MIRA
INFORM REPORT
|
Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHARP INDIA LIMITED |
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Registered
Office : |
Gat No. 686/4 Tal. Sirur Koregaon, Bhima, Pune – 412216, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.07.1985 |
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Com. Reg. No.: |
11-036759 |
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Capital
Investment / Paid-up Capital : |
Rs.259.440 Millions |
|
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|
CIN No.: [Company Identification
No.] |
L36759MH1985PLC036759 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
pnek05203C |
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PAN No.: [Permanent Account No.] |
aaack8541m |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Consumer Durable Electronics. |
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|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 980000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company of Sharp Corporation, However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
Gat No. 686/4 Tal. Sirur Koregaon, Bhima, Pune – 412 216, |
|
Tel. No.: |
91-2137-666520 (8 Lines) / 252417 (4 Lines) |
|
Fax No.: |
91-2137-252417 |
|
E-Mail : |
mayuresh.vaze@sharpindialimited.com |
|
Website : |
www.sharpindialimited.com |
|
Location : |
Owned |
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|
|
|
Region Offices: |
WESTERN REGION -
SHARP INDIA LIMITED Located at : · Pune · Mumbai · Ahmedabad ·
EASTERN REGION - SHARP INDIA LIMITED Located at : · Kolkata SOUTHERN REGION - SHARP INDIA LIMITED Located at : ·
· Kerala · Chennai ·
·
NORTHERN REGION -
SHARP INDIA LIMITED Located at : ·
|
DIRECTORS
As on 31.03.2011
|
Name : |
Takashi Mikami |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. T Sakamoto |
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Designation : |
Executive Director |
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|
Name : |
Mr. S S Vaidya |
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Designation : |
Director |
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|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director |
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|
Name : |
Mr. Tomio Isogai |
|
Designation : |
Director |
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|
Name : |
Mr. H. Takayama |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
20755200 |
80.00 |
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|
20755200 |
80.00 |
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Total shareholding of Promoter and Promoter Group (A) |
20755200 |
80.00 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
1700 |
0.01 |
|
|
1200 |
0.00 |
|
|
2900 |
0.01 |
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|
|
|
|
|
600837 |
2.32 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100
Million |
3448587 |
13.29 |
|
Individual shareholders holding nominal share capital in excess of
Rs.0.100 Million |
952745 |
3.67 |
|
|
183731 |
0.71 |
|
|
53346 |
0.21 |
|
|
128285 |
0.50 |
|
|
1000 |
0.00 |
|
|
5185900 |
19.99 |
|
Total Public shareholding (B) |
5188800 |
20.00 |
|
Total (A)+(B) |
25944000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
25944000 |
0.00 |
(1) Indian
Bodies Corporate
Clearing MembersBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Consumer Durable Electronics. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Colour TV receivers, LCD and sub-assemblies thereof |
|
300000 |
200000 |
140474 |
|
Video cassette recorders/video cassette players/ video tape deck
mechanisms |
|
500000 |
335000 |
Nil |
|
Two-in-one
radio-cum-cassette recorders (audio products) |
|
** |
90000 |
Nil |
|
Radio receivers
combined with sound recorders reproducing apparatus |
|
** |
24000 |
Nil |
|
Video Compact Disk Player |
|
** |
10000 |
Nil |
* On single shift basis, some of the capacities are inter-changeable
with other products depending on the need
** Registered with Ministry of Industry, Government of
Installed capacity has been certified by the management, this being a
technical matter
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
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Bankers : |
·
Citi Bank N. A.
·
State Bank of ·
Bank of ·
The Bank of Tokyo-Mitsubishi Ufj Limited ·
The Mizuho Corporate Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R batliboi and Company Chartered Accountants |
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Holding Company
: |
Sharp Corporation - |
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Fellow
Subsidiary : |
·
Sharp Electronics ( ·
Sharp Manufacturing Company (M) SDN BHD., ·
Sharp Business Systems ( ·
Sharp Manufacturing Thailand Company Limited, ·
Sharp Appliances ( ·
P.T. Sharp Electronics ·
Sharp Roxy Sales ( ·
Sharp Electronics ( |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25944000 |
Equity Shares |
Rs.10/- each |
Rs. 259.440
Millions |
Note:
Of the above,
20755200 equity shares of Rs .10/- each are held by Sharp Corporation,
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 |
259.440 |
259.440 |
259.440 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
180.600 |
180.600 |
180.600 |
|
|
4] (Accumulated Losses) |
(194.457) |
(202.626) |
(218.707) |
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NETWORTH |
245.583 |
237.414 |
221.333 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
40.036 |
0.000 |
8.838 |
|
|
2] Unsecured Loans |
50.000 |
0.000 |
10.000 |
|
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TOTAL BORROWING |
90.036 |
0.000 |
18.838 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
335.619 |
237.414 |
240.171 |
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|
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
141.786 |
125.793 |
123.435 |
|
|
Capital work-in-progress |
0.546 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
229.254
|
145.190
|
115.360
|
|
|
Sundry Debtors |
129.074
|
90.651
|
73.282
|
|
|
Cash & Bank Balances |
54.176
|
59.042
|
34.363
|
|
|
Other Current Assets |
0.244
|
0.202
|
0.440
|
|
|
Loans & Advances |
56.063
|
44.714
|
92.673
|
|
Total
Current Assets |
468.811
|
339.799
|
316.118
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
155.850
|
134.676
|
99.597
|
|
|
Current Liabilities |
96.359
|
70.852
|
75.393
|
|
|
Provisions |
23.315
|
22.650
|
24.392
|
|
Total
Current Liabilities |
275.524
|
228.178
|
199.382
|
|
|
Net Current Assets |
193.287
|
111.621
|
116.736
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
335.619 |
237.414 |
240.171 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Service Income |
1116.165 |
1069.631 |
915.114 |
|
|
|
Other Income |
6.859 |
10.630 |
4.190 |
|
|
|
TOTAL (A) |
1123.024 |
1080.261 |
919.304 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and Other Expenses |
192.061 |
194.158 |
155.424 |
|
|
|
Raw Material Consumed |
551.451 |
546.949 |
454.413 |
|
|
|
Purchases of Traded Goods |
284.901 |
174.679 |
136.215 |
|
|
|
Personnel Expenses |
111.921 |
108.396 |
102.478 |
|
|
|
Increase/(Decrease) in Finished Goods |
(47.699) |
11.042 |
38.905 |
|
|
|
TOTAL (B) |
1092.635 |
1035.224 |
887.435 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.389 |
45.037 |
31.869 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.756 |
5.154 |
10.953 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.633 |
39.883 |
20.916 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.451 |
23.785 |
18.660 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.182 |
16.098 |
2.256 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.013 |
0.017 |
1.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
8.169 |
16.081 |
0.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(202.626) |
(218.707) |
(219.507) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(194.547) |
(202.626) |
(218.707) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at FOB value |
0.157 |
0.704 |
1.652 |
|
|
TOTAL EARNINGS |
0.157 |
0.704 |
2.356 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
497.945 |
466.858 |
334.806 |
|
|
|
Stores & Spares |
3.344 |
1.997 |
2.674 |
|
|
|
Capital Goods |
38.227 |
19.271 |
1.084 |
|
|
|
Others |
210.847 |
122.461 |
142.730 |
|
|
TOTAL IMPORTS |
750.363 |
610.587 |
481.294 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.31 |
0.62 |
0.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
31.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
244.960 |
193.660 |
199.840 |
197.530 |
|
Total Expenditure |
275.700 |
146.100 |
200.450 |
192.640 |
|
PBIDT (Excl
OI) |
(30.740) |
47.560 |
(0.610) |
4.890 |
|
Other Income |
0.480 |
0.940 |
0.640 |
1.470 |
|
Operating
Profit |
(30.260) |
48.500 |
0.030 |
6.360 |
|
Interest |
2.390 |
2.420 |
1.020 |
1.850 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(32.650) |
46.070 |
(0.990) |
4.510 |
|
Depreciation |
5.180 |
5.720 |
6.180 |
4.89 |
|
Profit
Before Tax |
(37.830) |
40.350 |
(7.170) |
(0.390) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.010 |
|
Reported PAT |
(37.830) |
40.350 |
(7.170) |
(0.400) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(37.830) |
40.35 |
(7.170) |
(0.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.73
|
1.48
|
0.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.73
|
1.50
|
0.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.34
|
3.45
|
0.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.06
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.49
|
0.96
|
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.48
|
1.58 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
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 |
|
Promoter’s Background |
No |
|
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 |
-- |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
-- |
|
Litigations that the firm/ Promoters Involved in |
-- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
-- |
|
Buyer visit details |
-- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
OPERATIONS
Gross sales and service income during the year has marginally increased
by 5.48%, over the previous year. This was mainly due to increase in sales of
LCD Televisions, Refrigerators and Microwave Ovens.
During the current year, the company has made a profit of Rs. 8.169
Millions after tax. The company passed a special resolution on 22nd March 2011
through postal ballot for "Redefining the Role of Sharp India Limited:
Focus on Manufacturing". Now as per the aforesaid resolution the company
will focus on manufacturing of CTV and LCD and any other products which may be
added in the future. Sharp Business Systems (
MANAGEMENT
DISCUSSION AND ANALYSIS
In the mixed picture presented on global scenario Indian Economy has
emerged with remarkable rapidity from the slowdown caused by global financial
crises from 2007- 2009. However continued high inflation, sharp increase in oil
prices as a result of the turmoil in the Middle East and
Indian Economy recorded a growth of around 8.6 % during the year, as
compared to 7.2% in the earlier year. Further it is expected that the growth
for 2011-2012 to be in the range of 8.75% to 9.25 %.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The consumer electronics and home appliance industry market in
Colour Television continues to be the main product of the Consumer
Electronics Industry in India, Though CRT segment dominated the Indian
television market; there is a rapid growth in demand for LCD TVs. Consumer
preference is increasing for high definition TV with better image quality, high
and clear audio output and better colour resolution.
LCD TVs are replacing older CRT TVs for a number of reasons. LCDs take
up less space than bulky CRT TVs, consume less energy and are free from the
radiation that is emitted from cathode rays in the CRT TVs. As a result, the
sleek, energy efficient LCD TVs have been at the top of the wish list for many
consumers around the world.
LCD TV sales in
A sharp growth is expected in the LED TV market in the forthcoming
years. Considering the availability in all sizes and the reduction in prices,
the LED TV is poised to transform the existing premium category to a
generalized category. Eco- friendliness, saving on power consumption and ultra
slim features will accelerate the transformation of LED televisions while
growth is expected to continue. This is in line with the global trend.
OUTLOOK
The Company will focus on manufacturing of various models of LCD TVs in
addition to the current range of CRT TV in the forthcoming year, which will
make their product offering more competitive and with indigenous features. They
are planning to explore OEM opportunities within and outside
FINANCIAL AND
OPERATIONAL PERFORMANCE
The financial highlights for the fiscal 2010-2011 are dealt with in the Directors'
Report. Gross sales and service income during the year has increased by 5.48%,
over the previous year. This was mainly due to increase in sales of LCD
Televisions, Refrigerators and Microwave Ovens. In terms of volume turnover of
LCD TV increased by 47%. Refrigerators by 29% and Microwave ovens by 106%. The
company will focus on manufacture of CTV and LCD televisions in the current
fiscal 2011- 2012.
During the current year, the company has made a profit of Rs. 8.169
Millions after tax.
BACKGROUND
Subject ('the Company') was incorporated on July 5, 1985. The Company is
principally engaged in the manufacture and sale of colour televisions and LCD
TV's. Further, the Company is also engaged in trading microwave ovens,
refrigerators, colour televisions, LCD TV's, air conditioners and audio
systems.
Sharp Corporation ('Sharp'), a company incorporated in
AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2012
(Rs.
In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
Income from Operations |
(Unaudited) |
(Audited) |
|
|
a) Net Sales/Income from operations |
195.959 |
199.834 |
834.417 |
|
b) Other Operating Income |
1.572 |
0.631 |
3.184 |
|
Total Income from
Operations ( Net) |
197.531 |
200.465 |
837.601 |
|
|
|
|
|
|
Total Expenditure |
|
|
|
|
(Increase)/Decrease in inventories of finished goods, work-in-progress and traded goods |
9.397 |
(8.136) |
85.286 |
|
Cost of raw material and components consumed |
150.268 |
164.476 |
528.839 |
|
Purchase of traded goods |
-- |
-- |
-- |
|
Employee benefits expense |
14.917 |
15.489 |
62.457 |
|
Depreciation and amortisation expense |
4.896 |
6.182 |
21.982 |
|
Provision for doubtful debts |
(0.569) |
(1.680) |
6.300 |
|
Other expenses |
18.629 |
30.366 |
108.171 |
|
Total Expenditure |
197.538 |
206.697 |
837.035 |
|
|
|
|
|
|
Profit/(Loss) from Operations before Other
Income, Interest |
(0.007) |
(6.232) |
0.566 |
|
|
|
|
|
|
Other Income |
1.468 |
0.080 |
3.864 |
|
|
|
|
|
|
Profit before Interest |
1.461 |
(6.152) |
4.430 |
|
|
|
|
|
|
Interest |
1.850 |
1.018 |
9.470 |
|
|
|
|
|
|
Profit/ (Loss) after interest and before tax |
(0.389) |
(7.170) |
(5.040) |
|
|
|
|
|
|
Tax Expense |
0.007 |
-- |
0.007 |
|
|
|
|
|
|
Net Profit After Tax |
(0.396) |
(7.170) |
(5.047) |
|
|
|
|
|
|
Paid-up equity
share capital (Face Value of Rs.10/- each ) |
259.440 |
259.440 |
259.440 |
|
|
|
|
|
|
Reserves
(excluding Revaluation Reserves and debit balance in the profit and loss
account) |
-- |
-- |
(18.905) |
|
|
|
|
|
|
Earnings Per
Share (EPS) |
|
|
|
|
-
Basic and Diluted (Rs.) |
(0.02) |
(0.28) |
(0.19) |
|
|
|
|
|
|
Public
Shareholding |
|
|
|
|
-
Number of shares |
5188800 |
5188800 |
5188800 |
|
-
Percentage of shareholding |
20.00% |
20.00% |
20.00% |
|
|
|
|
|
|
Promoters and promoter group shareholding |
|
|
|
|
a.
Pledged/Encumbered |
|
|
|
|
-
Number of shares |
-- |
-- |
-- |
|
-
Percentage of Shares (as a %of the total
shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
-
Percentage of Shares (as a % of the total share
capital of the company) |
-- |
-- |
-- |
|
|
|
|
|
|
b.
Non-encumbered |
|
|
|
|
-
Number of shares |
20755200 |
20755200 |
20755200 |
|
-
Percentage Of Shares (as a % of the total shareholding
of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
-
Percentage of Shares (as a % of the total share
capital of the company) |
80.00% |
80.00% |
80.00% |
STATEMENT OF ASSETS AND
LIABILITIES UNDER CLAUSE 41(V) OF THE LISTING AGREEMENT
(Rs. In Millions)
|
Particulars |
31.03.2012 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders' funds |
|
|
Share Capital |
259.440 |
|
Reserves and Surplus |
(18.905) |
|
|
240.535 |
|
Non-Current Liabilities |
|
|
Long Term Provisions |
18.332 |
|
|
18.332 |
|
Current Liabilities |
|
|
Short Term Borrowings |
72.297 |
|
Trade payables |
154.043 |
|
Other Current Liabilities |
7.152 |
|
Short Term Provisions |
2.880 |
|
|
236.372 |
|
Total |
495.239 |
|
ASSETS |
|
|
Non Current Assets |
|
|
Fixed Assets |
|
|
Tangible Assets |
156.816 |
|
Intangible Assets |
14.603 |
|
Capital Work in Progress |
|
|
Long Term Loans and Advances |
|
|
Trade Receivables |
|
|
|
171.419 |
|
Current Assets |
|
|
Inventories |
172.922 |
|
Trade Receivables |
75.668 |
|
Cash and Bank Balances |
2.064 |
|
Short Term Loans and Advances |
72.692 |
|
Other Current Assets |
0.474 |
|
|
323.820 |
|
Total |
495.239 |
NOTES:
1) The above results have been reviewed by the Audit Committee of the Board and have been approved by the Board of directors at its meeting held on 28th May 2012.
2) Consumption of raw materials for the quarter and year ended March 31, 2012 is net of credit of Rs. 44.632 Millions (quarter ended March 31, 2011 Rs. 12.373 Millions) and Rs. 181.877 Millions (Year ended March 31, 2011 Rs. 35.787 Millions) respectively towards price adjustments / discounts.
3) Depreciation figure for the year ended March 31, 2012 is net of reimbursement of Rs. 15.733 Millions (year ended March 2011 - Rs.138.87) received from Sharp Corporation, Japan, being additional depreciation on certain assets of moulds & technical knowhow.
4) The Company had during the current year ended March 31, 2012, declared a Voluntary Retirement Scheme ('VRS') for its employees. As the entire cost on this account is reimbursed by Sharp Corporation, Japan , there is no impact on the profit and loss account for the year ended March 31, 2012.
5) In consideration of prudence as set out in paragraphs 15 to 18 of Accounting Standard 22 (AS-22), Deferred tax asset is not recognised, for the quarter ended March 31, 2012.
6) The company operates in only one segment i.e. 'consumer electronics'.
7) Previous period/year figures have been regrouped, wherever necessary, to conform to current period's presentation.
8) The amounts for the quarter ended March 31, 2012 have been derived as a balancing figure between the amounts as per the annual audited accounts and the year to date results upto December 31, 2011.
9) Effective April 01, 2011, the Company has shifted to a new business model wherein it has focused on its core strength of manufacturing. The products manufactured by the Company have been sold to Sharp Business Systems (India) Limited (SBSIL) a 100% subsidiary company of Sharp Corporation, Japan. SBSIL will handle the after sales service activity for all products manufactured by the Company. Due to the change in business model, the results of the current period are not comparable with the results of the previous corresponding period.
10) The Company did not have any investor complaints pending at the beginning of the quarter. During the quarter ended March 31, 2012, the Company received no complaint and hence there are no complaints lying unresolved at the quarter ended March 31, 2012.
CONTINGENT LIABILITIES (AS ON 31.03.2011)
Claims against the Company not acknowledged as
debts
- Central Excise authorities – Rs. 20.188
Millions
FIXED ASSETS
· Land – Freehold
·
· Plant and Machinery
· Moulds, Jigs and Fixtures
· Furniture Fittings and Equipment
· Computers
· Vehicles
· SAP Software
· Technical know how
BUSINESS DESCRIPTION
Subject is an India-based company. The Company is principally engaged in the manufacture and sale of color televisions and liquid crystal display (LCD) televisions. The Company is also engaged in trading microwave ovens, refrigerators, color televisions, LCD televisions, air conditioners and audio systems. The Company operates in one business segment of consumer electronics. The Company’s products in consumer durable industry include color televisions, LCD, refrigerators, washing machines, air conditioners and micro wave ovens. The Company’s subsidiary is Sharp Corporation (Sharp). During the fiscal year ended March 31, 2010 (fiscal 2010), the Company had a production of 136,066 color televisions receivers and LCD. For the Fiscal year ended 31 March 2010, subject revenues increased 18% to RS1.08B. Net income totaled Rs.16.1 M, up from Rs.800K. Revenues reflect an increase in income from operations and higher other income. Net income reflects a decrease in interest charges and higher operating profit margins. The company is engaged in the manufacture and sale of color televisions and liquid crystal display (LCD) televisions.
BOARD OF DIRECTORS
Mr. Sanjay K. Asher
(Non-Executive Independent Director)
Mr. Sanjay K. Asher is Non-Executive Independent Director of
subject. He is a Chartered Accountant and Solicitor and partner of M/s.
Crawfordbayley and Company, Solicitors, Advocates and Notaries, Mumbai. Mr.
Sanjay Asher has been practising for a number of years on various matters
including corporate laws. He also serves on the Board of following public limited
companies: Ashok Leyland Limited, Bajaj Allianz General Insurance Company
Limited, Bajaj Allianz Life Insurance Company Limited, Balkrishna Industries
Limited, Dewas Soya Limited, Finolex Cables Limited, Finolex Plasson Industries
Limited, Kryfs Power Components Limited, Mandhana Industries Limited, Repro
India Limited, Sparsh BPO Services Limited, Shree Renuka Sugars Limited,
Sudarshan Chemicals Industries Limited, Tribhovandas Bhimji Zaveri Limited. He
is also member of audit committee and remuneration committee and chairman of
investor grievance and transfer committee of the company.
Mr. Tomio Isogai
(Non-Executive Director)
Mr. Tomio Isogai is a Non-Executive Director of subject. He
graduated in English from Kyoto University of Foreign Studies in the year 1979.
He has an experience of about 30 years and has held various positions in Sharp
Group of Companies in various fields which include Managing Director of some
regional sales subsidiaries before joining Sharp India Limited. He does not
hold any shares in the Company. He is also a director in Sharp Business Systems
(
Mr. Takashi Mikami
(Managing Director, Director)
Mr. Takashi Mikami is Managing Director, Director of
subject. He is a Bachelor of Electronics from Musashi Institute of Technology
from
Mr. Tadasu Sakamoto
(Executive Director)
Mr. Tadasu Sakamoto is an Executive Director of subject. He
Graduated in Economics from
Mr. S. S. Vaidya
(Non-Executive Independent Director)
Mr. S. S. Vaidya is Non-Executive Independent Director of subject. He is a Chartered Accountant and a partner of M/s. Kunte and Vaidya - Chartered Accountants, Pune. He has got a wide experience in the field of finance and taxation. He also serves on the Board of following public limited companies: BF Utilities Limited, Bosch Chassis Systems India Limited, Kalyani Steels Limited, Nandi Economic Corridor Enterprises Limited, Nandi Infrastructure Corridor Enterprises Limited, Nandi Highway Developers Limited. BF Systems Limited, Sahyadri Hospitals Limited, MRF Limited and Kalyani Investments Company Limited. He is also Chairman of audit committee and member of remuneration committee and investor grievance and transfer committee of the company.
Mr. Takashi Mikami
(Managing Director, Director)
Mr. Takashi Mikami is Managing Director, Director of
subject. He is a Bachelor of Electronics from Musashi Institute of Technology
from
PRESS RELEASES
Sharp Introduces world's largest class 3D-LED
LCD TV With 4 primary colour Panel and UV2A technology having double the
response time and Aquos motion 200 producing Bright High quality picture &
Low crosstalk. Excellent Quality of sound produced by SRS TruSurround HD and
Yamaha 3D Surround along with bass enhancer
Sharp India Limited announces Launch of all
new Full HD SHARP Aquos LC-40L550M, For the festive season ahead With Elegant
looking Piano black cabinet with designer Bottom Excellent Picture Quality with
most natural tones Along with USB drive for Playing Movie , Music and
Photographs
Sharp India Limited announces for the festive
season Launch of SHARP Aquos LC-32L450M, Eco Friendly LCD TV With Elegant
looking Piano black cabinet with designer Bottom Excellent Picture and Sound
Quality with 3 HDMI inputs and Photograph, Movie and Music playing facilty
through USB.
Sharp India Limited announces Launch of all
new SHARP Aquos LC-40L500M, 101.6cm Full HD LCD TV With Elegant looking Piano
black cabinet with designer Bottom Excellent Picture Quality with most natural
tones.
Sharp India Limited Launches "AQUOS LED
LCD TV" with the worlds first 4 colour Quattron LCD panel Manufactured in
the Only 10th Generation plant in the world located at
Models: LC-40LE820M, LC-46LE820M and LC-52LE820M
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.55.15 |
|
|
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
32 |
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.