MIRA INFORM REPORT

Report No. :	334593
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	ZEN TECHNOLOGIES LIMITED
Registered Office :	B-42, Industrial Estate, Sanath Nagar, Hyderabad – 500 018, Telangana
Tel. No.:	91-40-23812894
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.06.1993
Com. Reg. No.:	36-015939
Capital Investment / Paid-up Capital :	Rs.77.160 million
CIN No.: [Company Identification No.]	L72200TG1993PLC015939
IEC No.:	0992001617
TIN No.:	28470200516
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACZ0677K
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in design, development and manufacture of Training Simulators for Police and Para-Military Forces, Armed Forces, Security Forces, Government Departments like Transport, Mining, Infrastructure and Civilian market.
No. of Employees :	Approximately 240 (In Office: 125, In Factory: 113, In Branch: 2)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1993. It has a satisfactory track record. For the financial year 2015, the company has registered decent operational activity marked by increasing top line growth along with decent sales turnover and achieved profitability margin of 20.04%. Further, the company has healthy financial risk profile backed by decent networth position and low borrowings taken by the company. It has good gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payment terms are usually correct. In view of long business track record and good business scale, the company can be considered for 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-Term Bank Facilities: BB+
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	July, 2014

Rating Agency Name	CRISIL
Rating	Short-Term Bank Facilities: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	July, 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 31-03-2013.

INFORMATION PARTED BY

Name :	Y. Padmavathy
Designation :	Assistant General Manager - Finance and Accounts
Contact No.:	91-9440805152
Date :	21.08.2015

LOCATIONS

Registered Office/ R&D Division/ Corporate Office :	B-42, Industrial Estate, Sanath Nagar, Hyderabad – 500 018, Telangana, India
Tel. No.:	91-40-23812894/ 23813294/ 23814894/ 23813281
Mobile No.:	91-9440805152 (Y. Padmavathy)
Fax No.:	91-40-23813694/ 23814894
E-Mail :	cosec@zentechnologies.com info@zentechnologies.com
Website :	http://zentechnologies.com
Area :	22860 sq. ft.
Location :	Owned
Factory 1 :	Plot No.34 Part (35, 36 and 37), Kancha Imarath, Near Ravirala Village, Hardware Park, Ranga Reddy District – 501 510, Telangana, India
Tel. No.:	91-841-4671333/ 4671325
Area :	372438 sq. ft.
Location :	Owned
Factory 2 :	Ward No.6, Ram Shehar Road, Nalagarh, Solan District – 174 101, Himachal Pradesh, India
Tel. No.:	91-1795-220671
Fax No.:	91-1795-220672
Branch Office :	House No. Atria 24D, TATA Aquila Heights, 27 HMT Factory Road, Bangalore – 560 013, Karnataka, India
Tel. No.:	91-80-25583685
Area :	3329 sq. ft.

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Ashok Atluri
Designation :	Managing director
Address :	H. No.1-6-17, Chaitanyapuri, Hyderabad – 500 060, Telangana, India
Date of Birth/ Age :	31.12.1965
Qualification :	PG Diploma holder in Applied Computer Science
Experience :	20 Years
Date of Appointment :	01.11.2014
DIN No.:	00056050
PAN No.:	AAACZ8677K
Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L72200TG1993PLC015939	ZEN TECHNOLOGIES LIMITED	Managing director	01/11/2014	14/06/1994	-	Active	NO
2	U74140TG2010PTC068350	ZENTECH OFFSETS MANAGEMENT SERVICES PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
3	U74999TG2010PLC068661	VERSION 2 GAMES LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
4	U74910TG2011PTC076330	ZEN SKILLPROC PRIVATE LIMITED	Director	06/09/2011	06/09/2011	-	Active	NO
5	U93000TG2007NPL055534	YOUNG PRESIDENT'S ORGANISATION HYDERABAD CHAPTER	Director	26/07/2012	26/07/2012	15/11/2014	Active	NO
6	U74120MH2012PTC239028	NWS DIGITAL INDIA PRIVATE LIMITED	Additional director	19/12/2014	19/12/2014	-	Active	NO
7	U74300DL2007PTC158884	MOSAIC MEDIA VENTURES PRIVATE LIMITED	Additional director	25/03/2015	25/03/2015	-	Active	NO
8	U74140DL2015NPL281544	DEFENCE INNOVATORS AND INDUSTRY ASSOCIATION	Director	15/06/2015	15/06/2015	-	Active	NO

Name :	Mr. Midathala Ravi Kumar
Designation :	Whole-time Director
Address :	H. No.10, Neela Vishal Row Houses, Manovikas Nagar, Near Mansorovar Heights, Tirumalgeery, Hyderabad – 500 003, Telangana, India
Date of Appointment :	29.06.1993
DIN No.:	00089921
Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L72200TG1993PLC015939	ZEN TECHNOLOGIES LIMITED	Whole-time director	29/06/2013	29/06/1993	-	Active	NO
2	U74999TG2010PLC068661	VERSION 2 GAMES LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO

Name :	Commodore (Retd.) Sarvotham Rao
Designation :	Director
Address :	405, Jalavayu Vihar, Kamanhalli Main Road, Bangalore – 560 043, Karnataka, India
Date of Appointment :	30.03.2005
DIN No.:	00015530
Name :	Mr. Gajjala Prasad
Designation :	Director
Address :	Flat No.401, Gharonda Annapurna Apartments, 1-10-15, Ashok Nagar, Hyderabad – 500 020, Telangana, India
Date of Appointment :	28.09.2013
DIN No.:	00026718
Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65999TG2002PTC039747	VENTUREAST TRUSTEE COMPANY PRIVATE LIMITED	Director	07/05/2003	07/05/2003	-	Active	NO
2	L31909TG1999PLC032184	MOSCHIP SEMICONDUCTOR TECHNOLOGY LIMITED	Director	11/09/2014	29/09/2006	-	Active	NO
3	L72200TG1993PLC015939	ZEN TECHNOLOGIES LIMITED	Director	28/09/2013	09/11/2012	-	Active	NO

Name :	Mrs. Madati Sridevi
Designation :	Director
Address :	20-4/1, Gauthamnagar, Malkajgiri, Hyderabad – 500 047, Telangana, India
Date of Appointment :	27.09.2014
DIN No.:	02446610
Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L72200TG1993PLC015939	ZEN TECHNOLOGIES LIMITED	Director	27/09/2014	05/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Krishna Mohan Venkata Pothuganti
Designation :	Chief Financial Officer
Address :	H. No.SRT-858, Sanath Nagar, Hyderabad – 500 018, Telangana, India
Date of Appointment :	08.11.2014
PAN No.:	ADFPP3709D
Name :	Ms. Amala Goud Mudhapuram
Designation :	Secretary
Address :	H. No.13-6-250/3/17, Virat Nagar, Gudimalkapur, Near Eden Model School, Hyderabad – 500 067, Telangana, India
Date of Appointment :	02.07.2012
PAN No.:	ASRPM1444M
Name :	Y. Padmavathy
Designation :	Assistant General Manager - Finance and Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	45865340	59.44
Sub Total	45865340	59.44
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	45865340	59.44
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	75000	0.10
Foreign Institutional Investors	727301	0.94
Sub Total	802301	1.04
(2) Non-Institutions
Bodies Corporate	4189817	5.43
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	12795306	16.58
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	12899220	16.72
Any Others (Specify)	608076	0.79
Clearing Members	50196	0.07
Non Resident Indians	557880	0.72
Sub Total	30492419	39.52
Total Public shareholding (B)	31294720	40.56
Total (A)+(B)	77160060	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	77160060	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in design, development and manufacture of Training Simulators for Police and Para-Military Forces, Armed Forces, Security Forces, Government Departments like Transport, Mining, Infrastructure and Civilian market.
Products :	Small Arms Training Simulator – ZEN SATS® Advanced Weapons Simulator – ZEN AWeSim® Driving Training Simulator – ZEN DTS® Driving Simulator – ZEN DS Tactical Engagement Simulator – ZEN TacSim® Anti-Tank Guided Missile Simulator – ZEN ATGM® Sim BMP – II Driving Simulator – ZEN BMP II DS BMP – II Integrated Missile Simulator – ZEN BMP II IMS Forward Observer Simulator – ZEN FOS Radar Scan Converter – ZEN RSC Hand Grenade Simulator – ZEN HE36S® 81 mm Integrated Motor Simulator – ZEN 81mm IMS Bus Simulator – ZEN BusSim Driving Aptitude Testing System - ZEN DATS Combat Training Simulator System – ZEN CTSS Mining Equipment Training Simulator – ZEN METS Armoured Vehicle Driving Simulator – T72-DS, T90-DS Armoured Vehicle Basic and Crew Gunnery Simulator – T72-GS, T90-GS, T72-CGS and T90-CGS
Brand Names :	“ZEN”
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (30 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Name	Place	Contact Person	Phone No.
Kapital IT	Secunderabad	Bhaktha Kumar	91-9248000272
Pee Gee Sales Corporation	Secunderabad	Vijay Guptha	91-9849009166
Kubera Motion Controls Private Limited	Pune	Nanda Kumar	91-8888825200
Hansa Pictures	Secunderabad	Chetan	91-9391039520
BG Tronics	Hyderabad	Sameer Gogrey	91-9849017400
Ajay Electricals	Hyderabad	Mahesh	91-9032531361

Customers :

· Indian Army

· Indian Navy

· Indian Air Force

· Border Security Force

· Central Reserve Police Force

· Central Industrial Security force

· Indo Tibettian Border Police

· Shastra Seema Bal

· National Security Guard

· Railway Protection Force

· Special Frontier Force

· All State Police Training Centers

· All State Armed Police Training Centers

· All Special Police Centers

No. of Employees :

Approximately 240 (In Office: 125, In Factory: 113, In Branch: 2)

Bankers :

Banker Name	Indian Bank
Branch Address	201, Karan Centre, Sarojini Devi Road, Secunderabad – 500 003, Telangana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CC Limits: Rs.150.000 million BG Limits: Rs.570.000 million LC Limits: Rs.100.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loans	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Loan from TDB	35.000	43.556
Vehicle Loan	3.085	0.000
Interest accrued on TDB loan	2.594	0.844
SHORT-TERM BORROWINGS
Loan repayable on demand
9.75% (PY 10.25%) OD I against Fixed Deposits from Indian Bank	116.476	84.597
9.75% (PY 10.25%) OD II against Fixed Deposits from Indian Bank	90.820	40.118
13.30% (PY 13.30%) against Indian Bank OCC account	63.613	0.050
9.75% (PY 9.75) against Corporation OD account	63.057	0.000
NSIC Limited	14.276	0.000
Total	388.921	169.165

NOTES:

The Loan taken from Technology Development Board (TDB), Ministry of Science and Technology, Government of India, was utilised as part-finance for design, development and commercialization of Zen Driving Training Simulator for Overseas market. The loan carries interest @5% p.a. and is repayable in 9 half yearly installments commencing from 01-04-2012. The loan is secured by equitable mortgage of immovable properties and other fixed assets pari-passu charge with Indian Bank. The loan is also guaranteed by the company’s own guarantee and pledging of 311,140 equity shares owned by the Managing Director of the company.

The Loan taken from Technology Development Board (TDB), Ministry of Science and Technology, Government of India, for Rs.116.000 Million (received during the financial year 2013-14 Rs.35.000 Million as first installment towards implementation of the project) is being utilized for part financing the project “Development and Commercialization of Unmanned Aerial Vehicle Mission Simulator”. The loan carries interest @ 5% (simple interest) per annum and is repayable in total nine half yearly installments commencing from 1st October 2015. The loan is secured by equitable mortgage of immovable properties and other fixed assets pari-passu with Indian Bank. The loan is also guaranteed by the Company’s own guarantee and pledging of 1500000 equity shares owned by the Managing Director of the Company.

The above mentioned overdraft facilities are secured by way of pledge of fixed deposits. Working Capital facilities (Rs.150.000 million) from Indian Bank are secured by equitable mortgage of immovable properties and other fixed assets pari-passu charge with Technology Development Board (TDB).

Against submission of BG NSIC sanctioned and disbursed RMA loan with interest rate @ 12.95% per annum.

Financial Institution :	Toyota Financial Services India Limited, No.21 Centropolis, First Floor, 5^th Cross Langford Road, Shanti Nagar, Bangalore – 560 025, Karnataka, India
Auditors 1 :
Name :	Gokhale and Company Chartered Accountants
Address :	3-6-322, Off No.403, Mahavir House, Basheerbagh, Hyderabad – 500 029, Telangana, India
Tel. No.:	91-40-23221167/ 23228874
E-Mail :	gokhaleandco@gmail.com
Website :	www.gokhaleandco.com
Auditors 2 :
Name :	S. Venkatadri and Company Chartered Accountants (Represented by its Partner Mr. K. Srinivasa Rao)
Address :	1408, Babukhan Estate, Basheerbagh, Hyderabad – 500 001, Telangana, India
Memberships :	Not Available
Collaborators :	Not Available
Wholly Owned Subsidiary (As on 31.03.2014) :	Version 2 Games Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7716006	Equity Shares	Rs.10/- each	Rs.77.160 million

Notes:

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars	31^st March, 2015
	Nos of Shares		Rs In Million
At the beginning of the period	77160060	77.160
Changes during the year (Buyback of Shares)	--	--
Outstanding at the end of the period	77160060	77.160

Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31^st March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs.0.35.

Name of the Shareholders	31^st March, 2015
	Nos of Shares	%
Ashok Atluri	25402900	32.92
Kishore Dutt Atluri	12329600	15.98

As per of the Company, including its register of shareholders/members and the declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

Aggregate number of shares bought back during the period of five years immediately preceding the reporting date:

Particulars	2014-2015
No. of Equity Shares bought back by the company during the year	--
Aggregate Number of Equity Shares bought back by the company	1187994

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	77.160	77.160	88.884
(b) Reserves & Surplus	1033.338	908.450	984.320
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1110.498	985.610	1073.204
(3) Non-Current Liabilities
(a) Long-term borrowings	40.679	44.400	18.461
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.875	5.238	4.084
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	49.554	49.638	22.545
(4) Current Liabilities
(a) Short term borrowings	348.242	124.765	102.701
(b) Trade payables	31.250	20.934	13.043
(c) Other current liabilities	162.245	92.865	35.297
(d) Short-term provisions	73.273	9.218	10.399
Total Current Liabilities (4)	615.010	247.782	161.440
TOTAL	1775.062	1283.030	1257.189
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	440.572	438.748	272.843
(ii) Intangible Assets	32.816	49.221	19.103
(iii) Capital work-in-progress	3.115	10.356	29.006
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.500	0.500	0.500
(e) Other Non-current assets	46.820	59.136	171.314
Total Non-Current Assets	523.823	557.961	492.766
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	150.172	98.476	52.133
(c) Trade receivables	624.118	114.649	129.095
(d) Cash and cash equivalents	376.382	420.230	466.237
(e) Short-term loans and advances	97.165	88.562	107.495
(f) Other current assets	3.402	3.152	9.463
Total Current Assets	1251.239	725.069	764.423
TOTAL	1775.062	1283.030	1257.189

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	785.477	463.525	371.128
	Other Income	33.170	35.360	46.605
	TOTAL (A)	818.647	498.885	417.733
Less	EXPENSES
	Cost of Materials Consumed	325.553	125.724	96.180
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(82.152)	(3.680)	(6.310)
	Employees benefits expense	72.034	60.117	56.782
	Manufacturing Expenses	17.892	15.887	14.286
	R & D Other expenses	243.320	259.263	164.535
	TOTAL (B)	576.647	457.311	325.473
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	242.000	41.574	92.260
Less	FINANCIAL EXPENSES (D)	21.335	24.754	18.393
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	220.665	16.820	73.867
Less/ Add	DEPRECIATION/ AMORTISATION (F)	22.505	15.696	18.401
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	198.160	1.124	55.466
Less	TAX (H)	40.769	0.191	8.458
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	157.391	0.933	47.008
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	471.443	479.537	472.928
Less	APPROPRIATIONS
	Proposed equity dividend (amount per share Rs.0.35)	27.006	7.716	8.888
	Tax on proposed equity dividend	5.498	1.311	1.511
	Transfer to General Reserve	13.902	0.000	30.000
	Balance Carried to the B/S	582.428	471.443	479.537
	Earnings / (Loss) Per Share (Rs.)	2.04	0.12	5.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	8.556	9.905	9.905
Cash generated from / Used in operations	(196.474)	77.924	480.160
Net cash flows from (used in) operating activities	200.825	99.626	391.017

QUARTERLY RESULTS

PARTICULARS	30.06.2015
Unaudited	1^st Quarter
Net Sales	347.740
Total Expenditure	192.660
PBIDT (Excl OI)	155.080
Other Income	9.110
Operating Profit	164.190
Interest	10.93
Exceptional Items	NA
PBDT	153.260
Depreciation	4.270
Profit Before Tax	148.990
Tax	31.230
Provisions and contingencies	NA
Profit After Tax	117.760
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	117.760

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	20.04	0.20	12.67
Operating Profit Margin (PBIDT/Sales)	(%)	30.81	8.97	24.86
Return on Total Assets (PBT/Total Assets}	(%)	11.18	0.09	4.52
Return on Investment (ROI) (PBT/Networth)		0.18	0.00	0.05
Debt Equity Ratio (Total Debt /Networth)		0.36	0.18	0.12
Current Ratio (Current Asset/Current Liability)		2.03	2.93	4.74

STOCK PRICES

Face Value	Rs.1.00
Market Value	Rs.85.30

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	88.884	77.160	77.160
Reserves & Surplus	984.320	908.450	1033.338
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1073.204	985.610	1110.498
Long-term borrowings	18.461	44.400	40.679
Short term borrowings	102.701	124.765	348.242
Current maturities of long-term debts	9.905	9.905	8.556
Total borrowings	131.067	179.070	397.477
Debt/Equity ratio	0.122	0.182	0.358

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	371.128	463.525	785.477
		24.896	69.457

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	371.128	463.525	785.477
Profit	47.008	0.933	157.391
	12.67%	0.20%	20.04%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity-Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PROJECTED

(RS. IN MILLION)

BALANCE SHEET

Particulars	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020	31.03.2021
	Estimated	Estimated	Estimated	Estimated	Estimated	Estimated
I.    EQUITY AND LIABILITIES
Shareholders' Funds	77.160	77.160	77.160	77.160	77.160	77.160
Reserves & Surplus	1128.701	2288.022	3270.770	4518.473	5985.732	7538.950
Total Shareholders’ Funds	1205.861	2365.182	3347.930	4595.633	6062.892	7616.110
(3) Non-Current Liabilities
(a) long-term borrowings	40.000	30.000	20.000	10.000	5.000	3.000
(b)long-term provisions	7.000	8.000	9.100	10.300	12.000	13.000
(c) Term loan	600.000	480.000	360.000	240.000	120.000	0.000
Total Non-current Liabilities	647.000	518.000	389.100	260.300	137.000	16.000
(4) Current Liabilities
(a) Short term borrowings	101.000	90.000	85.000	70.000	60.000	50.000
(b) Trade payables	42.709	108.475	131.528	180.334	216.138	269.452
(c) Other current liabilities	55.600	52.500	56.500	58.500	62.500	64.000
(d) Short-term provisions	11.010	115.932	98.275	124.770	146.726	155.322
Total Current Liabilities	210.319	366.907	371.303	433.604	485.364	538.774
TOTAL	2063.180	3250.089	4108.333	5289.537	6685.256	8170.884
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	449.230	444.856	428.887	414.426	401.184	388.945
(ii) Intangible Assets	22.766	15.179	10.120	6.747	4.498	2.999
(iii) Capital work-in-progress	0.000	0.000	0.000	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.500	0.500	0.500	0.500	0.500
(c) Long-term Loan and Advances	212.100	234.100	251.100	269.100	274.100	282.500
Total Non-Current Assets	684.596	694.635	690.607	690.773	680.282	674.944
(2) Current assets
(a) Current investments	0.000	0.000	0.000	0.000	0.000	0.000
(b) Inventories	289.000	312.500	325.500	335.500	350.000	355.100
(c) Trade receivables	224.900	424.200	519.200	645.200	741.100	864.400
(d) Cash and cash equivalents	706.784	1649.354	2390.426	3432.564	4716.974	6067.340
(e) Short-term loans and advances	154.400	165.600	178.600	181.200	192.500	204.500
(f) Other current assets	3.500	3.800	4.000	4.300	4.400	4.600
Total Current Assets	1378.584	2555.454	3417.726	4598.764	6004.974	7495.940
TOTAL	2063.180	3250.089	4108.333	5289.537	6685.256	8170.884

PROFIT AND LOSS ACCOUNT

PARTICULARS	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020	31.03.2021
	Estimated	Estimated	Estimated	Estimated	Estimated	Estimated
SALES
Income	1532.000	3551.700	3730.200	4748.500	5569.700	6449.200
Other Income	28.000	45.000	48.000	66.000	82.500	115.500
TOTAL	1560.000	3596.700	3778.170	4814.487	5652.236	6564.700
EXPENSES
Cost of Purchase	512.500	1301.700	1578.340	2164.008	2593.650	3233.430
Changes in Inventory	(2.000)	(2.500)	(1.000)	(2.000)	(2.000)	(1.500)
Employees benefits expense	65.000	131.700	171.000	220.500	265.000	321.000
Manufacturing Expense	54.000	75.000	89.000	98.500	108.000	119.000
R & D Expenditure	522.476	276.831	332.197	398.636	478.364	574.036
Other and General Expenses	146.500	258.825	295.750	312.000	331.375	352.000
TOTAL	1298.476	2041.556	2465.287	3191.644	3774.389	4597.966
PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	261.524	1555.144	1312.883	1622.843	1877.847	1966.734
FINANCIAL EXPENSES	94.111	80.349	63.267	45.185	28.053	11.191
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	167.413	1474.795	1249.616	1577.658	1849.794	1955.543
DEPRECIATION/ AMORTISATION	29.765	25.462	21.028	17.834	15.491	13.738
PROFIT/ (LOSS) BEFORE TAX	137.648	1449.333	1228.588	1559.824	1834.304	1941.765
TAX	27.543	290.011	254.840	312.121	367.044	388.547
PROFIT/ (LOSS) AFTER TAX	110.104	1159.321	972.747	1247.703	1467.259	1553.218
Earnings / (Loss) Per Share (Rs.)	1.43	15.02	12.74	16.17	19.02	20.13

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

(RS. IN MILLION)

VALUATION OF FREEHOLD DDA BUILT UP APARTMENT T– 20-07-04. THE COMMONWEALTH GAMES VILLAGE, NH -24, NEAR AKSHARDHAM MANDIR, NOIDA CROSSING, DELHI – 110092, INDIA

In the name of Mr. Ashok Atluri, PAN No. AAACZ8677K, M/6 Zen Technology Limited, B -42, Industrial Estate, Sanath Nagar, Hyderabad – 500018, Telangana, India

The property value is as follows:

Market value of the property as their opinion (1969.52 x 21500)	42.345
The realizable value can be considered as 85% i.e.	35.993
Insurance value	7.918
Property value as per circle rate (2654.32 x 8164)	16.079

VALUATION OF FREEHOLD DDA BUILT UP APARTMENT T– 20-07-04. THE COMMONWEALTH GAMES VILLAGE, NH -24, NEAR AKSHARDHAM MANDIR, NOIDA CROSSING, DELHI – 110092, INDIA

In the name of Mr. Ashok Atluri, PAN No. AAACZ8677K, M/6 Zen Technology Limited, B -42, Industrial Estate, Sanath Nagar, Hyderabad – 500018, Telangana, India

The property value is as follows:

Market value of the property as their opinion (1969.52 x 21500)	42.345
The realizable value can be considered as 85% i.e.	35.993
Insurance value	7.918
Property value as per circle rate (2654.32 x 8164)	16.079

VALUATION OF FREEHOLD DDA BUILT UP APARTMENT T– 20-07-04. THE COMMONWEALTH GAMES VILLAGE, NH -24, NEAR AKSHARDHAM MANDIR, NOIDA CROSSING, DELHI – 110092, INDIA

In the name of Mr. Ashok Atluri, Pan No. AAACZ8677K, M/6 Zen Technology Limited, B -42, Industrial Estate, Sanath Nagar, Hyderabad – 500018, Telangana, India

The property value is as follows:

Market value of the property as their opinion (2654.32 x 22000)	58.395
The realizable value can be considered as 85% i.e.	49.636
Insurance value	10.900
Property value as per circle rate (2654.32 x 8164)	21.670

VALUATION OF FREEHOLD DDA BUILT UP APARTMENT T– 20-07-04. THE COMMONWEALTH GAMES VILLAGE, NH -24, NEAR AKSHARDHAM MANDIR, NOIDA CROSSING, DELHI – 110092, INDIA

In the name of Mr. Ashok Atluri, Pan No. AAACZ8677K, M/6 Zen Technology Limited, B -42, Industrial Estate, Sanath Nagar, Hyderabad – 500018, Telangana, India

The property value is as follows:

Market value of the property as their opinion (2654.32 x 22000)	58.395
The realizable value can be considered as 85% i.e.	49.636
Insurance value	10.900
Property value as per circle rate (2654.32 x 8164)	21.670

------------------------------------------------------------------------------------------------------------------------------

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2015

(RS. IN MILLION)

Particulars	Quarter Ended (Unaudited)
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	347.739
2.Expenditure
a) Cost of material consumed	45.460
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	61.785
c) Employees benefit expenses	15.826
d) Depreciation and amortization expenses	4.270
e) Manufacturing Expenses	4.498
f) R&D Expenditure	34.936
g) Other expenditure	30.156
Total expenses	196.932
3. Profit from operations before other income and financial costs	150.807
4. Other income	9.109
5. Profit from ordinary activities before finance costs	159.917
6. Finance costs	10.931
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	148.986
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	148.986
10.Tax expenses	31.227
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	117.758
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	117.758
14.Paid-up equity share capital (Nominal value Rs.1/- each)	77.160
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	1.53
(b) Diluted	1.53

Particulars	Quarter Ended (Unaudited)
	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	31294720
- Percentage of shareholding	40.56
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	18111400
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	39.49
Percentage of shares (as a % of total share capital of the company)	23.47
b) Non Encumbered	27753940
Number of shares	60.51
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	35.97
Percentage of shares (as a % of total share capital of the company)
B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	NIL
Disposed of during the quarter	NIL
Remaining unreserved at the end of the quarter	NIL

NOTES:

The above results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on 14 August 2015. The Statutory Auditors have carried out the limited review of the results for the aforesaid period.

The figures for previous periods have been recast and regrouped wherever necessary.

The Company operates in only one segment, i.e., Training and Simulation.

The value of orders on hand as on 14 August 2015 is around Rs.831.700 Million including AMCs of worth Rs.790.400 Million. AMCs will be typically executed over a period of 5 years post warranty period.

During the year 2014-15, the Company sub-divided each Equity Share of face value of Rs.10/- (Rupees Ten only) as existing on the Record Date (24 November 2014) into 10 (Ten) Equity Shares of face value of Re.1/- (Rupee One only) each fully paid-up, with effect from the Record Date. Accordingly, all shares and per share information in the financial results reflect the effect of subdivision retrospectively.

------------------------------------------------------------------------------------------------------------------------------

CORPORATE INFORMATION (AS ON 31.03.2014):

Subject is a public company incorporated under the provisions of the Companies Act, 1956 having corporate office at B-42, Industrial Estate, Sanathnagar, Hyderabad-500018, India. The Equity Shares of the Company are listed on BSE Limited, Mumbai. The Company is engaged in design, development and manufacture of Training Simulators for Police and Para-military Forces, Armed Forces, Security Forces, Government Departments like Transport, Mining, Infrastructure and Civilian market. The company caters to both domestic and international market. The Company is having two manufacturing units - 1) Hardware Park, Maheswaram Mandal, Telangana, India and 2) Nalagarh, District Solan, Himachal Pradesh, India.

------------------------------------------------------------------------------------------------------------------------------

COMPANY PROFILE

INTRODUCTION:

Subject was incorporated in the year 1993 with an aim of developing state-of-the-art simulator for weapons and allied defence equipment.

ZEN has been on the forefront of applying new technologies and developing new products and is actively involved in indigenization of technologies, which are helpful for Indian security forces.

PRODUCT RANGE:

Zen Technologies, over the years, has developed expertise in designing, developing and manufacturing various types of state-of-the-art simulators. It has adopted system engineering concept and developed expertise in software, mechanical, electronics and optical systems to realize following:

· Small Arms Training Simulator – ZEN SATS®

· Advanced Weapons Simulator – ZEN AWeSim®

· Driving Training Simulator – ZEN DTS®

· Driving Simulator – ZEN DS

· Tactical Engagement Simulator – ZEN TacSim®

· Anti-Tank Guided Missile Simulator – ZEN ATGM® Sim

· BMP – II Driving Simulator – ZEN BMP II DS

· BMP – II Integrated Missile Simulator – ZEN BMP II IMS

· Forward Observer Simulator – ZEN FOS

· Radar Scan Converter – ZEN RSC

· Hand Grenade Simulator – ZEN HE36S®

· 81 mm Integrated Motor Simulator – ZEN 81mm IMS

· Bus Simulator – ZEN BusSim

· Driving Aptitude Testing System - ZEN DATS

· Combat Training Simulator System – ZEN CTSS

· Mining Equipment Training Simulator – ZEN METS

· Armoured Vehicle Driving Simulator – T72-DS, T90-DS

· Armoured Vehicle Basic and Crew Gunnery Simulator – T72-GS, T90-GS, T72-CGS and T90-CGS

R&D ACTIVITY:

The motto of the company is to develop indigenous state-of-the-art simulators, which can compete with the world-class simulators. These in-house developed products not only meet all quality standards but also are cost effective.

The company attaches special importance to its R&D activities and is guided by a functional Director. The R&D dept. has sophisticated software tools and skilled manpower to develop simulators.

MANUFACTURING CAPABILITY:

ZEN has developed core competency in the field of Software, Electronics, Optics and Mechanical disciplines. The capabilities available are given below in brief.

Software: The Company has state-of-the-art mathematical modeling software, which helps in simulating projectile behavior, vehicle dynamics and environment effect. In addition, software for Video Processing and Image Processing is also available. It has the capability of depiction/creation of 3-D Terrains/Models. In addition to this they have world-class open format modeling tools such as:

· Creator pro from MPI

· Creator Terrain Studio to create large Terrain Databases.

· Matlab Simulink

· Debugging and Testing Tools

· Software Engineering Tools

· Development Tools

Electronics: The company has developed a microprocessor based Control System for Vehicle Control and ATGM Tracking System. The electronic control system for the motion platform including the motion cue algorithms have been developed in-house. System being utilized in position sensing of weapon’s point of aim for various simulators has been designed and developed in-house.

Optics: The Company started working in the field of optics for developing Weapon Laser Sensing System and Laser communication. Wide Screen Projection System including edge blending has been achieved. Micro-screen based sighting system being utilized in simulating realistic missile and tank sights is another landmark achieved by Zen R&D.

Mechanical: The Company’s mechanical design team is skilled in engineering complex mechanical systems to replicate weapon system for use in training simulators. Following systems have been designed, developed and manufactured in-house.

· BMP ICV mockups

· Small Arms Weapon Sensor Integration

· 3, 4, 5 and 6 DoF Motion Platforms

· Armoured Vehicle mock ups

CUSTOMER BASE:

The company enjoys the confidence of a large customer base. Its customers are located across the length and breadth of the country. The main customers are:

· Defence Services

· State Police forces

· Central Police Organizations

· Special Forces

· Transport Departments

· Civil Sectors

· Mining Sectors

· Zen has exported the ZEN Advanced Weapons Simulator (ZEN AWeSim) to Malaysian Navy.

Certifications AND Recognitions:

· ZEN is a CMMi Level 3 certified company.

· ZEN is ISO/IEC 27001: 2005 (ISMS) certified.

· ZEN is an ISO 9001:2008 (QMS) certified.

· CRISIL has assigned an ‘SME 1’ rating to ZEN, which indicates “Highest level of credit worthiness, adjudged in relation to other SMEs”.

· ZEN has an in-house R&D unit recognized by Department of Scientific and Industrial Research, Min. of Science and Technology, Government of India.

· ZEN was awarded first prize for “Best Indigenous Products” in the X^th International Security Safety and Fire Exhibition, 2005 organized India Trade Promotion Organization.

· ZEN was awarded “Excellence in Product Innovation (Small Scale Industry)” for the year 2005-06 by FAPCCI (The Federation of Andhra Pradesh Chambers of Commerce and Industry).

· ZEN was awarded “Information Security Certification ISO 27001:2005” for the year 2006-07 by HYSEA (Hyderabad Software Exporter Association).

· ZEN was awarded “Most Innovative Portable Simulator (Security)” in the 12^th India International Security Expo- 2009, organized by the India Trade Promotion Organization.

· ZEN was awarded Dr. Visvesvaraya Industrial Award – 2009 for “Best Technology Effort” by All India Manufacturers’ Organization.

· ZEN was awarded “Certificate of Excellence” in November 2010 in recognition of exemplary growth and sustainable success by Inc.India, an e-magazine chronicling the growth of some of India’s most exciting young companies.

------------------------------------------------------------------------------------------------------------------------------

DIRECTORS’ PROFILE

Mr. Ashok Atluri, Chairman and Managing Director

Ashok Atluri is a PG Diploma holder in Applied Computer Science. He was instrumental in helping to design the simulators so that they would be simple to use, and ensured that the products would be based on industry standards, by developing the software on the Windows-Intel platforms. He is also a recipient of the "Small Scale Entrepreneur of the Year" award from Hyderabad Management Association in 1998.

Mr. M. Ravi Kumar, Whole Time Director

M.Ravi Kumar has 20 years of experience in the software industry. He worked in Bureau of Data Processing Services (BDPS) (1979-85), Nova Computers Private Limited (1986-90) and as Director at the Institute of Engineers. He is a technocrat and an expert in Systems Programming and Robotics. He is actively involved in the design and development of the present range of Simulators for the company in his role as Head, R&D Division. He is the person behind the successful development of Zen-SATS and currently administers the development of Zen AweSim™ and Zen TacSim™.

Commodore (Retd.) Sarvotham Rao, Independent Director

Cmde S Rao has served in various capacities in Indian Navy, Ordinance Factories, Naval Armament, Missile and Torpedo Depot and Bharat Dynamics Limited (BDL).

Cmde S Rao specialized in Quality Assurance of Armament, Torpedoes and Missiles. He is a Post Graduate in Armament Technology and trained on Torpedoes in UK. He was also a Faculty member in the Institute of Armament Technology for 3 years and served last 4 years in the Navy in Research and Development Establishment to develop under water weapons before joining Bharat Dynamics Limited.

Cmde S Rao looked after corporate functions in BDL and was incharge of operations of 5 Production Divisions in the capacity of Director (Technical) for 4 ½ years. He was appointed as Chairman and Managing Director of BDL in July 1994. During his tenure as Chairman and Managing Director of BDL, Cmde S Rao diversified the product range and entered into Naval Systems production.

Under the able guidance and leadership of Cmde S Rao, BDL's performance was rated as "Excellent" against MOD targets during three consecutive years from 1996-97 to 1998-99. BDL received "Technology Assimilation Award" from the Prime Minister of India. During his tenure, BDL achieved an average growth rate of 20%-25% per annum.

Mr. G Prasad, Independent Director

Mr G Prasad, a Bachelor of Commerce and Fellow Member of the Institute of Chartered Accountants of India is a partner of Nataraja Iyer and Co., Chartered Accountants, Hyderabad. He has more than 35 years of experience in audit and taxation matters of medium and large corporate, Banks and Financial Institutions.

Ms. M Sridevi, Additional Director (Non-Executive Independent)

Ms. M Sridevi, a Bachelor of Commerce and Fellow Member of the Institute of Company Secretaries of India is an associate of M/s G.P. Associates, Chartered Accountants, Hyderabad. She also holds a degree in Bachelor of Law and has done Masters Diploma in Business Administration. She has more than 9 years of experience in Corporate Secretarial matters.

------------------------------------------------------------------------------------------------------------------------------

APPROVED VENDOR LIST

S. No.	Name of the Vendor	Category	Address	City	Phone No	Email
1	A.M TECHNOLOGIES	Computer Pheriperals	SHOP NO 9, PANCHASHEEL TOWERS, PARK LANE ,	SECUNDERABAD	040 - 66324406, 9949348506	hyd.amtech@gmail.com
2	AJAY ELECTRICALS	Electrical Items	5-119, POST OFFICE LANE , FATHENAGAR	HYDERABAD	040-23776238	ajay_electricals@yahoo.com
3	AMIS ENGINEERS	Pneumatic Items, Connectors	141, RP ROAD,	SECUNDERABAD	040-27533139	info@amisengineers.com
4	ANDAVAR ELECTRICAL DISTRIBUTORS	Electrical Cables and Items	5-2-258, HYDERABASTI, LANE OPP: BIBLE HOUSE, RP ROAD	SECUNDERABAD	040-23468097	aedsecu@yahoo.com
5	KEMPTRONIX	Connectors	PLOT NO 11B, 1ST FLOOR, PHASE-V, IDA CHERLAPALLY	HYDERABAD	040-27260251	jsinghvi2002@gmail.com
6	SHYAM ELECTRONIC WIRES CENTRE	Wires and Cables	4-4-332, GIRIRAJ LANE, KOTI	HYDERABAD	040-24757256	sunil_sewc@yahoo.com
7	VINAYAK AUTOMATION PRODUCTS	Encoders	10-2-2/10, MEGHANA EASTEND APTSWEST MAREDPALLY	SECUNDERABAD	040-27805941	vinayakautomation@gmail.com
8	PRM ENTERPRISES	PCB Fabrication	PLOT NO. 23, PHASE -II EXT, IDA CHERLAPALLY	HYDERABAD	040-64104076	pavanpcb@gmail.com
9	HI-TECH INDIA PRIVATE LIMITED	Connectors	PLOT NO 11A/11B, PHASE V, IDA CHERLAPALLY	HYDERABAD	040-27260253	hitechconnector@gmail.com
10	AIN CORPORATION	CCTV Cameras	AM PLAZA, 6-3-678/2, PANJAGUTTA,	HYDERABAD	040-65585229	info@aincorp.in
11	SS POLYMERS	Packing Material	4-187, SHOP NO 7, BOZAI SHOPPING COMPLEX, BALANAGAR	HYDERABAD	040-23773310	shyamthermocole@gmail.com
12	POOJA ELECTRICALS	Electrical Cables and Items	SHOP NO.7-1-276/A/6, NEEMKAR COLONY, BALKAMPET	HYDERABAD	040-23812883
13	OG WORLD	Air Conditioners	6-1-89/A, BAPUJINAGAR, MUSHEERABAD,	HYDERABAD	040-27506253	ogworlds@gmail.com
14	SIR SAI TECHNOLOGIES	Plastic Moulding	PLOT 67, H NO.2-191, AKSHAYA ENCLAVE, BALANAGAR	HYDERABAD	9030968678	info@sirsaitechnologies.com
15	PE GEE SALES CORPN	Computer Pheriperals	305, IIIRD FLOOR,SWAPNALOK COMPLEX ,	SECUNDERABAD	040-66385728	peegee_2002@hotmail.com
16	KINECTIC POLYMERS	ESD and Antistatic Material	D-13/2, PHASE-1, POAD NO3, IDA JEEDIMETLA	HYDERABAD	040-65278344	kinecticpolymers@gmail.com
17	AVITRONICS PROJECTION	Projectors and Screens	1-2-9, RAJA DHEEN DAYAL COMPOUND	SECUNDERABAD	040-27891196	viniyjain@avitronics.in
18	NAVEEN UDYOG (HYD )	Plastic Sleeve,HSS,	5-2-46, PLOT NO.104, HYDERBASTI,	SECUNDERABAD	040-27535449	naveenudyoghyd@gmail.com
19	SULAKSHAMNA CIRCUITS	PCB Fabrication	PLOT NO 36, ANDICH INDUSTRIAL AREA, IDA BOLARAM	HYDERABAD	8008572300	marketing@scipcb.com
20	TARANG ELECTRICAL CO	Electrical Items	5-4-81, MG ROAD , OPP: SUNDARAM MOTORS	SECUNDERABAD	040-66385548	tarangele@gmail.com
21	HUSSAIN HARDWARE AND TOOLS	Tools and Hardware	5-5-191, TO 196, SHOP NO.102, 1ST FLOOR, GANJI SATYANRAYANA COMPLEX,	SECUNDERABAD	040-66202752	fastners4hyd@gmail.com
22	STAR HARDWARE STORES	Hardware	144-A KABRA COMPLEX MG ROAD	SECUNDERABAD	040-27713933	mail@starhardware.co.in
23	VN MEHTA AND CO	Hose Pipes	4-4-179, MAHAKALI STREET,	SECUNDERABAD	040-27713506	ashishp24@yahoo.com
24	SRAVANTII ELECTRONICS PRIVATE LIMITED	PCB Fabrication	2-1-392/1/3/11, 2ND FLOOR, SAI NIVAS ARCADE, FEVER HOSPITAL X ROADS, NALLAKUNTA,	HYDERABAD	040-27606084	sravanthipcb@yahoo.co.in
25	KIRAN ELECTRONICS	Electronic components	9 ROYAL PLAZA, SULTAN BAZAAR,	HYDERABAD	040-24758636	hydkiranele@yahoo.com
26	MX ELECTRONICS AND TELECOMMUNICATION	Electronic components	4-4-461, GIRIRAJ LANE, GUJARAT GALLI, BANK STREET	HYDERABAD	040-24756469	mxelectronicshyd@gmail.com
27	BG TRONIC	Electronic components	4-3-258/A/G/213, SHREE ELECTRONIC HOUSE, GIRIRAJ LANE, BANK STREET	HYDERABAD	040-30606057	sameergogri@yahoo.com
28	SAINI ELECTRO SALES	Electronic components	4-3-258/B, SHREE ELECTRONIC HOUSE , GIRIRAJ LANE, BANK STREET	HYDERABAD	040-24757599	hyd@sainigroup.in
29	KAPITAL IT	Computer Pheriperals	NO2, GROUNG FLOOR , EAST BLOCK, ARCHANA ARCADE	SECUNDERABAD	040-66382248	kapital_it@yahoo.com
30	ASIAN ELECTRICALS AND ELECTRONICS	Electrical Items	141/17, RP ROAD	SECUNDERABAD	040-66382248	asianelectrical@rediffmail.com
31	SV ELECTRONIC PRIVATE LIMITED	Electronic components	135, 1ST FLOOR, ARCHANA ARCADE OPPOSITE: RAIWAY STATION	SECUNDERABAD	040-27821970	svelectron@gmail.com
32	MANOJ METAL CORPORATION	Metals	4-4-169, MAHAKALI STREET	SECUNDERABAD	040-2771561	mmc.metal@yahoo..com
33	HANSA PICTURES	Projectors and Screens	143, R.P ROAD	SECUNDERABAD	040-27531662	hansapictures@airtelmail.in
34	SRI SAI FURNITURE	Packing Wooden Boxes	GAYATRI NAGAR MAIN ROAD, OPPOSITE: SAI MEDICAL SHOP, ALLAPUR, BORABANDA	HYDERABAD	9848090292
35	WIN WIN DISTRIBUTOR	Electric Motors	5-4-72, OPPOSITE: SUNDARAM MOTORS, MG ROAD	SECUNDERABAD	040-27537540	sales@winwindistribution.in
36	KAS ENGINEERING WORKS	Mechanic compnents and Assemblies	10-5-35/1A-11B, FATHENEAGAR,	HYDERABAD	9.03E+11	kaspurchase@yahoo.com
37	THRIFT ENGINEERING WORKS	Mechanical Components	10- 5-35/1A-1B	HYDERABAD	9849699971
38	IRIS ELECTRO OPTICS	Mechanical Components	201, S.R. SAI RESIDENCY, 55 AND 56, HASTINAPURI,	HYDERABAD	9866334021	chandra@iriselectrooptics.in
39	OPTICAL SYSTEMS AND COMPONENTS	Mechanical Components	PRASHANTH NAGAR, KUKATPALLY	HYDERABAD	040-23078467	opticalsystems@yahoo.com
40	CORPORATE ELECTRICALS	Electronic components	145, 246 AND 247, AKTC, COMMERCIAL COMPLEX , BIOCK - A, OPPOSITE, M G ROAD BUS STOP, RANIGUNJ, SEC-BAD	SECUNDERABAD	040 - 65573520	Corporate1809@gmail.com
41	MANU MARKETING ASSOCIATES	Electronic components	OFFICE NO.145 A BLOCK, ALKARIM TRADE CENTER,RANIGUNJ, M G ROAD,	SECUNDERABAD	040 - 27543520	manumarketingassociates@gmail.com
42	GLOBE TRADERS	Electronic components
43	KUUBERA MOTION CONTROL	Motors and Drives	KUUBERA" 94/01,OFF OLD MUMBAI- PUNE HIGHWAY, INDRAPURI, TALEGAON,	PUNE	8888825200	nsh@softconmotion.com
44	ELECTRO ENGINEERING ENTERPRISES	Electronic components	LAT NO 101, SYNERGY APARTMENTS, 10-2-19, WEST MARREDPALLY,	SECUNDERABAD	040 -2770 6565	eeesmps@eth.net
45	ELEMENT 14 INDIA PRIVATE LIMITED	Electronic components	2ND FLOOR, NO.15, THEME HOUSE, KRISHNANAGAR INDUSTRIAL AREA, OFF HOSUR MAIN ROAD	BANGALORE - 560029	080 - 4000 3888	atulw@element14.com
46	ETA GENERAL PRIVATE LIMITED	Air Conditioners		HYDERABAD	040-66103530
47	EXIDE POWER CENTER	SMF Batteries	7-1-621/428, LANE NO 4, NEAR COMMUNITY HALL, S. R. NAGAR	HYDERABAD	040-66131515	mohanraoexide@yahoo.com
48	GODREJ AND BOYCE MFG.CO. LIMITED	Furniture		SECUNDERABAD	040-27890438	psuri@godrej.com
49	PT ISTRUMENTS PRIVATE LIMITED	LTB Connectors	204-D,TWIN ARCADE, MILITARY ROAD,	MUMBAI	022-42250505	mumbai@ptinstruments-lemo.co
50	NIPPON INDIA	Power Supplies	237/8, SONAL LINK INDUSTRIAL ESTATE, BUILDING # 2, LINK ROAD, MALAD (WEST)	MUMBAI	022-40620000	info@nipponindia.com / sales@nipponindia.com

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INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10540101	17/12/2014	1,150,000.00	TOYOTA FINANCIAL SERVICES INDIA LIMITED	NO.21 CENTROPOLIS, FIRST FLOOR, 5TH CROSS LANGFORD ROAD, SHANTI NAGAR, BANGALORE, KARNATAKA - 560 025, INDIA	C38931481
2	10493130	10/04/2014	2,936,000.00	TOYOTA FINANCIAL SERVICES INDIA LIMITED	NO.21 CENTROPOLIS, FIRST FLOOR, 5TH CROSS LANGFORD ROAD, SHANTI NAGAR, BANGALORE, KARNATAKA - 560 025, INDIA	C04290433
3	10448572	27/08/2013	116,000,000.00	TECHNOLOGY DEVELOPMENT BOARD	WING-A, GROUND FLOOR, VISHWAKARMA BHAVAN, SHAHEED JEET SINGH MARG, NEW DELHI, DELHI - 110016, INDIA	B84792449
4	10139826	29/03/2009 *	46,000,000.00	TECHNOLOGY DEVELOPMENT BOARD	WING-A, GROUND FLOOR, VISHWAKARMA BHAVAN, SHAHEED JEET SINGH MARG, NEW DELHI, DELHI - 110016, INDIA	A62462551
5	10024309	23/05/2015 *	820,000,000.00	INDIAN BANK	201, KARAN CENTRE, SAROJINI DEVI ROAD, SECUNDERABAD, TELANGANA - 500003, INDIA	C56271984

* Date of charge modification

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COMMITMENTS AND CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
I. DISPUTED MATTERS
(a) Appeal filed by the Excise Department before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Bangalore against the decision of adjudication by Commissioner of Customs and Central Excise Hyderabad - II Commissionerate, in favour of the company pertaining to Excise matter in Order No:02/2006-C.Ex	NA	5.171
(b) Subsequent demands raised by the excise authority, pending decision of the case in (a) above, being disputed by the company	NA	74.943
Total	NA	80.114
II. GUARANTEES
(a) Bank Guarantees	NA	283.687

Note: The dispute in the matter (a) above was relating to inclusion of customized software in the valuation of simulators supplied by the Company during the period from F.Y. 2005-06 to 2010-11 (upto 31.07.2011). The matter was first adjudicated by the Commissioner of Customs and Central Excise Hyderabad - II Commissionerate and decided in favour of the Company. However, the Excise Department has filed an appeal before the Appellate Tribunal challenging the order passed by Commissioner of Customs and Central Excise. The Company, based on discussions with its solicitors and tax advisors, believes that there is a fair chance of winning the case in its favour in the appellate process and hence, no provision has been considered necessary against the same.

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FIXED ASSETS:

Tangible Assets

· Land

· Building

· Computers

· Plant and Machinery

· Office Equipment

· Furniture, Fixtures

· Testing Equipment

· Vehicles

Intangible Assets

· Software

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WEBSITE DETAILS:

PRESS RELEASES:

MULTIFOLD GROWTH IN PROFITS AND 250% INCREASE IN THE DIVIDEND RECOMMENDED

Hyderabad, India, 25^th May 2015:

Zen Technologies Limited released its annual and fourth quarter financial results for the year 2014-15.

Highlights

· Net sales for the financial year is Rs.785.500 million against Rs.463.500 million last year

· Net profit for the financial year is Rs.157.400 million against Rs.0.933 million last year

· Dividend recommended for the financial year is Rs.0.35 per share (35%) on the Equity Shares of face value of Re.1/- each as against Re.1.00 per share (10%) on the Equity Shares of face value of Rs.10/- each last year

We expect FY16 to be significantly better in terms of total revenues and profits.

The value of orders on hand as on 31^st March 2015 is around Rs.1189.400 million including AMCs of worth Rs.790.400 million.

Commenting on the company’s strong performance, Mr. Ashok Atluri, Managing Director, Zen Technologies said “Zen Technologies is on a growth trajectory. We think the results of FY16 will sustain the momentum. We will continue investing in product innovation, R&D, geographical expansion and human capital, while continuing to deliver value to both our shareholders and customers.”

Zen is presently bidding for cumulative contracts worth more than Rs.5000.000 million. We expect the outcome of the orders to be known starting from the second quarter of FY 2015-16.

Zen expects to benefit from the decisive actions of the Ministry of Defence (MoD) with respect to procurements. Operational preparedness has become important, both with the defence and police forces. For operational preparedness adequate training with different scenarios is a must, which can be effectively imparted using simulators. We expect such focus should result in procurement of more simulators.

MoD has given a significant push to exports by streamlining the permission process for exports in the past few months. We will be exporting simulators during the year and expect exports to accelerate in the coming years. Zen is participating in DSEI 2015, the world’s largest defence exhibition, in London in the month of September 2015.

From offering training and simulator equipment, Zen’s focus has shifted to providing fullfledged solutions like Combat Training Centres to its clients. These are customized to each clients’ needs and involves integrating training simulators, equipment, software, terrains and training methodologies as a package.

About Zen Technologies Limited

Zen Technologies Limited [BSE: 533339 and NSE: ZENTEC] develops state-of-the-art training equipment and simulators for weapons and allied defence equipment. Zen, incorporated in 1993, with headquarters in Hyderabad, has over the years designed, developed and manufactured various types of training equipment and simulators. The products developed in-house meet high qualitative standards and are cost-effective. The company has supplied over 750 simulators to over 100 customers across all the three armed forces, State and Central Police Forces of India and other countries. With the aim to develop world-class training equipment and simulators, the company attaches special importance to R&D with its facility being recognized by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India.

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CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.83
UK Pound	1	Rs.103.39
Euro	1	Rs.74.27

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
Report Prepared by :	SMN / KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		47

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.