Value Industries Limited
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BSE Code:
500945
NSE Code:
VALUEIND
Business Profile
Business Profile
Videocon Appliances (VIDEOCONAPP) is a consumer electronics and home appliances company. Incorporated on March 8, 1988, it is part of the USD 2.5 billion Videocon group operating in the key areas of consumer electronics, home appliances and compressor manufacturing in India, display industry and its components, color picture tube glass, internet, petroleum and power.
The company manufactures home appliances such as refrigerators, microwave ovens, compressors, ACs, and washing machines among other products. The product range includes tower, window, and split ACs; frost-free and direct cool refrigerators; automatic and semi-automatic washing machines, and the X-Lent range of products. The manufacturing plant is located in Aurangabad, Maharashtra. Formerly known as Matsushita Washing Machine India, Ranjangaon Industries has been amalgamated with the company.
Marketing its products through channel partners such as dealers, distributors, and retail shops, the company also uses the Videocon showrooms. Products are exported to various countries including Italy, China, Oman, and Dubai to name a few. It has service centers located in almost all parts of India. The Videocon group`s brand portfolio in India includes Videocon, Sansui, Akai, Kenstar, Hyundai, Toshiba, Electrolux and Kelvinator.
The registered office of the company is located at 14 Km Stone, Aurangabad-Paithan Road, Paithan taluka, Chittegaon village, Aurangabad-431105, Maharashtra.
Financials
Videocon Appliances registered a profit of Rs 46.4 million for the quarter ended December 2007.
It recorded a net sales of Rs 3,140.5 million for the quarter.
Total income was Rs 3,197.7 million for the quarter ended December 2007.
The diluted earnings per share (EPS) of the company stood at Rs 1.18 for the quarter ended December 2007.
Recent Developments
10-APR-08
The members of the board of directors of Videocon Appliances approved the change in name of the company to `Value Industries`. The company has informed that, the registrar of companies, Maharashtra, Mumbai has issued its approval to the said change and issued fresh certificate consequent to the change of name.
03-MAR-08
The members of the company will consider to approve by way of postal ballot the following, subject to necessary provisions and approvals: -To change the name of the Company from Videocon Appliances to Value Industries.
-To authorize the board of directors of the company to make investments, extend guarantees, provide securities, give inter corporate loans exceeding the limits specified under Section 372A of the Companies Act, 1956.
-To authorize the board of directors of the company to sell, lease, mortgage or
otherwise dispose off the whole or substantially the whole of undertaking of a company upto an amount of Rs 100,000 million.
-To authorize the board of directors of the company to borrow funds upto an amount of Rs 100,000 million.The postal ballot form duly completed should reach the scrutinizer on or before the close of working hours on March 29, 2008. The results of the postal ballot will be announced on March 31, 2008 at the 20th Annual General Meeting of the company.
29-NOV-07
The equity shareholders, preference shareholders, secured creditors and unsecured creditors at their respective meetings held on July 27, 2007, have unanimously approved the scheme of amalgamation of Ranjangaon Industries (the transferor company) with the company (transferee company). The scheme of amalgamation became effective on Oct. 31, 2007, and the company has fixed Nov. 30, 2007 as the record date for determining the equity shareholders of the erstwhile Ranjangaon Industries who are entitled for allotment of equity shares of Videocon Appliances, pursuant to the scheme of amalgamation as sanctioned by the High Court in Mumbai.
Future Plans
Videocon is planning to acquire Daewoo`s consumer electronic businesses worldwide. The acquisition would bring Daewoo`s consumer electronics business including LCD TVs, plasma TVs and components into Videocon`s fold, strengthening its position in the industry. It would also have a strategic fit into the group as it would find a consuming partner for its recently acquired Thomson`s picture tube business.