1. Summary Information
|
|
|
Country |
|
|
Company Name |
MIC ELECTRONICS LIMITED |
Principal Name 1 |
Dr. M V Ramana Rao |
|
Status |
Good |
Principal Name 2 |
Mr. Somendra Khosla |
|
|
|
Registration # |
01-008652 |
|
Street Address |
A 4/II, Electronic Complex, Kushaiguda, Hyderabad-500062, |
||
|
Established Date |
17.05.1988 |
SIC Code |
-- |
|
Telephone# |
91-40-27122222 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-40-27133333 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Mini Computers |
|
|
# of employees |
-- |
Product Name 2 |
Microprocessors Based
Systems |
|
Paid up capital |
Rs.
204,997,000/- |
Product Name 3 |
Computer
Peripherals |
|
Shareholders |
Promoters holding ( 33.75%) Public Holding ( 66.25%) |
Banking |
State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
23 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
|
Infostep Inc., |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
30.06.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,348,625,000 |
Current Liabilities |
656,550,000 |
|
Inventories |
912,415,000 |
Long-term Liabilities |
716,042,000 |
|
Fixed Assets |
990,368,000 |
Other Liabilities |
0 |
|
Deferred Assets |
89,595,000 |
Total Liabilities |
1,372,592,000 |
|
Invest& other Assets |
921,972,000 |
Retained Earnings |
3,519,970,000 |
|
|
|
Net Worth |
3,890,383,000 |
|
Total Assets |
5,262,975,000 |
Total Liab. & Equity |
5,262,975,000 |
|
Total Assets (Previous Year) |
4,679,021,000 |
|
|
|
P/L Statement as of |
30.06.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
2,316,352,000 |
Net Profit |
540,034,000 |
|
Sales(Previous yr) |
2,413,174,000 |
Net Profit(Prev.yr) |
621,278,000 |
MIRA
INFORM REPORT
|
Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIC ELECTRONICS LIMITED |
|
|
|
|
Formally Known
As : |
MIC ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A4/II, Electronic Complex, Kushaiguda, Hyderabad-500062, Andhra
Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.06.2010 |
|
|
|
|
Date of
Incorporation : |
17.05.1988 |
|
|
|
|
Com. Reg. No.: |
01-008652 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 204.997 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31909AP1988PLC008652 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM00723C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
|
|
|
|
Line of Business
: |
Manufacturer,
Buyer, Seller, Exporter, Importer and Assemble all types of Mini Computers,
Microprocessors Based Systems and Computer Peripherals. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial position
of the company is good. 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/ Head Office : |
A 4/II, Electronic Complex, Kushaiguda, Hyderabad-500062, |
|
Tel. No.: |
91-40-27122222 |
|
Fax No.: |
91-40-27133333 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales and Marketing Office : |
5th Floor, Ashok My Home Chambers, |
|
Tel. No.: |
91-40-27813131 |
|
Fax No.: |
91-40-27813535 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
EXPORT ORIENTED
UNIT 192/B, Phase-II, IDA, Cherlapalli, Hyderabad-500051, |
|
Tel. No.: |
91-40-27122222 |
|
Fax No.: |
91-40-27133333 |
|
|
|
|
Factory 2 : |
MANUFACTURING
PLANT IP-47, |
|
Tel. No.: |
91-133-2235026 |
|
Fax No.: |
91-133-2235245 |
|
E-Mail : |
|
|
|
|
|
Overseas office : |
Located at: ·
·
·
|
DIRECTORS
AS ON 31.12.2010
|
Name : |
Dr. Maganti Venkata Ramana Rao |
|
Designation : |
Chairman and Managing Director |
|
Address : |
D.No, 12-13-418/17, Street no.19, Tarnaka,
Hyderadad - 500 017 |
|
Date of Birth/Age : |
04.02.1960 |
|
Date of Appointment : |
17.05.1988 |
|
DIN No : |
00010301 |
|
|
|
|
Name : |
Mr. Ranjan Kapoor |
|
Designation : |
Director |
|
Address : |
B-281, Twin Towers, Veer Savarkar Marg, Prabhadevi, Mumbai-400025,
Maharashtra, India |
|
Date of Birth/Age : |
25.11.1942 |
|
Date of Appointment : |
22.08.2006 |
|
DIN No : |
00035113 |
|
|
|
|
Name : |
Mr. Somendra Khosla |
|
Designation : |
Director |
|
Address : |
D-984, New Friends Colony, New Delhi-110065, Delhi, India |
|
Date of Birth/Age : |
03.09.1946 |
|
Date of Appointment : |
30.12.2010 |
|
DIN No : |
00328681 |
|
|
|
|
Name : |
Mr. Nimmagadda Srinivasa Rao |
|
Designation : |
Director |
|
Address : |
59A, 8/46/1, Plot No.69, Vasavinagar Main
Road, Vijayawada-520010, Andhra Pradesh, India |
|
Date of Birth/Age : |
25.07.1953 |
|
Date of Appointment : |
04.12.2004 |
|
DIN No : |
00014636 |
|
|
|
|
Name : |
Mr. Yarlagadda Harish Chandra Prasad |
|
Designation : |
Director |
|
Address : |
Plot No.371, Road No.24, Jubilee Hills, Hyderabad-520033, Andhra
Pradesh, India |
|
Date of Birth/Age : |
24.10.1959 |
|
Date of Appointment : |
27.12.2008 |
|
DIN No : |
00015202 |
|
|
|
|
Name : |
Nr. Shrikant Prabhakar Joshi |
|
Designation : |
Director |
|
Address : |
C-1, Manasarovar 19, 3rd, Seaward Road, Valmiki Nagar,
Chennai-600041, Tamil Nadu, India |
|
Date of Birth/Age : |
14.07.1958 |
|
Date of Appointment : |
19.11.2008 |
|
DIN No : |
02278471 |
|
|
|
|
Name : |
Mr. Lingamaneni Naga Malleswara Rao |
|
Designation : |
Whole Time Director |
|
Address : |
12-13-1274, Aspen Apartments, B-302, Taranka, Secunderabad-500017,
Andhra Pradesh, India |
|
Date of Birth/Age : |
15.05.1960 |
|
Date of Appointment : |
30.12.2010 |
|
DIN No : |
00010318 |
|
|
|
|
Name : |
Mr. Vidya Sagar Anisingaraju |
|
Designation : |
Director |
|
Address : |
1193, Crestline, Dr Cupertino CA United States of America-95014 |
|
Date of Birth/Age : |
19.03.1962 |
|
Date of Appointment : |
30.12.2009 |
|
DIN No : |
00365057 |
|
|
|
|
Name : |
Mr. Atluri Venkata Ram |
|
Designation : |
Director |
|
Address : |
4392, Millerave, Aalo Alto, CA United States of America-94306 |
|
Date of Birth/Age : |
10.05.1962 |
|
Date of Appointment : |
27.12.2008 |
|
DIN No : |
00753969 |
|
|
|
|
Name : |
Mr. Anil Goyal |
|
Designation : |
Director |
|
Address : |
C-2004, Oberoy Gardens, Thakur, Village, Kandiwali, Mumbai-400101,
Maharashtra, India |
|
Date of Birth/Age : |
06.06.1962 |
|
Date of Appointment : |
30.12.2009 |
|
DIN No : |
00019297 |
KEY EXECUTIVES
|
Name : |
Mr. Vasudeva Rao Devaki |
|
Designation : |
Company Secretary |
|
Address : |
7-6-36, Pakabanda Bazar, Khammam-507001, Andhra Pradesh, India |
|
Date of Birth/Age : |
15.05.1972 |
|
Date of Appointment : |
19.11.2008 |
|
PAN No: |
AEKPD7601Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
30,999,433 |
30.24 |
|
|
3,597,375 |
3.51 |
|
|
3,597,375 |
3.51 |
|
|
34,596,808 |
33.75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
34,596,808 |
33.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,022,362 |
1.00 |
|
|
34,600 |
0.03 |
|
|
6,403,619 |
6.25 |
|
|
7,460,581 |
7.28 |
|
|
|
|
|
|
11,192,896 |
10.92 |
|
|
|
|
|
|
25,474,588 |
24.85 |
|
|
17,438,434 |
17.01 |
|
|
6,334,968 |
6.18 |
|
|
6,331,468 |
6.18 |
|
|
3,500 |
- |
|
|
60,440,886 |
58.97 |
|
Total Public shareholding (B) |
67,901,467 |
66.25 |
|
Total (A)+(B) |
102,498,275 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
102,498,275 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Promoter GroupBUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Buyer, Seller, Exporter, Importer and Assemble all types of Mini Computers,
Microprocessors Based Systems and Computer Peripherals. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India ·
Development Credit Bank Limited ·
UCO Bank, 62, M. G. Road, Secunderabad-500003,
Andhra Pradesh, India ·
Industrial Development Bank of India Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pinnamaneni and Company Chartered Accountant |
|
Address : |
4th Floor, My Home Tycoon, |
|
|
|
|
Subsidiaries : |
CIN No :U74999AP2007PTC055355
CIN No : U40300AP2009PTC063021 |
|
|
|
|
Associate Company : |
|
CAPITAL STRUCTURE
AS ON 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.2/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102498275 |
Equity Shares |
Rs.2/- each |
Rs. 204.997
Millions |
|
|
|
|
|
Note:
Of the above:
a) 6,00,000 equity
shares of Rs.10 each fully paid up issued to erstwhile share holders of Phoenix
Telecommunications Limited, pursuant to scheme of amalgamation on 11.11.2000
b) 45,74,285 bonus
equity shares of Rs.10 each fully paid up allotted from the free reserves of
the company on 28.09.2006
c) 4,04,800 equity
shares of Rs.10 each fully paid up allotted to share holders of Infostep Inc.
through share swap on 19.10.2006
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
204.997 |
201.277 |
201.277 |
|
|
2] Share Application Money |
165.416 |
391.774 |
383.507 |
|
|
3] Reserves & Surplus |
3519.970 |
2697.497 |
2076.943 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3890.383 |
3290.548 |
2661.727 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
716.042 |
689.156 |
241.194 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
716.042 |
689.156 |
241.194 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
17.749 |
|
|
|
|
|
|
|
|
TOTAL |
4606.425 |
3979.704 |
2920.670 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
990.368 |
428.725 |
222.556 |
|
|
Capital work-in-progress |
631.112 |
860.946 |
817.523 |
|
|
|
|
|
|
|
|
INVESTMENT |
265.631 |
257.589 |
192.492 |
|
|
DEFERREX TAX ASSETS |
89.595 |
81.333 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
912.415
|
518.547
|
199.122 |
|
|
Sundry Debtors |
1206.173
|
1377.920
|
1450.345 |
|
|
Cash & Bank Balances |
41.458
|
30.554
|
83.955 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1100.994
|
1054.264
|
705.085 |
|
Total
Current Assets |
3261.040
|
2981.285 |
2438.507 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
477.196
|
464.746
|
551.536 |
|
|
Other Current Liabilities |
37.804
|
22.074
|
39.390 |
|
|
Provisions |
141.550
|
163.815
|
190.175 |
|
Total
Current Liabilities |
656.550
|
650.635 |
781.101 |
|
|
Net Current Assets |
2604.490
|
2330.650
|
1657.406 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
25.229 |
20.461 |
30.693 |
|
|
|
|
|
|
|
|
TOTAL |
4606.425 |
3979.704 |
2920.670 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2316.352 |
2413.174 |
3122.113 |
|
|
|
Other Income |
22.977 |
12.531 |
17.985 |
|
|
|
TOTAL (A) |
2339.329 |
2425.705 |
3140.098 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
1455.122 |
1527.129 |
2041.445 |
|
|
|
Employee Cost |
56.623 |
85.179 |
55.748 |
|
|
|
Manufacturing, Administration and Sales Expenses |
311.766 |
280.551 |
212.205 |
|
|
|
Capitalisation During The Year |
[3.205] |
0.000 |
0.000 |
|
|
|
R and D Expenditure |
33.192 |
36.562 |
19.958 |
|
|
|
Increase/ Decrease in Stock |
[251.635] |
[219.529] |
[31.321] |
|
|
|
TOTAL (B) |
1601.863 |
1709.892 |
2298.035 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
737.466 |
715.813 |
842.063 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
82.606 |
68.229 |
25.833 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
654.860 |
647.584 |
816.230 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.935 |
22.605 |
18.773 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
624.925 |
624.979 |
797.457 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
84.891 |
3.701 |
139.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
540.034 |
621.278 |
658.193 |
|
|
|
|
|
|
|
|
|
Add |
Prior period adjustment |
[9.702] |
22.891 |
[0.005] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1026.984 |
465.893 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
50.000 |
50.000 |
|
|
|
Deferred tax assets adjustment for earlier
year |
NA |
23.482 |
0.000 |
|
|
|
Proposed Dividend @ Re. 0.40 on equity
share of Rs. 2/- each |
NA |
40.255 |
40.255 |
|
|
|
Corporate Dividend Tax |
NA |
6.841 |
6.841 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1550.575 |
1026.985 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
19.544 |
139.376 |
51.474 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
49.405 |
271.371 |
524.875 |
|
|
|
Capital Goods |
0.000 |
20.159 |
21.863 |
|
|
TOTAL IMPORTS |
49.405 |
291.530 |
546.738 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.17 |
6.40 |
6.54 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Net Sales |
674.400 |
683.600 |
516.700 |
|
Total Expenditure |
429.200 |
466.000 |
381.300 |
|
PBIDT (Excl OI) |
245.200 |
217.600 |
135.400 |
|
Other Income |
0.100 |
2.000 |
0.800 |
|
Operating Profit |
245.300 |
219.600 |
136.200 |
|
Interest |
21.900 |
28.400 |
41.900 |
|
Exceptional Items |
0.000 |
0.000 |
23.100 |
|
PBDT |
223.400 |
191.200 |
71.200 |
|
Depreciation |
15.500 |
15.600 |
15.000 |
|
Profit Before Tax |
207.900 |
175.600 |
56.200 |
|
Tax |
41.400 |
35.000 |
8.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
166.500 |
140.600 |
47.400 |
|
Extraordinary Items |
0.000 |
0.000 |
(11.900) |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
166.500 |
140.600 |
35.500 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
23.08
|
25.61
|
20.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.98
|
25.90
|
25.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.40
|
18.33
|
29.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.19
|
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.41
|
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.97
|
4.58
|
3.12 |
LOCAL AGENCY FURTHER INFORMATION
RESULTS OF OPERATIONS
The financial year
2009-10 was significant for the Company in terms of growth in the LED display
and lighting segment and its shifting focus from the InfoTech to the lighting
and display segment. The Company developed the first 4mm LED Tv in India and
host of LED based lighting products. The Company is taking steps to strengthen
its position in the fields of media, information technology and communications.
Total income of the Company declined 3.56% Rs. 2425.700 millions in 2008-09 to
Rs. 2339.400 millions in 2009-10, largely on account of drop in revenue from
the InfoTech segment. Post tax profit of the Company declined 17.61% from Rs.
644.100 millions in 2008-09 to Rs. 530.300 millions in 2009-10.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Developments LED displays
Growth Opportunities
Globally, the
market for large area display stood at around USD 3.4 bn of which North America
accounted for 33% of the global market followed by Asia and Europe. With
recovery in the economy and growing income levels, the display market is
expected to grow at a CAGR of 61% within the next five years. The Rs. 18-bn
Indian live entertainment industry is expected to grow at around 18%. The Rs.
17.5-bn out-of-home advertisement is expected to record a growth of 12.5%
annually.
The USD 210-mn
international display renting industry is one of the fastest growing industries
in live entertainment and is expected to record 12.5% growth annually. LED
displays are rented to big outdoor events like Film Concerts, Fashion Shows and
Corporate Presentations, among others. On an average, in the US, a medium-sized
LED display can fetch a rental income of USD 15,000 for weekend use.
With the relief
from recessionary forces and increased spending on advertisements, demand for
the LED display solutions is bound to increase. With the increase in buying
power and spending power in India, lot of people now prefer to use these
Digital Boards on a mobile platform to show case the event that is organized by
them. Many rental companies are buying these mobile display boards to cater to
the needs of their customers.
Company Initiatives and Advantages:
The Company has
over two decades’ experience in the development and manufacturing of LED
display products. The strong in-house technology base distinguishes MIC from
the other Indian Companies. The Company emerges as the largest and only player
in the True Color LED display manufacturing in the country.
The Company has
presence in various countries and has entered into an exclusive tie up with the
US Company
Colorado Timing
Systems to market MIC display systems throughout USA with the aim of achieving
significant market share in the country.
Development of new
display solutions and applications is necessary to sustain a lead position in
this dynamic industry. With its strong technical base, MIC is capable of
continuously developing new products. The Company
is developing 3D
LED based display systems (with or without using 3D viewing glasses) for the
first time in India.
The Company is
also working on various applications relevant to its display products in the
fields of outdoor displays and TV, Cinema Industry, Theatre Applications, Video
Conferencing applications and the like. Business
models applicable
to these domains are also being worked out.
SEGMENT-WISE / PRODUCT – WISE PERFORMANCE
LED displays
continue to be the flagship products of
MIC. The
contribution by the lighting segment is
expected to take
off in a big way in the years to come
with a major
expansion plan on the anvil.
OUTLOOK FOR THE INDUSTRY
Industry experts
across the globe predict more than healthy growth rates for both LED Display
and Lighting products. The same trends are expected to be valid for India which
has demonstrated sustained growth rates in
economy, better
than many other countries even during the recent melt down. The concerted
efforts for improving the rural infrastructure will greatly help the rural
lighting market based on solar solutions. Some quantitative indices are
provided in the text of the annual report.
FINANCIAL AND OPERATIONAL PERFORMANCE:
The Company has
been going through a transition characterized by conscious withdrawal from
Telecom and Infotech business and laying full focus on LED based products. The
development efforts put in by the Company are expected to bear fruits in the
years to come, even though there is a minor dip in the top and bottom lines on
the year 2009-10. The growth rates in the thrust areas of businesses, namely
LED displays and lighting are in the upward swing.
FORM 8
|
Corporate
identity number of the company |
L31909AP1988PLC008652 |
|
Name of the
company |
MIC
ELECTRONICS LIMITED |
|
Address of the
registered office or of the principal place of business in |
A 4/II, Electronic Complex, Kushaiguda, Hyderabad-500062, Andhra
Pradesh, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
UCO Bank, 62, M. G. Road, Secunderabad-500003, Andhra Pradesh, India |
|
Nature of
instrument creating charge |
Letter
of Satisfaction of Bank Guarantee limits of Rs 100.000 millions issued by UCO
Bank |
|
Date of
instrument Creating the charge |
20.05.2011 |
|
Amount secured by
the charge |
Rs. 200.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BPLR
+ 1% i.e. presently 15.50% p.a. (monthly rests) Terms of
repayment The term
loan is repayable in 14 equal quarterly installments commencing from
31.03.2009. Margin 33 %
(100% of the equity contribution to be brought upfront). Extent and
operation of the charge Primary
Security - 1st hypo. charge over the plant and machinery, LED Display Boards,
software and other fixed assets of the Proposed project of the company at
DMRC. 1st charge on receivables arising out of the project Collateral
Security- Second Charge on fixed assets of the company other than what has
been taken as first charge. |
|
Short particulars
of the property charged (Including location of the property) |
Raw
materials, Stock in process and stock in trade, Plant & Machinery, Book
debts both present , future etc |
|
Charge
identification number of the charge to be modified |
10137915 |
|
Particulars of
the present modification |
Term
Loan Rs 200.000 millions |
Fixed Assets:
·
Land and Land Development
·
Building
·
Plant and Machinery
·
Furniture, Fittings and
Office Equipments
·
Vehicles
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 31ST MARCH, 2011
(Rs.
In Millions)
|
Particulars |
3 months ended
31.03.2011 (Unaudited) |
9 months ended
31.03.2011 (Unaudited) |
|
1. a) Net Sales/ Income form operations |
516.700 |
1874.700 |
|
b) Other Operating Income |
0.000 |
0.000 |
|
2. Expenditure |
|
|
|
a) Increase/ Decrease in Stock in trade and
work in progress |
(424.600) |
(587.300) |
|
b) Consumption of raw material |
683.200 |
1053.800 |
|
c) Purchase of traded goods |
0.000 |
0.000 |
|
d) Employee Cost |
27.100 |
77.500 |
|
e) Depreciation |
15.000 |
46.100 |
|
f) Other Expenditure |
95.600 |
298.200 |
|
g) Total |
396.300 |
1322.600 |
|
3. Profit form Operations before other
Income, Interest and Exceptional Item (1-2) |
120.400 |
552.100 |
|
4. Other Income |
0.800 |
2.900 |
|
5. Profit before Interest and Exceptional
Item (3+4) |
121.200 |
555.000 |
|
6. Interest |
41.900 |
92.200 |
|
7. Profit after Interest but before
Exceptional Item (5-6) |
79.300 |
462.800 |
|
8. Exceptional Items |
(23.100) |
(23.100) |
|
9. Profit from Ordinary Activities before
tax ( 7-8) |
56.200 |
439.700 |
|
10. Tax Expenses |
8.800 |
85.200 |
|
11. Net Profit form Ordinary Activities
after tax (9-10) |
47.400 |
354.500 |
|
12. Extra- Ordinary items (Net of tax expenses
Rs.) |
(11.900) |
(11.900) |
|
13. Net Profit for the period (11-12) |
35.500 |
342.600 |
|
14. Paid-up Equity Shares Capital (Face Value of Each share is Rs. 2/-) |
205.000 |
205.000 |
|
15. Reserves excluding Revaluation Reserve as
per Balance sheet of the previous accounting year. |
-- |
|
|
16. Earning per share (EPS) |
|
|
|
a) Basic and Diluted EPS before
Extra-ordinary items for the period,
for the year to date and for the previous year (not to be annualized) |
0.46 |
3.46 |
|
b) Diluted and Diluted EPS after Extra
ordinary items for the period, for the year to date and for the previous year
(not to be annualized) |
0.40 |
3.03 |
|
17. Public shareholding |
|
|
|
- Number of Shares |
75971309 |
-- |
|
- Percentage of Shareholding |
74.12% |
-- |
|
18. Promoters and promoter group
shareholding |
|
|
|
a) Pledged/ Encumbered |
|
|
|
- Number of Shares |
17060852 |
-- |
|
- Percentage of Shares (as a % of the total
share holding of the promoter and promoter group) |
64.32% |
-- |
|
- Percentage of Shares (as a % of the total
Share capital of the company) |
16.65% |
-- |
|
b) Non – Encumbered |
|
|
|
- Number of Shares |
9466114 |
-- |
|
- Percentage of Shares (as a % of the total
share holding of the promoter and promoter group) |
35.68% |
-- |
|
- Percentage of Shares (as a % of the total
Share capital of the company) |
9.23% |
-- |
SEGMENT REVENUE AND RESULTS
(STAND- ALONE)
For the Quarter
Ended 31st March, 2011
(Rs. In Millions)
|
Particulars |
3 months ended
31.03.2011 (Unaudited) |
9 months ended
31.03.2011 (Unaudited) |
|
1. Segment wise Revenue (Net Sales / Income from each segment should be disclosed under this
head) |
|
|
|
a) Media |
470.200 |
1706.000 |
|
b) Infotech and Communication |
46.500 |
168.700 |
|
c) Unallocated |
0.000 |
0.000 |
|
Total |
516.700 |
1874.700 |
|
Less: Inter segment Revenue |
0.000 |
0.000 |
|
Net Sales/ Income from Operations |
516.700 |
1874.700 |
|
2. Segment Results (Profit/ Loss before tax and Interest form each
segment) |
|
|
|
a) Media |
93.200 |
505.300 |
|
b) Infotech and Communication |
4.900 |
26.600 |
|
c) Unallocated |
0.000 |
0.000 |
|
Total |
98.100 |
531.900 |
|
Less: i) Interest |
41.900 |
92.200 |
|
ii) Other Un-allocable Expenditure net off |
0.000 |
0.000 |
|
iii) Un-allocable income |
0.000 |
0.000 |
|
Total Profit Before Tax |
56.200 |
439.700 |
|
3. Capital Employed (Segment Assets – Segment Liabilities) |
|
|
|
a) Media |
3929.200 |
3929.200 |
|
b) Infotech and Communication |
535.800 |
535.800 |
|
c) Unallocated |
0.000 |
0.000 |
|
Total |
4465.000 |
4465.000 |
Notes:
1. The above results have been reviewed by the Audit Committee at its
meeting held on 14th May, 2011 and approved by the Board of
Directors at its Meeting held on 14th May, 2011.
2. The above unaudited financial results have been subjected to limited
review by the company’s statutory auditors
3. All the grievances received during the quarter were resolved. There were
no investor grievances pending at the beginning and end of the quarter.
4. The consolidated financial results include the financial results of the
wholly owned subsidiaries M/s. Maave Electronics Private Limited., M/s MIC
Green Energy solutions Private Limited, and of subsidiary M/s Infostep India
Private Limited.
5. While calculating diluted EPS, outstanding 14640000 convertible share
warrants issued on preferential basis have been considered.
6. Exceptional items relates to bad debts written off.
7. Extra ordinary item relates to loss on sale of investment in
subsidiaries.
AS PER WEBSITE
PROFILE:
Subject is a global leader in the design,
development and manufacturing of LED Video Displays, high-end Electronic and
Telecommunication equipment and development of Telecom software since 1988. An ISO 9001: 2008 certified, it has marked presence in the
highly dynamic domains of:
·
LED Video, Graphics and
Text Displays
·
LED Lighting Solutions
·
Embedded, System and
Telecom software
·
Communication and
Electronic Products
Today, MIC's flagship products are LED Video Displays (indoor /
outdoor / mobile), that have become an integral part of Sports Stadiums,
Transportation Hubs, Digital Theatres and Theme Parks, Advertisements and
Public Information Displays.
Headquartered at one of the fastest emerging IT cities, Hyderabad
(India), it has nationwide presence in the form of a vast network of
marketing, sales and service support centres in all metros of India. To meet
the demand of its products worldwide, it has offices in Australia, Korea
and USA. Now the company is gradually setting up operations in other
international markets.
MILESTONE:
2009 Conformity
Certificate (CE) for Outdoor
Display Unit and UL certificate
for DigiTile-10V
MNRE approval for Solar LED Lantern
2008 MIC
is selected for "Best Under a
Billion" by Forbes Asia
as one of 22 Indian companies among 200 Asia Pacific companies.
RDSO approval for True Colour Passenger Information Display
System
2007 Successfully
completed the IPO with issue
oversubscribing by 51 times.
Developed "Emergency Lighting(Railways)" and "Solar Lighting(MNRE)"
2006 Acquisition
of InfoSTEP Inc,
2005 Export
of Mobile Video Display to Systec Retails Solutions Pty Limited,
2004 Supply
of True-color Outdoor LED Video Display
system to Gujarath Council of
2003 LED-Video Display product got place in
'Indian Innovators Forum' - Hall
of fame.
Supply of Digital Loop Carrier
Systems to M/s Bharat
Electronics Limited,
2002 Received
National BEST Award for RandD efforts in Electronic Industry from DSIR ( Department of Scientific and Industrial Research ),
Government of India.
Supply of Integrated IVR System
for multiple Customer-Interactive Services to BSNL and MTNL.
1999 Supply
of 'Automated Fault Repair Service (198)
- Computer Telephony solution' to MTNL-Delhi
for 11 FRS sites.
1997 Export
of Multi-colour LED Display system
Alosetar,
1994 First
export of multi-colour LED Display
System to Jeddah, Soudi Arabia
1993 Achieved
RECOGNITION from Ministry of Science and Technology for
in-house R and D unit.
Supply of Multi-colour, Day and Night display to M/s Larsen and Toubro Limited for installation at Jawaharlal Nehru Stadium, Chennai
1990 Managing
Director of MIC received 'Best
Entrepreneur Award' from Honorable Governor of Andhra Pradesh
1988 Supply
of Multi-colour and Multi-lingual LED Displays for On-line
Train Information display to South Central Railways
MIC registered under Companies Act-1956
MANAGEMENT TEAM:
Dr. M V Ramana Rao
Chairman and Managing Director
Dr. M V Ramana Rao has over 20 years of rich experience in the field
of embedded systems, parallel processing, multilingual software and Information
Communication Technologies industry in product design and development, marketing
and business development.
He holds a Bachelor of
Engineering (Electrical and Electronics Engineering) from Andhra
University College of Engineering, Master of Engineering (Applied Electronics) from
Prior to promotion of MIC Electronics Limited, he worked about 2 years as
lecturer in
He has several years of managerial experience in running the organization
successfully as CEO. He is a Fellow
of IETE and Member of IE (
He was invited as a speaker and chair person at several national and
international technical forums like
Shri Ranjan Kapur
Director
Shri Ranjan Kapur was born in
He is a veteran of the advertising business having spent 40 years with
Ogilvy. He was Chairman of Ogilvy
He is an ex-Citibanker. He has worked in several countries with Ogilvy,
including
He was inducted into the Worldwide Board in 1998 and was elected Vice
Chairman Asia Pacific in 2001.
He is also involved in his personal capacity in the development of
technology based on line and mobile services companies and has substantial
equity in an online publishing company, a BPO journalism company and a mobile
tagging services company.
He is also Chairman of the Strategic Planning Group at Bombay First, an
NGO that actively works with Government and Civic bodies for the development of
Mumbai into a premier global city. He has recently been inducted into the
Citizen's Action Group, a watchdog body under the chairmanship of the Chief
Minister that works directly with the Government of Maharashtra towards
Mumbai's development. He has also recently joined The Economic Times Marketing
Editorial Advisory Board.
Shri Somendra Khosla
Director
Shri Somendra Khosla qualified as a Chartered Accountant in 1973 in
Shri N Sreenivasa Rao
Director
Shri N Sreenivasa Rao, is a double Post Graduate in Public Administration and Politics from
Shri Y Harish Chandra Prasad
Director
Shri Y Harish Chandra Prasad holds Bachelor of Engineering (Mechanical),
First class with distinction
from Osmania University College of
Engineering,
He is the Vice Chairman and Managing Director, Malaxmi NBFA Ventures
Private Limited. He is involved in the business in the Infrastructure sector
predominantly in India in fields like power projects, highways, railways,
airports, seaports, Mass Rapid Transit System (MRTS), Property Developments,
etc.
Prior to joining Malaxmi NBFA Ventures Private Limited, in December
19th, 2005, he as a Managing Director, Lanco, single handedly prime handled the
project.The project construction was completed in record time overcoming many
hurdles.
He was instrumental in converting LANCO from a Rs. 30 million asset base
to Rs. 150 million, asset base.
Prior to taking up the assignment with Lanco he served as Director on
the Boards of several companies including Navabharat Power Private Limited and
Brahmani Infratech Private Limited. He is very active in a number of Industry
and Business associations such as Fellow, Indian Institution of Engineers,
He has received awards like "Rashtriya Vikas Shiromani Award", "Scroll of Honour", "Business Excellence Award" etc.
Shri Shrikant P Joshi
Director
Shri Shrikant P Joshi is a B Tech from IIT Delhi and hold post
graduate diploma in management from IIM Ahmedabad. His rich 25 years of experience covers
adoption and implementation of internationally benchmarked product creation,
product introduction and business creation process across industries like
Trading, Consumer Products, Lighting, Information Technology, Appliances, Food,
Service Industry (Internet), Retail (iways) and in hospitality/ Real estate. He
has worked in companies like Wipro, Philips, Heinz, Sify and Emaar MGF.
He was the founder member of
Wipro lighting and
was also engaged in business
development, restructuring and strategies in Wipro
Information Technology. He was also involved in designing and
implementation of turnaround strategies for Philips and Sify. He was an accredited auditor for world class
quality audits for Philips. He
audited plants in
Shri L N Malleswara Rao
Director
Shri L N Malleswara Rao, is a Bachelor of Technology (Mechanical Engineering)
from Jawaharlal Nehru Technological
University (JNTU). Prior to joining the company, he is having experience
in Design, Development and Qualify assurance for more than a decade in Andhra
Pradesh Heavy Machinery Engineering Limited (APHMEL)- a subsidiary of Andhra
Pradesh Industrial Development Corporation Limited. Associated with several
prestigious projects in their design development and execution in the areas of
electrical and mechanical engineering. He joined MIC Electronics Limited in 1994.
He is on board of the company since 1995 and contributed to the operations of
the company in several areas- design, development and execution of LED Displays
specifically in up gradation of mechanical designs for True colour LED video
walls and other LED lighting applications. Presently he is responsible for
Mechanical Design and Administration activities of the Company.
Shri Vidya Sagar Anisingaraju
Director
Shri Vidya Sagar Anisingaraju has over 20 years
of experience in the software industry in various divisions including finance,
legal, IT, marketing, sales and engineering. He is currently, President and CEO
of InfoSTEP Inc. His recent contribution to the industry includes product
innovation and architecting analytical applications for managing Internal
Controls and Assurances and Business Intelligence applications. He was a winner
of 'Applications Development Trends
Innovator Awards' for designing web-based Reporting Warehouse System.
His current passion includes development of a Value Innovation strategy
framework that enables companies to provide highest value to their customers at
lowest cost.
Prior to InfoSTEP, he worked as International Manager for CMC Limited
and was responsible for managing several successful international projects, in
In his earlier career, he did pioneering work in computerization of
Indian languages, design and development of solutions to generate Indian
language fonts and transliteration systems. He has contributed several research
papers and articles on these topics.
He is an invited speaker and writer at several national and
international forums including
He holds a Masters degree
from Indian Institute of Technology,
Shri Atluri Venkata Ram
Director
Shri Atluri Venkata Ram has over 25 years
of diverse technical, management and entrepreneurial experience in
He holds 2
He received his undergraduate
degree from
Shri Anil Goyal
Director
Shri Anil Goyal, is a Chartered Accountant and practicing since 1990. His main areas of
practice are Project finance, Audit
and taxation.
NEWS
PRESS RELEASE
26* February. 2011 N0.201102/03
MIC Electronics Limited has received approval from the Research, Designs and Standards Organisation (RDSO) of the Ministry
of Railways for the Energy Efficient LED based Luminaires to be fitted in the
Air Conditioned Coaches of the Indian Railways. The LED Lights (a set of 8
types for each coach other than the Emergency Light) were under evaluation for
the last eighteen months by the Indian Railways.
The approval was accorded by RDSO based on the successfu! trials. MIC is
the only Company in the country to have
received this approval.
All Air Conditioned Coaches & Steeper Coaches manufactured by Integral Coach Factory (ICF),
Chennai and Rail Coach Factory
(RCF), Kapuralata are expected to be fid with the LED Lights, aimed at long,
trouble free performance concurrent with substantial energy savings.
Eventually, Indian Railways may also decide to replace
the existing Conventional Lights in the running coaches with Energy
Efficient LED Lights.
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.44.94 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
51 |
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.