MIRA
INFORM REPORT
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Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
APARA ENTERPRISES SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
Oxford Towers, Suite 801, 7th Floor, Airport Road, Kodihalli,
Bangalore – 560008, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.02.1992 |
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Com. Reg. No.: |
08 - 12863 |
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CIN No.: [Company
Identification No.] |
U32104KA1992PTC012863 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05089A |
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PAN No.: [Permanent
Account No.] |
AABCA1857F |
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Legal Form : |
Private Limited
Liability Company. |
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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
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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 693735 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Arun Reddy,
Senior Administration Executive claims sales of the company for last two
years as under- Year Ended March 2007 – Rs.
1270.000 millions. March 2008 – Rs.
1200.000 millions. March 2009 – Rs. 2000.000
millions. – (Expected) He confirmed rest
of the details. Subject is a well established company having satisfactory
track records. 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
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Registered Office : |
Oxford Towers, Suite 801, 7th Floor, Airport Road,
Kodihalli, Bangalore – 560 008, Karnataka, India |
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Tel. No.: |
91-80-39892727 / 25201381 / 25201382 / 25201401 / 25201403 |
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Fax No.: |
91-80-39891383 |
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E-Mail : |
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Website : |
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Area : |
5400 Sq. ft |
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Location : |
Owned |
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Europe Operations : |
Apara Enterprise Solutions BVBA, Schuurweg 6, B-3272 Testelt |
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Tel. No.: |
32 – 13 - 78 52 68 |
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Fax No.: |
32 – 13 - 78 52 69 |
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Europe Operations : |
1141, Ringwood CT, San Jose, California – 95131, USA |
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Tel. No.: |
1-408-406-7639 |
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Europe Operations : |
5, St. John’s Lane, London, EC 1M 4BH |
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Tel. No.: |
44-(0)-20-7549-1612 (Board) |
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Fax No.: |
44-(0)-20-7336-8589 |
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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 Fax: 91-22-39891383 Delhi 28, Okhla Industrial Estate, Phase-III, New Delhi 110 020, India Tel No.: 91-11-39892727 Fax: 91-11-39891383 Pune 402, 4th Floor, City Point, Dhole Patil Road, Pune 411 001, India Tel No.: 91-20-39892727 TeleFax: 91-20-39891383 Chennai 2nd Floor, 4 Salzburg Square, 107 Harrington Road, Chennai
600 031 Tel No.: 91-44-39892727 Fax No: 91-44- 39891383 Hyderabad 302, Olbee Centre, Raj Bhavan Road, Somajiguda, Hyderabad 500 082, India Tel No.: 91-40-39892727 Fax No: 91-40-39891383 Kolkata 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 Fax: 91-33-22178922 Kolkata Rowdon Street, Suite – 701, Shuvam Building, 7th Floor, Kolkata – 700017, India Tel No: 91-33-39892727 Fax No: 91-33-30282625 |
DIRECTORS
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Name : |
Mr. M. S. Sidhu |
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Designation : |
Managing Director
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Address : |
17, Grace Villa, 2nd Main Santrupthi Nagar, Kothnur Main Road,
J P Nagar, 7th Phase, Bangalore – 560078, Karnataka, India |
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Date of Birth/Age : |
27.08.1965 |
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Date of Appointment : |
24.02.1992 |
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Name : |
Ms. Vidya Lakshmi |
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Designation : |
Whole Time Director |
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Address : |
17, Grace Villa, 2nd Main Santrupthi Nagar, Kothnur Main
Road, J P Nagar, 7th Phase, Bangalore – 560078, Karnataka, India |
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Mobile No : |
91-9845027275 |
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Date of Birth/Age : |
12.05.1962 |
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Date of Appointment : |
22.08.1993 |
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Other Directorship : |
Orchesys IT Services Private Limited U72200KA2006PTC038107 Amsal Infotech Private Limited U72200KA2000PTC027646 |
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Name : |
Mr. V. Balaji Bhatt |
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Designation : |
Director |
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Address : |
64, Vijaya Nivas, Dena Bank Colony, Ganenahalli, Bangalore – 560032,
Karnataka, India |
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Date of Birth/Age : |
19.06.1964 |
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Date of Appointment : |
10.01.2001 |
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Name : |
Mr. Malavalli Kumar |
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Designation : |
Director |
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Address : |
24289, Hill View Road, Los Altos Hills, California - 94024, USA |
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Date of Birth/Age : |
09.02.1943 |
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Date of Appointment : |
11.03.2003 |
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Name : |
Mr. Christensen Brenda |
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Designation : |
Director |
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Address : |
223, Purisima Road, Woodside, California – 91062, USA |
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Date of Birth/Age : |
01.07.1950 |
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Date of Appointment : |
11.03.2003 |
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Date of Ceasing : |
14.12.2004 |
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Name : |
Mr. G S Ravi |
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Designation : |
Director |
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Address : |
1629, 31st Cross, 16th Main, Banashankari, 2nd
Stage, Bangalore – 560070, Karnataka, India |
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Date of Birth/Age : |
12.04.1955 |
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Date of Appointment : |
11.03.2003 |
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Name : |
Mr. Ramesh A. Savoor |
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Designation : |
Director |
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Address : |
201, Pine View, 9, Edward Road, Bangalore – 560052, Karnataka, India |
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Date of Birth/Age : |
24.04.1944 |
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Date of Appointment : |
02.12.2003 |
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Name : |
Mr. Shivram Malavalli |
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Designation : |
Director |
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Date of Birth/Age : |
21.11.1949 |
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Date of Appointment : |
23.05.2006 |
KEY EXECUTIVES
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Name : |
Mr. Yatish Kumar |
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Designation : |
Secretary |
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Address : |
228, Vishwesh, 2nd Floor, Ckalyt, BSK, 3rd Stage,
Bangalore – 560085, Karnataka, India |
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Date of Birth/Age : |
12.11.1970 |
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Date of Appointment : |
14.11.2003 |
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Date of Ceasing : |
15.01.2005 |
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Name : |
Mr. P. Phaneendra |
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Designation : |
Secretary |
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Address : |
1345, 6th Cross, 10th Main, Srinivasa Nagar,
Bangalore – 560050, Karnataka, India |
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Date of Birth/Age : |
17.12.1959 |
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Date of Appointment : |
16.01.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 03.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. M. S. Sidhu |
1369400 |
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Ms. Vidya Lakshmi |
297000 |
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Malavalli Revocable Trust |
773094 |
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Mr. Sudhir Krishnaswamy |
100 |
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Mr. Kumari Apoorva |
236500 |
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Total
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2676094 |
Equity share breakup
(Percentage of total equity )
As on 31.03.2006
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Category |
Percentage |
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Foreign holdings ( Foreign institutional
investors, Foreign companies, Foreign financial institutions, Non resident
Indians or Overseas corporate bodies or others. |
28.89 |
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Directors or relatives of directors |
71.11 |
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Total |
100.00 |
LIST OF ALLOTTEES
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Name of the
Allottee |
No. of Equity
Shares |
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M/s Tushita
Technologies Private Limited |
55000 |
BUSINESS DETAILS
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Line of Business : |
Providing Storage
and Data Management, Intelligent Failure Proof Data Storage, Automated Tape
Libraries, Solutions and Network for Seamless flow of Data. |
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Exports : |
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Countries : |
v
Asia Pacific
v
Middle East |
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Imports : |
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Products : |
Network Appliances Product |
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Countries : |
v US v Singapore |
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Terms : |
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Selling : |
Contract and Credit ( 45 days) |
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Purchasing : |
L/C, Documents
through Bank, Payment on delivery and Credit (30 days) |
GENERAL INFORMATION
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Suppliers : |
Veritas Software
Solution, Mumbai |
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Customers : |
v
Reliance
Industries Limited, Mumbai v
Yahoo v
Citi Bank |
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No. of Employees : |
120 |
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Bankers : |
v IDBI Bank Limited,
Bangalore Branch, IDBI House No. 58, Mission Road, Bangalore – 560027,
Karnataka, India v Axis Bank
Limited, Esquire Center, No.9, M G Road, Bangalore – 560001, Karnataka, India v State Bank of India, Industrial Finance Branch, Bangalore – 560001, Karnataka,
India v UCO Bank, 9th Main, 3rd Block, Jayanagar, Bangalore – 560001,
Karnataka, India v UTI
Bank Limited, M G Road Branch, Bangalore – 560
001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gnanoba and Bhat Chartered
Accountant |
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Address : |
No.11, Commerce House, No. 9/4, Cunningham Road, Bangalore – 560052,
Karnataka, India |
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Associates/Subsidiaries : |
v
Amsal
Infotech Private Limited, Bangalore |
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Group Companies : |
v
Amsal
Infotech Private Limited, Bangalore v
Indusage
Advisors Private Limited |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity shares |
Rs. 10/- each |
Rs. 30.000 millions |
|
6000000 |
Preference shares |
Rs. 10/- each |
Rs. 60.000 millions |
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Total |
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Rs. 90.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2676094 |
Equity shares |
Rs. 10/-
each |
Rs. 26.760 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 |
26.760 |
80.484 |
67.351 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
111.987 |
68.135 |
62.851 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
138.747 |
148.619 |
130.202 |
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LOAN FUNDS |
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1] Secured Loans |
160.044 |
119.076 |
239.975 |
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2] Unsecured Loans |
7.025 |
22.507 |
0.000 |
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TOTAL BORROWING |
167.069 |
141.583 |
239.975 |
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DEFERRED TAX LIABILITIES |
3.822 |
4.194 |
0.000 |
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TOTAL |
309.638 |
294.396 |
370.177 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
52.206 |
47.928 |
47.611 |
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Capital work-in-progress |
0.867 |
0.700 |
0.700 |
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INVESTMENT |
0.352 |
4.542 |
4.190 |
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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 |
40.624
|
35.965 |
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Sundry Debtors |
459.065
|
287.505 |
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Cash & Bank Balances |
44.313
|
29.848 |
494.515 |
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Other Current Assets |
9.651
|
10.600 |
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Loans & Advances |
23.620
|
23.330 |
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Total
Current Assets |
577.273
|
387.248 |
494.515 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
317.271
|
141.635 |
176.839 |
|
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Provisions |
3.790
|
4.388 |
0.000 |
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Total
Current Liabilities |
321.061
|
146.023 |
176.839 |
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Net Current Assets |
256.212
|
241.225 |
317.676 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
309.638 |
294.396 |
370.177 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
608.967 |
480.998 |
721.243 |
|
Other Income |
0.000 |
0.000 |
0.000 |
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Total
Income |
608.967 |
480.998 |
721.243 |
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Profit/(Loss)
Before Tax |
4.138 |
7.536 |
[18.070] |
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Provision for
Taxation |
6.501 |
[3.527] |
[0.029 |
|
Profit/(Loss)
After Tax |
[2.363] |
11.063 |
[18.099] |
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Expenditures : |
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Depreciation & Amortization |
7.307 |
6.388 |
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Financial Charges |
26.924 |
26.116 |
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Other Expenditure |
570.598 |
440.958 |
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Total Expenditure |
604.829 |
473.462 |
739.313 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.39
|
2.30 |
[2.51] |
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Net Profit Margin (PBT/Sales) |
(%) |
0.68
|
1.57 |
[2.50] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.66
|
1.71 |
[2.50] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.05 |
[0.14] |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.52
|
1.94 |
1.36 |
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Current Ratio (Current Asset/Current Liability) |
|
1.80
|
2.65 |
2.80 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
APARA ENTERPRISES SOLUTIONS PRIVATE LIMITED |
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Presented By |
Axis Bank Limited M G Road Branch, Bangalore – 560 001,
Karnataka, India |
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1) Date and description of instrument creating the change |
01.02.2006 Composite hypothecation deed |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000 millions – Bill Discounting |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of Subservient charge in favour of the Bank. a. All the goods, stocks, raw materials, plant , machinery, fixtures, Implements, Fittings, other Installations, computers and all other articles and things both present and future whether installed and or fastened to earth or not, whether lying loose or in cases, at site or in transit or which may at any time hereafter during the continuance of this security be installed or lying loose or in cases of being in or upon or about the borrower’s factory premises, warehouses and godowns or wherever else the same may be or be held by any party any where to the order and disposition of the borrower or in the course of transit to the borrower (including those goods, plant, machinery, implements etc purchased out of the term loan sanctioned by the bank covered under this agreement) described in general terms in the schedule hereto (all of which are hereinafter referred to as “Hypothecated Property” and more particularly described in the schedule 1A and B) . b. All the borrower’s present and future book debts, outstanding monies, receivables, claims, bills, contracts, securities, investments, rights and assets (hereinafter referred to as the book debts and more particularly described in schedule 1 C) as security for the due repayment to the bank at any time on demand the total balance outstanding in the various accounts and in installments as agreed in respect of the term loan account along with the interest at the rate hereinafter provided and all costs. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: BPLR – 100.25% front ended. Repayment: Bills Discounting – On Demand. |
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5) Name and Address and description of the person entitled to the charge. |
UTI Bank Limited, M G Road Branch, Bangalore – 560 001, Karnataka, India |
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U32104KA1992PTC012863 |
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Name of the company |
APARA ENTERPRISES SOLUTIONS PRIVATE LIMITED |
|
Address |
Suite No. 139, 7th Floor, Oxford Towers, Kodhihalli,
Bangalore – 560017, Karnataka, India |
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Type of Charges |
v Book debts v Movable property (not being pledge) |
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Particular of the charge holder |
Name : Axis Bank Limited Address : “Esquire Centre”, No. 9, M G Road City : Bangalore State: Karnataka ISO country code : IN Pin code : 560001 E mail ID : tr_jairam@vsnl.net |
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Nature or description of the instrument creating or modifying the charge |
Composite Hypothecation Deed |
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Date of the instrument creating charge |
13.03.2007 |
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Amount Secure by the charge |
Rs. 40.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Commission on LC 1% flat Terms of repayment Usance Period Maximum up to 180 days Margin 10% to be created upfront Extent and operation of the charge The charge shall operate to the extent of Rs. 40.000 millions plus interest, commission, costs, expenses and other charges. |
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Short particulars of the Property charged |
Exclusive charge on receivables from customers for orders, against which LCs were opened, Extension of pari passu first charge on entire current assets viz. movable goods and assets both present and future comprising all stocks of raw material, work in progress, semi finished goods and finished goods stored at oxford Towers, Suite No. 801, 7th Floor, Airport Road, Kodihalli, Bangalore 8 or at any other place and present and future book debts, outstanding monies, receivables, claims, bills etc. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
As Per Website Details
HISTORY
Founded in 1992, subject has grown to be a successful Information Technologies (IT) Systems integrator specializing in integrated network, security and storage solutions. In Financial Year 2007 a key factor contributing to the company’s year on year profitability since 2003 has been the delivery of multi-vendor, technology agnostic solutions that support enterprise business objectives. Partnering closely with multiple best-of-breed technology providers in networking, security and storage domains, subject has been able to consistently deliver cost-effective solutions.
COMPANY PROFILE
Organizations that are dependent on IT to enable and enhance their business, often come across challenges in building responsive IT infrastructure that can adopt to the ever-changing business needs and support business.
Subject provides best in class solutions and consulting services in Enterprise Storage, Intelligent Networking, Enterprise Security, Secure Messaging and Application Solutions. The 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 and Finance, Telecom, Service Providers, ITES / BPO, Software, Energy and Manufacturing.
Responsive
information infrastructure
Information is the lifeline of today's businesses and enterprises. Especially when it can drive transactions, facilitate idea exchanges and create unique competitive advantages for organizations worldwide. But if businesses do not protect, secure and manage their information smoothly and effectively it can cripple them with disastrous results.
Exploiting value in the IT
infrastructure
For businesses that rely on technology for critical
operations, subject 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
the strong technical expertise and the 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:
v Achieve strategic business objectives
v Optimize the cost effectiveness and performance of critical IT resources
v Adopt IT resources that respond quickly to changing conditions and requirements
v Minimize IT risks
v 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 optimizing 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 the 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
them selves just as solution providers, but as partners in the business
objectives.
Board of Directors
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 served on the Board 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 one of the board members 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.
Kumar 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, CEO and Founder
Sidhu, with his pioneering vision founded APARA in 1992. He has over 18 years rich experience in Business management, sales andmarketing 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 and 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 and Technology Entrepreneurs Park (STEP) in the country and a Technology Business Incubator as Director, catalyzing the establishment of ICT enterprises with RandD, 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 and Medium Enterprises) in China, for his contribution to the establishment and growth of SME's in the region. He is the Charter member of TiE Bangalore.He is also the Chairman and Managing Director of e-Health 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 and Financial Consultant. He brings more than 17 years of experience in financial services to the company.
NEWS
Apara: the new face
in professional services
Apara Enterprise Solutions, a high-end infrastructure solution provider is transforming itself into a professional services company. Abhinav Singh says that high-growth segments and overseas business will fuel Apara’s topline growth.
Five entrepreneurs came together in 1993 to offer system integration services. Eleven years later what started off as an Rs. 2.000 millions operation is now generating revenues at the rate of Rs. 930.000 millions a year. With 130 people and 400 enterprise level customers that include some big names such as GE Capital Services, BSNL and Citibank, Apara Enterprise Solutions has a come a long way. The company is now looking at overseas markets for joint ventures (JVs) and acquisitions. It has already entered into a MoU in the Middle and the Far East and is set to venture into the European, Australian and US markets.
Apara has moved away from being a product-centric solution provider to a customised solutions provider with a strong focus on Disaster Recovery (DR) and Business Continuity (BC) catering to BPO units, call centres, banks and telcos. In intelligent networking, it is offering SSL security, bandwidth management, load balancing and failover and its customers include the likes of Rediff, Indiatimes, Netmagic, Reliance and VSNL. In the recent past, the company has won some of the biggest security deals in the country including those from Reliance, Bharti, and AT and T. Apara has also won the data centre deployments for GE Capital Services, Citibank and VSNL. Apara deployed a SAN for ABN Amro.
In partners they trust
Entering into collaborations to satisfy diverse customer needs in a more focused manner is one of the basic tenets of Apara’s ‘go-to-market’ strategy. It already has technical alliances with around 40 vendors such as Network Appliance, Hitachi Data Systems, Veritas, NetScaler and Trend Micro among others. M S Sidhu, managing director Apara Enterprise Solutions says, “They make value additions to the technical alliance partners’ products and provide a complete solution to the customers.” Apara is planning to have more partnerships with companies in the IT consulting space. It has also collaborated successfully with Vincity Networks to provide remote management services to some customers and is building strong relationships with its channel partners. Sidhu says, “The channel partners understand the business and this helps them win customer accounts across India, especially in smaller towns. They regularly train them so that they are up to date on technology.”
The Malavalli factor
With Kumara Malavalli (co-founder of Brocade) becoming the chairman of Apara, the company has benefited from his experience in the field of storage. Malavalli’s guidance is expected to give Apara a foothold in the global market. Says Sidhu, “Malavalli’s vision and mentoring have helped us grow rapidly. He has also helped us with relationship building in the storage segment.” Last year Malavalli invested Rs. 100.000 millions in Apara. The investment will help expand Apara’s footprint in India and abroad.
Acquire, collaborate and grow
Acquisitions, joint ventures (JVs) and partnerships will be the key to gain overseas customers. Apara’s approach will depend on market conditions prevailing in different geographies. Acquisitions will be a major thrust area, especially in non-English speaking countries such as France and Germany. Sidhu says, “Local customers feel more comfortable dealing with local rather than foreign companies. Hence the acquisition of local companies is essential to win customers in non-English speaking countries.” Having established its presence in Saudi Arabia and Sri Lanka, Apara is now eyeing the European and US markets. It has signed MoUs with companies in Korea and is looking forward to tying up with companies in Malaysia, Hong Kong and Thailand. Apara is also considering the prospects of establishing its own subsidiary in different markets. It plans to build a presence in eight countries in the coming year.
New found opportunity
Apara is planning to tie up with large Enterprise Application Software (EAS) vendors to sort out issues related to discrete storage systems and to fine tune ERP systems in the telecom, oil and gas and the banking, financial services and insurance (BFSI) verticals. It would do this in partnership with EAS vendors. The company is also contemplating alliances with system integrators such as CMC, TCS and HCL among others on a project-to-project basis where they can leverage Apara’s skill sets. K N Prasad, head, Marketing and Alliances, Apara Enterprise Solutions says, “They are supporting new applications like multimedia messaging through the intelligent storage infrastructure. They are building relationships with companies in the telecom and middleware segments. The focus will continue to be on providing end-to end storage solutions, security within storage and intelligent networking i.e. optimising application performance and consulting.”
For Apara, the bulk of its 34 percent projected growth that will help it achieve a revenue target of Rs. 1250.000 millions in 2005 is expected to come from storage and storage services (50 percent) while the balance is split between professional services, security and intelligent networking. The company is also looking to recruit the right people with specialised skill sets for pre-sales and deployment. It is planning to add 80-100 people by the end of 2004.
Storage will continue to be a major focus area for Apara and the company has some interesting projects involving Information Lifecycle Management (ILM) and SAN security for banks.
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 :
The 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.
The 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. 43.27 |
|
UK Pound |
1 |
Rs. 86.28 |
|
Euro |
1 |
Rs. 68.24 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|
