MIRA INFORM REPORT

Report No. :	321605
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	VIDEOCON INDUSTRIES LIMITED (w.e.f. 10.11.2003)
Formerly Known As :	VIDEOCON LEASING AND INDUSTRIAL FINANCE PRIVATE LIMITED (w.e.f. 14.02.1991) ADHIGAM TRADING PRIVATE LIMITED
Registered Office :	14, K M Stone, Aurangabad – Paithan Road, Village Chittegaon, Taluka Paithan, Aurangabad – 431105, Maharashtra
Tel No.:	91-2431-251501/ 02/ 03/ 04
Country :	India
Financials (as on) :	30.06.2013
Date of Incorporation :	04.09.1986
Com. Reg. No.:	11-103624
Capital Investment/ Paid-up Capital:	Rs.3340.940 Million
CIN No.: [Company Identification No.]	L99999MH1986PLC103624
TAN No.: [Tax Deduction & Collection Account No.]	MUMV09411D NSKV01616G
PAN No.: [Permanent Account No.]	AABCV4012H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Electronic / Electric Consumer Durables and Home Appliances.
No. of Employees:	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (51)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 289000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. The company has achieved a minimal profit during December 2014 however, net worth of the company is decent. Rating also takes into consideration the companies leading market position in domestic consumer electronics and home appliances segment. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual trade terms and conditions. Note: Financial are of 18 months ranging from 1^st uly 2013 – 31 December 2014.

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 Fund Based Bank Facilities (A)
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	June 02, 2014

Rating Agency Name	CARE
Rating	Short term fund based bank facilities = A1
Rating Explanation	Very strong degree of safety and carry very lowest credit risk.
Date	June 02, 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 DECLINED

MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-2431-251501)

LOCATIONS

Registered Office/Factory :	14, K M Stone, Aurangabad – Paithan Road, Village Chittegaon, Taluka Paithan, Aurangabad – 431105, Maharashtra, India
Tel. No.:	91-2431-251501/ 02/ 03/ 04
Fax No.:	91-2431-240391/ 251551
E-Mail :	secretarial1@gmail.com secretarial@videoconmail.com For General Inquiries : contact@videoconmail.com For Services : customercare@vgmail.in For Career : jobs@videocornmail.com For Marketing : marketing@vgmail.in
Website :	www.videoconworld.com
Corporate Office :	Fort House, 2^nd Floor, 221, Dr. D.N. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-214-3273091
Factory 2 :	Village: Chavaj, Via Society Area, Taluka and District: Bharuch – 392002, Gujarat, India
Factory 3 :	Vigyan Nagar, Industrial Area, Opposite RIICO Office Shahjahanpur, District Alwar - 301 706, Rajasthan, India
Plant :	Videocon Narmada Glass Division, Videocon House, Village Chavaj, Disrict Bharuch - 392002, Gujarat, India
Marketing Office :	296, Udyog Vihar, Phase – II, Gurgaon, Haryana, India
Tel. No.:	91-124-4215402

DIRECTORS

AS ON 30.06.2013

Name :	Mr. Venugopal Nandlal Dhoot
Designation :	Chairman cum Managing Director
Address :	90, Manav Mandir, Napean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	30.09.1951
Qualification :	B.E. (Electrical), FIE
Date of Appointment :	01.06.2005
Name :	Mr. Subramanian Padmanabham
Designation :	Director
Address :	30, Vishrambag Society, Senapati Bapat Marg, Pune – 411016, Maharashtra, India
Date of Birth/Age :	01.09.1939
Qualification :	· IAS · B.Sc. Physics (Honors) · M.Sc. Physics, Bachelor of General Law · Diploma in Developmental Economics – University of Cambridge · Diploma in Management
Date of Appointment :	01.06.2005
Name :	Maj. Gen. Chintamani Nilkanth Jatar
Designation :	Director
Name :	Mr. Radhey Shyam Agarwal
Designation :	Director
Address :	A-102, Chaitanya Tower, Near Karur Vysya Bank, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth :	02.10.1942
Date of Appointment :	30.03.2009
Name :	Mr. Anil G. Joshi
Designation :	Director
Date of Birth :	17.12.1943
Qualification :	· M.Sc. Physics/ Electronics · P.G. Diploma – Business Management · C.A.I.I.B (Part I)
Date of Appointment :	29.06.2011
Name :	Mr. B. Ravindranath
Designation :	Nominee- IDBI Bank Limited

KEY EXECUTIVES

Name :	Mr. Vinod Kumar Bohar
Designation :	Company Secretary
Address :	204, Videocon House, Gangapur Gin Compound, Station Road, Ahmednagar – 414001, Maharashtra, India
Date of Birth :	20.05.1974
Date of Appointment :	20.03.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	564233	0.19
Bodies Corporate	218824181	74.62
Sub Total	219388414	74.81
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	219388414	74.81
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	42912	0.01
Financial Institutions / Banks	8811813	3.00
Insurance Companies	18176140	6.20
Foreign Institutional Investors	10156870	3.46
Sub Total	37187735	12.68
(2) Non-Institutions
Bodies Corporate	22995942	7.84
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	9889691	3.37
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	3585830	1.22
Any Others (Specify)	210037	0.07
Non Resident Indians	207448	0.07
Trust/Co Op Society / Foundation	2589	0.00
Sub Total	36681500	12.51
Total Public shareholding (B)	73869235	25.19
Total (A)+(B)	293257649	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	41201226	0.00
Sub Total	41201226	0.00
Total (A)+(B)+(C)	334458875	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electronic / Electric Consumer Durables and Home Appliances.

Products :

ITC Code	Product Description
2709.00	Crude Oil and Natural Gas
8528.72	Colour Television
7011.20	Glass Shell Panels and Funnels for C P T

Brand Names :

Not Available

Agencies Held :

Not Available

Export :

Not Available

Import :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Supplier :

Not Available

Customer :

Not Available

No. of Employees :

Not Divulged

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

Facilities :

SECURED LOAN	30.06.2013 (18 Months)	31.12.2011
	Rs. In Million
Long Term Borrowings
Non-Convertible Debentures
Term Loans
Rupee Loans from Banks and Financial Institutions	140291.040	40868.440
Rupee Loans from Financial Institutions	9338.050	1421.560
External Commercial Borrowings	0.000	1164.440
Vehicle Loans from Banks	151.790	147.180
Short-Term Borrowings
Loan from Bank	20500.000	27573.500
Working Capital Loans from Banks	15476.390	9351.890
Total	185757.270	80527.010

Auditors :
Name :	Khandelwal Jain and Company Chartered Accountants
Address :	12-B, Baldota Bhavan, 117, Maharshi Karve Road, Opposite Churchgate Railway Station, Mumbai - 400020, Maharashtra, India
Name :	Kadam and Company Chartered Accountants
Address :	“Vedant”, 8/9, Viraj Estate, Opposite Tarakpur Bus Stand Ahmednagar - 414003, Maharashtra, India
Tel. No.:	91-241-2322120/ 30/ 40/ 2358964
E-mail :	uk@kadamandco.com
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 Rovuma 1 Limited - Videocon Indonesia Nunukan Inc - Videocon Energy Brazil Limited - Videocon Australia WA-388-P Limited - Oil Services International S.A.S. m) Videocon Energy Ventures Limited and its subsidiary - Videocon Oman 56 Limited n) Videocon International Electronics Limited and its subsidiaries - Jumbo Techno Services Private Limited - Senior Consulting Private Limited - Videocon Telecommunications Limited and its subsidiary - Datacom Telecommunications Private Limited o) Videocon Energy Limited and its subsidiaries - Videocon Power Ventures Limited and its subsidiaries (upto 20th October, 2011) - Aim Energy Private Limited (upto 20th October, 2011) - Marvel Energy Private Limited (upto 20th October, 2011) - Viable Energy Private Limited (upto 20th October, 2011) - Vital Power Private Limited (upto 20th October, 2011) - Proficient Energy Private Limited and its subsidiaries *** - Instant Energy Private Limited (upto 20th October, 2011) - Orchid Energy Private Limited (upto 20th October, 2011) - Applied Energy Private Limited and its subsidiaries - Comet Power Private Limited - Galaxy Power Private Limited (upto 20th October, 2011) - Percept Energy Private Limite (upto 20th October, 2011) - Unity Power Private Limited * Videocon Oil Ventures Limited was a subsidiary of Videocon Energy Limited up to 1st July, 2011. It became a wholly owned subsidiary of Videocon Industries Limited w.e.f. 2nd July, 2011. ** Videocon Industries Limited w.e.f. 21st December, 2010 acquired 97.54% of the share capital of Videocon Hydrocarbon Holdings Limited (VHHL). w.e.f. 12th July, 2011 VHHL became step down subsidiary of Videocon Industries Limited since Videocon Industries Limited transferred 96.54% of shareholding in VHHL to Videocon Oil Ventures Limited. *** Proficient Energy Private Limited was a subsidiary of Marvel Energy Private Limited up to 19th October, 2011. It became a subsidiary of Videocon Energy Limited w.e.f. 20th October, 2011.
Associates and Joint Ventures:	Goa Energy Private Limited - Associate - 26% - Radium Energy Private Limited - Associate - 26% - Videocon Infinity Infrastructure Private Limited - Joint Venture - 50% - IBV Brasil Petroleo Limitada - (50% Joint Venture of Videocon Energy Brazil Limited) - Northwest Energy Private Limited - (Associate of Proficient Energy Private Limited - 47%, w.e.f. 15th September, 2011)
Sister Concern :	Videocon Appliances Limited

CAPITAL STRUCTURE

After as ON 28.12.2013

Authorised Capital: Rs.6000.000 Million

Issued, Subscribed & Paid-up Capital: Rs.3344.589 Million

AS ON 30.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Share	Rs.10/- each	Rs.5000.000 Million
10000000	Redeemable Preference shares	Rs.100/-each	Rs.1000.000 Million
	Total		Rs.6000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
318771669	Equity Share	Rs.10/- each	Rs.3187.720 Million
	Less: Call In Arrears		Rs.0.080 Million
4523990	Redeemable Preference shares	Rs.33.32/- each	Rs.150.740 Million
76870	8% Cumulative Redeemable Preference shares	Rs.33.34/- each	Rs.2.560 Million
	Total		Rs.3340.940 Million

Reconciliation of the Number of Shares:

Particulars	As at 30th June, 2013
	No. of Shares	Rs. In Million
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:

Particulars	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 Million ]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2013 (18 Months)	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
Net Profit Margin (PAT / Sales)	(%)	(0.39)	4.23	5.15
Operating Profit Margin (PBIDT/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 Million ]

DEBT EQUITY RATIO

Particular	31.12.2011	30.06.2013 (18 Months)
	(Rs. In Million )	(Rs. In Million )
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 (18 Months)
	(Rs. In Million )	(Rs. In Million )	(Rs. In Million )
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 (18 Months)
	(Rs. In Million )	(Rs. In Million )	(Rs. In Million )
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:-	ITXAL/ 604/2015	Failing Date:-	06.05.2015
Petitioner:-	PR. COMMISSIONER OF INCOME TAX - 3		Respondent:-	VIDEOCON INDUSTRIES LIMITED
Pet. Adv.	SURESH KUMAR (I2100)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Pre-Admission		Stage:-	-
Last Date:-	08.06.2015
Last Coram:-	REGISTRAR (OS) PROTHONOTARY AND SR. MASTER
Act:-	INCOME TAX ACT, 1961
Under Section:	260A

UNSECURED LOAN

(Rs. In Million )

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 color processing which leads to high depth in picture, true color 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 price regime - as against the rather wide upward fluctuations of recent times, and a spirit of equitable 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 all-round 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 necessity 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.

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10555684	20/03/2015	13,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	C47030655
2	10551807	25/02/2015	2,000,000,000.00	INDIAN OVERSEAS BANK	NARIMAN POINT BARNCHA, BHAKTAWAR, NARIMAN POINT,  MUMBAI - 400021, MAHARASHTRA, INDIA	C44951093
3	10544676	30/12/2014	2,000,000,000.00	IFCI LIMITED	IFCI TOWER61 NEHRU PLACE, NEW DELHI - 110019, DELHI, INDIA	C41265174
4	10541020	24/12/2014	2,500,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER "E", GROUND FLOOR, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA,  INDIA	C39392782
5	10533505	15/11/2014	2,000,000,000.00	IDBI BANK LIMITED	224 A, A WING, 2ND FLOOR, MITTAL COURT, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C35139070
6	10529835	22/10/2014	4,500,000,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE, 130, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C32740300
7	10559338	30/09/2014	2,500,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,, DR.  A. B. ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA,  INDIA	C49194020
8	10559343	30/09/2014	1,000,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  A. B. ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA,  INDIA	C49194434
9	10522567	29/09/2014	1,500,000,000.00	ORIENTAL BANK OF COMMERCE	LARGE CORPORATE BRANCH, MAKER TOWER F 14 TH FLOOR,  CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	C23124159
10	10517271	08/08/2014	3,000,000,000.00	BANK OF INDIA	SUSHILP, 1290, SHIVAJINAGAR, OPPOSITE HOTEL SWAN INN,  OFF JANGLI MAHARAJ ROAD, PUNE - 411005, MAHARASHTRA, INDIA	C18690743

* Date of charge modification

CONTINGENT LIABILITY:

Particular	30.06.2013 (18 Months)	31.12.2011 Rs. in Million
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

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31.12.2014

[RS. IN MILLIONS]

Sr. No.	Particular	Quarter Ended			18 Months ended
		31.12.2014 [audited]	30.09.2014 [Unaudited]	31.12.2013 [Unaudited]	31.12.2014 [audited]
1.	Income from operations
	Net Sales/Income from Operations	31351.400	31873.100	32074.000	30324.500
	Other operating income	26.900	112.900	183.300	100.300
	Total Income	31378.300	31986.000	32257.300	30424.800
2.	Expenditure
	Cost of materials consumed	10040.800	10168.600	10292.200	10089.000
	Purchase of stock in trade	10055.100	10044.300	9897.000	9765.700
	Changes in inventories of finished goods, work in progress and stock in trade	(94.100)	(177.400)	148.500	(329.800)
	Employee benefits expenses	750.200	731.600	731.300	711.100
	Depreciation and amortization expenses	1700.700	1805.800	1324.600	1460.000
	Other expenses	4972.400	5632.100	5722.100	5042.400
	Total Expenses	27425.100	28205.000	20115.700	26738.400
3.	Profit/ (Loss) from Operations before Other Income, Interest and Exceptional Items (1-2)	3953.200	3781.000	4141.600	3686.400
4.	Other Income	2173.300	2092.600	2064.400	2414.400
5.	Profit/ (Loss) from ordinary activities before finance costs and Exceptional Items (3+4)	6126.500	5873.600	6206.000	6100.800
6.	Finance Cost (net)	5899.800	5856.700	5977.400	6028.400
7.	Profit/ (Loss) from ordinary activities after finance costs and but before Exceptional Items (5-6)	226.700	16.900	228.600	72.400
8.	Exceptional Items	0.000	0.000	0.000	0.000
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	226.700	16.900	228.600	72.400
10.	Tax Expense	40.600	3.500	52.300	(33.900)
11.	Profit/ (Loss) from ordinary activities after tax (9-10)	186.100	13.400	176.300	106.300
12.	Extraordinary Items (net of tax expenses)	--	--	-	--
13	Net Profit/ (Loss) for the period (11-12)	186.100	13.400	176.300	106.300
14.	Paid-up Equity Share Capital (Face Value per share Re.10)	3344.600	3187.600	3187.600	3187.600
15.	Reserve excluding Revaluation Reserves	--	--	-	--
16i.	Earnings Per Share – (Before Extraordinary Items)
	Basic	0.58	0.04	0.55	0.33
	Diluted	0.58	0.04	0.55	0.33
16ii.	Earnings Per Share – (After Extraordinary Items)
	Basic	0.58	0.04	0.55	0.33
	Diluted	0.58	0.04	0.55	0.33
A	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	-Number of Shares	115070461	99370461	99383255	97583255
	- Percentage of Shareholding	34.40	31.18	31.18	30.61
2.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	153837091	152918960	148565520	146220520
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	70.12	69.70	67.72	66.11
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	46.00	47.97	46.61	45.87
	b) Non Encumbered
	- Number of Shares	65551323	66469454	70822894	74967894
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	29.88	30.30	32.28	33.89
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	19.60	20.85	22.22	23.52

	PARTICULARS	3 Months Ended 31.12.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	12
	Received during the Quarter	350
	Disposed of during the quarter	356
	Remaining unresolved at the end of the quarter	6

NOTE

1. The above results have been approved by the Board of Directors at its meeting held on February 28, 2015.

2. The figures of the last quarter are the balancing figures between audited figures in respect of the full financial period up to December 31, 2014 and the unaudited published year-to*date figures up to September 30, 2014 being the date of the end of the fifth quarter of the financial period.

3. In respect of Auditors qualifications in the audit report, regarding the extent of realis ability 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. 65002.000 Million and has also given advances to Videocon Telecommunications Limited (VTL), the subsidiary. The licenses awarded by the Department of Telecommunications (Dot) to VTL to provide Unified Access Services (UAS) in 21 circles in India i.e. January 25, 2008, were quashed by the Hon'ble Supreme Court of India, vide its order and judgment dated February 2, 2012. Subsequently, VTL participated in the auction conducted by Dot and has been awarded the Unified Licenses (Access Services) for 6 circles with effect from February 16, 2013, which are valid for a period of 20 years, VTL has also been allotted spectrum in these 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. VTL is continuing its commercial operations. Accordingly, in the opinion of the management, no provision is required for diminution in the value of aforesaid investments and advances to VTL.

4. Figures of "Reserves excluding Revaluation Reserve as at December 31, 2014, "Earnings Per Share" and "Capital Employed" in Segment wise details for the quarter and period ended on that date are subject to the necessary adjustment on account of dividend on equity shares if and when proposed by the Board of Directors of the Company as per the provisions of the Companies Act, 2013 and the consequent dividend distribution tax.

5. During the Quarter, the Company has allotted 15,700,000 underlying equity shares represented by the issue of 13,700,000 Global Depository Receipts (GDR) at a price of US$ 2.88 per GDR, equivalent to Rs. 181.61 per equity share aggregating to Rs. 2851.300 Million.

6. Tax expense for the quarter and period ended December 31, 2014 represents provision for current tax, MAT credit entitlement, deferred tax and excess/short provision of income tax for earlier years.

7. The current accounting year of the Company has been extended and hence, the current accounting year is for the period of 18 (Eighteen) months from July 01, 2013 to December 31, 2014.

8. The figures have been regrouped/reclassified wherever necessary to make them comparable.

(RS. IN MILLIONS)

SOURCES OF FUNDS	31.12.2014 [audited]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	3344.600
(b) Reserves & Surplus	100557.100
Total Shareholders’ Funds	103901.700
(2) Share Application Money Pending Allotment	0.000
(3) Non-Current Liabilities
(a) long-term borrowings	180258.400
(b) Deferred tax liabilities (Net)	7092.500
(c) Other long term liabilities	0.000
(d) long-term provisions	1971.000
Total Non-current Liabilities (3)	189321.900
(4) Current Liabilities
(a) Short term borrowings	46440.400
(b) Trade payables	11524.700
(c) Other current liabilities	29785.600
(d) Short-term provisions	687.000
Total Current Liabilities (4)	88437.700
TOTAL
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	66619.300
(b) Non-current Investments	56208.900
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	79170.700
(e) Other Non-current assets	0.000
Total Non-Current Assets	201998.900
(2) Current assets
(a) Current investments	60.400
(b) Inventories	24041.000
(c) Trade receivables	28627.600
(d) Cash and cash equivalents	24497.000
(e) Short-term loans and advances	101252.400
(f) Other current assets	1184.000
Total Current Assets	179662.400
TOTAL	381661.300

SEGMENT-WISE DETAILS OF REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Sr. No.	Particular	Quarter Ended			18 Months ended
		31.12.2014 [audited]	30.09.2014 [Unaudited]	31.12.2013 [Unaudited]	31.12.2014 [audited]
1.	Segment Revenue
	Consumer Electronics & Home Appliances	28889.600	28916.500	28457.600	170461.600
	Crude Oil & Natural Gas	2446.600	3036.200	3757.300	18985.900
	Power	42.100	33.300	42.400	228.500
	Total	31378.300	31986.000	32257.300	189676.000
	Less: Inter Segment Revenue	-	-	-	-
	Net sales/income from Operations	31378.300	31986.000	32257.300	189676.000
2.	Segment Result
	Consumer Electronics & Home Appliances	3682.900	3453.200	3069.200	19345.800
	Crude Oil & Natural Gas	390.300	331.100	1078.300	4409.700
	Power	23.100	14.700	22.300	121.000
	Total	4096.300	3799.000	4169.800	23876.500
	Less
	Finance costs	5899.800	5856.700	5977.400	35189.000
	Other un-allocable expenditure net off un-allocable income	(2030.200)	(2074.600)	(2036.200)	(11358.400)
	Total Profit Before Tax	226.700	16.900	228.600	45.900
3.	Capital Employed
	Consumer Electronics & Home Appliances	67693.900	67440.800	67849.600	67693.900
	Crude Oil & Natural Gas	3882.100	3993.600	4014.800	3882.100
	Power	5433.600	5417.700	5528.100	5433.600
	Total Capital in segments	77009.600	76852.100	77392.500	77009.600
	Unallowable corporate assets less corporate liabilities	26892.100	24019.000	24014.900	26892.100
	Total capital employed	103901.700	100871.100	101407.400	103901.700

Notes:

1. 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.

2. Segment revenue includes sales and other income directly identifiable and allocable to the segment.

3. Other unallowable expenditure includes expenses incurred on common services provided to segment and corporate expenses. Unallowable Income mainly includes income from Investment and divestment Income.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Leasehold Improvements

· Plant and Machinery

· Furnace

· Electrical Installation

· Office Equipments

· Computer System

· Furniture and Fixture

· Vehicles

· Computer System

· Goodwill

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		51

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.