1. Summary Information
|
|
|
Country |
|
|
Company Name |
MIC ELECTRONICS LIMITED |
Principal Name 1 |
Mr. Yarlagadda Harish Chandra Prasad |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. N. Srinivasa Rao |
|
|
|
Registration # |
01-008652 |
|
Street Address |
A 4/II, Electronic Complex, Kushaiguda, Hyderabad-500062, |
||
|
Established Date |
17.05.1988 |
SIC Code |
-- |
|
Telephone# |
91-40-27122222 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-40-27133333 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Mini Computers |
|
|
# of employees |
Not Available |
Product Name 2 |
Microprocessors
Based Systems |
|
Paid up capital |
Rs.204,997,000/- |
Product Name 3 |
Computer
Peripherals |
|
Shareholders |
Promoters holding (13.06%) Public Holding (86.94%) |
Banking |
State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
24 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba (51) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
|
MIC Electronics |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
30.06.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1812,395,000 |
Current Liabilities |
582,098,000 |
|
Inventories |
1940,531,000 |
Long-term Liabilities |
1249,059,000 |
|
Fixed Assets |
1548,646,000 |
Other Liabilities |
121,540,000 |
|
Deferred Assets |
97,294,000 |
Total Liabilities |
1,952,697,000 |
|
Invest& other Assets |
786,234,000 |
Retained Earnings |
3861,991,000 |
|
|
|
Net Worth |
4232,403,000 |
|
Total Assets |
6,185,100,000 |
Total Liab. & Equity |
6,185,100,000 |
|
Total Assets (Previous Year) |
5562,975,000 |
|
|
|
P/L Statement as of |
30.06.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
2,301,566,000 |
Net Profit |
342,021,000 |
|
Sales(Previous yr) |
2,316,352,000 |
Net Profit(Prev.yr) |
540,034,000 |
MIRA
INFORM REPORT
|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
MIC ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
A4/II, Electronic Complex, Kushaiguda, Hyderabad-500062, Andhra
Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2011 |
|
|
|
|
Date of
Incorporation : |
17.05.1988 |
|
|
|
|
Com. Reg. No.: |
01-008652 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
L31909AP1988PLC008652 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM00723C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer,
Buyer, Seller, Exporter, Importer and Assemble all types of Mini Computers, Microprocessors
Based Systems and Computer Peripherals. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16930000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Networth of the company appear to be strong. But from last two year there is
dip in the profitability of the company. However, trade relations are
reported to be fair. Business is active. Payment are reported to be regular
and as per commitment The company can be considered 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/Head Office : |
A 4/II, Electronic Complex, Kushaiguda, Hyderabad-500062, |
|
Tel. No.: |
91-40-27122222 |
|
Fax No.: |
91-40-27133333 |
|
E-Mail : |
|
|
|
|
|
|
|
|
Factory 1 : |
MANUFACTURING
PLANT 192/B, Phase-II, IDA, Cherlapalli, Hyderabad-500051, |
|
Tel. No.: |
91-40-27263737 |
|
Fax No.: |
91-40-27263726 |
|
Email: |
|
|
|
|
|
Factory 2 : |
MANUFACTURING
PLANT IP-47, |
|
Tel. No.: |
91-133-2235026 |
|
Fax No.: |
91-133-2235245 |
|
E-Mail : |
|
|
|
|
|
Overseas office : |
Located at: ·
·
·
|
DIRECTORS
|
Name : |
Mr. Yarlagadda Harish Chandra Prasad |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.10.1959 |
|
Qualification : |
Bachelor of Engineering (mechanical), First Class with distinction
from osmania university |
|
Date of Appointment : |
27.12.2006 |
|
Directorship in other companies : |
25 |
|
|
|
|
Name : |
Mr. N. Srinivasa Rao |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.07.1953 |
|
Qualification : |
Double post Graduate in public Administration and politics from |
|
Date of Appointment : |
04.12.2004 |
|
Directorship in other companies : |
1 |
|
|
|
|
Name : |
Mr. Daggubaati Venkateshwara Rao |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.12.1953 |
|
Qualification : |
M.B.B.S |
|
Date of Appointment : |
10.08.2011 |
|
Directorship in other companies : |
3 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9988902 |
9.75 |
|
|
3397375 |
3.31 |
|
|
3397375 |
3.31 |
|
|
13386277 |
13.06 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
13386277 |
13.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1452093 |
1.42 |
|
|
1452093 |
1.42 |
|
|
|
|
|
|
11855397 |
11.57 |
|
|
|
|
|
|
40541482 |
39.55 |
|
|
2307399 |
24.69 |
|
|
9955627 |
9.71 |
|
|
6693951 |
9.71 |
|
Trust |
761045 |
4.74 |
|
|
3000 |
|
|
Clearing members |
2497631 |
2.44 |
|
|
87659905 |
85.52 |
|
Total Public shareholding (B) |
89111998 |
86.94 |
|
Total (A)+(B) |
102498275 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
Total (A)+(B)+(C) |
102,498,275 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Persons Acting in ConcertBUSINESS DETAILS
|
Line of Business : |
Manufacturer, Buyer,
Seller, Exporter, Importer and Assemble all types of Mini Computers,
Microprocessors Based Systems and Computer Peripherals. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Development Credit Bank Limited ·
UCO Bank, 62, ·
Industrial Development Bank of India Limited |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pinnamaneni and Company Chartered Accountant |
|
Address : |
4th Floor, My Home Tycoon, |
|
|
|
|
Subsidiaries : |
·
MIC Electronics Inc ( ·
Maave Electronics Private Limited ( ·
MIC Green Energy Solutions Private Limited ( ·
MIC Candilux Private Limited ( |
CAPITAL STRUCTURE
As on 31.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.2/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102498275 |
Equity Shares |
Rs.2/- each |
Rs. 204.996
Millions |
|
|
|
|
|
Note:
Of the above:
a) 6,00,000 equity
shares of Rs.10 each fully paid up issued to erstwhile share holders of Phoenix
Telecommunications Limited, pursuant to scheme of amalgamation on 11.11.2000
b) 45,74,285 bonus
equity shares of Rs.10 each fully paid up allotted from the free reserves of
the company on 28.09.2006
c) 4,04,800 equity
shares of Rs.10 each fully paid up allotted to share holders of Infostep Inc.
through share swap on 19.10.2006
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
204.996 |
204.997 |
201.277 |
|
|
2] Share Application Money |
165.416 |
165.416 |
391.774 |
|
|
3] Reserves & Surplus |
3861.991 |
3519.970 |
2697.497 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4232.403 |
3890.383 |
3290.548 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
949.571 |
716.042 |
689.156 |
|
|
2] Unsecured Loans |
299.488 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1249.059 |
716.042 |
689.156 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5481.462 |
4606.425 |
3979.704 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1548.646 |
990.368 |
428.725 |
|
|
Capital work-in-progress |
608.041 |
631.112 |
860.946 |
|
|
|
|
|
|
|
|
INVESTMENT |
152.788 |
265.631 |
257.589 |
|
|
DEFERREX TAX ASSETS |
97.294 |
89.595 |
81.333 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1812.395
|
912.415
|
518.547
|
|
|
Sundry Debtors |
1005.132
|
1206.173
|
1377.920
|
|
|
Cash & Bank Balances |
47.629
|
41.458
|
30.554
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
887.770
|
1100.994
|
1054.264
|
|
Total
Current Assets |
3752.926
|
3261.040 |
2981.285 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
514.859
|
477.196
|
464.746
|
|
|
Other Current Liabilities |
67.239
|
37.804
|
22.074
|
|
|
Provisions |
121.540
|
141.550
|
163.815
|
|
Total
Current Liabilities |
703.638
|
656.550 |
650.635 |
|
|
Net Current Assets |
3049.288
|
2604.490 |
2330.650 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
25.405 |
25.229 |
20.461 |
|
|
|
|
|
|
|
|
TOTAL |
5481.462 |
4606.425 |
3979.704 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2301.566 |
2316.352 |
2413.174 |
|
|
|
Other Income |
35.116 |
22.977 |
12.531 |
|
|
|
TOTAL (A) |
2336.682 |
2339.329 |
2425.705 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
2091.316 |
1455.122 |
1527.129 |
|
|
|
Employee Cost |
113.055 |
56.623 |
85.179 |
|
|
|
Manufacturing, Administration and Sales Expenses |
559.060 |
311.766 |
280.551 |
|
|
|
Capitalization During The Year |
0.000 |
[3.205] |
0.000 |
|
|
|
R and D Expenditure |
37.743 |
33.192 |
36.562 |
|
|
|
Increase/ Decrease in Stock |
(1075.553) |
[251.635] |
[219.529] |
|
|
|
TOTAL (B) |
1725.621 |
1601.863 |
1709.892 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
611.061 |
737.466 |
715.813 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
146.055 |
82.606 |
68.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
465.006 |
654.860 |
647.584 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.654 |
29.935 |
22.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
403.352 |
624.925 |
624.979 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
61.331 |
84.891 |
3.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
342.021 |
540.034 |
621.278 |
|
|
|
|
|
|
|
|
|
Add |
Prior period adjustment |
0.000 |
[9.702] |
22.891 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2077.870 |
1597.538 |
1671.154 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
50.000 |
50.000 |
|
|
|
Deferred tax assets adjustment for earlier
year |
NA |
NA |
(23.481) |
|
|
|
Proposed Dividend @ Re. 0.40 on equity
share of Rs. 2/- each |
NA |
NA |
40.255 |
|
|
|
|
NA |
NA |
6.841 |
|
|
BALANCE CARRIED
TO THE B/S |
2419.891 |
2077.870 |
1597.538 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
41.11 |
19.544 |
139.376 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
Na |
49.405 |
271.371 |
|
|
|
Capital Goods |
Na |
0.000 |
20.159 |
|
|
TOTAL IMPORTS |
NA |
49.405 |
291.53 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.34 |
5.17 |
6.40 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Net Sales |
|
402.600 |
210.800 |
238.300 |
|
Total Expenditure |
|
314.700 |
161.900 |
169.200 |
|
PBIDT (Excl OI) |
|
87.900 |
48.900 |
69.100 |
|
Other Income |
|
3.100 |
5.000 |
0.700 |
|
Operating Profit |
|
91.000 |
53.900 |
69.800 |
|
Interest |
|
44.700 |
36.600 |
51.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
(532.100) |
|
PBDT |
|
46.300 |
17.300 |
(513.800) |
|
Depreciation |
|
15.700 |
15.300 |
15.200 |
|
Profit Before Tax |
|
30.600 |
2.000 |
(529.400) |
|
Tax |
|
6.100 |
0.400 |
(24.600) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
0.00 |
|
Profit After Tax |
|
24.500 |
1.600 |
(504.400) |
|
Extraordinary Items |
|
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
0.000 |
|
Net Profit |
|
24.500 |
1.600 |
(504.400) |
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
14.64
|
23.08
|
25.61
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.53
|
26.98
|
25.90
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.61
|
14.70
|
18.33
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.16
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.35
|
0.41
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.31
|
4.97
|
4.58
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
REVIEW OF OPERATIONS
During the year 2010-11 the turnover is marginally decreased by 14.8 Millions The Company is taking steps to strengthen its position in the fields of LED Products.
SUBSIDIARIES
Ministry of Corporate Affairs vide General Circular No: 2 /2011, dated 08.02.2011has granted approval !bat the subsidiary companies, as set out in sub-section (I) of section 212 of the Companies Act, 1956, shall not apply to the Company. Accordingly, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. Financial information of the subsidiary companies, as required by the said order, is disclosed in the Annual Report. The Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any member of the Company and its subsidiaries who may be interested in obtaining the same. The annual accounts of the subsidiary companies will also be kept open for inspection by any investor at the Registered Office of the Company and that of the respective subsidiary companies. The Consolidated Financial Statements presented by the Company include financial results of its subsidiary companies.
1. MIC Electronics Inc (
2. Maave Electronics Private Limited (
3. MIC Green Energy Solutions Private Limited (
4. MIC Candilux Private Limited (
MANAGEMENT DISCUSSION
AND ANALYSIS
MlC s Thrust, Areas:
The thrust areas of MIC
Electronics Limited arc LED based Lighting Products for both Off-Grid and Crid
based applications and True Colour LED Displays. Both the product streams are
in Green field areas with iremendous potential for growth and nurturing
excellence, in addition to offering great business opportunities, these product
segments are eminently relevant to the country with a high degree of economic
and social significance.
Light Emitting Diodes (LEDs),
the Solid State Lighting (SSL) Devices, offer the electrical Ughting market new
and revolutionary light sources that save energy, and improvements effect in
quality, performance and servile.
SSL s represent the fourth
generation lighting technology and offer tremendous scope for energy savings
ranging from 50-80'k. compared to different types of conventional luminaries.
Lighting applications, therefore, will form a vety major, if not the largest,
segment in terms of LED based products,
It is reported that
Lighting consumes, on an average about 27'K> of the electricity produced in
the world. In advanced countries this percentage may be as low as 5% and
in the under-developed countries it can be as high as 90%, In a country like
The True Colour LED
Displays offer Day Light visibility in both Indoor and Outdoor applications. In
addition Co
finding applications in
Sports coverage. Event Management, Mass Communications and other Commercial
applications like Product Advertisements etc..
which have essentially
urban relevance, these displays will also be useful in the rural environments,
Intelligent and effective content preparation will render Day Light visible LED
Displays very useful for training, distance education, adult education and
other applications covering domains like Agriculture, Health, Commodity Prices,
Demand I Supply situations etc, relevant !;ir I he rural
populace of the country. LED Displays offer effective solutions for image
amplification to enable audiences to have enjoyable viewing experience with
bright high quality picture resolution from long distances.
The product portfolio of
MIC caters to all these applications and as such the company can confidently
look forward to a bright and prosperous future, playing a lead role in the
country in both these segment is.
Large Business Potential
for LED Pro ducts
The application potential
of LED products is such that the growth ofthe industry will take the same
asymptotic path as in the cases of:
·
Software
Industry
·
Mobile
Communications
·
e-bankingande-commerce
·
Internet
·
Office
Automation and Process Computerisation The phenomenal growth witnessed in all these
areas has been a direct consequence of the globalization process witnessed in
the last 2-3 decades,
Industry
Perspectives: Lighting Products:
Fpistar
Dr.Biing-Jye Lee, Chairman,
Epistar Corporation, while predicting a Positive Outlook for LED Market with 30%
CAGE., in his presentation
in the convention of Strategies in Light (
·
Technology
improvement, cost reduction, capacity build up and bin mixing know-how
have been
accumulated in the LED BLU penetration
process.
·
To
open the new era for SSL. the Challenge focuses not only on lumens per Watt but
also lumens per dollar.
·
500
lumens per dollar packaged device is a key milestone to push SSL into main
stream and might be achieved in2013.
·
The
LED lighting is coming.
Osram
Dr.Alfred Felder, President
and CEO, Osram Opto Semiconductors Asia, Ltd, also reiterates similar views,
The summary of his presentation in SH
·
LED
intrinsic bencnts drive double-digit market growth
·
LED
as fastest developing lighting technology so far,
·
Iong-term
competitiveness determined by cost efficiency, quality and optimized fit to the
application.
·
Intelligent
solutions comprising state-of'the-art LED, sensors and software will open up
more and more entirely new applications.
·
On
top of this, continuously increasing light consumption requires long-term
growth of production capacity.
·
Currently,
the LED market is the most interesting market to work in and for.
Philips
Dr. Piet Derks of Philips observes
in S1L (
1. LED knowledge (specified ion. measurement)
2. Quality oflight {in design and over life)
3. Power electronics and software
4. Heat management
5. Reliability engineering
6. (micro) optics .lens design
7. Architectural design
8. Platform thinking
9. Configuration management
10. Serviceability
11. Connectivity, wireless communication
12. Sensors
13. Materials
14. New test methods for system releases
15. Standardization
The Paradigm shift in the
entire manufacturing process of the LED Luminaires calls for lot of changes to
he effected by the traditional lighting players and many legacy issues need to
be overcome in the process. In respect of new en1rants
and small lime players, the investments required and technologies to be
mastered may prove to be beyond their capabilities.
LED Lighting - The Future
of Lighting
The general concensus
regarding the growth of the LED Lighting Industry is
1. Global population growth and urbanization inctease
the overall demand for lighting products. Lighting business is expected to
Couch USS 150 billion in 2O20.
2. Governments around the world are forcing regulations
for energy efficiency
3. LED Technology - the 4th generation Technology in
Lighting will transform the industry
4. Costs are expected to come down by 30% per annum to
make LED Lighting Technology affordable.
5. LED Lighting market will touch almost USS 90 billion
by 2020 - close to 60%
ofthe overall Lighting marJcet.
6. Intelligent Lighting systems offer new growth
Opportunities,
7. General Lighting. Automotive Lighting and Back
Lighting will be the 3 largest sectors in the fJghting market, Domestic and
residential Lighting will account for largest percentage in the general lighting
segment.
8. Acceptable pay back periods on investments for LED
Lights average about iyears in different application areas.
9. LED Lighting is expected to grow (<> about 35%
in the period 2010-IS and achieve a market share of 40% by 2016.
Considering the awareness
levels achieved in the country and the focused concern of the Government in
promoting energy efficient devices, estimates outlined above for the global
market can be taken as relevant to
Industry Perspectives:
Display Products
The EDG Research and
consulting study points out:
1. Continued transition from monochromatic to Full color
displays,
2. Prices are down Co the cost line for LCD and Plasma
panel makers.
3. The shift continues towards
4. The Sports market is contmuingits trend toward
saturation.
5. Commercial Market is the largest market.
6. By 2013 the World market is projected to grow to USS
4.3 billion.
7. Continued lower prices from Asian Manufacturers.
8. OEM sourcing will continue to increase.
9. Replacement cycle for full color LED video in
Stadiums is 12.7years.
MiCsUSPS:
It can be seen that many
attributes thac are indicated as required for a successful LED Lighting company
are resident in MIC. LED Lighting and Display products are essentially
electronic products falling within the ambit of the expertise of MIC, which is
essentially an electronics company with specialist sJtill centers in Power
Electronics, Optics, Embedded Electronics, Mechanical Design, LED Dnve
Electronics, Thermal Design, Networking
and Software Development.
The company is well versed
:n certification and approval procedures related to professional electronic
equipment used by Railways and Telecommunications Department. MIC
enjoys good techno commercial relationships with internationally renowned LED
and Chip manufacturers, equipment manufacturers and design companies. The
company has excellent working relationships with Governmental organisations in
Strengths in LED Lighting
Products:
MIC's LED Lighting Product
portfolio includes Grid based Outdoor Street Lights ranging from 1SW - 150W.
LED B ulbs,TubeLights. Down Lights and Area Lights to cater to Indoor Lighting
applications and a range of other products for Special purpose lighting
applications like in Architectural Lighting. Vinyl Board Back Lighting.
HoardingLighting and Refrigerator Lighting etc. The Solar powered lighting
range includes outdoor Lighting products, Home Lighting products and Portable
Lanterns. Emergency I-ights and Coach lighting products for Railways are the
other important off-grid LED Lighting products.
MIC's Coach Lighting
products have successfully undergone trials over a two year period and have
been cleared fur induction into service by the competent authorities.
Extensive experience gained
in the trial marketing of a variety of products in multiple application
segments, including in advanced countries like USA and Australia provide MIC
the confidence to play a leading role in the LED Ughting market not only in the
country but also abroad in select countries like USA and Australia.
Broad based expertise in
all relevant areas in '.he Design and Development of LED Ughting Products equip
MIC to customise Special purpose and application specific products for the
customers. Such customization, if required to be done by Mulli National
Corporal ions (MNCs), will be a very costly proposition. This ability will be a
definite strength of MIC.
Strengths
in LED Di splay Products:
·
Only
Company in the country to have design to manufacturing capabilities in the
field of True Colour LED Video Display Systems
·
Extensive
software and hardware capabilities provide uniqueness to MIC to Design and
manufacture state-of-the-art and complex display products with internationally
competitive price • performance capability
·
MIC's
Outdoor Displays have been performing in
·
·
Range
of Indoor Displays - 3mm to 15mm
·
Extensive
hands on experience in Display products for over 25 years
·
Competent
and comprehensive DandD capabilities
·
Reliability
o f Product s matches the best in the World
1. 350 Sq.mtrs of mission critical - online display
system has been performing for over an year without a single failure in a very
prestigious theatre application, Nautanki, in the
2.
It
is actually MIC Displays which were deployed in the Delhi Commonwealth Games.
·
MIC
Displays exported to
·
Aaren
Initiative, the outdoor advertising firm, have won the Golden award for the
year 2011 for their campaign on Nokia E7 deploying MlCs outdoor display system.
·
Indian
Railways have commissioned more than 70 Passenger Information Systems deploying
MIC's true Colour displays based on SIMRAN technology.
·
Started
manufacturing of outdoor displays with Chip LEDs leading to improved
resolution, enhanced reUabihty and higher productivity in manufacturing.
·
Development
work in advanced stages with respect to 3D Displays
·
MlCs in-depth knowledge and
hands on experience for over 25 years in the field of Displays provide the
company a distinctive competitive edge with respect to competing imported
products which are characterised by total disconnect between the manufacture!
^nJ the end user. MlCs presence in the country and the assured post sale
support will be highly valued by the end users,
The growing economy and
spending power in
Need
to
be
Global:
In the face of severe
competition that has already been built up. price ■ demand elasticity
will dictate business opportunities, In the domain of LED Lighting, the
efficacy expressed as lumens per watt will give place to price performance
factor like lumens per dollar. Significant price reductions ate possible only
when substantial volumes can be built up. Development and manufacture of truly
world class products becomes mandatory even to succeed in the domestic market.
Manufacture of world class products calls for substantial investments which can
be justified only when sizeable exports can be achieved, Quality and
Reliability of products established through needed approvals and certifications
become mandatory for success in Global market. MIC is consciously working in
this direction.
Gaps to be filled:
In order to exploit the
huge opportunities lti.il lie ahead both in the Lighting and Display segments,
MIC needs to bridge several gaps and overcome certain organizational weaknesses.
This process will essentially imply creation of capacities for large scale
manufacture of Lighting products with substantial degree of automation hoth for
production and testing; creation of nation wide network of service and support
functions including retainer services; strengthening the dealer distribution
network; implementation of appropriate systems and procedures to adhere to
deadlines and gain customer confidence obtaining the needed approvals and
certifications for becoming eligible to address National and International
business opportunities; making the necessary financial arrangements to handle
ESCO businesses in pubhehghting and systematically protecting the Intellectual
Property of the company etc. MIC is taking the necessary steps to address all
the Issues outlined.
Government
Support:
The synergy between Industry and
Government as is being witnessed in countries like
Accelerated promotion of
applications of LED Products will be highly dependent on pnee-demand
elasticity, in addition : to quality and reliability ofthe products. Training
ofthe Indian partners by the collaborators in different facets of manufacturing
and testing will be highly beneficial to the Indian Industry Like in the case
of
·
Rapid
growth of the Industry will be linked to the availability of:
·
State
ofthe art Infrastructure
·
Minimal
cost of capital
·
Business
friendly policies ofGovernment
·
Ava
iLiibi lity of sup e-u rt I ndusti 1 es
·
Concessionary
tariffs and incentives
Based on the hard work done
so far and the encouragement being given by the Government to promote the
Industry, MIC can look forward to a challenging and prosperous future in the
years to come.
Fixed Assets:
·
Land and Land Development
·
Building
·
Plant and Machinery
·
Furniture, Fittings and
Office Equipments
·
Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST MARCH, 2011
(Rs.
In Millions)
|
Particulars |
3 months ended
31.03.2012 (Unaudited) |
Preceeding 3
Months ended 31.12.2011 |
Year to Date
figures for the previous year ended (9 Months) 31.03.2012 |
|
1. a) Net Sales/ Income form operations |
234.000 |
195.100 |
815.700 |
|
b) Other Operating Income |
4.300 |
13.300 |
25.200 |
|
2. Expenditure |
238.300 |
208.400 |
840.900 |
|
a) Consumption of raw material |
273.100 |
45.800 |
694.000 |
|
b) Purchase of traded goods |
0.000 |
0.000 |
0.000 |
|
c) Increase/ Decrease in Stock in trade and
work in progress |
(186.400) |
39.800 |
(306.500) |
|
d) Employee Cost |
21.200 |
24.200 |
73.400 |
|
e) Depreciation |
15.200 |
15.300 |
46.200 |
|
f) Other Expenditure |
61.300 |
49.700 |
192.600 |
|
g) Total |
184.000 |
174.800 |
699.700 |
|
3. Profit form Operations before other Income, Interest and
Exceptional Item (1-2) |
53.900 |
33.600 |
142.100 |
|
4. Other Income |
0.700 |
0.500 |
8.800 |
|
5. Profit before Interest and Exceptional Item (3+4) |
54.600 |
38.600 |
150.000 |
|
6. Interest |
51.500 |
36.600 |
141.300 |
|
7. Profit after Interest but before Exceptional Item (5-6) |
3.100 |
2.000 |
8.700 |
|
8. Exceptional Items |
532.100 |
0.000 |
532.100 |
|
9. Profit from Ordinary Activities before
tax ( 7-8) |
(529.00) |
2.000 |
(523.400) |
|
10. Tax Expenses |
(24.600) |
0.400 |
(18.100) |
|
11. Net Profit form Ordinary Activities
after tax (9-10) |
(504.400) |
1.600 |
(505.300) |
|
12. Extra- Ordinary items (Net of tax
expenses Rs.) |
0.000 |
0.000 |
0.000 |
|
13. Net Profit for the period (11-12) |
(504.400) |
1.600 |
(505.300) |
|
14. Paid-up Equity Shares Capital (Face Value of Each share is Rs. 2/-) |
205.000 |
205.000 |
205.000 |
|
15. Reserves excluding Revaluation Reserve
as per Balance sheet of the previous accounting year. |
- |
-- |
- |
|
16. Earning per share (EPS) |
|
|
|
|
a) Basic and Diluted EPS before
Extra-ordinary items for the period, for
the year to date and for the previous year (not to be annualized) |
(4.92) |
0.02 |
4.93 |
|
b) Diluted and Diluted EPS after Extra
ordinary items for the period, for the year to date and for the previous year
(not to be annualized) |
(4.92) |
0.01 |
4.93 |
|
17. Public shareholding |
|
|
|
|
- Number of Shares |
89111998 |
86907042 |
89111998 |
|
- Percentage of Shareholding |
86.94 |
84.79 |
86.94 |
|
18. Promoters and promoter group
shareholding |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
- Number of Shares |
9238982 |
12825119 |
9238982 |
|
- Percentage of Shares (as a % of the total
share holding of the promoter and promoter group) |
69.02 |
82.26 |
69.02 |
|
- Percentage of Shares (as a % of the total
Share capital of the company) |
9.01 |
1.51 |
9.01 |
|
b) Non – Encumbered |
|
|
|
|
- Number of Shares |
4147295 |
2766114 |
4147295 |
|
- Percentage of Shares (as a % of the total
share holding of the promoter and promoter group) |
30.98 |
17.74 |
30.98 |
|
- Percentage of Shares (as a % of the total
Share capital of the company) |
4.05 |
2.70 |
4.05 |
|
Investor Complaints |
3 Months ended 31.03.2012 |
|
Pending at
the beginning of the quarter |
2 |
|
Pending Received during the quarter |
1 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the quarter |
1 |
Notes :
1. The above results have been reviewed by the Audit Committee at its meeting
held on 11th May 2012 and approved by the Board of Directors of the Company at
its meeting held on 11th May, 2012.
2. The above unaudited financial results have been subjected to limited
review by the company’s statutory auditors.
3. Exceptional items represent obsolete stock wirtten off.
4. The consolidated financial results include the financial results of
the wholly owned subsidiaries M/s MIC Electronics Inc USA, M/s Maave
Electronics Pvt. Ltd., M/s MIC Green Energy Solutions Pvt Ltd, and M/s MIC
Candlux Private Limited.
5. Figures have been rearranged wherever necessary.
6. The Company has only one segment i.e., LED Products.
Contingent
liabilities not provided for on account of :
Rs.in Millions
|
|
30.06.2011 |
|
Counter guarantees
given by the company to banks towards issue of |
139.939 |
|
Counter guarantees
given by the company to banks towards issue of B.Gs to Customs & Central
Excise Dept. |
4.200 |
|
Bonds executed to
Customs & Central Excise Dept. (net of BGs) |
82.300 |
|
Letter of credits
issued by bankers |
73.098 |
|
Corporate
Guarantees given by the company to banks on behalf of subsidiaries &
associates |
127.000 |
AS PER WEBSITE
PROFILE:
Subject is a global leader in the design, development
and manufacturing of LED Video Displays, high-end Electronic and
Telecommunication equipment and development of Telecom software since 1988. An ISO 9001: 2008 certified, it has marked presence in the
highly dynamic domains of:
·
LED Video, Graphics and
Text Displays
·
LED Lighting Solutions
·
Embedded, System and
Telecom software
·
Communication and
Electronic Products
Today, MIC's flagship products are LED Video Displays (indoor /
outdoor / mobile), that have become an integral part of Sports Stadiums,
Transportation Hubs, Digital Theatres and Theme Parks, Advertisements and
Public Information Displays.
Headquartered at one of the fastest emerging IT cities,
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 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.55.03 |
|
|
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.68.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
51 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.