MIRA
INFORM REPORT
|
Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAMTEL COLOR LIMITED |
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Registered Office : |
52, Community Centre, New Friends Colony, New Delhi – 110 065 |
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Country : |
India |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
14.05.1986 |
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Com. Reg. No.: |
55-24222 |
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CIN No.: [Company
Identification No.] |
L51909DL1986PLC024222 |
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TAN No.: (Tax Deduction & Collection Account No.) |
DELS08933B |
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Legal Form : |
A public limited liability company. The company’s shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturers and Marketers of Picture Tube for Colour Television. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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Maximum Credit Limit : |
USD 8740000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having satisfactory track. Trade relations are reported as fair. Payments are always correct and as per commitments. Financial position of the company is satisfactory. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Venugopal |
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Designation : |
Company Secretary |
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Date : |
23.07.2008 |
LOCATIONS
|
Registered Office : |
52, Community Centre, New Friends Colony, New Delhi – 110 065, India |
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Tel. No.: |
91-11-26842791/26845410/26832886/ 26832151 |
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Fax No.: |
91-11-26837534 |
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E-Mail : |
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Website : |
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Administrative Office : |
50-51, Community Centre, New Friends Colony, New Delhi – 110 065, India |
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Manufacturing Unit: |
Colour
Picture Tube Works
Tel. 91-120-2674512 /13/14/15/16/17/18 Fax. 91-120-2674504
Colour
Electron Gun Division
C-1/1, 2, 3, Sector - XXII, Industrial Area, Meerut Road, District Ghaziabad - 201003, Uttar Pradesh, India Tel. 91-120-2788202 to 2788208 Fax. 91-120-2788200 Black
and White Gun and Deflection Yoke
Plot No. 6, Industrial Area, Sector -2, Parwanoo - 173 220, District Solan Himachal Pradesh, India Tel. 91-1792-233411/684/233050/233556 Fax. 91-1792-233680 |
DIRECTORS
|
Name : |
Mr. Satish K.
Kaura |
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Designation : |
Chairman and
Managing Director |
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Age: |
60years |
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Qualification: |
M.Tech., Carleton
University, Canada |
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Experience: |
38 years |
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Date of
Joining: |
27th
February, 1989 |
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Previous
Employment: |
Samtel India
Limited – Managing Director |
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|
Name : |
Mr. Arun Bharat
Ram |
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Designation : |
Director |
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Name : |
Mr. Subodh
Bhargava |
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Designation : |
Director |
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Name : |
Mr. V. Narayanan |
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Designation : |
Director |
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Name : |
Mr. S. P. Gugnani |
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Designation : |
Director |
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Name : |
Mr. Amal Ganguli |
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Designation : |
Director |
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Name : |
Mr. Shailendra
Swarup |
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Designation : |
Director |
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Name : |
Mr. N. D. Auddy |
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Designation : |
Director [IFCI
Nominee] |
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Name : |
Mr. R.
Krishnakumar |
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Designation : |
Director [ICICI
Nominee] |
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Name : |
Mr. R. K.
Srivastava |
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Designation : |
(LICI Nominee
Director) |
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Name : |
Mrs. Renuka
Ramnath |
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Designation : |
Director (ICICI
Venture Fund Management Company Limited, Nominee) |
KEY EXECUTIVES
|
Name : |
Dr. Arun Mohan
Bansal |
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Designation : |
Company Secretary |
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|
Name : |
Mr. S. R. Tilwali |
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Designation : |
Vice President –
Finance |
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Age: |
57 years |
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Qualification: |
B.Com., FCA, ACS |
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Experience: |
32 years |
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Date of
Joining: |
15th
September, 1989 |
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Previous
Employment: |
Shriram Fibres
Limited – DGM & Company Sec. |
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|
Name : |
Mr. J. C.
Jhuraney |
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Designation : |
Senior
Vice-President [Human Resources] |
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Age: |
56 years |
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Qualification: |
M.A. PGDPM |
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Experience: |
35 years |
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Date of
Joining: |
08.05.2001 |
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Previous
Employment: |
JCT Electronics
Limited – Vice – President – Personnel and HRD |
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|
Name : |
Mr. S. Kakria |
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Designation : |
President
(Operations) |
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Age: |
48 years |
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Qualification: |
B. Sc. M.B.A. |
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Experience: |
26 years |
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Date of
Joining: |
01.01.1987 |
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Previous
Employment: |
Samtel India
Limited – Commercial Manager |
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Name : |
Mr. N. K. Sehgal |
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Designation : |
Vice President
(Projects) |
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Age: |
57 years |
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Qualification: |
B. Sc. Engg.
(Mech.) |
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Experience: |
34 years |
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Date of
Joining: |
01.01.1987 |
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Previous
Employment: |
Teletube
Electronics Limited – Dy. General Manager |
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|
Name : |
Mr. S. J. Rao |
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Designation : |
Vice President
(Six Sigma) |
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Age: |
58 years |
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Qualification: |
M. Sc. (Chem.) |
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Experience: |
34 years |
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Date of
Joining: |
01.07.1988 |
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Previous
Employment: |
Samtel India
Limited – General Manager (O) |
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|
Name : |
Mr. R. Kakkar |
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Designation : |
Vice President (Business
Planning) |
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Age: |
45 years |
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Qualification: |
B. Tech. PGDM |
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Experience: |
21 years |
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Date of
Joining: |
24.06.2000 |
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Previous
Employment: |
ICI (India)
Limited – Business Manager |
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|
Name : |
Mr. A. Ganguly |
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Designation : |
Vice President |
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Age: |
48 years |
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Qualification: |
B. Com. (H) |
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Experience: |
25 years |
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Date of
Joining: |
01.11.2004 |
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Previous
Employment: |
Samtel Color
Limited – Marketing Consultant |
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Name : |
Mr. S. K. Gupta |
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Designation : |
General Manager
Finance |
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Age: |
53 years |
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Qualification: |
B. Com. FCA |
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Experience: |
28 years |
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Date of
Joining: |
15.01.2004 |
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Previous
Employment: |
Fenner India
Limited |
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Name : |
Mr. D. V. Gupta |
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Designation : |
Vice President |
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Age: |
56 years |
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Qualification: |
M. Sc. PGDBA |
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Experience: |
37 years |
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Date of
Joining: |
07.12.1987 |
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Previous
Employment: |
India Polifibers
Limited |
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|
Name : |
Mr. GVD Prasad |
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Designation : |
Vice President
Technology |
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Age: |
57 years |
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Qualification: |
B.Sc. M. Tech |
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Experience: |
34 years |
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Date of
Joining: |
06.04.1982 |
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Previous
Employment: |
ECIL – Sr. Tec.
Officer |
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Name : |
Mr. M. S. Kohli |
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Designation : |
General
Manager |
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Age: |
45 years |
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Qualification: |
B. Com. (H) |
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Experience: |
22 years |
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Date of
Joining: |
01.09.1986 |
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Previous
Employment: |
Samtel India
Limited – Assistant Manager |
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Name : |
Mr. P. W. Pandey |
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Designation : |
General Manager |
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Age: |
58 years |
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Qualification: |
B.E. |
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Experience: |
35 years |
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Date of
Joining: |
21.10.1991 |
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Previous
Employment: |
Samtel India
Limited – Dy. Manager |
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|
Name : |
Mr. Abhay Agarwal
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Designation : |
General Manager |
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Age: |
46 years |
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Qualification: |
B. E. [Elect.] |
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Experience: |
19 years |
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Date of
Joining: |
02.11.1987 |
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|
Name : |
Mr. Alok
Chaterjee |
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Designation : |
General Manager |
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Age: |
58 years |
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Qualification: |
B. E. [Elect.],
MBA |
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Experience: |
33 years |
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Date of
Joining: |
01.01.1990 |
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Previous
Employment: |
Samtel India
Limited – Manager Production |
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|
Name : |
Mr. Pritam
Bharati |
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Designation : |
General Manager |
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Age: |
51 years |
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Qualification: |
B. Tech [Aero
Engg.] |
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Experience: |
23 years |
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Date of
Joining: |
10.08.1988 |
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Previous
Employment: |
GEP Industrial
Syd. Limited – Incharge |
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|
Name : |
Mr. Ravindra
Saksena |
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Designation : |
General Manager |
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Age: |
47 years |
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Qualification: |
B. A, FCA |
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Experience: |
22 years |
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Date of
Joining: |
15.04.1992 |
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Previous
Employment: |
Unicol Bottlers
Limited – Manager |
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|
Name : |
Mr. Purushottam
Das |
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Designation : |
General Manager |
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Age: |
46 years |
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Qualification: |
B. Sc Engg.
[Elect] |
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Experience: |
20 years |
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Date of
Joining: |
01.08.1987 |
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Previous
Employment: |
Samtel India
Limited – Management Trainee |
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|
Name : |
Mr. Rajiv Sethi |
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Designation : |
General Manager |
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Age: |
49 years |
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Qualification: |
B. E. [Elect.] and
Electronics |
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Experience: |
19 years |
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Date of
Joining: |
02.11.1987 |
SHAREHOLDING
PATTERN
[As on 30.06.2007]
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Directors,
Promoters and Family Members |
21595554 |
46.34 |
|
FIIs |
802495 |
1.72 |
|
Mutual Funds |
1654006 |
3.55 |
|
Financial
Instructions/ Banks |
1250569 |
2.68 |
|
NRIs |
7331869 |
15.74 |
|
Corporates |
3628882 |
7.79 |
|
Individuals |
10336400 |
22.18 |
|
Total |
46599775 |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers and
Marketers of Picture Tube for Colour Television. |
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Products : |
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Imports from : |
Europe and Far
East |
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Terms : |
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Purchasing : |
L/C, D/A and D/P
terms |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Colour Picture
Tubes |
|
Nos. |
10200000 |
8372334 |
|
Color Electron
Guns |
|
Nos. |
12000000 |
9619679 |
|
Black and White
Electron Guns |
|
Nos. |
-- |
-- |
|
Deflection Yoke |
|
Nos. |
8040000 |
7174343 |
Note:
Actual production of colour picture
tubes for 2006-07 excludes producation of 72,496 tubes (Previous Year 55,136
tubes) on line IV and 90,436 tubes (Previous Year 45,987 tubes) on line V
during trials.
GENERAL
INFORMATION
|
Bankers : |
·
Punjab National
Bank, ECE House, K. G. Marg, New Delhi, India ·
Standard
Chartered Grindlays Bank, Parliament Street, New Delhi, India ·
Standard
Chartered Grindlays Bank Limited, H Block, Connaught Circus, New Delhi, India ·
ICICI Bank
Limited, Connaught Circus, New Delhi, India ·
Canara Bank,
Industrial Finance Branch, New Delhi, India ·
State Bank
of India ·
Axis Bank
Limited ·
Export-Import
Bank of India ·
ABN Amro
Bank ·
UTI Bank
Limited |
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Facilities : |
Notes : (1) Following Redeemable
Non - Convertible Debentures have been privately placed by the Company :
# outstanding
Rs. Nil (Previous year Rs. 2.499 Millions) per debenture ## outstanding Rs.
0.00006 Millions per debenture These debentures
are secured on first pari-passu charge basis in favour of Debenture Trustees
by joint mortgage by way of deposit of title deeds of all immovable
properties and hypothecation of all movable assets of the Company (save and
except book debts), present and future, subject to prior charges in favour of
the bankers for working capital requirement. (2) Covered by a
Corporate Guarantee given by the Company and secured by way of specific
charge created on assets purchased from the proceeds of this loan for the
purpose of the Research and Development project. (3) Secured by a
first pari-passu charge over inventories and book debts and a second charge
created/to be created by way of deposit of title deeds of the immovable
properties of the Company, both present and future. (4) Secured as
.follows: - Joint mortgage
by way of deposit of title deeds of all the immovable properties, present and
future. (Rs. 653.458 Millions) - Hypothecation of
all the movable assets (save and except book debts), subject to prior charges
in favour of the bankers for working capital requirements (Rs. 1055.170
Millions) . - Second
pari-passu charge on the current assets of the Company for Rs. 2091.119
Millions - First
pari-passu charge by hypothecation on all the movable and immovable fixed
assets of the Company (Rs. 336.685 Millions) - First
pari-passu charge by hypothecation on all the movable and immovable fixed
assets of the Company, except land and building at Parwanoo (HP.) (Rs.
1810.521 Millions) . - Joint mortgage
by way of deposit of title deeds of all the immovable properties, present and
future (except land and building at Parwanoo (H.P.) (Rs. 2654.066 Millions)
(Previous year Rs. 2576.379 Millions). - Specific
charge on the assets created /to be created from this loan (Rs. 78.596
Millions). - First
pari-passu charge by way of hypothecation on all the movable and immovable
fixed assets and current assets of the Company (except land and building at
Parwanoo (H.P.) (Rs. 267.947 Millions) - Joint mortgage
by way of deposit of title deeds of all immovable properties, present and
future at Plot No. 2, Greater Noida Industrial Development Area, Distt.
Gautam Budh Nagar, UP (Rs: 81.400 Millions) . - Secured by
personal guarantee given by Mr. Satish K. Kaura (Chairman and Managing
Director of the company) Rs. 248.262 Millions. (5) Secured by
hypothecation of specific vehicles. Term loans / Debentures repayable within one year Rs. 995.577 Millions (Previous year Rs. 1132.701 Millions)
Amounts repayable within one year Rs. 32.703 Millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Price Waterhouse Chartered
Accountants New Delhi |
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Associates : |
·
Samcor Glass
Limited ·
Samtel India
Limited ·
Teletube
Electronics Limited ·
Samtel
Electron Devices, GmbH, Germany ·
International
Electron Devices Limited ·
Roxy
Investment Private Limited ·
Lenient
Consultants Private Limited ·
CEA
Consultants Private Limited ·
SW
Consultants Private Limited ·
Tish
Consultants Private Limited ·
Kaura
Properties Private Limited ·
Kaura
Investment Private Limited ·
Swaka
Consultants Private Limited ·
Punswat
Consultants Private Limited ·
Dolsun
Containers Private Limited |
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Subsidiaries |
·
Paramount Capfin
Lease Private Limited 52, Community Centre, New Friends
Colony, New Delhi – 110 065 ·
Blue Bell
Trade Links Private Limited 52, Community Centre, New Friends Colony, New Delhi – 110 065 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
74990000 |
Equity Shares |
Rs. 10/- each |
Rs. 749.900
millions |
|
2501000 |
Redeemable
Preference Shares |
Rs. 100/- each |
Rs. 250.100
millions |
|
|
Total |
|
Rs. 1000.000
millions |
Issued
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46605775 |
Equity Shares |
Rs. 10/- each |
Rs. 466.058
millions |
Subscribed
& Paid-up Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
46599775 |
Equity Shares |
Rs. 10/- each |
Rs. 465.998
millions |
|
6000 |
Add: Forfeited equity shares pending reissue |
Rs. 5/- each |
Rs. 0.030 million |
|
|
Total |
|
Rs. 466.028 millions |
Of the above, 894,000 (Previous Year 894,000) Equity Shares of Rs. 10 each
are held by Paramount Capfin Lease Private Limited, a subsidiary company.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
30.06.2007 [15
Months] |
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
466.028 |
465.821 |
406.250 |
|
2] Advance Subscription |
0.000 |
39.680 |
26.167 |
|
3] Reserves & Surplus |
1720.233 |
2344.132 |
1901.864 |
NETWORTH
|
2186.261 |
2849.633 |
2334.281 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
4291.759 |
4301.494 |
3598.501 |
|
2] Unsecured Loans |
196.903 |
100.000 |
0.000 |
|
3) Deferred Payment Liability |
23.950 |
32.736 |
56.037 |
TOTAL BORROWING
|
4512.612 |
4434.230 |
3654.538 |
|
DEFERRED TAX
LIABILITIES |
702.388 |
973.544 |
995.272 |
|
|
|
|
|
TOTAL
|
7401.261 |
8257.407 |
6984.091 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8298.634 |
5236.945 |
5426.758 |
|
Capital work-in-progress |
180.852 |
2404.342 |
1290.430 |
|
Preoperative expenses |
0.000 |
931.125 |
194.019 |
|
|
|
|
|
|
INVESTMENTS |
330.099 |
330.099 |
330.099 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
1249.887 |
1493.189 |
1092.563 |
|
Sundry Debtors |
1696.367 |
393.603 |
488.319 |
|
Cash & Bank Balances |
29.378 |
37.614 |
25.121 |
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
Loans & Advances |
496.140 |
624.226 |
624.002 |
|
Total Current
Assets |
3471.772 |
2548.632 |
2230.005 |
|
Less: CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
4695.291 |
3085.679 |
2270.679 |
Provisions
|
184.805 |
108.057 |
216.541 |
Total Current Liabilities
|
4880.096 |
3193.736 |
2487.220 |
Net
Current Assets
|
[1408.324] |
[645.104] |
(257.215) |
|
|
|
|
|
TOTAL
|
7401.261 |
8257.407 |
6984.091 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.06.2007 [15
Months] |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
11645.713 |
7577.579 |
9129.404 |
|
|
Other Income |
356.967 |
250.342 |
508.753 |
|
|
Total Income |
12002.680 |
7827.921 |
9638.157 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[921.133] |
[5.635] |
863.068 |
|
|
Provision for Taxation |
261.145 |
2.700 |
217.786 |
|
|
Profit/(Loss) After Tax |
[659.988] |
8.335 |
645.282 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
NA |
NA |
2325.280 |
|
|
|
|
|
|
|
|
Total Imports |
NA |
NA |
3096.053 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
11373.782 |
6958.324 |
7916.373 |
|
|
Increase/(Decrease) in Finished Goods |
[31.356] |
17.333 |
14.215 |
|
|
Interest |
813.365 |
350.240 |
350.918 |
|
|
Depreciation & Amortization |
768.022 |
507.659 |
493.583 |
|
Total Expenditure |
12923.813 |
7833.556 |
8775.089 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2007 |
31.12.2007 |
31.03.2008 |
|
Type |
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Sales Turnover |
|
2302.100
|
2114.300
|
1626.400
|
|
Other Income |
|
24.100
|
430.400
|
16.200
|
|
Total Income |
|
2326.200
|
2544.700
|
1642.600
|
|
Total Expenditure |
|
2359.700
|
2229.400
|
1727.700
|
|
Operating Profit |
|
-33.500
|
315.300
|
-85.100
|
|
Interest |
|
195.900
|
138.000
|
125.400
|
|
Gross Profit |
|
-229.400
|
177.300
|
-210.500
|
|
Depreciation |
|
161.300
|
158.700
|
159.100
|
|
Tax |
|
-116.200
|
03.300
|
-149.500
|
|
Reported PAT |
|
-274.500
|
15.300
|
-220.100
|
KEY RATIOS
|
PARTICULARS |
30.06.2007 [15
Months] |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.79 |
1.58 |
1.45 |
|
Long Term Debt-Equity Ratio |
1.55 |
1.44 |
1.39 |
|
Current Ratio |
0.59 |
0.61 |
0.59 |
|
Fixed Assets |
0.99 |
0.99 |
1.20 |
|
Inventory |
7.85 |
6.74 |
10.55 |
|
Debtors |
10.30 |
19.76 |
20.03 |
|
Interest Cover Ratio |
-0.13 |
0.98 |
3.54 |
|
Operating Profit Margin(%) |
4.93 |
9.96 |
17.03 |
|
Profit Before Interest And Tax Margin(%) |
-0.78 |
4.14 |
12.28 |
|
Cash Profit Margin(%) |
0.80 |
5.92 |
11.00 |
|
Adjusted Net Profit Margin(%) |
-4.91 |
0.10 |
6.25 |
|
Return On Capital Employed(%) |
-1.20 |
5.46 |
24.36 |
|
Return On Net Worth(%) |
-21.14 |
0.33 |
30.43 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was
incorporated on 15th May 1986 at New Delhi in India having Company
Registration Number 24222.
Subject was promoted
by Mr. S. K. Kaura, Teletube Electronics and Samtel (India) and is managed by
the Chairman & Managing Director Mr. S. K. Kaura.
The company is
engaged in as Manufacturers of Colour Picture Tubes. The company came out with a public issue aggregating Rs. 75.000
millions in April, 1988, to part finance the setting up of a plant for the
manufacture of 0.5 million colour picture tubes at the total cost of Rs.
757.100 millions.
In November, 1995
the company started a project for installing line-2 for producing 1.200 million
medium-sized picture tubes at Ghaziabad, Uttar Pradesh, at an estimated cost of
Rs. 1550.000 millions. Its technical
collaboration with Mitsubishi Electric Corporation, Japan expired in January,
1995.
The company was
awarded the ISO 9002 Certification in September, 1993. As a part of its backward integration, the
company promoted Samcor Glass to manufacture glass shells at Kota, Rajasthan.
During 1999-2000,
the company merged Samtel Electron Devices with itself effective from April 1,
1997. It had also made 100% investment
in Paramount Capfin Lease Private Limited and Blue Bell Trade Link Private
Limited to make a subsidiary company.
During 2000-01, the
company had decided to set up third production line with a capacity of 2.200
million tubes per annum to manufacture 15” Colour Display Tubes for computer
monitors and 21” Super Flat TV Tubes.
The project was estimated to cost Rs. 3400.000 millions and was expected
to be commissioned by June, 2002. The
project is being financed from internal accruals and debt. The civil work for the project has already
begun in March, 2001.
Along with IIT,
Kanpur the company is in process of developing Organics Light emitting Diodes
and is also in the process of developing Plasma Display Panels.
During 2001-2002,
the company commenced third production unit with a capacity of 2.2 million
tubes p.a. to manufacture 15' Colour Display Tubes for computer monitors and
21' Super Flat TV tubes. at a cost of Rs 3400 millions. The project is being financed
from internal accruals and debt.
In 2004-05, The company has invested in two more lines namely line 4 and line
5. Line 4, located at Ghaziabad (UP), is being set-up at a cost of Rs.1210
millions, which will have manufacturing capabilities for large CPTs, including
29' super-flat CPTs. It will have a capacity of 1.5 million CPTs per annum. The
line is undergoing pilot runs and is expected to start commercial production
from October 2005. Line 5, Which will manufacture mid-size CPTs, is being set-up
with an investment of Rs.1620 millions. With a capacity of 2.5 million CPTs,
this line is being established in Kota (Rajasthan). The process of erecting
machinery and equipment has begun and the start production will be commenced by
4th Quarter of 2005-06.
During 2004-05 the company has increased its installed capacity of colour
picture tubes by 1,000,000 Nos, color electron guns 1,000,000 Nos and
Deflection Yokes by 600000 Nos. With this expansion,the total installed
capacity of colour pictures tubes, color electron guns and Deflection Yokes has
increased upto 6,300,000 Nos., 7,000,000 Nos. and 6,000,000 respectively.
Fixed Assets
Tangible Assets:
- Free hold
Land
- Lease hold
Land
- Factory
Building
- Non-Factory
Building
- Plant and
Machinery
- Furniture, Fixtures
- Office
Equipment
- Vehicles
(acquired on Finance Lease)
- Capital
Spares
Intangible Assets
- Goodwill
- Technical.
Designs/Drawings
- Software for Internal Use
OPERATIONS
The domestic
market for Color Picture Tubes (CPT) grew from approx. 10.6 million tubes in
2005-06 to approx 15.3 million tubes in 2006-07 (including export of TV sets
and order from Tamilnadu government) registering a growth of 44%. Healthy GDP
growth and the order for two arid a half million TV sets by the Tamil Nadu
government led .to this strong growth in demand.
The Company's
production increased from 5.42 million color picture tubes in 05-06 to 8.4
million color picture tubes in 06-07. The sales volumes in the domestic market
during the period under review were higher at 7.04 million CPTs against 3.78
million achieved in the previous year. The company commenced commercial
production during the period under review at its two new manufacturing units
and incurred losses during the first year of their operations.
Prices in the domestic
market continued to fall as CPT manufacturers based overseas pushed Supplies
into the Indian Market. .
DEBT RESTRUCTURING
Delays in project
implementation and ramp-up led to cost overruns in the two new Manufacturing
lines set up by the company. Insufficient accruals coupled with cost overruns
Resulted in delays in servicing of loans and tight liquidity. The company had
approached its Lenders with a debt-restructuring proposal under the CDR
mechanism that has now been approved by the CDR Cell. The Scheme shall be given
effect to in the books of account after the Company receives the approval
letters from the lenders.
OUTLOOK
The Indian economy
continues to be on a sustained higher economic growth path and they, therefore,
expect the domestic TV market to remain buoyant in the coming year. Demand for
21" full flat TV's continues to show high growth in the domestic market.
The company is the only manufacturer of these tubes in the country and expects
to benefit from this growing demand
in coming year.
The company has
created flexibility to manufacture both large and mid size tubes at one of its
new units which encountered low capacity utilization on account of slow growth
in demand in the domestic market for large size CRTs. This shall help the company
in enhancing the capacity utilization of this unit. .
At its second new
unit the company has created flexibility to-manufacture both small and mid size
CRTs for the export markets. It is expected that this shall enable the company
to exploit fully the production capacity of this unit.
SUBSIDIARY
COMPANIES
Paramount Capfin
Lease Pvt. Ltd., a subsidiary of the Company, dealing in investments, has
incurred a loss of Rs.0.057 Million for the year ended 31st March 2007. The
results of the company are attached to this report, along with the statement
specified in Section 212 of the Companies Act, 1956.
Blue Bell Trade
Links Pvt. Ltd is also a subsidiary of the Company. No activity was undertaken
in the company and it incurred expenses of Rs 0.037 Million during the year
ended 31s March 2007. The results of the company are attached to this report
along with the statement specified, in Section 212 of the Companies Act, 1956.
During the fifteen
month period ended 30th June 2007 (2006-07) the company set up two new
manufacturing units (Lines 4 & 5). The performance for the financial year
2006-07(15 months) has been impacted by cost overruns and delayed stabilization
of these Lines 4 & 5 along with lower than estimated demand for large size
color picture tubes (CRTs). Coupled with large debt repayment obligations, this
led to a tight cash position within the company thereby preventing the company
from taking full benefit of market dynamics. .
The company had
submitted a proposal to its bankers for Corporate Debt Restructuring (CDR),
which on implementation would improve the liquidity position going forward. The
Corporate Debt Restructuring (CDR) Cell has now approved the financial
restructuring scheme of the Company with effect from 01st January 2007 The Scheme
shall be given effect to in the books of account after the Company receives the
approval letters from the lenders.
With the
implementation of the CDR proposal, the management expects to be able to
utilize its production capacities more effectively and thereby take better
advantage of the domestic market. Besides this, steps initiated by the company
for efficient utilization of financial 'resources will further bolster its
liquidity position.
Market
Color TV display devices
are of two kinds: Cathode Ray Tubes (CRTs) or color picture tubes (CRTs) of the
type manufactured by the Company and Flat Panel Displays (FPDs) like LCDs and
Plasma panels.
While color TV
demand in developed economies like USA and Western Europe is moving from CRTs
to FPDs, CRT TV demand continues to remain strong in buoyant emerging
economies. The global CPT demand is estimated at 120 million and is expected to
decline gradually.
Domestic
The domestic
market for Color Picture Tubes (CPT) grew from approx. 10.6 million tubes in
2005-06 to approx 15.3 million tubes in 2006-07(including export of TV sets and
order from Tamilnadu Government), thus registering a growth of 44%. Healthy GDP
growth and the order for two and a half million TV sets by the Tamilnadu
Government led to this strong growth in demand.
The Company's
production increased from 5.42 million color picture tubes in 2005-06 to 8.4
million-color picture tubes in 2006-07 (15 months). Sales volumes in the
domestic market in the period under review were higher at 7.04 million CPTs
against 3.78 million achieved in the previous financial year. Consequently, the
company's domestic market share also increased from 36 per cent in 2005-06 to
46 percent in 2006-07.
Prices in the
domestic market continued to fall as CPT manufacturers based overseas pushed
Supplies into the Indian Market.
Manufacturing
Samtel Color,
being India's largest integrated picture tube manufacturer, offers a
wide-product portfolio comprising 14", 15", 20", 21"SSP and
21" & 29"Super Flat CPTs.
The company now
has 5 production lines with a combined capacity of atleast 10.2 lacs CPTs per
month. Two new lines for production of 1.2 million 29" flat tubes and 2.5
million 21" super flat tubes have commenced production during the year at
Ghaziabad and Kota.
In 2006-07, Samtel
Color produced 8.4 million CPTs, which were significantly higher than 5.42
million, produced in 2005-06 registering an annualized growth of 44%.
Cost reduction and
efficiencies
The Global CPT
industry is characterized by continuously falling prices. The year under review
has witnessed price drops in both the global and domestic markets leading to
pressure on margins. In such a dynamic environment, they strongly believe that
continuous cost reduction will be critical to maintaining a leadership position
in the market and meeting the challenge posed by low cost imports. It is this
conviction, which has driven the company to initiate several cost saving and
productivity enhancing activities across functions.
Samtel Color has
implemented Total Quality Management (TQM) practices to reduce costs, improve
throughput and reduce inventories - all of which involve cell-level as well as
company-wide Kaizen activities.
Six Sigma initiatives are being
driven around the business to achieve higher levels of process capabilities.
Initiated six years ago, Six Sigma is now intrinsic to the company's business
and has helped in driving down waste, improving quality, cost and time
performances across functions. In the process, they have trained many black and
green belts that lead and work on various Six Sigma projects across different
operations of the company.
The company has
standardized, quality benchmarks across its product portfolio to help improve
product capabilities. To help it retain it's leadership position through
continuous new product innovation, they have developed a well-structured,
end-to-end mechanism for product development under which the marketing and
operations teams work together to develop products as per specific customer
needs. A single-window customer interface process has helped them ensure that
customers are closely associated with all their product improvement, product
development and product delivery initiatives.
Bill of Materials (BOM) is
the largest component of their cost and it's effective management is critical
to business profitability During the year under review, their ratio of Bill of
Material (BOM) to Sales was adversely affected due to a steep fall in prices of
tubes resulting in pressure on margins. The company has followed a very
aggressive strategy of across the board reduction in cost of all inputs through continuous renegotiations,
alternate sourcing, value engineering and product/process redesign.
Research and Development
(R&D) .
Their strong R&D
capability has helped them always remain the first movers in the domestic
market with customized, innovative and competitive new products and retain
their leadership position in the market. Over the years, their in-house team
has been responsible for the design and launch of the 14", 21" and
20" conventional CPTs & 21" True Flat CRTs in the domestic market
apart from several types of Deflection Yokes and Electron Guns. During the year
under review, they have developed and successfully launched the 15" OPT
that has been well received in the market.
In order to address the
growing market for large area flat panel displays, Samtel Color has set up a
dedicated team and facility to develop Plasma Display Panels. Development of a
42" standard VGA plasma display panels has been completed. The company has
now started the development of an even larger size plasma display panel in view
of the changing market outlook for such displays.
Research work on development
of Organic Light Emitting Diodes (OLED) is continuing satisfactorily at the
"Samtel Centre for Display Technology" located at IIT, Kanpur. The
Company has promoted this Centre in collaboration with NT, Kanpur and
Department of Science & Technology, Govt. of India.
Press
Releases
Samtel
FY2005 PAT up 416% to Rs. 645 million, EPS at Rs. 12.93
Line 4
commissioning on plan, commercial production to commence in Q3FY2006
Improvement in
efficiencies and productivity ensure earnings are protected and margin performance
outlook going forward remains positive
Outlook for FY2006 is strong- volume growth and margin improvement to drive
performance
New Delhi, May 9, 2005: Samtel Color Limited (Samtel), the largest
integrated manufacturer of Colour Picture Tube (CPT) for television sets in
India, today announced its results for FY2005 (audited) and Q4 FY2005.
Commenting on the performance for Q4 FY2005, Mr. Satish Kaura, Chairman and
Managing Director, Samtel Color Limited, said:
“The are looking at the future with confidence and optimism. Their business
performance in both local and global markets remained strong throughout the
year. While the maintained their leadership share in the domestic arkets, the
achieved 59% volume growth in international markets.
The have transformed their
cost and productivity structures to remain as one of the lowest cost CPT
manufacturers that can maintain and even grow its margins in a dynamic price
environment.
Their expansions are being implemented on plan and Line 4 is expected to
commence its contribution sometime mid-way this fiscal, while Line 5 will
commence contribution by the end of the current fiscal year.
The have very
strong engineering capabilities to shadow emerging dynamics in the CPT and
display sector and therefore their product range is always likely to map
contemporary market trends and opportunities.
With a competitive cost structure, wide range of products and increasing
customer endorsement, the believe that the will be able to mitigate any
challenges and grow their business going forward.”
Unaudited Financial
results for the Quarter ended 30.09.2007
|
Sr. |
Particulars |
Quarter
Ended 30.09.2007 |
Quarter
Ended 30.06.2007 |
|
1 |
Gross Turnover [including other income] |
2710.500 |
13809.100 |
|
2 |
Net Sales/Income from operations |
2302.100 |
11858.900 |
|
3 |
Other income |
24.100 |
143.800 |
|
4 |
Total Income [2+3] |
2326.200 |
12002.700 |
|
5 |
Expenditures |
|
|
|
|
a) Decrease/Increase
in stock in trade |
24.800 |
25.300 |
|
|
b) Consumption of raw
material |
1734.700 |
8630.900 |
|
|
c) Purchase of
traded goods |
-- |
-- |
|
|
d) Employees Cost |
251.000 |
1088.500 |
|
|
e) Depreciation |
161.300 |
768.000 |
|
|
f)
Other Expenditure |
349.200 |
1597.700 |
|
|
Total |
2521.000 |
12110.400 |
|
6 |
Interest [Net] |
195.900 |
813.400 |
|
7 |
Exceptional Items |
-- |
--- |
|
8 |
Profit/Loss from Ordinary Activities before Tax [4] – [5+6+7] |
[390.700] |
[921.100] |
|
9 |
Tax Expenses |
116.200 |
308.100 |
|
|
Prior year MAT credit written off |
--- |
[47.000] |
|
10 |
Net Profit/Loss from Ordinary Activities after tax |
[274.500] |
[660.000] |
|
11 |
Extra Ordinary Items |
-- |
---- |
|
12 |
Net Profit/Loss for the period [10-11] |
[274.500] |
[660.000] |
|
13 |
Paid up equity Share capital [Face value Rs. 10 each share] |
466.000 |
466.000 |
|
14 |
Reserves |
- |
1720.200 |
|
15 |
Earning per share |
- |
|
|
|
Basic earning/loss per share |
[0.589] |
[1.416] |
|
|
Diluted earning/loss per share |
[0.589] |
[1.416] |
|
16 |
Public shareholding |
|
|
|
|
Number of Shares |
23831764 |
25004221 |
|
|
Percentage of Shareholding |
5.894 |
83.66 |
Notes:
1. Response to Auditors comments in the report on the audited financial statements as at 30.06.2007:-
In respect of managerial remuneration amounting to Rs. 6.764 Millions included in the staff cost during the period ended on 30.06.2007, the Company is in the process of filing the necessary application with the Ministry of Company affairs seeking its approval.
2. The Corporate Debt restructuring Cell has approved the financial restructuring scheme of the Company vide its letter no. 721/2007-08 dated 27.09.2007 addressed to the lenders. The Scheme which has a cut off date of 01.01.2007, envisages interalia restructuring of principal, funding of interest, conversion of working capital irregularity into term loan, waiver of penal interest, infusion of funds by promoters, pooling of security etc.
3. The number of investors complaints during the quarter resolved and pending are:
-- Number of Complaints pending at beginning of the quarter – Nil
-- Total number of complaints received during the quarter – Nil
-- Total number of complaints disposal at during the quarter – Nil
-- Number of complaints pending at close of the quarter – Nil
4. The Company is engaged in the business of TV picture tubes and parts and there are no separate reportable segments as per As 17 – on Segment Reporting.
5. The above results were taken on record at the meeting of Board of Directors held on 29.10.2007.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.33 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.66.75 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|