1. Summary Information
|
Country |
|
||
|
Company Name |
TREND ELECTRONICS LIMITED |
Principal Name 1 |
Mr. Subhash S. Dayama |
|
Status |
Moderate |
Principal Name 2 |
Mr. Vivek D. Dharm |
|
Registration # |
11-052233 |
||
|
Street Address |
20, K. M. Stone, Aurangabad-Beed Road, Village Bhalgaon, Aurangabad –
431210, Maharashtra |
||
|
Established Date |
16.06.1989 |
SIC Code |
-- |
|
Telephone# |
91-240-2644509 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-240-2644506 |
Business Style 2 |
---- |
|
Homepage |
Product Name 1 |
VCRs |
|
|
# of employees |
1050 (Approximately) |
Product Name 2 |
VCPs |
|
Paid up capital |
Rs. 75,000,000/- |
Product Name 3 |
Video Tape Deck Mechanisms (VTDM). |
|
Shareholders |
Promoter and Promoter Group 49.05%, Public shareholding 50.95% |
Banking |
State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
24 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
B
(37) |
|
Related
Company |
|||
|
Relation
|
Country |
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,405,860,000 |
Current Liabilities |
2,451,140,000 |
|
Inventories |
3,048,920,000 |
Long-term Liabilities |
6,217,700,000 |
|
Fixed Assets |
2,735,070,000 |
Other Liabilities |
265,370,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
8,934,210,000 |
|
Invest& other Assets |
837,280,000 |
Retained Earnings |
1,017,920,000 |
|
|
|
Net Worth |
2,092,920,000 |
|
Total Assets |
11,027,130,000 |
Total Liab. & Equity |
11,027,130,000 |
|
Total Assets (Previous Year) |
9,237,370,000 |
|
|
|
P/L Statement as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
16,576,680,000 |
Net Profit |
35,850,000 |
|
Sales(Previous yr) |
18,966,930,000 |
Net Profit(Prev.yr) |
203,110,000 |
MIRA INFORM REPORT
|
Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TREND ELECTRONICS LIMITED (w.e.f.23.07.2007) |
|
|
|
|
Formerly Known As : |
VIDEOCON COMMUNICATIONS LIMITED (w.e.f.26.08.2003) VIDEOCON VCR LIMITED |
|
|
|
|
Registered
Office : |
20, K. M. Stone, Aurangabad-Beed Road, Village Bhalgaon, Aurangabad – 431210,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
16.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-052233 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 75.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1989PLC052233 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04500G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV5946R |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company's shares are listed on
Stock Exchange |
|
|
|
|
Line of Business
: |
Manufacturer of Electrical and Electronics Appliances. |
|
|
|
|
No. of Employees
: |
1050 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8370000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appear huge external borrowings recorded by the company. There also
appears sharp dip in its sales turnover and profits during December 2011.
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 – 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 |
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 DECLINED BY
|
Name : |
Mr. Vithal Hazare |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-240-2644509 |
|
Date : |
09.05.2013 |
LOCATIONS
|
Registered Office/ Factory : |
20, K. M. Stone, Aurangabad-Beed Road, Village Bhalgaon, Aurangabad –
431210, Maharashtra, India |
|
Tel. No.: |
91-240-2644509/ 10/ 12 |
|
Fax No.: |
91-240-2644506 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Gut No. 350, Bhalgaon, Beed Road – 431201, Maharashtra, India |
|
Tel. No.: |
91-2431-251505 |
|
E-Mail : |
DIRECTORS
AS ON 31.12.2011
|
Name : |
Mr. Subhash S. Dayama |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
05.05.1961 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
30.03.2009 |
|
|
|
|
Name : |
Mr. Vivek D. Dharm |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
22.11.1964 |
|
Qualification : |
B.Com, LL.B. |
|
|
|
|
Name : |
Mr. Bhopinder K. Chopra |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vithal Hazare |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Kanchan A. Kakade |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
150 |
0.00 |
|
|
3678955 |
49.05 |
|
|
3679105 |
49.05 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
3679105 |
49.05 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2400 |
0.03 |
|
|
1575 |
0.02 |
|
|
367500 |
4.90 |
|
|
371475 |
4.95 |
|
|
|
|
|
|
531678 |
7.09 |
|
|
|
|
|
|
1980383 |
26.41 |
|
|
778141 |
10.38 |
|
|
159218 |
2.12 |
|
|
159218 |
2.12 |
|
|
3449420 |
45.99 |
|
Total Public
shareholding (B) |
3820895 |
50.95 |
|
Total (A)+(B) |
7500000 |
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) |
7500000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electrical and Electronics Appliances |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1050 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Ø
State Bank of Hyderabad Ø
Central Bank of India Ø
Punjab National Bank Ø
ING Vysya Bank Limited Ø
Indian Bank Ø Canara Bank |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
12-B, Baldota
Bhavan, 117, Maharshi Karve Road, Opposite Churchgate Railway Station, Mumbai
- 400020, Maharashtra, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Kadam and Company Chartered Accountants |
|
Address : |
Vedant, 8/9 Viraj Estate, Opposite Tarakpur Bus Stand, Ahmednagar –
414003, Maharashtra, India |
CAPITAL STRUCTURE
AFTER 29.06.2012
Authorised Capital : Rs. 1250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 1075.000
Millions
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
5,000,000 |
Redeemable
Preference Shares |
Rs.100/- each |
Rs. 500.000 Millions |
|
|
Total |
|
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 (12 Months) |
31.12.2010 (15 Months) |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
75.000 |
75.000 |
75.000 |
|
|
2] Share Application Money |
1000.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1017.920 |
965.440 |
783.580 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2092.920 |
1040.440 |
858.580 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2011.650 |
1754.960 |
821.730 |
|
|
2] Unsecured Loans |
4206.050 |
4144.290 |
1699.760 |
|
|
TOTAL BORROWING |
6217.700 |
5899.250 |
2521.490 |
|
|
DEFERRED TAX LIABILITIES |
230.360 |
212.850 |
164.090 |
|
|
|
|
|
|
|
|
TOTAL |
8540.980 |
7152.540 |
3544.160 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2735.070 |
1730.070 |
1157.150 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
837.280 |
337.760 |
207.120 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3048.920
|
2747.330
|
1641.750
|
|
|
Sundry Debtors |
2879.850
|
2699.710
|
1451.560
|
|
|
Cash & Bank Balances |
313.920
|
320.370
|
224.190
|
|
|
Other Current Assets |
15.440
|
9.910
|
6.950
|
|
|
Loans & Advances |
1196.650
|
1392.220
|
247.660
|
|
Total
Current Assets |
7454.780
|
7169.540
|
3572.110
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2316.910
|
1906.910
|
1281.920
|
|
|
Other Current Liabilities |
134.230
|
112.150
|
72.260
|
|
|
Provisions |
35.010
|
65.770
|
38.040
|
|
Total
Current Liabilities |
2486.150
|
2084.830
|
1392.220
|
|
|
Net Current Assets |
4968.630
|
5084.710
|
2179.890
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8540.980 |
7152.540 |
3544.160 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 (12 Months) |
31.12.2010 (15 Months) |
30.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
16576.680 |
18966.930 |
8271.800 |
|
|
|
Other Income |
68.490 |
42.220 |
3.660 |
|
|
|
TOTAL (A) |
16645.170 |
19009.150 |
8275.460 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods
Consumed/Sold |
15275.350 |
17682.730 |
7734.870 |
|
|
|
Salaries, Wages
and Employees' Benefits |
139.450 |
160.980 |
68.450 |
|
|
|
Manufacturing
and Other Expenses |
369.830 |
317.130 |
204.190 |
|
|
|
TOTAL (B) |
15784.630 |
18160.840 |
8007.510 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
860.540 |
848.310 |
267.950 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCE CHARGES (D) |
620.630 |
374.990 |
97.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
239.910 |
473.320 |
170.670 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
186.480 |
185.530 |
115.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
53.430 |
287.790 |
54.980 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.580 |
84.680 |
18.810 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
35.850 |
203.110 |
36.170 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS/(SHORT)
PROVISION OF INCOME TAX FOR EARLIER YEARS |
16.630 |
(12.500) |
3.730 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
323.590 |
161.730 |
134.610 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
7.500 |
7.500 |
|
|
|
Corporate Tax on Proposed Dividend |
0.000 |
1.250 |
1.280 |
|
|
|
Transfer to General Reserve |
5.000 |
20.000 |
4.000 |
|
|
BALANCE CARRIED
TO THE B/S |
371.070 |
323.590 |
161.730 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3493.480 |
2883.080 |
1124.200 |
|
|
|
Capital Goods |
16.260 |
14.890 |
7.000 |
|
|
TOTAL IMPORTS |
3509.740 |
2897.970 |
1131.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.00 |
25.41 |
5.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3613.500 |
3571.400 |
3590.200 |
|
Total Expenditure |
3508.800 |
3497.200 |
3499.000 |
|
PBIDT (Excl OI) |
104.700 |
74.200 |
91.200 |
|
Other Income |
06.800 |
05.500 |
02.200 |
|
Operating Profit |
111.500 |
79.700 |
93.400 |
|
Interest |
182.100 |
193.300 |
185.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(70.600) |
(113.600) |
(91.900) |
|
Depreciation |
51.100 |
51..800 |
51.800 |
|
Profit Before Tax |
(121.700) |
(165.400) |
(143.700) |
|
Tax |
(40.000) |
(50.000) |
(03.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(81.700) |
(115.400) |
(140.300) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(81.700) |
(115.400) |
(140.300) |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 (12 Months) |
31.12.2010 (15 Months) |
30.09.2009 |
|
PAT / Total Income |
(%) |
0.22
|
1.07
|
0.44
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.32
|
1.52
|
0.66
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.52
|
3.23
|
1.16
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.28
|
0.06
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.97
|
5.67
|
2.94
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.00
|
3.44
|
2.57
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
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 |
----- |
|
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 |
No |
UNSECURED LOAN
|
Unsecured Loan |
31.12.2011 (12 Months) |
31.12.2010 (15 Months) |
|
|
(Rs. in
Millions) |
|
|
From Banks |
|
|
|
Rupee Loan |
2026.050 |
2999.990 |
|
Foreign Currency Loan |
348.350 |
302.250 |
|
Sales Tax Deferral |
831.650 |
842.050 |
|
From Others |
1000.000 |
0.000 |
|
Total |
4206.050 |
4144.290 |
OPERATIONS
During the year, the first three quarters were reasonably good, whereas
there was decline in the demand during the last quarter. Though the Company was
able to achieve reasonable growth in net sales, the profitability was affected on
account of increase in raw material costs, rising interest rates and intense
competition. As a result, there was a decline in the profit after tax from Rs.
203.110 Millions to Rs. 35.850 Millions.
INFORMATION TECHNOLOGY
The Company continues to invest in Information Technology (IT),
leveraging it as a source of competitive advantage. During the year 2011, the
Company has implemented latest version of SAP ERP ECC 6.0 for better
operational control.
The enterprise-wide SAP platform forms the backbone of IT and
encompasses all core business processes in the Company and for collaboration
with the suppliers and customers. It provides a comprehensive data warehouse
with analytics capability that helps in better and speedy decisions. Supply
chain optimization, enabled by the IT capability, remains a source of
significant value.
The Company has institutionalized an extensive IT capability for
customer development function to support execution in the front-end. The
Company has put in place an enabled consumer interaction centre for addressing
complaints and suggestions from consumers, retailers and distributors.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
In the mixed picture presented on global scenario, Indian Economy has
emerged with remarkable rapidity from the slowdown caused by global financial
crisis from 2007-2009. However, continued high inflation and temporary slowdown
in the industrial growth is adding uncertainty to the pace of global recovery.
The consumer electronics and home appliance industry market in India is
growing at a steady pace and sees a stable demand in the coming period.
The Company primarily focuses on manufacturing of Colour Televisions,
DVDs, and Set Top Boxes.
COLOUR TELEVISIONS:
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 and LED TVs.
Consumer preference is increasing for high definition TV with better image
quality, high & clear audio output and better colour resolution.
LCD and LEDs TVs are replacing older CRT TVs for a number of reasons
such as LCDs and LEDs 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 and LED TVs have been at
the top of the wish list for many consumers around the world.
LCD TV sales in India are gaining momentum. The allure and declining
prices of LCD TV along with increased consumer awareness have spurred the sales
of the LCD TVs and eroded the dominance of CRT TVs.
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
generalised category. Eco-friendliness, saving in power consumption and ultra
slim features will accelerate the transformation of LED TVs. This is in line
with the global trend.
LCD and LED TVs have created a new lifestyle as consumers are becoming
more aware of the benefits. Technology upgradation is happening in a short span
of time with many new innovations like organic LED TV, 3D TV, wireless
connectivity, net-connected TV (Smart TV), borderless design, home automation
system and sensor-based applications. Consumer interest is also growing in new
audio visual experiences, made possible by products such as home theatres and
wall mounted monitors.
The Flat Panel Display (FPD) market is marching at a rapid pace towards
upgraded technology, attractive designs and slim models.
The Company plans to focus on launching more innovative products in LCD,
LED, and Digital TV segments.
DVDs:
In India, the popularity of DVD players is fading, due to the growth of
Direct To Home (DTH) sector. With availability of more than 200 channels and movies
on demand, the DTH services are gradually eating into DVD players market share
pie. Other reasons being TVs and LCDs having the functionality of playing music
and videos through USBs and USBs becoming a popular data storage device.
However, the rural market is showing preference for DVD players and driving its
sales.
SET TOP BOXES:
Set Top Box (STB) is increasingly seen as a game changer in TV
Broadcasting industry, which is easily deployable in living rooms. It is
fuelling consumer appetite for ‘high-quality’ digital picture displayed on big
screen TVs including fast growing LCD TV segment. Sale of LCD TVs in India is
doubling year on year.
As per guidelines issued by Indian Government, Digital Addresable System
(DAS) has to be implemented across the country in coming years which would open
a new era in digital technology. STB manufactured by the Company, is complying
with the said new guidelines issued by the Government.
Some of the growth drivers for STBs include:
Ø Availability of more and more High Definition Channels which have very high picture and sound resolution resulting in sharper picture and theatre sound quality;
Ø Availability of movie channels online;
Ø Availability of TV services in remote areas via DTH;
Ø Affordability-technically and commercially digital picture quality; and
Ø Online shopping and gaming.
Going forward, customer shall expect even more channels, high picture
quality, hard drives for digital video recording, IP connections, to access
additional content via an IP network, return path for online polling and
reality show participation etc. This is not possible without advancements in
the underlying STB technology.
The penetration in DTH is happening at a much faster rate than expected
under continued investment by the DTH players and increase in the affordability
on account of rise in disposable income. This phenomenon is likely to continue
which would be further led by the digitalisation push by the Government, lower
entry cost in the DTH service and wide variety of choice being offered by the
DTH operators. The STB segment therefore, is poised for significant growth in
the coming years.
The Company is engaged in developing and manufacturing STBs. The Company
is pioneer in the Indian DTH market through continuous product innovations and
upgrade of technology. The Videocon d2h Satellite STB is available with DVR. It
offers several High Definition (HD) channels and users can pause, rewind,
forward live TV and can also record up to 200 hours.
The next level of DTH regime will be led by technology innovations such
as HD STB, STB with video recorders and 3D ready STB. These new products
coupled with launch of niche, HD content will address emerging consumer needs
and drive higher engagement.
OUTLOOK
In the times to come, product strength, product mix and a
well-established distribution network, after-sales service and technological
superiority would be the key factors to determine the competitive advantage of
industry players. The Company is determined to make available its products with
latest technology, which are environment friendly, energy efficient and
economical.
The Company will continue its focus on better cost management, improving margins, reducing inefficiency, improving supply chain and improving productivity, so that it can continue to gain market share and improve its operating performance. The Company will ensure that it remains competitive, in market and in costs and will manage the business even more dynamically. All this will definitely help to put their foot forward with respect to competition.
The Company proposes to focus by cashing on its following strengths:
Ø 360 degree marketing approach;
Ø Leverage on in-house R & D capability for development of latest software and hardware;
Ø Maintaining high quality standards;
Ø Market penetration;
Ø Intelligent use of the embedded systems; and
Ø Quality workforce and efficient manpower.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER,
2012
|
Particulars |
Quarter ended |
Nine months ended |
||||
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|||
|
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1. |
Income
from operations |
|
|
|
||
|
|
a)
Net sales/income from operations (net of excise duty) |
3571.400 |
3613.500 |
10917.500 |
||
|
|
b)
Other operating income |
- |
- |
- |
||
|
|
Total
income from operations (net) |
3571.400 |
3613.500 |
10917.500 |
||
|
2. |
Expenses |
|
|
|
||
|
|
a)
Cost of material consumed |
1433.400 |
1436.100 |
4397.600 |
||
|
|
b)
Purchases of stock-in-trade |
1949.700 |
1947.600 |
5851.500 |
||
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(30.900) |
(11.400) |
(34.500) |
||
|
|
d)
Employee benefits expense |
36.700 |
36.200 |
108.500 |
||
|
|
e)
Depreciation and amortisation expenses |
51.800 |
51.100 |
153.100 |
||
|
|
f) Other expenses |
108.300 |
100.300 |
311.000 |
||
|
|
Total
expenses |
3549.000 |
3559.900 |
10787.200 |
||
|
3. |
Profit/(Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
22.400 |
53.600 |
130.300 |
||
|
4. |
Other
income |
5.500 |
6.800 |
19.500 |
||
|
5. |
Profit/(Loss)
from ordinary activities before finance costs and exceptional items (3+4) |
27.900 |
60.400 |
149.800 |
||
|
6. |
Finance
costs |
193.300 |
182.100 |
552.700 |
||
|
7. |
Profit/(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
(165.400) |
(121.700) |
(402.900) |
||
|
8. |
Exceptional
items |
- |
- |
- |
||
|
9. |
Profit/(Loss)
from ordinary activities before tax (7+8) |
(165.400) |
(121.700) |
(402.900) |
||
|
10. |
Tax
expense |
(50.000) |
(40.000) |
(127.500) |
||
|
11. |
Net
Profit/(Loss) from ordinary activities after tax (9-10) |
(115.400) |
(81.700) |
(275.400) |
||
|
12. |
Extraordinary
items (net of tax expenses) |
- |
- |
- |
||
|
13. |
Net
Profit/(Loss) for the period (11-12) |
(115.400) |
(81.700) |
(275.400) |
||
|
14. |
Paid-up
equity share capital (FV Rs.10/- per share) |
75.000 |
75.000 |
75.000 |
||
|
15. |
Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
- |
- |
- |
||
|
16.i. |
Earnings
per share (before extraordinary items) (of Rs. 10/- each) (not annualised) |
|
|
|
||
|
|
a)
Basic |
(15.39) |
(10.89) |
(36.72) |
||
|
|
b)
Diluted |
(15.39) |
(10.89) |
(36.72) |
||
|
16.ii.
Earnings per share (after extraordinary items) (of Rs. 10/- each) (not
annualised) |
|
|
|
|||
|
|
a)
Basic |
(15.39) |
(10.89) |
(36.72) |
||
|
|
b)
Diluted |
(15.39) |
(10.89) |
(36.72) |
||
|
A. |
PARTICULARS
OF SHAREHOLDING |
|
|
|
||
|
1. |
Public
shareholding |
|
|
|
||
|
|
- Number of equity shares |
3,820,895 |
3,820,895 |
3,820,895 |
||
|
|
- Percentage of equity shareholding |
50.95% |
50.95% |
50.95% |
||
|
2. |
Promoters
and promoter group shareholding |
|
|
|
||
|
|
a)
Pledge/Encumbered |
|
|
|
||
|
|
-
Number of shares |
- |
- |
- |
||
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
0.00% |
0.00% |
0.00% |
||
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
0.00% |
0.00% |
0.00% |
||
|
|
b)
Non-encumbered |
|
|
|
||
|
|
-
Number of shares |
3,679,105 |
3,679,105 |
3,679,105 |
||
|
|
-
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) |
49.05% |
49.05% |
49.05% |
||
|
Particulars |
Quarter
ended 30.09.2012 |
|
B. INVESTOR COMPLAINTS (Nos.) |
|
|
Pending
at the beginning of the quarter |
Nil |
|
Received
during the quarter |
10 |
|
Disposed
off during the quarter |
9 |
|
Remaining
unresolved at the end of the quarter |
1 |
Notes:
1.
The Statutory Auditors have carried out limited review of the
above results and the same have been reviewed by the Audit Committee and taken on
record by the Board of Directors at its meeting held on 9th November, 2012.
2.
The Provision for Taxation includes Provision for Current
Tax, Deferred Tax and net of MAT Credit Entitlement.
3.
The Company has only one segment viz. "Consumer
electronics and components/parts thereof" as per Accounting Standard on
Segment Reporting (AS) -17 of ICAI.
4.
The figures have been regrouped/reclassified wherever
necessary to make them comparable.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
|
|
(Rs. in
Millions) |
|
|
Letters of Guarantees |
56.420 |
56.920 |
|
Letters of Credit opened |
758.920 |
542.090 |
|
Customs Duty demands and penalty under dispute |
8.090 |
8.090 |
|
Excise Duty demands under dispute |
4.260 |
1.560 |
|
Service Tax demands under dispute |
8.040 |
7.880 |
|
Sales Tax demands under dispute (Amount paid under protest Rs. 7.150
million, Previous year Rs.1.140 million) |
95.780 |
35.750 |
FIXED ASSETS
Ø Freehold Land
Ø Building
Ø Plant and Machinery
Ø Electrical Equipments
Ø Computers
Ø Furniture and Fixtures
Ø Office Equipments
Ø Vehicles
Ø Computer Software
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 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. 54.54 |
|
|
1 |
Rs. 84.19 |
|
Euro |
1 |
Rs. 71.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
37 |
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.