DOCSLIB.ORG

Press Release Micromax Informatics Limited

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Press Release Micromax Informatics Limited Press Release Micromax Informatics Limited January 29, 2021 Ratings Amount Facilities/Instruments Ratings Rating Action (Rs. crore) Rating removed from ISSUER NOT CARE BBB-; Stable COOPERATING category and Long Term Bank Facilities 5.39 (Triple B Minus; Revised from CARE BB+; Stable; Outlook: Stable ) (Double B Plus; Outlook: Stable) Rating removed from ISSUER NOT 394.61 CARE A3 COOPERATING category and Short Term Bank Facilities (Enhanced from (A Three ) Revised from CARE A4+; (A Four 256.11) Plus) 400.00 Total Bank Facilities (Rs. Four Hundred Crore Only) *Details of instruments/facilities in Annexure-1 In the absence of minimum information required for the purpose of rating, CARE was unable to express an opinion on the ratings of Micromax Informatics Limited and in line with the extant SEBI guidelines, CARE revised the rating of bonk facilities of the company to 'CARE BB+; Stable; ISSUER NOT COOPERATING/CARE A4+; ISSUER NOT COOPERATING'. However, the company has now submitted the requisite information to CARE. CARE has carried out a full review of the ratings and the rating stand at 'CARE BBB-; Stable/CARE A3. Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of Micromax Informatics Limited (MMIL) continue to factor in the extensive experience of the promoters, wide distribution and established brand name and improved financial risk profile characterized by low overall gearing and comfortable debt coverage indicators. The ratings are however constrained by working capital intensive nature of business, decline in scale of operation albeit improvement in profitability margins and highly competitive Indian mobile handset industry. The ratings are also constrained by reliance on third-party suppliers for products/services and exposure to foreign exchange fluctuation risks. Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: Sustained improvement in scale of operations and ROCE above 17%. Wider acceptability of newly launched smartphones models and regaining the market share. Reduction of gross current assets below 100 days and improvement in liquidity. Negative Factors- Factors that could lead to negative rating action/downgrade: Decline in profitability and ROCE below 9%. Elongation of gross current assets above 200 days leading to stretched liquidity. Detailed description of the key rating drivers Key Rating Strengths Experienced promoter: The promoters of MMIL have an engineering background with an average experience of more than 10 years each in the information technology and telecommunications industry. Mr. Vikas Jain (Director and Chief Financial Officer) has done Masters in Mechanical Designs from Gannon University (USA), he has more than 13 years of international experience. The board is supported by well qualified and experienced management team. Wide distribution network and established brand name: MMIL has a well-established distribution and support-service network with 432 distributors, 44,260 retailers and 824 services touch points as on March 31, 2020spread across various cities and towns including Tier 2 and Tier 3 towns of the country. The company has shifted to 2-tier distribution model wherein there is better reach and penetration for feature phone segment. It does real time monitoring of handsets from ‘import till activation’ stage which provides necessary data to analyse the sales pattern and provides better control over 1 CARE Ratings Limited Press Release inventory. Further, it has diversified product portfolio which includes mobile handsets, LED TVs, Air Conditioner (ACs), etc in the consumer durables. During FY20 (refers to the period from April 1 to March 31), the top 10 customers of the company contributed to 15.55% (PY: 36.04%) of the total revenue. Improved financial risk profile: The financial risk profile of the company is characterized by low overall gearing and comfortable debt coverage indicators. As on March 31, 2020, the overall gearing of the company improved and stood at 0.03x as compared to 0.27x as on March 31, 2019. The improvement in gearing was on account of adoption of cash and carry model and procurement of 90% of the components domestically as compared to 50% imports during FY19 which led to substantial reduction in off-balance sheet exposure. The coverage indicators significantly improved and stood comfortable with interest coverage and total debt to PBILDT of 12.31x and 0.27x as on March 31, 2020 against 1.05x and 9.68x respectively as on March 31, 2019. Key Rating Weaknesses Decline in scale of operations albeit improvement in profitability margins: The total operating income of MMIL declined by 55% y-o-y from Rs. 3,026 crore to Rs. 1,351 crore in FY20. The decline was mainly on account of lower sales of smart phones due to increased competition from Chinese players. The PBILDT margin of the company significantly improved from 0.59% in FY19 to 6.55% in FY20 owing to consistent decrease in cost of fixed overheads and increased prices for the feature phones announced before Cocid-19 induced lockdown. Further, the PAT margin also improved from 4.80% in FY19 to 9.90% in FY20 on account of lower interest expense. Further, it reported total sales of 575.50 crores during 9MFY21 (refers to the period from April 1 to March 31) which has remained substantially low owing to company’s focus and reorganization to launch new range of smart phones to make a comeback in the Indian smart phone segment which is expected to get a major fillip from ‘Make in India’, boycott of Chinese products and the production linked incentive scheme recently announced by the government (with benefits accruing to group entity Bhagwati Products Ltd – rated CARE BBB-; Stable/ CARE A3). However, there has been an uptick in demand during Nov- Dec 2020 with the launch of new models by Micromax and its sustainability in the near to medium term remains to be seen. Working capital intensive nature of operations: During FY20, the operating cycle of MMIL moderated to 176 days from 122 days in FY19 on account of increase in average collection period to 304 days during FY20 from 119 days in FY19. The collection period elongated due to increase in debtors that mainly constitutes receivable from Chhattisgarh government. There is a tri-party agreement between Chhattisgarh government (CG), Reliance Jio (RJ) and Micromax for distributing 50 lakh smartphones to women and students of the state. The company sells chip to CG (debtor) and procures smart phones from Reliance Jio (creditor). As per the agreement, an escrow account has been set up wherein Reliance directly gets paid only after the collection is deposited by CG in the escrow account and hence the chances of cash flow mismatch is remote. Highly competitive Indian handset industry: The Indian mobile handset industry is marked by high degree of competition with the market being highly price sensitive and value driven. The industry is fragmented with both domestic and foreign players, which has led to stiff price competition. Given the huge opportunity in smart phones and low entry barriers, many new players have entered the industry. Aggressive online sales recorded by new players and stiff competition faced by domestic players has substantially changed the market share picture in the industry. The sector is also exposed to Intellectual Property (IP) challenges raising the chances of infringement and IP conflicts. In order to diversify, MMIL also derives modest revenue by providing the services of providing space for pre-embedding and activation of Value Added Services (VAS) applications on the handsets and tablets sold by it. Further, MMIL has also diversified into consumer electronics including LED TV which it has been selling in the domestic markets. Reliance on third-party suppliers for product: MMIL does not have its own manufacturing plant. The company procures most of its products including mobile handsets, data cards, tablets, LED TVs etc. from Bhagwati Products Limited (BPL, rated CARE BBB-; Stable/CARE A3). The company has entered into agreements with Original Equipment Manufacturers (OEMs) for the procurement of components for its products such as Samsung for memory card, etc. The R&D team of the company provides the design inputs to OEMs. It relies on suppliers to manage the supply chain and ensure timely delivery of products while the company’s in-house logistics department monitors them on a real-time basis, thereby exposing MMIL to ensuing risk emanating from the dependence on third-party suppliers. Susceptibility to foreign exchange fluctuation risk: MMIL meets most of its requirement for purchases from Bhagwati Products Limited while the remaining requirement is met through direct imports. Thus, the company remains susceptible to fluctuation in foreign exchange. It has been partly managing the risk by entering into forward contracts and by passing-on the price rise to the consumers, yet with the majority of the product portfolio being imported and in 2 CARE Ratings Limited Press Release the absence of natural hedge, the company remains exposed to vagaries of foreign exchange fluctuations. During FY20, the company reported foreign exchange gain of Rs. 5.20 crore on foreign currency transactions (PY: Loss- Rs. 9.06 crore). Liquidity: Adequate: MMIL has adequate liquidity position supported by steady cash accruals of around Rs.96.93 crore during FY20. The company has projected cash accrual of Rs. 42.19 crore during FY21 against which it has no long-term debt repayment obligation. It has comfortable current ratio of 1.39x as on March 31, 2020. The operating cycle of the company moderated to 176 days in FY20 (PY: 122 days) on account of higher collection period. The average working capital utilization remained nil during the trailing 12 months ended November, 2020. It has not availed any moratorium under RBI’s Covid-19 relief package. Further, the company has healthy collections of Rs.
Load more

Recommended publications
  • Standard-Essential Patents: the International Landscape
    Intellectual Property Committee │ ABA Section of Antitrust Law Spring 2014 Standard-Essential Patents: The International Landscape Koren W. Wong-Ervin* Federal Trade Commission Investigations and litigation involving standard-essential patents (SEPs) have begun to spring up around the globe. On April 29, 2014, the European Commission (EC) confirmed that it adopted two decisions, one involving Samsung Electronics Co., Ltd. and the other involving Motorola Mobility Inc. (MMI), that for the first time in the European Union (EU), establish a framework for determining whether and under what circumstances patent owners seeking to enforce SEPs in the European Economic Area (EEA) may violate EU antitrust laws. Both decisions create a “safe harbor” approach from injunctive relief, under which implementers can demonstrate that they are a “willing licensee” by agreeing that a court or a mutually agreed arbitrator shall adjudicate the fair, reasonable and non-discriminatory (FRAND) terms in the event that negotiations fail. The decisions do not preclude injunctive relief for FRAND-encumbered SEPs per se, nor do they make findings on the definition of a “willing licensee” outside the safe harbor.1 While the EC’s approach is similar to the approach taken by the U.S. Federal Trade Commission (FTC) in MMI/Google, there are differences. For example, the EC’s decisions preclude injunctions only in the EEA, and only on patents granted in the EEA, whereas the FTC’s consent decree in MMI/Google covers patents issued or pending in the United States or anywhere else in the world. In China, in April 2014, the Guangdong People’s Court made public two decisions in Huawei v.
    [Show full text]
  • A Review of Indian Mobile Phone Sector
    IOSR Journal of Business and Management (IOSR-JBM) e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 20, Issue 2. Ver. II (February. 2018), PP 08-17 www.iosrjournals.org A Review of Indian Mobile Phone Sector Akash C.Mathapati, Dr.K Vidyavati Assistant Professor, Department of Management Studies, Dr.P G Halakatti College of Engineering, Vijayapura Professor, MBA Department, Sahyadri College of Engineering & Management, Mangaluru Corresponding Author: Akash C.Mathapati, Abstract: The Paper Has Attempted To Understand The Indian Mobile Handset Overview, Market Size, Competitive Landscape With Some Of The Category Data. Also Some Relevant Studies On Indian Mobile Handset And Its Global Comparison Have Been Focused With The Impact On Economy And Society. Keywords: India, Mobile handsets, market size, Global Comparisons, GSM --------------------------------------------------------------------------------------------------------------------------------------- Date of Submission: 15-01-2018 Date of acceptance: 09-02-2018 ------------------------------------------------------------------------------------------------------------------------------------- I. Introduction India is currently the 2nd second-largest telecom market and has registered strong growth in the past decade and a half. The Indian mobile economy is growing quickly and will contribute extensively to India’s Gross Domestic Product (GDP), according to report prepared by GSM Association (GSMA) in association with the “Boston Consulting Group” (BCG). The direct and reformist strategies of the GoI have been instrumental alongside solid customer request in the quick development in the Indian telecom division. The administration has empowered simple market section to telecom gear and a proactive administrative and reasonable structure that has guaranteed openness of telecom administrations to the customer at sensible costs. The deregulation of "Outside Direct Investment" (FDI) standards has made the segment one of the top developing and a main 5 business opportunity maker in the nation.
    [Show full text]
  • Micromax Informatics Limited Vs. Telefonaktiebolaget LM Ericsson (Publ)
    June │17 Micromax Informatics Limited vs. Telefonaktiebolaget LM Ericsson (Publ) Through this monthly publication, CUTS International intends to undertake independent examination of relevant competition cases in India (on-going as well as decided). The objective is to provide a brief factual background of the facts of relevant cases, followed by an analysis of the predominant issues, therein. This publication will expectantly help readers to better comprehend the evolving jurisprudence of competition law in India. The issues have been dealt in a simplistic manner and important principles of competition law have been elucidated in box stories, keeping in mind the broad range of viewership cutting across sectors and domains. The purpose of this publication is to put forward a well- informed and unbiased perspective for the benefit consumers as well as other relevant stakeholders. Additionally, it seeks to encourage further discourse on the underlying pertinent competition issues in India. 1 Executive Summary Presently, one of the most legally contested issues lies globally at the interface of Competition Law and Intellectual Property Rights (IPR). Specifically in the Information and Communications Technology (ICT) sector, this issue emerges around the possible anti-competitive effects which may arise during the standard setting process and subsequent licensing of patents which have become part of a standard (known as Standard Essential Patents or SEPs).1 Every industry relies on standards and they are one of the major sources of efficiency, innovation and public welfare in an economy.2 Standards are basically requirements which necessitate technical, quality or safety benchmarks for achieving network effects in an industry. They also satisfy the function of laying down minimum criterion for manufacturing of products.
    [Show full text]
  • WIPO MAGAZINE October 2015 / No
    OCTOBER WIPO 2015 MAGAZINE No. 5 Harnessing the power of the First impressions of the Publishing in the UAE: private sector: An interview “dot.anything” world an insider’s perspective with Francis Gurry p. 2 p. 14 p. 28 How cities benefit from helping the music industry grow p. 36 Keep connected through the WIPO Wire The WIPO Wire newsletter offers a quick round-up of WIPO’s news, resources, features and videos straight to your inbox every two weeks. Available in Arabic, Chinese, English, French, Russian or Spanish Sign up at www.wipo.int/newsletters/en/World Intellectual Property Organization WIPO Wire September 17, 2015 Global Innovation Index 2015 Launched: Switzerland, UK and Sweden Top The Rankings The Global Innovation Index (GII) 2015 - launched in London today - showed Switzerland, the United Kingdom, Sweden, the Netherlands and the US leading the world’s most innovative nations. WIPO Director General Francis Gurry and Baroness Neville-Rolfe, UK Minister for Intellectual Property, briefed the press together with report authors ahead of a panel discussion. Innovation Leaders By Region WIPO MAGAZINE October 2015 / No. 5 Table of Contents 2 Harnessing the power of the private sector: Editor: Catherine Jewell An interview with Francis Gurry 6 Global Innovation Index 2015: Effective Innovation Policies for Development 10 Micromax, Madrid, and the 1.25 millionth international trademark 14 First impressions of the “dot.anything” world 20 Africa’s innovators are open for business 24 Mining innovation 28 Publishing in the UAE: an insider’s
    [Show full text]
  • Claudia Tapia, Director IPR Policy at the Ericsson
    DT: a new technological and economic paradigm Dr Claudia Tapia, Director IPR Policy All views expressed in this speech are those of the author and do not necessarily represent the views of Ericsson Ericsson at a glance NETWORKS IT MEDIA INDUSTRIES Create one network for Transform IT to accelerate Delight the TV Connect industries to a million different needs business agility consumer every day accelerate performance Worldwide mobile 42,000 Patents 40% traffic provided by 222,6 B. SEK Net Sales our networks R&D Employees Licensing Countries with 23,700 >100 agreements 180 customers Average p.a. Licensing revenues Employees 5 B. usd in R&D 10 b. Sek 111,000 Page 2 415,000,000,000 Page 3 STANDARDISATION PROCESS Early Technical Unapproved contribution investment (described in R&D in a patent) Adopted by Standard FRAND CONSENSUS in essential commitment standard patent Return on Access to the investment standard Interoperable high performance devices at a FRAND = Fair, Reasonable and Non- reasonable price DiscriminatoryPage 4 (terms and conditions) 4,000,000,000,000 Page 5 3,452,040 Page 6 3G and LTE (3GPP - 1999 – Dec. 2014 ) 262,773 Submitted contributions 43,917 Approved contributions (16,7%) Source: Signals Research Group. The Essentials of IP, from 3G through LTE Release 12, May 2015 Page 7 LTE approved Contributions for 13 WGs (2009 - Q3 2015) –Source: ABI Research COMPANY RANK Ericsson 1 Huawei 2 Nokia Networks 3 Qualcomm 4 ALU 5 ZTE 6 Samsung 7 Anritsu 8 Rohde & Schwarz 9 CATT 10 Page 8 Principles of standardisation CONSENSUS TRANSPARENCY IMPARTIALITY OPENNESS ..
    [Show full text]
  • Micromax Informatics Limited
    Micromax Informatics Limited https://www.indiamart.com/micromax-informatics-limited-gurgaon/ Manufacturer of mobile. About Us Micromax Informatics Limited is one of the leading consumer electronics company in India and the 11th largest mobile phone player in the world. Over the past decade, Micromax has pioneered the democratization of technology in India by offering affordable innovations through their product offerings and removing barriers for large scale adoption of advanced technologies. Micromax is currently the 2nd largest smartphone company in India with a market share of 19.2 percent in Q2 of 2013. The brand's product portfolio embraces more than 60 models today, ranging from feature rich, dual - SIM phones, 3G Android smartphones, tablets, LED televisions and data cards. The company also has many firsts to its credit when it comes to the mobile handset market including the 30-day battery backup, dual SIM phones, QWERTY keypads, universal remote control mobile phones etc. The company has sales presence spread across Russia and SAARC markets. For more information, please visit https://www.indiamart.com/micromax-informatics-limited-gurgaon/aboutus.html OTHER PRODUCTS P r o d u c t s & S e r v i c e s Micromax Mobile Micromax Mobile Micromax Mobile Micromax Mobile P r o OTHER PRODUCTS: d u c t s & S e r v i c e s Micromax Mobile Micromax Mobile Micromax Mobile Micromax Mobile P r o OTHER PRODUCTS: d u c t s & S e r v i c e s Micromax Mobile Micromax Mobile Micromax Mobile Micromax Mobile P r o OTHER PRODUCTS: d u c t s & S e r v
    [Show full text]
  • A Kick-Start to SEP-FRAND Antitrust
    Ericsson v. Micromax – A Kick-Start to SEP- FRAND Antitrust Jurisprudence in India Kluwer Competition Law Blog July 13, 2016 Sahithya Muralidharan (West Bengal National University of Juridical Sciences, Kolkata) Please refer to this post as:Sahithya Muralidharan, ‘Ericsson v. Micromax – A Kick-Start to SEP-FRAND Antitrust Jurisprudence in India’, Kluwer Competition Law Blog, July 13 2016, http://competitionlawblog.kluwercompetitionlaw.com/2016/07/13/ericsson-v-micromax-a-kick-start-to-the-sep- frand-antitrust-jurisprudence-in-india/ In its decision passed on 30 March 2016, the Delhi High Court upheld the order passed by the Competition Commission of India (CCI) directing an investigation into the allegations of abuse of dominance against Telefonaktiebolaget LM Ericsson (Ericsson) with respect to its actions as a Standard Essential Patent (SEP) holder. The present decision sets the stage for the jurisdiction of the CCI with respect to anti-competitive actions of essential patent holders vis-a-vis implementers of the standard. SEPs are those patents that must be used in order to comply with the standard set for achieving interoperability between devices, such that, the use of the standard requires infringement of the SEP. Thus, to draw a balance between the rights of SEP holders and implementers many standard setting organisations require members to agree to license SEPs to implementers on Fair, Reasonable and Non-Discriminatory (FRAND) terms. Background Ericsson as a member of European Telecommunications Standards Institute (ETSI), a standard setting organisation had committed to grant irrevocable licenses regarding its SEPs in 2G, 3G and EDGE technology on FRAND terms. The informant Micromax Informatics Ltd.
    [Show full text]
  • India Handset Maker Micromax Sells Stake 20 September 2010
    India handset maker Micromax sells stake 20 September 2010 Indian handset maker Micromax, which is taking India. on Nokia and other foreign brands in its home market, has sold a stake to investors in a deal that It sells in Sri Lanka, Bangladesh and Nepal and values the group at more than 440 million dollars. hopes to expand to the Middle East, Africa and Latin America. Micromax Informatics, an aggressive new entrant, sold a "less than 10 percent" stake to three US- Domestic handset makers have emerged as major based private equity investors for a total of about forces by tailoring their offerings to suit the Indian two billion rupees (44 million dollars), a senior market. Micromax's debut phone offered 30 days of company executive said. standby battery life -- a breakthrough in a country where around 400 million people still have no "The deal has just been cracked," senior Micromax electricity. executive Andre Augustine told AFP. India's mobile market is adding between 16 and 18 The investors are venture capital players million customers a month with 55 out of every 100 Sandstone Capital, Sequoia Capital and Madison Indians now owning a cellular phone, according to Capital Management. government figures. The New Delhi-based company already sells more (c) 2010 AFP than one million handsets a month in India's fast- growing mobile market only two years after starting operations. The group leads a slew of domestic firms which include Spice Mobiles, Videocon and Lava International that have made inroads into the handset market long the preserve of multinationals such as Nokia, Samsung, LG and Motorola.
    [Show full text]
  • Press Release Micromax Informatics Limited 20 July, 2020 Rating Assigned
    Press Release Micromax Informatics Limited 20 July, 2020 Rating Assigned Total Bank Facilities Rated* Rs. 140.00 Cr. Long Term Rating ACUITE BBB-/Stable (Assigned) Short Term Rating ACUITE A3 (Assigned) * Refer Annexure for details Rating Rationale Acuité has assigned the long term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) and short term rating of ‘ACUITE A3’ (read as ACUITE A three) on the Rs.140.00 crore bank facilities of Micromax Informatics Limited. The outlook is ‘Stable’. A Delhi based company, Micromax Informatics Limited (MIL) was established in 2000 with the business of manufacturing of fixed wireless terminals and phones and supplying to the telecom industry. In 2008, the company started with trading of mobile phone, tablet and mobile accessories under the brand name of ‘Micromax’. In 2012, the company also diversified its product profile towards trading of LED TV, washing machine and air-conditioner under the same brand. Currently, the company is managed by the directors, Mr. Rajesh Agarwal, Mr. Rahul Sharma, Mr. Sumeet Kumar and Mr. Vikas Jain. The company has pan India presence through its network of 500 distributors and 800 service centres. Analytical Approach: Acuité has considered the standalone business and financial risk profile of MIL while arriving at the rating. Key Rating Drivers: Strengths Established track record of operation and experienced management The promoters of the company, Mr. Rahul Sharma, Mr. Sumeet Kumar, Mr. Vikas Jain and Mr. Rajesh Agarwal have a background in engineering with an industry experience of more than a decade each in the technology and telecommunications industry.
    [Show full text]
  • PGP Final Placement Brochure 2015-17
    Post Graduate Programme in Management (PGP) 2015-2017 Placements POST GRADUATE PROGRAMME IN MANAGEMENT (PGP) 2015-2017 Recruitment Process at IIM Bangalore Pre-Placement Talks (PPTs) The recruitment process at the Institute is coordinated by PPTs provide an opportunity to students and companies to Career Development Services (CDS) office along with a interact and exchange information. A PPT is typically of 45 Student Placement Committee. The Institute provides all minutes duration during which company representatives talk support in terms of infrastructure and facilities needed for the about their organization and the employment opportunities recruitment process. Recruitments at IIM Bangalore take place being offered. The students use this time to assess the in two phases organization and opportunities. A Q&A session also forms part • The Lateral Placement Process addresses the increasing of the PPT. need of corporates for students with work experience. Students Applications This process is limited to candidates who have at least 22 months of work experience. Based on the company presentation and their individual interest levels, students apply to companies. These can be • The Final Placement Process is open to all eligible on company application forms or resumes as per company students. requirements. The applications are forwarded to the company within a specified time frame. The companies are provided sufficient time to evaluate the applications and shortlist suitable candidates. Shortlists Student Career Support Fee Companies are required to send shortlists to the CDS Office at Applicable to all job offers accepted by students including least one week prior to the commencement of final placement Pre-Placement Offers (PPOs), Lateral Placement Offers (LPOs) interviews.
    [Show full text]
  • Tla Hearing Board
    TLA HEARING BOARD Hearing Schedule from 01/07/2018 to 31/07/2018 Location: DELHI S.No TM Clas Hearing Hearing Proprietor Name Agent Despatc Despatc . No. s Date Schedul Name h No. h Date e 1 360629 43 09/07/201 Morning THE INDIAN HOTELS COMPANY ANAND ---- 05/06/201 7 8 (10.30 am LIMITED AND 8 17:02:52 to 1.00 ANAND. pm) 2 360287 9 09/07/201 Morning LITTELFUSE, INC. ANAND ---- 05/06/201 9 8 (10.30 am AND 8 17:02:54 to 1.00 ANAND. pm) 3 332576 5 09/07/201 Morning PAD PHARMA PRIVATE LIMITED PAD ---- 08/06/201 5 8 (10.30 am PHARMA 8 14:12:45 to 1.00 PRIVATE pm) LIMITED 4 367466 39 09/07/201 Morning PVR LTD. SUMIT ---- 08/06/201 8 8 (10.30 am GAHLAWAT 8 14:36:13 to 1.00 ADV. pm) 5 367466 32 09/07/201 Morning PVR LTD. SUMIT ---- 08/06/201 6 8 (10.30 am GAHLAWAT 8 14:36:14 to 1.00 ADV. pm) 6 370643 99 09/07/201 Morning ESSEL ENERGY INFRA PVT. LTD. VUTTS & ---- 08/06/201 7 8 (10.30 am ASSOCIATE 8 14:36:14 to 1.00 S pm) 7 367467 40 09/07/201 Morning PVR LTD. SUMIT ---- 08/06/201 0 8 (10.30 am GAHLAWAT 8 14:36:13 to 1.00 ADV. pm) 8 169253 34 09/07/201 Morning MR. DINESH JAIN (HUF) MR. DINESH ---- 08/06/201 1 8 (10.30 am JAIN (HUF) 8 14:36:15 to 1.00 pm) 9 358013 9 09/07/201 Morning APPLE INC.
    [Show full text]
  • Press Release Key Rating Drivers
    Press Release BHAGWATI PRODUCTS LIMITED March 09, 2018 Rating Assigned Total Bank Facilities Rated* Rs.850.00 Cr. Long Term Rating SMERA A- / Outlook: Stable Short Term Rating SMERA A2+ * Refer Annexure for details Rating Rationale SMERA has assigned long-term rating of ‘SMERA A-’ (read as SMERA A minus ) and short term rating of 'SMERA A2+' (read as SMERA A two plus) on the Rs.850.00 crore bank facilities of Bhagwati Products Limited. The outlook is 'Stable'. Bhagwati Products Limited, (the erstwhile Bhagwati Cookies & Wafers Limited) was engaged in the manufacturing and trading of edible products like biscuits, cakes, pastries and electronic products (batteries, chargers, Bluetooth). In December 2011, Micromax Informatics Limited (MIL) acquired 80 per cent stake in BCWL and the name was changed to Bhagwati Products Limited (BPL). In August, 2014, MIL’s entire shareholding in BPL was transferred to Mr. Rajesh Agarwal - the current promoter of BPL. As on 31 March, 2017, Mr. Rajesh Agarwal directly holds 84.43 per cent. The balance 15.47 per cent was held by Mr. Mukesh Gupta (10.55 per cent) and VRS & Associates (5 per cent). BPL is engaged in the assembling of mobile handsets, LED TV, power banks, chargers among others for MIL. The company has three manufacturing facilities at Rudrapur, Hyderabad and Bhiwadi. BPL is in the process of commissioning two more facilities at Greater Noida and Indore. Key Rating Drivers Strengths • Established track record of management in the consumer electronics business BPL is the manufacturing arm of the Micromax Group, a domestic group with presence across mobile phones, LED TVs, & solar invertors.
    [Show full text]