1. Summary Information
|
Country |
India |
||
|
Company Name |
Samtel Color
Limited |
Principal Name 1 |
Mr. Satish K.
Kaura |
|
Status |
Moderate |
Principal Name 2 |
Mr. S. P. Gugnani |
|
Registration # |
55-24222 |
||
|
Street Address |
6th Floor, 7, TDI Centre, District Centre, Jasola, New Delhi – 110025, India |
||
|
Established Date |
14.05.1986 |
SIC Code |
-- |
|
Telephone# |
91-11-42424000 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-11-42424099 |
Business Style 2 |
Marketers |
|
Homepage |
Product Name 1 |
Picture Tube for Colour Television |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.1162,884,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group- 28.86%, Public Shareholding- 71.14% |
Banking |
ICICI Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
27 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ca
(14) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
-- |
Samtel Glass Limited, Kota |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
261,967,000 |
Current Liabilities |
2,829,033,000 |
|
Inventories |
185,207,000 |
Long-term Liabilities |
3,166,563,000 |
|
Fixed Assets |
4,926,538,000 |
Other Liabilities |
147,735,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
6,143,331,000 |
|
Invest& other Assets |
231,751,000 |
Retained Earnings |
0,000 |
|
|
|
Net Worth |
(537,868,000) |
|
Total Assets |
5,605,463,000 |
Total Liab. & Equity |
5,605,463,000 |
|
Total Assets (Previous Year) |
7,434,400,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
3,694,898,000 |
Net Profit |
(2,424,675,000) |
|
Sales(Previous yr) |
9,049,866,000 |
Net Profit(Prev.yr) |
(839,254,000) |
MIRA INFORM REPORT
|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAMTEL COLOR LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, 7, TDI Centre, District Centre,
Jasola, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.05.1986 |
|
|
|
|
Com. Reg. No.: |
55-24222 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1162.884 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909DL1986PLC024222 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS08933B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturers and Marketers of Picture Tube for Colour Television. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There
appear huge accumulated losses recorded by the company. However, trade
relations are reported as fair. Business sis active. Payments are reported to
be slow. The company can be considered
for business dealings on a 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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 |
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 : |
6th Floor, 7, TDI Centre, District Centre,
Jasola, |
|
Tel. No.: |
91-11-42424000 |
|
Fax No.: |
91-11-42424099 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
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 31.03.2012)
|
Name : |
Mr. Satish K.
Kaura |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
52, Community Centre, New Friends Colony, New Delhi –
110065, India |
|
Qualification: |
M. Tech., Carleton
University, Canada |
|
Date of
Joining: |
27th
February, 1989 |
|
Previous
Employment: |
Samtel India
Limited – Managing Director |
|
Tel. No.: |
91-26845411 /
26842791 |
|
Email : |
|
|
|
|
|
Name : |
Mr. S. P. Gugnani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. K. Sehgal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Alok Singh
(ICICI Bank Nominee) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Prabhat Kumar Nanda |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2012)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
733838 |
0.86 |
|
|
23941852 |
28.00 |
|
|
24675690 |
28.86 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
24675690 |
28.86 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
7000 |
0.01 |
|
|
31903646 |
37.32 |
|
|
1245319 |
1.46 |
|
|
104900 |
0.12 |
|
|
6370677 |
7.45 |
|
|
|
|
|
|
5946712 |
6.96 |
|
|
423965 |
0.50 |
|
|
39631542 |
46.36 |
|
|
|
|
|
|
|
|
|
|
2683798 |
3.14 |
|
|
|
|
|
|
11946630 |
13.97 |
|
|
6554937 |
7.67 |
|
|
21185365 |
24.78 |
|
|
|
|
|
Total Public
shareholding (B) |
60816907 |
71.14 |
|
|
|
|
|
Total (A)+(B) |
85492597 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
85492597 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Marketers of Picture Tube for Colour Television. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Color Picture Tubes |
Nos. |
76,00,000 |
28,58,063 |
|
Color Electron Guns |
Nos. |
120,00,000 |
30,80,213 |
|
Deflection Yokes |
Nos. |
80,40,000 |
18,05,277 |
NOTE:-
Installed capacity
is annualized and is stated as certified by the management and accepted by the
auditors being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· ICICI Bank Limited · Punjab National Bank · State Bank of India · Yes Bank Limited · Canara Bank |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. S. Kothari Mehta and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Associates : |
· Samtel Glass Limited, Kota |
|
|
|
|
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, |
|
|
|
|
Other Related
Parties : |
· Samtel India Limited · Samtel - HAL Display Systems Limited · Samtel Thales Avionics Limited · Samtel Machines and Projects Limited (Formerly Teletube Electronics Limited) · Samtel Electron Devices, GMBH · International Electron Devices Limited · Samtel Display Systems Limited · Lenient Consultants Private Limited · CEA Consultants Private Limited. · SW Consultants Private Limited · Tish Consultants Private Limited · Kaura Properties Private Limited · Kaura Investment Private Limited · Palka Investments Private Limited (Subsidiary of Samtel Glass Limited) · Swaka Consultants Limited · Punswat Consultants Limited · Dolsun Containers Private Limited · Fame Mercantile Private Limited · Navketan Mercantile Private Limited · Sakshi Kaura Designs Private Limited · Akla Investments Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
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 |
|
|
|
|
|
|
8,54,98,597 |
Equity Shares |
Rs.10/- each |
Rs.854.986
Millions |
|
21,10,116 |
Non Convertible Cumulative Redeemable Preference Shares |
Rs.100/-
each |
Rs.211.012 Millions |
|
9,69,163 |
Non Convertible Cumulative Redeemable Preference Shares |
Rs.100/-
each |
Rs.96.916
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1162.914 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,54,92,597 * |
Equity Shares |
Rs.10/- each |
Rs.854.926
Millions |
|
6,000 |
Add : Forfeited equity shares pending reissue |
Rs.5/- each |
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.1162.884 Millions |
* Of the above,
8,94,000 (Previous Year 8,94,000) 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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1162.884 |
1162.884 |
843.866 |
|
|
2] Advance Subscription |
0.000 |
0.000 |
564.172 |
|
|
2] Share Application Money |
300.000 |
300.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
417.016 |
1111.116 |
|
|
4] (Accumulated Losses) |
(2000.752) |
0.000 |
0.000 |
|
|
NETWORTH |
(537.868) |
1879.900 |
2519.154 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2947.567 |
3073.175 |
3609.460 |
|
|
2] Unsecured Loans |
218.996 |
245.149 |
257.550 |
|
|
TOTAL BORROWING |
3166.563 |
3318.324 |
3867.010 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2628.695 |
5198.224 |
6386.164 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4926.538 |
6044.386 |
6974.132 |
|
|
Capital work-in-progress |
0.000 |
2.369 |
1.217 |
|
|
|
|
|
|
|
|
INVESTMENT |
231.751 |
330.099 |
330.099 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
185.207
|
535.209 |
899.348 |
|
|
Sundry Debtors |
25.808
|
260.677 |
829.312 |
|
|
Cash & Bank Balances |
30.304
|
32.759 |
48.748 |
|
|
Other Current Assets |
2.306
|
4.692 |
0.000 |
|
|
Loans & Advances |
203.549
|
224.209 |
292.893 |
|
Total
Current Assets |
447.174
|
1057.546 |
2070.301 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
505.466
|
541.725 |
1534.423 |
|
|
Other Current Liabilities |
2323.567
|
1507.809 |
1280.457 |
|
|
Provisions |
147.735
|
186.642 |
174.705
|
|
Total
Current Liabilities |
2976.768
|
2236.176 |
2989.585 |
|
|
Net Current Assets |
(2529.594)
|
(1178.630) |
(919.284) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2628.695 |
5198.224 |
6386.164 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3694.898 |
9049.866 |
11142.860 |
|
|
|
Other Income |
32.573 |
98.987 |
837.108 |
|
|
|
TOTAL (A) |
3727.471 |
9148.853 |
11979.968 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2673.948 |
6289.626 |
-- |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process and
Stock-in-Trade |
93.962 |
140.837 |
-- |
|
|
|
Employee Benefit Expenses |
814.042 |
1010.135 |
-- |
|
|
|
Exceptional Items |
437.919 |
247.153 |
-- |
|
|
|
Excise Duty on increase/(Decrease) in Finished Goods |
-- |
-- |
3.988 |
|
|
|
Manufacturing and Other Expenses |
907.658 |
1328.983 |
10266.578 |
|
|
|
TOTAL (B) |
4927.529 |
9016.734 |
10270.566 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1200.058) |
132.119 |
1709.402 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
491.574 |
277.585 |
315.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1691.632) |
(145.466) |
1393.872 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
733.043 |
687.646 |
628.887 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(2424.675) |
(833.112) |
764.985 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
6.142 |
0.388 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(2424.675) |
(839.254) |
764.597 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(745.617) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
0.000 |
|
|
|
Dividend |
NA |
NA |
0.000 |
|
|
|
Tax on Dividend |
NA |
NA |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
18.980 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
89.265 |
88.944 |
106.664 |
|
|
TOTAL EARNINGS |
89.265 |
88.944 |
106.664 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
|
2645.110 |
|
|
|
Stores & Spares |
|
|
44.646 |
|
|
TOTAL IMPORTS |
755.281 |
2311.316 |
2689.756 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(29.27) |
(11.43) |
8.53 |
|
|
|
- Diluted |
(29.27) |
(11.43) |
7.46 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
137.900 |
283.800 |
245.100 |
|
Total Expenditure |
388.500 |
497.500 |
390.100 |
|
PBIDT (Excl OI) |
(250.600) |
(213.700) |
(145.000) |
|
Other Income |
0.600 |
0.900 |
34.900 |
|
Operating Profit |
(250.000) |
(212.800) |
(110.100) |
|
Interest |
141.100 |
134.900 |
147.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(391.100) |
(347.700) |
(257.600) |
|
Depreciation |
175.200 |
177.100 |
177.100 |
|
Profit Before Tax |
(566.300) |
(524.800) |
(434.700) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(566.300) |
(524.800) |
(434.700) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(566.300) |
(524.800) |
(434.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(65.05)
|
(9.17) |
6.38
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(65.62)
|
(9.21) |
6.87
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(52.12)
|
(11.73) |
8.46
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(4.51)
|
(4.43) |
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(5.89)
|
1.77 |
1.54
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.15
|
0.47 |
0.69
|
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 |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
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 |
No |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Term Loans |
|
|
|
From Banks |
5.934 |
10.359 |
|
Others* (* Includes loan
taken from Centre for Scientific and Industrial Research (CSIR) Rs.202.800
Millions) |
202.800 |
209.378 |
|
Loans and advances from related parties |
28.678 |
28.678 |
|
Less: Current portion of long term borrowings |
|
|
|
Current maturities |
(20.630) |
(34.306) |
|
Overdue maturities |
(47.194) |
(20.630) |
|
|
|
|
|
Loans repayable
on demand |
|
|
|
From Banks |
-- |
-- |
|
Others - Clean bills payable |
49.408 |
51.670 |
|
|
|
|
|
TOTAL |
218.996 |
245.149 |
OVERVIEW
The Company having its registered office at 6th floor, 7 TDI Centre,
Distt. Centre – Jasola, New Delhi – 110 025 is engaged in the business of manufacturing
of Color Picture Tubes for Color Televisions, Color Electron Guns and
Deflection Yoke in its manufacturing facilities located at Ghaziabad, Distt.
Gautam Budh Nagar – U.P., Kota – Rajasthan and Parwanoo – H.P.
OPERATIONS
The market for color
picture tube based television sets is in decline across the Globe. However, the
process of decline is slow in the market of Latin America, South Africa and
South Asia. However, despite a reasonable demand for color picture tube based
televisions in South East Asia including India, the year was subdued for the
Company.
The demand for CPT
in the year 2011 was around 40 millions, majority of which were from South East
Asian countries. However, from the period beginning October, 2010, the
Company’s volume and margins have declined sharply due to surge in imports and
the pricing mechanism adopted by the importers to circumvent the imposition of
anti dumping duty (ADD), thereby affecting the average realization and margins
of the CPT industry in India. This has considerably impacted the market share
of the Company.
In addition to the
above, the sudden change of policy of the Chinese Government with regard to
mining and export of certain rare earth minerals have increased the price of
the materials by almost 10 times. The CPT manufacturers use red phosphor, one
of the rare earth materials, in coating of the screen.
Both the above
factors have not only adversely impacted the volume and margins of the Company,
but also choked the liquidity forcing the Company to scale down its operations
considerably during the year resulting in lower capacity utilization.
Currently, the Company has declared lay off in some of its Units. Other units
of the Company are functioning with scaled down capacity.
The sales volume
of the Company declined from 7.65 million numbers to 2.86 million during the
year. The sales in terms of value declined by 59% from Rs.10000.100 Millions in
2010- 11 to Rs 4081.400 Millions in 2011-12.
· Developed and lunched a low cost variant of the 21" ultra slim variant CPT. This will help the Company to capture the domestic market for this product.
· Successful in reducing the consumption of Red Phosphors thereby reducing the raw material cost.
· Phasing out of low volume and low margin variants such as 15" and 20" CPTs.
· Realignment/Impairment/re-sizing and efficient utilization of the production facilities and work force.
OUTLOOK
The market for
CPTs globally is on a decline. Demand for CPT worldwide is expected to remain
at around 30 millions in number in the year 2012-13 as compared to 40 millions
in number in the year 2011-12.
The demand in
India in the year 2012-13 and over next few years is expected to remain at
around 12/13 millions units per annum.
There are
indications of slowing down of import of cheap picture tubes to India from
across the world as some of the major picture tubes manufacturers have closed
down their operations. Further, the non parity of US Dollar and Indian Rupee is
making the import more expensive. These factors to some extent would have a
positive impact on the operations/performance of the Company in years to come
as the dependence of CPT manufacturers on imported units will decline, giving
an opportunity to the Company to ramp up its volume as well as margins.
Further, to come
out of the difficult situation and to sustain operations increase the volume
and market share, the Company has initiated several steps including cost
cutting measures. Some of the measures, effect of which is expected to have a
positive impact on the overall performance of the Company in the next few years
is as under:
MANAGEMENT
DISCUSSION AND ANALYSIS
MARKET AND OUTLOOK
Globally there has
been decline in the market for Color Picture Tube (CPT) based television sets. However,
the decline has been less pronounced for CPT based televisions, in the market
of Latin America, South Africa and South Asia despite invent and availability
of other technology. In India, alone it is expected that the demand of CPT
based televisions will decline below 12/13 million in Nos. per annum during the
next few years.
Even though the
demand in India persists, the domestic players failed to dominate the market
and increase their market share as there was a surge in import of cheap Color
Picture Tubes from South East Asia. This coupled with higher raw material cost
severely impacted the domestic color picture tube industry including Company.
With the drying up
of cheap source of picture tubes from across the world and non parity of US
Dollar and Indian Rupee making import much more expensive, the scope of Indian
manufacturers of Color Picture Tubes has brightened to some extent.
In order to come
out of the difficult situation and explore the current opportunity, the Management
of the Company is working on various options and some of the steps which would
have an effect on the overall performance of the Company and initiated are as
under:
· Developed and lunched a low cost variant of the 21" ultra slim variant CPT. This will help the Company to capture the domestic market for this product.
· Successful in reducing the consumption of Red Phosphors thereby reducing the raw material cost.
· Phasing out of low volume and low margin variants such as 15" and 20" CPTs.
· Realignment/Impairment/re-sizing and efficient utilization of the production facilities and workforce
The Company and
sustain the production, the Company requires infusion of funds/working capital.
The Management is working in this regard in consultation with ICICI Bank, the
Monitoring Agency for CDR and all other CDR Lenders. The Company is quite
confident that with the infusion of requisite working capital for which
negotiations and discussions are being held with prospective investors/bankers,
the re-sized operations of the Company can be sustained with reasonable margins
and profitability.
FINANCIAL AND OPERATIONAL RESULTS
During the year
the Company achieved production of 2.86 million color picture tubes as compared
to 7.65 million color picture tubes of the previous financial year registering
a decline of approximately 63%. This was mainly due to a surge in imports of
color picture tubes from South East Asian countries, despite anti-dumping
measures and inability of the Company to ramp up its production due to severe
liquidity problem.
The above factors
have severely impacted the operations and profitability of the Company during
the financial year. The Company ended the financial year 2012 with a Cash Loss
(PBDT) of Rs.1691.700 Millions (Previous year Rs.145.500 Millions). However,
post extra-ordinary item, the Company registered loss of Rs.2424.700 Millions
as against loss of Rs.839.300 Millions of the previous financial year.
The Company is
restructuring/realigning/re-sizing its manufacturing operations including
impairment of some of the production facilities to reduce costs by increasing
efficiencies, rationalization of manpower and other costs. Efforts continue on
development of low cost variants of medium and small size slim color picture
tubes.
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
WEBSITE DETAILS
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 Ghaziabad.
1987 : Samtel Color Limited started in technical
collaboration with Mitsubishi Electric, Japan to manufacture color picture
tubes from its plant in Ghaziabad.
1989 : Color CRT gun
manufacturing plant set-up at Ghaziabad.
1993 : Plant for
manufacturing glass for picture tubes set up at Kota through a JV between
Corning, USA and Samtel.
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 Germany.
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
Thales, France to form Samtel Thales Avionics.
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.54.29 |
|
UK Pound |
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
14 |
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.