1. Summary Information
|
Country |
India |
||
|
Company Name |
Videocon
Industries Limited |
Principal Name 1 |
Mr. Venugopal
Nandlal Dhoot |
|
Status |
Moderate |
Principal Name 2 |
Mr. Pradeepkumar
N Dhoot |
|
Registration # |
11-103624 |
||
|
Street Address |
14, K M Stone, Aurangabad – Paithan Road,
Village Chittegaon, Taluka Paithan, Aurangabad – 431105, Maharashtra, India |
||
|
Established Date |
04.09.1986 |
SIC Code |
-- |
|
Telephone# |
91-2431-251501/ 02/ 03/ 04 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-2431-240391/
251551 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Electronic/ Electric
Consumer Durables |
|
|
# of employees |
4500
(Approximately) |
Product Name 2 |
Home Appliances |
|
Paid up capital |
Rs.3339,360,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group-75.95% Public Shareholding-
24.05% |
Banking |
State Bank of
India |
|
Public Limited Corp. |
Yes |
Business Period |
27 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B
(36) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
Chhattisgarh Power Ventures Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
187,831,810,000 |
Current Liabilities |
25,112,130,000 |
|
Inventories |
20,807,090,000 |
Long-term Liabilities |
186,560,200,000 |
|
Fixed Assets |
63,481,990,000 |
Other Liabilities |
8,355,890,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
220,028,220,000 |
|
Invest& other Assets |
47,437,090,000 |
Retained Earnings |
96,190,400,000 |
|
|
|
Net Worth |
99,529,760,000 |
|
Total Assets |
319,557,980,000 |
Total Liab. & Equity |
319,557,980,000 |
|
Total Assets (Previous Year) |
228,746,330,000 |
|
|
|
P/L Statement as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
126,502,220,000 |
Net Profit |
5,455,580,000 |
|
Sales(Previous yr) |
144,096,910,000 |
Net Profit(Prev.yr) |
7,446,940,000 |
MIRA INFORM REPORT
|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIDEOCON INDUSTRIES LIMITED (w.e.f. 10.11.2003) |
|
|
|
|
Formerly Known
As : |
VIDEOCON LEASING AND INDUSTRIAL FINANCE PRIVATE LIMITED
(w.e.f. 14.02.1991) ADHIGAM TRADING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
14, K M Stone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
04.09.1986 |
|
|
|
|
Com. Reg. No.: |
11-103624 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.3339.360 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1986PLC103624 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV09411D NSKV01616G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV4012H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of
Electronic / Electric Consumer Durables and Home Appliances. |
|
|
|
|
No. of
Employees: |
4500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 400000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well
established company having a moderate track record. There appears sharp dip in
its sales and profit during December 2011. The external borrowing seems to be
increasing over years. Which act as a threat to the liquidity. However, trade
relations are reported to be fair. Business is active. Payments are reported
to be slow but correct. The company can
be considered for business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
A- (Long Term Rating) |
|
Rating Explanation |
The default risk is currently low. The capacity
for payment of financial commitment is considered strong. |
|
Date |
September 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-operative (91-2431-251501)
LOCATIONS
|
Registered Office/Factory : |
14, K M Stone, Aurangabad – Paithan Road, Village
Chittegaon, Taluka Paithan, Aurangabad – 431105, Maharashtra, India |
|
Tel. No.: |
91-2431-251501/ 02/ 03/ 04 |
|
Fax No.: |
91-2431-240391/
251551 |
|
E-Mail : |
For General Inquiries : contact@videoconmail.com
For Services : customercare@vgmail.in
For Career : jobs@videocornmail.com
For Marketing : marketing@vgmail.in |
|
Website : |
|
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-214-3273091 |
|
|
|
|
Factory 2 : |
Village: Chavaj, Via
Society Area, Taluka and District: Bharuch – 392002, Gujarat, India |
|
|
|
|
Factory 3 : |
Vigyan Nagar, Industrial Area, Opposite RIICO Office Shahjahanpur,
District Alwar - 301 706, Rajasthan, India |
|
|
|
|
Marketing Office : |
296, Udyog Vihar, Phase – II, Gurgaon, |
|
Tel. No.: |
91-124-4215402 |
DIRECTORS
(AS ON 31.12.2011)
|
Name : |
Mr. Venugopal
Nandlal Dhoot |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
90, Manav Mandir,
|
|
Date of Birth/Age : |
30.09.1951 |
|
Qualification : |
B.E.
(Electrical), FIE |
|
Date of Appointment : |
01.06.2005 |
|
|
|
|
Name : |
Mr. Pradeepkumar
N Dhoot |
|
Designation : |
Whole Time
Director |
|
Address : |
99, Videocon
House, 1st Floor, Manav Mandir Road, Napean Sea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1960 |
|
Date of Appointment : |
16.02.1991 |
|
|
|
|
Name : |
Mr. Subramanian
Padmanabham |
|
Designation : |
Director |
|
Address : |
30, Vishrambag
Society, Senapati Bapat Marg, Pune – 411016, |
|
Date of Birth/Age : |
01.09.1939 |
|
Date of Appointment : |
01.06.2005 |
|
|
|
|
Name : |
Mr. Satya Pal
Talwar |
|
Designation : |
Director |
|
Address : |
162, Kshitij, 47,
|
|
Date of Birth/Age : |
14.06.1939 |
|
Date of Appointment : |
08.12.2005 |
|
|
|
|
Name : |
Maj. Gen.
Chintamani Nilkanth Jatar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Radhey Shyam
Agarwal |
|
Designation : |
Director |
|
Address : |
A-102, Chaitanya
Tower, Near Karur Vysya Bank, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth : |
02.10.1942 |
|
Date of Appointment : |
30.03.2009 |
|
|
|
|
Name : |
Mr. Anil G. Joshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.
Ananthakrishanan |
|
Designation : |
Nomine Director -
IDBI Bank Limited |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Kumar Bohar |
|
Designation : |
Company Secretary |
|
Address : |
204, Videocon House, Gangapur Gin Compound, |
|
Date of Birth : |
20.05.1974 |
|
Date of Appointment : |
20.03.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
564233 |
0.19 |
|
|
220611181 |
75.76 |
|
|
221175414 |
75.95 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
221175414 |
75.95 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
307862 |
0.11 |
|
|
9783778 |
3.36 |
|
|
18176140 |
6.24 |
|
|
6664935 |
2.29 |
|
|
34932715 |
12.00 |
|
|
|
|
|
|
22861121 |
7.85 |
|
|
|
|
|
|
9680851 |
3.32 |
|
|
2310482 |
0.79 |
|
|
254400 |
0.09 |
|
|
249391 |
0.09 |
|
|
5009 |
0.00 |
|
|
35106854 |
12.06 |
|
Total Public
shareholding (B) |
70039569 |
24.05 |
|
Total (A)+(B) |
291214983 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
27556686 |
0.00 |
|
|
27556686 |
0.00 |
|
Total (A)+(B)+(C) |
318771669 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic
/ Electric Consumer Durables and Home Appliances. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
4500 (Approximately ) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank
of ·
State Bank
of ·
Allahabad
Bank · Vijaya Bank ·
Bank of ·
State Bank
of ·
Bank of ·
State Bank
of ·
Central
Bank of · The Federal Bank Limited ·
ICICI Bank
Limited ·
Union Bank
of ·
Indian
Bank · IDBI Bank Limited ·
Indian
Overseas Bank · Bank Punjab National Bank |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khandelwal Jain and
Company Chartered
Accountants |
|
Address : |
12-B, Baldota
Bhavan, 117, Maharshi Karve Road, Opposite Churchgate Railway Station,
Mumbai-400020, Maharashtra, India |
|
|
|
|
Name : |
Kadam and Company Chartered
Accountants |
|
Address : |
“Vedant”, 8/9,
Viraj Estate, Opposite Tarakpur Bus Stand Ahmednagar - 414 003, Maharashtra, India |
|
|
|
|
Subsidiaries: |
a) Chhattisgarh Power Ventures Private Limited b) Eagle ECorp Limited c) Flair Energy Private Limited (w.e.f. 2nd March, 2011 to 20th October, 2011) d) Liberty Videocon General Insurance Company Limited (w.e.f. 19th December, 2011) e) f) Pipavav Energy Private Limited g) Prosperous Energy Private Limited (w.e.f. 1st March, 2011) h) Senator Energy Private Limited (upto 20th October, 2011) i) Triumph Energy Private Limited (upto 20th October, 2011) j) Videocon Electronics (Shenzhen) Limited (Chinese Name - Weiyoukang Electronic (Shenzhen) Company Limited k) Videocon Global Limited l) Videocon Oil Ventures Limited and its subsidiaries * - Videocon Estelle Limited (w.e.f. 14th January, 2011) - Videocon Ivory Limited (w.e.f. 14th January, 2011) - Videocon Hydrocarbon Holdings Limited and its subsidiaries ** - Videocon JPDA 06-103 Limited - Videocon Mozambique - Videocon Indonesia Nunukan Inc - Videocon Energy Brazil Limited - Videocon Australia WA-388-P Limited - Oil Services International S.A.S. m) Videocon Energy Ventures Limited and its subsidiary - Videocon Oman 56 Limited n) Videocon International Electronics Limited and its subsidiaries - Jumbo Techno Services Private Limited - Senior Consulting Private Limited - Videocon Telecommunications Limited and its subsidiary - Datacom Telecommunications Private Limited o) Videocon Energy Limited and its subsidiaries - Videocon Power Ventures Limited and its subsidiaries (upto 20th October, 2011) - Aim Energy Private Limited (upto 20th October, 2011) - Marvel Energy Private Limited (upto 20th October, 2011) - Viable Energy Private Limited (upto 20th October, 2011) - Vital Power Private Limited (upto 20th October, 2011) - Proficient Energy Private Limited and its subsidiaries *** - Instant Energy Private Limited (upto 20th October, 2011) - Orchid Energy Private Limited (upto 20th October, 2011) - Applied Energy Private Limited and its subsidiaries - Comet Power Private Limited - Galaxy Power Private Limited (upto 20th October, 2011) - Percept Energy Private Limite (upto 20th October, 2011) - Unity Power Private Limited * Videocon Oil Ventures Limited was a subsidiary of Videocon Energy Limited up to 1st July, 2011. It became a wholly owned subsidiary of Videocon Industries Limited w.e.f. 2nd July, 2011. ** Videocon Industries Limited w.e.f. 21st December, 2010 acquired 97.54% of the share capital of Videocon Hydrocarbon Holdings Limited (VHHL). w.e.f. 12th July, 2011 VHHL became step down subsidiary of Videocon Industries Limited since Videocon Industries Limited transferred 96.54% of shareholding in VHHL to Videocon Oil Ventures Limited. *** Proficient Energy Private Limited was a subsidiary of Marvel Energy Private Limited up to 19th October, 2011. It became a subsidiary of Videocon Energy Limited w.e.f. 20th October, 2011. |
|
|
|
|
Associates and
Joint Ventures: |
Goa Energy Private Limited - Associate - 26% - Radium Energy Private Limited - Associate - 26% - Videocon Infinity Infrastructure Private Limited - Joint Venture - 50% - IBV Brasil Petroleo Limitada - (50% Joint Venture of Videocon Energy Brazil Limited) - Northwest Energy Private Limited - (Associate of Proficient Energy Private Limited - 47%, w.e.f. 15th September, 2011) |
CAPITAL STRUCTURE
AS ON 29.06.2012
Authorised Capital: Rs.6000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.3494.301 Millions
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Share |
Rs.10/- each |
Rs.5000.000 Millions |
|
10000000 |
Redeemable Preference shares |
Rs.100/-each |
Rs.1000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.6000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
303021669 |
Equity Share |
Rs.10/- each |
Rs.3030.220
Millions |
|
|
Less: Call In Arrears |
|
Rs.0.110
Million |
|
4523990 |
Redeemable Preference shares |
Rs.66.66/-
each |
Rs.301.560
Millions |
|
76870 |
8% Cumulative Redeemable Preference shares |
Rs.100 /-
each |
Rs.7.690
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.3339.360 Millions |
Of the above:
Equity Shares
95,078 (Previous period 95,078) Equity Shares of Rs.10/- each have been issued on conversion of Unsecured Optionally Convertible Debentures.
156,394,378 (Previous period 156,394,378) Equity Shares of Rs.10/- each were allotted pursuant to amalgamations without payments being received in cash.
45,777,345 (Previous period 45,777,345) Equity Shares of Rs.10/- each were issued by way of Euro issues represented by Global Depository Receipts (GDR) at a price of US$ 10.00 per share (inclusive of premium).
9,522,550 (Previous period 8,464,515) Equity Shares of Rs.10/- each have been issued on conversion of 86,529 Foreign Currency Convertible Bonds (FCCBs) of US$ 1,000 each and 56 FCCBs of US$ 100,000 each (inclusive of premium).
Preference shares
4,523,990 8% Cumulative Redeemable Preference Shares of
Rs.66.66 each fully paid-up, redeemable at par in 2 equal installments on 1st
October, 2012 and 1st October, 2013.
76,870 8% Cumulative Redeemable Preference Shares of Rs.100/- each fully paid-up, redeemable at par in 3 equal installments on 1st February, 2012, 1st February, 2013 and 1st February 2014
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 (15 Months) |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3339.360 |
3479.570 |
2754.160 |
|
|
2] Share Application Money |
0.000 |
0.000 |
950.010 |
|
|
3] Reserves & Surplus |
96190.400 |
90859.200 |
69296.250 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
99529.760 |
94338.770 |
73000.420 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98356.420 |
59376.050 |
67350.370 |
|
|
2] Unsecured Loans |
88203.780 |
58361.600 |
23495.100 |
|
|
TOTAL BORROWING |
186560.200 |
117737.650 |
90845.470 |
|
|
DEFERRED TAX LIABILITIES |
7351.210 |
6369.610 |
5123.380 |
|
|
|
|
|
|
|
|
TOTAL |
293441.170 |
218446.030 |
168969.270 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
63481.990 |
60031.060 |
60202.730 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
47437.090 |
42679.630 |
30648.990 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20807.090
|
20401.380
|
17634.930
|
|
|
Sundry Debtors |
27504.420
|
26473.300
|
17081.130
|
|
|
Cash & Bank Balances |
5045.460
|
13164.340
|
4985.060
|
|
|
Other Current Assets |
898.620
|
555.240
|
320.430
|
|
|
Loans & Advances |
154383.310
|
65441.380
|
47935.040
|
|
Total
Current Assets |
208638.900
|
126035.640 |
87956.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
11726.550
|
6645.620
|
6220.690
|
|
|
Other Current Liabilities |
13385.580
|
2474.840 |
2316.430 |
|
|
Provisions |
1004.680
|
1179.840
|
1301.920
|
|
Total
Current Liabilities |
26116.810
|
10300.300 |
9839.040 |
|
|
Net Current Assets |
182522.090
|
115735.340 |
78117.550 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
293441.170 |
218446.030 |
168969.270 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 (15 Month) |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
126502.220 |
144096.910 |
91630.410 |
|
|
|
Other Income |
1063.120 |
429.860 |
340.150 |
|
|
|
TOTAL (A) |
127565.340 |
144526.770 |
91970.560 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
78924.380 |
91123.170 |
56143.960 |
|
|
|
Production and Exploration Expenses – Oil
and Gas |
9007.760 |
8298.070 |
7206.860 |
|
|
|
Salaries, Wages, Bonus, etc. |
2253.460 |
2280.070 |
1264.230 |
|
|
|
Manufacturing Expenses |
13792.490 |
16259.860 |
9436.940 |
|
|
|
TOTAL (B) |
103978.090 |
117961.170 |
74051.990 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23587.250 |
26565.600 |
17918.570 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9777.890 |
8931.560 |
6363.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13809.360 |
17634.040 |
11554.960 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6075.640 |
7129.620 |
5771.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7733.720 |
10504.420 |
5783.440 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2278.140 |
3057.480 |
1776.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5455.580 |
7446.940 |
4006.620 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28680.290 |
22438.440 |
20619.940 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
FOR INCOME TAX FOR EARLIER YEARS WRITTEN BACK |
0.000 |
0.000 |
736.820 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION
OF FRINGE BENEFIT TAX FOR EARLIER YEARS |
56.470 |
57.830 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
TRANSFER FROM
DEBENTURE/ BONDS REDEMPTION RESERVE |
1976.470 |
258.600 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend – Equity |
159.390 |
301.970 |
462.530 |
|
|
|
Proposed Dividend – Preference |
33.770 |
46.080 |
36.810 |
|
|
|
Tax on Dividend |
31.330 |
57.810 |
84.860 |
|
|
|
Transfer to Debenture/Bonds Redemption
Reserve |
150.830 |
0.000 |
1340.740 |
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
1000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
34680.550 |
28680.290 |
22438.440 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
|
|
4750.330 |
5224.280 |
|
|
|
Interest |
3840.530 |
0.000 |
1.960 |
|
|
|
Other |
|
490.310 |
0.000 |
|
|
TOTAL EARNINGS |
3840.530 |
5240.640 |
5226.240 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14026.740 |
20492.780 |
11093.450 |
|
|
|
Capital Goods |
719.660 |
1953.030 |
1765.760 |
|
|
TOTAL IMPORTS |
14746.400 |
22445.810 |
12859.210 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
BASIC |
17.73 |
27.88 |
20.49 |
|
|
|
DILUTED |
17.73 |
26.65 |
36.64 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
29963.100 |
30243.800 |
30217.500 |
30628.500 |
|
Total Expenditure |
24822.600 |
25014.600 |
24880.100 |
25345.300 |
|
PBIDT (Excl OI) |
5140.500 |
5229.200 |
5337.400 |
5283.200 |
|
Other Income |
385.700 |
573.900 |
258.400 |
197.800 |
|
Operating Profit |
5526.200 |
5803.100 |
5595.800 |
5481.000 |
|
Interest |
3587.300 |
3900.800 |
4051.200 |
4218.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1938.900 |
1902.300 |
1544.600 |
1262.400 |
|
Depreciation |
1385.700 |
1351.200 |
1342.300 |
1247.000 |
|
Profit Before Tax |
553.200 |
551.100 |
202.300 |
15.400 |
|
Tax |
50.000 |
50.000 |
50.000 |
5.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
503.200 |
501.100 |
152.300 |
10.400 |
|
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 |
503.200 |
501.100 |
152.300 |
10.400 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 (15 Month) |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.28
|
5.15 |
4.36
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.11
|
7.29 |
6.31
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.84
|
5.64 |
3.90
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.11 |
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.87
|
1.25 |
1.24
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.99
|
12.24 |
8.94
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
Calcutta High Court
Videocon Industries Limited
vs India Ratings and Research Private Limited. ... on 10 October, 2012
Author: I. P. Mukerji
ORDER SHEET
GA NO.2766 OF 2012
WITH
CS NO.330 OF 2012
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
VIDEOCON INDUSTRIES LIMITED
Versus
INDIA RATINGS AND RESEARCH PRIVATE LIMITED
(FORMERLY KNOWN AS FITCH RATINGS INDIA PRIVATE LIMITED)
BEFORE:
The Hon'ble JUSTICE I. P. MUKERJI
Date : 10th October, 2012.
Appearance:
Mr. Anindya Kumar Mitra, Mr. Pratap Chatterjee, Senior advocates, Mr. Gautam Mitra, Mr. Debajyoti Datta, Mr. U.S. Menon, Advocates for petitioner Mr. Jayanta Kumar Mitra, senior advocate, Mr. Ranjan Bachawat, Mr. Sanjay Ginodia, Mr. R. Kapur, Mr. M.K. Tiwari, Mr. D. Ghosh, Ms. P. Chaudhury, Advocates for the respondent no.1
Mr. Ranjan Deb, senior advocate, Mr. Rajiv Lall, Advocate for respondent no.2
Mr. S.N. Mookherji, senior advocate, Mr. Rajeev Kumar Jain, Mr. Varun Kedia, Advocates For respondent no.3.
Mr. Hirak Kumar Mitra, senior advocate,
Mr. Rajiv Lall, advocate for respondent no.4 The Court : When this interlocutory application in connection with the suit was moved before me, I had observed that since a Division Bench of this Court was hearing the self-same issue 2
Between the same parties, I could not entertain the application, at least for the time being. I passed such orders on 5th October, 2012 and yesterday. The appeal being AST No.267of 2012, CAN No.9567 of 2012 before the Division Bench was withdrawn today. The issue involved in this application is downgrading of credit rating of the plaintiff by the first defendant. The proforma defendants are group companies of the plaintiff. According to the plaintiff they would also be affected as much as the plaintiff. At the outset I would observe that it does not appear that the "SEBI (Credit Rating Agencies) Regulations, 1999" apply to the case. No public or rights issue is involved. However, credit rating of loans obtained by the plaintiff from banks or a consortium of banks is involved.
According to the plaintiff, it obtained sizable loans from banks or a consortium of banks. By an agreement of 3rd September, 2007, they had engaged the first defendant to rate the following loans; "Long Term Loans
Short Term Loans
Non-Funded Limits
Cash Credit Limits"
According to clause 6 of the agreement which is Annexure-A to the petition this defendant was to rate the loans as long as they were outstanding.
Now it is said that the first defendant had last rated the loan on 5th August, 2010.
On 8th August, 2012, the plaintiff entered into an agreement with banks and financial institutions, including State Bank of India.
Mr. Anindya Kumar Mitra, learned Advocate General appearing for the plaintiff shows me the provisions of that agreement to argue that any outstanding loan under previous loan agreements became a loan by the consortium to the plaintiff under the 2012 agreement. Hence, there was no outstanding loan. Moreover from 2010 the plaintiff had engaged Care Limited to rate the loans. This was also the requirement of State Bank of India as is evident from their letter dated 24th September, 2012 to the plaintiff which said that the State Bank of India was "using" the rating issued by Care Limited. The cause of great apprehension for the plaintiff apparently arose with the e-mail of 11th September, 2012 to them by the first defendant proposing to down grade their credit rating. This rating was to be published on 13th September, 2012. Mr.Jayanta Kumar Mitra, learned senior advocate appearing for the first defendant showed me the reply mail dated 12th September, 2012 where the plaintiff wanted to appeal against the proposed credit rating.
The plaintiff says that this proposed credit rating cannot be published for many reasons. First, the first defendant had no authority to rate the plaintiff. Their contract was terminated by the plaintiff on 10th August, 2012. Moreover, no loan was outstanding under the 3rd September, 2007 agreement, as it was taken over by the consortium of banks under the 8th August, 2012 agreement. Therefore, there could not be any rating.
Furthermore, the first defendant had not made any rating for the last two years. Their eagerness to rate now was with an ulterior motive. They were trying to help a rival of the plaintiff in Mozambique in Africa.
The relationship between the plaintiff and the first defendant was contractual. It was not mandatory for the first defendant to make any credit rating under SEBI regulations. Credit or loan rating of the plaintiff was being done from 2010 by the agency CARE. The learned Advocate General, making the above submissions was supported by Mr. Hirak Kumar Mitra, learned senior Advocate for the proforma defendants.
Mr. Jayanta Kumar Mitra, learned senior Advocate appearing for the first defendant submitted that they had the duty under the SEBI regulations, to rate the plaintiff. He produced a circular of the Securities and Exchange Board of India dated 1st March 2012 and referred to clauses 1 and 2 thereof. The alleged letter of termination dated 10th August, 2012 was manufactured, it was submitted. His client had not received the letter. A huge amount of loans, as shown by him from the Annexures to the petition, were outstanding from the plaintiff under the 3rd September, 2007 agreement for which it was obligatory for the first defendant to rate the plaintiff. Now my prima facie findings:
There is support for the contention of the learned Advocate General in clause 4.6 of the loan agreement dated 8th August 2012 between the plaintiff and the consortium of banks. It tends to give an option to the financial institutions to treat the outstanding loans of the plaintiff as a fresh loan granted under the agreement or to treat it as a refinance. Clause 6 of the agreement between the plaintiff and the first 5
Defendant dated 3rd September, 2007 provided that the rating would only be made "as long as the rated bank loans are outstanding, subject to its having the right to change the Rating at any time for any reason it deems sufficient."
Whether the loans obtained by the plaintiff were treated as loans under the 2012 agreement or not has to be established on affidavits, but at this stage there is no contradiction of the above assertion.
Whether the existing loans obtained by the plaintiff has been repaid or to what extent has also to be ascertained after filing of affidavits.
Having gone through the circular dated 1st March, 2012, I am of the view that clause 2 thereof makes it clear that the SEBI regulations do not apply to these kind of loans. At any rate, the first defendant did not make any credit rating of the plaintiff for two years.
Therefore, some prima facie case has been made out by the plaintiff.
On the above prima facie case, if the first defendant is allowed to publish the proposed negative credit rating, it would irreparably injure the plaintiff, should they succeed in the suit or in this application.
Nevertheless, I fully appreciate the contention of the first defendant that even if the SEBI regulations do not apply, even in case of rating of loans, a credit rating agency has the obligation to rate the loans and to make publication thereof.
But the first defendant has not made any publication of ratings for a period of about two years. Furthermore, the interim order granted by the Division Bench of our High Court on 20th September, 2012 in A.S.T.A. 167 of 2012 with A.S.T. 267 of 2012 is continuing till today but will cease to be operative after today.
In those circumstances, considering the above prima facie case and the balance of convenience I think that the order passed by the Division Bench of this Court on 20th September, 2012 is to continue till 16th December,2012 or until further orders whichever is earlier. This application should be heard out as expeditiously as possible before that date.
Considering, my above observation that a credit rating agency has the right to make public its rating, the credit rating cannot be ordered to be withheld any longer beyond 16th December, 2012 and may be published by the first defendant with the disclaimer or qualification that it is disputed and subject to litigation before this Court.
In view of the above order, as suggested by Mr. Jayanta Kumar Mitra, learned senior Advocate, for the first defendant will be at liberty to publish the following till 16th December, 2012 or until further orders whichever is earlier.
"In view of the Order of the Hon'ble High Court at Calcutta dated 10th October, 2012, India Ratings is unable at this time to publish its current rating in relation to the loans/financial assistance obtained by Videocon Industries Limited
This order is passed without prejudice to the contentions of the first defendant regarding the maintainability of the suit and application.
Affidavit-in-opposition is to be filed by 23rd November, 2012. List this application on 3rd December, 2012. Affidavit-in-reply may be filed in the meantime.
All parties concerned are to act on a signed photocopy of this order on the usual undertakings.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
31.12.2011 |
31.12.2010 (15 Months) |
|
A. Rupee Loan |
77723.610 |
43279.620 |
|
B Foreign Currency Convertible Bonds |
10423.730 |
13967.570 |
|
C. Premium Payable on Redemption on Foreign Currency Convertible Bonds |
0.000 |
1046.620 |
|
D. Sales Tax Deferral |
56.440 |
67.790 |
|
|
|
|
|
Total |
88203.780 |
58361.600 |
OPERATIONS
During the year and, the Company was able to post a stable performance
in the consumer electronics and home appliances segment. However, the margins
were under pressure in view of increase in the cost of raw materials and
components and intense competition.
OIL AND GAS:
The Company
intensified its exploratory efforts both in domestic and overseas basins to
identify new oil and gas assets. These efforts paid good dividends in terms of
new discoveries and reserve accretion.
21st September, 2011:
Petrobras, the Operator of the BM-SEAL- 11 Concession in the Sergipe Basin
announced that the presence of oil and gas accumulations, confirmed after
completing the drilling, logging, sampling fluid in a formation testing
operations at Barra well (1-SES-158) with the presence of excellent reservoirs
with good porosities and permeabilities at several depths.
7th February,
2011: Anadarko announced the latest
in a string of major deepwater natural gas discoveries off the coast of
22nd August, 2011: Anadarko announced that the Barquetine - 2 appraisal well, located in Mozambique’s Offshore Area 1 of the Rovuma Basin, encountered more than 230 net feet (70 meters) of natural gas pay in high quality Oligocene-age reservoirs. Barquetine - 2 was the first appraisal well in the Windjammer, Barquentine and Lagosta complex, which is estimated to hold a minimum of 6 trillion cubic feet (Tcf) of recoverable natural gas resources.
5th October, 2011: Anadarko announced that the appraisal section of most recent exploration well at the Camarão prospect encountered approximately 240 net feet (73 meters) of natural gas pay in an excellent quality reservoir and confirmed static pressure connectivity with the partnerships’ previously announced Windjammer and Lagosta discoveries. In addition, the Camarão well discovered approximately 140 net feet (43 meters) of natural gas pay in shallower Miocene and Oligocene sand packages not encountered in previous wells.
28th November, 2011: Barquetine-3 appraisal well encounters more than 662 net feet (202 meters) of natural gas pay in two high-quality Oligocene-aged fan systems, significantly expanding the estimated recoverable resource range to 15 to 30 + trillion cubic feet (Tcf) of natural gas, with an estimated 30 to 50 + Tcf of natural gas in place.
Post Balance Sheet
date
17th January, 2012:
Anadarko announced its seventh well in the discovery area offshore
12th March, 2012:
Anadarko announced the results of its first flow test offshore
15th May, 2012:
Anadarko announced that Golfinho exploration well discovered a new, major
natural gas accumulation nearly 20 miles (32 kilometers) northwest of its
Properidade complex within the Offshore Area 1 of the
TELECOM
Videocon Telecommunications Limited (VTL), a subsidiary of the Company, was granted Unified Access Services (UAS) Licenses in 21 circles and had also been allotted spectrum in 20 circles out of which it has launched its services in 16 circles.
The Hon’ble Supreme Court of India, vide its judgment dated 2nd February, 2012, in two separate writ petitions filed by Centre for Public Interest Litigations and by another, has quashed all the UAS Licenses granted on or after 10th January, 2008, pursuant to two press releases issued on 10th January, 2008 and the subsequent allocation of spectrum to the licencees. This includes 21 Licenses issued to the VTL and the spectrum allotted to it in 20 circles. The Hon’ble Supreme Court of India further directed that its Order of quashing the Telecom Licenses and the allocation of the spectrum shall be operative after four months from 2nd February, 2012. On 24th April, 2012, the Hon’ble Supreme Court of India modified its Order and postponed the operation of its Order of quashing of the Telecom Licenses and the allocation of the spectrum to 7th September, 2012. The Hon’ble Supreme Court of India had also directed, in its Judgement of 2nd February, 2012, Telecom Regulatory Authority of India (TRAI) to make fresh recommendations for grant of Licences and allocation of spectrum (TRAI has since issued its recommendations on 23rd April, 2012) and the Central Government to grant fresh Licenses and allocation of spectrum by auction thereafter. The Central Government has announced that it will complete the auction of Licenses and allocation of spectrum on or before 31st August, 2012. VTL has decided to participate in such auction.
POWER
The Company commissioned 5.75 MWp Solar Photovoltaic Power
Project at Village Majra, District Warora,
Comet Power Private Limited, a step down subsidiary of the Company, commissioned 5.75 MWp Solar Photovoltaic Power Project at Village Betwasiya, Osiyan, District Jodhpur, Rajasthan, in the month of October 2011.
Unity Power Private Limited, a step down subsidiary of the
Company, commissioned 5.50 MWp Solar Photovoltaic Power Project in the State of
There are two 1,200 MW coal-fired thermal electricity power projects which are under development. These projects are being undertaken by Pipavav Energy Private Limited and Chhattisgarh Power Ventures Private Limited, the subsidiaries of the Company in the state of Gujarat and Chhattisgarh respectively.
INSURANCE
The Company has entered into a joint venture with
As on the Balance Sheet date, the Joint Venture Company, was a wholly owned subsidiary of the Company. However, currently, the Company is holding 79.41% equity stake in the Joint Venture Company
FUTURE PLAN OF
ACTION:
The Company is committed to provide variety of products at an affordable prices. The Company is looking forward to take an advantage of technological changes and compete efficiently with multinational players.
The future plan of action includes:
• Introduction of new models in LED and LCD TV. “Elena” model in LED TV is coming up with 2D to 3D conversion, Flicker Free 3D, Full HD services. “Smart TV” model in LCD TV is coming up with full fledge high speed internet, Skype, Twitter, You Tube, Picasa etc.;
• Implementation of new technology;
• Making variations in designs and making the product attractive; and
• Manufacturing of environmental friendly products keeping in mind the green initiative steps taken by the Company.
During the year and, the Company has incurred Rs.86.67 Million, representing 0.07% of the turnover towards recurring R and D expenses.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Consumer Electronics Industry is changing at its fastest speed. There are always innovations and developments in the techniques of production. The consumer trends and preferences are also changing. Lifestyle changes are influencing demand of large capacity products. New formats such as multi-door refrigerators are finding quick acceptance. Factors such as Style, Design and Colour reflect the buyer’s personalities and such factors are also considered in the purchase process. Consumers are willing to pay a premium for good design
The demand for Consumer Electronics products is expected to increase because the standard of living of the masses has been uplifted, which motivates them to live lavish life. Emphasis has been given by manufacturers on improving efficiencies, consumer research, brand building, retail refurbishments, strengthening after sales service and focusing on high end products to maintain the bottom line.
The world is all about branding and advertising. The brand is associated with a benchmark and goodwill. It has a value and it creates an impression on the minds of the customers. Videocon’s mission is to make its brand better, aspirational and increase consumer pull. With a wide and vast range of products, which are the results of constant innovation and technology upgradation, the brand provides a solution to all their needs that will keep closer to the hearts of millions of consumers.
The Company seeks to bring variety in its range of products. The range of products include Refrigerators, Air conditioners, Televisions, Washing Machines, Microwave ovens and other small appliances. Every product of the Company is different and has its own unique characteristic. The Company is committed to produce user friendly products. It emphasizes on production with the use of automated technology to reduce cost and time of the consumers.
The Company proposes to increase its money spent on R and D activities, so as to come up with new products with better technology. The Company will be focusing on branding and advertisement activities to create more awareness among the consumers.
The moto of the Company “Yahan Life Hamesha On. Videocon.” reveal that there is always fun and satisfaction with Videocon products. The Company aims in building relationships with the youth as they are its biggest target segment. In future, the Company promises to reach to maximum number of consumers for making their home happier and life easier. Easy Financing and Easy loans and credit card purchases Higher Disposable Income and Affordable Prices Changed Lifestyle and Changed Taste Increased Scope of Advertising22
Televisions:
Consumer electronics market is majorly influenced by technology which is changing day by day with many innovations and continuous R and D. Consumer preferences, life style, comfort are the major factors which lead to new innovations in technology and to provide new comfort to the users by developing user friendly yet technically sound products. They are also upgrading their range of products with latest technology and innovations.
In television sector, they have a range of products in the following categories -
• LED TV
• LCD TV
• Ultra Slim TV
• Flat TV
• Conventional TV
• Integrated Digital TV
• Android TV
• Internet TV
The Televisions have following eye catching features –
• Nano Pix Technology - which provides optimum brightness to the colours so that one cannot miss even the finest details while watching.
• 3D active shutter technology - which separates images for the left and right eyes and them at FULL HD quality. Playing them alternatively at high speed, thus, creating the illusion of a three dimensional image.
• Bluetooth enabled model with 120 HZ Motion impact - which increases picture sharpness and overall image quality. The edges of object are very clearly defined and images move smoothly without any interruptions.
• USB (JEPG, MP 3) - build in with a 2.0 compatible version of USB. With this, you can watch the images and can listen to music on the LED TV.
• Energy Meter - Television has energy meter as a visual indicator to prompt user about energy consumption. Just by pressing a button a user can understand the current power consumption level and based on these details user can adjust the eco vision parameters that suits best of users choice to save energy and environment too.
Captured Logo - With this function user can personalize his TV. He can select any picture from USB and watch the same as a screen saver in the TV.
In this changing world, the Company is launching many new technologies like LED TVs, 3D TVs, DTH LED TVs, net connected TVs with many attractive designs and aesthetics to delight Indian consumers with wide range of products. The Company has also introduced many unique selling propositions like models with brush and metal finish, slim TVs etc. Health TV is another platform which has been introduced in LCD’s and LED TV models to take care of consumer’s health perspective.
Refrigerators:
Refrigerators have increasingly been finding their way into Indian homes. The refrigerator has marked off as the hub of the kitchen. The advancement of technology has left customers asking for more and more. The refrigerator no longer remains a boring utility appliance standing in a corner of the modern home. It is evolving in more ways than one. The products of the Company are based upon aesthetics and design, healthy food preservation and hygiene, more energy efficiency models and above all on green technology and many more advanced features.
The key growth drivers of refrigerator business in India are likely to be:
• Growth of organized retail;
• Emergence of nuclear family and changing lifestyle trends; and
• Higher disposable income and greater aspirations bringing about a qualitative change in the preferences.
Washing Machines:
Washing Machine has become an indispensible home appliance. Now a days, with advancement of technology and awareness among the customers, there are variety of products coming in market every day. The products of the Company can be classified into following three streams -
• Front Loaded
• Top Loaded
• Semi Automatic
Some of the USPs developed by the Company for washing machines are:
• Do it theself mechanism;
• 3 inbuilt programs – pre-wash, eco-wash and intensive wash technology; and
• Attractive designs, vibrant colours, body graphics etc.
The Company is doing research on designing machines that use lesser amount of water and detergent. Also, noise reduction is another aspect; the manufactures are taking into account.
Air Conditioners:
While human desire to control the indoor environment led to the invention of air conditioning systems, growth in population, steady economic progress, industrialization, rising standard of living, affordability of technology and increase in commercial applications have led to its rapid proliferation across the globe.
The Air Conditioner market has been expanding because of increased investments in high-end industries and introduction of more sophisticated industrial processes. New commercial users and existing users such as retail outlets, shopping malls, hotels, travel agencies, restaurants have also contributed to the growth of this market. Boom in the Indian software industry i.e. IT Parks, Call Centres, BPOs have a major contribution in this market.
Microwave Ovens:
For years, microwave ovens were considered as merely reheating machines. Changing lifestyle, varied eating habits and experiment in cooking etc., have led to tremendous innovations in the Microwave ovens. The market for the same is growing and there is always a threat of competition from multinational companies.
Lack of time, changing eating habits, growing disposable income and more and more women getting into service/work culture have resulted into growth of this segment. Microwave oven are seen as a tool for facilitating convenience
INDIAN OIL AND GAS
INDUSTRY
The oil and gas industry is one of the most important
sectors for any economy and directly impacts the energy security of a country.
It assumes all the more importance for a country with scarce oil and gas
reserves, such as
The Government recognizes the strategic importance of Indian
oil and gas sector and thus regularly invites the global oil and gas companies
to bid for license for exploration and production of oil and gas blocks in
Oil and Gas Segment
of Videocon:
The participating interest of the Company along with its subsidiaries/joint ventures in the oil and gas field is as hereunder:
|
Region |
Oil and Gas Field |
Name of the Operato |
Participating Interest of Videocon |
Status |
||||||||||||||||
|
|
Ravva Oil and Gas Field |
Claim Energy |
25% |
Production |
||||||||||||||||
|
|
|
Andarko |
15% |
Exploration |
||||||||||||||||
|
Brajil |
|
|
|
|
||||||||||||||||
|
|
JPDA 06/103 |
Oilex |
20% |
Exploration |
||||||||||||||||
|
|
Numkun PSC |
Andarko |
12.5% |
Exploration |
||||||||||||||||
|
|
WA -388 P-Permit |
Oilex |
8.4% |
Exploration |
The oil and gas blocks in
SEGMENT-WISE
PERFORMANCE
The Consolidated Financial Statements have been prepared in terms of Accounting Standard 21 on “Consolidated Financial Statements”, Accounting Standard 27 on “Financial Reporting of Interests in Joint Venture” and Accounting Standard 23 on “Accounting for Investments in Associates in Consolidated Financial Statements”. Accordingly, the segment information as per Accounting Standard 17 on Segment Reporting has been presented in consolidated financial statements.
The segment-wise turnover on consolidated basis is as under:
Rs.in Millions
|
Segment |
Year ended 31st December, 2011 (12 Months) |
Period ended 31st December, 2011 (15 Months) |
|
|
|
|
|
Consumer Electronic and Home Appliances |
115651.150 |
135403.790 |
|
Crued Oil and natural Gas |
14934.640 |
13203.330 |
|
Telecommunication |
32.230 |
1679.750 |
|
Power |
136845.070 |
- |
|
|
|
|
|
Total |
136845.070 |
150286.870 |
The global consumer electronic industry is set to witness a phenomenal growth in the near future, with the rising technological innovations. The digital technology revolution has enabled the industry to earn profits from growing interaction of digital applications. The Company is focused on utilisation of this technological advancement at its fullest. Following are some of the opportunities and threats which the Company has to face –
OUTLOOK
The Company is looking forward to expand its business of high end products leading to consumer satisfaction and saving consumers’ time and money. The R and D centre of the Company is working towards production of Home Appliances with advanced technology, new looks and increased efficiency. Increase in number of nuclear families and increased standard of living assures bright future for the industry of Consumer Electronics and Home Appliances
CONTINGENT LIABILITY:
|
Particular |
31.12.2011 Rs. in Millions |
|
a)Letters of Guarantees |
76432.950 |
|
b)Letters of Credit opened including standby letters of credit |
29921.440 |
|
c)Customs Penalty |
6.000 |
|
d)Customs Duty demands under dispute [Amount paid under protest Rs.0.07 Million (Previous period Rs.0.07 Million)] |
441.020 |
|
e)Income Tax demands under dispute |
494.740 |
|
f)Excise Duty and Service Tax demand under dispute [Amount paid under protest Rs.4.21 Million (Previous period Rs.4.21 Million)] |
610.880 |
|
g)Sales Tax demands under dispute [Amount paid under protest Rs.360.08 Million (Previous period Rs.30.92 Million) |
919.840 |
|
h)Others Amount paid under protest Rs.50.00 Million (Previous period Rs.50.00 Million) |
1062.640 |
Show Cause Notices (SCNs) have been served on the Operator of the Ravva Oil and Gas Field Joint Venture (Ravva JV) for non payment of Service Tax and Educational Cess on various services for the period July 2003 to 31st March, 2011. The amount involved relating to Ravva Block is Rs.412.560 Million (Previous period Rs.420.550 Millions).
The Operator is contesting the SCNs/demands before Commissioner of Service Tax and has filed writ petition before Hon’ble High Court of Madras challenging service tax demands on some of the services and believes that its position is likely to be upheld. The ultimate outcome of the matter cannot be presently determined and no provision for any liability that may result has been made in the accounts as the same is subject to agreement by the members of the Joint Venture. Should it ultimately become payable, the Company’s share as per the participating interest would be upto Rs.103.14 Million (Previous period Rs.105.14 Million).
Disputed Income Tax demand amounting to Rs.22.290 Million (Previous period Rs.22.290 Million) in respect of certain payments made by Ravva Oil and Gas Field Joint Venture is currently pending before the Hon’ble High Court of Madras. The ultimate outcome of the matter cannot presently be determined and no provision for any liability that may result has been made as the same is subject to agreement by the members of the Joint Venture. Should it ultimately become payable, the Company’s share as per the participating interest would be upto Rs.5.57 Million (Previous period Rs.5.57 Million).
FIXED ASSETS:
·
·
·
Building
·
Leasehold
Improvements
·
Plant and
Machinery
·
Furnace
·
Electrical
Installation
·
Office
Equipments
·
Computer
System
·
Furniture and
Fixture
·
Vehicles
·
Computer
System
·
Goodwill
·
Computer
Software
AS PER WEBSITE
DETAILS
PRESS RELEASE
VIDEOCON SURGES ON
MOZAMBIQUE BLOCK SALE PLAN
Reuters Market Eye - Shares in Videocon Industries gain 8.6 percent after the consumer electronics and oil company says it is in talks to sell its 10 percent stake in an oil and gas block off the coast of Mozambique and Tanzania.
Videocon Chairman Venugopal Dhoot tells TV channel ET NOW the company was in talks with multiple potential buyers, including Oil and Natural Gas Corp Limited, for its Rovuma gas field, confirming earlier media reports.
Dhoot says Videocon has appointed Standard Chartered Plc as an adviser for the sale.
Videocon's board had approved splitting and selling its oil and gas assets in August 2012.
INDIA PRESS-ONGC IN
RACE TO BUY VIDEOCON'S STAKE IN MOZAMBIQUE GAS FIELD - ECONOMIC TIMES
PREVIOUS ITEMS
Italian fashion brands Alberta Ferretti, Moschino eye India - Economic Times
Indian startups moving to Singapore - Times of India
Etihad Air may get half the board seats in likely Jet deal - Economic Times
FIR AGAINST BOSSES OF
BPL, VIDEOCON IN CHEATING CASE
New Delhi, January
15, 2013, PTI:
An FIR has been lodged against CMD of Videocon Industries Limited Venugopal Dhoot, chairman of BPL Display Devices LimitedT P G Nambiar and others for allegedly cheating, forging of documents and not paying dues of over Rs.1350.000 Millions to a private company.
The crime branch of Delhi Police lodged an FIR on January 11, following a court’s direction on a complaint by Morgan Securities and Credits Private Limited.
The company alleged that BPL Display Devices Limite, Videocon Industries Limited and top officials of both the firms had not repaid over Rs.50.000 Millions which they had taken from it.
In its complaint, Morgan Securities and Credits Private Limited had said the accused persons “have cheated the complainant company by forging and fabricating documents, including valuable securities and using them as genuine.”
The FIR has been filed against various others in Videocon and BPL under various provisions of the Indian Penal Code, including sections 420 (cheating), 465 (forgery), 120-B (criminal conspiracy).
The complainant company said the officials of both BPL Display Devices Limited and Videocon Industries Limited had approached it for financial assistance by way of “bill discounting facility” with “promise to repay” the money as per mutually agreed terms.
“The accused persons dishonestly induced the complainant company to extend bill discounting facility to them. The amount outstanding and payable by accused number one and eight as on August 31, 2012 is Rs.1354.289 MIllions. But the accused persons have not repaid any amount till date to complainant company despite several demands and requests,” the FIR said.
‘Investigate
complaint against Jindal’
A court here on Tuesday asked the Delhi Police to investigate the defamation complaint filed against Congress MP Naveen Jindal and 16 others by Zee News editor Sudhir Chaudhary, reports PTI. Sudhir had alleged that “false allegations” were levelled against him to tarnish his image.
Metropolitan magistrate Jay Thareja directed the station house officer of Tuglak Road police station here to probe the role of Jindal and 16 other officials of his firm Jindal Steel and Power Ltd, who are named in the complaint filed by Chaudhary. “It is directed that SHO, PS Tuglak Road (or his deputy), shall probe the allegations,” said the court.
BPCL, VIDEOCON JOIN
HANDS FOR LNG PLANT IN MOZAMBIQUE
December 21, 2012,
07.10 PM IST
The huge natural-gas discovery in a block in Mozambique where Bharat Petroleum Corp Limited (BPCL) and Videocon Industries are partners, will be turned into LNG at a plant to be jointly built with neighbouring gas field operator Eni SpA of Italy.
Anadarko Petroleum Corp, the operator of Offshore Area 1 where BPCL and Videocon hold 10-percent each, and Eni will join forces to build a single liquefaction plant that will turn gas in the two fields into liquid so that it can be exports in cryogenic ships.
The plant in the Cabo Delgado province in northern Mozambique, is scheduled to start operating in 2018 with a capacity of 20 million tons of liquefied natural gas (LNG) per year, Anadarko said in a press statement.
The capacity will be split evenly between the Anadarko-led project and Eni's development of Offshore Area 4. The two companies will conduct separate yet coordinated offshore activities.
The LNG complex will in time have capacity to produce about 50 million tonnes of LNG a year, Anadarko said. Anadarko said heads of agreement (HOA) have been signed with Eni "establishing foundational principles for the coordinated development of the common natural gas reservoirs spanning both Mozambique's Offshore Area 1 (operated by Anadarko) and Offshore Area 4 (operated by Eni)."
"The HOA is designed to facilitate a work program whereby the two operators will conduct separate, yet coordinated, offshore development activities, while jointly planning and constructing common onshore liquefaction facilities in the form of an LNG park in the Cabo Delgado province of northern Mozambique," the statement said.
Two major natural gas discoveries have so far been made in Offshore Area 1 of Mozambique's Rovuma Basin. The Prosperidade complex is estimated to hold between 17 and 30-plus trillion cubic feet (Tcf) of recoverable natural gas while separate and distinct Golfinho/Atum complex is estimated to hold 15 to 35 Tcf of recoverable natural gas resources.
Evaluation of a third discovery on the block, Tubarão, is ongoing with an appraisal well that is expected to be drilled in early 2013. Anadarko is the operator of the Offshore Area 1 Block with a 36.5-percent interest while Mitsui EandP Mozambique Area 1 has 20 percent. BPRL Ventures Mozambique BV (a unit of BPCL's exploration subsidiary Bharat PetroResources Limited) and
Videocon Mozambique Rovuma 1 Limited have 10-percent stake each. PTT Exploration and Production Plc has 8.5 percent. The balance 15 percent is with Empressa Nacional de Hidrocarbonetos (ENH), the national oil company of Mozambique.
Eni is the operator of the Area 4 field with a 70-percent stake. Other partners in the Mozambique project are Portugues group Galp Energia, South Korean firm KOGAS, and Mozambique's ENH.
SEBI SEEKS
CLARIFICATION ON VIDEOCON'S D2H ARM IPO
January 14, 2013,
10.47 PM IST
Market regulator Sebi has sought clarifications from the merchant banker of Bharat Business Channel, direct to home TV arm of Videocon Group, regarding the company's proposed Rs.7000.000 Millions public offering. Without disclosing the details of the clarifications sought, the Securities and Exchange Board of India (Sebi) has said that "clarifications (are) awaited from Lead Manager" for the proposed public offer.
As per the latest weekly update to the processing status of draft offer documents filed with Sebi, the regulator has said clarifications were awaited on the IPO of Bharat Business Channel, which provides direct-to-home TV services under Videocon D2H brand, as on January 11, 2013.
The status is updated on a weekly basis by the regulator and the the next update of the status as on January 18, 2013 would be uploaded on the Sebi website on the next working day. Sebi said it might issue observations on Bharat Business Channel's draft offer document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.
The regulator had received the draft offer documents of on December 14 through its lead manager Enam Securities. The company's proposed IPO estimates to raise Rs.7000.000 Millions. It is also considering to raise Rs.500.000 Millions through a pre-IPO placement of its shares to institutional investors.
The proposed IPO would comprise atleast 25 per cent of equity capital giving a valuation of Rs.28000.000 Millions to Bharat Business Channel. The company plans to use the funds for "acquisition of set-top boxes, outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes."
Videocon
announces New Natural Gas Discovery Offshore Mozambique
Establishes Second Major Natural Gas Complex in the Offshore Area 1 making field one of the largest gas discoveries in the world in decades.
Videocon Industries Limited (Videocon) advises that Anadarko
Petroleum Corporation (Anadarko) today announced the Atum exploration well
discovered another significant natural gas accumulation within the Offshore
Area 1 of the
Anadarko is the operator in the Offshore Area 1 with a 36.5% working interest
and Videocon holds 10% working interest. Other co-ownders include Mitsui
E&P Mozambique Area 1, Limited (20%), BPRL Ventures Mozambique B.V. (10%)
and Cove Energy Mozambique Rouvma Offshore, Limited (8.5%), Empresa Nacional de
Hidrocarobnetos, ep's 15% interest is carried through the exploration phase.
"The combined success at Atum and Golfinho and apparent
connectivity of these Oligocene fan systems, indicate these discoveries
represent our partnership's second major natural gas complex offshore
The Atum exploration well was drilled to a total depth of approximately 12,665 feet (3,860 meters), in water depths of approximately 3,285 feet (1,000 meters). Once operations are complete at Atum, the partnership plans to commence appraisal activities that are expected to be followed by a drillstem testing program in the Golfinho and Atum complex.
"With this latest discovery at Atum and a successful
upcoming appraisal program, we believe the total estimated recoverable natural
gas resource in
Texas-based
Anadarko Petroleum, the operator is expected to shortly announce a significant
upgrade in estimated reserves in the basin.
SI Reporter /
Mumbai Jun 11, 2012, 11:14 IST
Shares
of Videocon Industries and Bharat Petroleum Corporation Limited
(BPCL) have rallied more than 3% each on reports that Texas-based Anadarko
Petroleum, the operator of the Rovuma Offshore Area 1 in southern
Videocon Industries
and BPCL hold 10% each in six blocks in the deep-water
“The
new discovery would make the basin's reserves 20 times the size of
Videocon Industries
has surged over 8% at Rs 184 after opened at Rs 173 on the National Stock
Exchange. A combined volume of 1.7 million shares have already changed hands in
the counter in late morning trades, against an average sub one million shares
that were traded daily in past two weeks on both the exchanges.
BPCL is trading
higher by 4% at Rs 727 with a combined 390,637 shares changing hands on the
counter so far.
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.53.95 |
|
|
1 |
Rs.83.81 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.