MIRA INFORM REPORT

Report No. :	494978
Report Date :	01.03.2018

IDENTIFICATION DETAILS

Name :	MICROMAX INFORMATICS LIMITED (w.e.f.03.08.2001)
Formerly Known As :	MICROMAX INFORMATICS PRIVATE LIMITED
Registered Office :	Plot No.21/14, Block-A, Naraina Industrial Area, Phase-II, New Delhi – 110028
Tel. No.:	91-124-4811000
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	29.03.2000
Com. Reg. No.:	55-104823
Capital Investment / Paid-up Capital :	INR 1955.570 Million
CIN No.: [Company Identification No.]	U00000DL2000PLC104823
IEC No.:	0503028665
GST No.:	07AABCR8863N1ZO
TIN No.:	07110250235
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR8863N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of Trading of Mobile Phones under its brands namely “Micromax” and “YU” (through its subsidiary YU Televentures Private Limited), Tablets, LED Televisions, Monitors and Data-Cards and also Provides Services of Providing Space for Pre-Embedding and activation of value added Services Applications on the Handsets Traded by it. [Registered Activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 37830000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated on 29th March 2000 and was initially in the business of manufacturing of fixed wireless terminals and phones. In 2009, the company began the business of trading in third party manufactured mobile phones under its brand namely ‘Micromax’. The company has operations spread across India and also has a global presence in Russia and SAARC markets (Bangladesh, Sri Lanka and Nepal). As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. The product portfolio consists of feature-phones, dual-SIM phones, Android smart-phones, data cards, tablets, and LED televisions. The Company also provides the services of providing space for pre-embedding of VAS applications on the handsets traded by it. For the financial year ended 2016, the company has reported a decline of 5.98% in its revenue as compared to the previous year but has managed to maintain an average net profit margin of 1.36%. Rating continues to derive strength from the experienced promoters, established brand, nationwide distributor-dealer network and comfortable financial risk profile. Further, the company has provided guarantee of INR 4007.67 million and INR 700 million to Micromax Informatics FZE and Bhagwati Products Limited respectively which belong to its associates company. It has also provided loans of INR 1.12 million, INR 797.19 million and INR 919.17 million to Mobi Serve Private Limited, Micromax Informatics FZE and YU Televentures Private Limited respectively. However, these rating strengths are partially offset by its dependence on third-party suppliers for products/ services, exposure to foreign exchange risks and stiff competition in the mobile handset industry. As per the current press release, State owned Bharat Sanchar Nigam Limited (BSNL) network has tied up with Micromax Informatics and Lava International to build low-cost devices which will be paired with voice and data pack bundle to provide more value to counter Reliance Jio. Micromax is banking on bringing possibly the lowest priced 4G smartphone in India, which may be priced at less than INR 1,000, to take back its place amongst the top five players in the segment by the end of the year. Micromax plans to launch Bharat 2 Ultra which from next month, with calling and data plan from Vodafone. The effective price of the device will be INR 999 as consumers buying the phone will get cash back over three years, bringing down their buying price from INR 2,899. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Loans = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	24.01.2017

Rating Agency Name	CARE
Rating	Short Term Loans = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	24.01.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 01.03.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE [TEL NO.: 91-124-4811000]

LOCATIONS

Registered Office :	Plot No.21/14, Block-A, Naraina Industrial Area, Phase-II, New Delhi – 110028, India
Tel. No.:	91-11-49790000
Fax No.:	Not Available
E-Mail :	info@micromaxinfo.com vikas.thapar@micromaxinfo.com anita@micromaxinfo.com divya.pant@micromaxinfo.com
Website :	www.micromaxinfo.com
Head/ Corporate Office :	Micromax House, 90B, Sector-18, Gurgaon – 122015, Haryana, India
Tel. No.:	91-124-4811000/ 01/ 02
Fax No.:	91-124-4811099
Factory :	Plot No.234, HPSIDC Industrial Area, Tehsil Nalagarh, District Solan – 173205, Himachal Pradesh, India
Distribution Offices:	Located at: · Andhra Pradesh · Assam · Bihar · Chhattisgarh · Delhi · Gujarat · Haryana · Himachal Pradesh · Jammu · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Orissa · Punjab · Rajasthan · Tamilnadu · Uttar Pradesh · Uttarakhand · West Bengal

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Amit Burman

Designation :

Director

Address :

23 Kautilya Marg, Chanakayapuri, New Delhi-110021, India

Date of Birth/Age :

16.07.1969

Qualification :

Master degree in Industrial Engineering

Date of Appointment :

21.09.2010

PAN No.:

AAAPB4012D

DIN No.:

00042050

Other Directorship :

CIN/FCRN	Company Name	Begin Date
L24230DL1975PLC007908	DABUR INDIA LIMITED	01/11/2001
L29199HR1956PLC033107	TALBROS AUTOMOTIVE COMPONENTS LIMITED	29/09/2008
L74899DL1995PLC067827	PVR LIMITED	27/09/2013
L93030DL2011PLC262151	CINEMAX INDIA LIMITED	22/07/2013
U15202DL1996PLC083594	DABUR FOODS LIMITED	03/12/1996
U15411DL2007PTC171030	LITE EAT OUT FOODS PRIVATE LIMITED	04/12/2007
U15499DL2002PTC114101	LITE BITE FOODS PRIVATE LIMITED	04/02/2002
U15533DL2006PTC150381	NATURES BOUNTY WINES AND ALLIED PRODUCTS PRIVATE LIMITED	28/06/2006
U45400DL2007PTC170790	A.B. PROPMART PRIVATE LIMITED	27/11/2007

Name :

Mr. Sumeet Kumar

Designation :

Wholetime Director

Address :

H No-62, Zone-H 4/5 Suvidha Kunj, Pitampura, Delhi-110034, India

Date of Birth/Age :

12.01.1974

Qualification :

Bachelor degree in System Engineering

Date of Appointment :

29.03.2000

PAN No.:

AAJPA8875A

DIN No.:

00060398

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U37100DL2010PLC209463	MICROMAX ENERGY LIMITED	18/10/2010
U45400DL2009PTC253047	PRIME INFRADEVELOPERS PRIVATE LIMITED	01/03/2015
U64100DL2014PTC272953	YU TELEVENTURES PRIVATE LIMITED	05/11/2014
U64203DL2014PTC266971	MOBI SERVE PRIVATE LIMITED	25/03/2014
U70100DL2011PTC215170	DREAMHOME INFRASTRUCTURE PRIVATE LIMITED	01/03/2015
U70200DL2015PTC286008	HERITAGE MAX REALTECH PRIVATE LIMITED	05/10/2015

Name :

Mr. Rahul Sharma

Designation :

Managing Director

Address :

H No 713 Block A, Sushant Lok 1, Gurgaon-122002, Haryana, India

Date of Birth/Age :

05.01.1975

Qualification :

Bachelor degree in Mechanical Engineering

Date of Appointment :

29.03.2000

PAN No.:

ALOPS2831A

DIN No.:

00060485

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U37100DL2010PLC209463	MICROMAX ENERGY LIMITED	18/10/2010
U45400DL2009PTC253047	PRIME INFRADEVELOPERS PRIVATE LIMITED	01/03/2015
U64100DL2014PTC272953	YU TELEVENTURES PRIVATE LIMITED	30/03/2016
U64203DL2014PTC266971	MOBI SERVE PRIVATE LIMITED	25/03/2014
U70100DL2011PTC215170	DREAMHOME INFRASTRUCTURE PRIVATE LIMITED	29/09/2011

Name :

Mr. Vikas Jain

Designation :

Wholetime Director

Address :

B - 1/118, 2^nd Floor, Block - B1 Paschim Vihar, New Delhi-110063, India

Date of Birth/Age :

01.08.1974

Qualification :

Bachelor degree in Mechanical Engineering

Date of Appointment :

29.03.2000

PAN No.:

AAGPJ3118G

DIN No.:

00331624

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U37100DL2010PLC209463	MICROMAX ENERGY LIMITED	18/10/2010
U45400DL2009PTC253047	PRIME INFRADEVELOPERS PRIVATE LIMITED	08/08/2012
U64100DL2014PTC272953	YU TELEVENTURES PRIVATE LIMITED	05/11/2014
U64203DL2014PTC266971	MOBI SERVE PRIVATE LIMITED	25/03/2014
U70100DL2011PTC215170	DREAMHOME INFRASTRUCTURE PRIVATE LIMITED	01/03/2015
U72300DL2014PTC271671	V-ONE VENTURES PRIVATE LIMITED	17/09/2014

Name :

Mrs. Rita Menon

Designation :

Director

Address :

S-298 2 Floor Panchsheel Park, New Delhi-110017, India

Date of Birth/Age :

25.12.1951

Date of Appointment :

23.06.2017

DIN No.:

00543058

Name :

Mr. Ghyanendra Nath Bajpai

Designation :

Director

Address :

131, Shaan Apartments, K.D. Marg, Prabhadevi, Mumbai-400028, Maharashtra, India

Date of Birth/Age :

06.07.1942

Qualification :

Master degree in Commerce

Date of Appointment :

21.09.2010

PAN No.:

ABEPB2522M

DIN No.:

00946138

Other Directorship :

CIN/FCRN	Company Name	Begin Date
L07010KA2004PLC033412	NITESH ESTATES LIMITED	30/09/2008
L31400WB1986PLC091621	USHA MARTIN LIMITED	27/07/2010
L52602MH1996PLC192090	FUTURE CONSUMER LIMITED	30/09/2008
L74999MH1908PLC000291	WALCHANDNAGAR INDUSTRIES LIMITED	10/02/2011
U65191TN1996PLC035963	DALMIA CEMENT (BHARAT) LIMITED	08/08/2011
U66010MH2006PLC165288	FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED	16/03/2007
U66030MH2006PLC165287	FUTURE GENERALI INDIA INSURANCE COMPANY LIMITED	16/03/2007
U67190MH2005PTC155404	INVENT ARC PRIVATE LIMITED	24/09/2008
U67190MH2010PTC209837	INDIANIVESH FUND MANAGERS PRIVATE LIMITED	29/09/2015

Name :

Mr. Mahendra Swarup

Designation :

Director

Address :

C-7, Paschimi Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

10.05.1953

Qualification :

Bachelor degree in Commerce

Date of Appointment :

21.09.2010

PAN No.:

AAMPS6405M

DIN No.:

01213634

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U32109UP1984PTC006836	NECTAR ENTERPRISES PRIVATE LIMITED	15/02/2000
U51305DL1992PTC106030	NECTAR ENTERPRISES PRIVATE LIMITED	15/02/2000
U51909DL2008PTC180421	TROOTRAC MEDIA PRIVATE LIMITED	30/09/2011
U52100DL2007PTC172061	OMG INDIA INTERNET MARKETING PRIVATE LIMITED	30/09/2011
U67190DL2005PTC141426	AVIGO CAPITAL PARTNERS PRIVATE LIMITED	13/08/2012
U72293DL2006PTC148795	VIS LEGIS CONSULT PRIVATE LIMITED.	08/07/2006
U74140DL2009PTC194168	VENTURE GURUKOOL MENTORING SERVICES PRIVATE LIMITED	11/09/2009
U74140DL2010PTC198685	ALCUMUS VENTURES ADVISORS PRIVATE LIMITED	04/02/2010
U74140DL2015PTC283049	AVOCADO MANAGEMENT SERVICES PRIVATE LIMITED	22/07/2015

Name :

Mr. Surya Chadha

Designation :

Additional Director

Address :

H No 3, S P Marg, Chanakya Puri, New Delhi-110021, India

Date of Appointment :

15.06.2017

DIN No.:

02173765

Other Directorship :

CIN/FCRN	Company Name	Begin Date
L72200DL1985PLC022649	NET 4 INDIA LIMITED	09/11/2009
U72300DL2006PTC154694	UNITEDLEX BPO PRIVATE LIMITED	17/02/2017
U74120DL2008PTC176199	MADISON INDIA CAPITAL ADVISORS PRIVATE LIMITED	30/05/2008
U74999DL2016PTC301869	MADISON-INDIA MANAGEMENT ADVISORS PRIVATE LIMITED	22/06/2016
U74999DL2017PTC314384	MIM ADVISORS PRIVATE LIMITED	14/03/2017

Name :

Mr. Naveen Wadhera

Designation :

Nominee Director

Address :

The Garden Flat 6 Roland Gardens London Sw73ph GB

Date of Birth/Age :

26.04.1977

Qualification :

Bachelor degree in System Engeneering

Date of Appointment :

24.12.2009

DIN No.:

02503164

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U24239MH1988PTC048150	IDEAL CURES PRIVATE LIMITED	19/05/2017
U72900DL2012PTC244966	RATEGAIN TRAVEL TECHNOLOGIES PRIVATE LIMITED	18/12/2014
U72900KA2000PTC027290	ATRIA CONVERGENCE TECHNOLOGIES PRIVATE LIMITED	06/05/2016
U99999DL1997PTC090978	TCNS CLOTHING CO. PVT. LTD.	30/09/2016

Name :

Mr. Rohan Agarwal

Designation :

Wholetime Director

Address :

B-312, Saraswati Vihar, Delhi-110034, India

Date of Birth/Age :

05.03.1951

Date of Appointment :

01.04.2017

Pan No.:

APXPA9236Q

DIN No.:

02724115

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U40106DL2010PTC206754	ENLIGHTEN SOLAR ENERGY PRIVATE LIMITED	24/08/2010
U40106GJ2014PTC079613	SANJEEVANI RENEWABLES PRIVATE LIMITED	30/09/2016
U45201DL2005PTC139755	SHAKUN BUILDWELL PRIVATE LIMITED	23/04/2012
U55101DL2009PTC192864	SILICON TELEVENTURE PRIVATE LIMITED	04/08/2009
U74930DL2007PTC171256	NINEX WAREHOUSING PRIVATE LIMITED	01/01/2015

Name :

Mr. Pradeep Kumar Panja

Designation :

Director

Address :

Bhaskara, 21, I Main, 4th Cross Gaurav Nagar, JP Nagar, 7th Phase, Bangalore-560078, Karnataka, India

Date of Birth/Age :

02.10.1955

Date of Appointment :

23.06.2017

DIN No.:

03614568

Other Directorship :

CIN/FCRN	Company Name	Begin Date
L72200MH1986PLC039341	TRIGYN TECHNOLOGIES LIMITED	01/11/2016
U40106HR2015PLC055641	ACME SOLAR HOLDINGS LIMITED	01/05/2017
U63040KA2016PTC086877	CARRYGO LOGISTICS PRIVATE LIMITED	10/03/2017
U67110DL2006PLC155167	INDIABULLS ASSET RECONSTRUCTION COMPANY LIMITED	01/11/2016
U67190TN2006PLC059527	L&T INFRASTRUCTURE FINANCE COMPANY LIMITED	17/11/2016
U70200KA2007PTC042824	BRIGADE PROPERTIES PRIVATE LIMITED	18/01/2017

KEY EXECUTIVES

Name :	Mr. Vikas Jain
Designation :	Chief Finance Officer
Address :	B-118, 2nd Floor, Paschim Vihar, New Delhi-110063, India
Date of Birth/Age :	01.08.1974
Qualification :	Bachelor degree in Mechanical Engineering
Date of Appointment :	10.03.2016
PAN No.:	AAGPJ3118G
Name :	Ms. Divya Pant
Designation :	Company Secretary
Address :	131, Harmony Apartment, Sector 4, Dwarka, Delhi-110075, India
Date of Appointment :	01.12.2016
PAN No.:	AOMPP7411C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Equity Shareholders	No. of Shares
Vikas Jain	38275945
Rahul Sharma	38283345
Sumeet Arora	38275945
Rajesh Agarwal	38275945
Yash Bhatia	7400
Vipul Jain	7400
Manju Arora	7400
Wagner Limited, Mauritius	28990610
SCI Growth Investments II, Mauritius	1279258
Sandstone Investment Partners I, Mauritius	5190656
Madison India Capital HC, Mauritius	765308
Spreadtrum Hong Kong Limited, Mauritius	2286753
Sequoia Capital India Investment Holdings III, Mauritius	250
Madison India Opportunities trust Fund	3911148
Total	195557363

Names of Preference Shareholder	No. of Shares
Wagner Limited, Mauritius	1
Total	1

AS ON: 26.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Individual/Hindu Undivided Family - Indian)	78.30
Promoters (Body corporate)	2.00
Public/Other than promoters (Individual/Hindu Undivided Family - Indian)	0.01
Public/Other than promoters (Others Foreign Companies)	19.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Trading of Mobile Phones under its brands namely “Micromax” and “YU” (through its subsidiary YU Televentures Private Limited), Tablets, LED Televisions, Monitors and Data-Cards and also Provides Services of Providing Space for Pre-Embedding and activation of value added Services Applications on the Handsets Traded by it. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
85171890	Mobile Phones
85287100	LED TV
99841909	Value added services

Brand Names :

· “Micromax”

· “YU”

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: [NOT AVAILABLE]

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

• Citi Bank N.A.

Jeevan Bharti Building,124 Connaught Circus, Connaught Place, New Delhi-110001, India

· Punjab National Bank Limited

Pant Nagarudham Singh Nagar-263145, Uttarakhand, India

• DBS Bank Limited

Capital Point, Baba Kharak Singh Marg, Connaught Place, New Delhi-110001, India

• The Ratnakar Bank Limited

Shahupuri, Kolhapur, Kolhapur-416001, Maharashtra, India

• Kotak Mahindra Bank Limited

Narian Manzil, Ground Floor, Shop No. G1 To G5,I Floor, Shop No.1001 to 1007, Barakhamba Road, New Delhi-110001, India

Facilities :

SECURED LOANS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Other loans and advances	17.930	26.530
SHORT TERM BORROWINGS
Rupee term loans from banks	4015.970	5261.020
Total	4033.900	5287.550

Financial Institution :	Sbicap Trustee Company Limited
Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	Golf View, Corporate Tower B, Sector 42, Sector Road, Haryana, India
PAN No.:	ACHFS9118A
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	· Micromax Informatics Fze, Dubai (Fze) · Mobi Serve Private Limited · Yu Televentures Private Limited · Micromax Informatics Technology (Beijing) Co., Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Silicon Televenture Private Limited [U55101DL2009PTC192864]

CAPITAL STRUCTURE

AS ON: 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
249999900	Equity Shares	INR 10/- each	INR 2499.999 Million
1	Preference Shares	INR 1000/- each	INR 0.001 Million
	Total		INR 2500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
195557363	Equity Shares	INR 10/- each	INR 1955.574 Million
1	Preference Shares	INR 1000/- each	INR 0.001 Million
	Total		INR 1955.575 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1955.570	1955.570	1955.570
(b) Reserves & Surplus	11284.970	11349.740	6611.790
(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)	13240.540	13305.310	8567.360
(3) Non-Current Liabilities
(a) Long-term borrowings	17.930	26.530	2.320
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	672.580	688.720	147.070
(d) long-term provisions	4044.230	2672.590	1608.640
Total Non-current Liabilities (3)	4734.740	3387.840	1758.030
(4) Current Liabilities
(a) Short term borrowings	4015.970	5261.020	7272.630
(b) Trade payables	5716.990	2349.760	929.680
(c) Other current liabilities	1367.500	999.920	732.450
(d) Short-term provisions	1458.450	1884.900	2070.930
Total Current Liabilities (4)	12558.910	10495.600	11005.690
TOTAL	30534.190	27188.750	21331.080
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	273.170	261.460	139.100
(ii) Intangible Assets	67.320	20.320	14.450
(iii) Capital work-in-progress	41.960	95.920	41.550
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	621.460	1.470	54.270
(c) Deferred tax assets (net)	988.760	975.940	547.510
(d) Long-term Loan and Advances	90.090	57.450	118.020
(e) Other Non-current assets	2044.440	1696.830	1399.300
Total Non-Current Assets	4127.200	3109.390	2314.200
(2) Current assets
(a) Current investments	1920.850	1174.890	1912.490
(b) Inventories	8602.600	8034.150	5606.210
(c) Trade receivables	6995.620	7407.910	4884.650
(d) Cash and cash equivalents	4533.980	5644.960	5807.050
(e) Short-term loans and advances	4099.750	1648.380	637.360
(f) Other current assets	254.190	169.070	169.120
Total Current Assets	26406.990	24079.360	19016.880
TOTAL	30534.190	27188.750	21331.080

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Revenue from Operations	98254.620	104504.770	70684.690
		Other Income	640.500	1008.440	581.450
		TOTAL	98895.120	105513.210	71266.140
Less	EXPENSES
		Purchases of Stock-in-Trade	83408.440	88056.210	59420.270
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(568.450)	(2427.940)	(2903.540)
		Employees benefits expense	(9.530)	2497.840	600.080
		CSR expenditure	0.000	10.000	0.000
		Other expenses	13745.120	11503.190	9583.000
		TOTAL	96575.580	99639.300	66699.810
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2319.540	5873.910	4566.330
Less	FINANCIAL EXPENSES		210.480	377.460	241.610
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2109.060	5496.450	4324.720
Less/ Add	DEPRECIATION/ AMORTISATION		103.350	44.110	36.060
	PROFIT BEFORE TAX		2005.710	5452.340	4288.660
Less	TAX		666.150	1813.640	1447.640
	PROFIT AFTER TAX		1339.560	3638.700	2841.020
	CIF VALUE OF IMPORT		37900.320	72348.670	56786.860
	Earnings Per Share (INR)		6.85	18.61	14.53

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	8.600	9.770	1.970
Net cash flows from (used in) operations	746.240	1755.700	4036.780
Net cash flows from (used in) operating activities	335.810	994.890	2162.540

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	25.99	25.87	25.22
Account Receivables Turnover (Income / Sundry Debtors)	14.05	14.11	14.47
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	25.02	9.74	5.71
Inventory Turnover (Operating Income / Inventories)	0.27	0.73	0.81
Asset Turnover (Operating Income / Net Fixed Assets)	6.06	15.55	23.41

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.41	0.39	0.52
Debt Equity Ratio (Total Liability / Networth)	0.31	0.40	0.85
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.95	0.79	1.28
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.03	0.03	0.02
Interest Coverage Ratio (PBIT / Financial Charges)	11.02	15.56	18.90

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	1.36	3.48	4.02
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.39	13.38	13.32
Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.12	27.35	33.16

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	2.10	2.29	1.73
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.42	1.53	1.22
G-Score Ratio Financial (Networth / Total Assets)	0.43	0.49	0.40
G-Score Ratio Debt (Debts / Equity Capital)	2.07	2.71	3.72
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.10	2.29	1.73

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	1955.570	1955.570	1955.570
Reserves & Surplus	6611.790	11349.740	11284.970
Share Application money pending allotment	0.000	0.000	0.000
Net worth	8567.360	13305.310	13240.540
long-term borrowings	2.320	26.530	17.930
Short term borrowings	7272.630	5261.020	4015.970
Current Maturities of Long term debt	1.970	9.770	8.600
Total borrowings	7276.920	5297.320	4042.500
Debt/Equity ratio	0.849	0.398	0.305

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	70684.690	104504.770	98254.620
		47.846	(5.981)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	70684.690	104504.770	98254.620
Profit	2841.020	3638.700	1339.560
	4.02%	3.48%	1.36%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1955.570	1955.570
(b) Reserves & Surplus	10460.470	11263.390
(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)	12416.040	13218.960
(3) Non-Current Liabilities
(a) Long-term borrowings	17.930	26.530
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	672.580	688.720
(d) long-term provisions	4252.020	2710.070
Total Non-current Liabilities (3)	4942.530	3425.320
(4) Current Liabilities
(a) Short term borrowings	6225.340	6787.250
(b) Trade payables	6732.360	2687.070
(c) Other current liabilities	1538.640	1155.990
(d) Short-term provisions	1641.190	1896.570
Total Current Liabilities (4)	16137.530	12526.880
TOTAL	33496.100	29171.160
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	275.530	264.000
(ii) Intangible Assets	67.360	20.320
(iii) Capital work-in-progress	41.960	95.920
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	405.130	0.000
(c) Deferred tax assets (net)	1306.080	1028.110
(d) Long-term Loan and Advances	340.440	57.450
(e) Other Non-current assets	2102.960	1696.830
Total Non-Current Assets	4539.460	3162.630
(2) Current assets
(a) Current investments	1920.850	1174.890
(b) Inventories	9989.740	8374.100
(c) Trade receivables	8971.340	8547.970
(d) Cash and cash equivalents	5387.540	6502.660
(e) Short-term loans and advances	2428.350	1235.030
(f) Other current assets	258.820	173.880
Total Current Assets	28956.640	26008.530
TOTAL	33496.100	29171.160

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015
	SALES
		Revenue from Operations	112724.190	109489.510
		Other Income	548.670	921.810
		TOTAL	113272.860	110411.320
Less	EXPENSES
		Purchases of Stock-in-Trade	98131.210	92132.620
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1615.640)	(2504.730)
		Employees benefits expense	128.160	2565.150
		CSR expenditure	0.000	10.000
		Other expenses	15202.280	12553.950
		TOTAL	111846.010	104756.990
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1426.850	5654.330
Less	FINANCIAL EXPENSES		311.250	437.910
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1115.600	5216.420
Less/ Add	DEPRECIATION/ AMORTISATION		106.200	92.920
	PROFIT BEFORE TAX		1009.400	5123.500
Less	TAX		403.790	1761.460
	TOTAL PROFIT (LOSS) FOR PERIOD BEFORE MINORITY INTEREST		605.610	3362.040
	PROFIT (LOSS) OF MINORITY INTEREST		0.000	(55.680)
	PROFIT/(LOSS) FOR PERIOD		605.610	3306.360
	Earnings Per Share (INR)
	Basic		3.10	16.91
	Diluted		3.09	16.59

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C51217461	10564313	CITI BANK N.A.	31/01/2015	-	-	1000000000.0	JEEVAN BHARTI BUILDING,124 CONNAUGHT CIRCUS, CONNAUGHT PLACE,NEW DELHIDL110001IN
2	G08749426	10496756	SBICAP TRUSTEE COMPANY LIMITED	09/05/2014	02/03/2016	-	18270000000.0	202, MAKER TOWER 'E', CUFFE PARADEMUMBAIMH400005IN
3	C05140918	10496618	PUNJAB NATIONAL BANK	02/05/2014	-	-	700000000.0	PANT NAGARUDHAM SINGH NAGARUR263145IN
4	C64271901	10212060	STATE BANK OF INDIA	17/03/2010	02/12/2011	17/09/2015	1500000000.0	11TH & 12TH FLOOR, JAWAHAR VYAPAR BHAWAN1, TOLSTOY MARGNEW DELHIDL110001IN
5	C65723629	10484536	ING VYSYA BANK LIMITED	20/02/2014	-	16/09/2015	800000000.0	NARIAN MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5,I FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,NEW DELHIDL110001IN
6	C57393571	10520347	DBS BANK LTD	08/09/2014	-	16/06/2015	450000000.0	CAPITAL POINT, BABA KHARAK SINGH MARGCONNAUGHT PLACE,NEW DELHIDL110001IN
7	C57391450	10198329	DBS BANK LTD	21/12/2009	29/09/2011	16/06/2015	1400000000.0	UPPER GROUND FLOOR, BIRLA TOWER25, BARAKHAMBA ROADNEW DELHIDL110001IN
8	C56571318	10431262	PUNJAB NATIONAL BANK	16/05/2013	-	16/06/2015	750000000.0	LARGE CORPORATE BRANCH, U&I BUILDINGSECTOR-29,GURGAONHR122002IN
9	C56137821	10100509	CITI BANK N.A.	04/02/2008	29/09/2011	12/06/2015	1150000000.0	9TH FLOOR, DLF SQUAREM-BLOCK, JARCANDA MARG, DLF CITY, PHASE 2GURGAONHR122002IN
10	C55999080	10471672	THE RATNAKAR BANK LIMITED	27/12/2013	-	05/06/2015	920000000.0	SHAHUPURI,KOLHAPUR,KOLHAPURMH416001IN
11	C51774230	10157400	YES BANK LIMITED	30/04/2009	29/09/2011	28/04/2015	1000000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN
12	C03326832	10195983	STANDARD CHARTERED BANK	18/01/2010	15/02/2011	04/06/2014	1670000000.0	CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROADNEW DELHIDL110001IN
13	B37701620	10146048	PUNJAB NATIONAL BANK	03/03/2009	26/05/2009	03/04/2012	150000000.0	IBB, DCM BUILDING8TH FLOOR, BARAKHAMBA ROADNEW DELHIDL110001IN
14	B13417167	10105524	BARCLAYS BANK PLC	26/03/2008	22/06/2009	26/05/2011	190000000.0	EROSE CORPORATE TOWERSNEHRU PLACE, NEW DELHI-19NEW DELHIDL110019IN
15	B06107668	90039236	ING VYSYA BANK LTD.	12/08/2004	24/09/2004	25/01/2011	10000000.0	W-13WEST PATEL NAGARNEW DELHIDL110001IN
16	B06107411	80016039	ING VYSYA BANK LIMITED	28/09/2005	10/09/2007	25/01/2011	200000000.0	13 MAIN ROADWEST PATEL NAGARNEW DELHIDL110008IN
17	B05635461	10178076	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	10/09/2009	-	19/01/2011	295000000.0	BIRLA HOUSE25 BARAKHAMBA ROADNEW DELHIDL110001IN
18	B05636345	10178078	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	10/09/2009	-	19/01/2011	295000000.0	BIRLA HOUSE25 BARAKHAMBA ROADNEW DELHIDL110001IN
19	A36185973	10070008	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	03/10/2007	-	09/04/2008	19760000.0	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHINAVI MUMBAIMH400703IN

BACKGROUND

The Company is a public Company domiciled in India and was incorporated on 29 March 2000. The Company is a leading consumer electronics player in India. The Company is engaged in the business of trading of mobile phones under its brands namely “Micromax” and “YU” (through its subsidiary YU Televentures Private Limited), tablets, LED televisions, monitors and data-cards. The Company has its operations across Russia and SAARC markets through its subsidiary “Micromax Informatics FZE, Dubai”. The Company also provides the services of providing space for pre-embedding and activation of value added services applications on the handsets traded by it. The Company has started taking research and development services from its newly established subsidiary “Micromax Informatics Technology (Beijing) Co. Ltd. w.e.f. 20 April 2015.

PERFORMANCE OF THE COMPANY

On a standalone basis the Company achieved revenue of INR 98254.620 million in the financial year 2015-16 as compared to INR 104504.770 million in financial year 2014-15 thereby reduction of 5.98% and the profit for the financial year 2015-16 is INR 1339.560 million in comparison to INR 3638.700 million in financial year 2014-15 reduction of 63.19%.

STATE OF COMPANY’S AFFAIRS

The year gone by was a challenging year for the industry as a whole. The overall growth was much slower than expected. Despite many a new entrant in the domestic market, Micromax Informatics Ltd. continued to be the number 1 Indian mobile brand and held its position at number 2 in the overall market scenario, continuing to challenge the leader at closer range. The growth in Smart phones category in FY2016 was marked by the significant growth of the e-commerce platforms. Canvas Spark became one of the largest selling phones in India last year and drove Micromax to a leadership position on that platform. Micromax continued to drive innovation in the category including the launch of the world’s thinnest phone – the Canvas Sliver; reinforcing their leadership position in the ‘language phone’ segment with Unite 3 and marking their entry into the 4G segment with a slew of new products. The premium Brand Yu also performed well in its first full year of operations clocking a growth of

300%.

As part of its diversified growth strategy, Micromax continued to focus into new products and services opportunities with commendable growth. LED segment grew by 47%, thus emerging as one of the leading players in TV market focusing on providing latest technology and affordability. Tablet business recorded a growth of 136%. Their focus on providing customers with more value for money on their smartphone through innovative Value added services continued reaping rich dividends clocking growth of 80% in VAS Revenues. VAS segment has clearly emerged as a key differentiator in the market thus propelling their customer offerings leading from the front. Micromax will continue to invest into product and service initiatives to keep delighting the customers with bouquet of new offerings on a continuous basis.

Micromax continued its International Initiatives on a strong footing, with commendable business growth, both in Volumes and Values across the geographies of Russia, Bangladesh, Sri Lanka, and Nepal. In FY15-16, international operations achieved volume growth of 92% (up from 2.8 Million units to 5.4 Million Units) and value growth of 78% (up from 70 Million USD to 125 Million USD).

Because of sluggish growth in mobile segment in domestic market, especially in smartphones, Micromaxdomestic business growth was impacted resulting in lower Revenues by 6%, but overall Consolidated Revenues grew by 3%.

Micromax continued to leverage its massive distribution network across the Geography and strong Brand presence coupled with best-in-class customer service to delight the customers and managed to leverage the market growth and sustain market position. Micromax continued to be at the forefront of building a strong consumer connect. We continued to drive strong top of mind recall by associating with sponsorship opportunities including the Micromax Asia Cup (Bangladesh), Micromax Indian Aces (IPTL Season 2), Micromax South India International Movie Awards while also sponsoring sports, movies and music properties in leading channels. 2016FY was marked by their early entry into video streaming online channels like Hotstar that gave us very high & targeted reach at a very low cost. They also reallocated significant investments into driving retail visibility in key markets.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

The Company continues to be focused in the business of Mobile handsets, Tablets, LED TVs etc. and there has been no change in the nature of business during the year.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment’s

· Leasehold improvements

PRESS RELEASES

MICROMAX PARTNERS WITH VODAFONE LAUNCHES BHARAT 2 ULTRA 4G PHONE AT AN EFFECTIVE PRICE OF INR 999

OCT 25, 2017

Home grown phone manufacturer -- Micromax joined hands with Bharat Sanchar Nigam Limited (BSNL) to launch Bharat 1 earlier this month. The company now brings the cheapest 4G smartphone in India, as claimed by the company itself -- called the -- Bharat 2 Ultra at an effective price of Rs 999. The 4G smartphone will be available in India starting Nov first week. 

With the Bharat 2 Ultra, Micromax is possibly aiming at gaining back its long lost position and become one of the top five smartphone manufacturing companies in this segment. Commenting on the initiative, Rahul Sharma, co-founder of Micromax Informatics said, "We should be back in top five in smartphones within this quarter and we will take back our position." Rahul further added that Micromax has managed to sell over 2 million Bharat 2 units in India from its launch.

Micromax launches the Bharat 2 Ultra at an effective price of INR 999 in a partnership with Vodafone India. With Bharat 2 Ultra, Micromax and Vodafone has applied almost the same strategy as Airtel and Karbonn did with the newly launch Karbonn A40 Indian 4G phone.

Initially, the consumers will need to buy the Bharat 2 Ultra at INR 2,899. But then, there are a lot of conditions, much like the Karbonn A40 Indian and also JioPhone. The company will later refund a sum of INR 1,999 over a period of 3 years. This is how it will work. After buying the phone with INR 2,899, the consumers will have to recharge their numbers (Vodafone) with INR 150 every month, under which the users will get voice calling and data services. Doing this for 18 months continuously, Micromax will offer a cashback of INR 900. After the next 18 months --- during this time consumers will have to continue with the INR 150/month plan - Micromax will offer another INR 1,000 cashback to the consumer.

Also Read: Micromax, BSNL launch INR 2,200 Bharat 1 4G feature phone to take on free JioPhone

Avneesh Khosla, Vodafone India Associate Director of Consumer Business says that the customers can do as many recharges as they want in a months, just that the cumulative recharge value should total to INR 150 or more.

Overall, the company will refund INR 1,900, which means, for Bharat 2 Ultra, the consumers will have to pay INR 999. Bharat2 Ultra buyers will get the INR 1,999 refund in their Vodafone M-Pesa wallets. Commenting on the partnership, Khosla says, "We are delighted to partner with Micromax to democratize the 4G smart phones at a never before price of under INR 999." He believes that this will "help fulfill the aspirations of several million phone users across the country that desire a smart phone but couldn't afford one. It will also encourage current non users of 4G to upgrade and enjoy a richer user experience with Vodafone SuperNet 4G."

Going by the specs, Bharat 2 Ultra comes with an 4-inch WVGA display and runs on Android 6.0 Marshmallow software. This 4G smartphone is powered by quad-core Spreadtrum SC9832 processor clocked at 1.3GHz. The device further comes with 512MB RAM and 4GB of internal storage. In the camera department, the Bharat 2 Ultra comes with a 2-megapixel sensor at the rear panel, while fits an 0.3-megapixel sensor on the front. The phone is backed by a 1300mAh battery set up. 

Airtel and Karbonn launches a new 4G smartphone called the Karbonn A40 Indian recently, which also somewhat comes with the similar strategy, apart from the fact that it comes with an effective price of INR 1,399. This was launched to counter Jio's JioPhone which comes in at an effective price tag of INR 'zero'. Customers will actually have to pay INR 2,899, while buying the phone, but Karbonn will refund back INR 1,500. The customer - who buys the A40 Indian will be eligible for the refund only if they make 36 continuous monthly recharges of INR 169 every month. Doing so, the customer will get a cash refund of INR 500 after 18 months and another INR 1,000 in the next 18 months (i.e after 36 months from the purchase date).

MICROMAX TO FORAY INTO NEW HOME APPLIANCE SEGMENTS

16 OCTOBER 2017

Micromax will foray into segments such as washing machine, refrigerator and microwave, as it
plans to be a complete consumer electronics maker, a top company official said. The homegrown company is planning to invest up to INR 300 million on manufacturing.

It is also aiming to have 7 to 8 percent market share in the TV panel market this fiscal by selling around eight lakh units. The Gurugram-based firm, which had forayed into the Air conditioning segment last fiscal, will add more models in next season.

"In next one year, we will have 70-80 percent of product line up in the CE category. AC, air coolers, Washing machines in next one year," Micromax Informatics Co-Founder Rajesh Agarwal told PTI. "The rest of the products like microwave, refrigerators will need more planning and we plan to introduce those in next two years," he further said.

The company is expecting that contribution from consumer electronics segment would go up to 40 per cent in next three years from the present 20-25 percent. "Our estimate is that in the next three years CE (consumer electronics) will contribute about 40 percent to the overall Micromax Revenue," he said, adding "We have already started back-end work on this".

The company has presently plants at - Bhiwadi (Rajasthan), Rudrapur (Uttarakhand) and Telangana and have invested about 200-250 crore.

"In the next two-three years we will be investing another 200-300 crore for scaling up," he added. "Micromax has the philosophy to grow into a complete CE brand. We have gained a respectable market share with 2 categories - AC and LED TV and in the next one year, our focus will be to strengthen existing categories with more products and market share and further introducing newer categories as well," said Agarwal.

Micromax is also encouraged by the sales figure of its TV panels as last month it had sold around one lakh units. "In 2017-18, we plan to sell around 8,00,000 lakh units and we have a market share of 7-8 per cent. Last year we sold about 6.5 lakhs televisions," said Agarwal.

According to the Consumer Electronics and Appliances Manufacturers Association, the Indian TV panel market is currently estimated to be around 11 million units per annum.

"We believe that Micromax has a huge potential and opportunity. While we have already started backward integration, and our manufacturing has helped, our aim is to also start PCB manufacturing in India for LED TVs," he said.

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BSNL WORKING WITH MICROMAX, LAVA TO LAUNCH LOW-COST PHONES, DATA PACKS

OCTOBER 6, 2017 

State owned Bharat Sanchar Nigam Limited (BSNL) network in a bid to counter Reliance Jio has paired with Indian smartphone manufacturers to build low-cost devices which will be paired with voice and data pack bundle to provide more value. According to PTI report this tie-up, BSNL has tied-up with Micromax Informatics and Lava International to build these handsets.

"BSNL has tied up with Micromax and Lava to provide instruments to BSNL customers at low cost. We are coming out with bundled offers on the handsets manufactured by Micromax and Lava with BSNL SIMs...the cost details are being worked out," BSNL's Hyderabad Telecom District (HTD) Principal General Manager K Ramchand told PTI reporters in Hyderabad.

According to him, six rural exchanges are commissioned with Wi-Fi in Hyderabad Telecom District and another 112 rural exchanges will be covered by December end this year.

The launch of the INR 429 plan led the path to more subscribers in Andhra and Telangana regions. According this new plan from BSNL, the user gets 1GB of data per day for a period of 90 days.

A smaller recharge worth INR 249 also offers 1GB per day but at a validity of 28 days. As a part of the offer, the company is also offering unlimited BSNL to BSNL calls.

Though BSNL is still operating on 2G and 3G spectrums, the state-owned company is planning to soon launch its 4G services with VoLTE. Also, BSNL is working on 5G speeds to prepare for future competition in the growing segment.

Most telecom companies are shifting to a new strategy to acquire more users. After Reliance Jio launched the JioPhone in July this year, other telecom brands are also preparing their arsenal with ultra-cheap smartphones or feature phones that can operate on 4G networks. 

Airtel and Idea-Vodafone are also planning to launch their versions of cheap smartphones, which might also run Android applications, unlike Reliance JioPhone.

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 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	INR
US Dollar	1	INR 65.10
UK Pound	1	INR 90.45
Euro	1	INR 79.59

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	NYT
Report Prepared by :	ARC

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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