1. Summary Information
|
|
|
Country |
India |
|
Company Name |
MIRC ELECTRONICS
LIMITED |
Principal Name 1 |
Mr. Gulu L.
Mirchandani |
|
Status |
Good |
Principal Name 2 |
Mr. Vijay J.
Mansukhani |
|
|
|
Registration # |
11-023637 |
|
Street Address |
Onida House, 91, MIDC, Mahakali Caves Road, Andheri (East), Mumbai –
400093, Maharashtra, Inida |
||
|
Established Date |
01.01.1981 |
SIC Code |
-- |
|
Telephone# |
91-22-28200435 / 56975777 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28384499 / 28325068 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Television Sets |
|
|
# of employees |
1725 (Approximately) |
Product Name 2 |
Video Cassettes |
|
Paid up capital |
Rs.141,938,000/- |
Product Name 3 |
Compact Disc
Players |
|
Shareholders |
Promoter and Promoter’s Group (55.09%) Public Shareholding (44.91%) |
Banking |
State Bank of India |
|
Public Limited Corp. |
YES |
Business Period |
31 years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A (58) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
|
|
Subsidiary |
-- |
Akasaka
Electronics Limited |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,115,309,000 |
Current Liabilities |
4,323,248,000 |
|
Inventories |
3,464,621,000 |
Long-term Liabilities |
1,554,480,000
|
|
Fixed Assets |
2,065,435,000 |
Other Liabilities |
375,761,000 |
|
Deferred Assets |
000 |
Total Liabilities |
6,253,489,000 |
|
Invest& other Assets |
273,229,000 |
Retained Earnings |
2,523,167,000 |
|
|
|
Net Worth |
2,665,105,000 |
|
Total Assets |
8,918,594,000 |
Total Liab. & Equity |
8,918,594,000 |
|
Total Assets (Previous Year) |
7,322,825,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
19,125,659,000 |
Net Profit |
272,925,000 |
|
Sales(Previous yr) |
15,019,789,000 |
Net Profit(Prev.yr) |
183,708,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIRC ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
Onida House, 91, MIDC, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.01.1981 |
|
|
|
|
Com. Reg. No.: |
11-023637 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.141.938 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32300MH1981PLC023637 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM21150D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM8055A |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of
Television Sets, Video Cassettes, Video Cassette Recorders, Audio and Compact
Disc Players |
|
|
|
|
No. of
Employees: |
1725 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 10000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having fine track. Financial position of the company appears to be
sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can
be considered normal for 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 : |
Onida House, 91,
MIDC, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra,
India |
|
Tel. No.: |
91-22-28200435 /
56975777 |
|
Fax No.: |
91-22-28384499 /
28325068 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Village Kudus, Bhiwadi Wada Road, Taluka Wada, Thane – 421312, Maharashtra,
India |
|
|
|
|
Factory 2 : |
B-204/205, Phase – II, Noida – 201305,
Uttar Pradesh, India |
|
|
|
|
Factory 3 : |
Khasra No. 158, Vill. Raipur, Pargana,
Bhagwanpur, Roorkee, District Haridwar, Uttaranchal, India |
|
|
|
|
Factory 4 : : |
Khasra No. 399 to 401 and 405 to 410, 158 Kms Milestone, Delhi - Roorkee Highway - NH-58 Village - Mundiyaki, Pargana - Manglorur, Tehsil - Roorkee, Dist. Hariwar (Uttarakhand) – 247670, India |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Gulu L.
Mirchandani |
|
Designation : |
Chairman and Managing
Director |
|
Qualification : |
B.E. (Mechanical) |
|
Other Directorship |
He was President
of ‘Consumer Electronics and TV Manufacturers Association’ and Chairman of
the Bombay Chapter of the World Presidents’ Organisation (WPO) |
|
|
|
|
Name : |
Mr. Vijay J.
Mansukhani |
|
Designation : |
Managing Director |
|
Qualification : |
Graduate from the
|
|
Experienced: |
30 Years |
|
Other Directorship |
He is the Managing
Director of Adino Telecom Limited, a joint venture with Enkay
Telecommunications ( |
|
|
|
|
Name : |
Mr. Manoj K.
Maheshwari |
|
Designation : |
Director |
|
Qualification : |
B.Sc.(Chemistry) and
Post Graduate in Industrial Management |
|
|
|
|
Name : |
Mr. Vimal
Bhandari |
|
Designation : |
Director |
|
Qualification : |
Chartered
Accountant |
|
Other Directorship |
He is currently An
Executive Director on the Board of Infrastructure Leasing and Financial
Services Limited |
|
|
|
|
Name : |
Mr. Ranjan Kapur |
|
Designation : |
Director |
|
Qualification : |
Masters – English
from |
|
Other Directorship : |
He is thr
Director of Pedilite Industries Limited, Abbott India Limited, Hitech Plast
Limited, MIC Electronics Limited, Nimbus Communications Limited. |
KEY EXECUTIVES
|
Name : |
Mr. Anoop Pillai |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Category of shareholder |
Number of Shares |
Percentage of
Holdings |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
50969765 |
35.96 |
|
Bodies Corporate |
1435160 |
1.01 |
|
Any others
(Specify) |
25688109 |
18.12 |
|
Trusts |
25688109 |
18.12 |
|
Sub Total |
78093034 |
55.09 |
|
(2) Foreign |
|
|
|
Total shareholdings of Promoter and Promoter Group (A) |
78093034 |
55.09 |
|
(B) Public Shareholding |
|
|
|
(1) Institutions |
|
|
|
Mutual Funds / UTI |
2700 |
-- |
|
Financial Institutions / Banks |
45268 |
0.03 |
|
Insurance Companies |
801000 |
0.57 |
|
Foreign Institutional Investors |
6925333 |
4.89 |
|
Sub Total |
7774301 |
5.48 |
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
11783791 |
8.31 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
33565899 |
23.68 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
9144402 |
6.45 |
|
Any Others (Specify) |
1390251 |
0.98 |
|
Clearing Members |
584957 |
0.41 |
|
Non Resident Indians |
805 |
0.57 |
|
Trusts |
110 |
-- |
|
Sub Total |
55884343 |
39.42 |
|
Total Public
shareholding (B) |
63658644 |
44.91 |
|
Total (A)+(B) |
141751678 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total
(A)+(B)+(C) |
141751678 |
100.00 |
(1) Promoter and Promoter GroupBUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Television Sets, Video Cassettes, Video Cassette Recorders, Audio and Compact
Disc Players |
||||||||
|
|
|
||||||||
|
Products : |
·
LED TVs ·
LCD TVs ·
Colour Televisions ·
DVD Players ·
Air Conditioners ·
Washing Machines ·
Microwave Ovens ·
Mobile Phones ·
Projector and Display products
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Television |
|
Nos |
3900000 |
1240084 |
|
Washing Machines |
|
Nos |
520000 |
118068 |
|
Air Conditioners |
|
Nos |
500000 |
2292 |
|
TV Components, Spares and Others |
|
Nos |
NA |
NA |
|
Electronic Tuners |
|
Nos |
3720000 |
460273 |
Notes:
- Installed capacity is on single shift basis as certified by the Management upon which the Auditors have relied.
- The licensed capacities are not applicable in view of the exemption from licensing granted under Notification SO 477 (E) dated 25th July, 1991, issued under Industries (Development and Regulation) Act, 1951.
- Sales column is adjusted for loss in transit, internal transfer, salvages and free gifts.
- Company has production facility, for its captive consumption, from its Injection moulding plant (Plastic parts) having installed capacity of 10500 MT and EPS plant (articles of packing goods) having installed capacity of 1000 MT.
- The purchase cost of spares used in services has been included in ‘Cost of Raw Material Consumed’ schedule.
GENERAL INFORMATION
|
No. of Employees : |
1725 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
ICICI Bank Limited ·
HDFC Bank Limited ·
IDBI Limited ·
Canara Bank ·
Royal Bank of Scotland ·
Barclays Bank PLC ·
Yes Bank Limited ·
Axis Bank Limited ·
State Bank of Mysore ·
Lakshmi Vilas Bank ·
Bank of Nova Scotia ·
Corporation Bank ·
Deutsche Bank |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
in millions)
Of the above an amount of Rs.754.474 millions (Previous year: Rs.572.678 Millions) is repayable within one year. Notes: Cash Credit and Term Loan is secured by first pari-passu charge
in favour of the bankers by hypothecation of Company’s current assets, and on
the Company’s immovable and movable properties except the Land and \building
and Plant and Machinery embedded to the earth in Roorkee. (Rs.
in millions)
The above amount of Rs.450.000 (Previous year: Rs.763.800) is repayable
within one year. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N. M. Raiji and Company Chartered
Accountants |
|
|
|
|
Subsidiary : |
Akasaka Electronics Limited |
|
|
|
|
Enterprise over which
any person described in 2 and 3 is able to exercise significant influence : |
·
Iwai Electronics Private Limited ·
Adino Telecom Limited ·
Gulita Wealth Advisors Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
168020000 |
Equity shares |
Rs.1/- each |
Rs.168.020 millions |
|
2000000 |
5% Cumulative
Redeemable Preference Shares |
Rs.100/- each |
Rs.200.000 millions |
|
10000 |
8% Cumulative
Redeemable Preference Shares |
Rs.100/- each |
Rs.1.000 Million |
|
1000000 |
11%
Non-Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.469.020 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
141751678 |
Equity Shares |
Rs.1/- each |
Rs.141.752
millions |
|
|
Add : Forfeited
Equity Shares |
|
Rs.0.186 millions |
|
|
Total |
|
Rs.141.938 millions |
NOTE:
Of the above
- 9,36,95,620 Equity Shares were allotted as fully paid Bonus Shares by capitalisation of General Reserve and Capital Redemption Reserve.
- 14,59,464 Equity Shares were allotted as per the scheme of Amalgamation of Onida Savak Limited with the Company.
- 7,48,96,669 Equity Shares were allotted and 7,48,96,575 Equity Shares were cancelled as per the scheme of Amalgamation of Guviso Holdings Private Limited with the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
141.938 |
141.938 |
67.039 |
|
|
2] Capital Suspense |
0.000 |
0.000 |
264.048 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2523.167 |
2414.990 |
2394.688 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2665.105 |
2556.928 |
2725.775 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1104.480 |
572.678 |
748.861 |
|
|
2] Unsecured Loans |
450.000 |
763.800 |
1303.314 |
|
|
TOTAL BORROWING |
1554.480 |
1336.478 |
2052.175 |
|
|
DEFERRED TAX LIABILITIES |
181.223 |
155.263 |
155.068 |
|
|
|
|
|
|
|
|
TOTAL |
4400.808 |
4048.669 |
4933.018 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2065.435 |
2147.814 |
1835.098 |
|
|
Capital work-in-progress |
7.790 |
2.922 |
255.455 |
|
|
|
|
|
|
|
|
INVESTMENT |
265.439 |
401.400 |
267.811 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3464.621
|
2489.991
|
2104.150
|
|
|
Sundry Debtors |
1635.095
|
877.593
|
1068.070
|
|
|
Cash & Bank Balances |
471.250
|
276.439
|
93.021
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1008.964
|
1126.666
|
958.451
|
|
Total
Current Assets |
6579.930
|
4770.689
|
4223.692
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2104.922
|
1286.083
|
489.286
|
|
|
Other Current Liabilities |
2218.326
|
1808.613
|
1062.139
|
|
|
Provisions |
194.538
|
179.460
|
97.613
|
|
Total
Current Liabilities |
4517.786
|
3274.156
|
1649.038
|
|
|
Net Current Assets |
2026.144
|
1496.533
|
2574.654
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4400.808 |
4048.669 |
4933.018 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19125.659 |
15019.789 |
14304.290 |
|
|
|
Other Income |
33.778 |
30.260 |
41.819 |
|
|
|
TOTAL (A) |
19159.437 |
15050.049 |
14346.109 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
6557.639 |
5465.289 |
5293.907 |
|
|
|
Cost of Traded Goods Sold |
8477.293 |
6198.085 |
5619.634 |
|
|
|
Personal Expenses |
922.502 |
754.088 |
671.543 |
|
|
|
Other Expenses |
2692.637 |
2140.264 |
1944.665 |
|
|
|
Increase/(Decrease) in Finished Goods |
(236.082) |
(105.421) |
244.398 |
|
|
|
TOTAL (B) |
18413.989 |
14452.305 |
13774.147 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
745.448 |
597.744 |
571.962 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
177.303 |
173.523 |
284.888 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
568.145 |
424.221 |
287.074 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.042 |
197.715 |
185.517 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
352.103 |
226.506 |
101.557 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
79.178 |
42.798 |
12.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
272.925 |
183.708 |
89.544 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1361.990 |
1549.210 |
1542.499 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Shares |
|
|
|
|
|
|
Preference Dividend |
-- |
5.104 |
6.737 |
|
|
|
Equity Dividend |
141.752 |
134.565 |
56.800 |
|
|
|
Tax on Dividend |
22.996 |
23.737 |
10.798 |
|
|
|
Transfer to General Reserve |
27.293 |
18.371 |
8.954 |
|
|
|
Transfer to Capital Redemption Reserve |
-- |
189.151 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1442.874 |
1361.990 |
1549.210 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
259.405 |
259.606 |
192.406 |
|
|
TOTAL EARNINGS |
259.405 |
259.606 |
192.406 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10932.771 |
7536.836 |
5241.455 |
|
|
|
Stores & Spares |
0.000 |
5241.455 |
216.301 |
|
|
|
Capital Goods |
78.207 |
221.643 |
0.000 |
|
|
TOTAL IMPORTS |
11010.978 |
12999.934 |
5457.756 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.93 |
1.25 |
0.58 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd Quarter |
|
Net Sales |
|
4604.800 |
4240.300 |
|
Total Expenditure |
|
4428.300 |
4231.700 |
|
PBIDT (Excl
OI) |
|
176.500 |
8.600 |
|
Other Income |
|
4.700 |
13.800 |
|
Operating
Profit |
|
181.200 |
22.400 |
|
Interest |
|
56.700 |
77.000 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
124.500 |
(54.600) |
|
Depreciation |
|
53.300 |
55.400 |
|
Profit
Before Tax |
|
71.200 |
(110.000) |
|
Tax |
|
13.900 |
(13.900) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Reported PAT |
|
57.300 |
(96.100) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(57.300) |
(96.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.42
|
1.22
|
0.62
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.84
|
1.51
|
0.71
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.07
|
3.27
|
1.68
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.09
|
0.04
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.28
|
1.80
|
1.36
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.46
|
2.56
|
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
During the year, the
turnover of the Company increased from Rs. 15680.000
millions to Rs.20000.000
millions registering an increase of 28% over the previous financial year. The
Profit before tax increased from Rs. 230.000
millions to Rs. 350.000 millions registering an
increase of52% and the Profit after tax increased from Rs. 180.000 millions to Rs. 270.000 millions registering an
increase of 49%. The Directors are confident of maintaining the growth in the
ensuing year as well.
This was possible on
account of the impressive growth in LCD/LED, Airconditioners and Mobiles. The
turnover in the LCD/LED segment grew by 120% as compared to the previous year.
In the air conditioning segment the turnover grew by 42.45% and the mobiles
segment witnessed a growth of 140% as compared to the previous year. Overall
the year has been quite satisfactory in view of the various steps taken by
management.
SUBSIDIARY COMPANY:
The Company is having a
subsidiary company i.e. Akasaka Electronics Limited. In view of circular no.
2/2011 dated 21st February 2011 issued by the Ministry of Corporate Affairs, New
Delhi, the Board of Directors of the Company have decided to present the
audited consolidated statement of accounts of the company and its subsidiary in
the annual report for the year . The Company believes that the consolidated
accounts present a true and fair view of the state of affairs of the Company
and its subsidiary. Accordingly the annual report of The Company does not
contain the financial statement of its subsidiary, but contains the audited
consolidated financial statements of the Company and its subsidiary.
The annual accounts of
the subsidiary company along with the related detailed information, is
available for inspection by the shareholders of the Company and its subsidiary
Company during business hours at the respective registered offices of company
and subsidiary Company. Copies of the audited accounts of the Company's
subsidiary can be sought by any member by making a written request addressed to
the Company Secretary and Head - Corporate Affairs of the Company at the
registered office of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS:
The management has
pleasure in presenting this report in adherence to the Code of Corporate
Governance enacted by the Securities and Exchange Board of India under Clause
49of the Listing Agreement.
INDUSTRY STRUCTURE AND
DEVELOPMENTS
The market for consumer
durables is estimated at Rs. 300
billion and is expected to reach Rs. 500
billion by 2015. The urban consumer durables market is growing at an annual
rate of nine to twelve per cent and the rural durables market is growing at
over 30 percent annually. Some high-growth categories within this segment
include mobile phones, TVs [LEDs/LCDs], Air Conditioners, music systems.
The rural market is
growing much faster than the urban market and the urban market has now largely
become a product replacement market. The consumer durables industry in rural
and semi-urban areas has witnessed a considerable change during the last few
years.
India's rural consumer
durable market is expected to witness an annual growth rate of40 per cent in
the next fiscal 2011-12, as against the current growth rate of 30 per cent
owing to the change in lifestyle and higher disposable income of rural India
which has fascinated the consumer durable market according to a study "Rise
of Consumer Durables in Rural India" undertaken by the Associated Chambers
of Commerce and Industry of India (ASSOCHAM).
Around 35 per cent of
the total sales of consumer durable items come from rural and semi-urban
markets, which are expected to grow by 40 to 45 per cent in the near future.
The consumer durable industry is growing at a fast pace and sees a strong
demand in the coming period with the growing affordability of products as well
as general buoyancy in the economy. The penetration level of consumer durables
is only about 5 to 7 per cent in the rural markets. For deeper penetration in
the rural sector, the industry needs to create proper channels and communicate
to the rural community about their products through local language
advertisements as well as other tools such as local exhibitions, mobile vans
etc. The government also needs to focus on rural economy by providing them with
greater fiscal incentives and generate more rural employment schemes.
The ASSOCHAM study also
reveals that in the next five years it would be a new era for the rural
economy, and by 2015 it is expected that every village in India will be
connected by an all weather road, and will have internet connectivity and
almost all homes will have electricity connection and possess a mobile phone.
The industry thus expects the rural market to reach an inflexion point which
could lead to explosion in demand the way it happened in the urban markets in
the mid 90s.
The future thus appears
even more encouraging: the character of home television is undergoing a
paradigm transition with broadcasters and operators deploying digital platforms
that transforms a passive T.V. experience into an interactive, on-demand media
arena. As an extension, the industry's pace is being catalyzed by the passion
with which product brands create new owners.
Subject stands
attractively positioned in this regard: for more than 25 years, the Company
leveraged advanced technology, focused on introduction of innovative products
aligned with evolving Indian lifestyles and in doing so, emerged as a popular
household brand. Gradually the Company has extended from televisions to a range
of successful products comprising air-conditioners, LCD/LED TVs, Mobiles
phones, Microwave ovens, DVD players, Washing Machines etc.
At Mire, this evolution
and growth has been driven by its innovation-driven research and development
team resulting in the creation of cutting-edge products of the highest quality
and standards designed as per the needs of the Indian consumers.
OPPORTUNITIES AND
THREATS
India is one of the
largest agrarian economies in the world. An interesting but not-so-well known
fact highlighting the rural importance to a large number of marketers is the
fact that the rural people in India account for 11 per cent of the world's
population. As such, rural agriculture represents the principal occupation of
around 70 per cent of the country's population. A robust agrarian economy over
the last decade strengthened the rural off take of consumer durables. Going
forward, the industry growth is expected to accelerate with a product shelf
life estimated at around 8 year leading to replacement and up gradation in
addition to ongoing organic growth. Keeping in view the above scenario the
opportunities and threats concerning the consumer durable industry will be as
follows:-
Opportunities
• The overall increase
in disposable incomes, more number of households above the threshold income,
declining prices and shortened replacement cycle all these factors are expected
to sustain the growth momentum from 7.5 per cent during 2010-11 to reach
beyond10 per cent by 2015. (Mentioned economy growth).
• Rural India, which
accounts for nearly 70 per cent of the total number of households, offers
plenty of scope and opportunities for the industry. The urban consumer durables
market for products is growing annually by about 12 per cent whereas the rural
market is zooming ahead at above 30 per cent annually.
• Increasing consumer
awareness and preference for new models have added to the demand. Products like
air conditioners are no longer perceived as luxury products but are treated as
necessities in the changed socio-economic environment with changed life styles.
• Attractive financing
schemes will drive demand.
• The phenomenal growth
of media in India, the flurry of television channels and the rising penetration
of cinemas have spread awareness of products in the remote markets. The
Internet will play a lead role in driving informed purchases with more people
using it. It will help to sustain the demand boom witnessed recently in this
sector.
In response to the
aforesaid opportunities, Mire expanded its scope from single product to a
multi-product portfolio, resulting in enhanced possibilities to occupy a larger
shelf space. It prudently invested its resources to drive its innovation and
cost-effectiveness; it emphasized a unique selling proposition to position and
promotes its products in the following manner:-
i.
LCD/LED TVs:-
Subject entered the LCD/LED
TV segment with the launch of revolutionary Full High Definition LCD/LED TVs.
Its latest launch has been the Svelte LED TV offering a uniquely-Care
technology. With increasing usage of TV, computers, mobiles, gaming stations
and other such "screens", our eyes are constantly under strain and
experience much fatigue. Television viewing should be a pleasant experience,
and to deliver just that, Mire has developed an l-Care technology for LCD that
reduces harmful UV rays by 99 percent and provides 95 per cent Reflection-free
viewing. The Onida i-Care LCD is also built tough and is designed to be 10
times tougher than normal LCD TVs.
Recently Mire has also
introduced the Active Play LCD TV with 25 inbuilt games. All the games are
motion-controlled games, and a special remote unit is provided with the LCD TV.
The model delivers a power packed picture along with 400 W sound output. It
comes with high end connectivity with dual USB (all format payability), Dual
HDMI, VGA port etc. This features enables the user to experience an engage
himself in an active physical gaming session.
ii.
Air Conditioners:-
Subject launched
Innovative Air Conditioners which were developed through extensive consumer
research. In depth understanding of consumer trends and their needs related to
the product design and functionality were critical factors which helped the
Company's R and D team to develop these unique products.
The R and D team has
successfully applied for 3 patents for air conditioners in 2011.Onida
Air-conditioned won the Star Performer Award in recognition of significant
contribution towards the national effort on energy saving by manufacturing and
marketing the Most Energy Efficient Air Conditioners in 5 Star range, and the
award was presented by Hon'ble Former Minister of State for Power.
Mire has been successful
in understanding the technology and design trends in the air-conditioning
segment. Innovative product development based on consumer feedback and their
usage pattern helped Mire rapidly gain market share in this category. Consumer
insights helped Mire to develop several innovative one-of-its-kind products
like Speed cool, l-Cool,
Twin Cool and Pre Cool
Airconditioners. This has been well accepted and appreciated by the consumers.
Design and functionality driven innovation will continue to be the product
strategy and would be one of the key differentiators for Onida Air
Conditioners.
Worlds 1st Speed Cool:
Consumer insight based
on growing consumer impatience , need for instant comfort in peak summer
season, ease of use of remote control and need to check the actual energy
savings against the tall manufacturer claims led to development of ONIDA Speed
cool range .
The product is a result
of extensive consumer connect programme and is the 1st in World with 5 Speed
cooling which is integrated to ceiling fan to provide uninterrupted comfort
instantly. Another unique feature of this range is one touch l-Cool control,
which at a press of remote gives the user optimized cooling. This l-Cool
function ensures ease of use.
Another unique feature
is Energy savings meter, which captures the energy saving based on actual usage
and displays it in Rupees. This feature gives the proof of savings to consumer.
Large speedometer display
and world class aesthetics have made this range very popularwith consumers and
helped ONIDA Airconditioners gain market share.
World 1st Pre Cool:
Consumer insight based
on need of the working youth and couples to enter into a pre cooled environment
after coming from AC enviorment in office led to another innovative product
development. ONIDA Pre-Cool Airconditioner range is a fusion of mobile
technology with Airconditioner control system which gives the freedom to
operate the airconditioner from anywhere. With this feature one can get the
room air-conditioned before reaching the place. This feature has been very well
accepted at metro cities were the population of young working couples look for
comfortable cool environment at home before they reach home from their work
place.
Twin Cool
Airconditioner:
Consumer insight where
in the consumer wants to have fully air-conditioned home, with situations of
partial or alternate usage in different rooms helped ONIDA R and D team to work
on another innovative product. Consumer connect programme at Mire provided the
insight that most people seldom use the bedroom and living room airconditioner
together. Consumer research also revealed that many a time’s consumers avoid
air-conditioning the spare room due to initial cost of purchase. The new ONIDA
Twin Cool airconditioner was developed keeping this in consideration and gives
the freedom to consumer to operate the AC in either room with just one Out Door
Unit and saves nearly 50% of the cost of a separate airconditioner. This
product patent has been applied for.
Subject was the first
Indian brand to launch 3G handsets in the mid-price segment with two cameras
and video calling features. It also launched the first KY Thunder phone
without-of-the-world sound output, and the first mobile phone with FM
transmission capability(within limited area) . Mire is in the process of
launching a series of Android-based mobile phones in the ensuing financial year
2011-12 with a first of its kind having touch-screen, qwerty keypad and optical
track pad. It also has inbuilt analog TV facilitating viewing the movie while
commuting features.
iv.
DVD:-
Market Scenario: The DVD
market is facing a phased degrowth year on year due to many reasons like DTH
becoming popular, TV and LCD's having the functionality of playing music and
videos through USBs and USBs becoming a popular data storing device. Despite
these factors, Mire has increased its market share in this scenario and looks
further to maximize the same.
Mire has also realized
that differentiating the product offer is the best way to grow in this
scenario, and hence is investing in products that offer best-in-class features.
Mire is also launching a
media player, the next generation product that can function as a network
organizer as well as an input device for the television. This product is
designed to be "future-ready", with Full-HD and 3D data capabilities.
Threats
• Mire faces stiff
competition from existing multinational players that have established themselves
strongly in this industry. These companies have been gaining market share over
the last few years and have greater marketing budgets. Their access to
technologies that develop in First World countries is a definite plus. Besides,
several of these multinational players are also playing mass by going in for
significant price reductions.
• Private labels of
Modern format stores have also made entry in Indian market. Aided by
availability of low-cost Chinese made products, it remains to be seen whether
such products sustain and take off well. There is little differentiation
between these products, and they also lack in terms of brand awareness.
• With stiff
competition, the consumer durables industry faces a persistent pressure on
margins due to its inability to pass on input cost rises to consumers. The
interest rates have recently started moving up, which is a cause of concern.
Hence, the company’s future profitability may come under pressure.
• Mire is facing stiff
competition from Japanese Companies who have revived their marketing strategy
for India and have become more visible in the Indian Market.
• Continuous increase in
commodity prices like copper and petroleum products along with wage inflation
increase the cost of product, which at many times not be able to pass on the
end consumer leads to the pressure on margin.
• Wide volatility in
foreign currency against Indian currency affects the profitability margin.
PRODUCT-WISE PERFORMANCE
During the year, the
Company witnessed a moderate growth in sales of colour televisions of about 6
per cent. However, the LCD/LED segment grew by about 120 percent as compared to
the previous financial year. There was a 45 per cent growth in sale of Onida
Air conditioners during the year. The sale of mobiles witnessed a growth of
over 139 per cent. The sale of Washing machines registered a growth of 11 per
cent. Overall the product wise performance has been quite encouraging and
outperformed market growth in the category of Airconditioner and LCD during the
year..
OUTLOOK
In the times to come,
Brand strength, product mix, a well-established distribution network,
after-sales service, and technological superiority would be factors which will
determine the competitive advantage of industry players. Market shares are
expected to consolidate; however, the pace of consolidation would decline.
While major industry players would continue to focus on prices in the
low-medium range, advertising and promotional spends would continue to be an
integral part of the companies' expenses.
The Company has extended
its offerings under the Onida brand across products as well as geographical
boundaries. The Company expects to increase its presence in these products and
emerge as a leading solutions provider for electronic home improvement goods.
The company has also positioned an exclusive brand 'IGO' for the rural market
to capture the potential demand from the rural areas.
DISCUSSION ON FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the year, the turnover
of the company increased from Rs. 15680.000
millions to Rs. 20000.000 millions registering an
increase of 28 per cent over the previous financial year. The Profit before tax
increased from Rs. 230.000
millions to Rs. 350.000 millions registering an
increase of 52 per cent and the Profit after tax increased from Rs. 180.000 millions to Rs. 270.000 millions registering an
increase of 49 per cent.
FIXED ASSETS:
Intangible Assets
·
R and D Software
Tangible Assets
·
Leasehold Land
·
Freehold Land
·
Buildings
·
Plant and Machinery and
Electrical Fittings
·
Furniture, Fixtures and
Equipments
·
Motor Vehicles
·
R & D-Building
·
R & D- Plant and
Machinery and Electrical Fittings
·
R & D- Furniture,
Fixture and Equipments
Business Description
Subject is an India-based
company. The Company is engaged in the business of manufacture and marketing of
electronics goods primarily under the brand named Onida and IGO. The Company’s
portfolio consists of Liquid Crystal Displays (LCDs), colour televisions,
digital video drive (DVD), air conditioners, washing machine, microwave ovens,
mobile phones, television components spares, and projectors and display
products. The Company’s subsidiary is Akasaka Electronics Limited. For the
fiscal year ended 31 March 2010, Subject's revenues increased 5% to RS15.31B.
Net income totaled RS194.8M, up from RS73M. Revenues reflect decreased sales
revenue and lower other income. Net income also reflect a decrease in interest
expenses, decreased rental expenses, lower insurance charges, a decrease in
fright and forwarding expenses and decreased traveling and conveyance.
MANAGEMENT:
Biography
of Directors:
1.
Mr.Gulu L. Mirchandani
Title: Executive Chairman of the Board, Managing Director
Function: Chairman
Education: B Mechanical
Engineering, Birla Institute of Technology and Science, Pilan
Mr. Gulu L. Mirchandani is
Executive Chairman of the Board, Managing Director of Mirc Electronics Limited.
Mr. Mirchandani holds a degree in BE (Mechanical). Mr. Mirchandani is closely
involved with the development of corporate strategy and formulating, incubating
and delivering emerging technologies and services in the area of televisions
and other products of the Company. Mire won the award for excellence in
Electronics under his able leadership in 1999 from the Ministry of information
Technology, the Government of India. Mr. Mirehandani has held several key
positions in the industry. He was appointed as the President of Consumer
Electronics and TV Manufacturers Association (CETMA) for two eonseeutiveyears
in 1992 and 1994. He was also appointed as the Chairman of the Bombay chapter
of the World President’s Organisation (WPO), an International Organisation of
more than 3,000 CEOs with operations in more than 60 Countries and presently he
is the Chairman of the South Asia Region. Mr. Mirehandani is also on the Board
of many companies, including Shopper’s Stop Limited, VIP Industries Limited and
KEC International Limited etc.
2.
Mr. Vimal
Bhandari
Title:
Independent Non-Executive Director
Functions:
Director/Board Member
Education: B , Sydenham College
of Commerce and Economics
Shri. Vimal Bhandari is
Independent Non-Executive Director of Mirc Electronics Limited. He is a Chartered
Accountant from the Institute of Chartered Accountants of India (ICAI), New
Delhi and a Bachelor of Commerce from Mumbai University. He is currently the
Country Head of AEGON International NV’s one of the Life Insurance, Pension and
Investment Management Companies in the world. AEGON N.V. has a life insurance
joint venture in India. He is a member of the Listing Committee and the
Executive Committee of National Stock Exchange of India Limited., a member of
the National Council on Corporate Governance of CII and an Executive Committee
member of FICCI. Mr. Bhandari has been the functional head of financial
services business of ILFandS and played a key role in managing the asset-based
activities and the non-fund based advisory activities, encompassing the company
valuation, mergers and acquisitions, strategic financial planning,
disinvestments and dilutions by recourse to capital markets. Mr. Bhandari has
spear-headed various strategic forays into new initiatives such as retail
distributions, insurance, merchant banking etc., and is also on the Board of
several public limited companies.
3.
Mr. Ajayendra Jain
Title:
Assistant Company Secetary
Function:
Director/Board Member
4.
Mr. Ranjan M.
Kapur
Title:
Independent Non-Executive Director
Functions:
Director/Board Member
Education: MA English,
University of Delhi
Shri. Ranjan Kapur is
Independent Non-Executive Director of Mirc Electronics Limited. He holds a
Masters degree in English from Delhi University and a degree in Advanced Advertising
Studies from the Advertising Agencies Association of America. He is the Country
Manager of the WPP Group, and the parent of well-known advertising agencies
such as JWT, Young and Rubicam and Ogilvy and Mather. Mr. Kapur has almost four
decades of marketing communications experience across several countries in East
Asia, the US and India. He is currently on the Boards of several WPP operating
companies as well as Pidilite Industries Limited and Abbott India Limited among
others. He is also on the Managing Committees of the Indian Cancer Society,
Bombay First and Marico Innovation Foundation.
5.
Mr. Manoj Kumar
Maheshwari
Title:
Managing Director, Executive Director
Function:
Director/Board Member
Education: Chemistry, Bombay University
Shri. Manoj Maheshwari is Independent Non-Executive
Director of Mirc Electronics Limited. He is an entrepreneur specialising in
consumer products, Pharmaceuticals and chemical industries. He is a graduate
from Mumbai University with a major in Chemistry and holds a post-graduation
degree in Industrial Management. In addition to his private initiative. Mr.
Maheshwari is also on the Board of several public limited companies as an
Independent Non-Executive Director. He brings to the Mire Board, a judicious
mix of entrepreneurial and professional skills.
6.
Mr. Vijay J. Mansukhani
Title: Managing Director, Executive
Director
Function: Director/Board Member
Mr. Vijay J. Mansukhani is
Managing Director, Executive Director of Mirc Electronics Limited. He is a
co-promoter of Mirc Electronics Limited and is also its Managing Director. He
has been associated with Mirc since its inception in 1981. A graduate from the
College of Marine Engineering, Mumbai. Mr. Mansukhani has over 30 years of
experience and proven in driving the organisational growth through the
enhancement of existing growth areas and developing potential opportunities. As
the key member in devising and implementing corporate growth strategy for Mirc,
he is also involved in the telecom sector. He is the Managing Director of Adino
Telecom Limited, a joint venture with Enkay Telecommunications (India) Limited.
Mr. Mansukhani is also on the Board of several companies, including Akasaka
Electronics Limited etc.
7.
Mr. Harsh Mariwala
Title: Director
Function:
Director/Board Member
UNAUDITED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED 30th SEPTEMBER, 2011
(Rs. in millions)
|
Particulars |
Quarter ended |
Half year ended |
|
30.09.2011 |
30.09.2011 |
|
|
1.(a) Gross Sales/Income from
Operations |
4520.900 |
9326.300 |
|
Less: Excise Duty |
282.400 |
484.500 |
|
Net Sales/Income from Operations |
4238.500 |
8841.800 |
|
(b) Other Operating Income |
1.800 |
3.300 |
|
Total Income |
|
|
|
2. Expenditure |
|
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(250.300) |
(322.400) |
|
b. Consumption of Raw-Materials |
2077.800 |
3724.000 |
|
c. Purchase of Traded Goods |
1514.200 |
3500.300 |
|
d. Employees Cost |
260.400 |
507.900 |
|
e. Depreciation |
55.400 |
108.700 |
|
f. Other Expenditure |
629.600 |
1250.200 |
|
g. Total |
4287.100 |
8768.700 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
(46.800) |
76.400 |
|
4. Other Income |
13.800 |
18.500 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
(33.000) |
94.900 |
|
6. Interest |
77.000 |
133.700 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
(110.000) |
(38.800) |
|
8. Exceptional Items |
-- |
-- |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
(110.000) |
(38.800) |
|
10. Tax Expenses |
(13.900) |
-- |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
(96.100) |
(38.800) |
|
12. Extraordinary Items |
-- |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
(96.100) |
(38.800) |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
141.700 |
141.700 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of Previous
Accounting Year |
|
|
|
16. Earning per Share (EPS) |
|
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
(0.68) |
(0.27) |
|
b) Basic and diluted EPS after extraordinary items for the period,for
the year to date and for the previous year (not annualised) |
|
|
|
17. Public Shareholding |
|
|
|
Number of shares |
63658644 |
63658644 |
|
Percentage of Shareholding |
44.91% |
44.91% |
|
18.Promoters and Promoter Group Shareholdings |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
-- |
-- |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
-- |
-- |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
-- |
-- |
|
b) Non-encumbered |
|
|
|
- Number of shares |
78093034 |
78093034 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100.00% |
100.00% |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
55.09% |
55.09% |
SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Particulars |
|
Quarter ended |
|
|
30.09.2011 |
|
|
Segment Reserve |
|
|
|
Consumer Durables and Components |
|
3861.700 |
|
Mobile Communication Device |
|
376.800 |
|
Sub total |
|
4238.500 |
|
Less : Inter Segment Revenue |
|
-- |
|
Net Sales / Income from Operations |
|
4238.500 |
|
|
|
|
|
Segment Results |
|
|
|
Consumer Durables and Components |
|
296.800 |
|
Mobile Communication Device |
|
(27.900) |
|
Sub Total |
|
268.900 |
|
|
|
|
|
Less: |
|
|
|
i. Financial Cost |
|
77.000 |
|
ii. Other Un-allocated expenditure |
|
301.900 |
|
(Net of Unallocated expenditure) |
|
|
|
Total Profit/ (Loss) before Tax |
|
(110.000) |
|
|
|
|
|
Capital Employed |
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
Consumer Durables and Components |
|
5424.800 |
|
Mobile Communication Device |
|
(32.800) |
|
Unallocated |
|
(417.000) |
|
Sub Total |
|
4975.000 |
UNAUDITED STANDALONE
STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2011
(Rs. in millions)
|
Particulars |
|
Half year ended |
|
Shareholders’ Funds |
|
|
|
a. Capital |
|
141.900 |
|
b. Reserves and Surplus |
|
2484.400 |
|
Loan Funds |
|
2348.700 |
|
Deferred Tax Liability (Net) |
|
181.200 |
|
Total |
|
5156.200 |
|
Fixed Assets |
|
1995.700 |
|
Investments |
|
264.400 |
|
Current Assets, Loans and Advances |
|
|
|
a. Inventories |
|
4345.800 |
|
b. Sundry Debtors |
|
1489.700 |
|
c. Cash and Bank Balances |
|
427.000 |
|
d. Loans and Advances |
|
1038.500 |
|
Less: Current Liabilities and Provisions |
|
|
|
a. Current Liabilities |
|
4367.100 |
|
b. Provisions |
|
37.800 |
|
Total |
|
5156.200 |
Notes:
1. The above results as reviewed by the Audit Committee have been taken on record
at the meeting of the Board of Directors held on 25th October, 2011.
2. Considering the financial reporting structure and risk and reward
associated with the products, the Company has indentified two reportable segments
i.e. Consumer Durable Products and Mobile Communication Device. Accordingly
segment reporting disclosures have been made.
3. During the quarter, 156 investor complaints were received and resolved.
No complaints were pending either at the beginning or at the end of the
quarter.
4. Previous year’s figures have been rearranged / regrouped wherever
necessary.
SIGNIFICANT DEVELOPMENTS:
Mirc
Electronics Limited Announces Dividend Payment Date
Jul
04, 2011
Mirc Electronics Limited
announced that the Company shall be paying / dispatching dividend for the
financial year 2010-11 to the eligible shareholders at the rate of INR1 per
equity share of INR1 each, between June 30, 2011 to July 04, 2011, subject to
the approval of members of the Company in the ensuing annual general meeting
scheduled to be held on June 24, 2011.
Mirc
Electronics Limited Recommends Dividend
May
10, 2011
Mirc Electronics Limited
announced that the Board of Directors of the Company at its meeting held on May
05, 2011, inter alia, have recommended a dividend of INR1.00 (previous year
INR0.95) per equity share of INR1 each, subject to approval of shareholders.
New
Indian Express (India)
11 October 2011
India, Oct. 11 -- Adressing a press conference here, Sanjeev K
Jain, Vice President, Sales and Services, Mirc Electronics, said, "The
i-Tube Android Smart LED TV will also contribute immensely to the amobitious
growth targets set by the company. After a successful year last fiscal when the
company tocuhed Rs 20000.000 crore, there are plans to grow at 50 per cent to
reach Rs 30000.000 crore topline target.''
"The new TV allows the user access to a large number of apps
available in the Android market. Onida iTube LED TV has a stylish slim Diamond
Edge bezel frame resulting in a seamless and awesome viewing experience,'' he
added.
The Onida iTube LED TV is now being launched in a 32 inch screen
size with easy to use polarized 3D Glasses. The other features that make it
stand apart from the competitors in the market are Wifi, Ethernet, Movie USBx3,
Full HD, All sync, 2D to 3D conversion and comfortable 3 D glasses that come
along with it. It is an all-in-one entertainment centre with Internet.
Published by HT Syndication with permission from New Indian Express.
Press
Trust of India
09 October 2011
Chennai, October 10, 2011 (PTI) -- As part of expanding its
presence in the home appliance business, MIRC Electronics that markets ONIDA
range of products, is working on developing LED lights, microwave oven and
washing machines.
"We are working on LED lights, microwave oven and washing
machines..The markets for these products are growing in India.." MIRC
Electronics Limited Vice-President (Sales and Service) Sanjeev K Jain told
reporters here.
The Mumbai-based firm currently offers colour television sets,
LCDs and DVD. Besides, it also has a presence in mobile phone, air conditioner
and flat panel devices.
On their future plans, Jain said the company is looking to
increase its exports by foraying into more countries by 2012-13.
"We want to increase our exports. We have covered the Gulf
(countries)...We are looking at markets like Kenya and Nigeria. Hopefully by
2012-13, we (will) look for huge exports."
The company currently exports to the Middle East and South Asian
countries.
On their first Android LED TV "Onida-iTube", launched in
the Tamil Nadu market today, he said the smart LED TV market was around eight
to 10 per cent of the total industry size of five million units. "This is
expected to grow 25 per cent in the coming years."
The Onida iTube TV sets are priced between Rs 45,990 and Rs
68,990, he said. PTI VIJ VS MM MR 10102143
Times
of India
23 September 2011
By Zachariah, Reeba
MUMBAI: It's been almost 30 years since Eureka Forbes came into
India, but its vacuum cleaners have not been able to replace the humble bai in
a house. The gadget has co-existed with housemaids with Eureka Forbes actually
using this platform as a marketing tool to train them with vacuum cleaners.
The penetration of home appliances like washing machines, microwave
ovens and food processors has grown by more than 300% in the last 10 years on
the back of growing working couples and higher disposable incomes. But
double-income households continue to depend on maids for chores. According to
an IMRB study, as housewives start earning and their salaries go up, their
dependency on maids increases. Given that house helps are currently a cheaper
alternative to an appliance, Indian households have managed to retain both. But
society could be on the threshold of a change with households in major metro
cities transiting to a point where the cost of keeping a maid and an appliance
becomes uneconomical.
Although manpower in India is cheap as compared to the west where
the dependability on appliances is higher, India could soon morph into the
western type of living. The process will only hasten as the cost of employing a
maid goes up. The government has recently proposed a bill for unorganized
labour to take care of their welfare like provident fund, etc. Another reason
that could lead to the transition is the reliability factor. Lastly, with
growing urbanization and rising realty prices, housing (rentals) have become
unaffordable for maids whose families could consider relocating to the outer
suburbs. This could create a manpower crunch. Consumer durable industry experts
believe it is only time before finding the right house help becomes next to
impossible even in India. Durable makers see this as an opportunity to expand
their business by introducing innovative products with which a household would
not miss the maid. "With easy access to finance and increasing expense of
keeping a bai, couples are looking at white goods that make their life simple
and easy. While there is a co-existence of these goods along with bais, but in the
near future, we do foresee their dependence coming down," said George
Menezes, COO, appliance division, Godrej and Boyce Manufacturing Co.
According to a local firm which is in the business of supplying
maids to households, a house-help earns an average of Rs 8,000-10,000 per month
for a full-time job in Mumbai. The firm has been supplying maids for the last
seven years and believes that demand is only increasing. For households,
however, this is a recurring expenditure as against a one-time spend on an
appliance, which could cost upwards of Rs 3,000-7,000, depending on the brand
and gadget (oven, washing machine, etc.). "Working couples get very little
time to spend with family and loved ones. They need automation and fast track
appliances to do their day-to-day kitchen routines. The home appliances
industry has to match up to this fast growing pace of urban India," said
Anirudh Dhoot, director, Videocon Industries.
Some indicators of consumers looking for convenience and adapting
to a do-it-yourself lifestyles is how a fully automatic washing machine is
preferred to a semi-automatic one. People are increasingly bringing home
dishwashers and roti makers. "The common belief is that these jobs are
outsourced to maids. However, the dissatisfaction with the cleaning done by
maids has, in fact, helped grow the market for vacuum cleaners in India,"
said Marzin R Shroff, CEO, direct sales and senior vice president, marketing,
Eureka Forbes.With over 4.5 million washing machines and over 1.3 million units
of microwave ovens being purchased every year, G Sundar, COO, Mirc Electronics
said Indian consumers are clearly opting for more convenience and spending less
time in daily chores. Can an appliance replace a maid? An official from a maid
service provider in Mumbai believes it will be very difficult for double-income
households to do without a maid. But consumer durable sector experts believe
there is room for more growth as penetration of washers is just about 14%, even
in urban areas and that of microwaves is 7%. In 2009, the mid-income population
of India was approximately 20% of the total. In the last decade, the share of
expenditure on durables in Indian household has trebled from 2.6% in 1999-2000
to 6.1 % in 2009-10 (Euromonitor 2011).
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.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.