February 8, 2017 - Jeena Scriptech Alpha Advisors

MIC Electronics Ltd
Electric Components
FV – Rs 2; 52wks H/L –23.65/12.8; TTQ – 1.69 Lacs; CMP – Rs 14.59 (As On February 8, 2017);

Market Cap – Rs 258 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)

Equity Capital	Net worth	Long Term Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
33.23	209	19	221	-110.89	13	-6.67	–	25.31	1.1	19.91	1.73

Consolidated Financials and Valuations for H1 FY17

Equity Capital	Net worth	Long Term Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
35.39	219	41	106	6.37	12	0.36	40.53	25.31	1.2	19.91	1.73

Valuation Parameters:

Long Term Debt to Equity – 0.1
ROE % – NA
Market Cap/Sales – 1.2

MIC Electronics Ltd has informed the BSE that the company has received Letter of Award for supply 20,000 standalone offgrid solar LED street lights at a contract price of ₹32.85 crore. http://www.thehindubusinessline.com/companies/mic-electronics-bags-new-order/article9420373.ece

The company was one of three companies awarded a contract for supply of a new LED-based coach light fixture to the Indian Railways. This is the Railways initial foray into this type of lighting. While this initial order will furnish lights sufficient for 60 coaches, these type of fixtures will now become standard fittings in all new Railway caches and will also be used as retrofit devices in old running coaches. This has a potential market of more than 120,000 coaches for the Indian Railways alone. http://www.thehindubusinessline.com/companies/mic-electronics-gets-patent-for-led-digiposter-bags-order-from-railways/article9080720.ece

Overview:

MIC Electronics Ltd is a manufacturer of electric lighting equipment.
The Company is also engaged in manufacturing of light emitting diode (LED) displays and LED lighting. Its LED displays include indoor displays, outdoor displays, mobile displays and application specific displays.
It offers LED lightings in various ranges, including indoor lighting, solar lighting, outdoor lighting and portables.
Its indoor LED displays include digital posters and indoor video screens; outdoor LED displays include ticker displays, digital posters, perimeter displays, outdoor video walls and digital billboards; mobile LED displays include displays for trucks and trailers, and application specific LED displays include passenger information displays and digital theme park displays.
Its indoor lighting includes tube lights and bulbs; solar lighting includes home lights and street lights; outdoor lighting includes parking lights and industrial lights, and portables include angel and lanterns.
The Company has 3 wholly own subsidiaries namely, MIC Electronics Inc., MIC Green Energy Solutions Pvt Ltd and MIC Candilux Pvt Ltd.

Management:

M.V. Ramana Rao – MD
L.N. Malleswara Rao – CFO

Major Non – Promoter Holdings:

Sr.No	Non – Promoters	No. of shares held	% of shares held
1	D Hitesh Chenchu Ram	1800000	1.02
2	Yarlagadda Raghu Veer	5950000	3.36
3	Prabhakar Rao Mandava	2920277	1.65
4	Srinivasa Rao Nimmagadda	1950065	1.1
5	Naga Malleswara Rao Lingamaneni	2424234	1.37
6	Venkata Ram Atluri	2652255	1.5
7	Ideamax Consultancy Services Pvt.Ltd	21742000	12.29

Consolidated Financial Trends (In Rs. Crs) :

Particulars	FY16	FY15	FY14	FY13	FY12	FY11
Equity Paid Up	33.23	23.78	20.5	20.5	20.5	20.5
Networth	209	306	300	345	359	406
Total Debt	114	116	104	136	128	112
Net Sales	221	162	98	85	143	233
Other Income	3	4	2	7	8	18
PAT	-110.89	1.8	-45.06	-14.65	-63.45	33.92
Book Value (Rs)	13	26	29	34	35	40
EPS (Rs)	-6.67	0.15	-4.40	-1.43	-6.19	3.31