MIRA
INFORM REPORT
|
Report No. : |
307719 |
|
Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIRC ELECTRONICS
LIMITED |
|
|
|
|
Registered
Office : |
Onida House, G-1, MIDC, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.01.1981 |
|
|
|
|
Com. Reg. No.: |
11-023637 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 141.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32300MH1981PLC023637 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM21150D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM8055A |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer Trader and Importer of TV, LCD, LED and Washing Machines
and Air Conditions. |
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|
|
|
No. of Employees
: |
1428 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The company has reported loss for the current as well as previous
financial year. However, General financial position of the seems to be
decent. Trade relations seem to be fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
October 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Tem Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
October 2014 |
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Shiv Kumar |
|
Designation : |
Secretarial Officer |
|
Contact No.: |
91-22-66975777 |
|
Date : |
11.02.2015 |
LOCATIONS
|
Registered Office : |
Onida House, G -
1, MIDC, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra,
India |
|
Tel. No.: |
91-22-28200435 /
56975777 |
|
Fax No.: |
91-22-28384499 /
28325068 |
|
E-Mail : |
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|
Website : |
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|
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|
Factory 1 : |
Village Kudus, Bhiwadi Wada Road, Taluka Wada, Thane – 421312, Maharashtra,
India |
|
|
|
|
Factory 2 : |
Khasra No. 158, village – Raipur, Pargana –
Bhagwanpur, Roorkee, District – Haridwar, Uttarakhand, India |
|
|
|
|
Factory 3 : |
Khasra No. 399 to 401 and 405 to 410, 158 Kms Milestone, Delhi - Roorkee Highway - NH-58 Village - Mundiyaki, Pargana - Manglorur, Tehsil - Roorkee, District Hariwar (Uttarakhand) – 247670, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Gulu L.
Mirchandani |
|
Designation : |
Chairman and
Managing Director |
|
Qualification : |
B.E. (Mechanical) |
|
|
|
|
Name : |
Mr. Vijay J.
Mansukhani |
|
Designation : |
Managing Director |
|
Qualification : |
Graduate from the
|
|
Experienced: |
30 Years |
|
|
|
|
Name : |
Mr. Shyamsunder Dhoot, |
|
Designation : |
Whole-time Director |
|
Date of Birth : |
01.04.1960 |
|
Qualification : |
Production Engineer |
|
Date of Appointment : |
16.02.2013 |
|
|
|
|
Name : |
Rafique Malik |
|
Designation : |
Director |
|
Qualification : |
|
|
|
|
|
Name : |
Mr. Vimal
Bhandari |
|
Designation : |
Director (w.e.f
07.06.2014) |
|
Date of Birth : |
23.08.1958 |
|
Qualification : |
Chartered
Accountant |
|
|
|
|
Name : |
Carlon Pereira |
|
Designation : |
Director |
|
|
|
|
Name : |
Radhika Piramal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Aashay Khandwala |
|
Designation : |
Head-Corporate Affairs, Legal and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of shareholder |
Number of Shares |
Percentage of
Holdings |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
84856168 |
43.24 |
|
|
1975553 |
1.01 |
|
|
35360917 |
18.02 |
|
|
35360917 |
18.02 |
|
|
122192638 |
62.27 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
122192638 |
62.27 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2700 |
0.00 |
|
|
1208 |
0.00 |
|
|
800000 |
0.41 |
|
|
6757322 |
3.44 |
|
|
7561230 |
3.85 |
|
|
|
|
|
|
9965794 |
5.08 |
|
|
|
|
|
|
39710643 |
20.24 |
|
|
13697192 |
6.98 |
|
|
3106705 |
1.58 |
|
|
2520053 |
1.28 |
|
|
586542 |
0.30 |
|
|
110 |
0.00 |
|
|
66480334 |
33.88 |
|
Total Public
shareholding (B) |
74041564 |
37.73 |
|
Total (A)+(B) |
196234202 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
196234202 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer Trader and Importer of TV, LCD, LED and Washing Machines
and Air Conditions. |
|
|
|
|
Products : |
·
TV ·
LCD ·
LED ·
Washing Machines ·
Air Conditions |
|
|
|
|
Brand Names : |
Not Available |
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|
Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Finished Goods |
|
Countries : |
China |
|
|
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Terms : |
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Selling : |
Cash, L/C and Credit |
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|
|
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
·
Wholesalers, Retailers and End Users
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No. of Employees : |
1428 (Approximately) |
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Bankers : |
·
State Bank of India ·
ICICI Bank Limited ·
HDFC Bank Limited ·
IDBI Limited ·
Canara Bank ·
Royal Bank of Scotland ·
Yes Bank Limited ·
Axis Bank Limited ·
Corporation Bank |
|||||||||||||||||||||
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|
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Facilities : |
(Rs.
In Millions)
Note : Cash Credit Facility, Working capital loan and Buyers credit from banks is secured by pari passu charge in favour of the bankers by mortgage / hypothecation of Company’s current assets and immovable and movable properties except the Land and Building and Plant and Machinery embedded to the earth at Roorkee. The interest on cash credit ranges from 12% to 15%. The interest on Buyers credit is libor plus spread. |
|
Auditors : |
|
|
Name : |
M/s. S.R. Batliboi and Company LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Subsidiary : |
Akasaka Electronics Limited |
|
|
|
|
Enterprise over
which any person described in 2 and 3 is able to exercise significant
influence : |
·
Iwai Electronics Private Limited ·
Adino Telecom Limited ·
Gulita Wealth Advisors Private Limited ·
IIFL InvestmentAdviser and Trustee Services
Limited, (Formerly IIFL Trustee Services Limited ·
Guilta Securities Limited |
CAPITAL STRUCTURE
As on 31.03.2014
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
368020000 |
Equity Shares |
Rs.1/- each |
Rs.368.020 Millions |
|
10000 |
8% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.1.000 Millions |
|
1000000 |
11% Non-Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.469.020
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
141751678 |
Equity Shares |
Rs.1/- each |
Rs.141.752
Millions |
|
248000 |
Forfeited Equity Shares |
|
Rs.0.186
Million |
|
|
Total |
|
Rs.141.938 Millions |
Reconciliation of
Equity Shares outstanding
|
PARTICULARS |
31st March, 2014 |
|
Fully paid up
shares |
|
|
At the beginning of the year |
141751678 |
|
At the end of the year |
141751678 |
|
Partly paid up
shares |
|
|
At the beginning of the year |
248000 |
|
At the end of the year |
248000 |
Rights, Preferences
and Restrictions attached to Equity Shares
The company has only one class of equity shares having par value of ` 1 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend, if any on the equity shares is recommended by the Board and approved by the shareholders at the Annual General Meeting.
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.
Aggregate number and
class of shares allotted as fully paid up pursuant to contract(s) without
payment being received in cash
In FY 2009-10 : 7,48,96,669 Equity Shares were alloted and 7,48,96,575 Equity Shares were cancelled as per the Scheme of Amalgamation of Guviso Holdings Private Limited. with the Company.
Details of
Shareholders holding more than 5 % of the issued shares
|
Name of Shareholder |
31st March, 2014 |
|
|
|
Total Shares Held |
As a % of Total Shares |
|
Mr. Gulu L. Mirchandani |
|
|
|
Mrs. Gita Mirchandani |
9.211 |
11.82 |
|
IIFL Investment Adviser and Trustee Services Limited |
25.688 |
18.12 |
|
Mr. Kaval G. Mirchandani |
12.517 |
8.83 |
|
Mr. Sasha G. Mirchandani |
12.479 |
8.80 |
As per of the company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
141.938 |
141.938 |
141.938 |
|
(b) Reserves & Surplus |
1247.687 |
1847.399 |
2133.770 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1389.625 |
1989.337 |
2275.708 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
150.014 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
154.479 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
21.512 |
|
Total
Non-current Liabilities (3) |
0.000 |
0.000 |
326.005 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2675.534 |
2729.386 |
1216.508 |
|
(b) Trade payables |
2107.793 |
1938.522 |
3092.716 |
|
(c) Other current liabilities |
481.344 |
553.030 |
806.383 |
|
(d) Short-term provisions |
40.278 |
41.083 |
54.184 |
|
Total
Current Liabilities (4) |
5304.949 |
5262.021 |
5169.791 |
|
|
|
|
|
|
TOTAL |
6694.574 |
7251.358 |
7771.504 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1514.473 |
1541.383 |
1649.490 |
|
(ii) Intangible Assets |
1.162 |
0.632 |
0.844 |
|
(iii) Capital work-in-progress |
0.000 |
76.666 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
262.485 |
262.485 |
262.485 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
376.843 |
404.556 |
413.573 |
|
(e) Other Non-current assets |
4.604 |
4.502 |
3.360 |
|
Total
Non-Current Assets |
2159.567 |
2290.224 |
2329.752 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.864 |
1.668 |
1.946 |
|
(b) Inventories |
2340.042 |
2510.624 |
3035.972 |
|
(c) Trade receivables |
1246.341 |
1325.448 |
1275.016 |
|
(d) Cash and cash equivalents |
254.691 |
307.300 |
285.119 |
|
(e) Short-term loans and
advances |
340.295 |
315.949 |
402.392 |
|
(f) Other current assets |
351.774 |
500.145 |
441.307 |
|
Total
Current Assets |
4535.007 |
4961.134 |
5441.752 |
|
|
|
|
|
|
TOTAL |
6694.574 |
7251.358 |
7771.504 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
12951.143 |
13027.832 |
16492.794 |
|
|
Other Income |
17.952 |
20.092 |
25.526 |
|
|
TOTAL
(A) |
12969.095 |
13047.924 |
16518.320 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4986.559 |
4792.437 |
6390.774 |
|
|
Purchases of Stock-in-Trade |
5353.693 |
5373.473 |
6531.001 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
176.039 |
459.736 |
280.331 |
|
|
Employees benefits expense |
823.468 |
772.321 |
922.638 |
|
|
Other expenses |
1704.495 |
1573.671 |
2185.463 |
|
|
Exceptional Item |
0.000 |
0.000 |
50.122 |
|
|
TOTAL
(B) |
13044.254 |
12971.638 |
16360.329 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(75.159) |
76.286 |
157.991 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
381.302 |
387.165 |
358.633 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(456.461) |
(310.879) |
(200.642) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
143.251 |
157.875 |
215.498 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(599.712) |
(468.754) |
(416.140) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
(286.371) |
(26.743) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(599.712) |
(182.383) |
(389.397) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
170.281 |
171.614 |
120.732 |
|
|
TOTAL
EARNINGS |
170.281 |
171.614 |
120.732 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
4203.666 |
3465.126 |
4182.245 |
|
|
Finished Goods-Stock in Trade |
3198.260 |
3228.590 |
4501.291 |
|
|
Capital Goods |
5.577 |
76.541 |
56.397 |
|
|
TOTAL
IMPORTS |
7407.503 |
6770.257 |
8739.933 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(4.23) |
(2.02) |
(2.75) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(4.63) |
(1.40) |
(2.36) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
(0.58) |
0.59 |
0.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.32) |
(6.78) |
(5.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.43) |
(0.24) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.93 |
1.37 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
0.94 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
141.938 |
141.938 |
141.938 |
|
Reserves & Surplus |
2133.770 |
1847.399 |
1247.687 |
|
Net
worth |
2275.708 |
1989.337 |
1389.625 |
|
|
|
|
|
|
long-term borrowings |
150.014 |
0.000 |
0.000 |
|
Short term borrowings |
1216.508 |
2729.386 |
2675.534 |
|
Total
borrowings |
1366.522 |
2729.386 |
2675.534 |
|
Debt/Equity
ratio |
0.600 |
1.372 |
1.925 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16492.794 |
13027.832 |
12951.143 |
|
|
|
(21.009) |
(0.589) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16492.794 |
13027.832 |
12951.143 |
|
Profit |
(389.397) |
(182.383) |
(599.712) |
|
|
(2.36%) |
(1.40%) |
(4.63%) |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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:- |
ITXAL/82/2015 |
Failing Date:- |
30.01.2015 |
|
|
|
|
|
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX CENT |
Respondent:- |
MIRC ELECTRONICS LIMITED |
|||||
|
Petn.Adv:- |
ARVIND PINTO |
|||||||
|
District:- |
MUMBAI |
|||||||
|
|
||||||||
|
Bench:- |
SINGLE |
Category:- |
TAX APPEALS |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
|
|||||
|
Last Date:- |
06/02/20158 |
|||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|||||||
|
|
|
|||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section :- |
260A |
|||||
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Interest free Loan from Promoters/Directors repayable on demand |
320.000 |
0.000 |
|
|
|
|
|
Total |
320.000 |
0.000 |
PERFORMANCE:
The turnover of the Company stood at Rs. 13725.600 Millions as against Rs. 13777.3000 Millions, during the previous financial year. The Company has incurred a loss before tax of Rs. 599.700 Millions as against a loss of Rs. 46.88 Millions recorded during the previous financial year. This loss was mainly due to the unfavorable impact of rupee being depreciated against dollar and continued sluggish market conditions. With the introduction of newer sales avenues and a range of new generation products which are technologically advanced, along with stringent cost control measures, the company is confident to make a mark and improve the performance in the years to come.
OUTLOOK
The economy is now showing chances of revival and there are all hopes for positive governmental measures. In year 2013 volumes in consumer appliance industry was stagnant and there was price pressure due to high inflation, increase in fuel costs, weakening rupee and rising input prices impacting sales of products. Rupee which was very volatile during the close of the year 2013 has now stabilized and moves within the narrow range and is
strengthening with the surge in foreign infl ows. The external sector is far more stable with exports picking up.
In a recent study on Opportunities & Challenges in Consumer Electronics & Home appliances (India) by CEAMA and Arthur D Little it anticipates a demand of USD 400 Billion whereas domestic production would be able to cater to demand of only USD 100 Billion and rest will have to be supplemented by imports. This opens a new vistas for growth.
The Government has also given impetus towards making India into a global hub for electronics system design and manufacturing to meet the growth in local and global needs. In March 2014 the cabinet approved setting up of two semi conductor wafer fabrication (FAB) in Uttar Pradesh and Gujarat by private sector involving project costs of Rs 63000 crores. This will stimulate the flow of capital and technology, create employment opportunities, help addition of higher value electronics products and lead to innovation. The appliances using semiconductors are room air conditioners, washing machine which accounts for 60% of the semi conductors industry home appliance revenue in 2013. This will help to reduce the import duties and restrictions.
Another factor which is expected to steer the market in next few years is the replacement market given the growing need to focus on energy conservation and meet the energy star rating models and energy guide labels.
Global warming continues to be to remain a major factor and El Nino effect makes a primary reason to have inverter based air-conditioning systems.
With penetration of branded household appliances still not very high, specially in semi urban and rural areas there is plenty of opportunities to grow.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 31ST DECEMBR, 2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2014 (Unaudited) |
30.09.2013 (Unaudited) |
31.012.2014 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
2113.900 |
2702.400 |
8238.500 |
|
|
Other operating
income |
5.400 |
22.300 |
30.100 |
|
|
Total Income |
2119.300 |
2724.700 |
8268.600 |
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
624.400 |
1629.100 |
3239.900 |
|
|
Purchase
of stock in trade |
374.600 |
917.100 |
2585.200 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
514.800 |
(568.400) |
273.200 |
|
|
Employee
benefits expenses |
203.700 |
179.500 |
153.000 |
|
|
Depreciation
and amortization expenses |
35.500 |
35.700 |
106.700 |
|
|
Exchange(Gain)/
Loss |
4.800 |
39.900 |
67.100 |
|
|
Other
expenses |
349.200 |
394.300 |
1224.500 |
|
|
Total Expenses |
2106.800 |
2627.200 |
8059.600 |
|
3. |
Profit From Operations before
Other Income, Interest and Exceptional Items (1-2) |
12.500 |
97.500 |
209.000 |
|
4. |
Other
Income |
1.900 |
0.700 |
3.700 |
|
5. |
Profit Before finance cost and
Exceptional Items (3+4) |
14.400 |
98.200 |
(54.500) |
|
6. |
Finance
Cost |
98.200 |
81.500 |
247.700 |
|
7. |
Profit before Exceptional
Items (5-6) |
(73.800) |
(16.700 |
(35.000) |
|
8. |
Exceptional
Items |
-- |
- |
- |
|
9. |
Profit before Tax (7+8) |
(73.800) |
(16.700 |
(35.000) |
|
10. |
Tax
Expense |
-- |
10.900 |
-- |
|
11. |
Net Profit after Tax (9-10) |
(73.800) |
5.800 |
(35.000) |
|
12. |
Equity Share Capital (Face Value per share Re.1) Paid-up Equity Share Capital |
196.200 |
141.700 |
196.200 |
|
13. |
Reserve excluding Revaluation Reserves |
-- |
-- |
-- |
|
14. |
Earnings Per Share (EPS) - Basic and Diluted and not annualised (Rs.) |
(0.38) |
0.04 |
(0.23) |
|
Part II Select
information for the quarter ended 31st December, 2014 |
||||
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
74041564 |
63660032 |
74041564 |
|
|
-
Percentage of Shareholding |
37.73% |
44.91% |
37.73% |
|
|
|
|
|
|
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
-- |
-- |
-- |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
-- |
-- |
-- |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
122192638 |
78091645 |
122192638 |
|
|
- 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) |
62.27% |
55.09% |
62.27% |
|
Particulars |
Quarter Ended 31.12.2014 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
14 |
|
Disposed of during the quarter |
14 |
|
Remaining unresolved at the end of the
quarter |
0 |
Notes:
1. The above results as reviewed by the Audit Committee, have been taken on record at the meeting of the Board of Directors held on 13th February 2015.
2. The Statutory Auditors have carried out a limited review of the Unaudited Standalone Financial Results for the quarter ended 31st December 2014.
3. As per the requirement of Schedule II of the companies Act, 2013 the company has revised the useful life of its fixed asset and corresponding depreciation rate. As a result of this change the charge for current quarter and nine months ended 31st December 2014. Is higher by Rs. 4.863 Millions and Rs. 11.475 Millions Respectively.
4. The company is mainly engaged in consumer durables business which as per Accounting Standard (AS) – 17 on Segment Reporting is considered as the only reportable segment. There is no separately identification geographical segment.
5. Previous year / periods figures have been rearranged / regrouped wherever necessary.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10491063 |
30/04/2014 |
930,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C03999018 |
|
2 |
10434614 |
06/06/2013 * |
200,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS,, FREE PRESS JOURNAL MARG, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA |
B78724705 |
|
3 |
10333069 |
04/01/2012 |
450,000,000.00 |
AXIS BANK LIMITED |
Axis House, Grnd Flr, Bombay Dyeing Mill Compound, |
B31031032 |
|
4 |
10261591 |
29/11/2010 |
750,000,000.00 |
AXIS BANK LIMITED |
209,ATLANTA,GROUND FLOOR, NARIMAN POINT, MUMBAI, |
B03576972 |
|
5 |
90237579 |
18/12/2012 * |
7,487,800,000.00 |
State Bank of India |
Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai, Maharashtra - 400021, INDIA |
B65921389 |
|
6 |
90237986 |
18/09/2000 |
180,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, MAKER CHAMBERS; - III |
- |
|
7 |
90237346 |
06/11/2001 * |
1,677,750,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA TOWERS; NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
8 |
90237280 |
15/01/1999 * |
1,502,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECL., RAHEJA CHAMBERS ; NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
9 |
90274896 |
25/03/2004 * |
2,000,000.00 |
CREDIT SISSUE FIRST BOSTON |
FIVE CABOT SQUARE, LONDON, , UNITED KINGDOM |
- |
|
10 |
90237217 |
11/07/1997 |
1,405,000,000.00 |
STATE BANK OF INDIA |
MUMBAI, MUMBAI, Maharashtra, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Leasehold Land
· Freehold Land
· Buildings
· Plant and Machinery and Electrical Fittings
· Furniture, Fixtures and Equipments
· Motor Vehicles
·
R and D-Building
·
R and D- Plant and
Machinery and Electrical Fittings
·
R and D- Furniture,
Fixture and Equipments
Press Release
MIRC Electronics expects to double revenue from AC business
CHENNAI: MIRC Electronics, manufacturers of home appliances under the ONIDA brand, is eyeing to double its turnover in the air conditioner business to Rs 7500.000 Millions in 2015, a top official said today.
"In 2014 the market grew by 10-12 per cent. We expect it will grow at 15 per cent this year. Our target revenue from air-conditioner business is Rs 7500.000 Millions this year. Last year revenues from air conditioner business were Rs 3500.000 Millions", MIRC Electronics Limited Vice-President, Marketing, N S Satish told reporters here.
MIRC
ELECTRONIC - OUTCOME OF RIGHT
ISSUE COMMITTEE MEETING
Mirc Electronics Ltd has informed BSE the Rights Issue Committee of the Company has on September 10, 2014 finalised the following terms and conditions w.r.t proposed rights issue of equity shares of the Company, including matters related/ incidental thereto:
1. Rights Entitlement ratio : 5 (Five) Equity Shares for every 13 (Thirteen)
Equity Shares held on the book closure date.
2. Issue Price : Rs. 6 (Six) per equity share (premium of Rs. 5 (Five) per
equity share)
3. No. of equity shares to be offered under the Rights Issue : 5,45,19,876
4. Size of the Rights Issue : Rs. 32,71,19,256
5. Outstanding Equity Shares prior to the Rights Issue : 14,17,51,678 Equity
Shares of face value Re 1/-
6. Outstanding Equity Shares post Rights Issue : 19,62,71,554 Equity Shares of
face value Re. 1/-
7. Terms of payment : Full amount of Rs. 6/- per equity share is
payable on application. The payment towards Equity Shares will be applied as
under:
- Re. 1/- towards share capital; and
- Rs. 5/- towards securities premium account
8. Fractional Entitlements : For Equity Shares being offered on a rights basis
under this Issue, if the shareholding of any of the Eligible Equity
Shareholders is less than 13 Equity Shares or not in the multiple of 13, the
fractional entitlement of such Eligible Equity Shareholders shall be ignored.
Eligible Equity Shareholders whose fractional entitlements are being ignored
would be given preferential consideration for the Allotment of one additional
Equity Share each if they apply for additional Equity Shares over and above
their Rights Entitlement, if any.
Those Eligible Equity Shareholders holding less than 3 Equity Shares will
therefore be entitled to zero Equity Shares under this Issue and shall be
despatched a CAF with zero entitlement. Such Eligible Equity Shareholders are
entitled to apply for additional Equity Shares. However, they cannot renounce
the same in favour of third parties. CAFs with zero entitlement will be
non-negotiable/ non-renounceable.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.