSUMED/SOLD:
Cost of Goods Consumed stood at Rs. 7,734.870 million as against Rs. 7,236.900 million during the previous year, representing an increase of 6.88% as compared to previous year ended on 30th September, 2008. The increase is on account of increase in turnover of the Company.
MANUFACTURING AND
OTHER EXPENSES:
During the year ' the Manufacturing and Other Expenses were Rs. 204.19 million as against Rs. 210.84 million during the previous year, representing a decrease of 3.15% as compared to previous year ended on 30th September, 2008.
INTEREST AND FINANCE CHARGES:
Interest and Finance Charges were to the tune of Rs. 107.64 million as against Rs. 134.660 million during the previous year ended, representing a decrease of 20.07% as compared to previous year ended on 30th September, 2008.
DEPRECIATION:
Depreciation was Rs. 115.6.90 million as against Rs. 123.25. million during the previous year, representing a decrease of 6.13% as compared to previous year ended on 30th September, 2008.
PROFIT BEFORE TAX AND
EXCEPTIONAL ITEMS:
As a result of the foregoing, the profit before exceptional items and taxation was Rs. 54.980 million as against Rs. 35.970 million during the previous year, representing an increase of 52.85% as compared to previous year ended on 30th September, 2008.
NET PROFIT:
Net Profit (profit after tax) of the Company is increased to Rs. 36.170 million from Rs. 24.340 million for the previous year ended 30th September, 2008 representing an increase of 48.60% in Net Profit.
FIXED ASSETS
- Free
- Building
- Plant and Machinery
- Electrical Equipments
- Computers
- Furniture and Fixtures
- Office Equipments
- Vehicles
UNAUDITED FINANCIAL RESULTS
(PROVISIONAL) FOR THE FOURTH QUARTER ENDED 31.12.2010
(Rs. in millions)
|
Sr. No. |
Particular |
Unaudited |
Unaudited |
|
|
|
Quarter
ended 31.12.2010 |
Quarter
ended 31.12.2010 |
|
1. |
Gross
Sales / Income |
|
|
|
|
a. Net Sales / Income from Operations (Net of Excise and Discounts) |
45.873 |
198.057 |
|
|
b. Other Operating Income |
-- |
-- |
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
a) (Increase) / Decrease in Stock in Trade and Work In
Process |
(0.198) |
(1.685) |
|
|
b) Consumption of Raw Materials (Net) |
21.175 |
101.899 |
|
|
c) Purchase of Traded Goods |
20.248 |
78.963 |
|
|
d) Employee Cost |
0.330 |
1.401 |
|
|
e) Depreciation |
0.466 |
1.685 |
|
|
f) Other Expenditure |
2.301 |
9.579 |
|
|
g) Total
Expenditure (a to f) |
44.322 |
191.842 |
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
1.551 |
6.215 |
|
|
|
|
|
|
4. |
Other Income |
0.127 |
0.333 |
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
1.678 |
6.548 |
|
|
|
|
|
|
6. |
Interest |
0.974 |
3.449 |
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
0.704 |
3.099 |
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
0.704 |
3.099 |
|
|
|
|
|
|
10. |
Tax Expense |
0.200 |
0.850 |
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
0.504 |
2.249 |
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
0.504 |
2.249 |
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
0.750 |
0.750 |
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
6.72 |
29.99 |
|
|
b) Basic and diluted EPS after extraordinary items |
6.72 |
29.99 |
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
-Number of Shares |
3932895 |
3932895 |
|
|
- Percentage of Shareholding |
52.44% |
52.44% |
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
- Number of Shares |
3567105 |
3567105 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
Promoter and Promoter Group) |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
47.56% |
47.56% |
Notes :
1. The Statutory Auditors have carried out limited review of the above
results and the same have been reviewed by the Audit Committee and taken on
record by the Board of Directors at its meeting held on 14th
February 2011.
2. The current accounting year of the Company has been extended by a period
of 3 months. As such, the current accounting year is for a period of 15 months
beginning from 1st October, 2009 and ended on 31st
December 2010. The subsequent accounting years, as such has begun on 1st
January 2011 and will end on 31st December every year.
3. Tax Expenses includes Provision for Current Tax and Deferred Tax.
4. The company has only one segment viz. ‘Consumer electronics and companies
/ parts there of as per Accounting standard on Segment Reporting (AS)-17 of
ICAI.
5. During the quarter ended 31st December 2010, 23 investors
complaints were received. There were no investor complaints pending at the
beginning of the quarter and at the end of the quarter.
6. The figures have been regrouped, wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No 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.44.33 |
|
|
1 |
Rs.74.13 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
Yes |
|
--LISTED |
YES/NO |
Yes |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
66 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.