|
Report Date : |
08.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAMTEL GLASS LIMITED (w.e.f. 27.03.2008) |
|
|
|
|
Formerly Known
As : |
SAMCOR GLASS LIMITED |
|
|
|
|
Registered
Office : |
Village Naya Nohra, Tehsil Ladpura, District |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2010 |
|
|
|
|
Date of
Incorporation : |
24.07.1986 |
|
|
|
|
Com. Reg. No.: |
17-008852 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.836.001 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26101RJ1986PLC008852 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHS03083D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS2730C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Glass Parts and Funnels for Black and
White and Color Picture Tubes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The management
of the company has not made its latest financial available with the
government department. From the available financial its seem that the company
has recorded some accumulated losses. We were unable to contact the company.
However, business is active. Payments
are unknown. The company can be considered for business dealing with some 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based and Non-Fund based Bank
Facilities = D (Suspended) |
|
Rating Explanation |
The lowest credit quality. It has very low
prospects of recovery |
|
Date |
October 2012 |
Reason for Suspended: Insufficient information
to asses such rating.
SAMTEL GLASS: ICRA Downgrades Rating on
Rs.147.500 Millions Loan to [ICRA]D
------------------------------------------------------------------------------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the
Rs.147.500 Millions term loans, Rs.182.500 Millions fund-based limits, and
Rs.39.500 Millions proposed bank facilities of Samtel Glass Limited from 'LB-'
to '[ICRA]D'. ICRA has also downgraded the short-term rating assigned to the Rs.219.000
Millions non-fund based limits of SGL from 'A4' to '[ICRA]D'.
The ratings revision takes into account SGL's stretched liquidity position which has resulted
n continued delays in debt repayment, pressures on its realizations on account of intensely
competitive nature
of the industry and its high client concentration risk as more than 90% of SGL's
sales are to a single customer namely Samtel Colour Limited. Moreover, the weak credit
profile SCL exposes
SGL to high counterparty risks. While assigning the rating, ICRA has also noted
the increasing consumer preference towards Flat Panel Displays which can further impact SGL's
margins and
volumes. Nevertheless, the rating continues to derive comfort from Samtel Group's leading
position in the domestic colour picture tubes (CPT) market and its experienced management.
Going forward,
shift in demand towards FPDs and SGL's ability to meet its debt obligations in a
timely manner will be the key rating sensitivity factors.
Samtel Glass Limited, a part of Samtel Group, was incorporated in 1986 as a joint venture
between Corning Inc. (USA), Samsung Corning Korea and Samtel Group of India. In 2005, Corning
Inc., USA
quit from the Joint Venture. Currently, Samtel Group holds about 83% equity of SGL and
the rest 17% is held by financial institutions and Samsung Corning, Korea. SGL started
commercial operations
in 1993 with the manufacture glass parts for TV and display tubes. The company
is currently involved in the manufacture of glass funnels for colour TVs. The
manufacturing unit
of the company is located at Kota, Rajasthan.
In 15M FY10 (July 09-Sept 10), the company reported operating income of Rs.1942.000
Millions and PAT of Rs.48.100 Millions.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Village Naya Nohra, Tehsil Ladpura, District |
|
Tel. No.: |
91-744-2450150 / 51 / 52 / 53 |
|
Fax No.: |
91-744-2450154 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Satish Kumar Kaura |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
B-407, new Friends Colony, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
19.12.1944 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2012 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN : |
00011202 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Swati Munjal |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
K-5, Lono W-12, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
17.02.1981 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.08.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN : |
01127623 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Purshotam Dass |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No.806, Sunbreeze Tower-3, Sector – 4, Vaishali, Ghaziabad –
201010, Haryana, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.05.1962 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2012 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
05234987 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Amit Mahajan |
|
Designation : |
Secretary |
|
Address : |
582, Sector-9, New Vijay Nagar, |
|
Date of Birth/Age : |
19.11.1977 |
|
Date of Appointment : |
16.08.2010 |
|
PAN No.: |
APXPM5010Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Satish Kumar Kaura |
|
10 |
|
Krishan Al Sethi |
|
10 |
|
Ramesh Mehra |
|
10 |
|
Narendra Kumar Seghal |
|
10 |
|
Rajiv Gupta |
|
10 |
|
Navin Behl |
|
10 |
|
S.K. Verma |
|
10 |
|
Samtel Color Limited, India |
|
23330000 |
|
Samtel India Limited, India |
|
3200000 |
|
Teletube Electronics Limited, India |
|
8500000 |
|
Sutham Chansrichawla |
|
700000 |
|
Citimark Industries Limited, |
|
300000 |
|
Lenients Consultants Private Limited, India |
|
480000 |
|
SW Consultants Private Limited, India |
|
300000 |
|
Samtel Display Systems Limited, India |
|
9180000 |
|
Cea Consultants Private Limited, India |
|
10070000 |
|
Tish Consultants Private Limited, India |
|
300000 |
|
The Industrial Finance Corporation Of India Limited, India |
|
2000000 |
|
Icici Trusteeship Services Limited, |
|
5000000 |
|
J.P. Morgan International Capital Corporation, |
|
1000000 |
|
Samsung Corninig Company Limited, |
|
5800000 |
|
Palka Investments Private Limited, India |
|
13440000 |
|
|
|
|
|
Total |
|
83600070 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
|
|
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
8.13 |
|
Bodies corporate |
82.30 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glass Parts and Funnels for Black and
White and Color Picture Tubes |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 30.09.2010)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Electronic components |
Nos. |
11,846,154 |
-- |
|
Color Funnel |
Nos. |
-- |
252 |
|
Color Panel |
Nos. |
-- |
12037348 |
|
Other Glass Items |
Nos. |
-- |
604658 |
NOTE:
The industry is delicensed the installed
capacity are on an annualized basis certified by the management and accepted by
the auditors being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State
Bank Of India - Lead Bank, Industrial Finance Branch, Jawahar Vyapar Bhawan,
1, Tolstoy Marg, New Delhi – 110001, Delhi. India ·
Canara
Bank ·
State
bank of Bikaner and Jaipur ·
Bank
of Baroda ·
Rajasthan State Industrial Development and
Investment Corporation Limited. Udyog Bhawan, Tilak Marg, Jaipur - 302005,
Rajasthan, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex,
DLF City Phase – II, Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-6792000 |
|
Mobile No.: |
91-124-6792012 |
|
|
|
|
Subsidiaries : |
·
Palka Investments Private Limited CIN :U74899DL1981PTC012552 ·
Samtel Color Limited, Delhi ·
Samtel India Limited, Delhi ·
Samtel Display Systems Limited, Delhi ·
Teletube Electronics Limited, Delhi ·
Tish Consultants Private Limited, Delhi ·
Dolsum Containers Private Limited ·
Swaka Consultanta Private Limited ·
Punswat Investments Private Limited |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99990000 |
Equity Shares |
Rs.10/-each |
Rs.999.900 millions |
|
1000 |
Preference Shares |
Rs.100/-each |
Rs.0.100 millions |
|
|
|
|
|
|
|
Total |
|
Rs.1000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
83600070 |
Equity Shares |
Rs.10/-each |
Rs.836.001 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
30.09.2010 [15 Months] |
30.06.2009 [12 months] |
30.06.2008 [12 months] |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
836.001 |
836.001 |
836.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
281.500 |
281.500 |
281.500 |
|
|
4] (Accumulated Losses) |
(275.225) |
(323.341) |
(310.701) |
|
|
NETWORTH |
842.276 |
794.160 |
806.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
421.401 |
597.467 |
662.968 |
|
|
2] Unsecured Loans |
7.392 |
17.806 |
39.021 |
|
|
TOTAL BORROWING |
428.793 |
615.273 |
701.989 |
|
|
DEFERRED TAX LIABILITIES |
9.950 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1281.019 |
1409.433 |
1508.789 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
816.705 |
1101.584 |
1230.427 |
|
|
Capital work-in-progress |
13.870 |
3.687 |
12.646 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.102 |
0.102 |
0.002 |
|
|
DEFERREX TAX ASSETS |
0.000 |
15.290 |
5.070 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
115.259
|
97.797 |
158.267 |
|
|
Sundry Debtors |
88.523
|
185.504 |
196.141 |
|
|
Cash & Bank Balances |
36.666
|
26.169 |
16.589 |
|
|
Other Current Assets |
3.260
|
0.000 |
0.000 |
|
|
Loans & Advances |
660.466
|
386.830 |
300.437 |
|
Total
Current Assets |
904.174
|
696.300 |
671.434 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
303.498
|
257.662 |
275.702 |
|
|
Other Current Liabilities |
100.673
|
117.185 |
102.384 |
|
|
Provisions |
49.661
|
32.683 |
32.704 |
|
Total
Current Liabilities |
453.832
|
407.530 |
410.790 |
|
|
Net Current Assets |
450.342
|
288.770 |
260.644 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1281.019 |
1409.433 |
1508.789 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2010 [15 Months] |
30.06.2009 [12 months] |
30.06.2008 [12 months] |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1935.952 |
1451.822 |
1163.382 |
|
|
|
Other Income |
54.053 |
14.209 |
44.673 |
|
|
|
TOTAL (A) |
1990.005 |
1466.031 |
1208.055 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturer and Other Expenses |
1532.814 |
1131.506 |
1029.437 |
|
|
|
Purchase for resale |
74.209 |
32.360 |
0.000 |
|
|
|
Increase decrease in stock |
(10.756) |
37.991 |
(19.334) |
|
|
|
TOTAL (B) |
1596.267 |
1201.857 |
1010.103 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
393.738 |
264.174 |
197.952 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
116.837 |
122.625 |
120.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
276.901 |
141.549 |
77.488 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
203.257 |
163.522 |
166.207 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
73.644 |
(21.973) |
(88.719) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.528 |
9.333 |
(1.679) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.116 |
(12.640) |
(87.040) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(323.341) |
(310.701) |
(219.254) |
|
|
|
|
|
|
|
|
|
|
Adjustment
on account of employee benefits |
0.000 |
0.000 |
(4.407) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(275.225) |
(323.341) |
(310.701) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
0.000 |
0.741 |
51.672 |
|
|
TOTAL EARNINGS |
0.000 |
0.741 |
51.672 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
367.930 |
242.888 |
210.809 |
|
|
|
Stores & Spares |
17.849 |
7.086 |
1.098 |
|
|
|
Capital Goods |
0.000 |
44.585 |
0.000 |
|
|
TOTAL IMPORTS |
385.779 |
294.559 |
211.907 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.58 |
(015) |
(1.04) |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2010 [15 Months] |
30.06.2009 [12 months] |
30.06.2008 [12 months] |
|
PAT / Total Income |
(%) |
2.42
|
[0.86] |
[7.20] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.80
|
[1.51] |
[7.63] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.28
|
[1.22] |
[4.66] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
[0.03] |
[0.11] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
1.29 |
1.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
1.71 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDUSTRY OUTLOOK
At present substantial part of the revenue of the Company comes from Color Glass Funnels being produced 'or Color Picture Tubes The Global demand for Color Picture Tubes(CPT) has remained stable at around 60 million nos. per annum over the last two years However, it is expected to decline in the future
In India in spite of very low level of Color televisions penetration, the domestic markets for CPT based television is expected to decline from a level of 18 million per annum to 14 million nos. per annum.
Though still there a huge market for CPT based televisions to be expected, however, lack of infrastructure and closing down of scheme of distribution of televisions by State Government have adversely impacted the overall demand.
PERFORMANCE REVIEW
AND OUTLOOK:
During the period, the Company has sold 12 03 million color funnels as against 8.9 million color funnels sold in the previous financial year registering a year on year volume growth of 8%
Sales during the fifteen months period ended 30th September 2010 were Rs. 2120.000 millions as against Rs 1620.000 millions during the previous year 30th June 2009. registering a growth of 5%. They are pleased to report that during the financial period, the Company has earned a profit after tax of Rs.48.100 millions as against a loss after tax of Rs.12.600 millions in the previous year This was achieved through improved operating efficiencies higher production volume and better utilization of resources
Keeping in view the decline in demand for Color Glass Funnels, the Company is taking necessary measures including development of new glass funnels a per the market retirements and demands. The Company has developed new funnel for ultra slim CPTs for which demand is expected to grow Development efforts in the area of Glass part for Avionics Tubes have continued during the period and the Company was able to develop Glass parts for 4’4 and 6’6 size Avionics Tubes.
The Company is also exploring various other business opportunities to be expand its area of operations and leverage its existing infrastructure and expertise.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF DEMANDS/SHOW CAUSE NOTICES*
|
Particular |
30.09.2010 [15 Months] |
30.06.2009 [12 months] |
|
Sales tax matters ** |
1.120 |
396.661 |
|
Excised Service tax matters |
10.396 |
20.011 |
|
Income tax matters |
-- |
3.316 |
|
Land revenue tax |
0.815 |
-- |
*All these mailers are subject to Legal proceedings in the ordinary course of business. The legal proceedings, when ultimately concluded will not in the opinion of management have a material effect on results of operations or financial position of the Company.
**'During the earlier year(s), the sale tax department had raised demands aggregating Rs.354.100 Millions (including penalty and interest of Rs. 243.100 Millions) as per provisional assessment for the years 2006-07 to 2008-09 (till December 2008). The main issue raised in the demand relates lo non-adherence to one of the clause of the exemption notification dated January 24, 2000. Pursuant to modification of this clause vile the notifications No F. 4(102) FD/Tax Div/04-105 and 106 dated December 28, 2010 issued by the Government of Rajasthan, thereby relaxing the said clause of the earlier exemption notification, the management is of the view that these demands are no longer sustainable and therefore hate not been considered as contingent liability.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Vehicles
AS PER WEBSITE
COMPANY PROFILE
Subject is a Hi-tech plant, which was set up in 1993 to manufacture Glass Parts for Black and White Picture tubes in joint venture between Samtel Group, Corning Incorporated USA and Samsung Corning, South Korea. This unit was established keeping in mind the Samtel Group's objective of becoming a fully integrated picture tube manufacturer.
The plant was converted to manufacture funnels for Color Picture Tubes in Sept.
2000 by modifying the presses and putting up finishing processes.
The plant has a manufacturing capacity of 10.0 million funnels of color picture
tubes. The Plant has a continuous manufacturing process and operates round the
clock in three shifts. The project went into commercial production in November
1993 for B/W Parts, and started manufacturing funnels for color picture tubes
in October 2000. Today, SGL meets over 60% color picture tube glass requirement
of the Indian color picture tube industry.
Subject is transforming itself from being a manufacturer of world-class glass
products to a solutions provider by moving up the value chain of picture tube
glass and providing products and services that make color picture tube glass
more versatile and user-friendly.
The market and technology leader in the Indian Picture Tube Glass Industry, SGL
continues to add to its customer base and service offerings, while maintaining
and enhancing product quality.
Its ongoing efforts, to provide high quality products and reliable and
excellent service to its customers, are the key factors for SGL's sustained
success and leadership position in the Indian color picture tube glass
industry.
Currently, Funnels suitable for Color Picture Tubes in 14", 15",
20", 21" and 29" sizes are being manufactured, and the company
has plans to cater to the demand for all sizes as per future needs of the
customers. Besides this, Avionics Glass funnels and panels in sizes 4x4, 5x5
and 6x6, as also Automotive Glass including different sizes of Fog lenses based
on customer requirement are being manufactured.
SGL is the pioneer in the country in manufacturing of TV
glass. SGL family consists of about 637 members working in different functions
at
Samtel Glass is an ISO 9001:2000, ISO 14001:2004 OHSAS 18001:2007
certified company.
About Samtel Group
Subject is a part of the Samtel Group, India's largest integrated manufacturer
of a wide range of displays for television, avionics, industrial, medical and
professional applications, TV glass, components for displays, machinery and
engineering services.
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 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.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|
-- |
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.