MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEOTERIC INFOMATIQUE LIMITED |
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Registered Office : |
A -23 Shriram Industrial
Estate, 13 GD Ambedkar Road, Wadala, Mumbai – 400031, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.03.1997 |
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Com. Reg. No.: |
11-106787 |
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CIN No.: [Company
Identification No.] |
U30007MH1997PLC106787 |
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IEC No.: |
0397004281 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN05580B |
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PAN No.: [Permanent
Account No.] |
AAACN3140K |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Importers and Distributors of Computer Hardware and
Peripherals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
The company undertakes imports and trading of computer peripherals, scanners, casting, monitors, etc.
Directors are reported as experienced, respectable and having satisfactory means of their own. General financial position is satisfactory. Payments are reported as slow but correct.
The company can be considered normal for business dealings at usual trade terms and conditions.
Mr. Manish Salvi, assured to update financials with 2007 details. The company was planning IPO has due to unfavourable market conditions, it may postpone for some time. |
LOCATIONS
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Registered Office : |
A -23 Shriram Industrial
Estate, 13 GD Ambedkar Road, Wadala, Mumbai – 400031, Maharashtra, India |
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E-Mail: |
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Website : |
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Corporate Office : |
225, Chintamani
Plaza, 2nd Floor, Andheri Kurla Road, Chakala, Andheri [East],
Mumbai – 400099, Maharashtra, India |
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Tel. No.: |
91-22-39828600 |
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Mobile : |
91-9833376879 |
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Fax No.: |
91-22-39828694 |
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E-Mail : |
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Website : |
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Locations : |
Rented |
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Head Office : |
Unit No. 20 - B, 2nd Floor, Shreeram Industrial Estate, 13 GD
Ambedkar Road, Wadala, Mumbai – 400 031, Maharashtra, India |
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Tel. No.: |
91-22-24172600 |
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Fax No.: |
91-22-24185294 |
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E-Mail : |
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Websites: |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Harshad Shah |
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Designation : |
Non-Executive Chairman and Non Independent Director |
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Address : |
1402, Rajul Apartment 9, Harkness Road Mumbai 400006, Maharashtra,
India |
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Date of Birth/ Age : |
72 years |
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Qualification : |
Intermediate |
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Date of Appointment : |
21.03.1997 |
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Other Directorships: |
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Name : |
Mr. Paras Shah |
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Designation : |
CEO and Managing
Director |
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Address : |
1402, Rajul Apartment 9, Harkness Road Mumbai 400006, Maharashtra,
India |
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Date of Birth/ Age : |
40 years |
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Qualification : |
Computer Engineer from Case Western Reserve University,
USA |
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Date of Appointment : |
21.03.1997 |
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Other Directorships: |
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Name : |
Mr. S. P. Rajguru |
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Designation : |
Non-Executive and Non- Independent Director |
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Address : |
6/11, Sarvapriya Vihar, New Delhi 110 016, India |
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Date of Birth/ Age : |
52 year |
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Qualification : |
Business and Law Graduate |
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Date of Appointment : |
21.10.2005 |
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Other Directorships: |
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Name : |
Mr. R. Srinivasan |
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Designation : |
Non-Executive and Non- Independent Director |
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Address : |
B-703/704,
Suresh Smruti, Prathmesh Complex, Veera Desai Road, Andheri (W), Mumbai 400
053, Maharashtra, India |
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Date of Birth/ Age : |
55 years |
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Qualification : |
MBA from XLRI and Doctoral Scholar of BITS, Pilani (Raj.) |
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Date of Appointment : |
01.03.2006 |
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Name : |
Dr. Anil Shivram Lamba |
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Designation : |
Independent Director |
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Address : |
Office No. 3, Wing III, Thacker’s House, 2418, East
Street, Camp, Pune – 411001, India |
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Date of Birth/ Age : |
48 years |
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Qualification : |
A.C.A., L.L.B., B.Com. and Doctor of Philosophy (Ph. D.) |
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Date of Appointment : |
02.04.2008 |
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Other Directorships: |
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Name : |
Mr. Jayant Rastogi |
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Designation : |
Independent Director |
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Address : |
Flat No. 1403, 14th Floor, Greenwood, Hiranandani Estate,
Pokhran GB Road, Thane (W) – 400 607, Maharashtra, India |
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Date of Birth/ Age : |
42 years |
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Qualification : |
B. E. (Mech.) from Government Engineering College,
Jabalpur (M.P.) |
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Date of Appointment : |
02.04.2008 |
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Name : |
Mr. Hemant Nerurkar |
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Designation : |
Independent Director |
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Address : |
5, Swapan Lok Darshan,
Military, Road, Marol, Mumbai – 400059, Maharashtra,
India |
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Date of Birth/ Age : |
46 Years |
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Qualification : |
Master of Science in Electrical Engineering from Newark College of
Engineering, New Jersey |
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Date of Appointment : |
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Name : |
Mr. Kumar Rajagopalan |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. KaushaL D
Khandor |
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Designation : |
Vice president
Sale Corp |
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Name : |
Mr. Sanjay Zadoo |
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Designation : |
Vice president
Sale |
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Name : |
Mr. Jigarkumar
Gandhi |
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Designation : |
Company Secretary & Compliance Officer |
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Address : |
225, Chintamani
Plaza, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400099, India |
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Tel No.: |
91-22-3982 8600 |
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Fax No.: |
91-22-3982 8694 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of
Shareholders |
Pre - Issue |
Post - Issue |
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No. of Equity
Shares |
% |
No. of Equity
Shares |
% |
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Promoters |
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Mr. Paras H Shah |
2839122 |
27.16 |
2839122 |
16.29 |
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Mr. Harshad D Shah |
2125000 |
20.33 |
2125000 |
12.20 |
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Sub Total (A) |
4964122 |
47.49 |
4964122 |
28.49 |
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Promoters Group |
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Mr. Ranjan Harshad Shah |
2175000 |
20.81 |
2175000 |
12.48 |
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Ms. Dipti Paras Shah |
1605000 |
15.35 |
1605000 |
9.21 |
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Mr. Harshad D Shah (HUF) |
695002 |
6.65 |
695002 |
3.99 |
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Master Aditya Paras Shah |
346700 |
3.32 |
346700 |
1.99 |
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Master Abhishek Paras Shah |
210000 |
2.01 |
210000 |
1.21 |
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Mr. Kishore Nandlal Shah |
10000 |
0.10 |
10000 |
0.06 |
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Mr. Chandrakant Dipchand Shah |
5002 |
0.05 |
5002 |
0.03 |
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Ms. Priti Nishith Shah |
5002 |
0.05 |
5002 |
0.03 |
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Ms. Usha S. Shah |
5002 |
0.05 |
5002 |
0.03 |
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Mr. Harshad C. Shah |
2500 |
0.02 |
2500 |
0.01 |
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Ms. Meghna V. Patel |
2500 |
0.02 |
2500 |
0.01 |
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Ms. Neepa D. Doshi |
2500 |
0.02 |
2500 |
0.01 |
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Mr. Ranjan Shah Rep. of Automotive Enterprises |
2 |
Negligible |
2 |
Negligible |
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Mr. Chandrakant D Shah (HUF) |
2 |
Negligible |
2 |
Negligible |
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Mr. Jamnadas Dipchand Shah (HUF) |
2 |
Negligible |
2 |
Negligible |
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Mr. Prafulla J. Desai |
2 |
Negligible |
2 |
Negligible |
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Sub Total (B) |
5064216 |
48.44 |
5064216 |
29.06 |
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Total (A) + (B) |
10028338 |
95.93 |
10028338 |
57.55 |
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Non-Promoters |
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Director(s) |
20000 |
0.19 |
7395737 |
42.45 |
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Employees |
217775 |
2.08 |
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Friends & Relatives |
187962 |
1.80 |
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Public |
- |
- |
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Sub Total (C) |
425737 |
4.07 |
7395737 |
42.45 |
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Total |
10454075 |
100.00 |
17424075 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Importers and Distributors of Computer Hardware and
Peripherals. |
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Products : |
· Desktop - Apple · Storage Group (Drives and Media) - Iomega, Yamaha and Kodak · Digital Cameras - Kodak, Umax and Mercury · Input Devices Group - Mercury, Acer, Asus, Matrox, Adaptec, Samsung and Yamaha · PC Components - Compex and Mercury · Networking Printers – Samsung · Keyboard – Logitech and Mercury · Mice – Logitech and Mercury · Scanners – Umax · Digital Cameras – Kodak, Logitech, Mercury and Umax · Removable Storage – Asus, Iomega and Samsung · HDD – Iomega (Portable) and Samsung · NAS – Iomega · Mass Storage Controller – Adaptec · Laser Printer – Samsung and Xante · Multi Function Devices – Samsung · Networking Products – Compex and Mercury · Graphic Cards – Matrox and Mercury · Speakers – Labtec and Mercury · MP3/VCD Players – Mercury |
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Brand Names : |
· IP networking products · Apple · Asus · Avocent · Benq · Brother · Corel · Hitachi · HP · Lomega · Lacie · Lenovo · Logitech · Matrox · Moser Baer · Samsung · Toshiba · UMAX · Wacom · Wipro |
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Agencies Held : |
· Apple Computer SA Pte Limited · Adaptec · Mercury · Sony · Umax · Philips · Iomesa · Kobian · Matrox · Yamaha · Linkworld · Kodak · Compex |
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60-90 days) |
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Purchases : |
L/C, Cash and Credit (30-60-90 days) |
GENERAL
INFORMATION
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Suppliers : |
Apple Computer
South Asia Pte Limited No. 7 Ang Mo Kio Street 64, Singapore 569086 Tel. No. 0065 4815511, 0065 4807523 Fax No. 0065 4840742, 0065 4815636 E-Mail ong.ca@asia.apple.com Contact Ms. Veronica Teo Kah / Kenny Ong
Iomega Pacific Pte
Limited / Iomega International SA 47 Scotts Road, # 10-01 Goldbell Towers, Singapore 228233 Tel. No. 0065 3796000, 0065 3796107 Fax No. 0065 7321155, 0065 3796317 E-Mail lim@iomega.com Contact Ms. Michelle Lim
Philips India
Limited Band Box House, 254-D, Dr. Annie Besant Road, Worli, Mumbai – 400 025, India Tel. No. 91-22-24930311, 24930590 Fax No. 91-22-24915375 E-Mail c.d.khatu@philips.com Contact C. D. Khatu
Kobian Singapore
Pte Limited 9 Temasek Boulevard, #04-02 Suntec Tower 2, Singapore 038985 Tel. No. 0065 3383368, 0065 8466320-84 Fax No. 0065 3381588, 0065 3330238, 0065 7410040 E-Mail rajesh@kobian.com Contact Ms. Sushmita / Mr. Rajesh Bothra
Kobian ECS India
Private Limited Survey No. 333/5, Prithviraj Chauhan Marg, Village-Athal, Selvasa – 396 235, Union Teritorry Tel. No. 91-260-2650300, 2650400 Fax No. 91-260-2650171 Contact Ms. Nirmala Saraf
Lanbit India
Private Limited Timm Arcade, CST 778/B, Makwana Road, Marol, Andheri (East), Mumbai – 400 059, India Tel. No. 91-22-8515955 Fax No. 91-22-8518363 E-Mail lanbit.bom@sm1.sprintrpg.ems.vsnl.net.in Contact S. J. Shah
Compex Systems Pte
Limited 135 Joo Seng Road, #08-01, PM Industrial Building, Singapore 368363 Tel. No. 0065 2862086 Fax No. 0065 2809947 Contact Mr. Sim Jek Hiong
Umax Data Systems
Inc 8F, 68, Sector 3, Nanking Road, Taipei, Taiwan, R.O.C. Tel. No. 886-2-25170055 Fax No. 886-2-25170062 Contact Mr. Bennett Wu
Matrox Eurepoe
Limited C/o. MSAS Distribution Centre, Kwai Chung, Hong Kong Tel. No. 353-21-325600 Fax No. 353-21-325601 Contact Christina Wong
BenQ India Private
Limited 302, Omega Main Street, Hiranandani Gardens, Powai, Mumbai – 400 076 Tel. No. 91-22-25705230-32 Fax No. 91-22-25705235 Contact Mr. Rajes Iyer
Yamaha Electronics
Asia Pte Limited 138, Cecil Street, #05-02/03, Cecil Court, Singapore 069538 Tel. No. 0065 2233992 Fax No. 0065 2239810
Adaptec
Manufacturing (Singapore) Pte Limited No. 2, Chai Chee Drive, Singapore 469044 Tel. No. 0065 2457300 Fax No. 0065 2457604 Contact Ms. Janet Bong
Kodak India Limited 2nd Floor, 159/A, Vinay Bhavya Complex, CST Road, Kalina, Mumbai – 400 098 Tel. No. 91-22-26528821, 26528331 Fax No. 91-22-26526301 Contact Ms. Manisha Sood
Samsung Electronics India Information and Telecommunication Limited 47, Ring Road, Lajpat Nagar III, New Delhi – 110 024 Tel. No. 91-11-26322517 Fax No. 91-11-28312935 Contact Mr. R. S. Sahu |
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Customers : |
· Wholesalers · Retailers · OEM’s · Computers Limited, Mumbai |
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No. of Employees : |
430 |
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Bankers : |
·
Union Bank Of India 365-367, V.P. Road, Opera House, Mumbai – 400004, Maharashtra, India Tel: 91-22-2380 4883 Fax: 91-22-2382 4582 Email: uday@unionbankofindia.com Contact Person: Mr. Uday Dalvi ·
Citibank N.A. IL and FS
Building, 7th Floor, Bandra Kurla complex, Bandra (E), Mumbai – 400 051, Maharashtra, India Tel: 91-22-4000 5851 Fax: 91-22-4000 5791 Email: smitesh.aravind@citi.com Contact Person: Mr. Smitesh Aravind ·
HDFC Bank Limited Kamala Mills compound, 2nd Floor, Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013, Maharashtra,
India Tel: 91-22-2498 8280 Fax: 91-22-2496 0773 Email: Nihar.Parikh@hdfcbank.com Contact Person: Mr. Nihar Parikh ·
Standard Chartered Bank 2nd Floor, 270
D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India Tel: 91-22-2219
8652 Fax: 91-22-2201 9246 Email: payal.kothari@in.standardchartered.com Contact Person: Ms. Payal Kothari |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name: |
Chaturvedi Sohan
and Company Chartered
Accountants |
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Address ; |
320, Tulsiani
Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Associates : |
Neoteric Pte
Limited, Singapore |
CAPITAL STRUCTURE
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Particulars |
Nominal Value (Rs. In Millions) |
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A. |
Authorized Capital |
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18000000 Equity Shares of Rs.10 each |
180.000 |
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B. |
Issued, Subscribed and Paid Up Capital before the Issue |
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10454075 Equity Shares of Rs.10 each* |
104.540 |
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C. |
Present Issue in terms of this Draft
Red Herring Prospectus # |
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6970000 Equity Shares of Rs.10 each |
69.700 |
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D. |
Paid Up Equity Capital after the Issue |
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17424075 Equity Shares of Rs.10 each |
174.240 |
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E. |
Share Premium Account |
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Before the Issue |
4.540 |
Note:
The Company is considering a Pre-IPO placement of up
to [•] Equity Shares aggregating Rs. [•] million with certain investors, (“Pre-IPO Placement”). If the Pre-IPO
placement is completed before the filing of the RHP with RoC, the Issue Size
offered to the public would be reduced to the extent of such Pre-IPO placement,
subject to a minimum of 25% of the post-issue paid up Equity Share Capital
being offered to the public.
#The present Issue has been authorized by the Board
of Directors in their meeting dated March 15, 2008 and by the shareholders of their Company at
the EOGM dated March 18, 2008.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
30.000 |
30.000 |
30.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
104.900 |
68.100 |
51.100 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
134.900 |
98.100 |
81.100 |
|
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LOAN FUNDS |
|
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1] Secured Loans |
290.400 |
184.300 |
186.600 |
|
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2] Unsecured Loans |
61.900 |
60.700 |
61.100 |
|
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TOTAL BORROWING |
352.300 |
245.000 |
247.700 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
487.200 |
343.100 |
328.800 |
|
|
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|
|
|
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
33.700 |
35.100 |
19.800 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.300 |
4.000 |
2.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
558.200
|
392.100 |
381.900 |
|
|
Sundry Debtors |
613.300
|
398.000 |
203.900 |
|
|
Cash & Bank Balances |
36.400
|
45.200 |
33.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
52.200
|
49.400 |
23.100 |
|
Total
Current Assets |
1260.100
|
884.700 |
641.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
795.600
|
573.800 |
330.300 |
|
|
Provisions |
22.300
|
6.900 |
5.300 |
|
Total
Current Liabilities |
817.900
|
580.700 |
335.600 |
|
|
Net Current Assets |
442.200
|
304.000 |
306.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
487.200 |
343.100 |
328.800 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
4885.400 |
3637.100 |
2518.700 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
4885.400 |
3637.100 |
2518.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
60.100 |
27.700 |
23.400 |
|
|
Provision for Taxation |
23.300 |
10.700 |
8.400 |
|
|
Profit/(Loss) After Tax |
36.800 |
17.000 |
15.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material |
4737.500 |
0.000 |
0.000 |
|
|
Employees Cost |
90.000 |
65.700 |
41.800 |
|
|
Administrative Expenses |
108.000 |
86.700 |
66.000 |
|
|
Miscellaneous Expenses |
0.600 |
3809.100 |
2360.000 |
|
|
Interests and Financial Charge |
50.400 |
36.600 |
25.900 |
|
|
Depreciation & Amortization |
4.900 |
3.400 |
1.600 |
|
|
Increase/(Decrease) in Finished Goods |
(166.100) |
(392.100) |
0.000 |
|
Total Expenditure |
4825.300 |
3609.400 |
2495.300 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity
Ratio |
2.56 |
2.75 |
2.90 |
|
Long
Term Debt-Equity Ratio |
0.53 |
0.68 |
0.77 |
|
Current
Ratio |
1.14 |
1.19 |
1.25 |
|
TURNOVER
RATIOS |
|||
|
Fixed
Assets |
105.86 |
103.03 |
123.16 |
|
Inventory |
10.28 |
9.40 |
7.70 |
|
Debtors |
9.66 |
12.09 |
12.96 |
|
Interest
Cover Ratio |
2.19 |
1.76 |
1.90 |
|
Operating
Profit Margin (%) |
2.36 |
1.86 |
2.02 |
|
Profit
Before Interest And Tax Margin (%) |
2.26 |
1.77 |
1.96 |
|
Cash
Profit Margin (%) |
0.85 |
0.56 |
0.66 |
|
Adjusted
Net Profit Margin (%) |
0.75 |
0.47 |
0.60 |
|
Return
On Capital Employed (%) |
26.62 |
19.14 |
17.15 |
|
Return
On Net Worth (%) |
31.59 |
18.97 |
20.37 |
LOCAL AGENCY FURTHER
INFORMATION
EXPANDING
INTERNATIONAL OPERATIONS:
Sensing an opportunity and considering the boom in the IT
industry globally, they have further stepped forward and are all set to serve the
global markets with their international business operations in Shenzen (China),
Singapore, Vietnam and SAARC countries like Pakistan. These economies are on a
growth phase and the governments’ thrust on the infrastructure spending offers
good market potential for their business with better margins. They have set up
a representative office in China, which ensures smooth co-ordination with their
suppliers based in China and gives necessary logistics support to their
operations.
STATEMENT OF ASETS AND LIABILITIES,
AS RESTATED
|
PARTICULARS |
31.12.2007 (Rs. In Millions) |
|
A. Assets |
|
|
Fixed Assets |
|
|
Gross Block |
44.010 |
|
Less: Depreciation |
15.260 |
|
Net Block |
28.750 |
|
Add: Capital Work in Progress (including Capital Advances) |
- |
|
|
|
|
B. Investments |
11.340 |
|
|
|
|
C. Current Assets, Loans and Advances |
488.770 |
|
Inventories |
583.500 |
|
Sundry Debtors |
34.700 |
|
Cash and Bank Balance |
63.340 |
|
Loans and Advances |
1170.310 |
|
|
|
|
Miscellaneous Expenditure (To the extent not written off or adjusted) |
- |
|
Total Assets |
1210.400 |
|
|
|
|
D. Liabilities & Provisions |
|
|
Secured Loans |
320.470 |
|
Unsecured Loans |
47.200 |
|
Current Liabilities |
633.730 |
|
Provisions |
17.470 |
|
|
|
|
E. Deferred Tax Liability |
6.40 |
|
|
|
|
F. Net Worth |
|
|
Represented by: |
|
|
Share Capital |
100.000 |
|
Share Application Money |
- |
|
Reserves and Surplus |
85.130 |
|
|
|
|
Total Liabilities |
1210.100 |
STATEMENT OF PROFIT AND
LOSSES, AS RESTATED
|
PARTICULARS |
31.12.2007 (Rs. In Millions) |
|
|
|
|
Income |
|
|
Sales and Services Income |
4185.130 |
|
Total |
4185.130 |
|
|
|
|
Expenditure |
|
|
Cost of goods sold |
3912.540 |
|
Personnel Expenses |
90.770 |
|
General and Administration Expenses |
69.710 |
|
Selling and Marketing Expenses |
17.660 |
|
Depreciation |
3.490 |
|
Financial Expenses |
42.830 |
|
Total |
4137.00 |
|
|
|
|
Deferred Revenue Expenditure w/off |
- |
|
Net Profit before Tax |
48.130 |
|
|
|
|
Taxation |
|
|
Current Tax |
17.180 |
|
Deferred Tax |
(0.720) |
|
Fringe Benefit Tax |
1.470 |
|
Tax of Earlier years |
- |
|
Net Profit after Tax |
17.930 |
|
Less: Bad Debts Written Off |
30.20 |
|
Adjusted Profit After Tax |
- |
|
Add: Transferred from General Reserves |
72.93 |
|
Balance brought forward from previous year |
- |
|
Less: Deferred Tax Liabilities as at 01.04.02 |
103.130 |
|
Less: Appropriation |
|
|
Transfer to General Reserve |
30.000 |
|
Balance Carried to Balance Sheet |
73.130 |
OVERVIEW OF THE RESULTS OF
OPERATIONS
|
PARTICULARS |
31.12.2007 (Rs. In Millions) |
|
Sales & Service Income |
4185.130 |
|
|
|
|
Cost of good sold |
3912.540 |
|
% of Sales & Service Income |
93.49% |
|
|
|
|
Personnel Expenses |
90.770 |
|
% of Sales & Service Income |
2.17% |
|
|
|
|
General & Administrative Expenses |
69.710 |
|
% of Sales & Service Income |
1.67% |
|
|
|
|
Selling and Marketing Expenses |
17.660 |
|
% of Sales & Service Income |
0.42% |
|
|
|
|
PBIDT |
94.450 |
|
% of Sales & Service Income |
2.26% |
|
|
|
|
Financial Expenses |
42.830 |
|
% of Sales & Service Income |
1.02% |
|
|
|
|
Depreciation |
3.490 |
|
% of Sales & Service Income |
0.08% |
|
|
|
|
Deferred Revenue Expenditure Written off |
0.000 |
|
|
|
|
PBT |
48.13 |
|
% of Sales & Service Income |
1.15% |
|
|
|
|
Less: Taxation |
17.930 |
|
|
|
|
Less: Bad Debts Written Off |
0.000 |
|
|
|
|
PAT (As Restated) |
30.20 |
|
% of Sales & Service Income |
0.72% |
ADDITIONAL
INFORMATION PURSUANT TO THE PROVISIONS OF PARTS II OF SCHEDULE VI TO THE
COMPANIES ACT, 1956 (RS. IN MILLION)
|
ITEMS |
FOR THE 9 MONTHS ENDED DECEMBER 31, 2007 |
FOR THE YEAR ENDED MARCH 31,2007 |
|
|
|
|
|
1) Quantitative details -Traded Goods |
|
|
|
i) Opening Stock |
|
|
|
Computers & Computer Hardware |
558.190 |
392.080 |
|
|
558.190 |
392.080 |
|
ii) Purchase |
|
|
|
Computers & Computer Hardware |
3843.120 |
4737.480 |
|
|
3843.120 |
4737.480 |
|
iii) Sales |
|
|
|
Computers & Computer Hardware |
4185.130 |
4885.390 |
|
|
4185.130 |
4885.390 |
|
iv) Closing Stocks |
|
|
|
Computers & Computer Hardware |
488.770 |
588.190 |
|
|
488.770 |
588.190 |
|
Note: Quantative information is not separately disclosed in view of
complexity of Distribution business of various products |
||
|
|
|
|
|
2) Value of imports on CIF basis (Does
not include value of imported items locally purchased) |
|
|
|
C I F value of Imports |
1347.990 |
1752.310 |
|
|
1347.990 |
1752.310 |
|
3) Expenditure in foreign currency |
|
|
|
Traveling |
0.140 |
1.200 |
|
Representative Office Expenses |
1.410 |
3.960 |
|
Branch Expenses: Capital |
0.000 |
0.000 |
|
|
1.550 |
5.160 |
|
|
|
|
|
4) Earnings in foreign currency |
|
|
|
FOB Value of Exports |
11.460 |
7.050 |
|
|
11.460 |
7.050 |
WEBSITE DETAILS:-
PROFILE:
They are one of India’s national IT distributors. Since inception have been bringing the latest products and technology solutions to the market and finding new ways to add value to their customers. They offer a broad array of future bound, well structured core technology solutions across diverse verticals.
Subject was founded in 1991, as a value added re-seller, by a team of young and dynamic professionals with marketing, sales and technical know-how spread across various industries. In 1997, the company leveraged its partnership with key Vendors to move into the national distribution space. Over the years, they have formed strong relations with World-class Vendors like Alcatel-Lucent, Apple, Asus, Avocent, BenQ, Brother, Corel, Hitachi, HP, Iomega, LaCie, Lenovo, Logitech, Matrox, Moser Baer, Samsung, Toshiba, UMAX, Wacom and Wipro among others.
Subject is a
computer hardware and peripheral distribution company headquartered in Mumbai
(India) with 32 branch offices.
It caters to the requirements of more than six thousand resellers with a high
penetration all over. Subject
was founded in 1991, originally started as a trading organization and moved on
to becoming a national distributor which has been the focus area since 1997.
The founders are a team of young, dynamic professionals with extensive
marketing, sales and technical expertise in the Indian IT industry.
COMPANY
PARTNERS –
Widespread reach across geographies, access to untapped
markets and greater market penetration through focused demand generation
activities.
Proven credentials and credibility with leading channel
partners and customers.
They enable their partners to cut costs and earn healthy
profit margins by minimizing their warehousing costs and reducing the
hassles of inventory management and by efficient order processing.
They work closely with their partners to understand the
products life cycle and catalyze early adoption of technologies, through
well thought out initiatives and marketing strategies with activities like
advertising, road shows, reseller mailings, tele-marketing, exhibitions,
trade-shows and seminars.
They help partners conceptualize business plan and execute
the critical stages of marketing and lead generation, pre sales services
and technical training thus making it easier for them to build a robust
business.
They enable their core partners to identify newer avenues of
business including consulting, solution selling, retail and services.
Company account managers assist their exclusive partners
with tools that give them a competitive edge like helping them with customer
meetings, seminars and other sales activities that resellers may require
to break into an account.
STRENGTHS:
· Developing loyal resellers
· 32 branches reaching 250 cities all over India
· Value Added Distribution
· Based in the commercial capital of India with de-centralized sales operations
· Finance
· Logistics
· Marketing
· Product Management
· HR
· Tech Support
This structure is
advantageous to their vendors, since they only have one point of contact for
the entire market. The local functions in each state are sales and technical
support.
The sales teams are
well trained on product knowledge. Regular technical and business up gradation
to the team flows down to the channel partners making them empowered to have an
edge above the rest with their customers.
Subject offers IT resellers a unique bundle of services that maximizes
the profit of their businesses:
PRE/POST SALES SUPPORT
The company account managers
are happy to assist resellers with customer meetings, seminars or other sales
activities. By using the company account managers, resellers get extra sales
resources.
VALUE ADDED DISTRIBUTION
Their vendors
understand their VAD concept and feel the need to introduce their products to
the market through a structured and efficient approach. When introducing new
technology to the market, the efficiency in terms of timing and cost is vital.
Their vendors know that Subject can bring their products to the market faster
and cheaper than they themselves can.
VAD HAS TWO DIMENSIONS:
· Broad line
· Focused verticals
· Corporate
· Corporate Gifting
· Retail
· Gaming
· Telecom
· Consumables
· Enterprise
· Resellers
· Internal Storage
· External Storage
· Digital Imaging
· Digital Video
· Digital Pre-Press
· Photo Retail
Subject has business
groups to focus on specific verticals addressing similar channels - PC
Components business group, PC Peripherals business group and Creative business
group ensuring goals on defined verticals are achieved.
The company sells exclusively through resellers only. They never make
any exceptions to this rule. An important part of the VAD concept in the focus
area dimension is bringing knowledge about new technologies to the market.
Product availability and price competitiveness are not the only factors that
determine purchase behavior. For the customers to benefit from their
investments, choosing the right solution is essential. Cost of ownership is not
just a matter of getting the products to function properly but also about
choosing and implementing the right solutions. By working very closely with
their vendors and resellers they bring knowledge about new technologies to the
market because they know that only the right knowledge will sell the products
they carry.
ADVANTAGE OF THE COMPANY
· Proven credentials with leading customer and vendor relationships.
· Extensive market experience, averaging 10+ years per person.
· Excellent industry/channel reputation and market credibility.
· Management skills with proven systems, controls and processes.
· Single window for their principals and customers to transact business.
· 6000 channel partners, 250 cities, 110 sales people, focused verticals and structured approach.
MARKETING
They have found that the most effective way to bring products to the
marketplace is to create a push/pull effect. They develop the channel through
marketing, seminars, pre-sales, pilot-installations and sales visits in order
to create awareness and interest for the products. This channel development
process is carried out in close co-ordination with end-user marketing
activities. The co-ordination between the market’s push/pull enforces the
market adoption and reseller willingness to invest in knowledge about the
products.
The company has a rich
experience in IT product marketing and all this is available to their partners.
They will design and implement marketing campaigns together with their partners
from ideas to funding.
Every day the company generates sales leads. These leads come from their
online advertising, as responses from mailings, from their vendors and many
other sources. They share these leads with their resellers and keep track of
their status.
TYPICAL ACTIVITIES
INCLUDE
· Advertising
· Road shows
· Brochures
· Press Releases
· Reseller Mailings
· Telemarketing
· Neo news happenings @neoteric
· Exhibitions and trade shows
· Seminars and road shows
· Web advertising
· E-mail newsletters
TECHNICAL SUPPORT / TRAINING
A part of the VAD concept is providing technical support. Subject
provides technical support to resellers, training and education. Subject offers
technical training for systems people and sales training for sales people. The
sales training takes sales people through a learning experience that is
tailored specifically for the sale of products.
HUMAN RESOURCE DEPARTMENT
The HR Department
offers a wealth of experience in all facets of human resource programs, policy
development, and practice. The HR Department's experienced human resources
professionals provide comprehensive, timely, cost-effective solutions. They
provide an integrated series of topnotch human resource solutions that are customized
to the needs and stages of development facilitating the organization to move
towards the goal.
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.49.22 |
|
UK Pound |
1 |
Rs.75.03 |
|
Euro |
1 |
Rs.63.14 |
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. |
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 |
|