1. Summary Information
|
|
|
Country |
|
|
Company Name |
JCT ELECTRONICS
LIMITED |
Principal Name 1 |
Mr. M.M.Thapar |
|
Status |
Poor |
Principal Name 2 |
Mr. Arjun Thapar |
|
|
|
Registration # |
16-003680 |
|
Street Address |
A-32, Industrial
Phase VIII, S.A.S. Nagar, Mohali, |
||
|
Established Date |
31.08.1976 |
SIC Code |
-- |
|
Telephone# |
91-172-2222185 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-172-2670297 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Cathode Ray Tubes |
|
|
# of employees |
-- |
Product Name 2 |
Colour Picture Tube |
|
Paid up capital |
Rs.788,240,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of Promoter and Promoter Group – 82.79% Public Shareholding –
11.49% |
Banking |
Punjab National Bank |
|
Public Limited Corp. |
-- |
Business Period |
35 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
c |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
658,300,000 |
Current Liabilities |
4,082,352,000 |
|
Inventories |
709,456,000 |
Long-term Liabilities |
3,690,716,000
|
|
Fixed Assets |
3,505,465,000 |
Other Liabilities |
0,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
7,773,068,000 |
|
Invest& other Assets |
44,807,000 |
Retained Earnings |
663,865,000 |
|
|
|
Net Worth |
(2,855,040,000) |
|
Total Assets |
4,918,028,000 |
Total Liab. & Equity |
4,918,028,000 |
|
Total Assets (Previous Year) |
4,945,776,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
4,865,892,000 |
Net Profit |
(125,541,000) |
|
Sales(Previous yr) |
3,897,225,000 |
Net Profit(Prev.yr) |
(740,128,000) |
MIRA INFORM
REPORT
|
Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
JCT ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
A-32, Industrial Phase VIII, S.A.S. Nagar, Mohali, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
31.08.1976 |
|
|
|
|
Com. Reg. No.: |
16-003680 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.788.240 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32109PB1976PLC003680 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of Colour Picture Tubes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Financial positions of the company is poor way and means position is
difficult. Payments are reported to be slow and delayed. The company can be considered for any business dealings on safe ans
secured trade terms and conditions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
A-32, Industrial Phase VIII, S.A.S. Nagar, Mohali, |
|
Tel. No.: |
91-172-2222185 / 2221280 / 2670193 / 2236528 / 2236462 |
|
Fax No.: |
91-172-2670297 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
124, Janpath,
"Thapar House", |
|
Tel. No.: |
91-11-43534242 / 28626996 / 23345566 |
|
Fax No.: |
91-11-23367861 / 268662548 |
|
|
|
|
Factory : |
NH-8, Village –
Kandhari, Taluka Karjan, District. – |
|
Tel. No.: |
91-2666-232880 / 232886 / 231823 / 329606 |
|
Fax No.: |
91-2666-232882 / 232889 |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. M.M.Thapar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Arjun Thapar |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. K. Jayabharath Reddy |
|
Designation : |
Director |
|
|
|
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Graduate in textile Management and Marketing |
|
Experience : |
22Years |
|
Date of Appointment : |
19.08.1985 |
|
|
|
|
Name : |
Mr. P. K. Ganguly |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Ramanathan |
|
Designation : |
Special Director, BIFR |
|
|
|
|
Name : |
Mr. S. V. Venkatakrishnan |
|
Designation : |
Director - Nominee, IFCI Ltd. |
|
|
|
|
Name : |
Mr. S. K. Kalra |
|
Designation : |
Director - Nominee, Allahabad Bank |
KEY EXECUTIVES
|
Name : |
Mr. Raj Kapur |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Gopal Krishnan |
|
Designation : |
Vice President and Company Secretary |
|
Address : |
|
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
M. Com., FCS |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.10.1987 |
|
|
|
|
Name : |
Mr. M. P. S. Narang |
|
Designation : |
General Manager Finance and Accounts |
|
|
|
|
Name : |
Mr. S. R. Jain |
|
Designation : |
Accounts and Finance Control |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
652,570,800 |
82.79 |
|
|
652,570,800 |
85.79 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
652,570,800 |
82.79 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
56500 |
0.01 |
|
Central Government / State Government(s) |
3453300 |
0.44 |
|
|
41044977 |
5.21 |
|
Insurance Companies |
517000 |
0.07 |
|
|
10100 |
-- |
|
|
45081877 |
5.72 |
|
|
|
|
|
|
38465416 |
4.88 |
|
|
|
|
|
|
24604628 |
3.12 |
|
|
25032742 |
3.18 |
|
|
2501600 |
0.32 |
|
Overseas Corporate Bodies |
2501600 |
0.31 |
|
|
90604386 |
11.49 |
|
Total Public
shareholding (B) |
135686263 |
17.21 |
|
Total (A)+(B) |
788257063 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
-- |
-- |
|
Promoter and promoter Group |
-- |
-- |
|
Public |
-- |
-- |
|
Sub Total |
-- |
-- |
|
Total (A)+(B)+(C) |
788257063 |
-- |
(1) Indian
Bodies Corporate
Sub Total
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of Colour Picture Tubes. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Colour Picture Tubes |
Nos. |
|
5800000 |
4302244 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes : 1. (a) NCDs
(Series I) subscribed by Vijaya Bank are presently secured by an equitable
mortgage on the immovable properties at Vadodara and hypothecation of the movable
assets of the Company at Vadodara, present and future, in favour of Debenture
Trustees, ranking pari-passu with charges created on the said
properties/assets in favour of other term lenders. The said NCDs were
redeemable at par as under :
In terms of the
scheme sanctioned by BIFR, 15% of the amount outstanding against these NCDs
have been converted to Equity Shares. The balance amount which was pending
conversion to term loan in terms of the scheme sanctioned have during the
financial year ending 31st March, 2010 been converted and appears under the
head-Term Loans-Bank. (b) 30,00,000
NCDs (Series II and III) subscribed by IFCI are presently secured by an
equitable mortgage on all the immovable properties at Mohali and Vadodara and
hypothecation of the movable assets of the Company, present and future, in
favour of Debenture Trustees, ranking pari-passu with the charges created on
the said properties in favour of other term lenders. NCDs (Series II) and
NCDs (Series III) were redeemable as under :
In terms of the
scheme sanctioned by BIFR, these NCDs have been converted to term loans and
appear under the head – Term Loan-Financial Institution. The security earlier
created in favour of the Debenture Trustees through the Debenture Trust Deed
on these NCD's is in the process of being released. 2. Term loans
from the financial institutions and banks are secured by an equitable
mortgage on all the immovable properties at Mohali and Vadodara and
hypothecation of the movable assets of the company, present and future, save
and except prior charges on specified movables in favour of the bankers for working
capital requirements. 3. Working
Capital facilities/Working Capital Term Loans are presently secured by first
charge by way of hypothecation of raw materials, goods in process, finished
goods, stores and spares, book debts and receivables of the company, present
and future and second charge on the immovable properties at Mohali and
Vadodara. In terms of the scheme sanctioned by BIFR, outstanding principal
amount of the banks (other than banks covered under OTS as per sanctioned
scheme) as on 31st March, 2007 have been converted into Working Capital Term
Loans. These will additionally be covered by a pari-passu charge on the fixed
assets alongwith the term lenders, after completion of documentation in this
regard. Principal amount of Working Capital from banks covered under OTS have
been shown under Working Capital facilities.
Note * These NCDs which were redeemable on 23.11.99 will be now paid as per
terms of the sanctioned scheme. ** Includes Rs.16.106 Millions (Previous year Rs.16.106 Millions) on
Unsecured Non Convertible Debentures and Rs.0.580 Millions (Previous year
Rs.0.580 Millions) on Inter Corporate Deposit & others. |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
V. Sahai Tripathi and Company Chartered Accountant |
|
Address : |
|
|
|
|
|
Associates : |
JCT Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130,00,00,000 |
Equity Shares |
Rs.1/- each |
Rs.1300.000 Millions |
|
200,00,000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78,82,57,063 |
Equity Shares |
Rs.1/- each |
Rs.788.257 Millions |
|
|
(Less : Allotment money in arrears) |
|
(Rs.0.017 Millions) |
|
|
Total |
|
Rs.788.240 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
788.240 |
784.762 |
784.762 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
663.865 |
651.343 |
651.343 |
|
|
4] (Accumulated Losses) |
(4307.145) |
(4181.606) |
(3441.478) |
|
|
NETWORTH |
(2855.040) |
(2745.501) |
(2005.373) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3659.606 |
3727.483 |
3734.635 |
|
|
2] Unsecured Loans |
31.110 |
31.110 |
31.110 |
|
|
TOTAL BORROWING |
3690.716 |
3758.593 |
3765.745 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
835.676 |
1013.092 |
1760.372 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3505.465 |
3606.518 |
3727.436 |
|
|
Capital work-in-progress |
29.090 |
20.184 |
18.706 |
|
|
|
|
|
|
|
|
INVESTMENT |
15.717 |
15.717 |
15.717 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
709.456
|
626.511 |
626.963 |
|
|
Sundry Debtors |
132.788
|
96.379 |
136.466 |
|
|
Cash & Bank Balances |
190.196
|
255.416 |
75.048 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
335.316
|
325.051 |
318.979 |
|
Total
Current Assets |
1367.756
|
1303.357 |
1157.456 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3103.145
|
3154.462 |
2471.260 |
|
|
Other Current Liabilities |
887.529
|
683.7800 |
670.036 |
|
|
Provisions |
91.678
|
94.442 |
17.647 |
|
Total
Current Liabilities |
4082.352
|
3932.684 |
3158.943 |
|
|
Net Current Assets |
(2714.596)
|
(2629.327) |
(2001.487) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
835.676 |
1013.092 |
1760.372 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4865.892 |
3897.225 |
3385.261 |
|
|
|
Other Income |
14.255 |
31.728 |
19.254 |
|
|
|
TOTAL (A) |
4880.147 |
3928.953 |
3404.515 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
4105.532 |
3887.553 |
3157.298 |
|
|
|
Payment to and provision for employees |
342.032 |
245.534 |
194.854 |
|
|
|
Administrative and other expenses |
106.404 |
76.144 |
103.435 |
|
|
|
Selling and distribution Expenses |
111.481 |
82.991 |
66.703 |
|
|
|
Increase / Decrease in Stocks |
(72.927) |
27.463 |
35.209 |
|
|
|
TOTAL (B) |
4592.522 |
4319.685 |
3557.499 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
287.625 |
(390.732) |
(152.984) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
238.384 |
160.752 |
82.481 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
49.241 |
(551.484) |
(235.465) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
168.635 |
162.779 |
161.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(119.394) |
(714.263) |
(397.211) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENSES |
6.147 |
25.865 |
4.666 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(125.541) |
(740.128) |
(401.877) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4181.604) |
(3441.478) |
(3350.420) |
|
|
|
|
|
|
|
|
|
Add |
WRITE DOWN OF
EQUITY SHARE CAPITAL |
0.000 |
0.000 |
310.819 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4307.145) |
(4181.606) |
(2441.478) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traveling Exposes |
0.240 |
1.681 |
0.000 |
|
|
|
Raw Material, Components and Spares
|
0.000 |
0.000 |
760.249 |
|
|
|
Test and Inspection Fees |
0.211 |
0.471 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.000 |
4.640 |
|
|
|
Others |
0.214 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
0.665 |
2.152 |
764.889 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.16) |
(0.94) |
|
|
QUARTERLY RESULTS
|
|
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
30.06.2011 |
|
|
1St Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
5th Quarter |
|
Net Sales |
1333.600 |
1159.800 |
971.500 |
1178.200 |
204.000 |
|
Total Expenditure |
1213.400 |
1108.600 |
956.600 |
1148.800 |
308.000 |
|
PBIDT (Excl OI) |
120.200 |
51.200 |
14.900 |
29.400 |
(104.000) |
|
Other Income |
0.500 |
0.300 |
0.300 |
1.600 |
1.900 |
|
Operating Profit |
120.700 |
51.500 |
15.200 |
31.000 |
(102.100) |
|
Interest |
61.000 |
58.000 |
60.600 |
72.800 |
58.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
59.700 |
(6.500 |
(45.400) |
(41.800) |
(160.300) |
|
Depreciation |
41.100 |
42.500 |
40.600 |
41.500 |
40.700 |
|
Profit Before Tax |
18.600 |
(49.000) |
(86.000) |
(83.300) |
(201.000) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
18.600 |
(49.000) |
(86.000) |
(83.300) |
(201.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
18.600 |
(49.000) |
(86.000) |
(83.300) |
(201.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.57)
|
(18.84) |
(11.800 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.45)
|
(18.33) |
(11.73) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.45)
|
(14.55) |
(8.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.26) |
(0.20) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.72
|
2.80 |
3.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.34
|
0.33 |
0.37 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The financial year
2009-10 witnessed demand crossing the level of 18 million units inclusive of
imports showing a
growth of over 10%
over the previous year. The Industry has seen sustained growth over the last
couple of years on account of impressive growth in GDP, increased purchasing
power in the hands of consumers more so in the tier 2 and 3 cities and also
free distribution of TVs by the Tamil Nadu Government.
Production during
the financial year 2009-10 was 4.30 million CPTs as against 3.45 million CPTs
in the previous year. Sales during the financial year was also higher at 4.23
million CPTs as compared to 3.47 million CPTs the year before. Presently
operations are continuing only at the Vadodara unit as the Mohali unit
continues to be shut.
The Directors are
pleased to state that most of the stipulations of the rehabilitation scheme
sanctioned by the Board for Industrial and Financial Reconstruction have been
complied with, except for the sale of land at Mohali for which efforts are on
to get necessary clearances.
Outlook
The current
financial year is likely to see continued growth in demand on account of major
sporting events like the just concluded soccer world cup, the common wealth
games to be held in Delhi and big orders from Tamil Nadu Govt. which have
significantly contributed to the growth in the domestic CTV Industry. Based on
these projections, the production target taken for the financial year 2010-11
is around 5 million tubes.
The pure flat
segment which had gained market share as against the conventional tubes will
see a flat demand in the year ahead. With major TV players introducing ultra
slim CRT based CTVs, the company is gearing up for launch of these tubes as it
sees a sizable market coming up. After trials and sampling, it is proposed to
commercially launch these tubes towards end of 2010. In the conventional
segment, 20. tube is expected to hold on to its market share. The 14. tube is
expected to see a dip in the market share, post completion of the order from
Tamil Nadu Government. The company has enhanced its manufacturing capabilities
by creating flexibility in its production lines to manufacture products of
various sizes depending on market requirements.
With the imports
continuing despite the imposition of anti dumping, the margins will continue to
be under pressure. The upward movement in prices of all major raw materials is
also putting pressing on the margins. With the supply of major materials now
concentrated in the hands of few suppliers, there is constant threat of price
increase. Efforts are being made through value engineering to keep the impact
of the increase at the minimum level. In house Deflection Yokes and Electron
Guns being very cost effective, enhancement of manufacturing capabilities of
these vital components is being aggressively pursued. The power and fuel costs
have also been impacted on account of increase in gas and fuel prices. Major
focus is on reduction of power and utility costs by conserving energy,
increasing own generation and recycling water.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry scenario
The CPT industry
has again witnessed positive growth during the financial year 2009-10, though
globally there was a shift in preference from Cathode Ray Tubes (CRTs) based TVs
to Flat Panel Display (FPD) TVs. With global demand for CRTs declining, lot of
capacities are closing down. With capacities closing down, sourcing of CRTs
will be primarily from
The realizations
had come down at the beginning of the financial year on account of the
aggressive dumping of tubes from various countries which resulted in prices
sliding down. However, with the imposition of provisional anti dumping from
these countries, the realizations and margins have stabilized towards the end
of the financial year.
Company.s performance
Production and
Sales for the year ended March, 2010 were higher than the previous year as both
the lines were fully operational. With enhanced capacity of around 5 million
CPTs per annum available at Vadodara, production and sales volumes during the
current financial year will further improve. To broaden its product range, the
company has plans of introducing the ultra slim CPTs in addition to its
existing portfolio of tubes of various sizes in the conventional and pure flat
segment. In view of flexibility available at the Vadodara Unit, the company
will offer products with high growth potential and also broaden its customer
base.
The company is
confident of meeting the challenges faced by the industry. Continuous efforts
at improving productivity and reducing input costs have helped in maintaining
the margins.
Adequate internal
control systems and procedures are in place to ensure optimum utilization of
resources, improve performance and compliance with statutory regulations.
UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 30TH JUNE, 2011.
(Rs. In Millions)
|
Particular |
30.06.2011 |
30.06.2010 |
31.03.2011 |
|
|
Unaudited |
Audited |
|
|
|
|
|
|
|
1. Net Sales / Income from operation |
199.900 |
1324.900 |
4600.300 |
|
2. Other Operating Income |
4.100 |
8.700 |
33.200 |
|
Total Income
(1+2) |
204.00 |
1333.600 |
4633.500 |
|
Expenditure |
|
|
|
|
1. (Increase)/decrease in Stock in Trade |
15.900 |
33.600 |
143.900 |
|
2. Consumption of Raw Materials(Including project bought outs) |
139.400 |
931.100 |
3339.800 |
|
3. Purchase of traded goods |
0.000 |
0.000 |
15.600 |
|
4. Manufacturing Expenses |
31.000 |
114.900 |
400.400 |
|
5. Employees Cost |
64.200 |
74.400 |
333.800 |
|
6. Depreciation |
40.700 |
41.100 |
165.500 |
|
7. Other Expenditure |
57.500 |
59.400 |
197.600 |
|
Total Expenditure |
348.700 |
1254.500 |
4596.600 |
|
Profit / (Loss) From Operations before other Income Interest and Exceptional Items |
(144.700) |
79.100 |
36.900 |
|
Other Income |
1.900 |
0.500 |
25.900 |
|
Profit/(Loss) before Interest and Exceptional items |
(142.800) |
79.600 |
62.800 |
|
Interest |
58.200 |
61.000 |
261.400 |
|
Profit / (Loss) after interest before Exceptional items |
(201.000) |
18.600 |
(198.600) |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
(201.000) |
18.600 |
(198.600) |
|
Tax Expenses |
0.000 |
0.000 |
0.000 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
(201.000) |
18.600 |
(198.600) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
(201.000) |
18.600 |
(198.600) |
|
Paid Up Equity Share Capital ( Face Value of the share
Rs.10/- each ) |
788.300 |
788.300 |
788.300 |
|
Reserves (Excluding Revaluation Reserves) |
0.000 |
0.000 |
663.900 |
|
Earning / loss per
share |
|
|
|
|
-Basic |
(0.25) |
0.02 |
(0.25) |
|
-Diluted |
(0.25) |
0.02 |
(0.25) |
|
Public Share
Holding |
|
|
|
|
- Number of Shares |
135686263 |
135686263 |
135686263 |
|
- Percentage of shareholding |
17.21% |
17.21% |
17.21% |
|
Promoters and
Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
4287000 |
4287000 |
4287000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
0.66% |
0.66% |
0.66% |
|
- Percentage of shares(as a % of the total share capital of the company) |
0.54% |
0.54% |
0.54% |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
648283800 |
648283800 |
648283800 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
99.34% |
99.34% |
99.34% |
|
- Percentage of Share (as a % of the total share capital of the company) |
82.24% |
82.24% |
82.24% |
Note
- A rehabilitation scheme has been
sanctioned by the Honorable BIFR,
effective from 1st April, 2007.
- Interest for the quarter ended 30th June,
2011 has been provided as per rehabilitation scheme sanctioned by
Honorable BIFR.
- The deferred tax assets has not been
accounted for as per The Accounting Standard 22 issued by the ICAI for
taxes on income due to uncertainty in realizing the same against future
taxable income.
- Figures have been
re-grouped/re-classified wherever necessary to make it comparable.
- The company is only in one business
segment i.e. manufacture of colour picture tubes.
- The non promoter holding is down on
account of equity shares issued to promoters in terms of rehabilitation
scheme sanctioned by Honorable BIFR.
- The results for the quarter are not
comparable with the earlier quarter as the operations were disrupted on
account of factors beyond control.
- During the quarter 22 investor
complaints were received which were attended. No complaint was pending at
the beginning and end of the quarter.
- The above results were reviewed and
taken on record by the Board at its meeting held on 4/08/2011. The
Statutory Auditors have carried out a limited review of the results.
FIXED ASSETS
- Leasehold
land
- Freehold land
- Buildings
- Plant and
machinery
- Electrical
installation
- Storage and
water system
- Office
equipment
- Factory
equipment
- Furniture and
fittings
- Vehicle and
cycles
WEBSITE DETAILS
PROFILE
Subject is a flagship company of the Thapar Group, one of
Subject was the first Colour Picture Tube (CPT) manufacturer in
In 1996, subject went in for an expansion and set-up a new
PRESS RELEASE
Financial
Result Updates
Accord Fintech (
11 November 2010
Change
in Directorate
Accord Fintech (
03 March 2011
Nomination
of Director
Accord Fintech (
02 March 2011
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 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.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.