MIRA
INFORM REPORT
|
Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIDEOCON INDUSTRIES LIMITED (w.e.f. 10.11.2003) |
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Formerly Known
As : |
VIDEOCON LEASING AND INDUSTRIAL FINANCE PRIVATE LIMITED
(w.e.f. 14.02.1991) ADHIGAM TRADING PRIVATE LIMITED |
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Registered
Office : |
14, K M Stone, |
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Country : |
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Financials (as
on) : |
30.06.2013 |
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Date of
Incorporation : |
04.09.1986 |
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Com. Reg. No.: |
11-103624 |
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Capital
Investment/ Paid-up Capital: |
Rs.3339.360 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1986PLC103624 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMV09411D NSKV01616G |
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PAN No.: [Permanent Account No.] |
AABCV4012H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of
Electronic / Electric Consumer Durables and Home Appliances. |
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No. of
Employees: |
4500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 400000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an
established company having satisfactory track record. Company has
incurred loss from its operation. However, networth of the company is decent.
Trade relations
are reported to be fair. Business is active. Payment terms are reported to be
usually correct. The company can
be considered for business dealing at usual trade terms and conditions. Note: Financials
are of 18 months ranging from 1st January 2012- 30th
June 2013. |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
A- (Long Term Rating): Withdrawn |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
February 8, 2013 |
Reason for withdrawn: Lack of adequate
information.
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
31-03-201.
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 |
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Tel. No.: |
91-2431-251501/ 02/ 03/ 04 |
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Fax No.: |
91-2431-240391/
251551 |
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E-Mail : |
For General Inquiries : contact@videoconmail.com
For Services : customercare@vgmail.in
For Career : jobs@videocornmail.com
For Marketing : marketing@vgmail.in |
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Website : |
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Corporate Office : |
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Tel. No.: |
91-214-3273091 |
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Factory 2 : |
Village: Chavaj, Via Society Area, Taluka
and District: Bharuch – 392002, Gujarat, India |
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Factory 3 : |
Vigyan Nagar, Industrial Area, Opposite RIICO Office Shahjahanpur, District Alwar - 301 706,
Rajasthan, India |
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Marketing Office : |
296, Udyog Vihar, Phase – II, Gurgaon, |
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Tel. No.: |
91-124-4215402 |
DIRECTORS
As on: 30.06.2013
|
Name : |
Mr. Venugopal
Nandlal Dhoot |
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Designation : |
Chairman cum
Managing Director |
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Address : |
90, Manav Mandir,
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Date of Birth/Age : |
30.09.1951 |
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Qualification : |
B.E.
(Electrical), FIE |
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Date of Appointment : |
01.06.2005 |
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Name : |
Mr. Subramanian
Padmanabham |
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Designation : |
Director |
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Address : |
30, Vishrambag
Society, Senapati Bapat Marg, Pune – 411016, |
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Date of Birth/Age : |
01.09.1939 |
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Date of Appointment : |
01.06.2005 |
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Name : |
Maj. Gen.
Chintamani Nilkanth Jatar |
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Designation : |
Director |
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Name : |
Mr. Radhey Shyam
Agarwal |
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Designation : |
Director |
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Address : |
A-102, Chaitanya
Tower, Near Karur Vysya Bank, Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Birth : |
02.10.1942 |
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Date of Appointment : |
30.03.2009 |
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Name : |
Mr. Anil G. Joshi |
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Designation : |
Director |
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Date of Birth : |
17.12.1943 |
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Date of Appointment : |
29.06.2011 |
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Name : |
Mr. B. Ravindranath |
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Designation : |
Nominee- IDBI Bank Limited |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Kumar Bohar |
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Designation : |
Company Secretary |
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Address : |
204, Videocon House, Gangapur Gin Compound, |
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Date of Birth : |
20.05.1974 |
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Date of Appointment : |
20.03.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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564233 |
0.19 |
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218824181 |
74.68 |
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219388414 |
74.87 |
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Total shareholding
of Promoter and Promoter Group (A) |
219388414 |
74.87 |
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(B) Public Shareholding |
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|
65944 |
0.02 |
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|
8800801 |
3.00 |
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|
18176140 |
6.20 |
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|
10560272 |
3.60 |
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|
37603157 |
12.83 |
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|
24832085 |
8.47 |
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|
8141763 |
2.78 |
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|
2807883 |
0.96 |
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|
250141 |
0.09 |
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|
247952 |
0.08 |
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|
2189 |
0.00 |
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|
36031872 |
12.30 |
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Total Public
shareholding (B) |
73635029 |
25.13 |
|
Total (A)+(B) |
293023443 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
25748226 |
0.00 |
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|
25748226 |
0.00 |
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Total (A)+(B)+(C) |
318771669 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Electronic / Electric Consumer Durables and Home Appliances. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
4500 (Approximately ) |
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Bankers : |
· Allahabad Bank · Andhra Bank · Punjab National Bank · Bank of Baroda · State Bank of Bikaner and Jaipur · Bank of India State · Bank of Hyderabad · Bank of Maharashtra · State Bank of India · Canara Bank · State Bank of Mysore · Central Bank of India · State Bank of Patiala · Corporation Bank · State Bank of Travancore · Dena Bank · Syndicate Bank · ICICI Bank Limited · The Federal Bank Limited · IDBI Bank Limited · UCO Bank · Union Bank of India · Indian Bank · United Bank of India · Indian Overseas Bank · Vijaya Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khandelwal Jain
and Company Chartered
Accountants |
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Address : |
12-B, Baldota
Bhavan, 117, Maharshi Karve Road, Opposite Churchgate Railway Station,
Mumbai-400020, Maharashtra, India |
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Name : |
Kadam and Company Chartered
Accountants |
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Address : |
“Vedant”, 8/9, Viraj Estate, Opposite
Tarakpur Bus Stand Ahmednagar - 414
003, Maharashtra,
India |
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Tel. No.: |
91-241-2322120/ 30/ 40/ 2358964 |
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E-mail : |
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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) Middle East Appliances LLC 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. |
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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) |
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Sister Concern : |
Videocon Appliances Limited |
CAPITAL STRUCTURE
AS ON 28.12.2013
Authorised Capital: Rs.6000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.3190.209 Millions
AS ON 30.06.2013
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 |
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|
|
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Total |
|
Rs.6000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
318771669 |
Equity Share |
Rs.10/- each |
Rs.3187.720
Millions |
|
|
Less: Call In Arrears |
|
Rs.0.080
Million |
|
4523990 |
Redeemable Preference shares |
Rs.33.32/-
each |
Rs.150.740
Millions |
|
76870 |
8% Cumulative Redeemable Preference shares |
Rs.33.34/-
each |
Rs.2.560
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.3340.940 Millions |
Reconciliation of the
Number of Shares:
|
|
As at 30th June, 2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
a) Equity Shares of
Rs.10/- each |
|
|
|
Outstanding at the beginning of the period |
303021669 |
3030.220 |
|
Issued during the period |
15750000 |
157.500 |
|
Outstanding at the end of the period |
318771669 |
3187.720 |
|
|
|
|
|
b) 8% Cumulative
Redeemable Preference Shares of Rs. 33.32 each (Previous year Rs. 66.66 each) |
|
|
|
Outstanding at the beginning of the period |
4523990 |
301.560 |
|
Issued during the period |
- |
150.820 |
|
Outstanding at the end of the period |
4523990 |
150.740 |
|
|
|
|
|
c) 8% Cumulative
Redeemable Preference Shares of Rs.33.34 each (Previous year Rs.100/- each) |
|
|
|
Outstanding at the beginning of the period |
76870 |
7.690 |
|
Issued during the period |
- |
5.130 |
|
Outstanding at the end of the period |
76870 |
2.560 |
Rights, Preference
and Restrictions:
a) The Company has only one class of equity shares having par value of Rs.10/- per share. Each holder of Equity Shares is entitled to equal right of voting and dividend.
b) In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
c) The Preference Shares do not have voting rights. They have preference over equity shareholder as to dividend and in case of liquidation.
Details of
Shareholders holding more than 5% Shares:
|
|
As at 30th June, 2013 |
|
|
|
No. of Shares |
% of Holding |
|
a) Equity Shares of
Rs.10/- each |
|
|
|
Dome-Bell Electronics India Private Limited |
19741049 |
6.19 |
|
Platinum Appliance Private Limited |
15604666 |
4.90 |
|
Shree Dhoot Trading and Agencies Limited |
28404836 |
8.91 |
|
Synergy Appliance Private Limited |
16010575 |
5.02 |
|
Videocon Realty and Infrastructures Limited |
63570518 |
19.94 |
|
|
|
|
|
b) 8% Cumulative
Redeemable Preference Shares of Rs. 33.32 each (Previous year Rs. 66.66 each) |
|
|
|
LIC of India Limited |
441990 |
9.77 |
|
IDBI Bank Limited |
4082000 |
90.23 |
|
|
|
|
|
c) 8% Cumulative
Redeemable Preference Shares of Rs.33.34 each (Previous year Rs.100/- each) |
|
|
|
General Insurance Corporation of India |
76870 |
100.00 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2013 (18 Moths) |
31.12.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3340.940 |
3339.360 |
|
(b) Reserves & Surplus |
|
97839.040 |
96190.400 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
101179.980 |
99529.760 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
161449.860 |
60816.220 |
|
(b) Deferred tax liabilities (Net) |
|
7076.960 |
7351.210 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
1473.890 |
1274.620 |
|
Total Non-current
Liabilities (3) |
|
170000.710 |
69442.050 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
57527.270 |
77567.710 |
|
(b) Trade payables |
|
11412.840 |
11726.550 |
|
(c) Other current liabilities |
|
28223.930 |
60418.000 |
|
(d) Short-term provisions |
|
946.850 |
873.920 |
|
Total Current
Liabilities (4) |
|
98110.890 |
150586.180 |
|
|
|
|
|
|
TOTAL |
|
369291.580 |
319557.990 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
58825.010 |
55030.450 |
|
(ii) Intangible Assets |
|
458.160 |
820.110 |
|
(iii) Capital work-in-progress |
|
6674.550 |
7165.070 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
49327.790 |
47228.990 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
74741.530 |
55088.180 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
190027.040 |
165332.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
41.630 |
208.110 |
|
(b) Inventories |
|
21578.970 |
20807.090 |
|
(c) Trade receivables |
|
28327.000 |
27504.420 |
|
(d) Cash and cash equivalents |
|
4858.260 |
5045.460 |
|
(e) Short-term loans and advances |
|
123663.130 |
99761.490 |
|
(f) Other current assets |
|
795.550 |
898.620 |
|
Total Current
Assets |
|
179264.540 |
154225.190 |
|
|
|
|
|
|
TOTAL |
|
369291.580 |
319557.990 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
3479.570 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
90859.200 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
94338.770 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
59376.050 |
|
|
2] Unsecured Loans |
|
|
58361.600 |
|
|
TOTAL BORROWING |
|
|
117737.650 |
|
|
DEFERRED TAX LIABILITIES |
|
|
6369.610 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
218446.030 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
60031.060 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
42679.630 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
20401.380
|
|
|
Sundry Debtors |
|
|
26473.300
|
|
|
Cash & Bank Balances |
|
|
13164.340
|
|
|
Other Current Assets |
|
|
555.240
|
|
|
Loans & Advances |
|
|
65441.380
|
|
Total
Current Assets |
|
|
126035.640 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
6645.620
|
|
|
Other Current Liabilities |
|
|
2474.840 |
|
|
Provisions |
|
|
1179.840
|
|
Total
Current Liabilities |
|
|
10300.300 |
|
|
Net Current Assets |
|
|
115735.340 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
218446.030 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
30.06.2013 (18 Months) |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
181572.750 |
126502.220 |
|
|
|
Other Income |
|
4182.660 |
1063.120 |
|
|
|
TOTAL (A) |
|
185755.410 |
127565.340 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
56643.700 |
40562.960 |
|
|
|
Purchase of Stock in-Trade |
|
59133.820 |
38501.830 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
|
(577.320) |
(140.410) |
|
|
|
Production and Exploration Expenses –Oil and Gas |
|
12668.340 |
9007.760 |
|
|
|
Employees benefits expense |
|
3979.940 |
2253.460 |
|
|
|
Other expenses |
|
19660.410 |
13792.490 |
|
|
|
TOTAL (B) |
|
151508.890 |
103978.090 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
34246.520 |
23587.250 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
27148.180 |
9777.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
7098.340 |
13809.360 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
8243.500 |
6075.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
(1145.160) |
7733.720 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(428.840) |
2334.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
(716.320) |
5399.110 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(2.38) |
17.73 |
|
|
|
PARTICULARS |
|
|
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
144096.910 |
|
|
|
Other Income |
|
|
429.860 |
|
|
|
TOTAL (A) |
|
|
144526.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
|
91123.170 |
|
|
|
Production and Exploration Expenses – Oil
and Gas |
|
|
8298.070 |
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
2280.070 |
|
|
|
Manufacturing Expenses |
|
|
16259.860 |
|
|
|
TOTAL (B) |
|
|
117961.170 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
26565.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
8931.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
17634.040 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
7129.620 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
10504.420 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
3057.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
7446.940 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
22438.440 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION
OF FRINGE BENEFIT TAX FOR EARLIER YEARS |
|
|
57.830 |
|
|
|
|
|
|
|
|
|
Less/ Add |
TRANSFER FROM
DEBENTURE/ BONDS REDEMPTION RESERVE |
|
|
258.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend – Equity |
|
|
301.970 |
|
|
|
Proposed Dividend – Preference |
|
|
46.080 |
|
|
|
Tax on Dividend |
|
|
57.810 |
|
|
|
Transfer to Debenture/Bonds Redemption
Reserve |
|
|
0.000 |
|
|
|
Transfer to General Reserve |
|
|
1000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
28680.290 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
4750.330 |
|
|
|
Interest |
|
|
0.000 |
|
|
|
Other |
|
|
490.310 |
|
|
TOTAL EARNINGS |
|
|
5240.640 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
20492.780 |
|
|
|
Capital Goods |
|
|
1953.030 |
|
|
TOTAL IMPORTS |
|
|
22445.810 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
BASIC |
|
|
27.88 |
|
|
|
DILUTED |
|
|
26.65 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 (18 Months) |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(0.39)
|
4.23 |
5.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.63)
|
6.11 |
7.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.37)
|
2.92 |
5.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.08 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.16
|
1.39 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.02 |
12.24 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
3339.360 |
3340.940 |
|
Reserves & Surplus |
96190.400 |
97839.040 |
|
Net
worth |
99529.760 |
101179.980 |
|
|
|
|
|
long-term borrowings |
60816.220 |
161449.860 |
|
Short term borrowings |
77567.710 |
57527.270 |
|
Total
borrowings |
138383.930 |
218977.130 |
|
Debt/Equity
ratio |
1.390 |
2.164 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
144096.910 |
126502.220 |
181572.750 |
|
|
|
(12.210) |
43.533 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
144096.910 |
126502.220 |
181572.750 |
|
Profit |
7446.94 |
5399.110 |
(716.320) |
|
|
5.17% |
4.27% |
(0.39%) |
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 |
|||||||
|
Bench:- Bombay |
|
||||||
|
Lodging No:- |
SL/296/2013 |
Failing Date:- |
05/04/2013 |
Reg. No.:- |
S/331/2013 |
Reg. Date:- |
02/05/2013 |
|
|
|||||||
|
Petitioner:- |
EROS INTERNATIONAL MEDIA LIMITED |
Respondent:- |
VIDEOCON INDUSTRIES LIMITED |
||||
|
Petn.Adv:- |
AVESH KAYSER/K.S. PACHOO |
Resp.Adv.:- |
M/S RAN & CO. (2) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
SINGLE |
Category:- |
COPY RIGHT (SUIT) |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR DIRECTION [ORIGINAL SIDE MATTERS] |
||||
|
Next Date:- |
20/01/2014 |
Stage:- |
FOR DIRECTION [ORIGINAL SIDE MATTERS] |
||||
|
Coram:- |
HON'BLE SHRI JUSTICE S.J. KATHAWALLA |
|
|
||||
|
Last Date:- |
06/01/2014 |
|
|||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE S.J. KATHAWALLA |
||||||
|
Act:- |
Copy Right Act |
||||||
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
30.06.2013 (18 Months) |
31.12.2011 |
|
Long Term
Borrowings |
|
|
|
Rupee Loan from Bank |
0.000 |
6749.940 |
|
Foreign Currency Convertible Bonds |
11652.340 |
10423.730 |
|
Sales Tax Deferral |
16.640 |
40.930 |
|
Short-Term
Borrowings |
|
|
|
Loan form Banks |
7620.830 |
40642.320 |
|
|
13930.050 |
0.000 |
|
|
|
|
|
Total |
33219.860 |
57856.920 |
OPERATIONS
CONSUMER ELECTRONICS
AND HOME APPLIANCES:
The period was a very tough period marked by challenges in both internal and external environment and the Consumer Electronics and Home Appliances Industry was not an exception to this. The performance of the Company was affected due to economic slowdown, which resulted in lower business volumes. Even through thick and thin, the Company was able to deliver a stable performance.
OIL AND GAS:
During the period, the wholly owned Mauritius based subsidiary named Videocon Mauritius Energy Limited has on 25th June, 2013 executed at Singapore, a Share Sale and Purchase Agreement with ONGC Videsh Limited and Oil India Limited for sale of its 100% stake in Videocon Mozambique Rovuma 1 Limited ("VMRL") for a consideration of US$ 2.475 billion. VMRL holds 10% participating interest in the off shore Area 1 Block in Rovuma Basin in Mozambique (the "Offshore Area 1"), which has series of sizable natural gas discoveries. However, the financial results of the Company for the period do not include any revenue in respect of the same as the said transaction has not been yet consummated.
The Company continues to explore more opportunities in oil and gas sector in pursuance to its corporate objective and strategy to remain actively involved in E and P activities worldwide. The various discoveries and explorations made by the Company and through its wholly owned subsidiaries and/or joint ventures during the period have further added to the hydrocarbon resources already established in these Blocks.
BRAZIL
During the period, Petroleo Brasileiro SA, the Operator for Sergipe, Espirito Santos and Potiguar concessions, announced various discoveries in these Concessions. These discoveries and explorations further establishes and increases the prospectivity of various basins in which IBV Brasil Petroleo Limitada, a 50:50 joint venture of the Company, through its wholly owned subsidiary Videocon Energy Brazil Limited, with BPRL Ventures B.V., have concessions, adding to the discoveries already established. This further underlines their efforts in Brazil.
During the period, the exploration program in ES-M-661 block, BM-ES-24-Aconcession, in the Espirito Santo Basin, offshore Brazil was successfully completed. Exploration Well 1-ESS-209, known as "Grana Padano" was successfully drilled upto a depth of 2961 meters, in a water depth of 1208 meters by the consortium. Further, drilling of the second well in the area of Barra in the deep waters of the Sergipe-Alagoas Basin was also completed.
During the period, the existence of light hydrocarbons in the concessionBM-SEAL-11, in ultra-deep waters of the Sergipe-Alagoas basin offshore was discovered. This discovery was made during drilling of well 1-BRSA-1083-SES (1-SES-167) informally known as 'Farfan', situated in a water depth of 2720m, located 109 km from the city of Aracaju,located in ultra deep waters of Sergipe Alagoas Basin. The well proved presence of sandstone reservoirs saturated with light hydrocarbons in the Maastrichtian and Campania sections with gross pay thickness of 98m in intervals of 4578m to 4605m (net pay of 17 m)and 5321 to 5365m (net pay of 24m) respectively.
After the Balance
Sheet date:
Petroleo Brasileiro SA ("Petrobras"), the Operator, confirmed the existence of light hydrocarbons in the Appraisal Well currently drilled in the 'Farfan Discovery Area', in Concession BM-SEAL-11, in ultradeep waters of the Sergipe-Alagoas basin Off shore. Further, formation test in Well (3-SES-176D) informally known as Farfan#1, the first to evaluate the production capacity of the accumulation located in the concessionarea BM-SEAL-11, Block SEAL-M-426 in ultra deep waters of the Sergipe-Alagoas basin offshore was completed. Petrobras further confirmed that the test evaluated 30 meters ofturbidite sandstones formation and confirmed good reservoir characteristics featuring excellent productivity of good quality oil.
Further, the Wahoo-5 appraisal well in BM-C-30 Concession, wherein Anadarko Petroleum Corporation, USA, through its Brazilian subsidiary, is acting as the Operator, drilled in the eastern flank of the Wahoo structure and encountered more than 200 net feet of high-quality pay in a pre-salt reservoir, with a total hydrocarbon column now establishedat 460 feet. The drilling result of the well has proved beyond doubt the extent of the Upper Sag pay towards the NE of the Wahoo main structure. During drilling, oil and gas shows have been reported within the Coquina section, below the upper sag.
MOZAMBIQUE
During the period, Anadarko Petroleum Corporation, USA ("Anadarko") announced its seventh well in the discovery area offshore Mozambique successfully appraised previous discoveries at Lagosta and Camarao. TheLagosta-2 appraisal well, located about 4.4 miles north of the Lagosta discovery and 5.3miles south of the Camarao well, encountered 777 total net feet (237 meters) of naturalgas pay in multiple zones.
Further, Anadarko also announced the results of its first flow test offshore Mozambique. The Barquentine-2 well flowed at an equipment-constrained rate of 90 to 100million cubic feet of gas per day (MMcf/d), with minimal pressure drawdown, providing confidence in well designs that are capable of 100 to 200 MMcf/d.
During the period, Barquentine-4 well encountered approximately 160 netmeters of natural gas pay. The Barquentine-4 well is the ninth successful well in the complex that includes the earlier Windjammer, Barquentine, Lagosta and Camarao discoveries and the five subsequent appraisal wells in the block.
During the period, the Golfinho exploration well discovered a new, major natural gas accumulation nearly 20 miles northwest of its Prosperidade complex within the Offshore Area 1 of the Rovuma Basin. The Golfinho discovery well encountered more than 193net feet (59 net meters) of natural gas pay in two high-quality Oligocene fan system. Further, the Atum exploration well discovered another significant natural gas accumulation within the Offshore Area 1 of the Rovuma Basin. The Atum discovery well encountered more than 300 net feet (92 meters) of natural gas pay in two high-quality Oligocene fan systems. Similarly, The Orca-1 discovery well encountered approximately 190 net feet (58meters) of natural gas pay in a Paleocene fan system.
TELECOM:
Videocon Telecommunications Limited (VTL), a subsidiary of the Company had been awarded licenses by the Department of Telecommunications ("DoT") to provide Unified Access Services ("UAS") in 21 telecom circles in India with effect from 25thJanuary, 2008 which were valid for a period of 20 years. VTL had also been allocated spectrum in 20 circles and had launched its commercial operations in 17 circles.
The Hon'ble Supreme Court of India, vide its order and judgment dated 2nd February,2012 ("Judgment") in two separate writ petitions, quashed the UAS licenses granted on or after 10th January, 2008 pursuant to two press releases issued on 10thJanuary, 2008 and the subsequent allocation of spectrum to licensees which included the 21UAS licenses issued and allocation of spectrum to VTL. The Hon'ble Supreme Court of India's judgment reasoned that the allocation of 2G spectrum pursuant to the UAS License was unconstitutional and arbitrary. The order quashing the UAS licenses and the allocation of spectrum was to be operative after four months from the date of the Judgment. By subsequent orders dated 24th April, 2012 and 27th August, 2012, the Hon'ble Supreme Court directed that the licensees whose licenses had been cancelled were to continue their operations until 18th January 2013. This order was modified by a subsequent order dated15th February 2013, whereby it was directed that the licensees have to stop operations with immediate effect.
The Hon'ble Supreme Court of India vide its Judgment had also directed the Central Government to grant fresh UAS licenses and spectrum allocation by auction. The DoT, had issued a Notice Inviting Applications (bearing file no. 3-16/2012- Fin./Auction) dated28th September, 2012 for auction of spectrum in 1800 MHz and 800 MHz bands.
VTL participated in the aforesaid auction and was declared as a successful bidder of spectrum in six circles in 1800 MHz, namely, Bihar, Gujarat, Haryana, Madhya Pradesh, Uttar Pradesh (East) and Uttar Pradesh (West). On 3rd March, 2013, VTL was awarded the Unified Licenses (Access Services) for these six circles with effect from 16th February,2013 which are valid for a period of 20 years. VTL has also been allotted 5Mhz spectrum in1800Mhz category in each of these 6 circles out of which, VTL is already providing its commercial services in 3 circles i.e. Gujarat, Haryana and Madhya Pradesh.
By the order dated 15th February, 2013, the Hon'ble Supreme Court of India has, inter-alia, held that the successful applicants in the auction should be allowed to operate in those circles in which they have been successful. VTL is continuing its commercial operations in 3 circles viz. Gujarat, Haryana and Madhya Pradesh. VTL shall belaunching, subject to receipt of the necessary approvals from DoT, its commercial operations in remaining 3 circles viz. Bihar, Uttar Pradesh (East) and Uttar Pradesh(West) shortly.
POWER:
5.75 MWp Solar Photovoltaic Power Project commissioned by the Company in October, 2011at Village: Majra, Taluka: Warora, Dist.: Chandrapur, Maharashtra; 5.75 MWp Solar Photovoltaic Power Project commissioned by Comet Power Private Limited, a step down subsidiary of the Company; and 5.50 MWp Solar Photovoltaic Power Project commissioned by Unity Power Private Limited, a step down subsidiary of the Company; are operating at full capacities and are generating electricity.
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 USA head quatered global insurance company, Liberty Mutual Insurance Group to setup a non-life insurance business in India. As per prevailing FDI Guidelines for the Insurance sector in India, Liberty Mutual Insurance Group will for the present hold a maximum of 26.0% of the equity interest in the new joint venture and their Company will hold a minimum of 74.0%. The Joint Venture Company, Liberty Videocon General Insurance Company Limited, has received the Certificate of Registration to operate as a General Insurance Company from the Insurance Regulatory and Development Authority (IRDA), under Section 3 of the Insurance Act, 1938,in July, 2012.
Currently, their Company is holding 77.90% equity stake in the Joint Venture Company.
Post receipt of the necessary license from IRDA to commence its operations and after the requisite set up of manpower, technology, distribution arrangements and product approvals from IRDA, the Joint Venture Company has launched the Non-Life Insurance business in India in January, 2013. It has now commenced business operations from 8branches across India and plans to expand its product suite and geographical presence nationally.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
CONSUMER ELECTRONICS
INDUSTRY
The global consumer electronics industry remains steady despite economic slowdown. While younger consumers have, for years, been eager to purchase new technologies, older consumers are showing optimistic purchase plans as well. Emerging markets continue to strengthen their importance as consumers in these markets remain active buyers with strong purchase intentions. But underlying this growth is a competitive environment best characterized as an open playing field.
Across geographies and market segments, demand for consumer technologies remains steady. In the shifting landscape of increasingly multi-function devices, and compelled by consumer willingness to experiment, industry players have tremendous opportunity to change the game to win.
The consumer electronics market is in a rapid evolution phase and the manufacturers are under tremendous competitive pressure to be first-to-market with unique and differentiated products. To stay ahead of the competition, the manufacturers have set the ball rolling and are forced to constantly enhance their products or support emerging technologies.
Consumer electronics manufacturers continue to focus on innovation in next generation technology to meet consumer demand. The industry will gain some relief as the economic environment becomes more favorable, seeing consumers less reluctant to dispose off the rising disposable income.
CONSUMER ELECTRONICS
SEGMENT – VIDEOCON
The Company emerges as a USD 5 Billion Global conglomerate continuing to set trend in every sphere of its activities. The Company is into the business of manufacturing, assembling and distributing a comprehensive range of consumer electronics, products and home appliances. The Company has also ventured into the business of power generation, oil and gas business, telecom sector and insurance sector.
The growth of Consumer Electronics Industry is supported by an increase in the disposable incomes, changing tastes and preferences and innovative measures on the part of the manufacturers. The Company has ventured into localization of the products and introduction of compact versions of the product to meet the requirements of the people.
The main area of expertise for the Company is production of wide range of consumer electronics products and home appliances as follows-
Televisions:
The Indian Television Industry has undergone significant changes in recent times. Television, now a days is not only an entertainment devise but also a source of information. Television has the biggest impact in all walks of life because it is the most popular way of getting information. Apparently, since 'seeing is believing', it is an effective way to educate people.
Televisions continue to be the mainstay of the Consumer Electronics Industry with the transition occurring to newer technologies. In addition to the LED TVs, 3D TVs, DTH LEDTVs, Internet TVs etc., the Company is launching products like 4K Ultra HD DDB TVs.
Some of the eye catching features of televisions are:
• Fully Integrated Digital TV: There is a shift from analogue to digital transmission signals having advantages of no signal loss, clear and bright HD TV Viewing.
• Dual Core Processor: Dual Core CPU with 450MHz inside ensures high system performance with greater operation reliability.
• 14-Bit Video Processor: Video is optimized with 14-bit colour processing which leads to high depth in picture, true colour enhancement with natural skin tone.
• Faroudja Video and Audio Optimized: Faroudja Engine has high algorithms for Video and Audio Superiority. It has advanced noise reduction capability that eliminates the blur caused by noise signal and presents the clear image for the viewing. It also has colour compensation / correction processing with independent L and R processing for vivid picture quality. Similarly, Faroudja audio optimization has algorithms for noise reduction from audio for crystal clear sound experience.
• 10-Band Graphics Equalizer: A graphic equalizer allows the user to control individually a number of different frequency bands in a stereophonic system.
• STRATA Certified Audio: STRATA produces loud and clear sound which provides an incredible listening experience, intensifying the emotional impact of movies and music.
The Company tries to reach out to all classes of customers by launching innovative products right from affordable to premium and luxury categories. Going forward, the Company is likely to launch innovative products and technologies to cater to their ever evolving target audience.
Washing Machines:
The washing machine market is seeing an upsurge in terms of both quantity and value. The reason is that washing machines are no longer considered as luxury items. Now, they have become utilitarian goods and an integral part of their lives. The increase in nuclear families, growth in working women and youth and people's desire for a better life style has enhanced the need and growth of demand of this product. To cater to this need, the Company has focused in introducing Front Loading and Top Loading Fully Automatic and Semi Automatic Washing Machines which are user friendly having utility features which utilizes less power, water and detergent and with enhanced performance.
The shift of the users from semi-automatic to fully automatic versions has been a major trend driving the Indian washing machine market. Since inception, there has been consistent advancement in technologies. The Company has come out with a series which is designed to deliver smart cleaning, smart rinsing and drying along with smart convenience and smart savings.
Air Conditioners:
Products which enhances lifestyle and comfort living have gained utmost prominence with increase in aspirations and economic clout of tech-savvy users. Air conditioners have gained prominent position in residential and commercial establishments and have expanded its reach from luxury to essential product with the expanding economy and per capita income. The product has not only remained for comfort but also became a fashion statement and has occupied coveted space at home and business place.
The desire for a comfortable environment creation has led to increase in the technological advancement in the Air Condition industry with path breaking technology development. With greater awareness on Eco friendly requirements like low power consumption, healthier air, low noise, ozone friendly technology coupled with trendy looks has propelled the need for the air conditioners. Considering the aforesaid aspects, the Company has introduced air conditioners with features that add to the comfort. Some of the features include:
• Copper tubing which apart from better durability and serviceability gives the Air Conditioner better cooling efficiency even at higher ambient temperatures.
• Five-stage filter which provides air that is hygienic and free from any unwanted particles.
• Smart purification system that ensures that the homes have pure air while ensuring smart savings.
Microwave Ovens:
The Company has constantly customized its product range to suit the taste of Indian consumers and providing microwave ovens with superior yet friendly technology for microwave cooking. To move up from only reheating and baking, many advanced models of microwave ovens have been launched. There has been a constant research and development activity to create a technology for preservation of the nutrients while cooking, keeping in mind the growing health-conscious youth population.
Over the years, the technological growth led to the advancement in microwave oven, with it becoming more and more kitchen friendly, as microwave stepped up the counter tops to suit every taste. The Company has come up with variety of models which are virtually suited to meet the needs of cooking and heating. The smart auto cook menus of microwave ovens have pre-programmed cooking cycles so that one can enjoy delicious food at just the touch of a button. The microwave ovens, also have smart convenience features that provide easy cleaning and ensure safety for children.
OIL AND GAS INDUSTRY
The Indian oil and gas sector is one of the six core industries in India and has very significant forward linkages with the entire economy. India has been growing at a decent rate annually and is committed to accelerate the growth momentum in the years to come. This would translate into India's energy needs growing many times in the years to come. Hence, there is an emphasized need for wider and more intensive exploration for new finds, more efficient and effective recovery, a more rational and optimally balanced global priceregime - as against the rather wide upward fluctuations of recent times, and a spirit ofequitable common benefit in global energy cooperation.
The Indian oil and gas sector is of strategic importance and plays a predominantly pivotal role in influencing decisions in all other spheres of the economy. The annual growth has been commendable and will accelerate in future consequently encouraging allround growth and development. This has necessitated the need for a wider intensified search for new fields, evolving better methods of extraction, refining and distribution, the constitution of a national price mechanism - keeping in mind the alarming price fluctuation in the recent past and evolving a spirit of equitable global cooperation.
The oil and gas sector in India presents a significant opportunity for investors and is exhibited to demonstrate robust growth in line with the growth of the Indian economy. India's Oil and Gas sector is a promising one as there is a huge untapped potential basin while many large blocks offshore are unexplored.
OIL AND GAS SEGMENT-
VIDEOCON
The Company has marked its presence in the oil and gas section through various joint ventures and establishment of its subsidiaries.
* During the period , the wholly owned Mauritius based subsidiary named Videocon Mauritius Energy Limited has on 25th June, 2013 executed at Singapore, a Share Sale and Purchase Agreement with ONGC Videsh Limited and Oil India Limited for sale of its 100% stake in Videocon Mozambique Rovuma 1 Limited ("VMRL") for a consideration of US$ 2.475 billion. VMRL holds 10% participating interest in the off shore Area 1 Block in Rovuma Basin in Mozambique, which has series of sizable natural gas discoveries.
# The oil and gas blocks in Brazil are held by IBV Brazil Petroleo Limitada, which is a50:50 Joint Venture between Videocon Energy Brazil Limited and Bharat Petro Resources Limited.
OUTLOOK
With increasing per capita income and consumers considering electronics products anecessity rather than a luxury, volume and value sales in the forecast period are expected to witness strong growth. Also, the desire to keep up with growing consumerism regarding electronics will also be a primary driver behind the continued expansion of this industry in the long-term future. The Company has plans to expand the consumer durables segment further, enhance brand imagery and product positioning and bring in more and more technology-heavy innovative products in the market.
Innovation is at the heart of every product that rolls out of the Company. The aim of the Company is to serve India by creating technologically path-breaking products through constant innovation and by understanding consumer needs. In turn, their innovations have constantly enriched people's lives and touched their hearts in every corner of India. The Company aims at delivering cutting-edge technology through their products which make consumers' lives simple and more convenient, giving them a delightful brand experience.
CONTINGENT LIABILITY:
|
Particular |
30.06.2013 (18 Months) |
31.12.2011 Rs. in Millions |
|
a)Letters of Guarantees |
39317.010 |
76432.950 |
|
b)Letters of Credit opened including standby letters of credit |
61216.920 |
29921.440 |
|
d)Customs Duty demands under dispute [Amount paid under protest Rs.3.410 Million (Previous period Rs.0.07 Million)] |
502.460 |
447.020 |
|
e)Income Tax demands under dispute |
3149.410 |
494.740 |
|
f)Excise Duty and Service Tax demand under dispute [Amount paid under protest Rs.30.860 Million (Previous period Rs.4.21 Million)] |
1034.950 |
610.880 |
|
g)Sales Tax demands under dispute [Amount paid under protest Rs.377.090 Million (Previous period Rs.360.080 Million) |
1131.510 |
919.840 |
|
h)Others Amount paid under protest Rs.50.00 Million (Previous period Rs.50.00 Million) |
2153.300 |
1062.640 |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31TH MARCH, 2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Income from operations |
|
|
|
|
|
Net Sales/Income
from Operations |
30734.700 |
32074.000 |
94570.700 |
|
|
Other operating
income |
130.800 |
183.300 |
385.300 |
|
|
Total Income |
30865.500 |
32257.300 |
94956.000 |
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
9993.700 |
10292.200 |
30433.200 |
|
|
Purchase
of stock in trade |
10070.600 |
9897.000 |
29805.700 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(857.300) |
148.500 |
(807.100) |
|
|
Employee
benefits expenses |
712.400 |
731.300 |
2164.600 |
|
|
Depreciation
and amortization expenses |
1917.200 |
1324.600 |
4528.200 |
|
|
Other
expenses |
5434.100 |
5722.100 |
16795.300 |
|
|
Total Expenses |
27270.700 |
28115.700 |
82919.900 |
|
3. |
Profit/ (Loss) from Operations
before Other Income, Interest and Exceptional Items (1-2) |
3594.800 |
4141.600 |
12036.100 |
|
4. |
Other
Income |
1393.600 |
2064.400 |
5220.700 |
|
5. |
Profit/ (Loss) from ordinary
activities before finance costs and
Exceptional Items (3+4) |
4988.400 |
6206.000 |
17256.800 |
|
6. |
Finance
Cost (net) |
5796.200 |
5977.400 |
17584.200 |
|
7. |
Profit/ (Loss) from ordinary
activities after finance costs and but before Exceptional Items (5-6) |
(807.800) |
228.600 |
(327.400) |
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
9. |
Profit/ (Loss) from ordinary
activities before tax (7+8) |
(807.800) |
228.600 |
(327.400) |
|
10. |
Tax
Expense |
(158.400) |
52.300 |
(56.100) |
|
11. |
Profit/ (Loss) from ordinary
activities after tax (9-10) |
(649.400) |
176.300 |
(271.300) |
|
12. |
Extraordinary Items (net of
tax expenses) |
-- |
-- |
-- |
|
13 |
Net Profit/ (Loss) for the
period (11-12) |
(649.400) |
176.300 |
(271.300) |
|
14. |
Paid-up Equity Share Capital (Face Value per share Re.10) |
3187.600 |
3187.600 |
3187.600 |
|
15. |
Reserve excluding Revaluation Reserves |
-- |
-- |
-- |
|
16i. |
Earnings Per Share
– (Before Extraordinary Items) |
|
|
|
|
|
Basic |
(2.04) |
0.55 |
(0.85) |
|
|
Diluted |
(2.04) |
0.55 |
(0.85) |
|
16ii. |
Earnings Per Share
– (After Extraordinary Items) |
|
|
|
|
|
Basic |
(2.04) |
0.55 |
(0.85) |
|
|
Diluted |
(2.04) |
0.55 |
(0.85) |
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
99383255 |
99383255 |
99383255 |
|
|
-
Percentage of Shareholding |
31.18% |
31.18% |
31.18% |
|
|
|
|
|
|
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
99383255 |
148565520 |
|
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and promoter
group) |
67.52% |
67.72% |
|
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
46.47% |
46.61% |
|
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
71252954 |
70822894 |
71252954 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
32.48% |
32.28% |
32.48% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
22.35% |
22.22% |
22.35% |
|
Particulars |
Quarter Ended 31.03.2014 |
|
Pending at the beginning of the quarter |
10 |
|
Received during the quarter |
251 |
|
Disposed of during the quarter |
254 |
|
Remaining unresolved at the end of the
quarter |
7 |
Notes:
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 15th
May, 2014.
In respect of Auditors' qualifications in the review report for the quarter
ended 31st March 2014, regarding the extent of realisability of the
Investments made in and the advances given to Videocon Telecommunications
Limited (VTL), the subsidiary, the explanation of management is as under;
The Company has, directly and through its subsidiaries, made investments of Rs.
57790.000 millions and has also given advances to Videocon Telecommunications
Limited (VTL), the subsidiary, VTL was granted the license for providing
Unified Access Services (UAS) in 21 circles by the Department of
Telecommunications (DoT), Government of India in 2008 and was also allotted
spectrum in 20 circles. The Hon'ble Supreme Court of India, vide its Judgment
dated February 02, 2012, quashed all the UAS licenses granted on or after
January 10, 2008 and the subsequent allocation of spectrum to these licensees,
which also include the 21 UAS licenses granted to VTL and the spectrum allotted
to it. The Hon'ble Supreme Court of India had also directed the Central
Government to grant fresh licenses and allocation of spectrum by auction
thereafter.
DoT conducted the auction of spectrum in November, 2012. VTL participated in
the auction and has been awarded spectrum in 6 circles. VTL is continuing its
commercial operations. Though VTL has huge accumulated losses, the management
is confident of mobilizing necessary resources for continuing operations of VTL
as per the business plan. Accordingly, in the opinion of the management, no
provision is required for diminution in the value of aforesaid investments and
advances to VTL,
Tax expense for the quarter and period ended represents provision for current,
deferred and excess/short provision of earlier years.
The figures have been regrouped/reclassified wherever necessary to make them comparable.
Segment-wise details
of Revenue, Result and Capital Employed.
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Segment Revenue |
|
|
|
|
|
Consumer Electronics & Home Appliances |
27911.500 |
28457.600 |
84322.700 |
|
|
Crude Oil & Natural Gas |
2910.500 |
3757.300 |
10520.700 |
|
|
Power |
43.500 |
42.400 |
112.600 |
|
|
Total |
30865.500 |
32257.300 |
94956.000 |
|
|
Less: Inter Segment Revenue |
-- |
-- |
- |
|
|
Net sales/income
from Operations |
30865.500 |
32257.300 |
94956.000 |
|
2. |
Segment Result |
|
|
|
|
|
Consumer Electronics & Home Appliances |
2997.300 |
3069.200 |
90333.000 |
|
|
Crude Oil & Natural Gas |
611.800 |
1078.300 |
3045.600 |
|
|
Power |
26.800 |
22.300 |
61.100 |
|
|
Total |
3635.900 |
4169.800 |
93439.700 |
|
|
Less |
|
|
|
|
|
Finance costs |
5796.200 |
5977.400 |
17584.200 |
|
|
Other un-allocable expenditure net off un-allocable income |
(1352.500) |
(2036.200) |
(5116.800) |
|
|
Total Profit Before
Tax |
(807.800) |
228.600 |
(327.400) |
|
3. |
Capital Employed |
|
|
|
|
|
Consumer Electronics & Home Appliances |
67432.600 |
67849.600 |
67432.600 |
|
|
Crude Oil & Natural Gas |
3915.500 |
4014.800 |
3915.500 |
|
|
Power |
5422.000 |
5528.100 |
5422.000 |
|
|
Total Capital in
segments |
76770.100 |
77392.500 |
76770.100 |
|
|
Unallocable corporate assets less corporate liabilities |
23985.400 |
24014.900 |
23985.400 |
|
|
Total capital
employed |
100755.500 |
101407.400 |
10755.500 |
Notes:
I. Segment have been identified in accordance with the Accounting Standard AS-17 “Segment Reporting” considering the organization structure and the return/risk profiles of the company.
II. Segment revenue includes sales and other income directly identifiable and allocable to the segment.
III. Other unallocable expenditure includes expenses incurred on common services provided to segment and corporate expenses. Unallocable Income mainly includes income from Investment and divestment Income.
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 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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs. 81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
47 |
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.