MIRA
INFORM REPORT
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Report Date : |
26.12.2006 |
IDENTIFICATION
DETAILS
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Name : |
TULIP
IT SERVICES LIMITED |
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Registered Office : |
C-160, Okhla Industrial Area, Phase-I, New Delhi - 110 020 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.05.1992 |
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Com. Reg. No.: |
55-48817 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PL048817 |
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Legal Form : |
A public limited liability company. The
Company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Traders of computer hardware/computer
networking equipment and providing IT enabled services, computer networking
and related services in the field of computers. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
A |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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Maximum Credit Limit : |
USD
7000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established Information Technology Company having fine track.
Financial position is good. Payments are usually correct and as per
commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
C-160, Okhla Industrial Area, Phase-I, New Delhi - 110 020, India |
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Tel. No.: |
91-11-51678001 |
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Fax No.: |
91-11-51678002 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq.ft. |
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Location : |
Rented |
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Head
Office/ Factory : |
J-31, South Extension - 1, New Delhi - 110049, India |
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Tel.
No.: |
91-11-24648001 |
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Fax
No.: |
91-11-24610292 |
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E-Mail
: |
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Website
: |
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Branches
: |
Located at:
Tel : 91-141-2291781
Tel. 91-11-51678001 Fax. 91-11-51678002 E-mail.dineshv@tulipit.com,
deepakk@tulipit.com
Tel. 91-33-24237243/45 E- mail. rajibs@tulipit.com, support.cal@tulipit.com
Tel.
91-79-27432353.27494214 E-mail. support.ahm@tatafin.com
Tel.
91-739-5487345 E-mail.
support.indore.tatafinc.com
Cell.
91-712-3764919
Tel.
91-22-28236920, 56950011 Fax.
91-22-28238468, 56943577
Tel.
91-20-3891560
Tel.
91-40-23773131, 31089289
Tel. 91-80-2124345/4625 Fax. 91-80-2124551 Cell. 91-9845164984 (Mr. Atul Tufchi)
Tel. 91-44-24713396/24986944/23718881/23718882 Fax. 91-44-24713396
Tel. 91-493-2734101 Fax. 91-493-2734105
Tel : 91-471-3256645
Mumbai Tel.No.:022-28236920,022-56950011 Chennai Bangalore Tel. No.:Phone:91-80-22124345 / 4625 Fax:91-80-22124551 Chandigarh SCO-49,Sector20CChandigarh Kolkata Jammu Pune Calicut Ahmedabad Nagpur Secunderabad Patna Jaipur Bilaspur Kochi Ludhiana Jalandhar Amritsar Bathinda E-Mail :: sunil_n1975@yahoo.com, sales@tulipit.com Patiala Ganganagar Dehradun Agra Meerut Moradabad Lucknow Kanpur Bhopal Jabalpur Bhilai/Raipur Indore Aurangabad Kolhapur Nashik Aizawl Guwahati Hyderabad Pondicherry Coimbatore E-Mail :: rajivr@tulipit.com, senthilm@tulipit.com sales@tulipit.com Trivendrum Malappuram |
DIRECTORS
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Name : |
Lt. Col. Hardeep
Singh Bedi |
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Designation : |
Managing
Director |
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Address : |
C-4/4,
Vasant Vihar, New Delhi – 110057 |
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Date of Birth/Age : |
20.09.1952 |
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Date of Appointment : |
15.01.1994 |
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Name : |
Mr. Maninder
Bedi |
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Designation : |
Executive
Director |
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Date of Birth |
25.12.1950 |
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Date of Appointment |
01.12.1997 |
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Name : |
Mr. Deepinder
Singh Bedi |
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Designation : |
Non
Executive and Non Independent Director |
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Name : |
Mrs.
Chandrahas Kutty |
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Designation : |
Non-Executive
Independent Director |
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Name : |
Mr.
Rajesh Guishan |
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Designation : |
Non-Executive
Independent Director |
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Name : |
Mr.
Jasbinder S. Rai |
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Designation : |
Non-Executive
Independent Director |
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Name : |
Lt.
Gen. (Retd.) A. N. Sinha |
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Designation : |
Non-Executive
Independent Director |
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Name : |
Ms.
Sukhmani Bedi |
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Designation : |
Non-Executive
and Non Independent Director |
KEY EXECUTIVES
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Name
: |
Mr.
Dinesh Kaushal |
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Designation
: |
CFO
and Company Secretary |
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Address
: |
C-160,
Okhla Industrial Area, Phase I, New Delhi-110020, India |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters
Holding |
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1. Promoters |
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Indian Promoters |
10412850 |
35.91 |
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Foreign Promoters |
0.00 |
0.00 |
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2.
Persons Acting in Concert |
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Private Corporate Bodies |
9581750 |
33.04 |
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Individuals |
5100 |
0.02 |
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Sub
Total |
19999700 |
68.96 |
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B.
Non- Promoter’s Holding |
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Institutional Investors |
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Mutual Funds and UTI |
2732096 |
9.42 |
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Banks, Financial Institutions, Insurance Companies (Central/ Government Institutions/ Non-State Government Institutions) / Venture Capital |
20000 |
0.07 |
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FIIs |
681784 |
2.35 |
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Sub
Total |
3433880 |
11.84 |
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Others |
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Private Corporate Bodies |
2134426 |
7.36 |
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Indian Public |
2977850 |
10.27 |
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NRI’s/ OCBs |
150251 |
0.52 |
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Any Other Trust |
50 |
0.00 |
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Clearing Members |
303843 |
1.05 |
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Sub
Total |
5566420 |
19.19 |
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Grand
Total |
29000000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Traders of computer hardware/computer
networking equipment and providing IT enabled services, computer networking
and related services in the field of computers. |
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Imports from : |
U.S.A and Singapore |
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Terms : |
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Selling : |
Cash/Advance, Contract or Credit (30
days) |
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Purchasing : |
Cash/Advance, L/C or Credit (30 days) |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, manufacturers, retailers, government bodies, corporate clients and banks. Some of its’ major customers are :- · Bank of Punjab Limited · HDFC Bank Limited · Ericssion India Private Limited · Tata Finance Limited · Times Group · Seibe India Private Limited · NDPL · Mahindra · Radio Mirchi · Indian Overseas Bank · Bharti · Exel · NDTV · UNFPA · Philips · Ranbaxy Laboratories Limited · Amar Ujala · Arvind · DHL · DIF · Havell’s India Limited · Hindustan Times · Indo Asian Energy Management · Kotak Institutional Equities · Sanyo · Sony · Tata Motors · Tricolite · Maruti Suzuki · Alstom · Metso Minerals · Punjab National Bank · Bombay Dyeing · Ansals · Oupont · Mc Donalds · Uniproducts (India) Limited |
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No. of Employees : |
1800 |
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Bankers : |
v Bank of India, Nehru Place, New Delhi - 110 019 v Indian Overseas Bank v Canara Bank |
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Facilities : |
Secured Loans:
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Banking Relations : |
Good |
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Auditors : |
R. Chadha and Associates Chartered Accountants New Delhi - 110028 |
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Associates/Subsidiaries : |
Associates
Subsidiaries Tulip IT Services Singapore Pte. Limited |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares of |
Rs.10/- each |
Rs. 300.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
29000000 |
Equity Shares of |
Rs.10/- each |
Rs.
290.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
290.000 |
260.000 |
120.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1575.672 |
206.141 |
67.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1865.672 |
466.141 |
187.000 |
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LOAN FUNDS |
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1] Secured Loans |
755.835 |
237.606 |
122.800 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
755.835 |
237.606 |
122.800 |
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DEFERRED TAX LIABILITIES |
1.911 |
9.945 |
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TOTAL |
2623.418 |
713.692 |
309.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
727.225 |
196.161 |
61.300 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
20.211 |
0.211 |
0.200 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
262.543 |
205.630 |
184.300 |
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Book Debts |
1456.801 |
601.614 |
393.700 |
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Cash & Bank Balances |
467.471 |
88.138 |
30.500 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
467.471 |
88.138 |
25.600 |
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Total Current Assets |
2329.243 |
919.226 |
634.100 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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375.900 |
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Provisions |
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|
10.800 |
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Total Current Liabilities |
453.991 |
402.740 |
386.700 |
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Net Current Assets |
1875.252 |
516.486 |
247.400 |
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MISCELLANEOUS EXPENSES |
0.730 |
0.834 |
0.900 |
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TOTAL |
2623.418 |
713.692 |
309.800 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
5093.513 |
3428.381 |
2945.800 |
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Profit/(Loss)
Before Tax |
567.763 |
160.399 |
80.600 |
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Provision
for Taxation |
77.957 |
26.510 |
14.500 |
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Profit/(Loss)
After Tax |
489.806 |
133.889 |
66.100 |
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Export
Value |
0.000 |
0.846 |
NA |
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Import
Value |
142.337 |
50.562 |
NA |
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Total
Expenditure |
4525.750 |
3267.982 |
NA |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2006 |
31.09.2006 |
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Sales Turnover |
|
142.69 |
185.12 |
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Other Income |
|
0.09 |
0.06 |
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Total Income |
|
142.78 |
185.18 |
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Total
Expenditure |
|
124.56 |
156.33 |
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Operating
Profit |
|
18.22 |
28.85 |
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Interest |
|
2.05 |
1.68 |
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Gross Profit |
|
16.17 |
27.17 |
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Depreciation |
|
1.44 |
4.57 |
|
Tax |
|
0.87 |
2.19 |
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Reported PAT |
|
13.82 |
20.25 |
200606 Quarter 1
1. The above unaudited results were duly reviewed by the audit committee and were ko record by the Board of Directors at their meeting held on 31st July, 2006. 2. Financial results for the quarter ended 30th June 2006 are subject to limited review by the statutory auditors. 3. Prior period/year figures have been regrouped/reclassified wherever necessary. 4. The subsidiary considered in the consolidated financial statement as at 30th June 2006 Is a wholly owned subsidiary, namely Tulip IT Services Singapore Pte Limited, Singapore. 5. The company concluded its IP0 in December 2005 and its equity shares were listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on 05 January 2006. The IPO comprised of 9000,000 equity shares of face value of Rs.10/- each issued at premium of Rs.110/- per equity share. 6. Post Its IPO In January 2006, the company has published results for the 3rd quarter of financial year ended 31st March 2006. Hence, the figures for the corresponding quarter of the previous year 2005 have not been given. 7. As proposed in the offer document, the company deployed the IPO proceed party in expanding Its Wireless Based IP VPN presence across The country, working capital requirement, meeting IPO expenses and the balance funds have been invested in liquid mutual funds and fixed deposit with banks. 8. The status of investors grievance for the quarter ended 30th June 2006 pending as on 1.04.2006- 8 no of cases received during the quarter- 68, no of cases disposed of during the quarter- 76, pending cases as an 30.06.2006 - nil. (All the investors' complaints received during the quarter were IPO related.)
200609 Quarter 2
EPS is Basic 1. The above results are based on audited accounts duly reviewed by the audit committee and were taken on record by the Board of Directors in their meeting held on 27th October 2006. 2. Financial results for the quarter ended 30th September 2006 are subjected to limited review by the statutory auditors. 3. Prior period/year figures have been regrouped / reclassified, wherever necessary. 4. The subsidiary considered in the consolidated financial statements at March 31, 2006 is a wholly owned subsidiary, namely M/s Tulip IT Services Singapore Pte Limited, Singapore. 5. The company concluded its IPO in December 2005 and its equity shares were listed on The Bombay Stock Exchange Limited, and the National Stock Exchange of India Limited, on 5th January 2006. The IPO comprised of 9000,000 equity shares of face value of Rs.10/- each issued at premium of Rs.110/- per equity share. 6. As proposed in the offer document, the company deployed the IPO proceed partly in expanding its Wireless Based IP VPN presence across the country, working capital requirement, meeting IPO expenses and the balance funds have been invested in liquid mutual funds and fixed deposit with banks. 7. The status of investor’s grievance for the quarter ended 30th September 2006 pending as on 01.07.2006-nil. No of cases received during the quarter-18, No of cases disposed off during the quarter-18, pending cases as on 30.09.2006-nil, (17 of the investors complaints received during the quarter were IPO related and 1 complaint was related to non-receipt of annual Report.)
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.45 |
0.70 |
0.61 |
|
Long Term Debt-Equity
Ratio |
0.12 |
0.10 |
0.05 |
|
Current Ratio |
1.88 |
1.24 |
1.25 |
|
TURNOVER RATIOS |
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Fixed Assets |
10.23 |
24.76 |
41.19 |
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Inventory |
21.73 |
17.58 |
25.95 |
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Debtors |
4.94 |
6.89 |
9.90 |
|
Interest Cover Ratio |
9.91 |
5.54 |
4.75 |
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Operating Profit Margin(%) |
13.22 |
6.00 |
3.91 |
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Profit Before Interest And
Tax Margin(%) |
12.37 |
5.71 |
3.66 |
|
Cash Profit Margin(%) |
10.37 |
4.35 |
2.62 |
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Adjusted Net Profit
Margin(%) |
9.52 |
4.06 |
2.37 |
|
Return On Capital
Employed(%) |
39.55 |
44.90 |
47.59 |
|
Return On Net Worth(%) |
44.22 |
54.22 |
49.35 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.541.90 |
|
Low |
Rs.518.00 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in the business as traders of computer hardware/computer networking equipment and providing IT enabled services, computer networking and related services in the field of computers.
The Company’s Fixed Assets include Land , Building, Plant and Machinery, Equipments, Tulip Connect, Office Equipment, Computer, Furniture, Cycler, Vehicles, Capital Work in progress.
It provides following services :-
Banking / Finances
- Punjab National Bank. Countrywide Network
- Bank of Punjab. Countrywide Network
- Indian Overseas Bank. Connectivity Management
- HDFC Bank. Wireless connectivity and Major Cisco deployment
Statewide Networks
- Project Akshaya, Mallapuram. 1100 Wireless connects in first phase
- Gujarat State Network. Part of the network based on Cisco
- Service Providers
- VSNL. Wireless and Major Connectivity Solutions
- Bharti. Wireless and Major Connectivity Solutions
- Equant, HECL, HFCL. Primus
Media
- Times of India
- Star News
- Radio Mirchi
- Radio City
- Red FM
- Sun FM
Corporate
- Phillips
- Mitsui
- Becton Dickenson
- Exel India Private Limited
- Mahindra
- Ranbaxy
- Hotel Le Meridian and Taj Mahal, Mumbai
Call Centres/BPO
- Maersk
- ICICI One Source
- Allserve
Tulip’s products & Services
- Network designs and consultancy
- Wireless
- Routers
- IP telephony
- Network Management
- Bandwidth Management
- Facility Management Services
- Leased Line Management
- Security
- System Integration and Products
System Integration Partner :-
v AT & T, Cisco and Bay Networks.
Oracle, Microsoft, Novell, SCO, Lotus, Compax, IBM, Toshiba, Kingston, Networks, Intel, Corporate Training, SW Development.
The company is a major player in the field of providing IT infrastructure for multi-location enterprises. It provides Intra City solutions based on Wired (HDSL, Leased Lines, ISDN dial up) and Wireless products (Radio: Point-to-Point and Point-to-Multi-Point). It also provides Inter-City solutions based on leased lines.
Some of the projects undertaken by the company are as follows: -
- Countrywide network of Tata Finance Limited based on a Cisco solution, connecting 66 branches. Facility management services to cover all their major branches ensuring guaranteed uptimes.
- WAN for Delhi Stock Exchange converting their existing broker connectivity based on 350 VSAT to ISDN using PRI and routers as also based on radio.
- Connectivity to all the branches of the Bank of Punjab Limited including provision of 70 radios for connecting ATMs in a point to multi-point setup Network comprises of Leased Lines, VSAT, Wireless and ISDN Dial up.
- Creation of a countrywide network for Pharmacia and Upjohn comprising of 16 Leased Lines, Cisco Routers, IBM Servers, Desktops and Notebooks, etc.
- Connectivity to major branches of the HDFC Bank based on radio. Installation of radios for P&O, HECL, Liberty, Delphi, Dabur, Mantra-online, Reckit Coleman India, etc providing connectivity from the ISP to the End user.
- The company had a very strong Wide Area networking team and provide excellent radio based solutions including point to multi-point solutions, in which case customers can substantially reduce the costs involved. The company take these up on a turnkey basis, including liaison with DOT for WPC and obtaining of licenses in a very short time frame.
The company is Cisco Certified Premium Partner and is extremely strong in Routers and Switches and this forms the basis of its technical strengths. All other activities are based on its own employees and does not involve any sub-contracting of services.
The company has presence in 17 cities with regional offices at Delhi, Mumbai and Chennai and support offices in 15 other cities.
Press
Clippings
Wi-LAN Inc. (TSX:WIN) and Tulip IT Services (Tulip) announced the deployment of Wi-LAN’s broadband wireless products in the state of Kerala, India to service Internet Kiosks. The Internet kiosks, called Akshaya Centres, are being provided by the Kerala State IT Mission Department (KSITM). The initial $100,000 order is for the Mallapuram district, and the entire infrastructure installation for this district was expected to be in place by May 30, 2004. Demand for applications such as internet browsing, voice-over-internet-Protocol (VoIP) and videoconferencing is expected from various government offices and private businesses, resulting in the provision of additional services. It has signed a letter of intent with KSITM to provide the same service to four additional districts. In total, there are 14 districts in Kerala and it is the intent of KSITM to set up these training centres in all of them.
“The Indian government’s telecom objectives are to add millions of lines over the next 5 years to address India’s low teledensity of 2 lines per 100 inhabitants. This contract and our recent follow on order in the Gujarat State underscore the exciting business opportunities for Wi-LAN on the Indian sub-continent” said Nico Roelofsen, Vice President, Global Sales, Wi-LAB Inc. “Wi-LAN’s patented VINE technology and its outdoor form factor and robustness have made our VIP 110-24 product the best option for networks covering large areas with a relatively small number of sites. The network planners don’t have to plot all of their remotes on day one and they often use the VINE feature of the VIP 110-24 to provide connectivity to those remote offices which are too far from the base station. Even if they do not have a lien-of-Sight with the base station, they are brought into the network through any other nearby remote which is within Line-of-Sight”.
Empowering rural broadband with Wo-Fi
Geetanjali Wadhwa & Pradeep Chakraborty
NEW DELHI -- The wireless revolution is upon us. Mobile data connectivity needs of professional portable PC users are driving the initial strong growth in the WLAN equipment market. The increase in WLAN-enabled mobile PCs and PDAs will drive demand for WLAN access in a variety of locations and support mobile access to business applications. As WLAN equipment prices continue to fall and speed increases, wireless solutions will become a viable alternative to wired LANs in small premises. This is because bandwidth demands are lower in small sites and the cost of wired Ethernet is higher than in larger premises.
Speaking at a recently organised conference by MAIT on Wi-Fi: Unshackling
computing, Lt. Col. (Retd) H.S. Bedi, managing director, the company pointed
out that Wi-Fi is primarily an indoor WLAN, although indoor bridges are also
available that work on the same protocol. Devices having internal/built-in
antenna and with a maximum power of 100mW are permitted within the country on
non-interference and non-protection basis. The network should be either indoors
or within a single continuous campus of a duly recognised institution.
According to him, today, all organisations want to connect, for which the
options include leased lines that give good response times, but poor uptimes.
It is possible to overcome the poor uptime in a leased line by creating mesh
architecture. Intra-city infrastructure of leased lines, other than few metros,
is non-existent or extremely unreliable. VSATs provide high delay, have poor
bandwidth and are not suitable for core applications. VPNs are similar to
leased lines, having higher uptimes but are dependent on the last mile. On the
contrary, wireless is suitable for intra-city connectivity up to 60km. However,
it is the only reliable solution guaranteeing over 99 percent uptimes.
The company recently initiated the Akshaya project in Mallapuram district of
Kerala. It is one of the most ambitious ICT programs ever attempted in
developing countries. Implemented by the IT department, government of Kerala,
with private sector participation, it is an endeavor to bridge the digital
divide in the state. It will propel Kerala as India's foremost knowledge
society, impart basic IT literacy to at least one member in each one of the
65-lakh families, generate and distribute locally relevant content, improve
public delivery of services, and catalyse all sectors of the IT industry in the
state. The project plans to establish 6,000 information centers in the state
and provide employment opportunities to 30,000 people.
The network will deliver high bandwidth scalability - starting as low as 16Kb
and scale up to 8Mb, voice services and bandwidth-on-demand. It supports
streaming video, such as e-learning programs, as well. It is possible to run
additional services such as video, e-governance and rural mobile telephony on
the network.
Commenting on the dictates of terrain on the use of wireless, Lt. Col. Bedi
pointed out that the non-line-of-sight (NLOS) operations are based on reflected
RF radiations. However, vegetation is non-RF reflecting and a good absorber of
radiation. The topology of east to west ridgelines and north to south roads
created difficulty in reaching areas and reverse slope locations. Reaching
these locations required overlapping cells, more base stations and use of repeaters.
Operating Results And
Business
Income
The financial year 2005-06 was again a good year for the company. During this
year the company has done a turnover of Rs. 5093.5 millions against previous
year's turnover of Rs.3428.381 millions, a 48.57% increase over the previous
year.
During the year their company has launched its Wireless Based IP VPN Services,
branded as 'Tulip Connect' covering 350 cities against the estimated 130
cities. Their company has earned a revenue of Rs. 814.937 millions by selling
9513 connects during the year.
EBITA, PBT and PAT
Their Directors are pleased to inform you that during the year 2005-06 the
company was able to achieve Earnings before interest, deprecation, and write
offs amounting to Rs.674.361 millions from Rs.205.784 millions which is 227.70%
more than last year's corresponding figure.
The Profit Before Tax has also gone up by 253.97% over the previous year, i.e.
raised to Rs.567.763 millions from Rs. 160.399 millions.
The Profit After Tax has gone up by 265.83% over the previous year and reached
Rs.489.8 millions as against Rs. 133.800 milllions previous year.
Appropriations
Dividend
Their Directors for the first time in the history of the company have
recommended a final dividend of Rs.1 per share (.i.e. 10% on par value of Rs.
10/- each) on 2,90,00,000/- Equity Share of Rs.10/-each for the financial year
ended 31.03.2006, which on approval at the forthcoming Annual General Meeting
will be paid to all those equity shareholders whose names appear in the
Register of Members as on 19th September, 2006.
The total proposed dividend amount shall be Rs. 29.000 millions excluding
dividend tax of Rs. 4.067 millions for the financial year 2005-06 as against
Rs.Nil for the previous year. Dividend (including dividend tax) as percentage
of profit after tax & prior period items was 6.77% as on 31st March 2006 as
compared to NIL as on 31st March 2005.
The register of members and share transfer books will remain closed from 20th
September 2006 to 26th September 2006 both days inclusive. The Annual General
Meeting of their company has been scheduled for 26th September, 2006.
Website Details :
Subject is a leading
provider of end-to-end data connectivity services.
Subject initiated business operations in November 1992, as a
company primarily trading in software products. Since then, Tulip has seen
tremendous growth through diversification and consolidation in network
integration and connectivity services. Tulip IT Services today offers an unparalleled
MPLS based network, offering wireless based Last-Mile connectivity in 550
cities in India. Services provided by Tulip have been certified as conforming
to ISO 9001:2000 standards by KPMG. The company is also in the process of
setting up processes conforming to ITIL standards for service delivery as well
as ISO 27001:2005 for network security. Tulip has been awarded the NLD license
(National Long Distance) and the Letter of Intent (LOI) for ILD license
(International Long Distance) by the Department of Telecom (DoT).
Lt Col HS Bedi, VSM, is the Managing Director and promoter of
Tulip IT Services Limited. The company is headquartered in New Delhi and has
regional offices in Mumbai and Chennai. Tulip employs over 1050 professionals
who provide world-class service to a large number of clients across the
country.
Tulip has recorded a turnover of Rs. 50.900 millions for the
financial year ending 31st March 2006, up 49% over last year and a net profit
of Rs. 4.880 millions, up 265% over last year.
Tulip Connect
They provide both inter-city as well as intra-city connectivity based upon the
clients’ requirements.
Tulip inter-city network is based on optical fiber
cable provided by multiple service providers. The network is created in a mesh
architecture so that if any link does fail, there are multiple alternate routes
available. Consequently, Tulip network has an inbuilt redundancy and provides
the highest levels of uptime. In addition, Tulip has expanded its network reach
to more than 550 cities in India and thus they can provide you connectivity
anywhere in India.
The last mile connectivity is entirely based on wireless, using radio frequency
technology in Point-to-Point and Point-to-Multipoint applications. Licensed
frequencies are in major cities to overcome the interference issues.
Highest levels of uptime
with built-in redundancies
One of the largest networks
in the country
Bandwidth on demand, upgrade
in minutes
Managed MPLS enabled network
Immediate connectivity and
co-location services
World class design,
converged voice, data, video network
Single point for bandwidth
and network equipment
Minimum or no towers
Rural Connect
Data connectivity is accepted to be one of the most important vehicles of
growth. It is however restricted to a few major cities. Seventy percent of
India's population lives in rural areas which are underdeveloped areas in terms
of infrastructure. The key challenge lies in deploying connectivity networks in
terrain that is often hostile and has absence of infrastructure of
telecommunications. It is virtually impossible to provide connectivity on
copper throughout the country. Wireless on the other hand can be ideally used
to provide connectivity at a reasonable cost. This will permit the country to
leapfrog generations of telecom connectivity to bring the benefits of
technology to the people.
They provide connectivity using wireless technology for access in the rural
areas. Unlike other solutions, that deliver limited bandwidth and are designed
primarily for voice, our solutions are IP based using wireless technology and
deliver the highest quality of voice, data and video.
With the largest wireless rollout infrastructure and the combination of the
highest levels of networking skills, Tulip emerges as the automatic partner for
rural and beyond-the-metro connectivity.
Network Integration
Tulip is not only strong in providing connectivity solutions but
they also provide other value added services such as:
v
Facility Management Services
v
Network Management
v
Security Services
v
Annual Maintenance Contracts
v
Consultancy services
They provide these services to some of the biggest names in the
industry. With major specializations in the field of IT, they are able to
provide the highest levels of service to their customers.
Tulip is today rated as the 4th largest network integrator by
Voice & Data Magazine. As per the magazine, they have an 8.1% market shares
of the Rs. 5,00 millions market.
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.44.23 |
|
UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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 |
|