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Moser Baer Posts Loss in Fourth Quarter

Moser Baer India Limited announced financial results for its fourth quarter of fiscal year 2013.

For more information visit: www.moserbaer.com


Unedited press release follows:

Moser Baer announces Q4 FY’13 results

May 30, 2013

• Moser Baer India Ltd.(MBIL) executes definitive agreements with its lenders and implements Corporate Debt Restructuring (CDR)

• Moser Baer Photo Voltaic (MBPV), one of the subsidiaries of MBIL has also executed definitive agreements for implementation of its CDR scheme

• Total income for MBIL stood at INR 3,076.1 million during the quarter

• Shipments of storage media products increased by 7.3% Q-o-Q

• Shipment volume growth of approximately 60% in advanced formats during the quarter

• Key raw material costs for storage media remained stable during Q4 FY’13

• Moser Baer maintains its leadership position in solar systems installation business in India 258 MW of projects executed till date

Moser Baer India Limited (MBIL) today released its financial results for the fourth quarter of FY’13. The company’s Board of Directors, at its meeting in New Delhi, approved the financial results for the quarter ended March 31, 2013.

Commenting on the quarter’s performance, Bhaskar Sharma, CEO, Storage Media, MBIL, said, While the overall market demand sentiment is stable, we are transitioning into a more mature optical media market with focus on higher value products. We have consolidated our current manufacturing operations at our Greater Noida plant including the Solid State Media operations. This has begun impacting us positively towards optimizing our fixed and variable costs, improving supply chain management and bringing overall business efficiency.

He further added, Consequent improvement in liquidity will improve operating performance in the coming quarters.

K N Subramaniam, CEO, Moser Baer PV Systems, said, As one of the largest players in solar EPC business in India, having already executed 258 MW of projects successfully, and we are working across the entire solar installation market. Recently, we have been awarded a prestigious 5MW project by one of the leading Public Sector Units. He added Indian Solar manufacturing today needs a long term sustainable environment for growth with the help of supportive government policy initiatives.

Commenting on the results, Yogesh Mathur, Group Chief Financial Officer, MBIL, said, We have successfully concluded signing of definitive agreements with our bankers and CDR implementation is underway. Banks are supportive of our future plans and we are working across multiple banks to implement the scheme and complete perfection of security pursuant to the CDR scheme. Completion of the debt restructuring process leads to restructuring of loans with moratorium and extension of maturity and interest cost rationalization. Increased liquidity is helping the business to ramp up its operations to optimum level.

Storage Media

• About 3.2 million Blu-ray playing devices were sold in the US during the Q1 CY 2013 taking up the total number of Blu-ray homes in the US to 60 million

• Company’s operating performance expected to restore to normalcy based on the implementation of the CDR

• Healthy order pipeline for the coming quarters vis-à-vis the shipments made in Q4 FY 2013

• Prices of key raw materials expected to remain stable in the near term

Solar photovoltaic

• During Q1 CY 2013, PV module prices increased for the first time in four years, reflecting returning demand-supply balance, (Source: IHS iSuppli ) this increase in pricing is driven by firm demand from Japan and consolidation in the global PV industry

• In India, in Q1 CY 2013, 226.5 MW of solar PV capacity was installed. Cumulative grid connected capacity in India reached ~1.7 GW by end of March 2013, up from 2.5 MW by the end of Aug 2011 (source: MNRE) of this total capacity, over 80% of the PV installations have taken place in the states of Gujarat and Rajasthan

• Ministry of New and Renewable resources (MNRE) has announced draft guidelines for the development of 750 MW of projects under Batch I Phase II of the JNNSM through the viability gap funding mechanism (April 2013)

• The company has recently won a prestigious 5MW EPC project from a leading public sector unit
• Moser Baer has been empanelled by Agency for Non Conventional Energy and Rural Technology for supply of 1 KW solar systems for domestic use 80 systems have been booked already

About Moser Baer India Ltd.
Moser Baer India Limited headquartered in New Delhi, is a leading global tech-manufacturing company. Established in 1983, the company has successfully developed cutting edge technologies to become one of the world’s largest manufacturers of Optical Storage media like CDs and DVDs. The company also emerged as the first to market the next-generation of storage formats like Blu-Ray discs in India. Over the years the company has entered into exciting areas of content replication, home entertainment and is a market leader in the high growth photovoltaic space. It is the only company worldwide to receive the prestigious 5-star rating from TÜV Rheinland for 3 years in a row maintaining highest standards of quality in manufacturing PV modules. Moser Baer India has emerged as one of the most credible brands focused on hi-tech manufacturing and R & D activities. It is continuing to unfold the next generation innovative technologies that will catapult India into a respectable manufacturing hub.

Website: www.moserbaer.com

Audited Standalone Financial Results for the quarter and year ended

March 31, 2013

(Rs. in lacs)

Particulars STANDALONE CONSOLIDATED
3 months ended 31.03.2013 Previous 3 months ended 31.12.2012 Corresponding 3 months ended in the previous year 31.03.2012 Current Year ended 31.03.2013 Previous Year ended 31.03.2012 Current Year ended 31.03.2013 Previous Year ended 31.03.2012
(Audited) (Unaudited) (Unaudited) (Audited) (Audited) (Audited) (Audited)
1 a. Net Sales / Income from Operations 28,227 30,989 44,611 143,693 202,801 162,608 255,661
b. Other Operating Income 779 694 228 2,938 5,412 5,976 9,270
Total Income from Operations (net) 29,006 31,683 44,839 146,631 208,213 168,584 264,931
2 Expenses
a. Cost of materials consumed 17,805 17,559 21,941 77,837 107,200 89,091 126,116
b. Purchase of Stock in trade 44 64 141 916 681 5,043 20,923
c. Change in inventories of finished goods, work in progress and
stock in trade.
1,423 (723) 2,482 1,010 8,868 3,917 24,242
d. Employees benefits expense 4,696 4,463 4,255 18,016 17,974 25,576 26,202
e. Depreciation and amortisation expense 6,345 7,014 8,972 29,023 33,951 40,868 45,687
f. Power and Fuel expense 4,232 4,492 4,836 19,291 20,259 19,323 20,395
g. Other expenses 5,830 6,867 3,987 29,817 28,308 34,752 42,913
Total expenses 40,375 39,736 46,614 175,910 217,241 218,570 306,478
3 Profit / (Loss) from Operations before Other Income, finance costs and
exceptional Items (1-2)
(11,369) (8,053) (1,775) (29,279) (9,028) (49,986) (41,547)
4 Other Income 1,755 2,060 2,137 7,999 4,616 6,747 4,631
5 Profit / (Loss) from ordinary activities before finance costs and
exceptional Items (3+4)
(9,614) (5,993) 362 (21,280) (4,412) (43,239) (36,916)
6 Finance costs 832 6,195 6,322 19,667 23,900 39,627 36,194
7 Profit / (Loss) from ordinary activities after finance costs but before
exceptional Items (5-6)
(10,446) (12,188) (5,960) (40,947) (28,312) (82,866) (73,110)
8 Exceptional items (401) (1,931) (4,969) (3,631) (8,755) (3,755)
9 Profit / (Loss) from ordinary activities before tax (7+8) (10,847) (14,119) (5,960) (45,916) (31,943) (91,621) (76,865)
10 Tax expense - - - - - 2 1
11 Net Profit / (Loss) from ordinary activities after tax (9-10) (10,847) (14,119) (5,960) (45,916) (31,943) (91,623) (76,866)
12 Extraordinary Items (net of tax expense) - - - -
13 Net Profit / (Loss) for the period (11-12) (10,847) (14,119) (5,960) (45,916) (31,943) (91,623) (76,866)
14 Paid-up equity share capital

(Face value:Rs.10/- per share)

16,831 16,831 16,831 16,831 16,831 16,831 16,831
15 Reserves excluding Revaluation Reserves as per balance sheet of previous
accounting year
69,078 (94,911)
16 Earnings Per Share: (not annualised)
i) Before Extraordinary items
- Basic (Rs.) (6.44) (8.39) (3.54) (27.28) (18.98) (54.44) (45.67)
- Diluted (Rs.) (6.44) (8.39) (3.54) (27.28) (18.98) (54.44) (45.67)
ii) After Extraordinary items
- Basic (Rs.) (6.44) (8.39) (3.54) (27.28) (18.98) (54.44) (45.67)
- Diluted (Rs.) (6.44) (8.39) (3.54) (27.28) (18.98) (54.44) (45.67)
A PARTICULARS OF SHAREHOLDING
1 Public shareholding
- Number of shares 140,885,963 140,885,963 140,885,963 140,885,963 140,885,963 140,885,963 140,885,963
- Percentage of shareholding 83.71 83.71 83.71 83.71 83.71 83.71 83.71
2 Promoters and promoter group Shareholding
a) Pledged/Encumbered - - - - - - -
- Number of shares
- Percentage of shares (as a % of the total shareholding of

promoter

and promoter group)

- - - - - - -
- Percentage of shares (as a% of the total share capital of the

Company)

- - - - - - -
b) Non-encumbered 27,420,141 27,420,141 27,420,141 27,420,141 27,420,141 27,420,141 27,420,141
- Number of shares
- Percentage of shares (as a % of the total shareholding of

promoter

and promoter group)

100.00 100.00 100.00 100.00 100.00 100.00 100.00
- Percentage of shares (as a% of the total share capital of the

Company)

16.29 16.29 16.29 16.29 16.29 16.29 16.29


Statement of Assets and Liabilities as at March 31, 2013

Particualrs STANDALONE (AUDITED) CONSOLIDATED (AUDITED)
As at Current year end 31.03.2013 As at Previous year end 31.03.2012 As at Current year end 31.03.2013 As at Previous year end 31.03.2012
A EQUITY AND LIABILITIES
1 Shareholder’s funds
(a) Share Capital 16,831 16,831 16,831 16,831
(b) Preference share capital of Subsidiaries - - 82,553 81,553
(c) Reserves and Surplus 18,071 69,078 (191,625) (94,911)
Sub-total – Shareholders’ funds 34,902 85,909 (92,241) 3,473
2 Share application money pending allotment 2,000 - 2,000 -
3 Non-current liabilities
(a) Long Term borrowings 108,826 38,624 209,030 97,296
(b) Other long term liabilities 17,901 17,932 763 794
(c) Long-term provisions 2,263 1,993 5,292 4,429
Sub-total – Non-current liabilities 128,990 58,549 215,085 102,519
4 Current liabilities
(a) Short-term borrowings 66,703 87,062 94,415 163,015
(b) Trade payables 33,207 32,909 28,040 35,343
(c) Other current liabilities 88,128 100,956 138,146 126,278
(d) Short-term provisions 10,575 22,190 10,732 22,828
Sub-total – Current liabilities 198,613 243,117 271,333 347,464
TOTAL – EQUITY AND LIABILITIES 364,505 387,575 396,177 453,456
B ASSETS
1 Non-current assets
(a) Fixed assets 97,049 124,795 235,208 272,976
(b) Non-current investments 68,404 70,092 81 6,014
(c) Long-term loans and advances 15,470 15,080 21,371 22,066
(d) Other non-current assets 27,932 29,828 1,049 633
Sub-total – Non-current assets 208,855 239,795 257,709 301,689
2 Current assets
(a) Inventories 52,773 55,939 63,390 73,557
(b) Trade receivables 63,606 72,880 27,259 44,798
(c) Cash and cash equivalents 13,090 8,334 17,673 16,408
(d) Short-term loans and advances 6,013 5,083 14,246 15,549
(e) Other Current assets 20,168 5,544 15,900 1,455
Sub-total – Current assets 155,650 147,780 138,468 151,767
TOTAL – ASSETS 364,505 387,575 396,177 453,456
Particulars
3 months ended 31.03.2013

B

INVESTOR
COMPLAINTS
Pending at the beginning of the quarter Nil
Received during the quarter 12
Disposed of during the quarter 12
Remaining unresolved at the end of the quarter Nil

Notes:

  1. The Company is operating with Storage Media Products and Solar Products segments. Accordingly, Segment information has been given which is in line with the requirement of AS-17 Segment Reporting. The Consolidated financial statement has been furnished to provide information about overall business of the Company, its subsidiaries and associates.
  2. The figures of the last quarter of Current financial year are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to third Quarter of the Current financial year.
  3. A) The Profit / (Loss) from ordinary activities before finance costs and exceptional Items for the quarter ended March 31, 2013 includes foreign currency exchange fluctuation gain (net) of Rs. 1032 lacs. (Quarter ended December 31, 2012 includes gain (net) of Rs 1297 lacs).

    B)
    The current quarter exceptional items pertains to reversal of previous year interest expense under CDR Scheme Rs.1,873 lacs, diminution in non current investment Rs. 1,689 lacs and short term exchange loss of Rs. 586 lacs (Quarter ended December 31, 2012 exchange loss of Rs 1,931 lacs) on account of long term foreign currency liabilities.
  4. The Segment-wise revenues, results and capital employed of the Consolidated Financial Statements are given below:
(Rs. in Lacs)

Segment Wise Revenue, Results and Capital Employed

Particulars As at Current year end 31.03.2013 As at Previous year end 31.03.2012
(Audited) (Audited)
Segment Revenue

(Net Sale/Income )

a. Storage Media Products 154,064 216,696
b. Solar Products 27,153 67,343
c. Others 22,581 27,794
Total 203,798 311,833
Less : Inter Segment Revenue 35,214 46,902
Net Sales /Income From Operations 168,584 264,931
Segment Results

(Profit / (Loss) before tax and interest)

a. Storage Media Products (27,318) (5,610)
b. Solar Products (18,173) (20,610)
c. Others 401 (11,186)
Total (45,090) (37,406)
Less : (i) Interest expenses (net of interest/ dividend income) 38,705 33,975
(ii) Other Un-allocable corporate expenditure/ (income) (net) 7,828 5,485
Total (Loss) Before Tax (91,623) (76,866)
Capital Employed

(Segment assets – Segment Liabilities)

a. Storage Media Products 161,036 196,174
b. Solar Products 155,344 171,166
c. Others 90,215 87,028
Total 406,595 454,368
Unallocated Assets/ (Liabilities) (496,836) (450,895)
Total (90,241) 3,473
  1. (A)The Company has executed the Master Restructuring Agreement (MRA) / other definitive documents with all (except one) lender banks on December 27, 2012 and has also fulfilled pre-required conditions for implementation of the CDR Scheme. Accordingly, the CDR scheme has been accounted for in the books of the accounts for the quarter and year ended March 31, 2013.(B)Moser Baer Photovoltaic Limited (MBPV), one of the subsidiaries of the Company also has executed the MRA/ other definitive documents with all lender banks on January 18, 2013 and has also fulfilled pre-required conditions for implementation of the CDR Scheme. Accordingly, the CDR scheme has been accounted for in the books of the accounts of MBPV for the year ended March 31, 2013.(C) Further Moser Baer Solar Limited (MBSL), another subsidiary has also executed the MRA/ other definitive documents with the majority of lender banks on March 28, 2013 and compliance with certain terms and conditions of the approved debt restructuring scheme is ongoing. Accordingly, CDR scheme has not been implemented in books of accounts of MBSL for the year ended March 31, 2013.
  2. The Company has performed a detailed assessment, using valuations performed by an independent valuer, to determine whether its investments in and advances or other receivables from MBPV and MBSL are recoverable. Such assessment is based on successful implementation of new technologies, external market conditions, regulatory benefits and conclusion of debt restructuring in the terms as proposed by these subsidiaries. The management has concluded that no adjustments to the carrying values of underlying investments in and advances or other receivables from these subsidiaries aggregating to Rs 76,357 lacs, are required to be made in the results for the quarter/year ended March 31, 2013.
  3. The outstanding foreign currency convertible bonds (FCCBs) aggregating to principal value of USD 885 lacs (equivalent to Rs 48,051lacs) matured for redemption on June 21, 2012, which have since been claimed by the trustee of the bondholders. The Company has applied for relevant regulatory approvals and meanwhile is in discussions with the bondholders through the Trustee, to re-structure these bonds. Pending acceptance by the bondholders and approval from the concerned regulatory authorities of the terms proposed by the Company, the financial obligations of the Company, other than premium on redemption, are presently not reasonably determinable, and hence have not been provided for. The trustee on behalf of certain bondholders has also filed a petition under section 434 of the Companies Act, 1956 with Hon’ble High Court of Delhi, which is pending.
  4. Subject to necessary approvals, the Board of directors of the Company in their meeting held on May 30, 2013 has allotted 2,00,00,000 equity shares of Rs. 10/- each for cash at par on preferential basis to Mr. Deepak Puri, Promoter. The allotment is in terms of approval of shareholders accorded vide Special Resolution passed on May 20, 2013, by way of Postal Ballot and under the Corporate Debt Restructuring Scheme approved by CDR Empowered Group.
  5. Figures of the previous period/ year have been regrouped and rearranged wherever necessary.
  6. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 30, 2013. The information presented above is extracted from the respective audited financial statements as stated.
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