MIRA
INFORM REPORT
|
Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZENITH COMPUTERS LIMITED |
|
|
|
|
Registered Office : |
Plot No. B-5, Electronic Sadan 1, MIDC, TTC Industrial Area, Mahape, Navi Mumbai – 400709, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
20.05.1980 |
|
|
|
|
Com. Reg. No.: |
022652 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L72900MH1980PLC022652 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMZ00991E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACZ0104F |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The
Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturer, Installing and Servicing a wide range of computer
systems. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Although subject is an established company, its’ performance remain subdued. Profit is insignificant. Payments are reported as slow. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. B-5, Electronic Sadan 1, MIDC, TTC Industrial Area, Mahape, Navi Mumbai – 400709, Maharashtra, India |
|
Tel. No.: |
91-22-27610665 / 28377300 |
|
Fax No.: |
91-22-27610668 / 28364859 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 sq. ft |
|
Location : |
Leased |
|
|
|
|
Head Office : |
Unit No. 5,6,7, 8 SDF Building No. 1, Electronic Sadan TTC Mahapte, Dist. Thane – 400701 Maharashtra, India. |
|
Tel. No.: |
91-22-2768 1312/ 6165/ 27614994/ 5281/ 0667/ 82/ 83 |
|
Fax No.: |
91-22-2761 0668 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Ø P-31/39 and P-33/37, Sancoale Industrial Estate, P.O. Zuari Nagar, Goa – 403 726, India Tel No. 91-832-2555346 / 2555826 Ø A-71, TTC, MIDC, Thane Belapur Road, Khairne, Navi Mumbai – 400 705, Maharashtra Ø Cochin Special Economic Zone, Plot No. 43, New SDF, 2nd Floor, F Block, Kakkanad, Cochin – 682030, Kerala |
|
Area : |
45000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branches : |
Located at ·
Mumbai Office: -Zenith House, 29, MIDC Central Road, Andheri (East), Mumbai – 400 093, Maharashtra Tel. No.: 91-22-2837 7300 / 2836 6030 Fax No.: 91-22-2836 4859 / 2837 7297 / 2836 0897 E- Mail : channel@zenith-india.com Website : http://www.zenith-india.com -Chakala Junction, Near Popular Car Bazar, Andheri (East), Mumbai – 400 099 Tel No:91-22-28245616/28245617 Fax No: 91-22-28245611 ·
Ahmedabad
Office: Address: Shed
No. SA 9, Sancoale Industrial Estate, P.O. Zuari Nagar, Goa – 403 726 Tel No. 91-79-26560810 / 26462528 / 26853486/ 26850673 Fax: 91-79-6851348 ·
Bangalore
Office: Address: 30/1, 3rd Floor, Leeman’s Complex, Cunningham Road, Bangalore – 560052, Karnataka Tel No. 91-80-22264999 / 305 /
6588/ 64305/
66588/64190 Fax: 080-22203310 ·
Chennai
Office: 1-E, Century Plaza, Unit No. 560-562, mount road, Teynampet, Madras Tel. No. 91-44-24349661 / 24349323/ 22394/24322395 Fax No: 91-44-24331314 ·
Coimbatore
Office: 2nd Floor, “Classic Gardens”,, 1552/7, Trichy Road, Coimbatore -641 018 Tel No. 91-422-2300155 / 2302118 / Fax No: 91-422-2300274 ·
Chandigarh Office:
Tel No. 91-172-2615496 / 2605496 ·
Goa Office: Address: Shed No. SA 9, Sancoale
Industrial Estate, P.O. Zuari Nagar, Goa – 403 726 Tel: 91-832-2555823 / 825 / 827 / 2555825/ 2555346 Fax: 91832
-2555826 ·
Kochi
Office: Kerala Tel No. 91-484-2350548 / 2371461 ·
Kolkata
Office: 27/1,
Manohar Pukar Road, 1st floor, Kolkata – 700 029, West Bengal Tel No. 91-33-24753872 / 24765445 / 24860180/82 /24543960 Fax no: 91-33-24765446 ·
Lucknow Office Uttar Pradesh Tel No. 91-522-2328988 ·
New Delhi
Office: S -69, F I E , Okhla Industrial Area, Phase –II, New Delhi – 110 020 Tel No. 91-11-26387154 / 3702 / 9089 / 6386796 / 6384129 Fax No: 91-11-26384151
·
Pune Office: Address: 208, West Wing, Aurora Towers, 9, Moledina
Road, Pune – 411001 Tel No:
91-20-26050690/ 26050691 / 91-11-/26133827 / 26050690 Fax:
91-20-26133306 ·
Secunderabad
Office: Plot No. 17, Paigha Colony, Beside Anand Theatre, Secunderabad – 500003 Andhra Pradesh Tel No. 91-40-27903256 / 2494 /27900779/27902494
Fax: 91-40-27902691 ·
Cochin Office: 1st Floor, Sky Bright, 39/3479, MG Road, Ravipuram, Kochi - 382016 Tel: 91-484-2359461/ 2358548 Fax: 91-484-2359585 |
|
Area : |
30000 sq. ft. |
|
Location: |
Owned |
DIRECTORS
|
Name |
Mr. Raj Kumar
Saraf |
|
Designation |
Chairman &
Managing Director |
|
Age |
58 years |
|
Qualification |
B. Com., LL.B |
|
Date of Joining |
01.11.1987 |
|
Experience |
38 years |
|
Address |
Saraf House, 5th
Floor, Opposite Sukhsagar Juice Centre, Sandhurst Road, Chowpatty, Mumbai – 400
006 |
|
|
|
|
Name |
Mr. H. P. Ranina |
|
Designation |
Director |
|
Age |
57 years |
|
Qualification |
B.Com (Hons),
LL.B., FCA |
|
Experience |
35 years |
|
Address |
“Commonwealth”,
Flat No. 24, 6th Floor, 181, Backbay Reclamation, Mumbai – 400 020 |
|
|
|
|
Name |
Mr. B. H. Antia |
|
Designation |
Director |
|
Age |
69 years |
|
Qualification |
B.Sc. (Hons),
L.L.B. |
|
Experience |
40 years |
|
Address |
Mulla & Mulla
and Craigie Blunt & Caroe 51, M. G. Road, Fort, Mumbai – 400 023 |
|
|
|
|
Name |
Mrs. Vijayrani
Saraf |
|
Designation |
Director |
|
Age |
52 years |
|
Qualification |
M.A. (Economics) |
|
Experience |
32 years |
|
Address |
Saraf House, 5th
Floor, Opposite Sukhsagar Juice Centre, Sandhurst Road, Chowpatty, Mumbai – 400006,
Maharashtra, India |
|
|
|
|
Name : |
Mr. Vijay Ram Mukhi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh S/ Sanghvi |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
Indian Promoters |
8477809 |
54.76% |
|
Banks Financial Institution and insurance |
3150 |
0.02% |
|
FII’s |
1439926 |
9.30% |
|
Private corporate Bodies |
858464 |
5.55% |
|
NRI’s / OCB’s/ Foreign Others |
802783 |
5.19% |
|
Others |
24804 |
0.16% |
|
General Public |
3867904 |
24.99% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, installing and servicing a wide range of computer systems. |
|
|
|
|
Products : |
Product Description Item Code No. (ITC Code) Computer Systems 847100 Computer Parts & Accessories 847300 Computer Software 852400 ˜ Zenith Desktop Range ˜ Zenith One-up Server ˜ Zenith One-up Notebook ˜ Zenith Workstation |
|
|
|
|
Brand Names : |
“Zenith”. |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports: |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash or Credit (30 days) terms |
|
|
|
|
Purchasing : |
L/C, Cash or Credit (30 days) terms |
PRODUCTION STATUS
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
|
|
|
|
|
Computer/ Micro Processor based systems and peripherals |
No Limits |
200000 |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Total 667 persons - 250 persons in factory, 167 persons in office and 250 persons in branch offices |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
SECURED LOANS From Banks Rs.461.823 millions Secured by hypothecation of raw materials, finished goods process stock, stores, spares and book debts. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
C. L. Khanna and Company Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Zenith Infotech
Limited 29, Zenith House, MIDC, Central Road, Andheri (East), Mumbai – 400093 Line of Business : Banking Software and Software Development |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Unclassified shares |
Rs.10 each |
Rs.50.000 millions |
|
20000000 |
Equity shares |
Rs.10 each |
Rs.200.000 millions |
|
|
|
|
|
|
|
Total
|
|
Rs.250.000 millions |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15480840 |
Equity Shares |
Rs.10/- each |
Rs.154.808 millions |
|
|
|
|
|
Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15480840 |
Equity Shares |
Rs.10/- each |
Rs.154.808 millions |
|
Add : |
Forfeited Shares (44600 shares) |
|
Rs.0.223 million |
|
Less : |
Calls in Arrears |
|
Rs.0.031 million |
|
|
|
|
|
|
|
|
Total
|
Rs.155.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
155.000 |
155.000 |
155.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
358.255 |
350.700 |
500.763 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
513.255 |
505.700 |
655.763 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
358.362 |
333.800 |
461.823 |
|
|
2] Unsecured Loans |
479.640 |
523.100 |
0.000 |
|
|
TOTAL BORROWING |
838.002 |
856.900 |
461.823 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1251.257 |
1362.600 |
1117.586 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
457.212 |
582.600 |
275.085 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
394.257
|
282.000
|
222.870
|
|
|
Sundry Debtors |
551.054
|
591.400
|
683.243
|
|
|
Cash & Bank Balances |
23.848
|
29.500
|
26.834
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
139.453
|
150.700
|
71.441 |
|
Total
Current Assets |
1108.612
|
1053.600
|
1004.388 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
270.594
|
204.300
|
119.549
|
|
|
Provisions |
43.973
|
69.300
|
42.338
|
|
Total
Current Liabilities |
314.567
|
273.600
|
161.887 |
|
|
Net Current Assets |
794.045
|
780.000
|
842.501 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1251.257 |
1362.600 |
1117.586 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
3251.264 |
3556.200 |
3196.800 |
|
|
Other Income |
0.154 |
0.600 |
0.200 |
|
|
Total Income |
3251.418 |
3556.800 |
3197.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
37.873 |
111.600 |
162.400 |
|
|
Provision for Taxation |
6.706 |
15.500 |
16.100 |
|
|
Profit/(Loss) After Tax |
31.167 |
96.100 |
146.300 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw material |
2389.564 |
2598.700 |
2628.100 |
|
|
Excise duty |
292.393 |
313.100 |
17.700 |
|
|
Power and Fuel |
0.000 |
0.000 |
3.700 |
|
|
Other manufacturing expenses |
209.356 |
0.000 |
1.400 |
|
|
Employee cost |
117.965 |
95.100 |
97.700 |
|
|
Selling and Administration Expenses |
0.000 |
235.600 |
193.000 |
|
|
Miscellaneous Expenses |
0.000 |
73.800 |
5.800 |
|
|
Interest and financial Charges |
72.092 |
70.100 |
73.400 |
|
|
Depreciation |
164.442 |
51.300 |
11.300 |
|
|
Increase/ Decrease In Stock |
(32.267) |
7.500 |
2.500 |
|
Total Expenditure |
3213.545 |
3445.200 |
3034.600 |
|
QUARTERLY RESULTS
|
Year |
30.06.2008 |
|
Type
|
1st Quarter |
|
Sales Turnover |
629.500 |
|
Other Income |
0.000 |
|
Total Income |
629.500 |
|
Total Expenditure |
575.100 |
|
Operating Profit |
54.400 |
|
Interest |
11.300 |
|
Gross Profit |
43.100 |
|
Depreciation |
41.100 |
|
Tax |
0.800 |
|
Reported PAT |
1.200 |
KEY RATIOS
|
Year |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
1.57 |
1.14 |
0.85 |
|
Long Term Debt-Equity Ratio |
1.57 |
0.74 |
0.00 |
|
Current Ratio |
3.68 |
2.29 |
1.43 |
|
TURNOVER RATIOS |
|||
|
Fixed Assets |
4.28 |
6.64 |
9.73 |
|
Inventory |
9.61 |
14.09 |
12.41 |
|
Debtors |
5.69 |
5.58 |
4.50 |
|
Interest Cover Ratio |
1.53 |
3.64 |
3.21 |
|
Operating Profit Margin(%) |
8.44 |
8.63 |
7.73 |
|
Profit Before Interest And Tax
Margin(%) |
3.38 |
7.18 |
7.38 |
|
Cash Profit Margin(%) |
6.02 |
5.93 |
4.93 |
|
Adjusted Net Profit Margin(%) |
0.96 |
4.49 |
4.58 |
|
Return On Capital Employed(%) |
8.42 |
20.60 |
21.36 |
|
Return On Net Worth(%) |
6.12 |
27.48 |
24.56 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Incorporated in May 80, Subject was promoted by chairman and
managing director Raj Saraf, who has interests in other companies including Zenith
Control Systems, Zenith Technologies, Brisk Controls, etc.
Company came out with a Rs.175.800 Millions public issue of 3.907 Millions
equity shares (premium: Rs.35) to set up a 100% EOU in Goa to manufacture
PC-XT/ATs, LAN cards, notebook computers and second unit at MIDC, Bombay (cost
: Rs.250.000 Millions). The company manufactures computer systems including
PC-ATs, local area networks (LAN), wide area networks (WAN) and computer
peripherals. It has marketing tie-ups with Texas Instruments, US, a Fortune-500
company, for notebook computers and laser printers; with EICON, Canada, for
open system communication; with Retix, US, for E-mail; and with Interline, US,
for networking. Company is the distributor for these companies in India.
It also has entered into a tie-up with 3 Com US, for exclusive distribution and
installation of the latter's products in India. It has also joined hands with
IBM and Cabletron, both of the US, for distributing their products in India.
Company has a tie-up with Country-Wide for retailing their PCs in Madras.
Currently rated number Three in India, Company pioneered the concept of
offering PCs at low cost for homes, in instalment of Rs.790 per month payable
over 3 years. Company is the OEM for Oracle and Novell, US, in India.
It recently entered into a tie-up with Acer, US, for distributing its PCs. Some
of company’s clients include Hindustan Lever, Citibank, Air India, Lipton,
Ministry of Defence, Godrej, etc. It also exports its products to the US
Russia, Sweden, Taiwan, the UK, etc.
In 1999-2000, Computer has launched the Zenith Xtreme personal computer, which
offers endto-end gaming and entertainment experience through the latest 3D
graphics engine, multi-channel 3D audio engine and 3D surround sound home theatre
nspeaker systems, besides exciting software.
During 2000-01 the company discontinued its business at its branch office at
Singapore due to high costs of administration vis-a-vis demand for the
Company's products and the process of closure of the branch office is under
way.
REVIEW OF
OPERATIONS:
* The net sales revenues, at Rs.3251.264 Millions, were lower than the
previous year, due to reduction in prices from competition of new overseas
branded entrants who sold their products well below cost price to get market
share, and also due to impact of the US Dollar weakening.
* The operating profits have also shown the same pace and trends.
* The Company continues to endeavour in maintaining customers to their
utmost satisfaction levels by registering impeccable track record of quality
and delivery efficiency, thereby ensuring their continued patronage for the
company's products and services;
Further changes and improvisations are way in the manufacturing process and
these changes are in compliance with international requirements;
Export of PCs and notebooks to the other countries were of the value of
Rs.78.935 Millions as compared to Rs.95.625 Millions in the previous year due
to impact of the US Dollar weakening; the company's strategies are geared to
ensure a growth rate of 20 to 25% in the current year.
PROSPECTS AND OUTLOOK:
The Company has entered into the business of leasing/renting/hiring of computer systems to small businesses and to corporate and it is expected that this activity would generate an added revenue stream and contribute to the company's profits in a big way.
The Directors endeavour is to enhance the Revenue and Profit to higher levels
and for this purpose, efforts have been initiated by value addition to products,
customers and markets.
Vigorous marketing efforts and ceaseless cost reduction activities
continue with more thrust and vigour to accomplish these goals.
The efforts are being intensified to sustain leadership position by
constantly upgrading the products to match advancing technology trends,
maintaining the superiority in quality, and continuing the unblemished timely
service support;
The Directors are hopeful that all the above, coupled with continuous
monitoring of inventory, receivables and overheads, would result in healthier
results during the current and coming years.
AWARDS:
The Company has been awarded the FICCI Corporate Annual
Award for Corporate Excellence' - the award was presented by the Prime Minister
Dr. Manmohan Singh on 15th February, 2008. The Company has also been awarded
the 'Amity Corporate Excellence Award' for its distinct vision, innovation,
competitiveness and sustenance.
CONTINGENT LIABILITIES:
|
Bank Guarantee |
Rs.100.048
Millions |
|
Claims against the
Company not acknowledges as debts |
Rs.0.656 Million |
|
Estimated amount
of contracts remaining to be executed on capital Account and not provided for |
Rs.100.000
Millions |
FIXED ASSETS:
Ø
Land (Leasehold) and Buildings
Ø
Plant and Machinery
Ø
Computers Systems
Ø
Electrical Fittings and Installation
Ø
Factory and Office Equipment
Ø
Furniture and Fixtures
Ø
Vehicles
Ø
Computers On Rental Basis
TRADE REFERENCE:
˜ Datamarg Systems Private Limited
˜ S. B. Components Private Limited
˜ Federation of Indian Exporters Organisation, India
˜ Electronics and Software Export Promotion Council, India
˜ Intel Semiconductors (From Intel Group)
Mr. Vincent Wong
Tel No. 65-62131796
Fax No. 65-62131027
E Mail : vincent.k.wong@intel.com
˜ Western Digital Corporation
20511, Lake Forest Drive, Lake Forest, California 92630
Mr. Miachel C. Bradley (WDT – Director Corp Credit)
Tel No. 1-949-672-7417
Fax No. 1-949-672-5417
E Mail : michael.c.bradely@wdc.com
˜ Samsung Corporation
Mr. R. S. Sahu – Credit Controller (IT Division)
Tel No. 5151 1234 (Extn. 1316)
Mobile No. 9811175101
˜ Panasonic Industrial Asia Pte Limited
Mr. P. K. Gupta – General Manager – Accounts
Mobile No. 98111354450
E Mail : pgupta@lgezbuy.com
WEBSITE DETAILS:
CORPORATE PROFILE:
Subject is one of most powerful brands in the Indian IT
industry.
One in every three branded PCs in Indian homes is a Zenith PC and its lacs of
customers are a testimonial of its innovative, reliable and value-for-money
computing products. Compnay headquartered in Mumbai, India, is celebrating it
silver jubilee this year. With annual turnover of Rs.3.25 Billion, it has over
1000 employees spread all over India in its 15 offices and manufacturing plant
in Goa.
Another fact about company, that makes the country proud, is its exports
division. Company PCs are now exported to Europe, South Africa, Asia and the
Middle East. And they all carry the "Made in India" brand. Our 64
dual processor servers have built B.A.R.C's Anupam Supercomputer that has made
the country proud.
With 800 Authorised Dealers and 350 Exclusive Retail Showrooms across country,
our products are available in every nook and corner of India. Being one of
India's most popular IT brands, and being the most preferred consumer PC Brand,
the company and its employees share a simple motto "They focus on
efficiency, speed, innovation and quality to give 'MNC quality at Indian
prices' to our esteemed cust Mr. Raj Saraf, Chairman & Managing Director,
Company is one of the select entrepreneurs responsible for spearheading the
development of technology across the length and breadth of India.
PROFILE:
Mr. Saraf has a Bachelor's degree in Commerce and a Master's
degree in Law from the University of Mumbai. He single handedly ventured into
the arena of electronic components by pioneering Zenith Semiconductors in 1971.
On the basis of experience, coupled with insight and enthusiasm, Mr. Saraf
incorporated his dream in 1980 to build a PC products company - Zenith
Computers. Zenith is now a major brand in India for Desktops, Servers and
Laptops. The company has brought the latest technology to India from networking
to notebooks, under his vision to enable India with IT.
Mr. Saraf's vision from the beginning has been "To make
the latest technology available to the common man." He is associated with
more than 800 channel partners and has built 400 Zenith exclusive retail
showrooms. As a result, today, Zenith has grown to become the single largest
brand in the Indian Home PC market. Mr. Saraf is looked up to as a key
spokesperson for the PC hardware industry in India. He is the western region
head of the Manufacturers Association of Information Technology (MAIT). He is
also a member of the Bombay Chamber of Commerce, German Chamber of Commerce and
Indian Merchant Chambers. Mr. Saraf has recently been honoured with the
Maharashtra IT Ratna award for his supreme contribution to Information
Technology.
Awards:
Best Indian Laptop Brand - 360 Magazine 2005
Best Buy Award for Laptop - Digit 2005
Best Value Award for Laptop - Digit 2004
Zero 1 Awards 2003 for Best Desktop PC - Digit 2003
Star Nite Award 2002 Best PC Indian Brand - VAR India 2002
Zero 1 Awards 2001 for Best Laptops - Digit 2001
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
|
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|