1. Summary Information
|
|
|
Country |
|
|
Company Name |
Trend Electronics
Limited |
Principal Name 1 |
Mr. Pradipkumar N. Dhoot |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Anirudha V. Dhoot |
|
|
|
Registration # |
11-52233 |
|
Street Address |
20, K. M. Stone, |
||
|
Established Date |
16.06.1989 |
SIC Code |
-- |
|
Telephone# |
91-240-2644509/10/12 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-240-2644506 |
Business Style 2 |
---- |
|
Homepage |
Product Name 1 |
VCRs |
|
|
# of employees |
---- |
Product Name 2 |
VCPs |
|
Paid up capital |
Rs.75,000,000/- |
Product Name 3 |
Video Tape Deck Mechanisms (VTDM). |
|
Shareholders |
Shareholding of Promoter and Promoter Group (49.05%) Public Shareholding – (50.95%) |
Banking |
State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
22 years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(49) |
|
Related
Company |
|||
|
Relation
|
Country ----- |
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,422,210,000 |
Current Liabilities |
2,019,060,000 |
|
Inventories |
2,747,330,000 |
Long-term Liabilities |
5,899,250,000 |
|
Fixed Assets |
1,730,070,000 |
Other Liabilities |
278,620,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
8,196,930,000 |
|
Invest& other Assets |
337,760,000 |
Retained Earnings |
965,440,000 |
|
|
|
Net Worth |
1,040,440,000 |
|
Total Assets |
9,237,370,000 |
Total Liab. & Equity |
9,237,370,000 |
|
Total Assets (Previous Year) |
4,936,380,000 |
|
|
|
P/L Statement as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
18,966,930,000 |
Net Profit |
203,110,000 |
|
Sales(Previous yr) |
8,271,800,000 |
Net Profit(Prev.yr) |
36,170,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
TREND ELECTRONICS LIMITED (w.e.f. 23.07.2007) |
|
|
|
|
Formerly Known As : |
VIDEOCON
COMMUNICATIONS LIMITED (w.e.f. 26.08.2003 ) VIDEOCON VCR LIMITED |
|
|
|
|
Registered
Office : |
20, K. M. Stone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
16.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-52233 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.75.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1989PLC052233 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04500G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV5946R |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company's shares are listed on
Stock Exchange |
|
|
|
|
Line of Business
: |
Manufacturer of Electrical and Electronics Appliances |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct 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) |
|
|
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/Factory : |
20, K. M. Stone, |
|
Tel. No.: |
91-240-2644509/10/12 |
|
Fax No.: |
91-240-2644506 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Gut No. 350, Bhalgaon, |
|
Tel. No.: |
91-2431-251505 |
|
E-Mail : |
DIRECTORS
As on 31.12.2010
|
Name : |
Mr. Pradipkumar N. Dhoot |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anirudha V. Dhoot |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhash S. Nabar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhopinder K. Chopra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhash S. Dayama |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
05.05.1961 |
|
Qualification : |
B.Com |
|
Experience : |
He carries with him more than two decades of experience in the fields
of Finance, Capital Markets, Management and Administration. |
|
Date of Appointment : |
30.03.2009 |
|
Other Directorship : |
·
Value Industries Limited ·
Shree Dhoot Trading And Agencies Limited ·
Videocon Telecommunications Limited ·
Pacific Appliances Manufacturing and Trading
Limited ·
Videocon Realty And Infrastructures Limited ·
Evans Fraser and Company ( ·
Universal Digital Connect Limited ·
PE Electronics Limited ·
Videocon Energy Limited ·
Videocon Oil Ventures Limited ·
·
Jumbo Techno Services Private Limited ·
Senior Consulting Private Limited |
|
|
|
|
Name : |
Mr. Vivek D. Dharm |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
22.11.1964 |
|
Qualification : |
B.Com, LL.B. |
|
Experience : |
He carries with him more than fifteen years of experience in the
fields of Law, Management and Finance. |
|
Date of Appointment : |
08.12.2005 |
|
Other Directorship : |
·
Millennium Appliances India Limited ·
Indian Refrigerator Company Limited ·
Videocon Oil Services Limited ·
Videocon Power Limited ·
Sky Appliances Limited ·
Planet ‘M’ Retail Limited ·
Akai Consumer Electronics India Limited ·
Videocon Power Ventures Limited ·
PE Electronics Limited ·
Videocon Energy Limited ·
Videocon Oil Ventures Limited ·
Bharat Business Channel Limited ·
Videocon Services Limited |
KEY EXECUTIVES
|
Name : |
Ms. Kanchan A Kakade |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
150 |
- |
|
|
3,678,955 |
49.05 |
|
|
3,679,105 |
49.05 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3,679,105 |
49.05 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,400 |
0.03 |
|
|
1,575 |
0.02 |
|
|
367,500 |
4.90 |
|
|
171,401 |
2.29 |
|
|
171,401 |
2.29 |
|
|
542,876 |
7.24 |
|
|
|
|
|
|
589,371 |
7.86 |
|
|
|
|
|
|
1,991,701 |
26.56 |
|
|
696,947 |
9.29 |
|
|
3,278,019 |
43.71 |
|
Total Public shareholding (B) |
3,820,895 |
50.95 |
|
Total (A)+(B) |
7,500,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
7,500,000 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Non Resident IndiansBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electrical and Electronics Appliances |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees
: |
800 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Central Bank of ·
Punjab National Bank ·
Ing Vysya Bank Limited ·
Indian Bank ·
Canara
Bank |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note ·
Working Capital Loans from Banks are secured
against hypothecation of the Company’s stock of raw materials, packing materials,
stock-in-process, finished goods, stores and spares, book debts and all other
current assets of the Company and personal guarantees of Mr. Venugopal N.
Dhoot and Mr. Pradipkumar N. Dhoot. ·
Vehicle Loans from Banks are secured by way of
hypothecation of vehicles acquired out of the said loan.
Note The Company has availed interest free Sales Tax Deferral under
package incentive scheme of 1993. The Sales Tax collected during the deferral
period is payable in five annual installments, after completion of ten years
from the year in which the tax was collected. The second such installment is
due on 1st May, 2011. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
12-B, Baldota
Bhavan, 117, |
|
|
|
|
Name : |
Kadam and Company Chartered Accountants |
|
Address : |
Vedant, 8/9 Viraj Estate, Opposite Tarakpur Bus Stand, Ahmednagar –
414 003, |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs.
600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 (15 Months) |
30.09.2009 (12 Months) |
30.09.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
75.000 |
75.000 |
75.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
965.440 |
783.580 |
752.460 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1040.440 |
858.580 |
827.460 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1754.960 |
821.730 |
641.010 |
|
|
2] Unsecured Loans |
4144.290 |
1699.760 |
1438.360 |
|
|
TOTAL BORROWING |
5899.250 |
2521.490 |
2079.370 |
|
|
DEFERRED TAX LIABILITIES |
212.850 |
164.090 |
154.410 |
|
|
|
|
|
|
|
|
TOTAL |
7152.540 |
3544.160 |
3061.240 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1730.070 |
1157.150 |
1262.560 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
337.760 |
207.120 |
207.230 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2747.330
|
1641.750
|
1286.540
|
|
|
Sundry Debtors |
2699.710
|
1451.560
|
1443.960
|
|
|
Cash & Bank Balances |
320.370
|
224.190
|
104.560
|
|
|
Other Current Assets |
9.910
|
6.950
|
6.120
|
|
|
Loans & Advances |
1392.220
|
247.660
|
274.040
|
|
Total
Current Assets |
7169.540
|
3572.110
|
3115.220
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1906.910
|
1281.920
|
1455.760
|
|
|
Other Current Liabilities |
112.150
|
72.260
|
47.460 |
|
|
Provisions |
65.770
|
38.040
|
20.550
|
|
Total
Current Liabilities |
2084.830
|
1392.220
|
1523.770
|
|
|
Net Current Assets |
5084.710
|
2179.890
|
1591.450
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7152.540 |
3544.160 |
3061.240 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 (15 Months) |
30.09.2009 (12 Months) |
30.09.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
18966.930 |
8271.800 |
7781.690 |
|
|
|
Other Income |
42.220 |
3.660 |
37.950 |
|
|
|
TOTAL (A) |
19009.150 |
8275.460 |
7819.640 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods
Consumed/Sold |
17682.730 |
7734.870 |
7236.90 |
|
|
|
Salaries, Wages
and Employees' Benefits |
160.980 |
68.450 |
78.020 |
|
|
|
Manufacturing
and Other Expenses |
317.130 |
204.190 |
210.840 |
|
|
|
TOTAL (B) |
18160.840 |
8007.510 |
7525.760 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
848.310 |
267.950 |
293.880 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCE CHARGES (D) |
374.990 |
97.280 |
134.660 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
473.320 |
170.670 |
159.220 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
185.530 |
115.690 |
123.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
287.790 |
54.980 |
35.970 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
84.680 |
18.810 |
11.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
203.110 |
36.170 |
24.340 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS/(SHORT)
PROVISION OF INCOME TAX FOR EARLIER YEARS |
(12.500) |
3.730 |
(0.280) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
161.730 |
134.610 |
119.940 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
7.500 |
7.500 |
3.750 |
|
|
|
Corporate Tax on Proposed Dividend |
1.250 |
1.280 |
0.640 |
|
|
|
Transfer to General Reserve |
20.000 |
4.000 |
5.000 |
|
|
BALANCE CARRIED
TO THE B/S |
323.590 |
161.730 |
134.610 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2883.080 |
1124.200 |
1256.220 |
|
|
|
Capital Goods |
14.890 |
7.000 |
8.760 |
|
|
TOTAL IMPORTS |
2897.970 |
1131.200 |
1264.980 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.41 |
5.32 |
3.21 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2011 1st
Quarter |
30.06.2011 2nd
Quarter |
|
Net Sales |
|
|
4475.200 |
4658.700 |
|
Total Expenditure |
|
|
4266.600 |
4432.700 |
|
PBIDT (Excl OI) |
|
|
208.600 |
226.000 |
|
Other Income |
|
|
11.800 |
7.300 |
|
Operating Profit |
|
|
220.400 |
233.300 |
|
Interest |
|
|
131.900 |
146.500 |
|
Exceptional Items |
|
|
0.000 |
0.000 |
|
PBDT |
|
|
88.500 |
86.800 |
|
Depreciation |
|
|
47.400 |
43.200 |
|
Profit Before Tax |
|
|
41.100 |
43.600 |
|
Tax |
|
|
12.500 |
12.500 |
|
Provisions and contingencies |
|
|
0.000 |
0.000 |
|
Profit After Tax |
|
|
28.600 |
31.100 |
|
Extraordinary Items |
|
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
0.000 |
|
Other Adjustments |
|
|
0.000 |
0.000 |
|
Net Profit |
|
|
28.600 |
31.100 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 (15 Months) |
30.09.2009 (12 Months) |
30.09.2008 |
|
PAT / Total Income |
(%) |
1.07
|
0.44
|
0.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.52
|
0.66
|
0.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.23
|
1.16
|
0.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.06
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.67
|
4.56
|
4.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.44
|
2.57
|
2.04 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Indian
consumer electronics industry, defied the otherwise recessionary trend that
were prevalent in 2009-10. It was one of the toughest and most challenging years
globally. However, the Company has made positive strides, even against this
backdrop, in its business and recorded an impressive growth in its sales. The
Gross Sales increased to Rs.19645.12 Million from Rs.8439.78 Million for the
previous year. The increase in sales was primarily contributed by satellite
LCDs and LEDs, slim and ultra slim TVs, DVDs with USB port, Set top Boxes and
other innovative electronics products. The profit after tax of the Company
increased to Rs.203.11 Million as against Rs.36.17 Million for the previous
year.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
INDUSTRY
STRUCTURE
Consumer
Electronics Industry:
Consumer
Electronics market is one of the largest segment of the electronics segment in
A shift in
consumer preference towards technologically advanced branded products is
noticeable. The intensity of competition has led to availability of wide choice
for the masses. The markets are changing rapidly from conventional technology
to the new and highly advanced one.
The Company
primarily focuses on manufacturing of Colour TVs, LCD TVs, LED TVs, DVDs and
Set Top Boxes.
Colour
Televisions:
Today,
Television market
has witnessed very drastic changes in the last decade in terms of technology,
prices and consumer aspirations. Exchange schemes, free gifts, price offs,
prizes, deferred payment schemes and other incentives as promotional tools have
been deployed by the players, which certainly have made the market, vibrant and
pulsating. A major factor contributing to the growth has been availability of
consumer financing schemes. The television markets are changing from the
conventional CRT technology to Flat Panel Display (FPD), Liquid Crystal Display
(LCD) TV and Plasma (PDP) TV.
LCD televisions
continue to dominate the Indian TV market. They have emerged from being a
high-end lifestyle product to a product for good viewing experience.
The LCD TV Market
is witnessing an increasing preference for full high definition TV with better
image quality, audio clarity and colour resolution. LCDs take up less space
than the bulky tube TVs, consume less energy and are free from harmful radition
that is emitted from cathode rays tube TVs. Other products, such as LED
televisions, Smart TV, Internet TVs, 3D televisions, etc., have also been
launched in the market.
LED televisions
have been the star product of the electronics industry, mainly due to their
picture quality which is far superior to traditional LCD TVs. LEDs offer ultra
high contrast ratios, slim depths and increased energy savings. Plasma TVs are
well-suited for consumers’ purchasing habits, providing the most affordable
large flat panel TVs and superior 3D performance. However, despite all the
innovations, the sleek, energy-efficient LCD TVs have been at the top of the
desired list for many consumers. The LCD TV segment in
Videocon continues
to emerge as one of the players along with other key players being LG, Samsung,
Sony, Panasonic.
DVDs:
The DVD segment
has continued to capture the attention of major players during the period.
With DVD players
and discs becoming more affordable for the consumer, the segment seems all set
to replicate the kind of growth it had on the global front in the Indian
market.
Videocon has
created a niche in the DVD market by focusing on reducing the price while
maintaining the quality standards, making it affordable to the common man. The
objective is to make the product available in both Domestic and International
Market.
Set Top Boxes:
In the past couple
of years, there has been a phenomenal shift from analogue cable signals to
digital transmission using Set Top Boxes (STB) as the underlying technology.
Though growth in developed economies has been tremendous in
Non-availability
of cable in many areas has helped in the increased use of DTH. This has given
rise to increased usage of STBs. The demand for STBs is also swelling due to
increased sale of LCD TVs. STBs are increasingly seen as easily deployable in
living rooms, fuelling the consumer’s appetite for high quality digital pictures.
Once addicted to digital pictures, a consumer can never settle for Standard
Definition (SD) quality. The increase in digital TV homes has further boosted
the growth of STBs. Other than the clarity of digital pictures, the
availability of more channels, online movies and the affordability factor have
all hiked the demand for STBs over analogue television.
The digital TV
industry is projected to grow significantly. Coupled with incentives and the
boost given by the government, multi-fold growth is anticipated in the coming
years. The STB segment therefore, is poised for significant growth in the
coming years.
BUSINESS
OUTLOOK
The consumer
demand is rapidly shifting to latest technology and energy efficient products. There
is a huge growth potential for the consumer electronics goods industry in
The Company
proposes to focus by cashing on its following strengths:
·
Proper product mix;
·
Well established distribution network;
·
Technological superiority;
·
Maintaining High Quality Standards;
·
Capitalising export potential;
·
Market Penetration;
·
Intelligent use of the embedded systems;
·
Research and Analysis;
·
Energy Saving Techniques; and
·
Quality workforce and efficient manpower
CONTINGENT LIABILITIES
|
Particulars |
31.12.2010 (15 Months) Rs. in millions |
|
Letters of Guarantees |
56.920 |
|
Letters of Credit opened |
542.090 |
|
Customs Duty demands and penalty under dispute |
8.090 |
|
Excise Duty demands under dispute |
1.560 |
|
Service Tax demands under dispute |
7.880 |
|
Sales Tax demands under dispute (Amount paid under protest Rs.1.14
million, Previous year Rs.0.75 million) |
35.750 |
FIXED ASSETS
·
Free
·
Building
·
Plant and Machinery
·
Electrical Equipments
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
WEB DETAILS
BUSINESS
DESCRIPTION
Subject is an India-based company. It is engaged in manufacturing of electrical
and electronics appliances. The Company’s products include colour televisions
(CTV), digital video disc and visual component designer (DVDs/VCDs) and set top
box at its plant located at
BOARD OF DIRECTORS
Mr. Bhopinder K.
Chopra - Independent Director
Mr. Bhopinder K. Chopra is Independent Director of subject. Mr. Chopra
has experience in the areas of manufacturing, marketing and finance. He has
held senior positions in Phillips
Education
BS , Indian Institute of Science
Mr. Subhash S. Dayama
- Independent Director
Mr. Subhash S. Dayama is Independent Director of subject. He is
commercial graduate. He has experience and knowledge in the fields of Capital
Markets and Finance. He is director of Micro Housing Finance Corporation
Limited, Videocon Realty And Infrastructures Limited, Shree Ohoot Trading 5
Agencies Limited, Videocon Power Limited, Value Industries Limited, Dalaoom
Solutions Private Limited, Videocon VCR Securities Limited, Indian Refrigerator
Company Limited and Videocon Inlotel Limited.
Mr. Vivek D. Dharm -
Independent Director
Mr. Vivek D. Dharm is Independent Director of subject. He is B.Com,
LL.B., graduate. He carries with him more than fifteen years of experience in
the fields of Law, Management and Finance.
Mr. Pradipkumar N.
Dhoot - Non-Executive Director
Mr. Pradipkumar N. Dhoot is Non-Executive Director of subject. He is a
commerce graduate. He is industrialist with more than two decades of experience
to his credit. He is one of the promoters of Videocon Group. He is director of
Videocon Industries Limited, Value Industries Limited, Applicomp (India)
Limited, Millennium Appliances India Limited, Next Retail India Limited,
Videocon Semiconductor Limited, Videocon Realty and Infrastructures Limited,
Techno Electronics Limited, Videocon India Limited, Infodart Technologies
Limited, Videocon International Electronics Limited, Instant Retail India
Limited and Datacom Solutions Private Limited.
Mr. Subhash S.
Nabar - Independent Director
Mr. Subhash S. Nabar is Independent Director of subject. He has done
mechanical engineering. He has experience in the fields of finance, accounts,
manufacturing, marketing and administration. He is director of Oaehung India
Electronics Limited, Akai Consumer Electronics India Limited, Hyundai
Electronics India Limited, India Floor Care 8 Appliances Limited and Videocon
VCR Securities Limited.
PRESS RELEASES
Financial Results
for Jun 30, 2011
Outcome of AGM
Fixes Book Closure
for Dividend and AGM
Board to consider
Dividend
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.49.71 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.