MIRA
INFORM REPORT
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Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ZENER SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No. 49, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.09.1998 |
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Com. Reg. No.: |
08-024272 |
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CIN No.: [Company Identification
No.] |
U31200KA1998PTC024272 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRZ00249E |
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PAN No.: [Permanent Account No.] |
AAACZ1326P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Power Controllers and Communication Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered for normal business dealings at usual
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-Operative.
LOCATIONS
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Registered Office : |
No. 49, |
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Tel. No.: |
91-80-40187600/40187623 |
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Fax No.: |
91-80-40187601 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Roop B Raj |
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Designation : |
Director |
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Address : |
406, The Good Earth Apartments, 2nd |
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Date of Birth/Age : |
17.08.1956 |
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Date of Appointment : |
28.09.1998 |
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Name : |
Mrs. Shashikala Raj |
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Designation : |
Director |
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Address : |
406, The Good Earth Apartments, 2nd |
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Date of Birth/Age : |
07.12.1960 |
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Date of Appointment : |
28.09.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
|
No. of Shares |
|
Roop B Raj |
|
89927 |
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Shashikala Raj |
|
7373 |
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Total |
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97300 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Power Controllers and Communication Equipments. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Canara Bank, Infantry Road Branch, No. 91, Infantry Road,
Bangalore-560001, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
RCE and Company Chartered Accountant |
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Address : |
No. 32, 1st Floor, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs.12.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
97300 |
Equity Shares |
Rs.10/- each |
Rs.0.973
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.973 |
0.973 |
0.973 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.238 |
35.402 |
26.912 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.211 |
36.375 |
27.885 |
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LOAN FUNDS |
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1] Secured Loans |
50.640 |
4.721 |
7.277 |
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2] Unsecured Loans |
2.500 |
0.000 |
0.000 |
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TOTAL BORROWING |
53.140 |
4.721 |
7.277 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.351 |
41.096 |
35.162 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.070 |
11.253 |
11.612 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.082 |
0.082 |
0.055 |
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DEFERREX TAX ASSETS |
0.300 |
0.411 |
0.172 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.063
|
11.818 |
11.334 |
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Sundry Debtors |
38.084
|
27.176 |
31.827 |
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Cash & Bank Balances |
20.525
|
19.623 |
11.444 |
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Other Current Assets |
1.647
|
0.698 |
0.021 |
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Loans & Advances |
11.170
|
19.045 |
11.703 |
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Total
Current Assets |
84.489
|
78.360 |
66.329 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.973
|
11.761 |
17.379 |
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Other Current Liabilities |
18.416
|
17.792 |
12.345 |
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Provisions |
15.201
|
19.457 |
13.282 |
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Total
Current Liabilities |
51.590
|
49.010 |
43.006 |
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Net Current Assets |
32.899
|
29.350 |
23.323 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.351 |
41.096 |
35.162 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales and Services |
128.950 |
124.059 |
134.097 |
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Other Income |
2.567 |
4.870 |
1.106 |
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TOTAL (A) |
131.517 |
128.929 |
135.203 |
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Less |
EXPENSES |
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Purchase of traded goods |
69.887 |
66.794 |
79.360 |
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Operating and other general expenses |
38.286 |
43.326 |
35.783 |
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Increase / decrease in inventory |
(0.558) |
0.283 |
2.053 |
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TOTAL (B) |
107.615 |
110.403 |
117.196 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.902 |
18.526 |
18.007 |
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Less |
FINANCIAL
EXPENSES (D) |
3.433 |
1.184 |
0.670 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.469 |
17.342 |
17.337 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.460 |
0.643 |
1.465 |
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PROFIT BEFORE
TAX (E-F) (G) |
20.009 |
16.699 |
15.872 |
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Less |
TAX (H) |
7.905 |
5.936 |
6.002 |
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PROFIT AFTER TAX
(G-H) (I) |
12.104 |
10.763 |
9.870 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.240 |
23.829 |
17.221 |
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Less |
APPROPRIATIONS |
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|
Transfer to General Reserve |
1.210 |
1.076 |
0.986 |
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Proposed Final Dividend |
1.946 |
1.946 |
1.946 |
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Corporate Dividend Tax |
0.323 |
0.330 |
0.330 |
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BALANCE CARRIED
TO THE B/S |
39.865 |
31.240 |
23.829 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.103 |
0.122 |
1.973 |
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IMPORTS |
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Traded Goods and Spares |
3.755 |
4.309 |
0.909 |
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Earnings Per
Share (Rs.) |
124.41 |
110.62 |
101.43 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.20
|
8.35 |
7.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
15.52
|
13.46 |
11.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.29
|
18.63 |
20.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.46 |
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.27
|
1.48 |
1.80 |
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Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.60 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
17.973
|
11.761 |
17.379 |
Financial Results:
The Company recorded
a turnover of Rs.132.08 million for the financial period ended 31st March, 2010
(Previous Year 2009 128.65 million) recording a growth of 15.21% over Previous
Year turnover. The company has registered 47.29 % growth in profit before taxation
amounting to Rs.20.00 million as compared to Rs 16.69 million in previous year.
Bad debts amounting to Rs.0.458 millions has also been written off during the
year. The company has done well and expects to better upon its performance in
the current financial year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10021144 |
|
Corporate
identity number of the company |
U31200KA1998PTC024272 |
|
Name of the
company |
ZENER SYSTEMS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 49, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
Canara Bank, Infantry Road Branch, No. 91, Infantry Road,
Bangalore-560001, Karnataka, India |
|
Email |
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|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
common hypothecation agreement |
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Date of
instrument Creating the charge |
04.09.2010 |
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Amount secured by
the charge |
Rs.47.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Applicable Terms of
Repayment On Demand Margin Margin 25% Extent and
Operation of the charge Hypothecation charge
over entire stocks, book debts, movable, plant and machineries and mortgage
of company's immovable properties of the company. (CC:Rs.10.000
millions , LC:Rs.2.500 millions
and TL Under Canara
Trade:Rs.35.000 millions ) |
|
Short particulars
of the property charged |
I)
Hypothecation
of present and future stocks in trade,
Book debts, movables, fixture and fittings etc belonging to the company at
No. B-87 at Industrial Estate, Bommasandra Ist stage, II)
|
|
Date of latest
modification prior to the present modification |
03.09.2010 |
|
Particulars of
the present modification |
Total limit
enhanced from Rs. 45.000 millions to Rs.47.500 millions Supplemental
Hypothecation Agmt. Executed. (CC:Rs.10.000
millions , LC:Rs.2.500 millions
and TL Under Canara
Trade:Rs.35.000 millions ) All other terms
and conditions incl. all existing securities to continue for the entire
limits. |
Fixed Assets:
- Computer
- Land
- Office Equipments
- Furniture and Fittings
- Vehicles
- Plant and Machinery
AS PER WEBSITE DETAILS:
PROFILE:
They are one of the leading providers of reliable power conditioning and protection systems as well as the latest in the range of business communication solutions.
In pursuit of this goal, they are associated with some of the world’s most
technologically advanced organisations including SOCOMEC, Avaya Global Connect
Limited, Nortel, Polycom, LifeSize, etc.
Their ability to deploy exceptional technological expertise is rivaled only by
their deep commitment to service and reliability. This commitment is not just
something they talk about; it is part of who they are, and it shows in
everything they do. To safeguard this commitment to the customer, subject has
certified sales and service systems for ISO
9001:2008 through M/s DNV, The Netherlands.
Over the 20 years of their existence they have built a reputation for offering
unparalleled technology expertise to their customers, and being committed to
upholding the highest standards with their
precise skills, methodology, and superior service. Their greatest
strength is their highly experienced team that ensures reliable and efficient
pre and post sales support.
Their introduction of SOCOMEC’s mid- and
high- range UPS Systems in India nearly two decades back has resulted in an
impressive and highly satisfied client base for SOCOMEC’s direct venture in
India -- Cisco, Mphasis, Symphony, Texas, Target, Tata Elixi, Sasken, IISc,
Philips Medical, Logica, JNC, etc.
The subject range of power conditioning equipment is widely used across all
sections of the industry. Their telecom
product range covers low budget IP PBX voice solutions for a few users to
comprehensive convergence solutions combining voice, data and visual
communication that is reliable, efficient and designed to support future
advancements in the communication space.
Whether a small business operation or a Fortune 500 company, they at subject
are there to help the organisation gain the efficiency that is imperative in
modern business dynamics.
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 records 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.45.13 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.