1. Summary Information
|
Country |
|
||
|
Company Name |
ZENITH COMPUTERS LIMITED |
Principal Name 1 |
MR. RAJ KUMAR
SARAF |
|
Status |
MODERATE |
Principal Name 2 |
MR. VIJAY RAM MUKHI |
|
Registration # |
11-022652 |
||
|
Street Address |
ZENITH HOUSE, 29, |
||
|
Established Date |
20.05.1980 |
SIC Code |
-- |
|
Telephone# |
91-22-28377300 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-22-28364859 |
Business Style 2 |
SELLER |
|
Homepage |
Product Name 1 |
PERSONAL COMPUTERS |
|
|
# of employees |
170 (APPROXIMATELY) |
Product Name 2 |
LAPTOPS |
|
Paid up capital |
Rs.155,000,000/- |
Product Name 3 |
PERIPHERALS |
|
Shareholders |
PROMOTER AND PROMOTER GROUP – 54.32% PUBLIC SHAREHOLDING – 45.68% |
Banking |
STATE BANK OF |
|
Public Limited Corp. |
YES |
Business Period |
32 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
B (36) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
RELATED PARTIES |
-- |
ZENITH INFOTECH LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
531,160,000
|
Current Liabilities |
486,915,000
|
|
Inventories |
405,099,000
|
Long-term Liabilities |
628,113,000 |
|
Fixed Assets |
687,508,000 |
Other Liabilities |
67,893,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,182,921,000 |
|
Invest& other Assets |
0,000 |
Retained Earnings |
285,846,000 |
|
|
|
Net Worth |
440,846,000 |
|
Total Assets |
1,623,767,000 |
Total Liab. & Equity |
1,623,767,000 |
|
Total Assets (Previous Year) |
1,842,674,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
1,804,404,000 |
Net Profit |
17,285,000 |
|
Sales(Previous yr) |
1,923,221,000 |
Net Profit(Prev.yr) |
22,656,000 |
MIRA INFORM REPORT
|
Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZENITH COMPUTERS LIMITED |
|
|
|
|
Registered
Office : |
Zenith House, 29, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.05.1980 |
|
|
|
|
Com. Reg. No.: |
11-022652 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 155.000 Millions |
|
|
|
|
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
: |
The Company is engaged in the business of manufacture and sale of
personal computers and laptops, accessories and peripherals. |
|
|
|
|
No. of Employees
: |
170 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1763000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
dip in the turnover and profitability. And the external borrowing of the company
appears to be huge. However, trade relations are reported to be fair. Business is active.
Payments are slow but correct. The company can be considered for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B (Long Term Fund Based) |
|
Rating Explanation |
As be suspended due to lack of information. |
|
Date |
November, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Zenith House, 29, |
|
Tel. No.: |
91-22-28377300/ 28366030/ 28228160/ 28228161 |
|
Fax No.: |
91-22-28364859/ 28377297/ 28360897 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office : |
Unit No.5, 6, 7, 8, |
|
Tel. No.: |
91-22-27681312/ 6165/ 27614994/ 5281/ 0667/ 82/ 83 |
|
Fax No.: |
91-22-27610668 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
P-31/39 and P-33/37, Sancoale Industrial Estate, P.O.
Zuari Nagar, Goa – 403 726, |
|
Tel. No.: |
91-832-2555346/ 2555826 |
|
|
|
|
Factory 2 : |
A-71, TTC, MIDC, |
|
|
|
|
Factory 3 : |
|
|
|
|
|
Branch Office : |
Located at: v Mumbai
v v Kolkata
v Chennai
v v v v Secunderabad
v Pune
v v Ahmedabad |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Raj Kumar
Saraf |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
5, AB and C,
Saraf House, 5th Floor, |
|
Date of Birth/Age : |
B. Com., LL.B |
|
Qualification : |
07.10.1945 |
|
Date of Appointment : |
20.05.1980 |
|
|
|
|
Name : |
Mr. Vijay Ram Mukhi |
|
Designation : |
Director |
|
Address : |
158, Kalptaru Habitat, 15th Floor, |
|
Date of Birth/Age : |
07.12.1957 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
04.10.2005 |
|
|
|
|
Name : |
Mr. Vipin Maneklal Shah |
|
Designation : |
Director |
|
Address : |
4A, 4th Floor, Happy Home Aparments, 26A, |
|
Date of Birth/Age : |
08.06.1945 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
31.03.2009 |
|
|
|
|
Name : |
Mrs. Vijayrani
Saraf |
|
Designation : |
Director |
|
Address : |
5, AB and C,
Saraf House, 5th Floor, |
|
Date of Birth/Age : |
31.10.1951 |
|
Qualification : |
M.A. (Economics) |
|
Date of Appointment : |
16.11.1983 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh S. Sanghvi |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
Flat No.603, Nilgiri Neelkant Vihar, Vidyavihar, |
|
Date of Birth/Age : |
20.06.1951 |
|
Date of Appointment : |
12.05.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6717531 |
43.39 |
|
|
1692224 |
10.93 |
|
|
8409755 |
54.32 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8409755 |
54.32 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5800 |
0.04 |
|
|
3150 |
0.02 |
|
|
228078 |
1.47 |
|
|
237028 |
1.53 |
|
|
|
|
|
|
927981 |
5.99 |
|
|
|
|
|
|
4451470 |
28.75 |
|
|
599888 |
3.88 |
|
|
854718 |
5.52 |
|
|
687844 |
4.44 |
|
|
166674 |
1.08 |
|
|
200 |
0.00 |
|
|
6834057 |
44.15 |
|
Total Public shareholding (B) |
7071085 |
45.68 |
|
Total (A)+(B) |
15480840 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15480840 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of manufacture and sale of personal
computers and laptops, accessories and peripherals. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Brand Names : |
“ZENITH” |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Computer /Micro Processor based systems and peripherals |
Nos. |
200000 |
61125 |
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
170 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
State Bank of v Indian Bank, Mittal
Tower, B Wing, 210, Nariman Point, Mumbai – 400 021, v Federal Bank
Limited v Union Bank of v IDBI Bank Limited
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: a)
Working Capital borrowings from banks are secured
by way of hypothecation of Inventories, Book Debts and by way of second
charge on Fixed Assets. b)
Term loan from Bank is secured by a first charge on
the fixed assets and second charge on current assets.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C.L. Khanna and Company Chartered Accountants |
|
Address : |
“Chiranjeev”, Plot No.8, Greater Bombay C.H.S. Limited, Gulmohar Cross
Road No.4, JVPD Scheme, Mumbai - 400 049, |
|
Tel. No.: |
91-22-26206678/ 26203390 |
|
|
|
|
Related Parties : |
v
Zenith Infotech Limited v
Vu Technologies Private Limited v
Zeal Communications Private Limited v
Zenith Controls and Systems Private Limited v
Zenith Software Limited v
Zenith Technologies Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
27000000 |
Equity Shares |
Rs.10/- each |
Rs.270.000 Millions |
|
5000000 |
Unclassified Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
|
Total |
|
Rs.320.000 Millions |
Issued & Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
15525440 |
Equity Shares |
Rs.10/- each |
Rs.155.254
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 - by others |
|
Rs. (0.031)
Million |
|
|
Total |
|
Rs.155.000 Millions |
The details of Shareholders
holding more than 5% shares:
|
Name of the Shareholder |
No. of Shares |
% held |
|
Rajkumar Saraf |
964,534 |
6.23 |
|
Rajkumar Saraf (H.U.F.) |
2,791,087 |
18.03 |
|
Vijayrani Saraf |
1,000,000 |
6.46 |
|
Akash Saraf |
1,000,000 |
6.46 |
|
Devita Saraf |
961,910 |
6.21 |
|
Zenith Technologies Private Limited |
1,616,304 |
10.44 |
|
Gopi Saraf |
-- |
-- |
Reconciliation of number of equity shares
outstanding at the beginning and at the end of the reporting period
|
Particulars |
No. of Shares |
|
Equity shares at the beginning of the year |
15480840 |
|
Movement during the year |
NIL |
|
Equity shares at
the end of the year |
15480840 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
155.000 |
155.000 |
155.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
285.846 |
409.390 |
268.566 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
440.846 |
564.390 |
423.566 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
262.536 |
397.652 |
201.154 |
|
|
2] Unsecured Loans |
365.577 |
327.194 |
399.700 |
|
|
TOTAL BORROWING |
628.113 |
724.846 |
600.854 |
|
|
DEFERRED TAX LIABILITIES |
47.421 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1116.380 |
1289.236 |
1024.420 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
687.508 |
624.889 |
456.726 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
405.099
|
487.983
|
504.648
|
|
|
Sundry Debtors |
333.326
|
550.271
|
242.081
|
|
|
Cash & Bank Balances |
78.356
|
43.409
|
77.615
|
|
|
Other Current Assets |
96.806
|
0.000
|
0.000
|
|
|
Loans & Advances |
22.672
|
136.122
|
123.335
|
|
Total
Current Assets |
936.259
|
1217.785 |
947.679 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
118.177
|
238.070
|
93.143
|
|
|
Other Current Liabilities |
368.738
|
237.226
|
251.304
|
|
|
Provisions |
20.472
|
78.142
|
35.538
|
|
Total
Current Liabilities |
507.387
|
553.438 |
379.985 |
|
|
Net Current Assets |
428.872
|
664.347
|
567.694
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1116.380 |
1289.236 |
1024.420 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1804.404 |
1923.221 |
2609.910 |
|
|
|
Other Income |
4.522 |
5.106 |
6.975 |
|
|
|
TOTAL (A) |
1808.926 |
1928.327 |
2616.885 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials and spares consumed |
1474.128 |
1409.153 |
2308.341 |
|
|
|
Changes in inventories of finished goods work-in-progress and
stock-in-trade |
16.479 |
133.812 |
(64.896) |
|
|
|
Employee benefits expense |
73.269 |
92.062 |
105.628 |
|
|
|
Other Expenses |
108.319 |
111.995 |
160.786 |
|
|
|
Exceptional items |
0.000 |
0.891 |
0.000 |
|
|
|
TOTAL (B) |
1672.195 |
1747.913 |
2509.859 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
136.731 |
180.414 |
107.026 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
99.880 |
32.979 |
26.696 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.851 |
147.435 |
80.330 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.010 |
120.203 |
55.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.841 |
27.232 |
24.690 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.556 |
4.576 |
4.196 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
17.285 |
22.656 |
20.494 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.623 |
4.214 |
0.021 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
13.933 |
13.933 |
|
|
|
Tax on Proposed Dividend |
0.000 |
2.314 |
2.368 |
|
|
BALANCE CARRIED
TO THE B/S |
27.908 |
10.623 |
4.214 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
21.039 |
0.000 |
6.248 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
1000.320 |
920.209 |
1131.602 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.12 |
1.46 |
1.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd
Quarter) |
|
Net Sales |
|
363.930 |
287.610 |
|
Total Expenditure |
|
324.080 |
266.940 |
|
PBIDT (Excl OI) |
|
39.850 |
20.670 |
|
Other Income |
|
0.890 |
1.200 |
|
Operating Profit |
|
40.740 |
21.870 |
|
Interest |
|
33.400 |
14.810 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
7.340 |
7.060 |
|
Depreciation |
|
4.830 |
4.840 |
|
Profit Before Tax |
|
2.510 |
2.220 |
|
Tax |
|
0.500 |
0.440 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
2.010 |
1.780 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
2.010 |
1.780 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.96 |
1.17
|
0.78
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.16 |
1.42
|
0.95
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.28 |
1.48
|
1.76
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.05
|
0.06
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.58 |
2.26
|
2.32
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85 |
2.20
|
2.49
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
COMPANY'S
ACTIVITIES
Fiscal year 2012 was a year of lower economic growth with demand for the
products and services in the Information and Technology sector registering a
small growth in volumes but falling prices
REVIEW OF
OPERATIONS
During the year,
v
The net sales revenue at Rs.1804.400 millions was
lower than the previous year. However, during the year the profit before tax
was Rs.20.841 millions as against the previous year's Profit of Rs.27.534
millions; the profits were lower due to the adverse market conditions and
foreign exchange fluctuations.
v
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. ''
v
Further changes and improvisations are under way in
the manufacturing process and these changes are in compliance with
international requirements.
PROSPECTS AND
OUTLOOK
v
The Company's businesses of leasing/renting / hiring
of computer systems to small businesses and to corporates have added a revenue
stream and contributed to the company's profits.
v
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.
v
Vigorous marketing efforts and ceaseless cost
reduction activities continue with more thrust and vigour to accomplish these
goals.
v
The efforts are being intensified to sustained
leadership position by constantly upgrading the products to match advancing
technology trends, maintaining the superiority in quality, and continuing the
unblemished timely service support.
v
The Directors are hopeful that all the above, coupled
with continuous monitoring of inventory, receivables and overheads, would
result in healthier results during the coming years.
DEMATERIALISATION
OF COMPANY'S SHARES
The Company's Securities continue to be traded in the electronic form
only as per the relevant SEBI guidelines.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
(Within the limits
set by the Company’s competitive position)
The Company is
engaged in the business of manufacture and sale of personal computers and
laptops, accessories and peripherals. The computer hardware industry has become
akin to home appliances segment; there has been modest growth in the sale of
computers both in terms of volume and turnover with prices remaining depressed
and challenging, during the year. The market penetration of the Company’s
product in the moffusil and rural areas of the Country together with the
product visibility and product bundling have helped the Company to continue to
generate sales and make a profit. The Company’s objectives of information of the
products, its standing vis-à-vis the MNC brands, the price and superior quality
sensitivity have been achieved. The Company’s advertisement program with a
frequency of 5-6 weeks for bringing the products of the company to the
knowledge of the public and road shows for effective sales of its products
continues to generate interest especially among students and senior citizens.
The outlook for
industry continues to be positive. The Company is hopeful that with the
combination of market development and expansion activity, there will be healthy
growth over the next year.
|
Contingent
liability |
31.03.2012 (Rs. in
millions) |
31.03.2011 (Rs. in
millions) |
|
Bank guarantees |
126.240 |
129.062 |
|
Unexpired Letters of Credit |
16.517 |
0.000 |
|
Accreted value on FCCB principal |
85.616 |
77.025 |
|
Claims against
the Company, not acknowledged as debt: |
|
|
|
Sales tax |
20.356 |
18.339 |
|
Custom duty |
30.572 |
30.572 |
|
Excise duty |
51.715 |
0.000 |
|
Municipal property tax |
1.983 |
1.483 |
|
Others |
3.417 |
3.417 |
(Income tax assessments have been completed upto Assessment Year
2009-10)
FIXED ASSETS:
v
Land (Leasehold)
v
Building
v
Plant and Equipment
v
Computers Systems
v
Electrical Fittings and Installation
v
Office Equipment
v
Furniture and Fixtures
v
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.87.09 |
|
Euro |
1 |
Rs.70.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.