MIRA
INFORM REPORT
|
Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MOSER BAER INDIA
LIMITED |
|
|
|
|
Registered Office : |
43 B, Okhla
Industrial Estate, |
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|
|
|
Country : |
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|
|
|
Financials (as on) : |
31.03.2011 |
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|
|
|
Date of Incorporation : |
21.03.1983 |
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|
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|
Com. Reg. No.: |
55 – 15418 |
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|
|
|
Capital Investment / Paid-up Capital : |
Rs. 1683.061
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L51909DL1983PLC015418 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08254B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM0322J |
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|
|
Legal Form : |
Public Limited Liability
Company. The Company's Shares are Listed on the Stock Exchanges. |
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|
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|
Line of Business : |
Subject is engaged in the business of manufacture and sale
of optical storage media like compact disc (CDs) and digital video disc
(DVDs). |
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|
|
|
No. of Employees : |
Approximately
6146 |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 50500000 |
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|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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/Corporate Office/ Head Office : |
43 B, Okhla
Industrial Estate, |
|
Tel No.: |
91-11-41635201/ 41635207/ 26911570 to 26911574/ 51635201/02/03/04/05/ 40594444 |
|
Fax No.: |
91-11-41635211/ 26911860 / 51635211 |
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E-Mail : |
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Website : |
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Administrative Office : |
|
|
Tel. No.: |
91-11-26832762 |
|
Fax No.: |
91-11-26849544 |
|
|
|
|
Factory 1 : |
BOM and M and ES 66, Udyog Vihar Industrial Area, Greater Noida – 201 301, |
|
Tel. No.: |
91-120-4386000 |
|
|
|
|
Factory 2 : |
PVTIL and MBPV 66B, SEZ Udyog Vihar, Greater Noida, |
|
Tel. No.: |
91-120-4658000 |
|
|
|
|
Factory 3 : |
BOM and M and ES A-164, Sector 80, Phase II, District Gautam Budh Nagar, |
|
Tel. No.: |
91-120-2460800 /
4307000 |
|
|
|
|
Factory 4: |
66, Nepz, Noida District, Gautam Buddha Nagar, |
|
Tel. No.: |
91-120-2567023-25
/ 4386347 |
|
Fax No.: |
91-120-2562117 / 4386850 |
|
|
|
|
Factory 5 : |
B-4, Nepz, Noida, Gautam Buddha Nagar,
|
|
Tel. No.: |
91-120-2567023-25 |
|
Fax No.: |
91-120-2562117 |
|
|
|
|
Factory 6 : |
B-17, Sector 9,
Noida, Gautam Buddha Nagar, |
|
Tel. No.: |
91-120-2521662 |
|
|
|
|
Factory 7 : |
OZ -2, Oz – 3, Oz
– 4, Hi-Techsez, Sipcot Industrial Park – 3, Oragadam, Sriperampudur Taluk,
Kanceepruam District – 602105, Tamilnadu, India |
|
|
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International
Offices : |
Located at: v v v v |
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|
|
|
Affiliate Offices
(International) |
Located at: v v US East Coast v |
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Branch Office: |
Located at: v Mumbai v v v Kolkata v Chennai |
DIRECTORS
As On 31.03.2011
|
Name : |
Mrs. Nita Puri |
|
Designation : |
Director |
|
Address : |
A-187, New Friends Colony, |
|
Qualification
: |
B. Ed. |
|
|
|
|
Name : |
Mr. Prakash Karnik |
|
Designation : |
Director |
|
Address : |
902, Glen Eagle, G. D. Ambedkar Marg, Mumbai – 400012, |
|
Qualification
: |
B. Tech. from Indian Institute of Technology, Diploma in Systems Management
from Mumbai University and Diploma in Financial Management from Mumbai University |
|
|
|
|
Name : |
Mr. Rajesh Khanna |
|
Designation : |
Director |
|
Address : |
11, |
|
Qualification
: |
B.Com from Chartered Accountant and MBA from IIM, Ahmedabad., |
|
|
|
|
Name : |
Mr. John Levack |
|
Designation : |
Director |
|
Address : |
1110, Jardine House, 1, |
|
Qualification
: |
Degree in Business Administration from |
|
|
|
|
Name : |
Mr. Frank E Dangeard |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Vineet Sharma |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name
: |
Mr. Deepak Puri |
|
Designation
: |
Chairman and Managing Director |
|
|
|
|
Name
: |
Mr. N.K. Chaudhary |
|
Designation
: |
Senior General Manager-Projects |
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|
|
|
Name
: |
Mr. Rakesh Govil |
|
Designation
: |
President Corporate Strategy and Business Development |
|
|
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|
Name
: |
Mr. R. Ganesan |
|
Designation
: |
Senior General Manager-Accounts |
|
|
|
|
Name
: |
Mr. Rajiv Arya |
|
Designation
: |
Chief Executive Officer - Moser Baer Photovoltaic Limited |
|
|
|
|
Name
: |
Mr. V C Agerwal |
|
Designation
: |
Chief Executive Officer (Operations), Moser Baer Photovoltaic Limited |
|
|
|
|
Name
: |
Mr. Harish Dayani |
|
Designation
: |
Chief Executive - Entertainment Division |
|
|
|
|
Name
: |
Mr. Bhaskar Sharma |
|
Designation
: |
Chief Executive - Blank Optical Media and Consumer Products |
|
|
|
|
Name
: |
Mr. R. W. Ghei |
|
Designation
: |
Senior General Manager-Human Resources |
|
|
|
|
Name
: |
Mr. N. C. Jain |
|
Designation
: |
General Manager-SPAD |
|
|
|
|
Name
: |
Mr. Praveen Jaiswal |
|
Designation
: |
General Manager-Operations |
|
|
|
|
Name
: |
Mr. Tarun Jaitly |
|
Designation
: |
General Manager-Investor Relations |
|
|
|
|
Name
: |
Mr. Ram Nomula |
|
Designation
: |
CE-Moser Baer Entertainment Services |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
27,217,641 |
16.17 |
|
|
27,217,641 |
16.17 |
|
|
|
|
|
|
202,500 |
0.12 |
|
|
202,500 |
0.12 |
|
Total shareholding of Promoter and Promoter Group (A) |
27,420,141 |
16.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
255,425 |
0.15 |
|
|
17,277 |
0.01 |
|
|
140,000 |
0.08 |
|
|
46,380,150 |
27.56 |
|
|
46,792,852 |
27.80 |
|
|
|
|
|
|
7,653,809 |
4.55 |
|
|
|
|
|
|
27,521,408 |
16.35 |
|
|
3,627,599 |
2.16 |
|
|
55,290,295 |
32.85 |
|
|
1,446,248 |
0.86 |
|
|
6,911 |
- |
|
|
53,837,136 |
31.99 |
|
|
94,093,111 |
55.91 |
|
Total Public shareholding (B) |
140,885,963 |
83.71 |
|
Total (A)+(B) |
168,306,104 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
168,306,104 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture and sale
of optical storage media like compact disc (CDs) and digital video disc
(DVDs). |
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Products : |
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Brand Names : |
"XYDAN" |
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PRODUCTION STATUS (As on : 31.03.2011)
|
Particulars |
Unit |
*Installed
Capacity |
Actual
Production |
|
Storage Media # |
(Nos.) |
4913987200 |
3270205909 |
|
LCD TV |
(Nos) |
175200 |
19216 |
|
Solar Latern |
- |
36500 |
7402 |
|
Junction Box |
- |
2425846 |
40410 |
# (Inclusive of installed capacities for jewel
box cake boxes and stamper)
* As certified by the management and on which
auditors have placed reliance, this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Approximately
6146 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Good |
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|
|
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Auditors : |
|
|
Name : |
K. C. Khanna and
Company Chartered
Accountants |
|
|
|
|
Membership: |
Confederation of
Indian Industry |
|
|
|
|
Associates : |
§
Global
Data Media FZ-LLC, P. O. Box No. 500289, Line of Business : Storage
Media § Moser Baer Infrastructure Limited § Moser Baer Infrastructure and Developers Limited |
|
|
|
|
Joint Ventures |
§ Solar Value Proizvodjna Limited |
|
|
|
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Other Related Parties : |
§ Moser Baer Engineering and Construction Limited § Moser Baer Projects Private Limited |
|
|
|
|
Trust: |
|
|
|
|
|
Subsidiaries : |
v European Optic Media Technology GMBH v Omega Optical Media Technologies v Moser Baer SEZ Developer Limited v Solar Research Limited v Moser Baer Energy Limited v Moser Baer Entertainment Limited v Moser Baer Infrastructure and Developers Limited v Moser Baer Investments Limited v Photovoltaic Holdings Plc v Moser Baer Solar Plc v Moser Baer Photovoltaic Limited v Perafly Limited v Dalecrest Limited v Nicofly Limited v Perasoft Limited v Crownglobe Limited v Peraround Limited v Advoferm Limited
|
CAPITAL STRUCTURE
(As on 31.03.2011)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
262500000 |
Equity Shares |
Rs. 10/- each |
Rs. 2625.000 Millions |
|
750000 |
Preference Shares |
Rs. 100/- each |
Rs. 75.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2700.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
168306104 |
Equity Shares |
Rs. 10/- each |
Rs. 1683.061 millions |
|
|
|
|
|
Note:
- Above Includes 25000 Equity Shares of Rs. 10 each issued as fully
paid Bonus Shares by capitalization of General Reserve.
- In the year 2007-08 the company issued fully paid bonus shares to
the equity shareholders of the company in the ration of one bonus share
for two existing fully paid shares by capitalizing the sum standing to the
credit of company’s general reserve. Consequently the company has allotted
56007035 equity shares which also include 127975 equity shares against
options exercised after the record date.
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 |
1683.061 |
1683.061 |
1683.061 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10928.375 |
15237.201 |
15150.682 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Government Grant |
35.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12646.436 |
16920.262 |
16833.743 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18199.432 |
16750.167 |
14875.285 |
|
|
2] Unsecured Loans |
3947.543 |
5084.123 |
8548.818 |
|
|
TOTAL BORROWING |
22146.975 |
21834.290 |
23424.103 |
|
|
Foreign Currency Monetary Item Translation
Difference Account |
32.392 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34825.803 |
38754.552 |
40257.846 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15004.331 |
17709.816 |
24396.351 |
|
|
Capital work-in-progress |
548.038 |
558.661 |
1671.480 |
|
|
|
|
|
|
|
|
INVESTMENT |
7008.747 |
5993.089 |
2770.122 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign Currency Monetary Item Translation Difference Account |
0.000 |
0.097 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6498.336 |
6140.673 |
6296.740 |
|
|
Sundry Debtors |
9626.836 |
10578.758 |
3512.827 |
|
|
Cash & Bank Balances |
1831.019 |
2328.944 |
4341.547 |
|
|
Other Current Assets |
214.448 |
160.408 |
99.120 |
|
|
Loans & Advances |
2179.558 |
3287.406 |
3837.745 |
|
Total
Current Assets |
20350.197 |
22496.189 |
18087.979 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2245.786 |
2758.692 |
2372.907 |
|
|
Other Current Liabilities |
4170.180 |
3796.603 |
2937.968 |
|
|
Provisions |
1669.544 |
1448.005 |
1357.211 |
|
Total
Current Liabilities |
8085.510
|
8003.300
|
6668.086
|
|
|
Net Current Assets |
12264.687 |
14492.889 |
11419.893 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
34825.803 |
38754.552 |
40257.846 |
|
.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17325.168 |
19986.379 |
21369.755 |
|
|
|
Services |
876.190 |
588.530 |
441.286 |
|
|
|
Other Income |
909.951 |
2296.944 |
1438.135 |
|
|
|
TOTAL (A) |
19111.309 |
22871.853 |
23249.176 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Traded Goods and Film Rights |
323.166 |
867.069 |
1520.798 |
|
|
|
Raw Materials and Components Consumed |
8426.692 |
7087.770 |
7882.894 |
|
|
|
Packing Materials Consumed |
1622.236 |
1726.463 |
2192.297 |
|
|
|
Stores, Spares and Tools Consumed |
560.784 |
662.940 |
762.459 |
|
|
|
Personnel Expenses |
1893.381 |
2028.021 |
2227.980 |
|
|
|
(Increase)/ decrease in Finished Goods |
(286.966) |
(130.557) |
(195.472) |
|
|
|
Administration and other Expenses |
4669.451 |
4288.754 |
4274.642 |
|
|
|
Cost of Film Production |
0.000 |
81.007 |
144.295 |
|
|
|
Exceptional Items |
(34.299) |
(88.231) |
(1001.343) |
|
|
|
TOTAL (B) |
17243.043 |
16523.237 |
17808.550 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1868.266 |
6348.616 |
5440.626 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2019.572 |
1868.342 |
2053.159 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(151.306) |
4480.274 |
3387.467 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
3855.841 |
4918.860 |
4971.431 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX (E-F) (G) |
(4007.147) |
(438.586) |
(1583.964) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(76.519) |
(75.303) |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
(4007.147) |
(362.067) |
(1508.661) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
-- |
260.111 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(4007.147) |
(479.823) |
(1368.784) |
|
|
|
Proposed divined on equity shares |
-- |
100.984 |
101.059 |
|
|
|
Corporate tax on proposed dividend |
-- |
16.772 |
17.175 |
|
|
BALANCE CARRIED
TO THE B/S |
(4007.147) |
(362.066) |
(1366.784) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10777.268 |
12729.287 |
13158.427 |
|
|
|
Interest |
41.757 |
44.463 |
102.324 |
|
|
|
Other Earnings |
100.255 |
281.930 |
1929.805 |
|
|
TOTAL EARNINGS |
10919.280 |
13055.680 |
15190.556 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of finished goods |
80.670 |
565.681 |
1043.916 |
|
|
|
Raw material including in transit |
6107.439 |
5426.257 |
6185.029 |
|
|
|
Stores, Spares & consumables including in transit |
457.446 |
563.560 |
636.123 |
|
|
|
Capital Goods including in transit |
816.470 |
373.111 |
815.020 |
|
|
|
Packing material, including in transit |
547.859 |
631.756 |
673.203 |
|
|
TOTAL IMPORTS |
8009.884 |
7560.365 |
9353.291 |
|
|
|
|
|
|
|
|
|
|
Earnings / Loss
Per Share (Rs.) |
(23.81) |
(2.15) |
(8.96) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
5454.000 |
|
Total Expenditure |
|
|
4998.600 |
|
PBIDT (Excl OI) |
|
|
455.400 |
|
Other Income |
|
|
82.200 |
|
Operating Profit |
|
|
537.600 |
|
Interest |
|
|
554.100 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
[16.500] |
|
Depreciation |
|
|
905.600 |
|
Profit Before Tax |
|
|
[922.100] |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
[922.100] |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
[922.100] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(20.97)
|
(1.58)
|
(6.49)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.13)
|
(2.19)
|
(7.41)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.33)
|
(1.09)
|
(3.73)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32)
|
(0.03)
|
(0.09)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39
|
1.76
|
1.79
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
2.81
|
2.71
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
Revenues
for Financial Year 2011 stood at INR 19111.3 million with a profit before
depreciation, interest, exceptional items and tax at INR 1902.6 million. During
the year, operating margins were affected by increases in raw material costs
and have recovered significantly following improvement in market equilibrium
and increase in growth especially in advanced formats.
Market Development
Market environment and outlook
Moser
Baer continues to be the market leader in optical media both in terms of low
cost mass manufacturing and their RandD capabilities. Their products are sold
in over 90 countries and they have developed strong strategic alliances and
partnerships with leading global OEMs.
In
their optical media business, over supply of products along with higher input
cost of raw materials during the year had impacted the margins. The industry
however, is continuously moving towards consolidation; and Moser Baer being at
a leadership position is poised to capture a larger global market share. Moser
Baer''s solid state media and consumer electronics businesses are making
significant progress, as they continue to launch new products and consolidate
their brand.
Moreover,
the momentum towards advanced media formats will intensify as prices of BluRay
drive declined from their present levels. Moser Baer is continuously moving
existing production lines to DVDs and advanced formats at low incremental
costs, significantly raising their capacity to produce according to market
demand.
Moser
Baer is rigorously working with its OEM customers on technology transfers/
qualifications of its Blu Ray products, with a clear intent to take a
leadership position in this format with strong cost advantages. Moser Baer''s
optical media production lines will continue to move existing production lines
to advanced formats, significantly raising their capacity to produce media that
support the emerging High Definition format.
the
overall OEM business is expected to remain stable with a clear upside coming
from new business acquired during the year and growth in emerging formats. In
addition the Company expects to gain from leveraging domestic distribution
synergies.
Photo Voltaic Business
In
the solar photovoltaic business, the industry witnessed robust growth during
the year.
The
business group has successfully commissioned
-
Commissioning the high efficiency SE line with a capacity of 100 MW of modules
along with 90 MW of cells;
-
Upgrading the existing thin film facility from single junction to tandem
junction resulting in cost competitiveness and capacity upgradation; and
-
Upgrading the existing crystalline silicon cell line to higher efficiency to
reap the benefits of higher module wattage.
Also,
the PV system business is poised for significant growth with a strong project
pipeline covering both EPC and Project services.
COMPANY
OVERVIEW
ne year 2010-11 ended on a distinctly
positive note with signals of strong industry consolidation providing ample opportunities
to Moser Baer to shovycase their leadership position and capabilities across
their businesses.
- Total Income The company witnessed stable total
income of IJMR 19.111 million during the year
- Cash and liquidity The
company generated INR 2,807 million of cash from operations on a
standalone basis in FY'11
- Shipment volumes in the storage media business
witnessed growth at the end of the fiscal year signaling a recovery of demand supply balance
Robust growth in higher margin advanced formats persisted during the year
- EDITDA margins were heavily impacted due to continued surge in key
commodity prices such as silver, poly carbonate, heavy fuel oil (HFO) and
chemicals during the year together with a lag in cost pass-through to
customers, along with arJverse foreign exchange movement
- Pricing of customer contracts has been
significantly renegotiated upwards in the following fiscal year to
compensate the increasing costs, this trend is expected to continue in the
second quater of the financial year 2011-12.
In the solar photovoltaic business, the
industry witnessed robust growth during the year
In their optical media business, they were
impacted by industry imbalances and higher cost push on raw materials during
the year The industry however, is continuously moving towards consolidation,
and Moser Baer being at a leadership position is poised to capture a larger
global market share. Moser Baer's solid state media product line is making
significant progress, as they continue to strengthen their position in the
storage media market
While dominating the catalogue category, the
entertainment business, is increasingly focusing on the new film business and
non-film content to capture the audience of all ages With over 8.000 titles,
superior quality and delightful pricing they are the market leaders and are
taking structured initiatives to grow this segment
SOLAR
PHOTOVOLTAIC
PHOTOVOLTAIC
(PV) INDUSTRY
The year 2010-11 shaped up to be a
significant year for the global solar industry, experiencing robust growth in
volumes and stable pricing throughout the photovoltaic value chain The momentum
built by the industry during 2009-10, was not only sustained but further
accelerated during the year According to the European Photovoltaic Industry
Association (EPIA), the total annual PV installations more than doubled to 16
6GW in 2010 as compared to 7 2GW for 2009 This added up to cumulative
installations of close to 40GW worldwide till 2010 end, producing 50 terawatt
hours {TWh) of electrical power every year The market was driven by accelerated
growth in key geographies including Germany and Italy which achieved record
number of installations. Various other markets such as
While at the macro level the industry
continues to Face an oversupply situation, the second half of the year saw %
temporary shortage of "bankable" supply of modules. This resulted in
established, high quality players with higher module wattages enjoying improved
price realizations. The increase in demand for modules created a ripple effect
and consequently there was an upward price trend across the value chain The
prices of silicon, Wafer, cells a modules exhibited firmness and increased by 6-8%
The oversupply situation however corrected itself in the last quarter of FY
2010-11 with prices showing signs of relative stability and players with better
quality and efficiency having a marked competitive edge. Going forward, they
expect the industry to move towards its long-term trend of declining panel
pricing and accelerating towards grid parity as several leading players ramp up
capacities across all stages of the value chain
The key long term industry fundamentals
continue to be strong, with countries increasingly focusing on clean, green and
sustainable forms of energy aptly supplemented with solar-friendly incentives
and feed-in tariff programmes Various industry experts are of the view that the
trend towards renewable energy sources is likely to get further accentuated due
to concerns emanating post the unfortunate Fukushima Nuclear plant crisis
following the earthquake in Japan in early 2011 This ill-fated event has
further strengthened the case for renewable energy and several nations are contemplating
increasing their renewable energy commitments in general Germany's coalition
government has announced phasing out of all of the country's nuclear power
plants by 202Z Solar energy is expected to generate further interest globally,
given the inherent advantage that solar has over other forms of renewable
energy
Despite the robust secular growth over the
last decade, solar PV electricity currently accounts for less than 1% Of the
global electricity generated They believe that the long-term secular growth
drivers for the solar PV market would further drive the market
- Increasing global energy demand and depleting
supply of traditional energy sources.
- Increasing trend towards using carbon-neutral
solutions to address the climate change problem;
- Improved solar energy cost economics They
continue to believe that the increased demand for renewable energy will
drive solar energy costs down towards grid parity over the next couple of
years in various parts of the world The government supported programmes
(Feed-in Tariffs) will continue to provide investor security in the
long-term.
- Geopolitical factors such as energy security
creating a positive shift in the energy policy of major governments
globally.
INDIAN SOLAR MARKET
The Indian economy faces significant
challenges in terms of meeting its energy requirements with rapid depletion of
the conventional sources of energy on one hand and increasing energy
requirements including peaking power to meet the needs of the fast growing
economy, on the other hand, in this backdrop, the thrust on renewable sources
of energy as a key energy source is a step in the right direction According to
EPIA, India has an immense PV potential in the Sunbelt region The recent
experience with large size solar installations has already demonstrated the
said potential. The solar energy is also an environment friendly solution for
peaking power (requirements, which in the absence of adequate grid capacity, is
generally satisfied by liquid fossil fuel based stand-by power generation
sources.
The 'National Solar Mission' which was
launched In January 2010 With focus on harnessing the solar energy, is
progressing well. The first phase of the program has been initiated and
projects aggregating to 802 MW have already been allocated of the total 1300MW
marked for the phase (1100MW Utility grid power and 200MW off-grid solar
applications]
- 84MW allocated under Migration Scheme
- 620 MW allocated in Phase I under Grid
Connected applications
- 98 MW of Rooftop
projects received allocations
Further bidding process for 300 MW under Grid
Connected applications is expected to start shortly
The union cabinet has approved the
modification of the tariff policy to include solar energy purchase obligation
making it mandatory for State ileitis that will require them to source around 0
25% of their electricity requirement from solar energy sources by 2013.
increasing gradually to 3% by 202.2. Furthermore, the Renewable Energy
Certificate |REC) mechanism which is already operational can play a catalytic
role in the development of the solar power market in
In line with its clean energy programmes, the
government of India has hiked the budget for the Ministry of New and Renewable
Energy by more than 20% to INR 12000 millions in FY'12 compared to INR 10000
millions in FY' 11 The government has
allocated INR 6640 millions for renewable power projects in both
grid-interactive and distributed power generation capacity Rural application of
renewable energy has a special focus this budget with over INR 1700 millions
being allocated for it Moreover, the government levied Clean Energy Cess to the
extent of INR 50 per ton on all three categories namely Coal. Lignite, and Peat
with effect from 1 July 2010
In addition to the above, several States have
introduced Solar Policies applicable to the respective States Gujarat has taken
a lead in developing solar power and has an aggressive Solar policy Rajasthan
has similarly taken a lead in announcing a Solar policy for the State. Other
states like
While the solar sector in India is all set to
achieve significant traction post the announcement of the National Solar
Mission, certain implementation challenges have delayed the execution of
projects The reverse bidding process under the JNNSM policy, driven by
declining modules and system prices, saw the applicants discounting the CERC
approved tariff of INR 17.91 /kWh by 30-36%. While this is good for the
industry in the long term as It accelerates the move towards grid parity, it
added certain challenges from an execution standpoint In the short-term, it
made lenders re-assess project viability as the IRR's under the revised tariff
scheme were significantly lower than what was previously calculated at INR
17.91 / kWh. In addition, land acquisition challenges coupled with lack of
assign ability of PPAs to lenders caused delays in projects attaining financial
closure
However, with the recent assurance of
financial support to developers from MNRE, these challenges which once seemed
overwhelming, now appear to be getting progressively addressed MNRE has set up
a group of PSU Banks, under the leadership of the State Bank of India, to explore
steps that are required, such as enhancing availability of low cost funds to
make solar projects more viable The Cabinet has recently approved a Payment
Security Scheme For extending INR 4860 millions Gross Budgetary Support (GBS)
to MNRE in case of defaults in payment by State Utilities to NWN Not only this,
International Development Agencies such as IFC and ADB have expressed an
intention to support renewable energy projects and are looking to extend
financial assistance to such projects.
Given that India is energy starved, with more
than 50% of rural households not yet electrified (375 million people have no
access to electricity), and is likely to remain so for several years, India
represents a Significant opportunity for solar energy Moreover, a very large
proportion of population relies on DG sets b kerosene for their power needs, where Solar
provides a more cost effective and cleaner solution. With its decentralized
nature of generation, minima! maintenance, no moving parts, no fuel cost
escalation and high reliability. Solar has the potential to be an extremely
viable source of energy for years to come, to provide inclusive growth
especially for a vast country like
MOSER
BAER'S PV BUSINESS
2010-11 was a landmark year For Moser Baer with
their photovoltaic business achieving several key milestones and strengthening
their position in the global photovoltaic market. During the year, Moser Baer
achieved the distinction of being the first Solar PV Company from India to
achieve 100 MW of installations globally 'under its own brand' thus
strengthening their position in the global photovoltaic market.
The photovoltaic business witnessed revenue
growth of close to 80% and reached revenues of over INR 8,500 million in FY'11.
Compared to revenues of over INR 4,300 million in FY'10 Global Shipments
reached approximately 1D0MW for the year with significant traction in both the
showcase technologies of Moser Baer - Crystalline Silicon and Thin Film.
They are proud to share with their
shareholders, that they are the only Solar Company in the world to be awarded
the prestigious 5 Star rating by TOV
Rheinland For quality systems, for two consecutive
years
Additionally, they have received the
following Awards that reflect their
commitment and excellence in manufacturing and quality
systems placing us in the elite league in the global photovoltaic market:
- Qimpro Quality Award - QualTech Prize In the "rnanufacturing category' during the 22nd Qimpro
Convention The Qimpro Convention is widely regarded as the largest and
most significant platform in India that recognizes excellence and
innovation in the manufacturing process The Six-Sigma Proiect that won
Moser Baer this National accolade has significantly improved the yield of
photovoltaic cells.
- Golden Peacock Award for Occupational Health and Safety
A focused effort saw Moser Baer increase its
geographic footprint as it added nine countries taking the global footprint to
35 countries across the globe They now have established distribution networks
across regions and operate with a large posse of Distributors and Agents
globally The Company was a proud recipient of a 'Gold Certified supplier'
Certification from a leading Germany based system integrator, for maintaining
highest standards of quality and outstanding delivery in 2010
This proven strength in manufacturing
excellence, coupled with their brand name, further enabled us to strengthen the
"Bank ability' of their modules in the international markets As a leader
in its field, the Company is currently engaged with Indian banks h financial institutions to generate awareness
on Solar and the various facets of module quality to enable them to exercise
due diligence as they embark on financing solar projects The year also saw us
making inroads into the massive utility scale segment by bagging prestigious
orders from two leading French Utilities. Their modules have also been
Installed atop several rooftops on offices of Fortune-500 companies, reflecting
the increased strength of the Moser Baer Brand. They also undertook India's
first Building Integrated Photovoltaic (BIPV) Thin Film Installation at
Hyderabad, tn line with their continuous focus on Environment and Safety, they
launched a lead-free Crystalline Silicon Module complying to RoHS directive
2002/95/EC specifically designed to reduce the carbon footprint
The company continues to maintain a strong
focus on Six Sigma and Lean methodologies and has developed a large team of Six
Sigma Black Belts and Green Belts to drive quality, cost and performance
improvements. This has enabled a systematic process de-bottlenecking thereby
enabling us to enhance the existing module line capacity from 80 MW to 110 MW
They have now reached a combined module
capacity of Over 200 MW across technologies, placing us as one of the leading
PV players in
The company is also currently working on a
program to upgrade the Thin Film facility from Amorphous Single Junction Thin
Film to Micro morph Tandem Junction Thin Film Modules This will improve the
module wattage significantly at a much lower cost on a per watt basis, thereby
leading to a lower leveled Cost of Electricity (LCOE)
They are consistently working on bringing
down the costs of manufacturing by improvement in their internal processes and
through their ongoing
research and development efforts Moreover, their focus is on optimizing
cash management and working capital The company also resolved a long term wafer
contract with a European vendor which enabled it to terminate the "take or
pay" eight year wafer contract and subsequent cancellation of bank
guarantees issued by the company's bankers
Within India, apart from manufacturing, they
have successfully established out strong EPC capability from "concept to
commissioning', and executed over 60 solar projects already Their in-house
design strength, structural capabilities and multi technology platform provides
us a unique platform to tap the thriving PV market in India The Thin Film
technology has emerged as the proven technology or choice in Indian ground
mounted solar farms and initial performance indicators far exceed expected
levels. Thin Films are most appropriately suited to Indian climate conditions
with hot summers on account of their lower temperature coefficient and improved
diffused light response, resulting in significant improvements in energy yield
compared to Crystalline Silicon The company is taking appropriate steps to
tailor make a product ideally suited to Indian conditions, combined with
innovative mounting and EPC design, which will result in the lowest installed
cost per watt, making it an ideal choice for Developers.
THEIR
EPC TEAM:
- Commissioned a 5MW Thin Film plant in
Sivaganga, Tamil Nadu.
- In the process of setting up 5MW Solar farm in
Rajasthan. under the migration scheme of the National Solar Mission
- Installed solar systems on temples, schools,
telecom towers, commercial rooftops, residential rooftops, highways,
utilities, community centers among others.
- installed systems in most challenging locations
(Altitude at 16000 ft, -5'C. wind speed of ~ 100 km/hr. minimal oxygen
levels)
- More than 20 standalone power plants installed
in Leh and Kargil - the most challenging terrain
- Developed and deployed charging stations in
rural locations
The EPC team is also executing large sized
solar farms for a Group affiliate which has bagged multiple solar farm projects
in various states in India Given a strong track record of timely execution of solar
installations by Their EPC team, they are also taking up the installation Of
solar farms as well as small solar installations for other developers in the
country Their EPC team already has significant cumulative experience of
commissioning solar installations in the country.
In its bid to create a robust solar PV
eco-system in
Moser Baer continuously focuses on Research
and Development to stay at the forefront of the industry In the same spirit,
they have been awarded 3 grant by the Ministry of New and Renewable Energy to
engage in the developmental activity of Copper Indium Gallium Selenide (CIGS)
solar cells They would conduct the development work From their world class
Corporate RandD facility at Greater Noida in Uttar Pradesh Owing to its high
efficiency and cost effectiveness, CIGS based thin film solar cell technology
is likely to emerge as one of the most promising solar cells. The focus of this
RandD project is to develop a differentiated, indigenous, commercially viable
technology based on core competencies of Moser Baer
GLOBAL
CERTIFICATIONS
Several new Product Certifications
re-enforced the quality of products manufactured by Moser Baer.
- JET Certified (
- IEC 61701 Certified - Salt Mist Corrosion test
- This special TLJV Intercert test certifies that these modules are more
appropriate for installations m high salt laden conditions/regions like
Kutch in
- Ammonia Resistance Test - Certifies that Moser
Baer modules maintain their high performance level even when continuously
exposed to aggressive substances in the air in agricultural applications.
All the modules manufactured by the Company
including Thin Film modules now additionally conform to NSM guidelines and are
fitted with RFID tags.
OUTLOOK
"NEARLY 80% OF THE WORLD'S POWER COULD GO
GREEN RUN ON RENEWABLE SOURCES BY THE END OF 2050 THIS IS THE CONCLUSION OF THE
FIRST EVER COMPREHENSIVE REPORT ON THE FUTURE OF RENEWABLE ENERGY BY THE UN
INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE (IPCC)'
Energy security today ranks amongst the top
priorities For nations across the world As awareness of climate change and its
harmful impact gains traction and as price of oil continues to show firmness,
they believe that the long-term outlook for the renewable sector in general and
the solar sector in particular is strong.
With improving economic environment and
strong market fundamentals driven by policy developments across the globe,
market intelligence and research firms have raised their global demand estimates
for 2011 and beyond Installations are now expected to be in the range of 18-22
GW in 2011. Although Feed-in-Tariff cuts have been announced by several
European countries, these are in line with cost and price reductions and
broadly maintain the attractiveness of Solar as a safe and viable asset class
The German market is expected to continue its positive traction m 2011 Italy as
the second largest market has revised its solar targets
from the earlier 8000 MW to 23000 MW by 2017. Despite reducing feed-in-tariffs
in several countries, the demand is expected to increase on account of reducing
overall solar system pricing (including modules) thereby ensuring that IRR's
continue to remain attractive Beyond Europe, other markets expected to witness
growth are United Slates. Asian markets like
In the long term, the PV market is expected
to grow rapidly in future years with installations expected to reach 44GW by
2015 as per EPIA (policy driven scenario) PV has proven itself to be a reliable
and safe energy source in ail regions of the world Specifically the India
market, which is a key growth driver of Moser Baer, is on the verge of exponential
growth As per KPMG estimates, the Indian market has huge potential and is
estimated to reach cumulative installations of B3GW by 2021-22, which is
significantly in excess of the targets set under the National Solar Mission
Solar power can play an important role in securing the energy future for India
Moreover, solar power has the potential to drive economic growth in a
sustainable manner
STORAGE
MEDIA and CONSUMER PRODUCTS
STORAGE
MEDIA and CONSUMER ELECTRONIC PRODUCTS INDUSTRY
Storage Media Industry has undergone
significant changes through last year especially in the second half of FY 10-11
In the optical media segment, there were significant pressures on account of
decline in demand of first generation products coupled with high
input costs This
eventually led to worldwide consolidation In the
market with many small players closing operations towards start of calendar
year 2011, leading to rebalanced market position The cumulative supply moving
out of the market is estimated as much as 25% of available capacity of 2010 In
the medium term, this is expected to create a positive demand-supply gap that
would help correct media prices to reasonable levels, thus being a harbinger of
good times for optical media industry
Globally, while mature markets like Europe
and
With fall in the hardware costs, an
increasing drive penetration and increasing content roll-out on Blu-Ray leading
to better customer experience, the growth of this formal is inexorable. Blu Ray
continues to grow at a strong pace in
Storage Media Industry also comprises of
Solid-state storage, a non volatile, removable storage medium which employs
integrated circuits rather than magnetic or optical media. The medium provides
an extension to the existing storage media basket and has been increasingly
gaining overwhelming popularity over last 5 years due to its higher data
transfer speeds, Moberly and ease of use The medium includes products like
Flash Drives. SD and Micro SD Cards With the growing amount of digital data and
increased need for mobility in their daily lives. The flash dive market is one
of the fastest growing Segments especially in emerging markets like India With
the rise in mobile phone adoption in India, use of multimedia applications like
music, video, pictures, games, the market for flash memory cards has also been
witnessing exponential growth
MOSER
BAER'S STORAGE MEDIA and CONSUMER ELECTRONIC PRODUCTS BUSINESS
With their inherent strengths and resilient
approach, Moser Baer has sustained itself successfully in difficult market
conditions They continue to be the market leaders in storage media both in
terms of low cost mass manufacturing and their RandD capabilities Today, their
products are sold in over 90 countries and they have developed strong strategic
alliances and partnerships with leading global OEMs. Their resilience has been
a result of their thorough planning, strong management team, technology
inheritance and flexibility in operations.
Moser Baer continues to work closely with its
OEM partners and is poised to garner a larger share of the overall market pie
through Its various strategic initiatives and long term arrangements.
Simultaneously, they are aggressively pursuing their strategy to boost private
label sales and expand their global foot print in the Non-OEM segment and as
result have increased their share of Non-OEM sales. They continue to aggressively
grow in the emerging markets like
With proliferation of High Definition digital
transmission across the globe and hopefully BD hardware becoming cheaper, the
BD media should become a much more significant optical media format in hear
future Moser Baer witnessed strong growth in shipments of advanced formats
during the year, which have emerged as a growth driver for the optical media
business and poised to make significant contribution to the business. They are rigorously working
with the BD format
originators on technology transfers/
qualifications of their Blu-Ray products, with a clear intent to take a
leadership position in this format They are also realigning 8 optimizing cur
current production resources to move towards ramping up capacity on BD formats,
at low incremental costs, leading to a threefold capacity expansion to produce
higher value formats according to market demand Given the complexity and
capital intensive manufacturing capabilities required to mass produce these
formats, only a small select group of companies will emerge as key players in
this high growth segment This would only Increase the differentiation between
the technology innovators/ developers like Moser Baer and the tier-iI companies
over the long term Moser Baer will supply to all major global brands by Q3
2011. They are successfully consolidating and restructuring their domestic
distribution system As part of the restructuring, they are leveraging the
extensive market distribution network of their Home entertainment business in
order to extract cost effective synergies and improve the distribution platform
of storage media products
EBITDA margin for the business remained under
pressure during the year This was largely driven by substantial increase in input
costs during the year, unfavorable foreign exchange movement and lag in passing
the increased costs to customers. However, Moser Baer continued with its cost
reduction initiatives to remain one of the lowest costs producers in the
industry They continuously undertake process and product improvement
initiatives and have converted a significant portion of their fuel source from
DG generation to dual fuel mode which includes natural gas
In lieu of the vast potential in the solid
state memory segment. Moser Baer has invested in Memory Cards and Pen Drives
manufacturing in
Innovation has always been at The core of
Moser Baer They launched a slew of pioneering products and models under their
own brand in domestic market and the response has been encouraging They offer a
range of Flash products in capacity from 2GB to 32GB and micro SD cards from
2GB to BGB capacity. They launched the world's slimmest Micro USB flash drive
with embedded LED and USB Drives pre-loaded whir Blockbuster Bollywood movies
Moser Baer also launched 'Knight' USB Flash Drives embedded with an innovative
My Zone feature which enables user to demarcate his personal and public storage
space with a password, making it ideal for enterprise users They have also
recently launched SD cards for the camera market. They are focusing on
expanding the product portfolio of their existing OEMs by providing them with
these innovative offerings Moser Baer brand has been able to garner a market
share of over 13% in 2010-1 I
In the Consumer Electronic Products segment. Moser
Baer has launched a slew of new models to cater to The younger generation The
company is being recognized as a player providing 'Excellent products at the
Right price' The Company has a strong brand presence and channel distribution
which would augur well for it to capture significant portion of the market and
reach a wider spectrum of audience across India The consumer electronics
product range includes LCD TVs, including Full HD models, stylish MP3 Players,
portable DVD Players. DVD Players. Digital Photo Frames and Home Theatre
Systems.
OUTLOOK
The overall Demand-Supply balance is now
returning back to normalcy in the Optical Media market after capacity
reductions They are witnessing volume and pricing traction especially in the
OEM markets and expect the Non-OEM markets to follow suit.
Moser Baer is gloriously working v,ilh its
OEM customers on technology transfers/ qualifications of its BluRay products,
with a clear intent to take a leadership position in this format with strong
cost advantages. Future Source has predicted that global production of Blu-ray
discs will increase to 2 billion discs per year by 2014 Reports expect Blu-Ray
sales to reach 346 million discs by 2012 and -520 million by 2013.
A large part of this growth is expected to
come from new technologies such as Blu-ray 3D Many hardware manufacturers such
as Panasonic and Samsung have begun bundling Blu-ray movies with hardware such
as televisions and players in order to attract new customers Blu-ray discs are
an excellent platform for content delivery because of their large storage
capacity and low cost
The Memory market is growing at a healthy
30-40% per annum. For Micro SD Cards the major application is mobile phones and
with the total wireless subscriber base in
music, video, pictures, games gaining ground
as default in all mobile handsets, the consumption of Micro SD cards are
growing tremendously For USB devices, it is the convenient form factor and
portability, as well as competitive pricing, which is driving demand. Also,
consumers and enterprises continue to show increasing interest in having
portable applications on a USB device. Further mint USB {also known as Chip on
Board} with its smaller form factor is becoming a style statement While the
demand for 2GB is reducing drastically, the demand for 8/16GB Pen Drives is gaining
traction
ENTERTAINMENT
ENTERTAINMENT
INDUSTRY
2010 Was a challenging year for the home
video market given the reduction in time gap between the release of movies in
theaters and their premier on television, increased level of piracy and high cost
of content purchase. The home video market was estimated at INR 2.3bn in 2010
The high cost of mote acquisition coupled with declining unit sale put pressure
on recovery and profitability As a result, in 2010. the rights of 30-40% of the
movies rights available were not bought This led to rationalization in film
acquisition costs towards end of calendar year 2010
With the rise in disposable incomes and
increased af fordabilily of DVD players, the market for home video is expected
to show exponential growth
MOSER
BAER'S ENTERTAINMENT BUSINESS
Moser Baer's Entertainment business continues
to dominate the home entertainment space with over 8.000 live titles in most
Indian languages and a unique business model of high quality and large variety content,
priced reasonably for Indian consumer The company has a strong distribution
set-up created on the lines of FMCG industry which further solidifies its
presence Moser Baer products are Widely available pan India at consumer
friendly prices, hence encouraging the growth of legitimate consumption Moser
Baer has done acquisition in all major regional languages apart from Hindi and
English to maintain its leadership in the segment The company is also focusing
exclusively on mythological content as ft has significant market consumption
Moser Baer has adopted unique strategies for
developing two distinct markets to cater to the differing needs of the people
across income groups.
- Offering premium content at premium prices at
selected key outlets across the country, in order to maximize realization
per unit sold
- Driving mass consumption at affordable prices
and 'everywhere' distribution for 3-in-1 film formats, called Super DVDs
and Nice. The goal is to attract consumers, who are currently buying
pirated products in a similar format and make them buy original products
that have the hallmark of quality and affordability These DVDs are sold
close to the price point of pirates and offer better value proposition to
consumers
Moser Baer is releasing video content in the
DVD. VCD and Super DVD / Nice (DVD with multiple films) formats using Moser
Baer's proprietary and patented technology that ensures the highest quality
standards while providing affordable prices.
During the year, Moser Baer adopted a
cautious approach on new films acquisitions due to high content cost and
stretched recoverability Their strategy on new films is to acquire only if the
film is able to recover the investment with 90—120 days of launch. They
successfully executed the strategy and recovered their acquisition cost in the
first 90-120 days for films acquired during the year like Khichdi. Action
Replay. Knock Out, Turning 30 etc In Hindi language Similar strategy is
followed for regional acquisition Acquisition prices are now looking viable and
they will be able to acquire bigger and more number of flims in the coming
financial years
KEY
INITIATIVES IN HOME ENTERTAINMENT
- Joining hands with unorganized distribution
channets:Mosei Baer has launched a product named "Nice' in the month of December 2010 to tap the
unorganized distribution channel by providing their products at a slightly
higher price compared to the pirated products Initially It has been done
in limited markets of Uttar Pradesh as a pilot and the response to the
same has been encouraging and they have witnessed a 9X volume growth.
Similar pilots would be conducted with limited repertoire across the
country ana also with a few regional languages This is expected to provide
us a competitive edge and get in-roads the unorganized market
- Focus on Mythological content: Moser Baer has
taken various content combinations, more than 50 different packs, on
mythological content like Ramayana, Mahabharata. Sri Krishna, vishnupuran,
Om Namah Shivay etc to exploit in mass market which received tremendous
response. This has also helped in terms of reaching smaller markets and
improved realizations
- Packaging and Premium Pricing: In 2010 they
continued to revamp their premium DVD catalogue to cater to the large
format retail outlets They increased the price of the entire DVD range by
about 30% and also improved the packaging to give a premium look. This
resulted in a much better realisation for us and also increased their
brand share in the retail outlets.
- Piracy Control: Movie piracy has become rampant
across the country Moser Baer is a founder member of The Alliance against
Copyright Theft (AACTI, an alliance jointly formed by Moser Baer. Reliance
Big. Eros, UTV and Motion Picture Association of America In this pan
«
Raids on piracy
stalls
«
Large raids on
manufacturing units
«
Toll free number
«
Participation in
"Cyber Safety Week" in Mumbai
«
Participation in
collage youth festival
«
Distribution of
comic on Anti Piracy to school children
«
On line piracy
control
OUTLOOK
The year 2010 is a year of learning and
reflection for the Indian film industry While movies with superstars and big
budget managed strong opening week collections, most did not succeed in
sustaining footfall across cinema halls in the weeks that followed The year
proved that there was a market for movies beyond "stars'' and one could
also bank on new talent to deliver success These factors created an opportunity
for the industry to focus towards providing platform for unique scripts and
content
The Indian film industry is estimated to be INR 83.3 bn in 2010 and projected to grow by 9 6%
CAGR to touch INR 133.5 bn in revenues by 2015 The content prices for new films
In Hind have fallen considerably due to higher piracy and lower throughput of
original content
Further the window to release the home video
has come down for most new films and Moser Baer is able to release a few films
within 2-3 weeks of film release
also. At the current price point the activity on sale of home video is expected
to gain momentum Moser Baer is looking at acquiring movies once again and the
trend is expected to continue in the near future Moser Baer expects a major
share of this market by the year 2014
Moser Baer is looking forward to a bright future
in Home Entertainment business through the following new initiatives and
innovations to sustain and improve their performance in 2011-12:
- Aggressive acquisition of new films in all key
languages at right price
- Better exploitation of catalogue content through
premium packaging and premium pricing
- Focus on non-film content like TV serials,
sports, health, devotional to increase the range
- Expanding and servicing directly key retail
outlets across the country
- Tapping the semi-urban markets with Super DVD format
- Tapping the rural/Piracy market with Nice
format
- Reduced release window for new Films across all
languages
New
Initiatives in Energy Efficiency
Moser Baer Technologies Inc.. a U S subsidiary of subject has tied up with Universal Display Corporation,
for technology licensing, material supply and technology assistance to support
its initiatives in white OLED lighting This agreement follows a program that
the two companies announced last year in which the companies received a grant
of $4,000,000 from the U.S. Department of Energy to design and build the first
white OLED lighting pilot manufacturing facility in the United States Under the
agreement. Moser Baer Technologies will license Universal Display's proprietary
PHOLED and other OLED technologies and purchase Universal Display's highly
energy refficient Universal PHOLED materials for white OLED panel manufacturing
Moser Baer Technologies and Universal Display will also work together in a
five-year program to support Moser Baer's manufacture of white PHOLED lighting
products This would accelerate the development and manufacturing of
phosphoiescsnt OLED lighting panels leaning to energy savings, environmental
benefits and cost effectiveness
The Moser Baer Group brings
several years of experience in light management and substrate manufacturing
technologies and a strong asset base which are suitable for OLED lighting
devices They have extensive capabilities in low cost/high throughput
manufacturing that will enable us to industrialize this technology at competitive
cost points The company is in discussions with various potential strategic
partners for appropriate capital infusion and expansion of capacity as per
plans
OPERATING
PERFORMANCE REVIEW
FINANCIAL
ANALYSIS REVENUE ANALYSIS
For us at Moser Baer. this
has been a year of building on their core strengths to sustain the business and
combat industry imbalances. The gross revenues in fiscal year 2010-11 decreased
by 12.81% over the previous year to IMR 17889.2 million and declining margins resulted in
loss after tax of |NR 4.007 million The Company EBITDA (including other income
and after exceptional items] decreased to INR
1868.3 million from INR 6348.6 million in FY 10 Fully diluted earnings
per share for FY 2010-11 were INR (23.81) against INR (2.15) in FY 10 The Company
generated INR 2806.5 million cash from operations in FY 2010-11
CAPITAL
STRUCTURE
There is no change in the
capital structure of the Company and paid up equity capital remained at INR 1683.1 million as on 31st March.
2011.
FINANCIAL
OBJECTIVES. INITIATIVES AND ACHIEVEMENTS
The company is taking
proactive measures to ensure all financial costs are effectively reduced to
positively impact the bottom line The Company continued to focus on efficient
working capital management to release cash into the system, generating INR
2,806.5 million of cash from operations Foreign Exchange has been particularly
volatile in the year, and the ongoing foreign exchange risk management policy
has been further strengthened to assure that there is no adverse impact of
volatile exchange rates beyond agreed upon tolerance levels
Contingent Liabilities
in respect of
- Corporate guarantees given on behalf of the Subsidiary Companies: Rs.21253.587 millions (Previous Year Rs. 17383.425 millions). Against these guarantees loan amounts of Rs.18083.789 millions (Previous Year Rs. 16042.959 millions) have been availed by the subsidiary companies.
|
Disputed demands (Gross) in respect of:- |
31.03.2011 Rs
in Millions |
31.03.2010 Rs
in Millions |
|
Entry Tax Amount paid under Protest Rs. 1.864
Millions (Previous year Rs. 1.688 Millions) paid through bank guarantee Rs.
2.059 (previous year Rs. 1.883 millions) |
127.298 |
126.303 |
|
Service tax (amount paid under protest Rs.
2.953 (previous year Rs. 2.953) |
154.559 |
148.498 |
|
Sales Tax (Amount paid under protest Rs.
4.544 Millions (Previous Year Rs. 7.004 million) bank guarantee furnished
Rs.11.409 millions (Previous year Rs.
24.987 millions) |
16.729 |
101.926 |
|
Custom duty and Excise duty (including
penalties) (Amount paid under protest Rs.4.501
Millions (Previous Year Rs. 0.595 million) paid through bank
guaranteefurnished Rs. 12.000 millions (Previous year Rs. 12.000 millions) |
32.668 |
26.866 |
|
Income Tax [Amount paid under protest Rs.
34.500 Millions (Previous Year Rs 34.500 millions) |
85.294 |
85.294 |
|
Total |
416.548 |
488.887 |
Claims against the Company not acknowledged as debts: Rs. 2.317 (Previous Year Rs. 2.317).
The amount shown in 1.1 above represents guarantees given in the normal course of the Company's operations and are not expected to result in any loss to the Company on the basis of the beneficiary fulfilling its ordinary commercial obligations.
The amounts shown in 1.2 and 1.3 above represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible reimbursements are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be estimated accurately. The Company engages reputed professional advisors to protect its interests and has been advised that it has strong legal positions against such disputes.
Fixed Assets
- Buildings
- Leasehold Improvements
- Plant and Machinery
- Electrical Installations and Other
Equipments
- Furniture and Fixture
- Office Equipments
- Computers
- Vehicles
- Technical know how
- Copyrights
- Marketing and distribution rights
Website Details
History:
Moser Baer
In 1988, Moser Baer
In 1999, Moser Baer
Since inception, Moser Baer has always endeavored to create its space in the
international market. Aiding the company in its efforts has been a
carefully-planned and sustainable business model - low costs, high margins,
high profits, reinvestment and capacity growth. Along the way, deep
relationships have been forged with leading OEMs, with the result that today
there are hardly any global technology brands in the optical media segment that
Moser Baer is not associated with.
In 2006, the company announced its foray into the Photovoltaic
and Home Entertainment businesses. In 2007, the IT Peripherals and Consumer
Electronics division was formed.
Milestones:
|
|
|
|
|
1983 |
Established |
|
|
1985 |
Production of 8.0"/5.25" Disks |
|
|
1987 |
Production of 3.5" Disks |
|
|
1998 |
ISO 9002 Certification |
|
|
1999 |
Production of CD-R |
|
|
2000 |
Production of CD-RW |
|
|
2002 |
Completely Integrated Manufacturing |
|
|
2003 |
v
Production of DVD-R v
Production of DVD-RW v
ISO Certification for all Facilities v
Launch of 'Moserbaer' Brand in Indian
Market v
Signed one of Largest Outsourcing
Deals in Indian Manufacturing |
|
|
2004 |
v
'Lightscribe' Deal with HP v
HP Deal for v
Contributing Member of Blu-Ray Disk
Association |
|
|
2005 |
v
ISO 14001 and OHSAS 18001
certification for Moser Baer plants. v
Commencement of Phase III of Greater
Noida Plant v
Announced Moser Baer Photovoltaic
Limited as it's wholly owned subsidiary v
Received status of SEZ developer from
Govt. of India v
Announced a wholly owned
subsidiary-Moser Baer SEZ v
Signed MoU with IIT, |
|
|
2006 |
v
The first company in the world to
start volume shipments of HD DVD-R v
Signed Technology MoU with IT BHU v
Patented technology approved by the
Blu-ray Disc Association v
In-house R AND D Centre approved by
Ministry of Science and Technology v
Launched USB Flash drives v
Forayed into entertainment space,
enters Home Video market |
|
|
2007 |
v
Acquired v
Announced start of trial run of solar
photovoltaic cell production facility v
Set up the world's largest Thin Film
Solar Fab v
Launched US$150 mn FCCBs v
Moser Baer Photo Voltaic announced
commercial shipment of solar photovoltaic cells v
Moser Baer Photo Voltaic announced
US$880 million strategic sourcing tie-up with REC Group v
Forayed into PC peripherals market:
Launches Optical Disk Drives (ODDs), Headphones, Keyboards, Optical Mouse
etc. v
Launched Branded DVD Player |
|
|
2008 |
v
Moser Baer plans 600 MW Thin Film PV
capacity with an estimated investment of over $ 1.5 bn v
Moser Baer Photo Voltaic announces
strategic sourcing tie-up with LDK Solar v
Moser Baer announces successful
trials of first Gen 8.5 Thin Film plant v
Moser Baer gets the coveted blu-ray
product verification v
Moser Baer signs exclusive home video
licensing deal with UTV Motion Pictures v
Moser Baer launches a digital video
processing facility in Chennai v
Moser Baer secures customer sales
orders of $500 million for solar modules v
Global investors inject Rs. 4110.000
Millionsinto Moser Baer's solar photovoltaic business v
Moser Baer announces successful
trials of first Gen 8.5 Thin Film plant v
Moser Baer Photo Voltaic announces
strategic sourcing tie-up with LDK Solar v
Moser Baer plans 600 MW Thin Film PV
capacity with an estimated investment of over $ 1.5 bn |
|
|
2009 |
v
Moser Baer launches sleek and stylish
MP3 players v
Moser Baer’s thin film solar modules
are now IEC certified v
Moser Baer to set up one of v
Slim and Elegant Moser Baer TFT
Monitor v
Moser Baer’s thin film line ready for
production of ultra-large solar modules |
|
Awards and
certifications
2010
§
Dr. Deepak Puri was conferred Padma Shri on 26th January by the
President of India for his distinguished contribution towards the sustained
growth of the Indian industry.
§
Chairman and
Managing Director, Mr. Deepak Puri was conferred the Degree of Doctor of Philosophy (D. Phil)
Honoris Causa by
2008
§
EFY 2008 Special Award to Mr Deepak
Puri, CMD, Moser Baer
§
Golden Peacock Environmental Eco
–Innovation Award 2008
2007
§
Golden Peacock Award for Occupational
Health and Safety '07
§
Award for being 'Highest Exporter in IT Sector' from 'Export Promotion Council for
EOUs and SEZ Units'.
§
Business Standard 'Most Innovative Company of the Year Award'
07'
§
ELCINA – DUN
and BRADSTREET Awards, 2006 - 07 in the categories- Quality, R and D and
Business Excellence
§
Award by "Electronics and Computer
Software Export Promotion Council (ESC)" in IT Hardware category, titled "Award for Maximum IT Hardware
Exports"
2006
§
"BEST OF ALL" Rajiv Gandhi
National Quality Award by Bureau of Indian Standards
§
Indira Awards for Marketing Excellence
awarded "CEO of the Year Award" to Mr. Deepak Puri, CMD
§
"Electronics Organisation of the
Year Award" from Electronics for You Publication Group.
§
PHDCCI -
Distinguished Entrepreneurship Award' 06 to Mr. Deepak Puri, CMD
2005
§
Golden Peacock Award for Competence in
Quality and Innovation Management
§
Global Industry Leader Award" to Mr. Deepak Puri and "Excellence
in Manufacturing Award" to Moser
Baer from Optical Disc Systems
§
Golden Peacock Environment Management
Award
§
Plasticon Award 2005 by Plast
2004
§
Frost and Sullivan Awards for excellent
Manufacturing Practices.
§
DataQuest Top 20
§
Deloitte Award for Fast Growing IT
Company and Manufacturing Excellence
§
Corporate Role Model and Lifetime
Achievement Award to Mr. Deepak Puri, Managing Director, Moser Baer by Centre
of International Business.,
2003
§
Dataquest IT Man of the Year Award 2003
to Mr. Deepak Puri Managing Director, Moser Baer
§
Business Today -
§
NMA Leadership Award 2003 to Mr. Deepak
Puri, Managing Director, Moser Baer
§
Deloitte Touche Tohmatsu Fast 500 -
2002
§
Dataquest Awards - Top Growth Company
for the year 2002-03
§
Ernst and Young Entrepreneur of the
Year 2002 for Manufacturing to Mr. Ratul Puri, Executive Director, Moser Baer
§
LMA (
2001
§
All
§
The Economic Times Awards for Corporate
Excellence - Company of the year 2001-02
§
Dataquest Top 20 - Fastest Growth
Company for the year 2001-02
§
ELCINA (Electronic Component Industries
Association) Electronics Man of the Year to Mr. Deepak Puri, Managing Director,
Moser Baer
1996-97
§
Highest Exports Award in Electronic
Components amongst Non-SSI Category
Business Description
S
ubject is an India-based company engaged in the business of manufacture and sale of optical storage media like compact disc (CDs) and digital video disc (DVDs). Its divisions comprise: storage media, solar energy, home entertainment and information technology (IT) peripherals and consumer electronics (CE). The Company’s CE products range includes liquid crystal display televisions (LCD TVs), including full high definition (HD) models, moving picture experts group layer-3 audio (MP3) players, portable DVD players, DVD players, digital photo frames, home theatre systems, multimedia speakers and color televisions. Its IT peripherals products range includes thin film transistor (TFT) monitors, DVD writers, personal computer (PC) peripherals and external hard drives. Its subsidiaries include European Optic Media Technology GmbH, Omega Optical Media Technologies, Moser Baer SEZ Developer Limited, Solar Research Limited and Moser Baer Entertainment Limited. For the fiscal year ended 31 March 2010, Moser Baer India Limited's revenues increased 2% to RS27.6B. Net loss increased 8% to RS3.94B. Revenues reflect an increase in income from Solar products business divisions and higher other income. Higher loss reflects an increase in personal expenses, higher administration and other expenses, a rise in interest and finance charges and an increase in depreciation/Amortization charges.
Board of Directors
:
Prakash Karnik - Mr. Prakash
Karnik is Non-Executive Independent Director of Moser Baer India Limited He was
a Director at Electra Partners Asia Private Limited, one of
Rajesh Khanna - Mr. Rajesh
Khanna is Additional Non-Executive Independent Director of Moser Baer India
Limited He has been working with Warburg Pincus for the last seven years. He is
an MBA from the IIM, Ahmedabad and a CA. He earlier worked with finance and
consulting firms such as Citibank NA. He is now the Managing Director of
Warburg Pincus India Private Limited and also serves on the Boards of Max New
York Life Insurance Company Limited, Moser Baer Photo Voltaic Limited, Moser Baer
Solar Plc, Max India Limited, Max Healthcare Institute Limited andMax New York
Life Insurance Company Limited
John Levack - Mr. John Levack is
Non-Executive Director - Nominee of Electra Partners Mauritius Ltd of Moser
Baer India Limited He has 20 years of private equity experience with Electra
and 3i Plc in Asia and Europe, four years of which have been in
Nita Puri - Mrs. Nita Puri is
Whole - Time Director of Moser Baer India Limited A graduate from
Press Releases:-
MOSER BAER ANNOUNCES
Q1 RESULTS
August 11, 2011
- Net sales register a sharp growth of 16.6 % Q-o-Q resulting in a turnover of INR 5230 millions recorded during the quarter
- Turnaround with sharp upswing in the profitability in Q1 FY12, return to profitability indicated in the coming quarters
- Company EBITDA (before finance charges) increases to Rs. 570 millions from Rs. 170 millions (Q4FY11) and expected to climb further in the coming quarters
- Correction of over-supply in the global storage media market resulted in a strong growth of 15.8% in shipments Q-o-Q
- New customer orders booked at a higher ASPs leading to continued higher margins in the future quarters
- Strong traction in domestic Solar EPC continues resulting in a pipeline of 250MW for the EPC Unit (PV Systems) in the next 18 months
Moser Baer India Limited (MBIL) today released its financial
results for the first quarter of FY 2011-12. The company’s Board of Directors,
at its meeting in
Highlights include:
- Net sales for Q 1 FY 12 is INR. 5230 millions, up from Rs. 4480 millions Q-o-Q
- The new orders have been signed at 20-30% increased ASP as compared to March 11 fuelling the recovery of margins
- EBITDA margins to increase to 18 - 20% for the storage media business in the next two quarters
Commenting on the development in the markets, Bhaskar Sharma, CEO, Optical Media, MBIL, said: “The traction resulting from the correction of over supply in the global storage media market has enabled us to renegotiate orders with the customers. The new orders with price hike along with the stabilizing prices of key input commodities have created the resurgent environment. The improved current cash generation is a strong indicator of the company returning to profitability in the coming quarters.”
Highlighting the potentialities of the Indian solar PV market K.N. Subramaniam, CEO, Moser Baer Solar Systems said, “The financial closures achieved by 35 project developers towards setting up of 610 MW capacity solar farms is very heartening. Additionally, the Government’s move to invite bids for INR 30000 millions solar power projects for a capacity of 300 MW under the National Solar Mission by end August 2011 presents us with a tremendous growth opportunity.” He further added, “The clean energy generation from our benchmark installations has been much above expectation which has immensely helped in building confidence of the investors and financial institutions in the solar projects. These factors have resulted in creating a strong pipeline of around 250 MW for the EPC arm of Moser Baer and established us as the leading solar EPC player in the country.”
Commenting on the results, Yogesh Mathur, Group Chief Financial Officer, said: “The Q 1FY 12 performance was along the expected lines with a turnaround driven mainly by factors such as strong recovery of storage media market, price increase along with easing of commodity price. These imply in strong operating cash generation for the company which is likely to continue till end of year. Significantly, the sharp increase in volume has aided in reduction of the inventories of the storage media products.” Talking about the company’s solar PV plans, he added, “We have been ramping up our manufacturing capacity and are geared to meet the growing demands of the Solar PV sector. The high efficiency SE Line is being ramped up for full commercial production by early next quarter which will further entrench our position as the leading solar PV player in the country with an aggregate PV panel manufacturing of capacity of 250 MW.”
Storage Media
- An increase in sales volume of 16% in Q1 FY12 over previous quarter
- Blu-Ray shipments continue to grow at a high rate Q-o-Q
- Volume increase and significant price hike partially neutralized the impact spike in the prices of Silver Q1 FY12
- Normalcy is returning to prices of key input materials
- New price contracts has been signed at 20-30% increased ASP as compared to the previous quarter
- EBITDA margins to increase to 18 - 20% for the storage media business in the next two quarters
Solar photovoltaic
- First phase of its module capacity expansion achieved
- High efficiency SE Line being ramped up for full commercial production
- Work
at full swing on
- Excellent performance of TF projects above benchmark levels
- Techno-economic evaluation being done for fresh capacity of 300-500 MW module line
About Moser Baer
Moser Baer India Limited headquartered
in
MOSER BAER
06 September 2011
India, Sept. 06 -- Moser Baer India is currently trading at
Rs. 22.55, up by 0.10 points or 0.45% from its previous closing of Rs. 22.45 on
the BSE.The scrip opened at Rs. 22.60 and has touched a high and low of Rs.
22.65 and Rs. 22.10 respectively. So far 21,000 shares were traded on the
counter.The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high
of Rs. 74.80 on 12-Oct-2010 and a 52 week low of Rs. 20.20 on 19-Aug-2011.Last
one week high and low of the scrip stood at Rs. 23.70 and Rs. 21.70
respectively. The current market cap of the company is Rs. 3790.000 millions.
The promoters holding in the company stood at 16.29% while Institutions and
Non-Institutions held 27.80% and 55.91% respectively. Moser Baer
MOSER BAER
06 September 2011
India, Sept. 06 -- Moser Baer India, the compact disc maker,
has approved raising upto $125 million by issuing equity or bonds in India or
overseas market. The company has also approved getting into a consulting
agreement with France-based Harcourt. However the company did not disclose the
details about the consulting agreement. Moser Baer has been posting losses for
the last five quarters, and has been forced to look more aggressively at
expanding its solar business. Recently, Moser Baer Solar, a subsidiary of Moser
Baer
Moser Baer's Unaudited
Standalone Financial Results for the quarter ended 30.06.2011
|
Particulars |
3
months ended 30.06.2011 |
Corresponding
3 months ended in the previous year 30.06.2010 |
Previous
Accounting Year ended 31.03.2011 |
Accounting
Year ended 31.03.2010 |
|
|
|
|
|
|
|
a. Net Sales / Income from Operations |
5230.700 |
4468.600 |
18201.300 |
20574.900 |
|
b. Other Operating Income |
223.300 |
123.500 |
527.400 |
2032.000 |
|
Net Sales / Income from Operations |
5454.000 |
4592.100 |
18728.700 |
22606.900 |
|
Expenditure |
|
|
|
|
|
a. (Increase)/Decrease in stock in trade and work in progress |
413.000 |
[349.700] |
[287.000] |
[130.600] |
|
b. Consumption of raw materials |
2855.200 |
2597.600 |
1619.100 |
9477.200 |
|
c. Purchase of traded goods/ rights |
12.400 |
101.700 |
323.200 |
867.100 |
|
d. Employees cost |
479.300 |
515.900 |
1960.000 |
2028.000 |
|
e. Depreciation/Amortisation |
905.600 |
975.700 |
3823.400 |
4918.900 |
|
f. Other expenditure |
1238.700 |
1311.500 |
4760.100 |
4522.600 |
|
g.Total |
5904.200 |
5152.700 |
21198.800 |
21683.200 |
|
Profit (+)/ Loss (-) from Operations before Other Income Interest and Exceptional
Items (1-2) |
[450.200] |
[560.600] |
[2470.100] |
923.700 |
|
Other Income |
82.200 |
118.700 |
340.000 |
264.900 |
|
Profit (+)/ Loss (-) before Interest and Exceptional Items (3+4) |
[368.000] |
[441.900] |
[2130.100] |
1188.600 |
|
Interest |
554.100 |
436.500 |
1899.800 |
1715.400 |
|
Profit (+)/ Loss (-) after Interest but before Exceptional Items (5-6) |
[922.100] |
[878.400] |
[4029.900] |
[526.800] |
|
Exceptional items |
- |
- |
[34.300] |
88.200 |
|
Profit (+)/ Loss (-) before tax (7+8) |
[922.100] |
[878.400] |
[4064.200] |
[438.600] |
|
Tax expense |
- |
- |
- |
[76.500] |
|
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10) |
[922.100] |
[878.400] |
[4064.200] |
[362.100] |
|
Extraordinary Item (net of tax expense) |
- |
- |
- |
- |
|
Net Profit (+)/ Loss (-) for the period (11-12) |
[922.100] |
[878.400] |
[4064.200] |
[362.100] |
|
Paid-up equity share capital |
16831 |
16831 |
16831 |
16831 |
|
Reserves excluding revaluation reserves as per balance sheet of
previous accounting year |
- |
- |
- |
152371 |
|
Earnings Per Share: (not annualised) |
|
|
- |
- |
|
a) Before Extraordinary items |
[5.48] |
[5.22] |
[24.15] |
[2.15] |
|
- Basic (Rs.) |
[5.48] |
[5.22] |
[24.15] |
[2.15] |
|
- Diluted (Rs.) |
|
|
|
|
|
b) After Extraordinary items |
|
|
|
|
|
- Basic (Rs.) |
[5.48] |
[5.22] |
[24.15] |
[2.15] |
|
- Diluted (Rs.) |
[5.48] |
[5.22] |
[24.15] |
[2.15] |
|
Public shareholding |
|
|
|
|
|
- Number of shares |
140,885,963 |
140885963 |
140885963 |
140885963 |
|
- Percentage of shareholding |
83.71 |
83.71 |
83.71 |
83.71 |
|
Promoters and promoter group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of shares |
- |
3379626 |
- |
3379626 |
|
- Percentage of shares (as a % of the total shareholding of promoter |
- |
12.33 |
- |
12.33 |
|
- Percentage of shares (as a% of the total share capital of the |
- |
2.01 |
- |
2.01 |
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
27,420,141 |
24040515 |
27420141 |
24040515 |
|
- Percentage of shares (as a % of the total shareholding of promoter |
100.00 |
87.67 |
100.00 |
87.67 |
|
- Percentage of shares (as a% of the total share capital of the |
16.29 |
14.28 |
16.29 |
14.28 |
Notes:
- The Company is primarily in the business of manufacture and sale of Optical Storage Media. The other activities of the Company comprise, replication of content, sales of consumer electronic products and operation and maintenance of sector specific Special Economic Zone for non-conventional energy. The segment revenues, results and assets of the other activities do not constitute reportable segments under AS-17 and accordingly no disclosure is required.
- There were no outstanding complaints from the shareholders at the beginning of the quarter and no complaints received from the shareholders during the quarter.
- As intimated to the stock exchange on 8th August 2011, the Board meeting to consider and approve audited annual accounts of the Company for the financial year ended on 31st March 2011 and to declare dividend if any, will be held on 24th August, 2011.
- The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 11,2011.
- Figures of the previous period/ year have been regrouped and rearranged wherever necessary.
- The Limited review by the Statutory Auditors for the quarter as required under clause 41 of the Listing Agreement has been completed and the related report is being forwarded to the Stock Exchanges. The report does not have any impact on the above Results and Notes which need to be explained.
CMT REPORT (Corruption, Money Laundering and 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 :
The 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.49.19 |
|
|
1 |
Rs.75.91 |
|
Euro |
1 |
Rs.65.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.