Directors Report of Samtel Color Ltd.

Mar 31, 2015

Drar Members,

The Directors hereby present their Twenty Ninth Annual Report on the business and operations of the Company and the audited financial statements for the year ended 31st March, 2015.

FINANCIAL RESULTS

(Rs in Lacs)

Particulars Financial Year Financial Year 2014-15 2013-14

Revenue from operations (Gross) Nil Nil

Less : Excise Duty Nil Nil

Revenue from operations (Net) Nil Nil

Other Income 317.19 157.64

Profit/ (-) Loss before Interest, Depreciation and Tax Nil Nil

Intcrcst 1052.87 3694.09

Depreciation 1043.93 1044.07

profit/(Loss) after Tax (3336.67) (7153.91)

Provision for Tax Nil Nil

Deferred Tax Assets Nil Nil

Profit for the year (3336.67) (7153.91)

Balance of Profit/(Loss) brought forward from Previous Year (79,801.80) (72,647.89)

Appropriations

Transfer to General Reserve (3336.67) (7153.91)

Balance Profit/(-) Loss carried forward to Balance Sheet (83,138.47) (79,801.80)

The Company does not propose to transfer any amount to the General Reserves.

DIVIDEND

In the absence of profits during the current year, your Directors are unable to recommend any dividend for the financial year ended 2014-15.

SHARE CAPITAL

The paid up Equity Share Capital as on 31st March, 2015 was Rs. 11,628.84 lacs. During the year under review, the Company has not issued any shares. The Company has not issued shares with differential voting rights. It has neither issued employee stock options nor sweat equity shares and does not have any scheme to fund its employees to purchase the shares of the Company.

During the earlier years 2010 -11 and 2011-12 Company had received application money from its promoter company in terms of the CDR scheme approved by CDR Empowered Group. However, the requisite convertible warrants have not been yet issued by the Company, in view of pending approval of the respective Stock Exchanges.

Details of Directors' Shareholding have been given elsewhere in the Directors' Report.

COMPANY PERFORMANCE

Due to declining Global market, excess capacity and ever increasing prices of raw materials, the sales & profits of the Company plummeted on a regular basis and at the end of financial year 2011-12, the entire net worth stand eroded.

i) The market and demand for color picture tubes in India remained subdued throughout the year. The efforts of the Management to revive the manufacturing activities did not yield any result, thus all the production lines of the Company remain closed during the financial year under review.

ii) The net loss during the year under review was Rs. 3336.67 lacs as compared to Rs. 7153.91 lacs of the previous financial year.

iii) Due to continuous decline in Global market of CRT based Picture tubes has resulted into fall in its sale price. This has lead to losses incurred by company on year to year basis, by tire end of Financial year ending 31st March, 2012, entire net worth of the company was eroded,

FUTURE OUTLOOK

Even though, the world major economy(ies) are in recession trend however, the Indian Economy is consistently registering growth of more than 5% over the last couple of years. It is expected that the steady economic growth will continue to provide consumers with higher disposable income, which would result in surge in the demand for consumer appliances. The ever growing Indian Middle Class is a major contributor to the growth of Indian economy. They are instrumental in driving the demand for various consumer electronic devices including televisions.

In addition to the Indian Middle Class, a majority of Indian population lives in villages and small towns, where the standard of living and disposable income is lower than that of the population living in Metros and Tier I & H Cities. The level of penetration of electronic industries in villages and small towns are quite low (well below world average) due to various factors including level of disposalable income and availability of electricity. Over a period of time with the efforts of the Government the issue of availability of electricity and other infrastructure have greatly improved along side the quantum of income. This will provide opportunities for companies to expand their reach.

The volume in Indian consumer durable segment includes large chunk of color televisions (traditional CRT based Televisions) and panel based televisions.

The Indian television market is highly under penetrated compared to other Counties and world average. As per the data of Economic Intelligence Unit, 2013 the penetration of color television is only in 179 per 1000 population.

Demand for CRT based televisions is still there amongst populations living in villages and small towns and the same will continue to be there for some more years. However, due to unfriendly business scenario all the manufacturers in the organized sector into manufacturing color picture tube based televisions have either discontinued or scaled down the manufacturing over the last 2/3 years. This has resulted in shutting off of manufacturing process of color picture tubes as well, a vital component in the manufacturing of CRTs.

Most of the color televisions being manufactured in India at current juncture are primarily by unorganized sector and they depend heavily on imported equipments and parts coming from China, Thailand etc or equipments & parts retrieved from old televisions sets.

The market for CRT Color TV in India was in the range of 13/15 million units till 3/4 years back. At present, only in India, the population of total CRT TV sets would be in the range of 100 millions in numbers.

Typically, the life of a CRT Color TV is approximately 8000 hours, which can safely be translated in to a life of 7/8 years.

The market scenario drastically changed with the advent of new technologies and LCD TVs made a inroad into the households in India, However, despite growing demand of LCD based televisions, CRT based televisions are still being in demand in India and they are continued to be bought & sold. With the absence of organized players, the manufacturing, refurbishing of CRT based Color TV has become a cottage industry, with unorganized players in the market with very small exposures and limited resources. Primarily, these players are dealing with old TV sets, wherein the old TV sets are being purchased, the picture tubes get reconditioned/refurbished and few parts being replaced. This process makes the old TV set as good as new with a life of approximately 7/8 years again. At present, the TV market for refurbishing of old TVs appears to be about 2.5 million (in numbers) per annum, primarily of 14" picture tubes. In the absence of organized player, the market is yet to be fully explored/ exploited.

The Company intends to enter into this market and fill up the vacuum created due to the absence of organized player(s) subject approval of Statutory Authorities and all Stakeholders.

STATUS OF SICKNESS UNDER BIFR

As reported in earlier year, on account of continuous losses, the net-worth of the company was fully eroded at the end of the financial year 31st March, 2012. Accordingly, Company made a reference to the Board for Industrial and Financial Reconstruction (BIFR) as required under the provisions of section 15(1) of Sick Industrial Companies(Special Provisions) Act, 1985 (SICA).

Hon'ble BIFR vide its Order dated 03.12.2014 has declared the Company as a Sick Industrial Company u/s 3 (l)(o) of SICA and has also appointed ICICI Bank Limited as Operating Agency.

The process for revival / rehabilitation of the company is underway in line with prescribed procedure and rules under SICA. The Draft Rehabilitation Scheme is under preparation and the same will be submitted to the Operating Agency and BIFR shortly.

SUBSIDIARY COMPANIES

The Company has two subsidiary companies viz. Paramount Capfin Lease Private Limited and Bluebell Tradelink Private Limited

The annual accounts of the subsidiaries and related detailed information will be kept at the Registered - Office of the Company, as also at the registered offices of the respective subsidiary companies and will be available for inspection.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company and its subsidiaries, prepared in accordance with Accounting Standard (AS 21) read with Accounting Standard (AS-23) on accounting for investment in associates issued by the Institute of Chartered Accountants of India are attached whch form part of the Annual Report.

During the year under review, no Company has become or ceased to be a subsidiary of the Company. A statement containing the salient features of the financial position of the subsidiary companies in Form AOC. 1 is attached to accounts as per Annexure A.

PERFORMANCE OF SUBSIDIARIES

Paramount Canfin Lease Private Limited

The Company ended the current financial year with revenue of Rs. 0.02 lacs previous year Nil and total expenditure of Rs. 0.36 lacs (previous year Rs. 0.32 lacs). The Company ended the current year with net loss of Rs. 0.35 lacs (previous year loss of Rs. 16.58 lacs).

Bluebell Tradelink Private Limited

The Company has not yet commenced its operations and thus has not generated any revenue. During the year under review, the Company incurred overheads of Rs. 1,51 lacs as compared to Rs. 1.43 lacs in the previous year.

PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS

The Company neither has made any investments nor has given any loans or guarantees or provided any security during the year under review.

FIXED DEPOSITS

Your Company has not accepted any public deposits during the financial period under review.

RELATED PARTY TRANSACTIONS

All Related Party Transactions that were entered into during the financial year were on an arm's length basis, in the ordinary course of business and were in compliance with the applicable provisions of the Companies Act, 2013.

RISK MANAGEMENT

The Company has adopted a Risk Management Policy in accordance with the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement. It establishes various levels of accountability and overview within the Company, while vesting responsibility for each significant risk.

INTERNAL CONTROLS SYSTEMS AND ADEQUACY

Commensurate with the size and nature of its business, your company has proper system & internal control which ensure acceptable utilization of resources and reliable financial reporting and ensuring compliances with applicable laws and regulations and safeguarding of assets from unauthorized use.

DIRECTORS Appointment of Directors

In accordance with the provisions of Section 152(6) of the Companies Act, 2013 Mr. Satish K Kaura, Director is liable to retire by rotation at the 29,h Annual General Meeting of the Company and being eligible, offer himself for re-appointment.

In terms of Section 149 and 161 of the Companies Act, 2013 and Articles of Association of the Company the Board of Directors in their meeting held on 30th March, 2015 have appointed Mrs. Alka Kaura as an additional Director. Mrs. Alka Kaura has been appointed as an woman Director in terms of the provisions of Section 149(1) of the Companies Act, 2013. She holds the office upto die date of ensuing Annual General Meeting. Pursuant to Section 160 of the Companies Act, 2013 the Company has received a notice in writing from a member of the Company proposing his candidature for the office of Independent Director. Your Directors recommend her appointment for your approval.

Brief resume of the above Directors, nature of their experience and expertise in specific functional areas and the name of the public companies in which they hold the Directorship and the Chairmanship/Membership of the Committees of the Board, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, are given in the Notice convening the 29th Annual General Meeting and forms part of this Report.

Governance Guidelines

The Company has adopted Governance Guidelines on Board Effectiveness. The Governance Guidelines cover aspects related to composition and role of the Board, Chairman and Directors, Board diversity, definition of independence, Director term, retirement age and Committees of the Board. It also covers aspects relating to nomination, appointment, induction and development of Directors, Director remuneration, Subsidiary oversight, Code of Conduct, Board Effectiveness Review and Mandates of Board Committees.

Procedure for Nomination and Appointment of Directors

The Nomination and Remuneration Committee is responsible for developing competency requirements for the Board based on the industry and strategy of the Company. Board composition analysis reflects in-depth understanding of the Company, including its strategies, environment, operations, financial condition and compliance requirements.

Criteria for Determining Qualifications. Positive Attributes and Independence of a Director:

The Nomination and Remuneration Committee has formulated the criteria for determining qualifications, positive attributes and independence of Directors in terms of provisions of Section 178 (3) of the Act and Clause 49 of the Listing Agreement.

Independence: In accordance with the above criteria, a Director will be considered as an 'Independent Director' if he/ she meets with the criteria for 'Independent Director' as laid down in the Act and Clause 49 of the Listing Agreement.

Qualifications: A transparent Board nomination process is in place that encourages diversity of thought, experience, knowledge, perspective, age and gender. It is also ensured that the Board has an appropriate blend of functional and industry expertise. While recommending the appointment of a Director, the Nomination and Remuneration Committee considers the manner in which the function and domain expertise of the individual will contribute to the overall skill-domain mix of the Board.

Positive Attributes: hr addition to the duties as prescribed under the Act, the Directors on the Board of the Company are also expected to demonstrate high standards of ethical behavior, strong interpersonal and communication skills and soundness of judgment. Independent Directors are also expected to abide by the 'Code for Independent Directors' as outlined in Schedule IV to the Act.

Annual Evaluation of Board Performance and Performance of its Committees and of Directors:

Pursuant to the provisions of the Act and Clause 49 of the Listing Agreement, the Board has carried out an annual evaluation of its own performance, performance of the Directors as well as the evaluation of the working of its Committees.

The Board's functioning was evaluated on various aspects, including inter alia degree of fulfillment of key responsibilities, Board structure and composition, establishment and delineation of responsibilities to various Committees, effectiveness of Board processes, information and functioning.

Directors were evaluated on aspects such as attendance and contribution at Board/ Committee Meetings and guidance/ support to the management outside Board/ Committee Meetings. In addition, the Chairman was also evaluated on key aspects of his role, including setting the strategic agenda of the Board, encouraging active engagement by all Board members and motivating and providing guidance to the Managing Director & CEO.

Areas on which the Committees of the Board were assessed included degree of fulfillment of key responsibilities, adequacy of Committee composition and effectiveness of meetings.

The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Board as a whole. The Nomination and Remuneration Committee also reviewed the performance of the Board, its Committees and of the Directors.

REMUNERATION POLICY

The Manager / Executive Directors are paid remuneration approval by Board of Directors on the recommendation of remuneration committee. The remuneration so approved is subject to approval by shareholders and such authorities as the case may be. At present the Directors / Kay Man Persons do not draw any remuneration.

BOARD AND COMMITTEE MEETINGS

During the year under review the Directors of the Company met 4 times.

The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (c) and 134 (5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no material departures;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the loss of the Company for that period;

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis;

(v) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively;

(vi) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively,

CORPORATE SOCIAL RESPONSIBILITY

The Company does not fall under the parameter as prescribed under the Companies Act, 2013 and relevant Rules thereof.

POLICY ON PREVENTION. PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE

The Company has zero tolerance for sexual harassment at workplace and has adequate mechanism to address and act upon complaints, if any.

During the year under review the Company neither have any woman employee nor has received any complaint of sexual harassment,

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant material orders have been passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has adequate systems, to provide a formal mechanism to the Directors and employees to report their concerns about unethical behaviour, actual or suspected fraud or violation of the Company's Code of Conduct or ethics policy.

AUDITORS & AUDIT REPORT

The Auditors of the Company M/s. S.S.Kothari Mehta & Co., Chartered Accountants, New Delhi, retire at the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment. The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limit under Section 139 & 141 of the Companies Act, 2013. The Board of directors recommends their appointment, as Statutory Auditors for the next from the conclusion of the ensuing 29th Annual General Meeting upto the conclusion of 31st Annual General Meeting of the company for your approval.

The observations of the Auditors and the relevant notes on the accounts are self-explanatory. Further, explanations with regard to the observations/qualifications of the Auditors' are as under :

(a) The Company is taking necessary steps to streamline the restructured operations of some of the manufacturing facilities. Thus, the Company feels that it can operate as "Going Concern" in foreseeable future.

(b) The Company will obtain the balance confirmation and reconciliation thereof from creditors / debtors in due course.

(c) During the year, the fixed assets of the Company were not verified by the management. However, the management does not expect any major discrepancy.

(d) Due to suspension of operations in all the locations the physical verification of inventory could not be done on March 31, 2015, However, the management is of the view that there are not any major discrepancies in inventory,

(e) The Company has not booked the statutory liabilities on the provision for expenses made during the year as the quantum of exact statutory liability can not be ascertained in the present scenario.

(f) The statutory payments will be cleared on availability of the funds with the company.

(g) With regard to provisions of clause 35 of listing agreement (submission of shareholding pattern) and requirements of SEBI circular no. D & CC/ FITTC/CIR-16/2002 dated 31.12.2002 regarding Reconciliation of Share Capital Audit Report, for the quarter ended 31st December 2013. The same has been complied with, the company has already filed the same reports with the stock exchanges. The company has also given representation to the stock exchange with regard to cause of delay and waiver of penalty

(h) The company has been declared as a Sick Industrial undertaking by BIFR, Further there is no significant business activities justifying appointment of CFO, however the company has been scouting the market for an qualified chartered accountant to be appointed as CFO of the company. Company expects to comply with the provisions of Companies Act, 2013 expeditiously.

(i) In the view of the management the share application money of Rs. 30 crs. not refundable and doesn't fall in the category of deposit in pursuant to section 73 to 76 of the Companies Act 2013 read with Companies (Acceptance of Deposits) Rules 2014 and relevant amendment Rules 2014. The warrants/shares have not been allotted to the applicant due to absence of requisite approval of the stock exchanges for which application had submitted.

(j) The performance of the Company in the last few quarters has been impacted due to liquidity constraints resulting from lower sales volume in the domestic and international market. During the earlier years, operations at all the locations have been suspended due to severe financial constraints. In view of the present scenario of Color Picture Tube business, the management is of the view that the existing demand of CPT can be serviced by operating some of the manufacturing facilities of the Company after approval of rehabilitation / revival scheme of BIFR. Accordingly the Company's financial statements have been prepared on a going concern basis whereby realization of assets & discharge of liabilities are expected to occur in the normal course of business.

(k) The company has provided for diminution in value of long term investments on the basis of applicable accounting standards. In respect of investment in Samtel Glass Ltd. (SGL) the management has the opinion that the realisation value of immovable properties of SGL will be much higher than the admitted liabilities. Thus the long tenn value of the equity shares of SGL are expected to be higher and diminution of value at this stage is not called for.

(l) Consequent to the declaration of NPA by the Lenders banks all the bank accounts have been declared non operative. Hence thereafter there have been no transactions in the said bank accounts.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed Mrs. Alka Juneja, Company Secretary in Practice to undertake the Secretarial Audit of the Company for the year ended 31st March, 2015. The Secretarial Audit Report is annexed as Annexure B.

The observations of the Auditors and the relevant notes on the accounts are self-explanatory. Further, explanations with regard to the observations/qualifications of the Auditors' are as under :

1. The company has been declared as a Sick Industrial undertaking by BIFR, Further there is no significant business activities justifying appointment of CFO, however the company has been scouting the market for an qualified chartered accountant to be appointed as CFO of the company. Company expects to comply with the provisions of Companies Act, 2013 expeditiously.

2. The company has a Vigil mechanism policy however the same will be adopted by the Board in terms of the provisions of Companies Act, 2013,

3. The company is a Sick Industrial undertaking thus no payments can be made without the permission of Board for Industrial and Financial Reconstructions (BIFR).

4. E-voting facilities are being made available to the members of the company.

5. All compliances towards listing agreement barring payment of listing fee has been made.

6. The web site of the company will be available shortly

DECLARATION UNDER CLAUSE 49 OF THE LISTING AGREEMENT

All Directors and Senior Management Executives of the Company have affirmed compliance with the Code of Conduct for Board Members and Senior Management executives for the period April 1,2013 to March 31, 2015.

CORPORATE GOVERNANCE

Your Company has taken adequate steps to ensure compliance with the provisions of Corporate Governance as prescribed under the Listing Agreement with the Stock Exchanges.

A separate Report on Corporate Governance alongwith necessary Certificates and Report on Management Discussion & Analysis are enclosed as part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report and the Report on Corporate Governance, as required under Clause 49 of the Listing Agreement, forms part of the Annual Report.

STATUTORY DISCLOSURES

None of the Directors of your Company is disqualified as per the provisions of Section 164 of the Companies Act, 2013. All the Directors have made necessary disclosures as required under various provisions of the Companies Act and Clause 49 of the Listing Agreement

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134 (3) (m) of the Act read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed as Annexure C.

PARTICULARS OF EMPLOYEES AND REMUNERATION

None of the employees of the Company is in receipt of remuneration equal to or in excess of the limits prescribed under Section 197 (12) of the Companies Act, 2013 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92 (3) of the Act and Rule 12 (1) of The Companies (Management and Administration) Rules, 2014, the extract of Annual Return in form MGT.9 is annexed as Annexure D.

ACKNOWLEDGEMENT

Your Directors wish to thank all the employees of tire Company for their dedicated service during the year. They would also like to place on record their appreciation for the continued co-operation and support received by the Company during the year from banker, business partners and other stakeholders.

On behalf of the Board of Directors

Sd/- Satish K Kaura Chairman & Managing Director

New Delhi May 30th 2015

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Mar 31, 2014

Dear Shareholders,

The Directors have pleasure in presenting this 28th Annual Report together with the Audited Accounts of the Company for the financial year ended 31st March 2014.

Financial Results

The key financial highlights of the Company for the year ended 31s< March 2014 are as under: -

(Rs in Crores)

Particulars Year ended Year ended

31-03-2014 31-03-2013

Revenue from Operations 00 75.15

Other Income 1.58 36.59

Interest (Net) 36.94 58.59

Profit/(Loss) before Depreciation & Taxation (81.98) (241.98)

Depreciation/Misc. Expenses written off 10.44 70.25

Exceptional Items/Extraordinary Expenses/ provisions:

- Impairment Loss against certain Plant and 00 283.87 Machinery

Tax 00 00

Net Profit (Loss) for the year (71.54) (455.60)

Transfer from General Reserve 00 00

Profit/(Loss) carried forward to Balance Sheet : (798.02) (726.48)

Operations

The market and demand for color picture tubes in India remained subdued through out the year. The efforts of the Management to revive the manufacturing activities did not yield any result, thus all the production lines of the Company remain closed during the financial year under review.

Despite the constraints and difficulties the Company believes that there is still scope for color picture tube based televisions primarily in South East Asia and Latin American countries. The manufacturing activities of the Company can be revived albeit on a lower scale provided requisite working capital is infused to the system. The Management is working on various options to help the Company turnaround by resuming its manufacturing activities.

The total revenue generated by the Company during the year under review was Rs. 1.58 crores as compared to Rs. 103.27 crores in last financial year.

Erosion Of Net-Worth- Reference to BIFR

As reported in the iast Directors'' Report on account of losses incurred during the year 2011-12 and carry forward losses of past years, the net-worth of the company had got eroded at the end of the Financial Year - March, 2012. Accordingly, the Company made a reference to the Board for Industrial and Financial Reconstruction (BIFR) as required under the provisions of Sick Industrial Companies(Special Provisions) Act for determination whether the company is a sick industrial company or not. The.Company at present is registered with BIFR.

In case an order declaring the company as Sick Industrial Company is passed, BIFR will appoint an operating agency to examine and recommend the measures for the revival of the company. The Management of the company will take all possible steps for the revival of the company under the aegis of BIFR.

Outlook

At present despite the advent of panel based televisions and their growing demand, there is demand for color picture tube based television in India and other South East Asian Countries.

Most of the manufactures of color picture tubes across the Globe have closed down their operations impacting the availability of cheap color picture tubes. Further, the non parity of US Dollar and Indian Rupee is making the import more expensive.

The Management believes with infusion of adequate working capital the Company can revive its operations to the ultimate benefit of all stake holders.

Your Company''s strategy and operations are discussed in detail in the section titled "Management Discussion & Analysis". .

Dividend

In view of loss the Directors do not recommend any dividend on the Preference and Equity Shares of the Company for the financial year ended 31st March 2014.

Directors

In terms of Section 161 of the Companies Act, 2013 and Articles of Association of the Company the Board of Directors in their meeting held on August 14, 2014 have appointed Mr. Uday Sethi as an additional Director. Mr. Sethi has been appointed as an Independent Director in terms of the provisions of Section 149(4) of the Companies Act, 2013 for a term of 5 years subject to the approval of Members of the Company. He holds the office upto the date of ensuing Annual General Meeting. Pursuant to Section 160 of the Companies Act, 2013 the Company has received a notice in writing from a member of the Company proposing his candidature for the office of Independent Director.. Your Directors recommend his appointment for your approval.

During the year under review Mr. Ajit Singh resigned from the Board of the Company due to personal reasons and other pre-occupations.

Your Directors welcome Mr. Uday Sethi and place on record their sincere appreciation and gratitude for the services rendered by Mr. Ajit Singh during his tenure on the Board of the Company.

In accordance with the provisions of Section 152 of the Companies Act, 2013 read with Article 85 of the Articles of Association of the Company, Mr. Satish K Kaura, Director of the Company retire by rotation and being eligible offer himself for re-appointment.

Brief resume of the above Directors, nature of their experience and expertise in specific functional areas and the name of the public companies in which they hold the Directorship and the Chairmanship/Membership of the Committees of the Board, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, are given in the Notice convening the 28th Annual General Meeting and forms part of this Report.

Directors'' Responsibility Statement

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, we state as follows:

i. that in the preparation of the annual accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed and that there has been no material departures.

ii. that the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the loss of the Company for the year under review.

iii. that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. that the Directors have prepared the annual accounts on a going concern basis.

Fixed Deposits

During the year under review, the Company has neither invited nor accepted any deposits. There are no unclaimed or unpaid deposits lying with the Company.

Auditors & Audit

The Auditors of the Company M/s. S.S.Kothari, Mehta & Co., Chartered Accountants, New Delhi, retire at the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment. The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limit under Section 139 & 141 of the Companies Act, 2013. The Board of directors recommends their appointment, as Statutory Auditors for the next financial year for your approval. .

The observations of the Auditors and the relevant notes on the accounts are self-explanatory. Further, explanations with regard to the observations/qualifications of the Auditors'' are as under:

(a) The Company is taking necessary steps to streamline the restructured operations of some of the manufacturing facilities. Thus, the Company feels that it can operate as "Going Concern" in foreseeable future.

(b) The Company has impaired the plant & machinery and its related stores & spares of some of its manufacturing facilities and provided for diminution in value of long term investments on the basis of applicable accounting standard.

(c) The Company will obtain balance confirmation and reconciliation thereof from creditors/debtors in due course.

(d) During the year, the fixed assets of the Company were not verified by the Management. However, the Management does not expect any major discrepancy,

(e) Due to suspension of operations in all the locations the physical verification of inventory could not be done on March 31, 2014. However, the management is of the view that there are not any major discrepancies in inventory.

(f) The Company has not booked the statutory liabilities on the provisions for expenses

made during the year as the quantum of exact statutory liability can not be ascertained in the present scenario. .

Subsidiary Companies

Pursuant to Section 212 of the Companies Act, 1956, the required information in respect of subsidiary companies, i.e. Paramount Capfin Lease Private Limited and Blue Bell Trade Links Private Limited are annexed to the Annual Report.

Consolidated Financial Results

In accordance with the Accounting Standard - 21 - Consolidated Financial Statements read with Accounting Standard - 23 - Accounting for Investments in Associates issued by the Institute of Chartered Accountants of India, your Directors have pleasure in attaching the consolidated financial statements, which forms part of the Annual Report & Accounts.

Declaration under Clause 49 of the Listing Agreement

All Directors and Senior Management Executives of the Company have affirmed compliance with the Code of Conduct for Board Members and Senior Management executives for the period April 1, 2013 to March 31, 2014.

Corporate Governance

Your Company has taken adequate sfeps to ensure compliance with the provisions of Corporate Governance as prescribed under the Listing Agreement with the Stock Exchanges.

A separate Report on Corporate Governance alongwith necessary Certificates and Report on Management Discussion & Analysis are enclosed as part of this Annual Report.

Statutory Disclosures

None of the Directors of your Company is disqualified as per the provisions of Section 164 of the Companies Act, 2013. All the Directors have made necessary disclosures as required under various provisions of the Companies Act and Clause 49 of the Listing Agreement.

There is no employees in the Company drawing remuneration in excess of the limit prescribed u/s 217(2A) of the Companies Act, 1956 read with the Companies {Particulars of Employees) Rules, 1975.

Information u/s 217 (1)(e> of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in Annexure ''A'' forming part of this Report.

Employee Relations

Due to decline in demands for the products of the Company and resultant financial constraints, the Company had to close all its units and lay of all its workers. This has resulted in sporadic disturbances in the industrial relations. Your Directors wish to place on record their sincere appreciation for the continued and devoted services rendered by all employees of the Company:

Acknowledgment

Your Directors express their gratitude and thanks to the Financial Institutions, Banks and Government Authorities Shareholders, Customers, Suppliers and other business associates for their continued co-operation and patronage.

For and on Behalf of the Board

Place: New Delhi Date: May 30, 2014 Satish K. Kaura Chairman & Managing Director

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Mar 31, 2013

To the Member of Samtel Color Limited

Dear Shareholders,

The Directors have pleasure in presenting this 27* Annual Report together with the Audited Accounts of the Company for the financial year ended 313l March 2013.

Financial Results

The key financial highlights of the Company for the year ended 315t March 2013 are as under: -

(Rs in Crores)

Particulars Year ended Year ended 31-03-2013 31-03-2012

Gross Turnover 75.15 408.14

Gross Profit before Interest, Depreciation & Taxation (42.89) (76.22)

Interest (Net) 58.59 49.16

Profit before Depreciation & Taxation (101.48) (125.38)

Depreciation/Misc. Expenses written off 70.25 73.30

Exceptional Items/Extraordinary Expenses/provisions:

- Impairment Loss against certain Plant and Machinery 283.87 43.79

Tax - -

Net Profit (Loss) for the year (455.60) (242.47)

Transfer from General Reserve - -

Profit/(Loss) carried forward to Balance Sheet (726.48) (270.88)



Operations

During the financial year under review the operations'' and activities of the Company was severally affected due to working capital constraint and falling market for color picture tube based television sets across the Globe. The efforts of the Management to revive the Company and its manufacturing activities by collaborating with other players in the Industry also did not yield any positive results.

Due to the above, the Management was constrained to close the manufacturing activities in ail its five production lines in a phased manner.

Despite the constraints and difficulties the Company believes that there is adequate/sufficient demand for color picture tube based televisions primarily in South East Asia and Latin American countries. The manufacturing activities of the Company can be revived albeit on a lower scale provided requisite working capital is infused to the system. The Management is working on various options to help the Company turnaround by resuming its manufacturing activities.

The sates volume of the Company declined from 2.91 million numbers to 0.05 million during the year under review. The sales in terms of value declined by 82 % from Rs. 408.14 crores in 2011-12 to Rs. 75.15 crores in 2012-13.

Erosion Of Net-Worth- Reference to B!FR

As reported in the last Directors'' Report on account of losses incurred during the year 2011-12 and carry forward losses of past years, the net-worth of the company had got eroded at the end of the Financial Year-March, 2012. Accordingly, the Company made a reference to the Board for Industrial and Financial Reconstruction (BIFR) as required under the provisions of Sick Industrial Companies{Special Provisions) Act for determination whether the company is a sick industrial company or not. The Company at present is registered with BIFR.

In case an order declaring the company as Sick Industrial Company is passed, BIFR will appoint an operating agency to examine and recommend the measures for the revival of the company. The Management of the company will take all possible steps for the revival of the company under the aegis of BIFR.

Outlook

At present despite the advent of panel based televisions and their growing demand, there is demand for color picture tube based television in India and other South East Asian Countries.

Most of the manufactures of cofor picture tubes across the Globe have closed down their operations impacting the availability of cheap color picture tubes. Further, the non parity of US Dollar and Indian Rupee is making the import more expensive.

The Management believes with infusion of adequate working capital the Company can revive its operations to the ultimate benefit of all stake holders.

Your Company''s strategy and operations are discussed in detail in the section titled "Management Discussion & Analysis",

Dividend

In view of loss the Directors do not recommend any dividend on the Preference and Equity Shares of the Company for the financial year ended 31st March 2013.

Directors

In terms of Section 260 of the Companies Act, 1956 and Articles of Association of the Company the Board of Directors in their meeting held on 15th Feburary, 2013 have appointed Mr. Ajit Singh as an additional Director. He holds the office upto the date of ensuing Annual General Meeting. Pursuant to Section 257 of the Companies Act, 1956 the Company has received a notice in writing from a member of the Company proposing his candidature for the office of Director liable to retire by rotation. Your Directors recommend his appointment for your appro va!.

Dung the year under review Mr. N K Sehgal resigned from, the Board of the Company due to personal reasons and other pre-occupations.

Your Directors welcome Mr. Ajit Singh and place on record their sincere appreciation and gratitude for the services rendered by Mr. N K Sehgal during his tenure on the Board of the Company.

In accordance with the provisions of Section 25S of the Companies Act, 1956 read with Article 85 of the Articles of Association of the Company, Mr. S P Gugnani, Director of the Company retire by rotation and being eligible offer himself for re-appointment.

The Board of Directors at their meeting held on May 30, 2013 re-appointed Mr. Satish K Kaura as the Managing Director of the Company designated as "Chairman & Managing Director" for a period of 5 years with effect from 10.2.2013. Mr. Kaura will not be drawing any remuneration from the Company and will be overall in charge of the affairs of the Company.

Brief resume of the above Directors, nature of their experience and expertise in specific functional areas and the name of the public companies in which they hold the Directorship and the Chairmanship/Membership of the Committees of the Board, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, are given in the Notice convening the 271" Annual General Meeting and forms part of this Report.

Directors'' Responsibility Statement

in accordance with the provisions of Section 217 {2AA) of the Companies Act, 1956, we state as follows:

i. that in the preparation of the annual accounts for the financial year ended 31st March, 2013, the applicable accounting standards have been followed and that there has been no material departures.

ii. that the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the loss of the Company for the year under review.

iii. that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. that the Directors have prepared the annual accounts on a going concern basis.

Employee Stock Option Scheme

The details of options granted under the employee stock option scheme are given in Annexure "A" to this Report.

Fixed Deposits

During the year under review, the Company has neither invited nor accepted any deposits. There are no unclaimed or unpaid deposits lying with the Company.

Auditors & Audit

The Auditors of the Company M/s. S.S.Kothari, Merita & Co., Chartered Accountants, New Delhi, retire at the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment. The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limit under Section 224(1 B) of the Companies Act, 1956. The Board of directors recommends their appointment, as Statutory Auditors for the next financial year for your approval.

The observations of the Auditors and the relevant notes on the accounts are self-explanatory. Further, explanations with regard to the observations/qualifications of the Auditors'' are as under:

a) The Company is of the view that the existing demand of Color Picture Tube can be serviced by operating the manufacturing facility at Line # 2 along with the Color Electron Gun division of the Company. Thus the Company is confident of running the operations as " Going Concern Basis" hence, the assets and liabilities of the Company have the realizable value as per their book values.

b) Due to liquidity crisis and heavy losses during the year, there were defaults in repayment of principle amount of secured loans , over dues to the Banks/Financial Institutions and redemption of NCCRPS, as on 31st March 2013.

c) The Company has impaired Plant & Machinery and its related Spares of some of its manufacturing facilities on the basis of applicable accounting standard,

d) The Company has made provision for diminution in long term investments in some of its group companies.

e} Debtors and Creditors balances are subject to reconciliations and confirmations.

f) Due to suspension of operations in all the manufacturing facilities , the physical verification of stocks were not carried out as on 31$t March 2013.

g) Due to suspension of operations in all the plants during part of the year, the fixed assets were not verified by the management.

h) Non deduction of tax deducted at source and other statutory dues on some of the provisions of expenses, made during the year.

Subsidiary Companies

Pursuant to Section 212 of the Companies Act, 1956, the required information in respect of subsidiary companies, i.e. Paramount Capfin Lease Private Limited and Blue Bell Trade Links Private Limited are annexed to the Annual Report.

Consolidated Financial Results

In accordance with the Accounting Standard - 21 - Consolidated Financial Statements read with Accounting Standard - 23 - Accounting for Investments in Associates issued by the Institute of Chartered Accountants of India, your Directors have pleasure in attaching the consolidated financial statements, which forms part of the Annual Report & Accounts.

Declaration Under Clause 49 of the Listing Agreement

All Directors and Senior Management Executives of the Company have affirmed compliance with the Code of Conduct for Board Members and Senior Management executives for the period April 1,2012 to March 31, 2013.

Corporate Governance

Your Company has taken adequate steps to ensure compliance with the provisions of Corporate Governance as prescribed under the Listing Agreement with the Stock Exchanges.

A separate Report on Corporate Governance alongwith necessary Certificates and Report on Management Discussion & Analysis are enclosed as part of this Annual Report.

Statutory Disclosures

None of the Directors of your Company is disqualified as per the provisions of section 274 (1)(g) of the Companies Act, 1956. All the Directors have made necessary disclosures as required under various provisions of the Companies Act and Clause 49 of the Listing Agreement.

There is no employees in the Company drawing remuneration in excess of the limit prescribed u/s 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

Information u/s 217 (1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in Annexure ''B'' forming part of this Report.

Employee Relations

Due to decline in demands for the products of the Company and resultant financial constraints, the Company had to close al! its units and lay of all its workers. This has resulted in sporadic disturbances in the industrial relations. Your Directors wish to place on record their sincere appreciation for the continued and devoted services rendered by alf employees of the Company.

Acknowledgment

Your Directors express their gratitude and thanks to the Financial Institutions, Banks, Government Authorities particularly in the State of Uttar Pradesh, Himachal Pradesh & Rajasthan, Shareholders, Customers, Suppliers and other business associates for their continued co-operation and patronage.



For and on Behalf of the Board



Place: New Delhi Sd/-

Date: August 14, 2013 Satish K. Kaura

Chairman & Managing Director

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Mar 31, 2011

Dear Shareholders,

The Directors have pleasure in presenting this 25th Annual Report together with the Audited Accounts of the Company for the financial year ended 31 st March 2011.

Financial Results

The key financial highlights of the Company for the year ended 31st March 2011 are as under:- (Rs in Crores)

Year ended Year ended Particulars 31-03-2011 31-03-2010

Gross Turnover 1009.20 1231.84

Gross Profit before Interest, Depreciation & Taxation 36.54 107.04

Interest (Net) 26.38 31.55

Profit before Depreciation & Taxation 10.16 75.49

Depreciation/Misc. Expenses written off 68.76 62.89

Exceptional Items/Extraordinary Expenses/ provisions :

(i) Waiver of principal amount of loan and interest by lenders - 63.90

ii) Revaluation of Plant and Machinery (10.14) -

iii) Impairment Loss against certain Plant and Machinery (14.58) -

Tax 0.61 0.04

Net Profit (Loss) for the year (83.93) 76.46

Transfer from General Reserve 53.62 -

Profit/(Loss) carried forward to Balance Sheet (28.41) 1.90

Operations

The market for color picture tubes (CPT) based television during the year under review was around 18.5 million including the demand for state sponsored television distribution scheme as compared to 19.2 million in the previous financial year. However, the operations of the Company were severely affected due to a surge in imports of CPTs, mainly from South East Asian Countries.

This impacted the sales volume of the Company which declined from 9.21 million numbers in the previous year to 7.65 million numbers during the year under review.

Outlook

Though the market for CPTs globally is on a decline, however, the demand in India with the closure of Tamilnadu contract, is still expected to remain stable at around 13 to 14 million tubes per annum. However, the increased dependence on imported CPTs by the color television manufacturers, despite levy of anti-dumping duties continues to pose a challenge to the domestic CPT Industry.

To effectively compete in the domestic market, your Company has been focusing on producing innovative products to suit the requirements of domestic televisions manufacturers at competitive price by reducing the cost of production through productivity improvements, product re-design and alternative sourcing of raw materials.

Your Company's strategy and operations are discussed in detail in the section titled "Management Discussion and Analysis".

Dividend

In view of loss the Directors do not recommend any dividend on the Preference and Equity Shares of the Company for the financial year ended 31st March 2011.

Financial Restructuring and Changes in Capital Structure.

In accordance with the revised restructuring scheme approved by the Lenders, the Company during the year under review:

1) Converted debts worth Rs. 46.17 crs. into equity shares of the Company, and accordingly 31901831 fresh equity shares of Rs. 10.00 each at a premium of Rs. 4.55 per share have been issued & allotted to CDR Lenders against said conversion of debts. The Company has filed necessary applications to concerned Stock Exchanges seeking listing and trading permission for the said shares.

2) Received, Promoters contribution by subscription to 13745704 warrants having conversion right into equity shares of face value of Rs. 10.00 each at a premium of Rs. 4.55 per share aggregating to Rs. 20.00 crores. The Company has filed necessary applications to concerned Stock Exchanges seeking in-principal approval for allotment of the warrants to the Promoters.

Directors

In accordance with the provisions of Section 256 of the Companies Act, 1956 read with Article 85 of the Articles of Association of the Company, Mr. Puneet Kaura and Mr. V Narayanan, Directors of the Company retire by rotation and being eligible offer themselves for reappointment.

Brief resume of the above Directors, nature of their experience and expertise in specific functional areas and the name of the public companies in which they hold the Directorship and the Chairmanship/Membership of the Committees of the Board, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, are given in the Notice convening the 25th Annual General Meeting and forms part of this Report.

The company has obtained necessary approval from the Central Government for re-appointment of Mr. Satish K Kaura as the Chairman & Managing Director of the Company for a period of three years w.e.f. 12th February 2010 on the revised terms.

The company has already filed its application for necessary approval of the Central Government in connection with the remuneration paid in excess to Mr. Satish K Kaura, Chairman & Managing Director of the Company for the period from April 1, 2009 to March 31, 2010.

Directors' Responsibility Statement

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, we state as follows:

i. that in the preparation of the annual accounts for the financial year ended 31 st March, 2011, the applicable accounting standards have been followed and that there has been no material departures.

ii. that the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the loss of the Company for the year under review.

iii. that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. that the Directors have prepared the annual accounts on a going concern basis.

The Company is controlled by SAMTEL GROUP (Promoters/Promoter Group) being a group as defined under the Monopolies and Restrictive Trade Practice Act 1969. The Promoters/Promoter Group consists of various individuals and corporate bodies who are in a position to and who jointly exercise control over and company. A list of these individual and corporate entities is as follows:

(i) Mr. Satish K Kaura (ix) M/s Samtel Glass Ltd.

(ii) Mrs. Alka-Kaura (x) M/s Samtel Display Systems Ltd.

(iii) Mr. Puneet Kaura (xi) M/s Kaura Properties Pvt. Ltd.

(iv) Mrs. Sakshi Kaura (xii) M/s Kaura Investment Pvt. Ltd.

(v) Mr. V.P. Kaura (xiii) M/s CEA Consultants Pvt. Ltd.

(vi) Mrs. Kailash Kaura (xiv) M/s Lenient Consultants Pvt. Ltd.

(vii) M/s Samtel India Ltd. (xv) M/s Tish Consultants Pvt. Ltd.

(viii) M/s Teletube Electronics (xvi) M/s SW Consultants Pvt. Ltd. Ltd.

Employee Stock Option Scheme

The details of options granted under the employee stock option scheme are given in Annexure "A" to this Report.

Fixed Deposits

During the year under review, the Company has neither invited nor accepted any deposits. There are no unclaimed or unpaid deposits lying with the Company.

Auditors & Audit

The Auditors of the Company M/s. S.S.Kothari, Mehta & Co., Chartered Accountants, New Delhi, retire at the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment. The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limit under Section 224(1 B) of the Companies Act, 1956. The Board of Directors recommend their appointment, as Statutory Auditors for the financial year 2011 -12 for your approval.

The observations of the Auditors and the relevant notes on the accounts are self-explanatory and therefore do not call for any further comments.

Subsidiary Companies

Pursuant to Section 212 of the Companies Act, 1956, the required information in respect of subsidiary companies, i.e. Paramount Capfin Lease Private Limited and Blue Bell Trade Links Private Limited are annexed to the Annual Report.

Consolidated Financial Results

In accordance with the Accounting Standard,- 21 - Consolidated Financial Statements read with Accounting Standard - 23 - Accounting for Investments in Associates issued by the Institute of Chartered Accountants of India, your Directors have pleasure in attaching the consolidated financial statements, which forms part of the Annual Report & Accounts.

Declaration Under Clause 49 of the Listing Agreement

All Directors and Senior Management Executives of the Company have affirmed compliance with the Code of Conduct for Board Members and Senior Management Executives for the period April 1, 2010 to March 31, 2011.

Corporate Governance

Your Company has taken adequate steps to ensure compliance with the provisions of Corporate Governance as prescribed under the Listing Agreement with the Stock Exchanges.

A separate Report on Corporate Governance alongwith necessary Certificates and Report on Management Discussion & Analysis are enclosed as part of this Annual Report.

Insurance

All the properties of your Company, including its building, plant & machinery and stocks, where necessary, and to the extent required, have been adequately insured.

Statutory Disclosures

None of the Directors of your Company is disqualified as per the provisions of section 274 (1)(g) of the Companies Act, 1956. All the Directors have made necessary disclosures as required under various provisions of the Companies Act and Clause 49 of the Listing Agreement.

Particulars of employees as required u/s 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are given in Annexure 'B' forming part of this Report.

Information u/s 217 (1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in Annexure 'C forming part of this Report.

Employee Relations

The Company continues to pay focused attention to development of its human resource base and their skills across all levels. Industrial relation remained satisfactory through out the year. Your Directors wish to place on record their sincere appreciation for the continued and devoted services rendered by all employees of the Company.

Acknowledgment

Your Directors express their gratitude and thanks to the Financial Institutions, Banks, Government Authorities particularly in the State of Uttar Pradesh, Himachal Pradesh & Rajasthan, Shareholders, Customers, Suppliers and other business associates for their continued co-operation and patronage.

For and on Behalf of the Board

Sd/- Satish K. Kaura Chairman & Managing Director

Place : New Delhi Date : April 28, 2011