MIRA
INFORM REPORT
|
Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
APARA
ENTERPRISES SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Suite 801, 7th Floor, 139, Oxford Towers, Airport
Road, Kodihalli, Bangalore - 560 008 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
24.02.1992 |
|
|
|
|
Com. Reg. No.: |
08-12863 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U32104KA1992PTC012863 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05089A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCA1857F |
|
|
|
|
Legal Form : |
Private
Limited Liability Company. |
|
|
|
|
Line of Business : |
Providing
Storage and Data Management, Intelligent Failure Proof Data Storage,
Automated Tape Libraries, Solutions and Network for Seamless flow of Data. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
575000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. Financial position is good. Payments are correct and as per
commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Software Centre / Head Office : |
Suite 801, 7th Floor, 139, Oxford Towers,
Airport Road, Kodihalli, Bangalore 560 008, India |
|
Tel. No.: |
91-80-25097501
/ 25201381 / 25201382 |
|
Fax No.: |
91-80-25201383
/ 39891383 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5400
sq. ft. |
|
Location : |
Leased
|
|
|
|
|
Europe Operations : |
Apara Enterprise Solutions BVBA, Schuurweg 6,
B-3272 Testelt |
|
Tel.
No.: |
32 – 13 - 78 52
68 |
|
Fax
No.: |
32 – 13 - 78 52
69 |
|
|
|
|
Branches
: |
Mumbai 6th Floor, B
Wing, Laxmi Towers, Behind ICICI Bank, Bandra Kurla Complex, Bandra (East),
Mumbai 400 051, India Tel No.: 91-22-39892727
28, Okhla Industrial Estate, Phase-III,
New Delhi 110 020, India Tel No.: 91-11-39892727
402, 4th Floor, City Point, Dhole Patil
Road, Pune 411 001, India Tel No.: 91-20-39892727
2nd Floor, 4 Salzburg Square,
107 Harrington Road, Chennai 600 031 Tel No.: 91-44-39892727
302, Olbee Centre, Raj Bhavan Road,
Somajiguda, Hyderabad 500 082, India Tel No.: 91-40-39892727
M A Business Centre, 113 Park Street,
Ground Floor, Rear Block, Poddar Point, Kolkata 700 016, India Tel No. : 91-33-22171595 / 6 / 7 / 8 / 9 /
22178920 |
DIRECTORS
|
Name : |
Mr. M.
S. Sidhu |
|
Designation : |
Director
|
|
|
|
|
Name : |
Ms.
Vidyalakshmi |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. V.
Balaji Bhat |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Kumar Malavalli |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. G.
S. Ravi |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Ramesh A. Savoor |
|
Designation : |
Director
|
BUSINESS DETAILS
|
Line of Business : |
Providing
Storage and Data Management, Intelligent Failure Proof Data Storage,
Automated Tape Libraries, Solutions and Network for Seamless flow of Data. |
|
|
|
|
Exports to : |
Asia
Pacific and Middle East |
|
|
|
|
Terms : |
|
|
Selling : |
Contract
and Credit [45 days] |
|
|
|
|
Purchasing : |
L/C,
Documents through Bank, Payment on delivery and Credit [30 days] |
GENERAL
INFORMATION
|
Suppliers : |
Veritas
Software Solution, Mumbai |
|
|
|
|
Customers : |
Reliance
Industries Limited, Mumbai |
|
|
|
|
No. of Employees : |
120 |
|
|
|
|
Bankers : |
Ø
State
Bank of India, Industrial Finance Branch, Bangalore Ø
IDBI
Bank Limited, Mission Road, Bangalore Ø
UCO
Bank, 9th Main, 3rd Block, Jayanagar, Bangalore |
|
|
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Gnanoba
and Bhat Chartered
Accountants Bangalore |
|
|
|
|
Associates/Subsidiaries : |
Ø
Amsal
Infotech Private Limited, Bangalore |
|
|
|
|
Group Companies : |
Ø
Amsal
Infotech Private Limited, Bangalore Ø
Indusage
Advisors Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
600000 |
Preference
Shares |
Rs. 100/- each |
Rs. 60.000 Millions |
|
|
Total
|
|
Rs. 90.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
8048450 |
Equity
Shares |
Rs. 10/- each |
Rs. 80.485 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
80.485 |
67.351 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
68.135 |
62.851 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
148.620 |
130.202 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
145.778 |
239.975 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
145.778 |
239.975 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
294.398 |
370.177 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
47.929 |
47.611 |
|
|
Capital work-in-progress |
|
0.700 |
0.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
4.542 |
4.190 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
|
|
|
Sundry Debtors |
|
|
|
|
|
Cash & Bank Balances |
|
387.251 |
494.515 |
|
|
Other Current Assets |
|
|
|
|
|
Loans & Advances |
|
|
|
|
Total Current Assets |
|
387.251 |
494.515 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
146.024 |
176.839 |
|
|
Provisions |
|
|
|
|
Total Current Liabilities |
|
146.024 |
176.839 |
|
|
Net Current Assets |
|
241.227 |
317.676 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
294.398 |
370.177 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
478.352 |
721.243 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
7.536 |
[18.070] |
|
Provision
for Taxation |
|
[3.250] |
[0.029] |
|
Profit/(Loss)
After Tax |
|
10.786 |
[18.099] |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
2.25 |
[2.51] |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
1.83 |
[2.59] |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
1.73 |
[3.33] |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
[0.14] |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.96 |
3.20 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.65 |
2.80 |
LOCAL AGENCY
FURTHER INFORMATION
The
subject was incorporated as “Apara Design Automation Private Limited” on 24th
February, 1992. the name was changed to the present name w.e.f. 23rd
February, 2001.
Business
Specialises
in Disaster recovery, High Availability, Network Attached storage [NAS],
Storage area Networking [SPN], Site to Site Replication, Clustering,
Application – Based storage Management and Backup Integration.
Company
Organizations
that are dependent on IT to enable & enhance their business, often come
across challenges in building responsive IT infrastructure that can adopt to
the ever-changing business needs and support business. APARA focus on their
pain areas & helps organizations in overcoming these challenges.
APARA provide best in class solutions and consulting services in Enterprise
Storage, Intelligent Networking, Enterprise Security, Secure Messaging and
Application Solutions. Their success has centered on its capability to think
beyond boundaries. Its ability to resolve customers' business problems by
providing simple and cost effective solutions together with an in-depth
delivery approach is helping over 400 transnational and Indian enterprises
achieve their objectives effortlessly, across various industry segments like
Banking & Finance, Telecom, Service Providers, ITES / BPO, Software, Energy
and Manufacturing.
Responsive information infrastructure
Information is the lifeline of today's businesses & enterprises. Especially
when it can drive transactions, facilitate idea exchanges & create unique
competitive advantages for organizations worldwide. But if businesses do not
protect, secure & manage their information smoothly & effectively it
can cripple them with disastrous results.
Enter APARA. They will help the customer manage the ever-growing information
needs with an array of Solutions & Services that will provide the IT
Infrastructure with a responsiveness the customer have never experienced
before. A responsiveness that will help the customer adept to changing
situations speedily & enables the customer focus on the core competencies.
And a responsiveness that will help the customer reduce risk immensely. By
second. By minute. By day.
Exploiting value in the IT infrastructure
For businesses that rely on technology for critical operations, APARA offers a
plethora of alternatives that is helping them improve efficiencies and leverage
new market opportunities. And this comes very easily to us. Because they
understand the technology and process of managing, protecting, moving and
securing data across enterprise networks, better than any one else. Probably
why they are the leaders in the intelligent information infrastructure domain.
A leadership born out of enterprising solutions and services that is empowering
over 300 top Indian enterprises with sustainable competitive advantage. In turn
enabling them exploit untapped value in their IT infrastructure. Solutions that
are not only customized but also built around their strong technical expertise
and their capacity to innovate.
Qualities that allow businesses pursuing service expansions, preparing for
major application implementations, considering new e-business initiatives or
wanting to improve their overall IT performance to:
Ø Achieve
strategic business objectives
Ø Optimize
the cost effectiveness and performance of critical IT resources
Ø Adopt IT
resources that respond quickly to changing conditions and requirements
Ø Minimize
IT risks
Ø Establish
a responsive and effective IT Infrastructure management structure
Information that empowers performance
Information is the key to an enterprise's successful performance. Especially in
today's networked world. By helping the customer consolidate and protect the
information, share it seamlessly across networks and secure the same
information effectively, APARA is empowering organizations and enterprises in
more ways than one. But how is APARA making this happen? By optimising and
streamlining critical business processes. Speeding up access for accurate
information about operations, customers and competitors. Integrating systems
with partners, customers and suppliers. Extending IT based value propositions
to customers. And improving an enterprise's overall IT performance and
cost-effectiveness.
In APARA's success, lies the hand of numerous customers. People who have been instrumental
in their growth as much as they have accentuated theirs. In industries and
verticals as diverse as Banking, Finance, Telecom, ITES, BPO, IDC's, ISP's
Portals, Software, EDA and Healthcare. Some of them include; ABN AMRO Bank,
Accenture, Bharti Group, Citibank, Daimler Chrysler, Ericsson, GE Captial,
HFCL, ICICI Bank, Idea Cellular, Intel, Kotak Mahindra, Motorola, Rediff.com,
Reliance Infocomm, Robert Bosch, Synopsys and Yahoo India.
They are helping organizations focus on their core business of harnessing
business value out of the information quagmire. Thereby helping them deliver
value-based and innovative solutions to their customers. Inturn enabling them
achieve and sustain measurable results in more ways than one. They don't see
their selves just as solution providers, but as partners in the business
objectives.
APARA 's
key management team is a blend of recognized technical and business
professionals who bring a collective experience of more than 100+ years of
business operations.
Kumar Malavalli,
Chairman
Kumar
Malavalli is widely considered to be the visionary behind Fibre Channel storage
fabrics, an evolutionary technology that enabled the development of
production-class storage area networks (SANs) and a multi-billion dollar market
segment. Kumar is co-founder and currently chairman and CEO of the Santa Clara,
Calif.-based InMage Systems Inc. He also is the co-founder of Brocade
Communications Systems Inc., one of the world's largest providers of
infrastructure solutions for storage area networks. He is also one of the
principal architects of Fibre Channel technology, a high-speed data transfer
technology used in storage networks. He served as chair of the ANSI T11
Technical Committee, which established universal standards for Fibre Channel.
Among his most significant industry contributions are serving in technical
capacities for Amdahl, Canstar, and Hewlett-Packard.
He has
also served on the Boards of Directors of the Storage Networking Industry
Association and the Fibre Channel Industry Association. In February 2003, Kumar
was inducted into the Silicon Valley Engineering Council Hall of Fame for his
contributions to technology. He also received the Gene Milligan Award for
Effective Committee Management from the International Committee for Information
Technology Standards (INCITS) for chairing an INCITS committee that developed
17 standards in the area of Storage Area Networks.
Kumar
currently invests in and mentors numerous storage networking startups in both
Silicon Valley and in India. He also contributes substantially toward his own
global vision, which encompasses telemedicine and education. He is a member of
the Board of Directors of The Indus Entrepreneurs Silicon Valley Chapter, and
is a trustee of the American India Foundation. For many years Kumar chaired the
ANSI Fibre Channel Technical Committee and was a member of the boards of the
Fiber Channel Industry Association and the Storage Networking Industry
Association, Storage Networking Summit.
He is
also on the board of The Indus Entrepreneurs (TiE), a global nonprofit
organization created for the advancement of entrepreneurship among Indians and
non-Indians in Silicon Valley and around the world. Kumar has promoted number
of storage networking companies like, Aarohi Communications, Intransa,
LightSand Communications, Cloverleaf Communications, TeleVital, Tidal Data. He
is also Founder of Edurite Technologies. He is a partner and co-chairman in
Pulsar Ventures, based in Half Moon Bay.
He also
is a member of the board of trustees of The America India Foundation, founded
in January of 2001 by leading Indian-American business and community leaders
under the patronage of former President Bill Clinton.
M S Sidhu, Managing Director
Sidhu,
with his pioneering vision founded APARA in 1992. He has over 18 years rich
experience in Business management, sales &marketing of IT solutions and
services to enterprise customers .He holds a degree in Mechanical Engineering.
Before
he founded APARA, Sidhu worked for India's largest IT companies- HCL and Wipro
in key sales positions. Right from inception, with his dynamism and passion for
excellence, he has nurtured APARA into leadership position in IT infrastructure
Solutions & Services market.
Vidya
Lakshmi, Director
Vidya
Lakshmi co-founded APARA with Sidhu. She has over 15 years experience in
managing operations, customer service and HR. She has had considerable
experience in managing Service Operations at Xerox. At APARA, Vidya was
instrumental in building a strong foundation of customer service, operational
excellence, quality processes and employee friendly HR policies.
Vidya holds a degree in Commerce.
Shivaram M N, Director
Prof. Shivaram M.N. has over 25 years of Industrial and Research
experience, mentoring technocrat entrepreneurs and supporting them during their
establishment, sustenance and growth.
He was instrumental in establishing the first Science & Technology
Entrepreneurs Park (STEP) in the country and a Technology Business Incubator as
Director, catalyzing the establishment of ICT enterprises with R&D, HRD,
and business facilitation. This STEP was adjudged the best STEP in the Country
and awarded the BEST STEP award by Department of Science and Technology Govt.of
India. He was also the Member Secretary National Advisory Committee, Chairman
Organizing Committee for the All India Workshop on ICT for Masses, Chairman of
The Institution of Engineers India and President of the Mysore IT Forum.
He is the recipient of a Special Honour Award with a citation and medal
by WASME (World Association of Small & Medium Enterprises) in China, for
his contribution to the establishment & growth of SME's in the region. He
is the Charter member of TiE Bangalore.He is also the Chairman and Managing
Director of eHealth Technology Business Incubator sponsored by Department of
Science and Technology Govt.of India.
He received his Master's in Industrial Design from IIT Bombay and a PGD
in Computer Programming from University of Mysore.
Balaji
Bhat, Director
Balaji is a Chartered Accountant and practicing Management Consultant.
He has been associated with the APARA since its inception as an Advisor. He is
also associated with various medium and large companies in India as a Board
Member & Financial Consultant. He brings more than 17 years of experience
in financial services to the company.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|