MIRA INFORM REPORT
|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZICOM
ELECTRONIC SECURITY SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
501, Silver Metropolis, Western Express Highway, Goregaon (East), Mumbai 400063, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.12.1994 |
|
|
|
|
Com. Reg. No.: |
11-083391 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 169.998 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32109MH1994PLC083391 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMZ00293G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Sellers of Electronic security systems
and equipments. |
|
|
|
|
No. of Employees
: |
948 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealing 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
19.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
19.03.2014 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Jigar |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-42904290 |
|
Date : |
03.05.2014 |
LOCATIONS
|
Registered Office : |
501, Silver Metropolis, Western Express Highway, Goregaon
(East), Mumbai 400063, Maharashtra, India |
|
Tel. No.: |
91-22-42904290 |
|
Fax No.: |
91-22-42904291 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
4th Floor Phoenix Building, Above Dominos Pizza, Senapati Bapat Road, Vetal Baba Chowk, Pune – 411007, Maharashtra, India |
|
|
|
|
Branch Office : |
5 Marutinandan Row House, Near Bhavpushpa Society, Ramdev Nagar water tank, Super Society Cross Road, Ahmedabad – 380015, Gujarat, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Manohar Bidaye |
|
Designation : |
Chairman |
|
Qualification : |
Masters in Commerce from the University of Mumbai |
|
|
|
|
Name : |
Mr. Pramoud Rao |
|
Designation : |
Managing Director |
|
Qualification : |
A science graduate |
|
|
|
|
Name : |
Mr. Mukul Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Kalantri |
|
Designation : |
Director |
|
Qualification : |
G.C.D. and Diploma holder in textile |
|
|
|
|
Name : |
Mr. Venu Raman Kumar |
|
Designation : |
Director |
|
Qualification : |
B.A (Hons.) and M.A |
|
|
|
|
Name : |
Mr. K. D. Hodavdekar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Hemendra Paliwal |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Ms. Kunjan Trivedi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Jigar |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
932700 |
5.30 |
|
|
3127723 |
17.77 |
|
|
4060423 |
23.07 |
|
|
|
|
|
|
176600 |
1.00 |
|
|
176600 |
1.00 |
|
ccc |
4237023 |
24.07 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
700 |
0.00 |
|
|
209057 |
1.19 |
|
|
1408130 |
8.00 |
|
|
1617887 |
9.19 |
|
|
|
|
|
|
2833323 |
16.10 |
|
|
|
|
|
|
3135743 |
17.82 |
|
|
2022179 |
11.49 |
|
|
3753674 |
21.33 |
|
|
845000 |
4.80 |
|
|
8674 |
0.05 |
|
|
2900000 |
16.48 |
|
|
11744919 |
66.73 |
|
Total Public shareholding (B) |
13362806 |
75.93 |
|
Total (A)+(B) |
17599829 |
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) |
17599829 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sellers of Electronic security systems
and equipments. |
GENERAL INFORMATION
|
No. of Employees : |
948 (Approximately) |
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|
Bankers : |
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|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Shyam Malpani and Associates Chartered Accountants |
|
|
|
|
Subsidiary Company
: |
|
|
|
|
|
Associate Company : |
Institute of Advanced Security Training and Management Private Limited |
CAPITAL STRUCTURE
As on 30.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17599829 |
Equity Shares |
Rs.10/- each |
Rs.175.998 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16999829 |
Equity Shares |
Rs.10/- each |
Rs.169.998 Millions |
|
|
|
|
|
No. of Equity shares
and amount outstanding at the beginning and at the end of the year.
|
|
Number |
Rs. In Millions |
|
As per last Balance sheet |
12,699,829 |
126.998 |
|
Add: Issued during the year |
4,300,000 |
43.000 |
|
Outstanding at the end of the year |
16,999,829 |
169.998 |
Shares held by each
shareholder holding more than 5% of equity share capital
|
|
Number |
Percentage |
|
Baronet Properties & Investments Private Limited |
1,235,652 |
7.27 |
|
Coronet Properties & Investments Private Limited |
1,086,286 |
6.39 |
|
Aark Singapore Pte. Limited |
2,900,000 |
17.06 |
|
V. Raman Kumar* |
400,000 |
2.35 |
*Is a Director and Shareholder holding 100% share capital in Aark Singapore Pte. Limited and hence both are PAC of each other.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
169.998 |
126.998 |
126.998 |
|
(b) Reserves & Surplus |
1354.789 |
1147.649 |
1126.879 |
|
(c) Warrant
Application Money |
6.900 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1531.687 |
1274.647 |
1253.877 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
150.000 |
|
(b) Deferred tax liabilities (Net) |
76.447 |
56.511 |
41.874 |
|
(c) Other long term
liabilities |
10.379 |
0.503 |
3.638 |
|
(d) long-term
provisions |
0.779 |
1.109 |
1.530 |
|
Total Non-current
Liabilities (3) |
87.605 |
58.123 |
197.042 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
470.529 |
388.303 |
387.454 |
|
(b) Trade
payables |
229.194 |
147.017 |
165.925 |
|
(c) Other
current liabilities |
118.318 |
198.349 |
239.758 |
|
(d) Short-term provisions |
25.047 |
16.190 |
15.982 |
|
Total Current
Liabilities (4) |
843.088 |
749.859 |
809.119 |
|
|
|
|
|
|
TOTAL |
2462.380 |
2082.629 |
2260.038 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
254.610 |
308.299 |
569.249 |
|
(ii)
Intangible Assets |
156.543 |
178.260 |
193.458 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
3.961 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
538.997 |
330.452 |
183.222 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
137.173 |
12.169 |
28.393 |
|
(e) Other
Non-current assets |
0.000 |
10.557 |
10.557 |
|
Total Non-Current
Assets |
1087.323 |
839.737 |
988.840 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
311.197 |
313.185 |
238.664 |
|
(c) Trade
receivables |
635.728 |
510.256 |
261.995 |
|
(d) Cash
and cash equivalents |
124.472 |
76.602 |
183.132 |
|
(e)
Short-term loans and advances |
297.336 |
284.115 |
587.407 |
|
(f) Other
current assets |
6.324 |
58.734 |
0.000 |
|
Total
Current Assets |
1375.057 |
1242.892 |
1271.198 |
|
|
|
|
|
|
TOTAL |
2462.380 |
2082.629 |
2260.038 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2664.128 |
2194.159 |
1157.486 |
|
|
|
Other Income |
48.648 |
26.694 |
35.077 |
|
|
|
TOTAL (A) |
2712.776 |
2220.853 |
1192.563 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
6.944 |
50.804 |
|
|
|
Purchases of Stock-in-Trade |
2224.663 |
1848.706 |
1039.059 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1.988 |
(76.166) |
(118.722) |
|
|
|
Employees benefits expense |
70.844 |
70.382 |
51.844 |
|
|
|
Exceptional Expenses |
0.000 |
19.387 |
0.000 |
|
|
|
Exceptional Income |
0.000 |
0.000 |
(300.190) |
|
|
|
TOTAL (B) |
2411.618 |
1976.088 |
849.460 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
301.158 |
244.765 |
343.103 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
95.857 |
73.728 |
89.839 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
205.301 |
171.037 |
253.264 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
79.049 |
117.969 |
89.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
126.252 |
53.068 |
163.806 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
45.206 |
17.538 |
18.016 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
81.046 |
35.530 |
145.790 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
447.533 |
426.763 |
295.782 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.500 |
0.000 |
0.000 |
|
|
|
Provision for Dividend |
20.400 |
12.700 |
12.700 |
|
|
|
Previous Year Dividend and Tax
thereon |
4.998 |
0.000 |
0.000 |
|
|
|
Provision for Tax on Dividend |
3.309 |
2.060 |
2.109 |
|
|
BALANCE CARRIED
TO THE B/S |
497.372 |
447.533 |
426.763 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Sales |
3.616 |
0.000 |
0.000 |
|
|
|
Corporate Guarantee Fee |
25.149 |
0.000 |
0.000 |
|
|
|
Interest |
9.491 |
15.486 |
11.429 |
|
|
TOTAL EARNINGS |
38.256 |
15.486 |
11.429 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
149.021 |
157.791 |
123.096 |
|
|
TOTAL IMPORTS |
149.021 |
157.791 |
123.096 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
5.14 |
2.80 |
11.48 |
|
|
|
Diluted |
5.01 |
2.80 |
11.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.99 |
1.60 |
12.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.74 |
2.42 |
14.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.56 |
3.03 |
7.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.04 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.31 |
0.30 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63 |
1.66 |
1.57 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
126.998 |
126.998 |
169.998 |
|
Reserves & Surplus |
1126.879 |
1147.649 |
1354.789 |
|
Warrant Application Money |
0.000 |
0.000 |
6.900 |
|
Net
worth |
1253.877 |
1274.647 |
1531.687 |
|
|
|
|
|
|
long-term borrowings |
150.000 |
0.000 |
0.000 |
|
Short term borrowings |
387.454 |
388.303 |
470.529 |
|
Total
borrowings |
537.454 |
388.303 |
470.529 |
|
Debt/Equity
ratio |
0.429 |
0.305 |
0.307 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1157.486 |
2194.159 |
2664.128 |
|
|
|
89.562 |
21.419 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1157.486 |
2194.159 |
2664.128 |
|
Profit |
145.790 |
35.530 |
81.046 |
|
|
12.60% |
1.62% |
3.04% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
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 |
CORPORATE INFORMATION
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in the manufacturing and selling of Electronic security systems and equipments. The company also provides annual maintenance services for Electronic security products
FINANCE
During the year, the Company raised total Rs. 204,700,000 by preferential issue in accordance with SEBI’s Guidelines for Preferential Issue, i.e. Chapter VII of SEBI ICDR Regulations. Under the said preferential issue, allotment of 3,300,000 Equity Shares of Rs. 10 each for cash at a price of Rs. 46 per share was made on July 13, 2012 to foreign entities. Further, 1,600,000 Warrants, each Warrant carrying an entitlement to subscribe to one Equity Share of Rs. 10 each of the Company, were issued to Promoter Group Companies in accordance with SEBI’s Guidelines for Preferential Issue. Out of the total 1,600,000 Warrants, the holders of 1,000,000 Warrants, acquired equal number of Equity Shares. Thus, 1,000,000 Equity Shares were allotted at a price of Rs. 46 per share on July 20, 2012.
As a result of the above, the Company’s Paid-up Share Capital increased to 16,999,829 Equity Shares of Rs. 10 each aggregating to 169,998,290. Also, it’s Securities Premium increased by Rs. 154,800,000. Assuming full conversion and allotment of Equity Shares for the balance 600,000 Warrants outstanding, post allotment Paid-up Share Capital is expected to be Rs. 175,998,290 comprising of 17,599,829 Equity Shares of Rs. 10 each.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
SCENARIO:
The world economy continued to face challenges and uncertainties throughout the year 2012-13. However, some respite was seen from the effect of the double dip recession in few of the major world economies, particularly in the countries where Government and Central Banks both made concentrated and concerted efforts to boost the growth. This was also supported by aggressiveness and ease with which the favourable monetary policies were implemented. It was evident mainly in developed European Countries like Germany and France, and U.S.A. Such countries also facilitated flow of capital in emerging market.
Despite existing shortcomings in global market, the general economic scenario has somewhat stabilized with short term outlook, in light of the recent corrective steps taken by U.S.A. and Euro-zone countries. The second half of the year 2012-13 in particular improved the global economic scenario by averting the danger of the Euro-zone split and the drastic reversal steps by U.S.A. to avoid sudden spurt in economy as a result of the fiscal overdose.
As against this, some of the countries in the emerging market economies like India, China, Brazil and Far-East Nations, which were still on fast track and had shown continuous improvement in the year 2011-12, started feeling tired and had a noticeable slowdown. The economic scenario of the Middle-East and African countries was a blend of both, improvement and slowdown. Economy of some countries in these regions was affected by political uncertainties. Overall growth was driven by recovery in demand and prices of both oil and gas. To an extent, economy of some Gulf countries like U.A.E., Oman, Qatar, Saudi, etc. showed growth on account of non-oil factors like heavy spending on large infrastructure, social and public utility projects, etc., which heavily stimulated demand in the region, thereby stimulating growth.
With slow but steady spurt in economic activities in developed economies like Europe and U.S.A., the recovery and growth process is expected to continue slowly and gain momentum in the medium to long run. US economy by its size and impacting effect over the global economy is playing a lead role. However, there still persists the medium and long term risk of some Euro-zone countries failing, or economies of US or Japan facing fiscal difficulties like higher unemployment or slowing down of output. Jitters are also felt by China’s economy sending out signals of slowing down. As a direct fall-out of this, emerging market economies may no more be able to maintain its control and influence over revival of the world economy, as they were able to do in last two fiscal years.
Increased economic inequality and widening gap between rich and poor has been the main cause of discontent amongst the sufferers and the left-outs, leading to growth of terrorism and socio-politico revolution in some parts of the world. This and the rise of nuclear family system on account of increasing urbanization and development have raised the crime rates. All these have boosted for increased feeling of insecurity. Besides growing terrorism, new legislations and technological advances are driving world Electronic Security Market.
INDIAN ECONOMIC
SCENARIO:
Indian economy, which to some extent was insulated from global turmoil in 2011-12, also felt the heat in the financial year 2012-13, the clear indication for the same being reporting of GDP growth of about 5%, the lowest in the decade. Although, the downfall in economic growth had started a year back, it was accelerated in 2012-13. Further, it extended from industrial sector to service sector, thereby adversely affecting the main source of India’s economic growth.
Year 2012-13 witnessed economic weakness in the structural as well as cyclical form. The debacle of investment and industrial growth output was to some extent on account of policy uncertainties, higher input cost and supply bottlenecks. Unfavourable nature, particularly weaker monsoon, adversely affected the agro sector, which is still the backbone of Indian economy. Implementations of existing projects, particularly in heavy industries, power and in large sector, were also adversely affected on above counts. Throughout 2012-13, the Government persistently tried to fight and curb the inflation, but hardly achieved success. All these, coupled with tight monitoring policy of the Reserve Bank of India, persistent weakening of Indian Rupee against US Dollar and other major currencies of the world, worsening current account deficit, further added to the woe.
Impact of slow down was evident across all economic sectors, i.e. agriculture, industrial (mainly manufacturing, power, mining and capital goods) and service. With Government spending coming down heavily, consumption was also adversely affected along with slow down in investments.
Business and investment scenario was marred by delayed and adverse policy decisions, higher interest rate, liquidity crunch, and persistent slow down in industrial, agro and service sectors. As an effect, ongoing projects were either dropped or postponed. Corporates, PSUs and Government, all started differing their new capital expenditure and projects. All the above adversities have affected the Company also. Not only it faced challenges in getting new business, but its margin also remained under pressure. Margins were under pressure due to two reasons; escalation in cost of inputs on one side and inability to pass on the burden of increased cost elements to consumers on account of competition on the other side. Despite all the above challenges, the Company could turn up remarkable results on both standalone as well as consolidated basis.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10414264 |
05/03/2013 |
622,500,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, CHANDERMUKHI, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B71612071 |
|
2 |
10276383 |
31/07/2013 * |
150,000,000.00 |
UNION BANK OF INDIA |
MAYANI MANOR, SIR M. V. ROAD,, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA |
B82048968 |
|
3 |
10272969 |
06/08/2013 * |
300,000,000.00 |
IDBI BANK LIMITED |
SPECIALISED CORPORATE BRANCH, 47, OPUS CENTRE, CENTRAL ROAD, OPP. TUNGA PARADISE, ANDHERI E, MUMBAI, MAHARASHTRA - 400093, INDIA |
B82243973 |
|
4 |
10268030 |
25/11/2013 * |
1,472,500,000.00 |
BANK OF BARODA |
KHAJINA MAHAL, 189,, S. V. ROAD, ANDHERI (WEST), |
B91381871 |
|
5 |
10239622 |
06/03/2013 * |
400,000,000.00 |
BANK OF BARODA |
KHAJINA MAHAL, 189,, S. V. ROAD, ANDHERI (WEST), |
B71782544 |
|
6 |
90214635 |
25/09/1996 |
302,000.00 |
ANZ GRINDLAYS BANK LIMITED |
270. DR. D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
7 |
90214627 |
27/08/1996 |
538,000.00 |
ANZ GRINDLAYS BANK LIMITED |
270. DR. D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
8 |
90214220 |
25/09/1983 |
226,000.00 |
ANZ GRINDLAYS BANK LIMITED |
270. DR. D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
DECEMBER 31, 2013
Rs. In Millions
|
|
Particulars |
Quarter
Ended 31/12/2013
|
Quarter
Ended 30/09/2013
|
Nine
Months Ended
31/12/2013
|
|
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net Sales / Income from Operations (Net of Excise Duty) |
809.351 |
744.256 |
2179.232 |
|
|
(b) Other Operating Income |
--- |
--- |
--- |
|
|
Total Income
from Operations (Net) |
809.351
|
744.256
|
2179.232
|
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of Materials consumed / Purchases of
Stock-in-Trade |
678.853 |
622.224 |
1885.464 |
|
|
(b) Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade |
(6.175) |
8.612 |
(47.041) |
|
|
(c) Employee Benefits Expense |
19.156 |
19.201 |
56.026 |
|
|
(d) Depreciation and Amortisation Expense |
19.352 |
19.332 |
58.407 |
|
|
(e) Other Expenses (Any item exceeding 10% of the total expenses relating to continuing operations
to be shown separately) |
45.473 |
27.946 |
92.370 |
|
|
Total Expenses |
756.659
|
697.315
|
2045.226
|
|
3 |
Profit / (Loss)
from Operations before Other Income, Finance Costs and Exceptional Items (1-2) |
52.692
|
46.941
|
134.006
|
|
4 |
Other Income |
12.588 |
14.426 |
39.740 |
|
5 |
Profit / (Loss)
from Ordinary Activities before Finance Costs and Exceptional Items (3 +
4) |
65.280
|
61.367
|
173.746
|
|
6 |
Finance Costs |
36.272 |
11.664 |
59.032 |
|
7 |
Profit / (Loss)
from Ordinary Activities after Finance Costs but before Exceptional
Items (5 + 6) |
29.008
|
49.703
|
1,14.714
|
|
8 |
Exceptional Items |
--- |
--- |
--- |
|
9 |
Profit / (Loss)
from Ordinary Activities before Tax (7
+ 8) |
29.008
|
49.703
|
114.714
|
|
10 |
Tax Expense |
|
|
|
|
|
Current Tax |
12.520 |
19.310 |
46.890 |
|
|
Deferred Tax |
(2.951) |
(3.185) |
(9.510) |
|
|
Earlier Years |
--- |
--- |
--- |
|
11 |
Net Profit / (Loss)
from Ordinary Activities after Tax (9
+ 10) |
19.439
|
33.578
|
77.334
|
|
12 |
Extraordinary Items (Net of Tax Expense Rs. Millions) |
--- |
--- |
--- |
|
13 |
Net Profit /
(Loss) for the Period (11 + 12) |
19.439
|
33.578
|
77.334
|
|
14 |
Paid-up Equity Share Capital
(Face Value of the Share Rs.10/-) |
1759.98 |
169.998 |
175.998 |
|
15 |
Reserve excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
--- |
--- |
--- |
|
16 i |
Earnings Per Share (EPS)
(before Extraordinary and Exceptional Items) (of ` 10/- each) (not annualised): |
|
|
|
|
|
(a) Basic |
1.13 |
1.98 |
4.53 |
|
|
(b) Diluted |
1.10 |
1.91 |
4.39 |
|
ii |
Earnings Per Share (EPS) (after Extraordinary and Exceptional
Items) (of Rs.10/- each) (not annualised): |
|
|
|
|
|
(a) Basic |
1.13 |
1.98 |
4.53 |
|
|
(b) Diluted |
1.10 |
1.91 |
4.39 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING
|
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
1,33,62,806 |
1,33,62,806 |
1,33,62,806 |
|
|
- Percentage of Shareholding |
75.93 |
78.60 |
75.93 |
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
16,25,000 |
16,25,000 |
16,25,000 |
|
|
- Percentage of Shares (as a % of the total shareholding of Promoter and
Promoter Group) |
38.35 |
44.68 |
38.35 |
|
|
- Percentage of Shares (as a % of the total share capital of the
Company) |
9.23 |
9.56 |
9.23 |
|
|
|
|
|
|
|
|
b) Non
– Encumbered |
|
|
|
|
|
- Number of Shares |
26,12,023 |
20,12,023 |
26,12,023 |
|
|
- Percentage of Shares (as a % of the total shareholding of the
Promoter and Promoter Group) |
61.65 |
55.32 |
61.65 |
|
|
- Percentage of Shares (as a % of the total share capital of the
Company) |
14.84 |
11.84 |
14.84 |
|
|
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
|
|
Received during the Quarter |
1 |
|
|
|
|
Disposed of during the Quarter |
1 |
|
|
|
|
Remaining unresolved at the end of the Quarter |
NIL |
|
|
Notes:
- The above financial results of the Company for the quarter and nine months ended December 31, 2013, have been reviewed by the Audit Committee on February 12, 2014 and approved by the Board at its meeting held on even date. The Statutory Auditors have conducted the limited review of the Results as per the Listing Agreement.
- During the quarter on December 2, 2013, the Company allotted 6,00,000 Equity Shares of Rs.10/- each at a price of Rs.46/- per Share to the holders of the Warrants (who are Promoter Group Companies), against exercise of options attached to the said 6,00,000 Warrants; in accordance with SEBI ICDR Regulations for Preferential Issues. As a result of which, there has been increase in Paid-up Capital by Rs.6.000 Millions i.e from Rs.169.998 Millions to Rs.175.998 Millions and in Securities Premium by Rs.21.600 Millions.
- Pursuant to Clause 43 of the Listing Agreement, it is hereby stated that the Funds aggregating to Rs.20.700 Millions raised through preferential issue of Equity Shares upon conversion of Warrants have been utilized entirely for the purposes mentioned in the Explanatory Statement to the Notice dated May 17, 2012 for Postal Ballot.
- The Profitability for the quarter and nine months under review is affected mainly due to one-time advertisement expense of Rs.16.900 Millions.
- The Finance cost for the quarter and nine months under review is higher as compared to immediate previous quarter of the year, due to major variation in gain / loss in foreign exchange fluctuations.
- The Earning Per Share (EPS) for the quarter and nine months under review are not comparable with the other results as the EPS for this period has been calculated based on enhanced paid-up share capital.
- The Company has a single reportable business segment of “Security and Safety”.
- Previous quarter / nine months / year figures have been regrouped / rearranged wherever necessary.
AS PER WEBSITE
PRESS RELEASE
ZICOM 2.0 TAKES
INDUSTRY BY STORM!!
When you sell off two of the most profitable units of your company at the peak of your growth curve, well, what do you do next? You simply reinvent yourself and start a new curve. A very warm welcome to the fascinating world of Zicom 2.0.
The business decision of Zicom In 2010 to sell two units – Building Solutions Group and Special Projects Group, which were mainly focused on government and institutional sales – to Schneider Electric India, the Indian arm of French energy company Schneider Electric, encouraged Zicom to reinvent itself in the services sector as an IT enabled electronic security provider.
Zicom Electronic Security Systems Limited, the BSE and NSE listed Rs 6.9 billion security major has come a long way since its inception. The new-age Zicom 2.0 has successfully transitioned from a security company to an IT driven company using the power of IT enabled services effectively since 2010.
Leveraging on its strong brand, infrastructure and distribution platform, Zicom India has grown rapidly in a short span of time and has emerged as the leading Indian brand in security products and services. Through its wholly owned subsidiary, Zicom SaaS Private Ltd, as the pioneering provider of the new age mantra for security in India, introduced the unique concept of Electronic Security as a Service (E-SaaS) to enterprises and housing societies to provide cloud based remote monitoring systems and business intelligent support. It offers remotely managed security services on a Recurring Monthly Revenue (RMR) model. E-SaaS remotely monitors retail shops, retail chains, bank branches, ATMs, residences/societies etc. using electronic security equipments and offers security services through state-of-the-art Zicom Command Centre (ZCC).
Mr. Pramoud Rao, Managing Director, Zicom India says, “It is through our track record of pioneering various security concepts, organic and inorganic initiatives, that we have been able to strongly position ourselves as the new-age IT enabled Electronic Security Services provider. We look forward to being a highly credible global player in electronic security services.”
Zicom Electronic Systems Ltd, the flagship company of Zicom Group is one of India’s largest security solutions and service provider. Its operations include sourcing and distribution of branded products with a pan India network. Zicom Electronic Systems is all set and geared up to launch its new age prestigious products and services likeHybrid Mini DVR, Alarm Panel and Zuno soon.
Advanced Security Training and Management, another arm of Zicom Group is a Public Private Partnership between National Skill Development Corporation and Zicom India that aims to promote skill development. The institute offers certified, high quality training programs to security professionals and students incorporating state-of-the-art technology and best practices in security management.
With a strong brand recall, Zicom is headquartered in Mumbai. Since its inception, the group has constantly introduced customized products and services relevant to its market. Some of the key products from the bouquet of products include CCTV Surveillance System, Video Door Phones, Access Control System, Intruder Alarm System and Fire Alarm and Protection Systems etc.
Having a strong connect with leading domestic and international Original Equipment Manufacturers, Zicom India’s operations spread across five countries – India, UAE, Qatar, Saudi Arabia and Brazil. In India, Zicom’s operations are spread across 1100 cities with network over 2,000 channel partners.
Founded in 1994 by Mr. Manohar Bidaye and Mr. Pramoud Rao, Zicom Group, over the years received numerous awards for excellence in their operations. Some of the recent awards bagged by Zicom are ‘INC India Innovative Award 2013’, ‘Most Innovative brand in Electronic Security- 2013’, ‘Most Innovative Products- 2013’ amongst others.
If you are looking at mastering change, Zicom 2.0 promises to show the way; a fully secured electronic highway to success.
ZICOM QUARTER III:
REPORTS GROWTH IN
INCOME BY 28% AND NET PROFIT BY 56%
Mumbai, February 12, 2014: Zicom Electronic Security Systems Limited (BSE Code: 531404 and NSE Code: ZICOM), India’s leading electronic security company, announced its Unaudited Financial Results for the third quarter and nine months ended December 31, 2013.
At the Board Meeting held today, the Company declared its Consolidated and Standalone Unaudited Financial Results.
The highlights of Consolidated Unaudited Financial Results for the third quarter and nine months ended December 31, 2013 are:
Quarter ended
December 31, 2013:
Total Income for the quarter ended December 31, 2013 at Rs.2381.700 Millions as compared to Rs.2022.400 Millions in the corresponding previous quarter shows a growth of 18%.
Earnings before Depreciation, Interest and Tax (EBDITA) stood at Rs.292.200 Millions as against Rs.216.900 Millions, an increase of 35% over corresponding quarter in the previous year. EBIDTA margin has improved to 12% against 11% in corresponding previous quarter.
Net Profit After Tax and Minority Interest at Rs.115.700 Millions as against Rs.79.400 Millions of the corresponding previous quarter shows a quantum jump of 46%. These improved results are mainly on account of: (i) increase in entitlement of economic interest in subsidiary Unisafe Fire Protection Specialists LLC, Dubai, from 80% to 95% as a result of purchase of economic interest of the local partner and (ii) substantial growth in business of Middle East subsidiaries due to improved economic environment besides improved profit margins.
The Earning Per Share (EPS) has increased to Rs.6.75 as against Rs.4.80 in that of corresponding previous quarter, which is calculated on enhanced paid-up share capital.
Nine months ended
December 31, 2013:
Total Income for the nine months ended December 31, 2013 at Rs.6205.000 Millions as compared to Rs.4835.500 Millions Millions in the corresponding previous period shows a growth of 28%.
Earnings before Depreciation, Interest and Tax (EBDITA) stood at Rs.746.500 Millions as against Rs.534.700 Millions, an increase of 40% over corresponding previous period. EBIDTA margin has improved to 12% against 11% in corresponding previous period.
Net Profit After Tax and Minority Interest at Rs.278.800 Millions as against Rs.178.700 Millions of the corresponding previous period shows a quantum jump of 56%. The improved results are mainly on account of: (i) increase in entitlement of economic interest in subsidiary Unisafe Fire Protection Specialists LLC, Dubai, from 80% to 95% as a result of purchase of economic interest of the local partner and (ii) substantial growth in business of Middle East subsidiaries due to improved economic environment besides improved profit margins.
The Earning Per Share (EPS) has increased to Rs.16.34 as against Rs.11.63 in that of corresponding previous period, which is calculated on enhanced paid-up share capital.
Commenting on the results, Mr. Manohar Bidaye, Chairman – Zicom Electronic Security Systems Limited said, “The consolidated performance of the Company for nine months ended has been very encouraging which is reflected by the growth of 28% in Income and jump in Net Profit After Tax and Minority Interest of 56%. With the last quarter of the year expected to show still better performance, the current year will end up with commendable performance.
Riding on the wave of economic recovery in the Gulf Region, Unisafe Dubai and Phoenix Qatar, both, have reported remarkable performance. The fire safety business in Middle-East has been a major contributor to the topline and bottomline of the Company.
The Indian business has also shown encouraging result, however, the exchange rate fluctuation kept margin under pressure. Zicom on standalone has shown an increase of 19% and 30% in the topline and bottomline respectively. Besides, performance of Zicom SaaS has also been encouraging.
In view of this encouraging trend, I expect the year to close with better growth and profitability.”
ABOUT ZICOM GROUP:
Zicom Electronic Security Systems Limited is the leading electronic security brand in India. The Company offers a wide range of products and customized solutions including services in Intrusion and Burglar Alarm Systems, Access Control Systems, Fire Detection Systems, CCTV Surveillance Systems, Central Monitoring Station and Video Monitoring Station, etc., with focus on retail and SME sectors. Zicom has PAN India operations with service capabilities in 400 cities.
Zicom SaaS Private Limitred wholly owned subsidiary, offers security services to protect retail shops, bank branches, ATMs, residences, apartments and remotely located assets using state-of-the-art electronic security equipments and Command and Control Station located in Mumbai.
Unisafe Fire Protection Specialists LLC, Dubai, is a subsidiary of Zicom in U.A.E and has strong presence in Dubai and Abu Dhabi in the business of fire detection and protection in infrastructure projects. Unisafe Dubai offers wide spectrum of products and services in fire detection and protection, ranging from designing, supplying, installing and maintaining integrated fire protection system capabilities. Unisafe is associated with many iconic projects in U.A.E. in government and private sectors.
Phoenix International WLL, Qatar, is one of the leading fire security solutions providers in Qatar. Phoenix offers turn keys solutions in fire protection and suppression projects and it has license to operate in petrochemical sector. Phoenix has exclusive tie-up to market safety and security equipments of leading international suppliers. The portfolio of services offered by Phoenix covers design, engineering, integrating, testing and commissioning of Fire Safety, Security and Building Management Systems, with main focus on Fire Prevention and Protection.
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 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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.