MIRC ELECTRONICS LTD
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BSE Code:
500279
NSE Code:
MIRCELECTR
Business Profile
Business Profile
MIRC Electronics (MIRC), incorporated on Jan. 01, 1981, manufactures and markets the Onida and IGO brands of consumer products. It is part of the Onida group, which also includes which includes the associate companies Monica Electronics, Onida Credit & Investment, Onida Finance, Vaka Electronics, OFL Capital Corporation, Onida Saka, Onida International, and OFL Securities.
Products such as televisions, digital video and home theatre systems, air conditioners, washing machines, mobile phones, microwave ovens, projectors and display products are manufactured at different plants located at Wada in Maharashtra, Noida in Uttar Pradesh, and Haridwar in Uttaranchal. The company has set up installed capacities of 3 million television sets, 100,000 air conditioners, 380,000 washing machines, and 3.72 million electronic tuners. A team of dedicated engineers works at the Onida research and development centers in Mumbai and Delhi conducting research in the areas of embedded software, industrial design, mechanical engineering, electrical engineering, and model shop.
Early in 2008, the company entered into a strategic partnership with the US-based communications and consumer silicon solutions provider Marvell for the purpose of introducing Qdeo video processing technology in India. It has launched an exclusive world class LCD under the XARIA range and also added to its product portfolio state-of-the art Onida mobile phones. The company trades in major electronics items which constitute around 35% of the total revenue of the company. It has 33 branch offices, 208 customer relation centers and 41 depots across India.
The registered office is at Onida House, G-1, MIDC, Mahakali Caves Road, Andheri (E), Mumbai-400093.
Financials
MIRC Electronics registered a 11.25% growth in net profits to Rs 88 million for the quarter ended June 2008 from a profit of Rs 79.1 million for the quarter ended June 2007.
Net sales declined 12.28% to Rs 3,913.9 million for the quarter ended June 2008 from Rs 4,461.9 million for the quarter ended June 2007.
Total income dipped 12.3% to Rs 3,916.2 million from Rs 4,465.2 million for the quarter ended June 2007. The earnings per share (EPS) of the company stood at Rs 0.62 for the quarter ended June 2008.
Recent Developments
22-SEP-08
On Sep. 18, 2008, the board of directors of the company considered the recommendation of committee of directors and thereafter approved the scheme of amalgamation of Guviso Holdings with the company.