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30th April 2007
PRESS RELEASE
FCI OEN CONNECTORS REPORTS ROBUST GROWTH IN Q1
TURNOVER OF RS.50 CRORES FOR THE FIRST QUARTER
NET PROFIT OF RS.5.5 CRORES FOR THE FIRST QUARTER
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FCI OEN Connectors has reported robust growth in the first quarter of 2007. Sales turnover grew by 28% to Rs.50 crores from Rs.39 crores in the corresponding quarter of 2006. Turnover for the previous year was Rs.183 crores.
Other income grew by 100% to Rs.6 crores from Rs.3 crores in the corresponding previous quarter. PBT increased by 10% to Rs.8 crores. Net Profit went up by 10% to Rs.5.5 crores. EPS grew from Rs.7.91 to Rs.8.71. EPS for the previous financial year ended 31st December 2006 was Rs.31.17.
Shareholders had earlier approved the sale of automotive connector division with effect from 1st January 2007. The operating results of the automotive connectors is therefore not included in the Q1 results.
(BIJU K. ELIAS)
COMPANY SECRETARY
Encl: Financial Result
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26th February 2007
PRESS RELEASE
FCI OEN CONNECTORS REPORTS ANNUAL RESULTS
TURNOVER INCREASES 30% TO RS.183 CRORES
NET PROFIT INCREASES 12% TO RS.19.6 CRORES
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FCI OEN Connectors Ltd. has announced its audited results for the year 2006. Sales turnover grew by 30% to Rs.183 crores from Rs.141 crores in 2005. PBT increased by 16% to Rs.40.7 crores. Net Profit went up by 12% to Rs.19.6 crores. EPS is up by 14% to Rs.31.17.
Growth in turnover came from connectors for communication & data sectors and higher export business. Export sales increased by 28% to Rs.105.7 crores in the year 2006. Exports are now 58% of the total sales. Connectors made by the company are now exported to more than 32 countries. Exports have crossed the Rs.1 billion mark for the first time, up from Rs.828 million in 2005.
Data market recorded reasonable growth in 2006. Industrial , Automotive, Electrical segments also showed marginal growth during the year. These markets helped to increase the Company’s turnover.
Margin was under heavy pressure due to the steep increase in metal prices, which constitute around 50% of raw material cost. During the year, the Company registered an average margin of 12%. FCI OEN has fared reasonably well by adopting cost cutting measures, bringing new product lines, adding value added business, entering new markets and customers.
The Board of Directors has recommended payment of dividend at the rate of 22.5% for the year ended 31 December 2006
(BIJU K. ELIAS)
COMPANY SECRETARY
Encl: Financial Results
26th October 2006
PRESS RELEASE
TURNOVER OF RS.132 CRORES FOR THE 9 MONTHS, AN INCREASE OF 27%
NET PROFIT OF RS.16 CRORES FOR THE 9 MONTHS, AN INCREASE OF 25%
NET PROFIT OF RS.5.5 CRORES FOR THE QUARTER, AN INCREASE OF 17% _______________________________________________
FCI OEN Connectors Limited has announced its unaudited results for the third quarter of 2006. Sales turnover grew by 38% to Rs.49 crores from Rs.36 crores in the corresponding quarter of 2005. PBT increased by 17% to Rs.8.3 crores. Net Profit went up by 17% to Rs.5.5 crores.
Performance highlights of the nine months of current financial year are:
- Sales turnover has grown by 27% to Rs.132 crores
- PBT increased by 26% to Rs.24 crores
- Net Profit increased by 25% to Rs.16 crores
- EPS has gone up by 25% to Rs.25.74
Exports have registered an all time high at Rs.77 crores for the nine months period. Exports are now 58% of the total sales. Connectors are now exported to more than 32 countries.
Major part of the domestic business came from the telecom and data markets . These sectors are expected to continue to grow in the fourth quarter also.
Commenting on the results, P George Varghese, Managing Director said:
"I am happy that we could report a better performance, despite the adverse metal price hike during the period. Our wide product portfolio helped us to enhance shareholder value”.
(BIJU K. ELIAS)
COMPANY SECRETARY
Encl: Financial Results |
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SCN/301 |
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29 July 2006 |
IMPRESSIVE Q2 FROM FCI OEN CONNECTORS |
FCI OEN's second quarter sales in 2006 increased by 30% to Rs.441.15 million (up from Rs.339.61 million in Q2, 2005). Domestic sales has grown by 28% to Rs.177 million (Rs.138.57 million) and exports by 31% to Rs.263.88 million (Rs.201.07 million). H1 sales grew by 21% over previous year with 19% growth in domestic sales and 22% growth in exports.
Other income in the Q2 has increased by 45% to Rs.37.66 million (Rs.25.95 million). Profit Before Tax (PBT) increased by 50% to Rs.84.40 million over the corresponding quarter of previous year (Rs.56.42 million). Net Profit also increased by 37% to Rs.56.82 million (Rs.41.42 million). In H1 Net Profit has grown by 28%, against corresponding half-year of 2005.
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SCN/301 |
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28 March 2006 |
FCI OEN REPORTS EXCELLENT RESULTS |
For the year ended 31 st December 2005, FCI OEN Connectors Ltd’s (FCI OEN), Net Sales has increased by 25% to Rs.1409 million (Rs.1130 million in 2004). Growth in turnover came from connectors for automotive, industry and communication sectors and higher export business.
Domestic sales increased by 16% to Rs.581 million (Rs.499 million in 2004). Export sales increased by 31% to Rs.828 million (Rs.631 million in 2004). Other income was Rs.98 million (Rs.103 million in 2004). Profit Before Interest, Depreciation and Tax (PBDIT) was up by 36% to Rs.351 million, against Rs.257 million in 2004. Net profit also increased by 49% to Rs.176 million (Rs.118 million in 2004). Earnings per share is higher at Rs.27.79 (Rs.19.17 in 2004)
Automotive, Data markets in the domestic sector are promising. Automotive capacity expansion is expected to be operational by the second half of 2006. Cable assembly business and the export of new generation connectors gives positive signals on the export front.
The Board has recommended a dividend of 22.5%. |
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SCN/301 |
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21st October 2005 |
IMPRESSIVE Q3 FROM FCI OEN CONNECTORS |
FCI OEN's third quarter sales in 2005 increased by 17% to Rs.357 million (up from Rs.304 million in Q3, 2004). Domestic sales for the 3rd quarter grown by 25% to Rs.144 million (Rs.115 million in Q3 of 2004) and exports for the 3rd quarter by 13% to Rs.213 million (Rs.189 million in Q3 of 2004). Year to date domestic sales grown up by 23% from the corresponding period of 2004 and export sales grown by 46% from the corresponding period of 2004.
Profit Before Tax (PBT) increased by 43% to Rs.71 million over the corresponding quarter of previous year (Rs.49 million). Profit After Tax (PAT) also increased by 42% to Rs.47 million (Rs.33 million ). |
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SCN/301 |
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27 July 2005 |
IMPRESSIVE Q2 FROM FCI OEN CONNECTORS |
FCI OEN's second quarter sales in 2005 increased by 44% to Rs.3396 lakhs (up from Rs.2,363 lakhs in Q2, 2004). Domestic sales has grown by 20% to Rs.1,385 lakhs (Rs.1,137 lakhs) and exports by 65% to Rs.2,011 lakhs (Rs.1,226 lakhs). H1 sales grown by 48% over previous year with 21% growth in domestic sales and 74% growth in exports.
Other income in the Q2 has increased by 64% to Rs.259.45 lakhs (Rs.161.41 lakhs). Profit Before Tax (PBT) increased by 73% to Rs.564.20 lakhs over the corresponding quarter of previous year (Rs.325.95 lakhs). Profit After Tax (PAT) also increased by 109% to Rs.414.20 lakhs (Rs.197.95 ). In H1 PAT has grown by 50%, against corresponding half-year of 2004. |
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SCN/301 |
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22 March 2005 |
FCI OEN CONNECTORS' TURNOVER CROSSES RS.100 CRORE |
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FCI OEN Connectors’ net sales increased by 48% to Rs.11,297.19 lakhs in 2004 (Rs.7,632.11 lakhs in 2003). Domestic sales increased by 12% to Rs.4,989.23 lakhs (Rs.4,467.93 lakhs in 2003). Exports almost doubled to Rs.6,307.96 lakhs (Rs.3,164.18 lakhs in 2003).
Other income was higher mainly due to higher export entitlements. Profit Before Interest, Depreciation and Tax (PBDIT) is up by 21% to Rs.2,567.63 lakhs in 2004, against Rs.2,118.58 lakhs in 2003. Due to higher depreciation and higher deferred tax, net profit is only marginally higher at Rs.1,179.16 lakhs in 2004 (Rs.1,172.91 lakhs in 2003). Board has maintained dividend at 22.5%.
Exports as a percentage of total sales grew from 40% in 2003 to 56% in 2004. In 2005, the company foresees good growth due to increased focus on exports and expansion projects.
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SCN/301 |
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20 October 2004 |
FCI OEN ACHIEVED QUARTER TO QUARTER GROWTH OF 66% IN PAT |
FCI OEN Connectors increased its PAT from Rs.197.95 lakhs in Q2 ended 30.06.2004 to Rs.328.15 lakhs in Q3 ended 30.09.2004. The turnover growth during this period was 29% (Rs.2362.89 lakhs in Q2 and Rs.3042.21 lakhs in Q3 of 2004). The above growth in PAT was achieved without any non-recurring income in Q3 ended 30.09.2004.
Compared to the corresponding quarter of the previous year, sales for the current quarter grew by 57% to Rs.3042.21 lakhs (Rs.1936.71 lakhs). Profit after tax declined to Rs.328.15 lakhs (Rs.376.06 lakhs). This was mainly because of the presence of non-recurring finance income in Q3 of 2003.
Sales for the 9 months ended 30.09.2004 grew by 39% to Rs.7691.17 lakhs (Rs.5541.44 lakhs). Profit after tax also grew marginally by 3.4% to Rs.883.05 lakhs (Rs.853.70 lakhs).
Consequent to the restructuring by the Parent Company, FCI France, many of its manufacturing operations have been shifted to cost effective countries including India, which is expected to increase FCI OEN's business in the coming years.
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SCN/301 |
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26 July 2004 |
FCI OEN REPORTS LOWER Q2; HIGHER H1 |
FCI OEN Connectors has reported increased turnover in the second quarter of 2004. Sales grew by 26% to Rs.2362.89 lakhs (Rs.1880.19 lakhs in the corresponding quarter in the previous year). Profit before tax is marginally down by 1% to Rs.325.95 lakhs (Rs.330.42 lakhs). Profit after Tax has came down to Rs.197.95 lakhs (Rs.246.17 lakhs).
Major contributors for the reduction in the bottom line are increased depreciation, other expenses and higher tax provisioning. Capex in 2003 and the current year has resulted in higher depreciation. Increase in power cost, travel cost and service charges constitutes the higher other expenses. Higher of tax on export profit has resulted in higher tax provisioning.
Sales for the half-year ended 30th June 2004 is up by 29% to Rs.4648.96 lakhs (Rs.3604.73 lakhs in the corresponding half year of the previous year). Profit before tax is increased by 22% to Rs.806.90 lakhs from Rs.663.53 lakhs. Profit after Tax also increased by 16% to Rs.554.90 lakhs from Rs.477.64 lakhs.
Company's export business improved considerably from Rs.1340 lakhs (in H1 of 2003) to Rs. 2331 lakhs ( in H1 of 2004). Domestic sales for the said period increased marginally to Rs. 2320 lakhs from Rs.2260 lakhs. During the year 2003, export business was at 40% of our total sales.
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SCN/301 |
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9 March 2004 |
HIGHER NET AND DIVIDEND FROM FCI OEN CONNECTORS |
FCI OEN Connectors' net sales increased to Rs.763 million in 2003 from Rs.752 million in 2002. Domestic sales came down by 24% to Rs.445 million (Rs.588 million in 2002). Exports grew by 94% to Rs.316 million (Rs.163 million in 2002). 2003 was a very difficult year for connector manufacturers all over the world, in spite of which FCI OEN Connectors has reported reasonably good results.
Profit before tax increased by 6% to Rs.159 million (Rs.151million in the previous year). Profit after tax also increased by 15% to Rs.117 million (Rs.102 million in the previous year).
Export sales contributed 40% of the total sales during the year 2003 as against 20% in the previous year.
During the year 2003, Company invested Rs.171 million for capacity enhancements and new products. New products introduced includes Metral 4000, Eyemax, Modjack and Millipac. These are new generation connectors and contributed substantially to export sales.
In the Current year, Company plans to increase the production capacity. This will be funded from internal accruals and also from the preferential issue of shares to the promoter company, FCI France, which was approved by the Shareholders last year. FCI France's shareholding will consequently increase to 67.83% from the current 62.87%.
The Board has recommended a dividend of 22.5% (last year 20%) |
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SCN/301 |
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29 December 2003 |
FCI France to increase in the equity capital of FCI OEN |
Shareholders of FCI OEN Connectors Ltd. have approved a Preferential Issue of Equity Shares to Foreign Collaborators, FCI France, enabling them to increase their shareholding from 62.87% to 67.83%. The Equity Shares are allotted at a price of Rs.151/- per share in accordance with the statutory guidelines.
FCI France, is the promoter of FCI OEN in India. Increase in their equity stake signals their increased focus in India. The allotment was proposed within 3 months.
FCI OEN is India's prime manufacturer of electronic connectors. Its products are now used by communication, data, consumer, automotive and electrical power interconnect industries.
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29 December 2001 |
Framatome Connectors is now FCI OEN Connectors Ltd. |
The new name of Framatome Connectors OEN is FCI OEN Connectors Ltd.
FCI OEN Connectors Ltd, is India's prime supplier of Connectors and serves Communication, Automotive,Military and Aero space, > Industrial and Instrumentation,Energy, Data and Consumer markets. The Company has factories in Cochin and Bangalore and is listed in the major Stock Exchanges.
The company was promoted in 1981 by OEN India. 61.5% of the equity capital of the company is held by FCI France with its headquarters at Versailles, France. FCI is the second largest connector manufacturer in the world having an annual turnover of US$ 2.1 billion and presense in 83 countries. The new name will better reflect the FCI and OEN brand equities.. |
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01 November 2001 |
FC OEN Q3 RESULTS BETTER THAN Q2 |
FCI OEN Connectors has announced its third quarter results. Net Sales increased by 13% to Rs.1811.4 lakhs ( against Rs.1601.06 lakhs in the corresponding quarter in the previous year). PBT is however lower by 17% at Rs.366.47 lakhS.( Rs.443.1 lakhs). Net profit is down by 20% to Rs. 262.74 lakhs ( Rs.330.43 lakhs ).
Considering that the electronic component industry world-wide is going through tough times, FCI OEN Connectors 's results are gratifying. The net sales in Q3 when compared to Q2 has increased by17.95%. PBT has grown by 40%; and net profit is up by 56.75% from Q2.
The High Court of Kerala has approved the amalgamation of Framatome Connectors Berg Ltd ( FC Berg) with Framatome Connectors OEN Ltd ( FCI OEN Connectors ). Pending receipt of the formal copy of the order, no effect has been made to the financial statement.The transferor company, FC Berg is a closely held company and the transferee company, FCI OEN Connectors is a widely held company whose shares are listed in BSE, NSE, and Cochin Stock Exchanges. FC Berg has a paid up capital of Rs.1,89,00,000 comprising 18,90,000 equity shares of Rs.10/- each. Out of the above 11,34,000 shares ( being 60% of the capital ) are held by FCI OEN Connectors itself and the balance 7,56,000 shares ( being 40% of the capital) is held by FCI France, the French principal of FCI OEN Connectors . FCI France will get 1,89,000 equity shares and consequently its equity holding in FCI OEN Connectors will increase from 61.5% to 62.9%, post merger.
The Board of Directors plan to enhance the Fibre Optic business by setting up of a line for Optical Couplers in Bangalore. This is an export oriented project and expected to start commercial production in the first quarter of 2002.Another new project is the manufacture of Millipacs, a new generation connector. This will be a fully integrated activity with stamping, moulding, plating and assembling. The project is expected to commence in the first quarter of 2002 at Cochin. Both the projects together will possibly increase the turnover by Rs 10 to 15 Crores in 2002. |
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04 September 2001 |
FCI Unveils Enhanced Website New Content and Easier Access to Information |
FCI today unveiled its newly designed website. While the site continues to offer all the features of the previous version, valuable new content has been added. The increased functionality of the site enables visitors to access information more easily. The URL is www.fciconnect.com.
Chris Roberts, Director of Communications for FCI, commented, "The number of visitors to the FCI website continues to increase. Our site has become the primary source of information not only for our customers, but also our distributors and manufacturing representatives. From product information through our online catalog to FCI corporate information, the FCI website provides effective solutions. A major feature is the product availability by market, with drawings leading into products for each type of application." Roberts continued, "This is only the beginning. We will continue to expand our website to include significant enhancements. For example, our plans include upgrading the online catalog platform and creating a word search on the homepage." |
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04 September 2001 |
Completion of the TOPCO project: Birth of the AREVA Group |
At the Joint Shareholders Meeting of 3 September, the shareholders of CEA-Industrie adopted a series of resolutions to finalize the TOPCO project and unify the forces of CEA-Industrie, COGEMA, Framatome ANP and FCI into a single industrial group called AREVA.
The name AREVA corresponds to a desire by the shareholders to give to the group a name that is simple, easy to pronounced and to write, easily memorized and that rings true for an international group that combines imagination and vitality which pursues an objective : "living better through advanced technology". Trials on focus groups and employees confirmed that the name matched the established criteria.
Less than one year after the project was launched, the structure of AREVA was completed and the capital shared out as follows : CEA (78.96%), Government (5.19%), investment certificate holders (4.03%), ERAP (3.21%), EDF (2.42%), ALCATEL (2.23%), employee shareholders (FRAMEPARGNE 1.58%), CDC (1.36%) and TotalFinaElf (1.02%).
AREVA steps onto the scene as the world leader in nuclear power (AREVA is present in every aspect of the nuclear power cycle, from mining through facility decommissioning, including both reactors and fuel) and the second largest group worldwide in connectors. With more than 45,000 employees and sales of some 10 billion euros, AREVA possesses recognized expertise in its business areas and controls the necessary resources to forge alliances for international growth.
Press contacts : Yves Gautier / Sophie Renaud, 01-44-83-71-17 |
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24 August 2001 |
Productivty Award for FCI OEN Connectors |
FCI OEN Connectors Ltd., Cochin, has won the FACT MKK Nayar Memorial Productivity Award, instituted by Kerala State Productivity Council. The Company has won First in the category of Medium Scale Industriesfor the best productivity performance for the year 1999-2000. The runner-up is United Electrical Industries Ltd, Kollam. In the category of Large Scale Industries, Kerala Minerals and Metals Ltd, Kollam is adjudged first and Apollo Tyres Ltd, Perambra second. In the Small Scale Industries category, Foster Foods (P) Ltd, Thrissur won the first prize and Cryptom Confectioners (India) Pvt. Ltd, Thodupuzha, is the runner-up. This is the third time that FCI OEN Connectors is winning this prestigious award. The Company had won this for the years 1988-89 and 1991-92 also. The presentation of Awards will be held in a public function during September - October, 2001. |
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30 July 2001 |
Q2 Results |
Despite the global slow down, Framatome Connectors OEN has reported marginal increase in sales turnover for the second quarter ended 30 June 2001 at Rs. 1486.31 lakhs as against Rs.1422.55 lakhs in the corresponding quarter in the previous year. After providing for a higher depreciation of Rs.91.99 lakhs (Rs.71.59 lakhs) , profit before tax is Rs.260.99 lakh (Rs.348.09 lakhs). Provision for taxation is Rs.93.38 lakhs (Rs. 111.80 lakhs). Profit after tax has come down to Rs.167.61 lakhs (Rs.236.29 lakhs).
During the quarter the Company has reported other income of Rs.12.78 lakhs (Rs.181.48 lakhs). |
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24 April 2001 |
FC OEN REPORTS IMPRESSIVE Q 1 |
Framatome Connectors OEN has reported impressive results for the first quarter of 2001. The sales turnover grew by about 15% to Rs.1877.79 lakhs (Rs.1635.9 lakhs in the corresponding quarter in the previous year) PBT increased by 24% to Rs.496.16 lakhs (Rs.400.15 lakhs). Net profit rose smartly by 20.5% to Rs.351.84 lakhs (Rs.291.95 lakhs). Exports for the 1st quarter is Rs.620 lakhs against Rs.490 lakhs in the corresponding quarter 2000. |
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13 March 2001 |
FC OEN Net Zooms |
For the year ended 31 December 2000, FCI OEN CONNECTORS LTD.'s (FCI OEN Connectors ), Net sales has increased by 40% to Rs.60.24 crores (Rs.42.97 crores). Profit before tax is Rs.17.56 crores (Rs.8.15 crores). Net Profit has zoomed by 120% to Rs.12.35 crores (Rs.5.6 crores). EPS has gone up to Rs 23.45 from Rs. 10.60 last year. During the year, the Company has exported Rs.21.51 crores (35.71%) of its products compared to Rs.10.61 crores (24.71%) last year. Other Income of Rs.6.38 crores (Rs.2.03 crores) includes export entitlements of Rs.3.96 crores as against Rs.21.49 lakhs in the previous year. Other income also includes Rs.1.04 crores (Rs.81.04 lakhs) being agency commission for the marketing the Foreign Collaborators' products in India. The Board has recommended a dividend of 25% as against 20% last year. During the year, as recommended by the Institute of Chartered Accountants, the Company has revised the method of accounting for export incentives comprising of import duty credit entitlements. Such incentives from the realisation basis hitherto followed to an accrual on export. As a result of this change, the net profit and reserves for the year are higher by Rs.137.8 lakhs. The financial results provide for possible wages increase consequent to the long term wage settlement discussion in progress. During the six months ended 30 June 2000, the Company increased equity stake from 51% to 100% in its subsidiary OCL Interconnection Limited (`OCL'). Subsequently, pursuant to an agreement dated 30 September 2000 entered into between the Company and OCL, the Company acquired the assets and liabilities (other than cash and bank balances and tax assets/liabilities) of OCL as at 30 September 2000 for a lumpsum consideration of Rs.36 lakhs. As at 31 December 2000, the Company has an investment of Rs.366 lakhs in Framatome Connectors Berg Limited (`FC Berg'), a 60% subsidiary of the Company. As the Company and FC Berg are both engaged in the manufacture and sale of similar classes of electronic goods viz., Connectors, to achieve considerable synergies the companies have approved a Scheme of Amalgamation. The Scheme of Amalgamation envisages that subject to the approval of the High Court and other necessary approvals with effect from 1st January 2000, transfer the entire undertaking of FC Berg to FCI OEN Connectors . As consideration thereof, the equity shares in FC Berg held by the Company shall stand cancelled and the Company shall issue 1 equity share of Rs.10 each for every 4 remaining shares held in FC Berg. : 2 : Taxation is Rs.5.20 crores (Rs.2.55 crores), which may come down if the accounts are consolidated after the amalgamation with Framatome Connectors Berg. FC Berg's estimated and unaudited net worth as at 31 December 2000 is expected to be approximately Rs.110 lakhs at book value. Provision for diminution of approximately Rs.300 lakhs based on such value in the Company's investments in FC Berg has not been made and the Company proposes to give effect to the Scheme of Amalgamation including the related diminution in the value of the investment on receipt of statutory approvals. The Annual General Meeting of the Company has been convened on 16 June 2001. If the Scheme of Amalgamation with FC Berg receives statutory approvals before the second week of May 2001, the Board will reconsider the above accounts and may approve the consolidated accounts of the merged company for the period ended 31 December 2000. Mr. P. George Varghese, Managing Director, said that the good performance in 2000 was due to the acquisition of FC Berg, growth in exports and impetus in the domestic telecom market. Export and agency sales of foreign collaborators' products are likely to do well in the current year also. |
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3rd March 2001
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FCI OEN Connectors Net Zooms
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The Board of Directors of FCI OEN CONNECTORS LTD. (FCI OEN Connectors ), which met today at Cochin has approved the audited Financial Results for the year ended 31 December 2000. Net sales has increased by 40% to Rs.60.24 crores (Rs.42.97 crores). Profit before tax is Rs.17.56 crores (Rs.8.15 crores). Net Profit has zoomed by 120% to Rs.12.35 crores (Rs.5.6 crores). EPS has gone up to Rs 23.45 from Rs. 10.60 last year. The Board has recommended a dividend of 25% as against 20% last year. Book closure is from 6 June 2001 to 16 June 2001. The financial results provide for possible wages increase consequent to the long term wage settlement discussion in progress. During the year the Company has revised the method of accounting for export incentives comprising of import duty credit entitlements. Such incentives from the realisation basis hitherto followed to an accrual on export. As a result of this change, the net profit and reserves for the year are higher by Rs.137.8 lakhs. Taxation is Rs.5.20 crores (Rs.2.55 crores), which may come down if the accounts are consolidated after the amalgamation with Framatome Connectors Berg. During the six months ended 30 June 2000, the Company increased equity stake from 51% to 100% in its subsidiary OCL Interconnection Limited (`OCL'). Subsequently, pursuant to an agreement dated 30 September 2000 entered into between the Company and OCL, the Company acquired the assets and liabilities (other than cash and bank balances and tax assets/liabilities) of OCL as at 30 September 2000 for a lumpsum consideration of Rs.36 lakhs. As at 31 December 2000, the Company has an investment of Rs.366 lakhs in Framatome Connectors Berg Limited (`FC Berg'), a 60% subsidiary of the Company. As the Company and FC Berg are both engaged in the manufacture and sale of similar classes of electronic goods viz., Connectors, to achieve considerable synergies the companies have approved a Scheme of Amalgamation. The Scheme of Amalgamation envisages that subject to the approval of the High Court and other necessary approvals with effect from 1st January 2000, transfer the entire undertaking of FC Berg to FCI OEN Connectors . As consideration thereof, the equity shares in FC Berg held by the Company shall stand cancelled and the Company shall issue 1 equity share of Rs.10 each for every 4 remaining shares held in FC Berg. …….2 : 2 : FC Berg's estimated and unaudited net worth as at 31 December 2000 is expected to be approximately Rs.110 lakhs at book value. Provision for diminution of approximately Rs.300 lakhs based on such value in the Company's investments in FC Berg has not been made and the Company proposes to give effect to the Scheme of Amalgamation including the related diminution in the value of the investment on receipt of statutory approvals. The Annual General Meeting of the Company has been convened on 16 June 2001. If the Scheme of Amalgamation with FC Berg receives statutory approvals before the second week of May 2001, the Board will reconsider the above accounts and may approve the consolidated accounts of the merged company for the period ended 31 December 2000. Mr. P. George Varghese, Managing Director, said that the good performance in 2000 was due to the acquisition of FC Berg, growth in exports and impetus in the domestic telecom market. The Company has exported 35% of its products in the year 2000. |
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24 February 2001
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FCI OEN Connectors AND FC BERG MERGER GETS SHAREHOLDERS APPROVAL
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The shareholders of FCI OEN CONNECTORS LTD. (FCI OEN Connectors ) and Framatome Connectors Berg Ltd. (FC Berg) gave their unanimous consents in separate Extraordinary General Meetings convened by Hon'ble High Court of Kerala today at Cochin. The Court had appointed Advocate N.K. Subramanian as Chairman of the meetings. The Scheme of merger envisages a share exchange ratio of one new FCI OEN Connectors share for four FC Berg shares. After the final approval by the High Court, 60% of shares now held by FCI OEN Connectors in FC Berg will get extinguished. The balance 40% equity shares of FC Berg are held by foreign collaborators. Consequent to the merger, the foreign collaborators' equity stake will increase from 61.5% to 62.9 % in FCI OEN Connectors . Mr. P. George Varghese said that the merger will augur well for FCI OEN Connectors . Accumulated loss of FC Berg will give tax savings for FCI OEN Connectors . With the merger FCI OEN Connectors will have a larger portfolio of products and other advantages. FCI OEN Connectors 's Board meeting has been convened on 3rd March 2001 to consider financial results for the year ended 31 December 2000. |
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21 February 2001 |
NATIONAL AWARD FOR FCI OEN Connectors |
Framatome Connectors OEN Ltd., Cochin has won the National Award for excellence in indigenisation of defence products instituted by Department of Defence Production & Supplies, Ministry of Defence, Government of India. The Company has won First Prize in the category of Electrical & Electronic Engineering for the year 1999-2000. The Award is in recognition of the localisation and indigenisation initiated by FCI OEN Connectors of Back-plane assemblies for the military communications project of Bharat Electronics. The Award carries a cash prize of Rs.50,000/- and a prestigious Certificate and Scroll of Honour. It will be presented by the Honorable Defence Minister at a ceremony to be held at Vigyan Bhawan, New Delhi on 27th February 2001. Mr. P. George Varghese, Managing Director, will receive the award on behalf of the Company. |
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