MIRA
INFORM REPORT
|
Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAMTEL COLOR LIMITED |
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Registered Office : |
6th Floor, 7, TDI Centre, District Centre,
Jasola, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.05.1986 |
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Com. Reg. No.: |
55-24222 |
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Capital Investment
/ Paid-up Capital : |
Rs. 843.866 Millions |
|
|
|
|
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 : |
B (29) |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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|
Maximum Credit Limit : |
USD 10000000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company continue to incurred heavy losses. Its payments are slow. Financials positions can be reported as moderate. The company can be considered for small to mediocre business dealings at usual trade terms and conditions with slight caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
6th Floor, 7, TDI Centre, District Centre,
Jasola, |
|
Tel. No.: |
91-11-42424000 |
|
Fax No.: |
91-11-42424099 |
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E-Mail : |
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Website : |
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Administrative Office : |
52, Community Centre, New Friends Colony, |
|
Tel. No.: |
91-11-26842791/ 26845410 / 26832886 / 26832151 / 2674687 |
|
Fax No.: |
91-11-26837534 / 2674504 |
|
|
|
|
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, District
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 Tel. 91-1792-233411/684/233050/233556 Fax. 91-1792-233680 |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Satish K.
Kaura |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
52, Community Centre, New Friends Colony, |
|
Qualification: |
M.Tech., |
|
Date of
Joining: |
27th
February, 1989 |
|
Previous
Employment: |
Samtel India
Limited – Managing Director |
|
Tel. No.: |
91-26845411 /
26842791 |
|
Email : |
|
|
|
|
|
Name : |
Mr.
Puneet Kaura |
|
Designation : |
Director |
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|
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|
Name : |
Mr. S. P. Gugnani |
|
Designation : |
Director |
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|
Name : |
Mr. Arun Bharat
Ram |
|
Designation : |
Director |
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|
Name : |
Mr. Subodh Bhargava |
|
Designation : |
Director |
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|
Name : |
Mr. V. Narayanan |
|
Designation : |
Director |
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|
Name : |
Mr.
Yogesh Rastogi |
|
Designation : |
Director
(ICICI Bank Nominee) |
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|
|
|
Name : |
Mr.
Sharad Srivastva |
|
Designation : |
Director (LICI
Nominee) |
KEY EXECUTIVES
|
Name : |
Mr. Prabhat Kumar Nanda |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. D V Gupta |
|
Designation : |
Executive Vice President–Operation |
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|
Name : |
Mr. R. Kakkar |
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Designation : |
Vice President– Business Planning |
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Name : |
Mr. M |
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Designation : |
Vice President |
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|
Name : |
Mr. Rajiv Lochan |
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Designation : |
Vice President |
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Name : |
Mr. O P Gogia |
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Designation : |
General Manager (Finance) |
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Name : |
Mr. A |
|
Designation : |
General Manager (Quality) |
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Name : |
Mr. Ravindra Saxena |
|
Designation : |
General Manager (Finance) |
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Name : |
Mr. Purshotam Das |
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Designation : |
General Manager (Elect.) |
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Name : |
Mr. Rajiv Sethi |
|
Designation : |
General Manager |
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|
Name : |
Mr. Anil Dutt |
|
Designation : |
General Manager (Marketing) |
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|
Name : |
Mr. Amitabh Ranjan Sinha |
|
Designation : |
General Manager (Plant) |
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|
|
Name : |
Mr. Sudhir Kr. Mittal |
|
Designation : |
Chief Information Officer |
SHAREHOLDING PATTERN
AS ON 30.06.2010
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
733,868 |
0.86 |
|
|
23,941,852 |
28.00 |
|
|
24,675,720 |
28.86 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
24,675,720 |
28.86 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7,000 |
0.01 |
|
|
31,905,932 |
37.32 |
|
|
1,245,319 |
1.46 |
|
|
104,900 |
0.12 |
|
|
6,374,471 |
7.46 |
|
|
5,950,506 |
6.96 |
|
|
423,965 |
0.50 |
|
|
39,637,622 |
46.36 |
|
|
|
|
|
|
3,411,372 |
3.99 |
|
|
|
|
|
|
12,091,207 |
14.14 |
|
|
5,676,676 |
6.64 |
|
|
21,179,255 |
24.77 |
|
Total Public shareholding (B) |
60,816,877 |
71.14 |
|
Total (A)+(B) |
85,492,597 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
85,492,597 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Non Resident Individuals / Foreign IndividualsBUSINESS DETAILS
|
Line of
Business : |
Manufacturers and
Marketers of Picture Tube for Colour Television. |
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Products : |
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Imports : |
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Countries : |
·
·
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Terms : |
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Purchasing : |
L/C, D/A and D/P
terms |
PRODUCTION STATUS
(As on 31.03.2010)
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Colour Picture
Tubes |
|
Nos. |
10,200,000 |
9,216,489 |
|
Color Electron
Guns |
|
Nos. |
12,000,000 |
10,381,089 |
|
Deflection Yoke |
|
Nos. |
8,040,000 |
5,943,311 |
Note: Installed capacity is
annualised and is stated as certified by the management and accepted by the
auditors being a technical matter.
GENERAL INFORMATION
|
Bankers : |
·
Punjab
National Bank, ECE House, K. G. Marg, ·
Standard
Chartered Grindlays Bank, ·
Standard
Chartered Grindlays Bank Limited, H Block, Connaught Circus, ·
ICICI
Bank Limited, Connaught Circus, ·
Canara
Bank, Industrial Finance Branch, ·
State
Bank of ·
Axis
Bank Limited ·
Export-Import
Bank of ·
ABN
Amro Bank ·
Yes
Bank Limited |
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Facilities: |
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Banking Relations : |
- |
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Auditors : |
S.S. Kothari Mehta and Company Chartered Accountants, |
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Associates : |
Samtel Glass Limited, Dolsun Containers Private Limited |
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Subsidiaries |
·
Paramount
Capfin Lease Private Limited 6th Floor, 7 TDI Centre, Distt. Centre,
Jasola, ·
Blue
Bell Trade Links Private Limited 6th Floor, 7 TDI Centre, Distt. Centre,
Jasola, |
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|
|
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Group
Companies: |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,49,90,000 |
Equity Shares |
Rs. 10/-each |
Rs.1249.900 Millions |
|
50,01,000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 500.100 Millions |
|
|
Total |
|
Rs. 1750.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,35,96,766 |
Equity Shares |
Rs. 10/-each |
Rs.535.968
millions |
|
21,10,116 |
8 % Non Convertible Cumulative Redeemable Preference Shares |
Rs. 100/-each |
Rs. 211.012
Millions |
|
9,69,163 |
0 % Non Convertible Cumulative Redeemable Preference Shares |
Rs. 100/-each |
Rs. 96.916
Millions |
|
|
Total |
|
Rs. 843.896 Millions |
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,35,90,766* |
Equity Shares |
Rs. 10/-each |
Rs.535.908
millions |
|
|
Add : Forfeited equity shares pending reissue 6,000 shares |
|
Rs. 0.030
Million |
|
21,10,116 |
8 % Non Convertible Cumulative Redeemable Preference Shares |
Rs. 100/-each |
Rs. 211.012
Millions |
|
9,69,163 |
0 % Non Convertible Cumulative Redeemable Preference Shares |
Rs. 100/-each |
Rs. 96.916
Millions |
|
|
Total |
|
Rs. 843.866 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 |
31.03.2010 [12
Months] |
31.03.2009 [9
Months] |
30.06.2008 [12
Months] |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
843.866 |
820.610 |
804.832 |
|
|
2] Advance Subscription |
564.172 |
50.000 |
20.778 |
|
|
3] Reserves & Surplus |
1111.116 |
319.775 |
1065.392 |
|
NETWORTH
|
2519.154 |
1190.385 |
1891.002 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3609.460 |
5187.930 |
5157.448 |
|
|
2] Unsecured Loans |
257.550 |
249.771 |
264.247 |
|
TOTAL BORROWING
|
3867.010 |
5437.701 |
5421.695 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
279.349 |
|
|
|
|
|
|
|
TOTAL
|
6386.164 |
6628.086 |
7592.046 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6974.132 |
7553.729 |
7982.747 |
|
|
Capital work-in-progress |
1.217 |
19.126 |
73.878 |
|
|
|
|
|
|
|
|
INVESTMENTS |
330.099 |
330.099 |
330.099 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
899.348 |
881.552 |
986.665 |
|
|
Sundry Debtors |
829.312 |
791.789 |
491.818 |
|
|
Cash & Bank Balances |
48.748 |
20.761 |
125.591 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
292.893 |
290.544 |
395.010 |
|
Total Current
Assets |
2070.301 |
1984.646 |
1999.084 |
|
|
Less: CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1534.423 |
1775.997 |
1395.288 |
|
|
Current Liabilities |
1280.457 |
1305.045 |
1212.250 |
|
|
Provisions
|
174.705
|
178.472 |
186.224 |
Total Current Liabilities
|
2989.585 |
3259.514 |
2793.762 |
|
Net
Current Assets
|
(919.284) |
(1274.868) |
(794.678) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
6386.164 |
6628.086 |
7592.046 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 [12
Months] |
31.03.2009 [9
Months] |
30.06.2008 [12
Months] |
|
|
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11142.860 |
7173.738 |
7739.497 |
|
|
|
Other Income |
837.108 |
153.651 |
545.693 |
|
|
|
TOTAL (A) |
11979.968 |
7327.389 |
8285.190 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
10266.578 |
7406.448 |
8244.221 |
|
|
|
Excise Duty on lncrease/(Decrease) in Finished Goods |
3.988 |
2.837 |
(30.413) |
|
|
|
TOTAL (B) |
10270.566 |
7409.285 |
8213.808 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1709.402 |
(81.896) |
71.382 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
315.530 |
448.271 |
559.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1393.872 |
(530.167) |
(488.028) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
628.887 |
484.729 |
637.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
764.985 |
(1014.896) |
(1125.568) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.388 |
(269.279) |
(417.168) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
764.597 |
(745.617) |
(708.400) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(745.617) |
-- |
606.679 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
18.980 |
(745.617) |
(101.721) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
106.664 |
59.220 |
277.561 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
2645.110 |
1284.723 |
1351.957 |
|
|
|
Stores & Spares |
44.646 |
31.679 |
37.587 |
|
|
|
Capital Goods |
0.000 |
1.647 |
2.537 |
|
|
TOTAL IMPORTS |
2689.756 |
1318.049 |
1392.081 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
8.53 |
(14.96) |
(14.83) |
|
|
|
- Diluted |
7.46 |
(14.96) |
(14.83) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd Quarter) |
31.03.2010 (3rd
Quarter) |
31.03.2011 (4thQuarter) |
|
Net Sales |
1586.700 |
2799.000 |
1853.400 |
1546.400 |
|
Total Expenditure |
1689.200 |
2657.800 |
1852.700 |
1585.300 |
|
PBIDT (Excl OI) |
-102.500 |
141.200 |
0.700 |
-38.900 |
|
Other Income |
12.100 |
26.700 |
2.100 |
75.300 |
|
Operating Profit |
-90.400 |
167.900 |
2.800 |
36.400 |
|
Interest |
104.700 |
77.100 |
74.200 |
54.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
-247.200 |
|
PBDT |
-195.100 |
90.800 |
-71.400 |
-265.400 |
|
Depreciation |
185.900 |
150.800 |
149.400 |
232.100 |
|
Profit Before Tax |
-381.000 |
-60.000 |
-220.800 |
-497.500 |
|
Tax |
0.000 |
2.000 |
0.000 |
4.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
-381.000 |
-62.000 |
-220.800 |
-501.600 |
|
Net Profit |
-381.000 |
-62.000 |
-220.800 |
-501.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 [12
Months] |
31.03.2009 [9
Months] |
30.06.2008 [12
Months] |
|
PAT / Total Income |
(%) |
6.38
|
10.18 |
8.55
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.87
|
14.15 |
14.54
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.46
|
10.64 |
11.28
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.85 |
0.60
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.72
|
7.31 |
4.34
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69
|
0.61 |
0.72
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 15 May '86, promoted by S K Kaura, Teletube
Electronics and Samtel (
Subject is engaged in the manufacture of colour picture tubes, colour Electron
Guns, Black and White Electron Guns and Deflection Yokes. The Company is the
largest integrated picture tube manufacturer in the country with a market
shares in excess of 50%. The company is also the only CRT manufacturer in
The company came out with a public issue aggregating Rs.75.000 millions in
Apr.'88, to part-finance the setting up of a plant for the manufacture of 0.500
million colour picture tubes at the total cost of Rs.757.100 millions.
Subject is having two subsidiaries namely Paramount Capfin Lease Private
Limited and Blue Bell Trade Links Private Limited.
In Nov.'95, the company started a project for installing line-2 for producing
1.2 mln medium-sized picture tubes at
Subject was awarded the ISO 9002 certification in Sep.'93. As a part of its
backward integration, the company promoted Samcor Glass to manufacture glass
shells at
During 1999-2000, the company merged Samtel Electron Devices with itself
effective from April 1, 1997. It has also made 100% investment in Paramount
Capfin Lease Private Limited and Blue Bell Trade Link Private Limited to make a
subsidiary company.
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
During 2004-05 the company has increased its installed capacity of colour
picture tubes by 1000000 Nos, color electron guns 1000000 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 6300000 Nos. 7000000 Nos. and 6000000 respectively.
Financial Results
The Directors take great pleasure to announce that due to the sustained
efforts of the Management and timely
support of the Lenders, the Company has been able to recoup accumulated
losses and ended the financial year
with a balance of Rs. 19 Millions
in the profit & loss account.
Financial
Restructuring and change in Capital Structure
During the year the Corporate Debt Restructuring Empowered Group ( CDR EG)
approved the proposal of the Company for revised restructuring of its debts
under the CDR mechanism. All the participating financial institutions and banks
have restructured the debts of the Company in accordance with the approved
packages.
In accordance with the terms & conditions of the revised
restructuring scheme and after obtaining necessary approvals from the members
in the Annual General Meeting held on 31st October, 2009, the company has filed
requisite applications to stock exchanges, seeking their “in-principle”
approval for :
a) Issue & Allotment of 68,72,852 number of warrants to M/s Teletube
Electronics Limited (Promoter company) on preferential basis each having
optional right for conversion into one equity shares of Rs. 10/- each at a premium
of Rs. 4.55 per share aggregating to Rs. 100 Millions. within 18 months from
the date of allotment.
b) Issue & Allotment of 3,19,01,831 equity shares of face value of
Rs. 10.00 each at a premium of Rs. 4.55 per share on preferential basis to CDR
Lenders on conversion of debts aggregating to Rs. 4.642 Millions.
Further, in terms of the approved CDR Scheme, during the financial year
2010-11, the Promoters & Associates need to infuse an additional Rs. 200
Millions into equity of the Company. Accordingly, approval of the Members is
being sought in the ensuing Annual General Meeting for issuance and allotment
of 13745704 warrants on preferential basis to Promoters & Associates, each
having an optional right for conversion into one equity shares of Rs. 10/- each
at a premium of Rs. 4.55 per share.
Operations
The Color Picture Tubes (CPTs) market in
The Company was successful in meeting the increased demand in the market
by enhancing the productivity of all its manufacturing lines and achieved production
of 9.21 million CPTs as compared to 5.64 million CPTs in the
previous year. The sales of CPTs also increased to 9.14 million nos. in
the financial year ended 31.03.2010 as
compared to 5.64 million in nine months period ended 31.03.2009
resulting in a domestic market share of 48% as
against 43% of the previous financial year.
Outlook
The market for CPTs is expected to show nominal growth of 3-5% during
the coming years. The increased dependence on imported CPTs by the color
television manufacturers, despite levy of anti-dumping duties continues to pose
a grave challenge to the domestic players.
In this challenging environment, the Company has been focusing on
producing innovative products to suit the requirements of domestic televisions
manufacturers at a very competitive rates by reducing the cost of production
through productivity improvements, product re-design and alternative
sourcing of raw materials.
MANAGEMENT
DISCUSSION AND ANALYSIS
Market
Global
The global TV market is now dominated by the Flat Panel Technologies
(LCD, PDP etc.) and the demand for Color Picture Tube (CPT) based televisions
has declined to 60 million nos. per annum. The demand for CPT’s is expected to
remain at the same level in the next financial year.
Domestic
The total demand for Color televisions in
Operations
During the period, the company produced 9.2 million CPTs as compared to
7.5 million in the corresponding twelve month period showing a growth of 22%. All
the manufacturing lines of the company contributed in this growth and capacity
utilization increased to 90% during the year.
The operating profits (PBIDT) of the company during the year was Rs.
1070 Millions against an operating loss of Rs.120 Millions during the nine
months period ended 31st March 2009. The growth in operating profits was mainly
driven by higher volumes, better operating efficiencies and reduction in
material costs. This reflects the ability of the company to continuously
improve productivity and efficiencies in a challenging environment.
Financial
Restructuring
During the financial year the participating financial institutions and
banks have at the request of the company sanctioned a debt restructuring
scheme. The sheme has been designed to enable the company to utilize the
operating profits in the next two year to repay debts and significantly reduce
its debt burden. As a consequence, there has been reduction in the interest
outgo. The debts restructuring also includes waiver of principal amount of Rs.
605.300 Millions by the lenders and conversion of debts of Rs. 464.200 Millions
into equity at a premium of Rs. 4.55 per share.
Outlook
The market for CPT based televisions is expected to grow by 3-5% during
the next financial year. However the total demand may decline in the year
2011-12 as the programme for distribution of sets by a state government comes
to an end. Efforts are on to explore options with other state governments to
launch similar schemes. The company is also taking steps to reduce imports by
ensuring better implementation of Anti Dumping measures.
|
Contingent Liabilities |
Rs in Millions [As on 31.03.2010] |
|
i) Guarantees issued
by bankers on behalf of the Company for which counter guarantees have been given
by the Company |
26.690 |
|
ii) Claims against
the Company not acknowledged as debts: |
|
|
– Demands from
Government authorities, being contested by the Company Income Tax matters Sales Tax matters Excise Duty and
Service Tax matters UPSEB claims EOU debonding |
9.327 83.244 379.619 17.279 67.260 |
|
– Others |
39.942 |
|
– Transfer charges
demanded by Himachal Pradesh Housing
Board on account of erstwhile merger of Samtel Electron Devices,
Parwanoo with Samtel Color Limited |
11.300 |
|
– Differential stamp
duty on account of construction of building on the leasehold |
18.600 |
|
– Customs authorities
demand on account of fraudulent DEPB claimed by another party and subsequently
purchased by the Company for bonafide consideration. |
3.864 |
|
– Amount claimed by a
supplier of technology transfer, disputed
by the Company |
59.465 |
|
– Labour cases, being
contested by the Company |
28.752 |
|
– Dividend in arrears
for 8 % Non Convertible Cumulative Redeemable Preference Shares |
41.995 |
|
iii) Irrevocable
Corporate Guarantees issued by the Company in favour of Bank, on account of
financial assistance availed by a group company : Samtel Electron
Devices, GmbH* |
121.120 |
* Secured by way of
charge created / to be created on immovable properties and by way of
hypothecation of all movable properties of the Company, save and except book
debts, both present and future on first pari- passu basis.
The amounts shown in
item ( i ) above represent gurantees given in the normal course of the
Company’s operations and are not expected to result in any loss to the Company
on the basis of the beneficiaries fulfilling their ordinary commercial
obligations.
The amount shown in
item (ii) above represent the best possible estimates arrived at on the basis
of available informations. The uncertainties and possible reimbursements are
dependent on the outcome of the different legal processes which have in invoked
by the Company or the claimants as the case may be and therefore cannot be
predicted accurately. The Company engages reputed professional advisors to
protect its interests and has been advised that it has strong legal positions
against such disputes.
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st MARCH,
2011
Rs in Millions
|
|
|
Quarter ended |
Quarter ended |
|
|
Particulars |
31.03.2011 |
30.03.2011 |
|
|
|
(Un-Audited) |
(Audited) |
|
1 |
(a) Net Sales / Income from Operations |
1530.000 |
8962.600 |
|
|
(b) Other Operating Income |
16.400 |
87.200 |
|
2 |
Expenditure |
|
|
|
|
a. (Increase)/Decrease in Stock in trade and work in
progress |
2.400 |
140.800 |
|
|
b. Consumption of raw material |
1128.200 |
6289.600 |
|
|
c. Purchase of traded goods |
0.000 |
0.000 |
|
|
d. Employees cost |
213.800 |
1010.100 |
|
|
e. Depreciation - (refer note 2 (iii) below) |
232.100 |
687.600 |
|
|
f. Other expenditure |
240.900 |
1329.200 |
|
|
g. Total |
1817.400 |
9457.300 |
|
3 |
Profit (+)/Loss (-) from Operations before Other Income,
Interest |
(271.000) |
(407.500) |
|
|
and Exceptional Items (1 - 2) |
|
|
|
4 |
Other Income |
75.300 |
854 |
|
5 |
Profit (+)/Loss (-) before Interest and Exceptional Items
(3 + 4) |
(195.700) |
(3,221) |
|
6 |
Interest ( Net ) |
54.600 |
2,638 |
|
7 |
Profit (+)/Loss (-) after Interest but before Exceptional |
(250.300) |
(5,859) |
|
|
Items (5 - 6) |
|
|
|
8 |
Exceptional Items - Devaluation / Impairment loss in
respect of |
(247.200) |
(247.200) |
|
|
Plant and Machinery -(refer note 2 below) |
|
|
|
9 |
Profit (+)/Loss (-) from Ordinary Activities |
|
|
|
|
before tax (7+ 8) |
(497.500) |
(833.100) |
|
10 |
Tax expense of earlier years |
4.100 |
6.100 |
|
11 |
Net Profit (+) / Loss (-) from Ordinary Activities after
tax (9 - 10) |
(501.600) |
(839.200) |
|
12 |
Extraordinary items |
0.000 |
0.000 |
|
13 |
Net Profit (+)/Loss (-) for the period (11 - 12) |
(501.600) |
(839.200) |
|
14 |
Share of Profit (+) / Loss (-) of Associate Company |
|
|
|
15 |
Net Profit (+) / Loss (-) after share of Associate Company
(13-14) |
|
|
|
16 |
Paid-up Equity Share Capital (Face value Rs.10 each share) |
855.000 |
855.000 |
|
17 |
Reserves (excluding revaluation reserves as per balance
sheet of |
0.000 |
701.100 |
|
|
previous accounting year) |
|
|
|
18 |
Earnings Per Share |
|
|
|
|
before and after Extraordinary items |
|
|
|
|
Basic Earnings / (loss) Per Share (not annualised) |
(6.59) |
(11.43) |
|
|
Diluted Earnings / (loss) Per Share (not annualised) |
(6.59) |
(11.43) |
|
19 |
Public Shareholding |
|
|
|
|
- Number of Shares |
60816877 |
60816877 |
|
|
- Percentage of Shareholding |
71.14 |
71.14 |
|
20 |
Promoters and promoter group Shareholding |
|
|
|
|
a. Pledged / Encumbered |
|
|
|
|
- Number of Shares |
21035326 |
21035326 |
|
|
- Percentage of Shares (as a % of the total shareholding
of |
85.25 |
85.25 |
|
|
promoter and promoter group) |
|
|
|
|
- Percentage of Shares (as a % of the total share capital
of the |
24.60 |
24.60 |
|
|
Company) |
|
|
|
|
b. Non - encumbered |
|
|
|
|
- Number of Shares |
3640394 |
3640394 |
|
|
- Percentage of Shares (as a % of the total shareholding
of |
14.75 |
14.75 |
|
|
promoter and promoter group) |
|
|
|
|
- Percentage of Shares (as a % of the total share capital
of the |
4.26 |
4.26 |
|
|
Company) |
|
|
NOTES:
1 The above financial results were reviewed and recommended
by the Audit Committee of Directors and approved by the Board of Directors in
their respective meetings held on 08.04.2011
2 (i) Exceptional items represents Rs. 639.000 Million on
account of principal and interest waiver by the CDR lenders in the previous
year.
(ii) The Company had revalued its Plant and Machinery as on
01.10.2010 on the basis of existing use value by an independent professional
valuer. Accordingly, duringthe quarter a sum of Rs.1013.9.100 Million being the
excess of the depreciated value of Plant and Machinery over the existing use
value, has been charged to the Profit and Loss Account.
(iii) Depreciation on revalued items of Plant and Machinery
is calculated on their respective revalued amounts at rates derived from the
remaining useful life of the items as determined by the valuer on straight line
method as against the methods/ rates/ bases which would have otherwise been
adopted for the purpose of the annual accounts of the Company and accordingly,
during the quarter includes additional depreciation charge of Rs. 8769.300
Millions
(iv) As the Company does not intend to further pursue the
development of „Plasma Display Panel‟ for
its primary reportable business segment “ TV Picture Tube and Parts”, being
commercially unviable, it has impaired as on 31.03.2011, the assets being Plant
and Machinery used therein to its recoverable amount (net selling price) on the
basis of the valuation of an independent valuer and accordingly, a sum of Rs.
1,4576.200 Millions has been charged to the Profit and Loss Account as
Impairment Loss.
3 Other income includes foreign exchange fluctuation gain of
Rs. 3.800 Millions for the quarter ended 31.03 2011 (Rs. 35.400 Millions for
the quarter ended 31.03.2010) and Rs. 90.900 Millions for the year ended 31.03.
2010.
Other expenditure includes foreign exchange fluctuation loss
of Rs. 1.000 Millions for year ended 31.03 2011.
4 Response to Auditors' comments in the report on the
audited financial statements as at 31.03.2011:-
The Company has already filed an application with the
Ministry of Corporate Affairs, Government of India seeking their approval for
waiver of managerial remuneration amounting to Rs. 576.500 Millions paid in
excess during the year ended 31.03.2010.
5 There was no unresolved investors' complaints at the
beginning of the quarter. Further during the quarter ended 31.03.2011, the
Company received 1 complaint which has been suitably resolved.
6 The Company is engaged in the business of TV Picture Tubes
& Parts and there are no separate reportable segments as per AS - 17 on
Segment reporting.
7 The consolidation of Samtel Color Limited and its
subsidiaries / associates (unaudited) have been done in accordance with the
applicable Accounting Standards.
8 Previous year/period figures have been regrouped/recast,
wherever necessary, to conform to the current year's classification.
FIXED ASSETS
Tangible Assets:
- Free hold Land
- Lease hold
Land
- Plant and
Machinery
- Furniture,
Fixtures
- Office
Equipment
- Vehicles
(acquired on Finance Lease)
- Capital
Spares
Intangible Assets
- Goodwill
- Technical.
Designs/Drawings
- Software for Internal Use
As per website details
Corporate Profile:
Samtel Color is the flagship company of the Samtel group,
and manufactures the widest range of Colour TV tubes in
Integrated backwards with its component divisions at
DEFLECTION YOKES
The Deflection Yoke (DY) Division of Samtel Color was set up in 1998 at
Parwanoo to manufacture DYs for colour picture tubes. Presently, the division
supplies its products to the Colour Picture Tube division as well as some major
TV manufacturers in the country. The division also manufactures Deflection
Yokes for export to tube and TV manufacturers in
ELECTRON GUNS
The Electron Devices Division of Samtel Color is a leading
manufacturer of Electron Guns for Colour picture Tubes in the country. The
product is a critical component of a picture tube and its quality determines
the life and performance of the picture tube. Set up in 1994, the division has
its manufacturing unit at
Historical Milestones
1973 : Teletube Electronics Limited - first B&W
picture tube manufacturing plant set up at
1983 : Samtel India Limited
set up in Bhiwadi, Rajasthan to manufacture B&W picture tubes in different
sizes.
1985 : Manufacturing
facility set-up for electron gun production at
1987 : Samtel Color Limited started in technical
collaboration with
1989 : Color CRT gun
manufacturing plant set-up at
1993 : Plant for
manufacturing glass for picture tubes set up at
1998 : Deflection
Yoke (DYs) division set up in Parwanoo to manufacture Dys for use in color
picture tubes.
2001 : Samtel
Electron Devices GmbH formed through strategic acquisition of Thales
2004 : Padmashree
Award conferred on Mr. Satish Kaura – CMD, Samtel Group.
2006 : JV with
Hindustan Aeronautics Ltd (HAL) to form Samtel HAL Display Systems Limited.
2008 : JV with
PRESS
RELEASES
Samtel Thales Avionics JV is officially incorporated
“This is a key step
for Thales in
Puneet Kaura, Executive Director, Samtel Display Systems
said: “Incorporation of Samtel Thales
Avionics is an important step in our strategy to cater to the existing and future
opportunities in the Indian Defence space. The coming together of Thales’s
proven technologies and Samtel’s Indian experience is sure to create positive
synergies that will strengthen the industry.”
The JV company Samtel Thales Avionics Limited, officially
incorporated as of 28.12.2010, is intended to locally develop, customize,
manufacture, sell and maintain indigenous Helmet-Mounted Sight and Display
Systems and modern Avionics Systems for the Indian and export defence markets.
The core objective of the JV company is to design systems
for the Indian Forces’ helicopters and fighters. However, the activity will
quickly expand to include other products. Based in
Samtel
Thales Avionics at AeroIndia 2011
Samtel Thales Avionics (STA) will be participating in the AeroIndia
exhibition to be held at
Thales has been operating in
·
Bharat Electronics Limited. (BEL)
·
Thales International India Private Limited.
·
Rolta Thales Limited. (RTL)
·
Thales Software India Private Limited.
The Group’s permanent representative offices in,
About
Samtel Display Systems:
Samtel Display Systems (SDS) is a key Indian player in
high-technology products for avionics and military applications in both
domestic and international markets. SDS straddles the entire value chain from
design, development, manufacture, testing, qualification, repair &
maintenance and obsolescence management of avionics products and equipment for
military as well as commercial aircraft. SDS is a part of the Samtel Group --
About
Thales
Thales is a global technology leader for the Defence &
Security and the Aerospace & Transport markets. In 2009, the company
generated revenues of €12.9 billion with 68,000 employees in 50 countries. With
its 22,500 engineers and researchers, Thales has a unique capability to design,
develop and deploy equipment, systems and services that meet the most complex
security requirements. Thales has an exceptional international footprint, with
operations around the world working with customers as local partners. www.thalesgroup.com
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.42 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.63.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.