InnovAtIng ThE DIsplAy And LIghtIng REvolutIon MIC .
MIC AR Title 2010 Kala:Cover 12/18/10 10:41 AM Page 1InnovAtIng thE dIsplAy And lIghtIng rEvolutIonA-4/II, Electronic Complex, Hyderabad-500062, Indiawww.mic.co.inMIC ElECtronICs lIMItEd AnnuAl rEport, 2009-10
MIC AR Title 2010 Kala:Cover 12/18/10 10:41 AM Page 2Forward-looking statementIn this annual report we have disclosed forwardlooking information to enable investors tocomprehend our prospects and take informedinvestment decisions. This report and otherstatements – written and oral – that we periodicallymake contain forward-looking statements that setout anticipated results based on the management’splans and assumptions. We have tried whereverpossible to identify such statements by using wordssuch as ‘anticipates’, ‘estimates’, ‘expects’,‘projects’, ‘intends’, ‘plans’, ‘believes’ and words ofsimilar substance in connection with any discussionof future performance.We cannot guarantee that these forward-lookingstatements will be realised, although we believe wehave been prudent in assumptions. The achievementof results is subject to risks, uncertainties and eveninaccurate assumptions. Should known or unknownrisks or uncertainties materialise, or should underlyingassumptions prove inaccurate, actual results couldvary materially from those anticipated, estimated orprojected. Readers should bear this in mind.We undertake no obligation to publicly update anyforward-looking statements, whether as a result ofnew information, future events or otherwise.Inside the document02050614192025272830334144475780Corporate IdentityCORPORATE INFORMATIONAnnual General MeetingBoard of DirectorsBankersDate:30th December 2010Dr. M V Ramana Rao (Chairman & Managing Director)State Bank of India, Overseas Branch, HyderabadDay:ThursdayTime:11.00 AMPlace:Registered OfficeA-4/II, Electronic ComplexUCO Bank, MG Road Branch, HyderabadShri Ranjan KapurIDBI Bank, Chapel Road Branch, HyderabadShri Somendra KhoslaAndhra Bank, Kapra Sainikpuri Branch, HyderabadShri N Srinivasa RaoKushaigudaShri Y Harish Chandra PrasadHyderabad-500062Shri Shrikant P JoshiAuditorsM/s. Pinnamaneni & Co.,Chartered AccountsMIC’s Product RangeRegistrar and Transfer AgentsShri L N Malleswara RaoHighlights 2009-10Venture Capital and CorporateShri Vidya Sagar AnisingarajuLife Style BuildingOverview from the Chairman and Managing DirectorInvestments Private LimitedGreenlands, Hyderabad – 500016Strengths#12-10-167, Bharat Nagar,Shri Atluri Venkata RamShri Anil GoyalRegistered OfficeBusiness Segment ReviewProtection of Intellectual PropertyCorporate Social ResponsibilityFinance ReviewHyderabad-500018Tel: 040-23818475/476Fax: 040-23868024Email: info@vccilindia.com4th Floor, My Home TycoonA-4/II, Electronic ComplexCompany SecretaryKushaigudaVasudeva Rao DevakiHyderabad – 500062Andhra PradeshWebsite: www.vccilindia.comRisk ManagementNoticeDirectors’ ReportManagement Discussion & AnalysisReport on Corporate GovernanceStandalone AccountsConsolidated om
MIC Electronics is the only organisation approved by RDSO to provide PassengerInformation Displays using True Color LED Displays that provide automatic SIMRANbased real-time train schedules.MIC Electronics is the only one in India to offer ‘design to display’ capabilities in TrueColor LED Video Displays.MIC Electronics developed mobile display-cum-audio systems that can display satellite‘live’ feeds.MIC Electronics Networked Displays Solution makes it possible for differentadvertisers to make common out-of-home (OOH) media to display variousadvertisements as per the desired timing.MIC Electronics LED-based lighting products save up to 65% energy over conventionallighting systems.MIC Electronics introduced solar LED lanterns that is progressively replacing kerosenelamps in rural markets.
ParentagePromoted and headed by Dr. M VRamana Rao (Chairman and ManagingDirector)Started operations in 1985 throughthe manufacture of single colour LEDdisplaysInvested in the Design andDevelopment of LED-basedillumination, signage and displaysMIC Electronics.LED Display technologyleader since 1985.Leveraging the power of LEDto create a sustainablebusiness.Sustainable for customers,community andshareholders.LED video display products placed inthe “Indian Innovator’s Forum” – Hall ofFameSupply of Digital Loop Carrier Systemsto Bharat Electronics Limited, Bangaloreand installing and commissioning atMTNL Delhi and MumbaiVisionTo be among the top fivecompanies in the world by deliveringworld-class products of True ColourLED Video Display SystemsTo be among the top 10 companiesin the world by designing anddelivering high-end LED LuminariesSupply of True Colour Outdoor LEDVideo Display System to Gujarat Councilof Science City, Gandhi NagarDesign, implementation and service for‘Inter operator Billing & Accounting System’for MTNL Delhi from 2004 to 2009Export of mobile video display toSystec Retails Solutions Pty Ltd,Durban, South Africa2MIC ELECTRONICS LIMITEDProductsTotal focus on LED displays and LEDlightingDeveloped India’s first 3 mm and 4mm True LED Pixel TVProduct portfolio comprises over 70lighting productsLaunched various embedded productsleveraging related technologiesAcquisition of InfoSTEP Inc, USASuccessful completion of the IPO withissue oversubscribed 51 timesDevelopment of ‘Emergency Lighting(Railways)’ and ‘Solar Lighting (MNRE)’
Emerged as a global leader in thedesign, development and manufactureof True Colour LED video displays, LEDlighting products, high-end electronicand telecommunication equipment anddevelopment of telecom softwarePresenceused for the distribution of MIClanternsDealer network across Faridabad,Chandigarh, Delhi, Chennai, Hyderabadand PunePride-enhancingcertifications and approvalsHeadquartered in Hyderabad (India);marketing and technical supportcentres in New Delhi, Mumbai, Kolkata,Chennai and BangaloreReceived ISO 9001:2008 certificationfor Quality Management SystemManufacturing units in Hyderabad andRoorkeeMore than 25 products approved byTelecom Engineering Centre (TEC)Global offices in Sydney (Australia),Santa Clara (California) and Seoul(South Korea)Patents pending for several displaysand lighting products and technologiesIndian Oil Corporation (IOCL)distribution network across Patna,Chennai, Kolkata, Bhubaneswar,Guwahati, Chandigarh and Hyderabad –Recognised and approved for R&Dfacilities by DSIR, Government of IndiaOnly company in India cleared forcoach lighting and approved forSIMRAN (Satellite IMaging for RAilNavigation) applications by RDSO(Ministry of Railways) using TrueSelected for ‘Best under a Billion’ byForbes Asia in 2008 as one of 22 Indiancompanies among 200 Asia Pacificcompanies short listed from 24,155.RDSO approval for True ColourPassenger Information Display SystemColour LED DisplaysEMI/EMC as per IEC 61547Lighting Sciences Inc. USA certifiedMIC’s street lights for compliance withEnergy Star Requirements related toluminaire efficacy and power factorConformity Certificate for OutdoorDisplay Unit and UL certificate forDigiTile-10VMIC Lighting products meet IS 10322/ IEC 60598 standards covering safety,electrical and optical parameters astested by ERDA, Vadodara and CanaraLighting Laboratories, MangaloreSolar products comply with MNREspecifications and are registered withDGS&DMIC Quality system covers inwardinspection of components, in-processtesting and final product clearance asper IS 2500Environmental and reliability testscarried out as per IS 9000Lighting products tested forMNRE approval for LED solar lightingproductsInclusion in LaBL Programme*Street lights field trials in the US andAustralia.Performance of lights reported asexcellent by B&D Latham, ElectricalContractors of AustraliaRecognition and AwardsReceived Department of Science andIndustrial Research (DSIR) Award forMIC’s Research and Developmentefforts in Electronics IndustryLED Display System placed in IndianInnovator’s Forum Hall of FameMIC selected for ‘Best under a Billion’by Forbes Asia in 2008 as one of 22Indian companies among 200shortlisted from 24,155 Asia Pacificlisted companiesTied up with IOCL for marketing solarlanterns through its outlets and for jointdevelopment efforts for Solar energydevices.OEM agreement with GE for LEDstreet lightingEstablished a 100% subsidiary MICElectronics Inc. (US)22ND ANNUAL REPORT 2009-103
Air IndiaAndhra Pradesh TechnologyServicesHyderabad Race CourseAndhra Pradesh TourismDevelopment CorporationIdea Cellular LimitedBharat Electronics LimitedBHELBharat Dynamics LimitedIDBI BankIndian Institute of TropicalMeteorologyInternational Institute ofInformation TechnologyBharat Sanchar Nigam LimitedIndian OilBureau of Energy EfficiencyIndian RailwaysCoal IndiaITCC.R.I. PumpsElectronics Corporation of IndiaLimitedGeneral Electric (GE)Gujarat Science CityHaryana Renewable EnergyDevelopment Agency (HAREDA)Heritage Foods (India) Limited4Hindustan PetroleumMIC ELECTRONICS LIMITEDKarnataka Renewable EnergyDevelopment LimitedKrishna Institute of MedicalSciencesLarsen & Toubro LimitedLife Insurance Corporation of IndiaMahindra & MahindraMaruti Udyog LimitedMahanagar Telephone NigamLimitedMunicipal Corporation of DelhiNational Institute of RuralDevelopment (NIRD)State Bank of IndiaSun TVTaj HotelsTata IndicomTirumala Tirupati DevastanamsNuclear Power Corporation of IndiaNon-conventional EnergyDevelopment Corporation of AndhraPradesh Limited (NEDCAP)Tripura State ElectricityCorporation LimitedTVS Motor CompanyOil & Natural Gas CommissionVijai Electricals LimitedParadip Port TrustVirtusaPB Systems Inc.Vishakapatnam Port TrustProcter & GambleVizag SteelReserve Bank of IndiaReliance Industries LimitedSteel Authority of India Limited(SAIL)Singareni Collieries CompanyLimited
PRODUCT RANGELEDDISPLAYSICTSOFTWARELIGHTINGINDOORCOLOUR VMSGRID BASEDOFF-GRIDBASEDNETWORKING AND 3DOUTDOORTICKER TAPESSTREET ANDOUTDOORSOLARCOMMUNICATIONSMOBILETEXT ANDGRAPHICSINDOORS H22ND ANNUAL REPORT 2009-105
Financial performanceNet sales (Rs. 09-102,316.35EBIDTA increased 3.03% from Rs. 715.81 million in 2008-09 toRs. 737.47 millionEBIDTA margin strengthened 140 basis points from 27.06% in 2008-09to 28.46%Revenue decreased 4.01% from Rs. 2,413.17 million in 2008-09 toRs. 2,316.35 millionCash profit declined 1.72% from Rs. 568.28 million in 2008-09 toRs. 558.51 millionPost-tax profit decreased 13.08% from Rs. 621.28 million in 2008-09 toRs. 540.03 millionPost-tax profit margin reduced 265 basis points from 23.49% in2008-09 to 20.84%EBITDA (Rs. 37.47ProductsIntroduced five new products into the market in the lightingsegmentIntroduced 4-mm True LED TV in IndiaNet profit (Rs. 40.036MIC ELECTRONICS LIMITED
Operating performanceNet block (Rs. mn)Added 10 new clients2006-07183.78Tied up with Indian Oil Corporation Limited to initiate a pilot projectto market its solar-based LED lanterns on a commercial scale in selectstates2007-08222.562008-09428.73Secured orders from the Indian Railways for installing railwayPassenger Information Display systems2009-10990.37Created presence in five new countriesBagged an order from Parramatta League Club, Australia, to install a120 sq. m screen for three yearsFormed a joint venture with Hyperion Green Energy India PrivateLimited to secure an energy saving project for municipal street lightingfor a town in Andhra PradeshFiled 5 applications for patents, 22 for trademarks, 20 for designregistrations and 3 for Copy RightsEarnings per share ost-balance sheet achievementsLaunched 15 LED lighting products in five categoriesTied up with Home resources and LED Ray companies of Taiwan, forthe design, development, production and marketing of LED lightsBagged an order from Uttar Pradesh New and Renewable EnergyDevelopment Agency (UPNEDA) for supplying LED solar streetlighting systems worth Rs. 66.3 millionDebt-equity ratio2006-070.04Secured orders worth Rs. 58.7 million from Indian Railways to supplya gamut of true colour LED display systems and emergency LEDlighting solutions2007-080.092008-090.21Won orders worth Rs. 41.3 million LED lighting systems and Rs. 72.6million for True Color LED display system from various corporatehouses2009-100.1922ND ANNUAL REPORT 2009-107
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Saving costs.Saving resources.MIC ELECTRONICS MAKESof 20 MW power plant capacity forSAVINGS, WHILE SAVING THEfifteen years.PLANET.The saving is estimated at aroundThe Company’s LED lighting solutionsUSD 180 million [(15yrs*24 hrs*365help save up to 65% energy compareddays*20000 units* US 6 c) USD 20with conventional lighting systems.mn (set up cost)]. This saving can beReplacing 100,000, 250-watt SV/MHpotentially diverted into investments instreet lights with 100-watt LED lightsother infrastructure activities.could save 60 million units annually andThis is without factoring environment900 million units in 15 years of LEDsavings. One unit of energy burns 0.49life.kg of coal. The energy saving in oneThe financial implications are asyear could eliminate the combustion ofattractive: at a grid energy cost of29,500 MT of coal with aRs. 5 per unit, around Rs. 4,500 millioncorresponding reduction of 51,690 MTcan be potentially saved in 15 years.of green house gases.The IREDA indicates that one unit ofLED is not just what a consumer seeks.power saved is equal to 2.5 units ofIt is what the world needs.power generated (after taking intoaccount the power loss in transmissionand distribution). This means a saving22ND ANNUAL REPORT 2009-109
Raising levels.Pushing frontiers.MIC ELECTRONICS IS BRINGINGcolleges/universities and corporateTOMORROW TODAY.training centres, among others.MIC engineers are obsessed aboutMIC’s initiatives thrive on captivewhether one can see the shine on theDesign and Development as well aseyeball. Whether the close-up of aproprietary technology. For instance,tiger can scare the sweat out of thethe Company’s ‘Scan ’ technologyaudience. Whether the armchair wouldrefined the moving display content andbe the best stadium seat.embedded technology led to improvedMIC engineers have just taken apicture quality. The Company’sdecisive step towards the ultimatenetworking technology facilitatedviewing experience. The Company isdisplays to be operated from anyleveraging more than two decades ofremote global location, helpingrich LED display production experienceadvertisers optimise space usage.to create 3D LED display (with andSo that the next time one sees awithout eye glasses).moving image on a screen one mayMIC is also initiating mobile displaybelieve that it is better than the actual.units with audio systems for the livetelecast of events to various places.The system will find applications forlarge public gatherings,10MIC ELECTRONICS LIMITED
22ND ANNUAL REPORT 2009-1011
12MIC ELECTRONICS LIMITED
Increasing satisfaction.Enhancing wealth.SOUND TECHNOLOGY CREATES ROBUST BUSINESS. ROBUSTBUSINESS CREATES ENDURING FINANCIALS. ENDURING FINANCIALSCREATE ATTRACTIVE WEALTH. ATTRACTIVE WEALTH CREATES HAPPYSHAREHOLDERS.MIC has a fair record in this regard.Its book value reflects the value of every share represented by the Company’sassets, improved from Rs. 32.49 per share in 2008-09 to Rs. 37.71 per sharein 2009-10.22ND ANNUAL REPORT 2009-1013
Eagle vision“We are leveraging our technologicalsuperiority to emerge as the only LEDbased display and high-end lightingproduct manufacturing company in India.”Superior technologyMIC’s success is a result of itstechnology competence. At MIC, werecognised early in our existence thatthe key to our success in a rapidlyevolving business space would notmerely be intent but technology.Dr. M.V. Ramana RaoChairman and Managing DirectorDear ShareholersI am pleased to present our results for2009-10.Our conscious shift in focus fromInfoTech to the LED Display andLighting space resulted in a 4% drop inrevenue. Despite this decline, ourEBIDTA margins increased from27.06% in 2008-09 to 28.46% in 200910, due to an optimised product mix,cost control and a prudent focus on arelatively under-affected India.14MIC ELECTRONICS LIMITEDBesides, the technology would need toprovide distinctive consumer benefits –the product would have to stand for acutting-edge standard, enduring appealand lower cost. At MIC, we made aproactive investment in Design andDevelopment – people, plant andprocesses – leading to pride-enhancingachievements:The pioneering development of theproprietary ‘Scan ’ technology, whichenhanced moving content quality.The pioneering development ofembedded technology that improvedimage quality.The successful design of displaysystems that progressively rationalisedhardware inputs leading to competitiveproduct manufacture.The pioneering design of VHDL(hardware description language) codefor chip design and application-specificintegrated circuits leading to thecreation of 280 trillion colours throughthe creative use of the three primarycolours – Red, Green and Blue.The facility to vary LED brightness asper requirements, widening potential forincreasing colour output in the future.I am pleased to state that through theprudent leverage of our LED displayexperience, we moved ahead to createmore than 70 environment-friendly,LED-based lighting products.Market overviewGlobally, the market for large areadisplays stood at around USD 3.4 bnwith North America accounting for 33%of the global market, followed by Asiaand Europe. With a recovery in theeconomy and growing income levels,the display market is expected to growat a CAGR of 61% over five years. TheRs. 18-bn Indian live entertainmentindustry is expected to grow at around18%. The Rs. 17.5-bn out-of-homeadvertisement industry is expected togrow 12.5% annually.The USD 210-mn international displayrenting industry is one of the fastestgrowing live entertainment segments,expected to record annual 12.5%growth. LED displays are rented tooutdoor events like film concerts,fashion shows and corporatepresentations, among others. On anaverage, in the US, a medium-sizedLED display can generate a rentalincome of USD 15,000 for weekenduse, indicating attractive marketpotential.The triple bottomlineapproachOver the years, a number of peoplehave asked me the reason of oursuccess. The answer lies in our triplebottomline approach.The global lighting segment accountsfor USD 185 bn of expenditure, 2,300tn KWh of power consumption and 2 bntonnes of carbon emission. These arenot mere numbers; they represent therationale of our existence. At a timewhen environmental conservation is
‘‘‘THE ATTENTION BEING PAID AT THE HIGHEST LEVELS IN THEGOVERNMENT OF INDIA ON THE NEED TO CONSERVE ENERGY ANDLOCATE ALTERNATIVE SOURCES FOR ENERGY PROVIDES A FILLIP TO THELED LIGHTING INDUSTRY – BOTH GRID BASED AND SOLAR POWERED.’’’gaining importance and consumers areseeking energy-efficient alternatives,our Company is engaged inmanufacturing LED lighting solutionsthat save up to 65% energy overconventional lighting. An 8-watt LEDlamp provides the same luminance as a60-watt conventional lamp. As anextension of this argument, one unit ofenergy saved is equivalent to 2.5 to 3units of energy generated, whichmakes our energy-saving propositionjust what the world needs in thiscritical hour. The result is evident: atMIC, we have a robust business modelwith social, ecological and commercialbottomline implications.Lighting AfricaWe are glad to inform that theCompany has initiated steps fornecessary product approval to activelyparticipate in the“Lighting Africa “programme.Lighting Africa is a joint program ofWorld Bank and IFC that seeks toaccelerate the development of marketsfor modern off-grid lighting products inSub-Saharan Africa.Lighting Africa’s goal is to mobiliseand support the private sector tosupply quality, affordable and safelighting to 2.5 mi
22ND ANNUAL REPORT 2009-10 3 Selected for ‘Best under a Billion’ by Forbes Asia in 2008 as one of 22 Indian companies a
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