%20LIMITED%20-%20159132%2007-Nov-2011_files/image002.jpg){kind=small}
1. Summary Information
|
|
|
Country |
|
|
Company Name |
REDINGTON
(INDIA) LIMITED |
Principal Name 1 |
Mr. R. Shrinivasan |
|
Status |
Good |
Principal Name 2 |
Mr. Raj Shankar |
|
|
|
Registration # |
18-028758 |
|
Street Address |
SPL Guindy House, 95, |
||
|
Established Date |
02.05.1961 |
SIC Code |
-- |
|
Telephone# |
91-44-22353313/ 14/ 15/ 16/ 17/ 18/
42243281/ 42243499/ 42243353 /42243352 |
Business Style 1 |
Trading,
Importing and Distributing of Computers, Computer Peripherals, Printers,
Plotters and Spares including after sales service |
|
Fax # |
91-44-22352790/ 22253799 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
Printers |
|
|
# of employees |
1315 (Approximately) |
Product Name 2 |
Computers |
|
Paid up capital |
Rs.
792,660,000 |
Product Name 3 |
Spares |
|
Shareholders |
Foreign Institutional Investors (37.21%) |
Banking |
IndusInd Bank State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
50 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
A
(66) |
|
Related
Company |
|||
|
Relation
- Subsidiaries |
Country
– India |
Company
Name |
Redington (India) Investments Private Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
11,386,784,000 |
Current Liabilities |
11,117,050,000 |
|
Inventories |
7,174,307,000 |
Long-term Liabilities |
5,150,284,000 |
|
Fixed Assets |
660,421,000 |
Other Liabilities |
--- |
|
Deferred Assets |
40,485,000 |
Total Liabilities |
16,267,334,000 |
|
Invest& other Assets |
4,645,977,000 |
Retained Earnings |
6,847,980,000 |
|
|
|
Net Worth |
7,640,640,000 |
|
Total Assets |
23,907,974,000 |
Total Liab. & Equity |
23,907,974,000 |
|
Total Assets (Previous Year) |
17,278,855,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
83,160,126,000 |
Net Profit |
1,284,404,000 |
|
Sales(Previous yr) |
64,496,142,000 |
Net Profit(Prev.yr) |
994,561,000 |
MIRA
INFORM REPORT
|
Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
REDINGTON ( |
|
|
|
|
Registered
Office : |
SPL Guindy House,
95, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.05.1961 |
|
|
|
|
Com. Reg. No.: |
18-028758 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.792.660 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52599TN1961PLC028758 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER00540B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR0347P |
|
|
|
|
Legal Form : |
Public Limited Liability
Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trading,
Importing and Distributing of Computers, Computer Peripherals, Printers,
Plotters and Spares including after sales service. |
|
|
|
|
No. of Employees
: |
1315
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 30563000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
– established and a reputed company having fine track. Financial position of
the company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
SPL Guindy House,
95, |
|
Tel. No.: |
91-44-22353313/
14/ 15/ 16/ 17/ 18/ 42243281/ 42243499/ 42243353 /42243352 |
|
Fax No.: |
91-44-22352790/ 22253799 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Ground Floor, "Centre Point", Plot No.8 and 11
(SP), Thiru-Vi-Ka Industrial Estate, Ekkaduthangal, Guindy, Chennai - 600
032, |
|
Tel. No.: |
91-44-42243353 |
|
Fax No.: |
91-44-42243148 |
|
E-Mail : |
|
|
|
|
|
Sales and
Service Centers: |
Located at : · Chennai · · · ·
·
· · ·
Hubli ·
· |
|
|
|
|
Branch Office : |
1/11, Nook Apartment, 8, A-206, Okhla Industrial Area, Phase-1, Tel No.: 91-11-30845313 Also Located At : · · Uttar Pradesh · · Rajasthan · Uttaranchal · Orissa · · Guwahati · · Karnataka · · Mumbai · Pune · · Tamilnadu |
DIRECTORS
As on 31.03.2011
|
Name : |
Professor J. Ramachandran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Shrinivasan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Raj Shankar |
|
Designation : |
Deputy Managing Director |
|
|
|
|
Name : |
Mr. M. Raghunandan |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. R. Jayachandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tu Shu-Chyuan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Huang Chi Cheng |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Steven A. Pinto |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. William Adamopoulos |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
KEY EXECUTIVES
|
|
|
|
Name : |
Mr. P.S. Neogi |
|
Designation : |
President - I.T. Products |
|
|
|
|
Name : |
Mr. E.H. Kasturi Rangan |
|
Designation : |
President - Consumer and Digital Products Division |
|
|
|
|
Name : |
Mr. S.V. Krishnan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Clynton Almeida |
|
Designation : |
Chief Information Officer |
|
|
|
|
Name : |
Mr. Ramesh Natarajan |
|
Designation : |
Head - National Sales |
|
|
|
|
Name : |
Mr. S.V. Rao |
|
Designation : |
Head - Strategic Business Unit (Services) |
|
|
|
|
Name : |
Mr. Jitendra K. Senapati |
|
Designation : |
Head - Strategic Business Unit (Peripherals and Consumer PC) |
|
|
|
|
Name : |
Mr. Anand Chakravarthy |
|
Designation : |
Head - Strategic Business Unit (Networking and Power Products) |
|
|
|
|
Name : |
Mr. R. Sasikanth |
|
Designation : |
Head - Strategic Business Unit ( |
|
|
|
|
Name : |
Mr. Gautam Hukku |
|
Designation : |
Head - Strategic Business Unit
(Systems) |
|
|
|
|
Name : |
Mr. P.M. Sethumadhavan |
|
Designation : |
Advisor – New Projects |
|
|
|
|
Name : |
Mr. R. Venkatesh |
|
Designation : |
Head - Strategic Business Unit (Software Solutions) |
|
|
|
|
Name : |
Mr. Rajesh Khetarpal |
|
Designation : |
Head - Strategic Business Unit (Smart Communication and Retail
Management SBU) |
|
|
|
|
Name : |
Mr. S. Selvanayagam |
|
Designation : |
Head – Strategic Business Unit (Components) |
|
|
|
|
Name : |
Ms. Parvathi Jagannadhan |
|
Designation : |
Head - Strategic Business Unit (Lifestyle and Convergence Devices) |
|
|
|
|
Name : |
Mr. M. Muthukumarasamy |
|
Designation : |
Company Secretary |
|
|
|
|
|
INTERNATIONAL
OPERAITONS |
|
Name : |
Mr. Ashok Veeraraghavan |
|
Designation : |
Director Sales |
|
|
|
|
Name : |
Mr. Sumant Saran |
|
Designation : |
Senior Vice President |
|
|
|
|
Name : |
Mr. Ashish Bharti |
|
Designation : |
Vice President - ME Business |
|
|
|
|
Name : |
Mr. S. Sethuraman |
|
Designation : |
Vice President - Services MEA |
|
|
|
|
Name : |
Mr. Sriram Ganeshan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. J. Radhakrishnan |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
84,027,302 |
21.10 |
|
|
84,027,302 |
21.10 |
|
Total shareholding of Promoter and Promoter Group (A) |
114,507,975 |
28.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
35,576,050 |
8.93 |
|
|
148,199,906 |
37.21 |
|
|
183,775,956 |
46.15 |
|
|
|
|
|
|
14,917,617 |
3.75 |
|
|
|
|
|
|
7,155,554 |
1.80 |
|
|
1,319,705 |
0.33 |
|
|
107,045,911 |
26.88 |
|
|
132,036 |
0.03 |
|
|
2,139,455 |
0.54 |
|
|
102,245,940 |
25.67 |
|
|
658,180 |
0.17 |
|
|
1,646,240 |
0.41 |
|
|
51,810 |
0.01 |
|
|
172,250 |
0.04 |
|
|
130,438,787 |
32.75 |
|
Total Public shareholding (B) |
314,214,743 |
78.90 |
|
Total (A)+(B) |
398,242,045 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
398,242,045 |
- |
%20LIMITED%20-%20159132%2007-Nov-2011_files/image004.gif){kind=small}
(1) Indian%20LIMITED%20-%20159132%2007-Nov-2011_files/image005.gif){kind=small}
Bodies Corporate%20LIMITED%20-%20159132%2007-Nov-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Trading, Importing
and Distributing of Computers, Computer Peripherals, Printers, Plotters and
Spares including after sales service. |
||||||||||
|
|
|
||||||||||
|
Products : |
·
Computer Peripherals ·
Services income
|
||||||||||
|
|
|
||||||||||
|
Agencies Held : (As on 31.03.2010) |
· IBM · Intel · Avaya · HP · Epson · Compaq · Philips · Samsung · Microsoft · APC · CA · Microsoft · Kobian · Motorala |
GENERAL INFORMATION
|
No. of Employees : |
1315
(Approximately) |
|
|
|
|
Bankers : |
Bankers – v
Hongkong
and v
IndusInd
Bank, v
Citi
Bank NA, v
HDFC
Bank Limited, 751-B, Anna Salai, v
State
Bank of v
Bank
of v
Barclays
Bank PLC v
BNP
Paribas v
Deutsche
Bank AG v
ICICI
Bank Limited v
IDBI
Bank Limited v
ING
Vysya Bank Limited v
Kotak
Mahindra Bank Limited v
Standard
Chartered Bank v
Union
Bank of v
Yes
Bank Limited v
The
Royal Bank of v
DBS
Bank Limited v
ANZ
Banking Group Limited Bankers – Overseas v
Axis
Bank, v
Bank
of v
Barclays
Bank, v
BNP
Paribas, v
BNP v
v
Emirates
Bank, v
First
Gulf Bank, v
Hongkong
and Shanghai Banking Corporation Limited, v
Hongkong
and Shanghai Banking Corporation Limited, v
ICICI
v
Mashreq
Bank, v
National
Bank of Fujairah, v
Standard
Chartered Bank, v
Standard
Chartered v
State
Bank of v
May v
UCO |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
|
|
Statutory
Auditors : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
|
Address: |
2nd
Floor, “ |
|
|
Tel. No.: |
91-44-52131124-28 |
|
|
Fax No.: |
91-44-52131129 |
|
|
|
|
|
|
Internal Auditors: |
Price Waterhouse Coopers Chartered Accountant |
|
|
|
|
|
|
Party where
control exists : |
Redington Employee Share Purchase Trust* |
|
|
|
|
|
|
Parties with
Significant Influence : |
Redington ( Synnex Mauritius Limited, |
|
|
|
|
|
|
Subsidiaries : |
v
Nook Micro Distribution Limited, v
Redington ( v
Cadensworth ( v
Easyaccess Financial Services Limited, v
Redington International Mauritius Limited, v
Redington International (Holdings) Limited, v
Redington Gulf FZI-, v
Cadensworth FZE, v
Redington Gulf and Company LLC, v
Redington Nigeria Limited, v
Redington Egypt Limited, v
Redington Kenya Limited, v
Redington Middle East LLC, v
Redington v
Redington Arabia Limited, Saudi Araba v
Redington Africa Distribution FZE. v
Redington v
Redington Distribution Pte Limited, v
Redington Bangladesh Limited, v
Redington v
Redington v
Redington Limited, v
Redington Uganda Limited, v
Africa Joint Technical Services, v
RGF Private Trust Company Limited, v
Cadensworth United Arab Emirates LLC, v
Redington Morocco Limited, v
Redington Tanzania Limited, v
Redington SL (Private) Limited, v
Redington v
Redington v
Arena Bilgisayar Sanayi Ve Ticaret Anonim
Sirketi, * Represents companies with whom
transactions have taken place during the year. # As Redington Turkey Holdings S.A.R.L. has
effective control over the composition of Board of directors Arena is
considered as subsidiary. |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.792.660 millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
792.660 |
786.360 |
778.657 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6847.980 |
5973.415 |
5365.213 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7640.640 |
6759.775 |
6143.870 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3575.221 |
3095.549 |
1568.194 |
|
|
2] Unsecured Loans |
1575.063 |
659.680 |
1330.880 |
|
|
TOTAL BORROWING |
5150.284 |
3755.229 |
2899.074 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.312 |
|
|
|
|
|
|
|
|
TOTAL |
12790.924 |
10515.004 |
9044.256 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
660.421 |
670.730 |
552.035 |
|
|
Capital work-in-progress/ Capital Advances |
15.968 |
13.137 |
102.803 |
|
|
|
|
|
|
|
|
INVESTMENT |
4630.009 |
4590.509 |
3209.325 |
|
|
DEFERREX TAX ASSETS |
40.485 |
24.976 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7174.307
|
4224.121
|
2734.457 |
|
|
Sundry Debtors |
8542.680
|
6785.545
|
6450.226 |
|
|
Cash & Bank Balances |
1501.967
|
199.637
|
559.572 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1342.137
|
770.200
|
785.556 |
|
Total
Current Assets |
18561.091
|
11979.503
|
10529.811 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
10549.271
|
6254.090
|
4932.582 |
|
|
Provisions |
567.779
|
509.761
|
417.136 |
|
Total
Current Liabilities |
11117.050
|
6763.851
|
5349.718 |
|
|
Net Current Assets |
7444.041
|
5215.652
|
5180.093 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12790.924 |
10515.004 |
9044.256 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Service Income |
83160.126 |
64496.142 |
60661.565 |
|
|
|
Other Income |
130.450 |
99.482 |
52.771 |
|
|
|
TOTAL (A) |
83290.576 |
64595.624 |
60714.336 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods sold |
78640.411 |
60852.606 |
57205.489 |
|
|
|
Trading Expenses |
329.981 |
195.493 |
174.322 |
|
|
|
Employee Compensation Costs |
827.096 |
793.919 |
753.787 |
|
|
|
Managerial Remuneration |
3.941 |
3.906 |
4.308 |
|
|
|
Auditor’s remuneration |
4.591 |
4.860 |
3.713 |
|
|
|
Bad Debts Written off and Provision for doubtful debts |
80.299 |
48.545 |
32.799 |
|
|
|
Other Expenses |
905.065 |
680.289 |
801.244 |
|
|
|
TOTAL (B) |
80791.384 |
62579.618 |
58975.662 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2499.192 |
2016.006 |
1738.674 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
430.528 |
330.378 |
449.054 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2068.664 |
1685.628 |
1289.620 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
134.700 |
154.050 |
47.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1933.964 |
1531.578 |
1242.512 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
649.560 |
537.017 |
435.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1284.404 |
994.561 |
806.887 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend including dividend distribution tax relating to previous year |
1.383 |
2.828 |
0.000 |
|
|
|
Proposed dividend on equity shares
including dividend distribution tax |
502.986 |
459.711 |
364.398 |
|
|
BALANCE CARRIED
TO THE B/S |
780.035 |
532.022 |
442.489 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
938.400 |
|
|
TOTAL EARNINGS |
NA |
NA |
938.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
3.25 |
2.54 |
10.36 |
|
|
|
- Diluted |
3.23 |
2.51 |
10.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
24210.300 |
27393.600 |
|
Total Expenditure |
|
23533.400 |
26686.000 |
|
PBIDT (Excl OI) |
|
676.900 |
707.600 |
|
Other Income |
|
69.900 |
34.700 |
|
Operating Profit |
|
746.800 |
742.300 |
|
Interest |
|
164.500 |
206.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
582.300 |
536.000 |
|
Depreciation |
|
21.600 |
31.000 |
|
Profit Before Tax |
|
560.700 |
505.000 |
|
Tax |
|
170.800 |
166.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
389.900 |
338.600 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
389.900 |
338.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.54
|
1.54
|
1.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.33
|
2.37
|
2.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.06
|
12.11
|
11.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.23
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.13
|
1.56
|
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.77
|
1.97 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was
incorporated on 02.05.1961 at Mumbai in
The Registered Office of the company was shifted from Mumbai in
Subject is an integrated supply chain solution provider. The
second largest distributor of IT products in
Subject is a leading provider of IT products, logistics management and
other services ranked 9th by DQ Top 20 issue of 2002. Subject serves
more than 5500 IT resellers in
It represents more than 15 leading global brands covering product
categories like systems, software, peripherals, components, network products,
mobile phones, etc. The company generated as sales turnover of Rs. 13500
millions ($ 285 millions) in its last financial year ended 31.03.2002.
Subject is a part of 140 years old $2 billion Transnational Kewalram
Chanrai Group headquartered at
The group has IT products and service business in
The company started its’ Indian operations in 1993 at Chennai with a
vision to become a leading distributor of world class IT products with a clear
emphasis on supply chain excellence and operational efficiency.
Subject started with distribution of HP peripherals and continued adding
newer products / brands to its portfolio, growing from 5 employees, 3 branches,
25 dealers and Rs. 90 millions sales in 1994 to 350 employees, 28 branches,
over 5500 dealers and Rs. 13500 millions in the year ended 31st
March, 2002.
The company has emerged as the industry's most efficient distribution
company. The company evolved its business from a small manual operation to a
very large technology driven operation, which provides "Best value for
money" to its customers.
The Company commenced its operations in the year 1993 by distributing
information technology products. From then on the company has continuously
expanded its operations across
Hewlett Packard honored the company as an excellent service provider' in the
year of 2000. The call centre operations of the company was started in the year
2002 for servicing Compaq's Presario range of products and ranked Best
Distributor India' for the year 2002-2003 by Computer Associates. Commenced
distribution and servicing of Motorola mobile phones during the year 2003. Once
again the company ranked as Best Distributor in
A distribution agreement was made between the company and Apple Computer
International Private Limited,
PERFORMANCE
Buoyed by the Company's strong Indian and Global performance, revenue grew by 27% demonstrating once again the consistent growth in profits. The Consolidated revenue of the Company was Rs.174780.800 millions as against Rs.137775.500 millions in the previous year with a CAGR of 18% for five years. The Consolidated net profit for the year was Rs.2260.000 millions as against Rs.1843.300 millions in the previous year with a CAGR of 22% for the last 5 years.
The Stand alone revenue of the Company was Rs.83290.600 millions as against Rs.64595.600 millions in the previous year (Year-on-Year growth 28.94%) and the profit after tax was Rs.1284.400 millions as against Rs.994.600 millions in the previous year (Year-on-Year growth 29.14%).
The Earnings per Share (EPS) on a consolidated basis (based on weighted average number of shares) increased to Rs.5.72 in the year as compared to Rs.4.70 in the previous year, while EPS on standalone basis (based on weighted average number of shares) increased to Rs.3.25 in the year as compared to Rs.2.54 in the previous year.
DISTRIBUTION BUSINESS
Information
Technology
The Information Technology (IT) industry has been acknowledged as key to the continuing growth of India's economy and IT Distribution plays an important role in making technology and its products available to all sections of the Indian industry and society.
The IT Hardware, Software and Services business was estimated at approximately Rs.800000.000 millions during FY 2010-11. This is estimated to grow to Rs.1250000.000 millions by FY 2013-14. The Hardware and Software Distribution business which is the domain of operations of the Company, was estimated at Rs.370000.000 millions during FY 2010-11 and is estimated to grow to Rs.560000.000 millions by FY 2013-14.
The Company has now achieved a well-diversified vendor portfolio in all product categories and this allows the Company to withstand occasional disturbances in the distribution eco-system of specific vendors. Any drop in sales of a particular brand can be made up by taking advantage of the increased sales of a competing brand. The deep engagement of the company with competing brands of PCs and Laptops allowed it to neutralise the impact of changes in the distribution strategy brought in by HP during the last Financial Year.
Notebooks remain a major growth area for the IT industry and with HP, Lenovo, Samsung, Acer, Toshiba, Fujitsu, HCL and Wipro as vendors, the Company enjoys broad representation in all brand positions and price points and caters to approx 18% of the Notebook demand in the Distribution space. Total PC (Notebook and Desktops) demand is expected to grow at an average rate of 20% for the next 3 years.
“Infrastructure” investment in IT products by Central and State Governments towards achieving wider e-Governance has resulted in a huge requirement of IT products in this sector and the Company has partnered with large National System Integrators for several prestigious projects during the Financial Year. One of the major areas of government infrastructure investment is the ongoing project towards Accelerated Power Development and Reforms Programme (APDRP). This constitutes investments for modernizing all State Electricity Boards to enable them to accurately measure customer usage and distribution loss of electricity produced and transmitted. The total project expenditure in the distribution addressable space is expected to be in the region of Rs.8000.000 millions and the Company has positioned itself to partner in at least 40% of this requirement.
Unique Identification
(UID) Project has become a showcase for the
Central Government in the e-Governance space. It is a one-of-its-kind
project in the world
and attempts to biometrically enroll the entire population
of
The core equipment required for this project is the Biometric Solution comprising the Fingerprint Capturing Device and the Iris Scan Device. The total requirement of such devices for the UID Project is estimated at 80,000 sets. In this context, a significant breakthrough has been achieved by the Company by signing up a Distribution Agreement with one of the leading brands for supply of the Biometric Solution. This has enabled the Company to be engaged in the landmark UID Project and will help it maintain a strong presence in all forthcoming projects requiring biometric identifications.
The wide range of products that the Company deals in helps it to manage shifts in the usage pattern of customers. Consequently in the Financial Year, although the assembled PC space continued to shrink as the price gap between assembled units and branded products reduced drastically, the slowdown in the sale of PC components by the Company was compensated by the simultaneous increase in its sale of branded products.
In order to better address the fast growing Tier 3 and Tier 4 cities, the Company decided to divide its market into two segments - INDIA-1, comprising of the top 10 territories which continue to generate more than 70% of the Company's revenue and INDIA-2, comprising of the remaining territories which are today growing at a rate which is much faster than INDIA-1. INDIA-2 is now handled by an exclusive senior resource who is tasked with addressing all human resource and business related issues in this territory. This additional focus is expected to allow the Company to fully capitalize on the growth momentum in the INDIA-2 market.
Consumer and Digital
Lifestyle Products Division
The Company's diversification and focus into the non-IT (Consumer and Digital Lifestyle Products) has started yielding significant results. With 14 major Consumer and Digital Lifestyle brands in its portfolio and a partner base of over 5000, the Company has carved out a strong presence in this space with a 146% growth in revenue during the last fiscal.
The Smartphone
segment in
The introduction of iPad by Apple has redefined the tablet
category and has proved to be a game changer in other markets. Consumer
demand for the iPad has in fact impacted the sales of
conventional notebooks in developed
markets and it
is forecast that the Indian customer
may not be any
different. While the actual impact of iPad and other tablets is still to be
measured in India,
their position as Apple's leading
distributor in the country
will help them play a major role in fulfilling the tablet demand in the Indian market. This category is set to
revolutionize the market due to its offering
of an easy and
stylish user experience.
Further, the company's strong
relationships with vendors like RIM, HP,
Lenovo, Acer, Dell and Samsung,
all of whom intend to launch a slew of tablet products in
The Company's exclusive tie-up with Microsoft's Xbox 360 continues to have a strong presence in the Indian Gaming segment. The Launch of Microsoft Kinect in India - which holds the Guinness record for the fastest selling consumer product globally - has spurred the demand in India too, for gaming consoles and the Company is able to effectively cater to this growing demand. The Consumer Durable products revenue maintained a high growth momentum with the addition of two new vendors - Pioneer and Voltas - to the existing bouquet of products from LG, Whirlpool and Godrej.
The continued exclusive tie-up with HP's Indigo Digital Printing Solutions has helped the Company maintain a share in the fast growing Digital Photo Printing segment. The overall Digital printing industry is showing signs of growth and the sizable installed base of Indigo machines in the country now enables the company to earn a healthy annuity income by way of usage based payments.
Support Services
Business
The fast growth in the IT hardware market is supplemented by an adequate support system to sustain the growth. Understanding the value of support services, the Company capitalized on the demand for good service providers. After-sales service has become an integral part of the Company's overall strategy when it comes to building loyalty, improving customer satisfaction and discovering new marketing opportunities. The Company's service function has world class facilities and systems to provide Warranty and Post Warranty Support Services across the country through Remote, Carry-in and Onsite service delivery models. While competitors in a similar business space have faced challenges in achieving operational excellence, the Company exceeded committed targets accepted with vendors.
Through a network
of 73 owned service centers and
273 Partner service centres the
Company is poised to address a
widespread market touching every nook and corner of the country. The Company
supported by the Spare Parts Management System (SPMS) and the Call
Management System and Service On Line
(SOL) seamlessly manages complex operations with more than 100,000 part
transactions per month. The Company's High Level
Repair Centres (HLRCs) are
strategically positioned at
The company has been appointed by HP as an exclusive Neutral Support Partner for TSD Dispatch Support for the East Zone of India. As part of this support agreement the company opened 20 dedicated service centers in East and North East India.
Keeping in line with the rapid growth of Blackberry Smart Phone sales and customer requirements, the company opened 9 new exclusive Service Centers in major cities, apart from 73 centres spread across the country. Apple appointed the company as an authorized service partner to support iPhone, iPad, iPod and Mac Books.
Third Party Logistics
(3PL) Services
The economic slowdown compelled many vendors to resort to
effective ways of handling inventory and
its related cost. There is an increased
preference for Third Party Logistics (3PL) service providers like
the Company for effectively fulfilling
their logistics requirements in a
cost effective manner. Being a
supply chain service provider, the Company understands the varied requirements of different clients and has
successfully offered its services to
several new customers like EC Media International, Socomec UPS, Dorma
Automated
Distribution Centres (ADC)
The ADC at Chennai has been operational since Q2 of FY 09-10 (last financial year). It facilitates an extensive inventory of products with improved operational efficiency to meet the requirements of the company and its 3PL clients throughout the year by keeping their products on the move without any delay. The construction of the ADC in Kolkata will commence during the current financial year. In recognition of the Company's unmatched service, TUV NORD has awarded ISO 9001 2008 Certification for the Chennai ADC for deploying the best management system for providing warehousing and distribution for various products.
The
Subsidiary Companies
The Financial year
2011 has been a favourable year
for the Company's subsidiaries not only in
Indian Subsidiaries
Easyaccess Financial Services Limited (EAFSL), the Non-Banking Finance Company (NBFC) is engaged in providing trade finance to the Company's channel partners. EAFSL has posted good results registering a 48% growth in profits. The company enjoys 'P1+' (read as P one plus) rating for short term debt from CRISIL. During the course of the year the company also provided trade finance to certain other verticals other than IT.
Nook Micro Distribution Limited (Nook Micro), is focused on
addressing the Last mile of Distribution with Regional
Distribution as its key thrust area.
During FY 11, Nook Micro has embarked on its journey with
in-depth distribution across
With increasing demand for digital devices there is a growing opportunity to reach these products efficiently at a competitive supply chain cost. Nook Micro is positioned to be the preferred intermediary to bridge the gap between national distributors, vendors, retailers and assemblers. To strengthen the financial position of Nook Micro, the Company has invested a sum of Rs.39.500 millions in the equity of the Company.
Cadensworth (
Overseas Subsidiaries
The Company's overseas subsidiaries had another year of
good growth in revenues
and profitability. The Company's Middle East, Turkey and Africa operations which
constitute over 45% of the
consolidated revenue faced social
and political upheavals
in some of their markets.
There were security issues in the
For the 4th
year in succession Redington Gulf
was judged the
No.1 Distributor in the Middle
East, by Channel Middle East - a respectable
IT Trade publication in Middle
East.
As part of its strategy to explore opportunities in
newer markets, the Company's overseas
investment holding company in
Cayman Islands viz. Redington International Holdings Limited
(RIHL) has through its subsidiary
invested in a 49.4% stake in ARENA BILGISAYAR SANAYI VE
TICARET ANONIM SIRKETI (Arena), a company listed on the Istanbul
Stock Exchange and the second
largest distributor of information technology products in
Turkey. Arena is a broad line distributor with an
impressive bouquet of
global brands in their portfolio. This investment is
expected to enhance
the company's overseas presence
and will be value accretive for the
company's shareholders. They are to share that post the investment,
their Dell tie-up in MEA got extended to
The company's MEA subsidiary distributes 27 global brands with in-country operations in 14 countries and
addresses 22 markets. Amongst some new
tie-ups are Sony for some markets
in
Credit Rating
The Company's financial discipline and fiscal prudence is
reflected in the strong credit ratings
ascribed by
CRISIL has upgraded its ratings on the long term bank facilities of the Company to 'AA-/Stable' (read as double A minus) from 'A+/ Stable' (read as A plus) and reaffirmed its rating on the short-term bank facilities and
short term debt program at 'P1+' (read as P one plus). ICRA has also upgraded its ratings for the Fund based and Non-fund based credit facilities to 'LAA-' (read as L double A minus) from 'LA+' ( read as LA plus) and reaffirmed its rating on the short term debts at 'A1+' (read as A one plus).
MANAGEMENT DISCUSSION
AND ANALYSIS
Global Outlook
While the severe recessionary tendencies across the Globe appear to have eased, many countries are still feeling the impact of decreased demand and reduced consumer consumption. Most international Governments are trying to come to grips with minimal economic growth and consequent pressures of rising joblessness. The developed countries are actually looking to the developing world and the emerging markets to shore up demands for manufactured products and lead the world out of the downturn.
According to the report published by United Nations
Conference on Trade and Development
(UNCTAD), fiscal weaknesses in almost all
major developed economies continue
to remain the cause behind the uncertainty of a more
permanent global recovery and world-wide
economic stability. The recovery in World
Economy is being largely driven by much stronger GDP growth
in emerging economies like
While most experts doubt the ability of the emerging economies to single-handedly pull the World out of its recession in a sustainable manner without significant contributions from North America and Europe, the International Monetary Fund (IMF) maintained its forecasts for global growth for 2011 and 2012 at 4.4% and 4.5%, respectively, predicting the global recovery to strengthen.
Information and Communication Technologies (ICT) and the products it supports, while being key factors in bringing about increased operational efficiencies, increased productivity as also innovative tools for personal and social communication, remain dependent for its growth on the willingness and ability of the consumers to invest in newer technologies and products.
Indian Outlook
According to the World Economic Situation and Prospects 2011(WESP 2011), the Indian economy continued to grow at a healthy rate in 2010-11, owing to rapid expansion in gross fixed capital formation, increased government spending and robust growth in private consumption. WESP forecasts that the growth will moderate to 8.2% and 8.4% in 2011 and 2012 respectively, mainly as a result of tighter monetary and fiscal policies. Another report from The Prime Minster Economic Advisory Council (PMEAC) predicted the growth at 8.5%, and CSO Advance Estimates for year 2010-11 predicted growth at 8.6%.
The Central and State Governments, recognizing the imperative of increased e-Governance facilities and importance of use of technology for its socio-economic programmes, continue to invest heavily in Infrastructure projects.
Customers across all industry segments, with better business outlook and forecasts, resumed investments in IT infrastructure in critical areas of technology upgradation, product refresh, storage and security.
Apart from the expected growth in the Education sector driven by ever increasing technology adoption by schools, colleges and universities, consumer demand of technology and digital products has been further fuelled by the explosion of social networking. Gen-Next would henceforth define and drive the consumption of Information and Communication products and technology.
Nature of Business
The Company has successfully transformed itself into a multi-faceted organization from a pure-play IT distributor. With IT, Communication, Consumer and Digital Lifestyle product distribution at its core, it today
offers a whole bouquet of value add services to its customers - Vendors, Channel Partners and in cases, End Customers. The range of offering today encompasses Value Added Distribution, complete Logistics Solutions, Commercial Structuring, Support Services and Channel Financing through the company's various divisions and subsidiaries. It is today the only distribution company in India, if not in the world, with such a comprehensive range of offerings for its business partners.
Industry Structure
With a huge range of products of differing values and usage comprising the IT and Communication market today, various vendors require differing and often custom-made Go-To-Market strategies. These strategies decide the type of distribution and channel network the vendor prefers. The channel landscape comprises of pure Distributors, Value Added Distributors and Regional Distributors as Tier-1 partners for vendors and National System Integrators, System Integrators, sub-Distributors, Resellers, Corporate Resellers, Exclusive Retailers, Multi-Brand Retailers and Large Format Retailers forming the Tier-2 partners for various brands / vendors. The Company, as a Tier-1 Partner for its vendors is uniquely structured to offer any value-addition that might be required by any of its business partners.
Geography - wise
analysis Indian Operations Information Technology (IT)
The company's wide bouquet of IT products in
With a possible shift in the way users look at deploying technology due to development of Cloud platform, the Company is already on its way to position itself effectively with vendors for a value-added role in their proposed Cloud-based offerings. The platform is still in its formative stage and would probably mature in another two year's time, but the Company wants to be an early entrant in order to be on a strong footing as and when the demand shift takes place.
Consumer, Smart
Communication, and Digital Products
In the Consumer and Digital Lifestyle space, the company has focused on developing and expanding its portfolio in the Smartphone and Tablet PC space. While the Smartphone market is already demonstrating itself to be the highest growth category in the communications space, its usage is likely to see further fillip due to the service and application offerings that would be available on the 3G platform from various network operators. The Tablet PCs, on the back of the revolution brought about by the iconic iPad from Apple, is expected to carve out a significant share of the Indian PC market due to its style quotient, variety, convenience of use and the plethora of applications available on this platform.
After sales services
Success of any
product in India is primarily dependent
on the extent, quality and
breadth of the post-sales service facilities offered by the
vendor. As a neutral service provider for IT and Communication products and the
only national distributor having a country-wide service infrastructure, the
company offers a valuable alternative to the vendors. While, in
Warehousing and Third
Party Logistics
The company's expansion in the Logistics Service Provider
space by way of ADC and
3rd Party Logistics offerings are investments in
future demand areas. Demand for
efficient, modern and highly automated logistics services is on the increase
and the Company is going ahead with investments in ADC facilities at
Kolkata and
Overseas Operations
As the largest distributor of IT and Communication Products
in the Middle-East, West
Asia and Africa, the company's subsidiary, headquartered
in
Financial performance
and position
The financials of the Company and its Indian subsidiaries
are prepared in accordance with
Generally Accepted Accounting Principles
in
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2011
(Rs.
in millions)
|
Particulars |
Standalone |
|
3 Months Ended 30.06.2011 |
|
|
Net
Sales / Income from operations |
24186.700 |
|
Other
Operating Income |
23.600 |
|
Total
Income |
24210.300 |
|
Expenditure |
|
|
(Increase)
/ Decrease in stock |
(1963.600) |
|
Purchases
|
24849.100 |
|
Employees
costs |
249.200 |
|
Depreciation |
21.600 |
|
Other
expenditure |
398.700 |
|
Total |
23555.000 |
|
|
|
|
Profit
from operations before Other Income, Interest and Tax |
655.300 |
|
Other
income |
69.900 |
|
Profit
before Interest and Tax |
725.200 |
|
Interest |
164.500 |
|
Profit before tax |
560.700 |
|
Tax
expense |
170.800 |
|
Profit after tax |
389.900 |
|
Less: |
|
|
Share of loss of Associate
Company |
-- |
|
Minority/ Non-controlling
interest |
-- |
|
Profit
after Tax for the period/ year |
389.900 |
|
Paid
up equity share capital (Face value of Rs.2/- per share) |
795.200 |
|
Reserves
as per Balance Sheet |
-- |
|
Earning
per share – Basic (EPS) (Face Value - Rs.2/- per share) (not to annualised) |
0.98 |
|
Earning
per share – Diluted (EPS) (Face Value - Rs.2/- per share) (not to
annualised) |
0.98 |
|
Public
shareholding |
|
|
-
Number of shares |
283094615 |
|
-
Percentage of shareholding |
71 |
|
Promoters
and Promoters group Shareholding |
|
|
a) Pledged /Encumbered |
NIL |
|
b) Non
Encumbered |
|
|
-
Number of shares |
114507975 |
|
-
Percentage of shares (as a % of total shareholding of the promoter and
promoter group) |
100 |
|
-
Percentage of shares (as a % of total share capital of the company) |
29 |
CONSOLIDATED SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
in millions)
|
Particulars |
3 Months Ended 30.06.2011 |
|
Segment Revenue |
|
|
|
24448.900 |
|
Overseas |
27730.000 |
|
Total |
52178.900 |
|
|
|
|
Less: Inter Segment Revenue |
155.400 |
|
Net Sales/ Income From Operation |
52023.500 |
|
Add: Other Income |
6.700 |
|
Revenue |
52030.200 |
|
|
|
|
Segment Results (Profit before interest and tax) |
|
|
|
809.000 |
|
Overseas |
508.600 |
|
|
|
|
Less: Interest |
332.900 |
|
Profit Before Tax |
984.700 |
|
|
|
|
Capital Employed (Segment Assets –
Segment Liabilities) |
|
|
|
6189.900 |
|
Overseas |
9780.500 |
|
Total |
15970.400 |
Notes:
1. The Company and its subsidiaries operate in
The Company primarily operates in distribution business and after sales
services of IT and other products. As revenue from service segment is less than
10% of the total revenue, there are no reportable segments as required to be
disclosed under the Accounting Standard 17 “Segment Reporting”.
2. Out of the 2,335,973 options granted by the Company under the
Employee Stock Option Plan 2008, 475,957 options lapsed, of which 312,143
options were reissued. 517,387 options were outstanding as on 30th
June, 2011.
3. During the quarter 1,272,535 equity shares of Rs.2/- each fully
paid-up with a total premium of Rs.30.978 millions were issued and
allotted pursuant to the exercise of stock options granted under subject
Employee Stock Option Plan 2008 including 62,500 shares allotted to non-executive
independent directors.
4. The Company issued and allotted 397,500 equity shares of Rs.2/- each
fully paid up with a total premium of Rs.9.540 millions pursuant to the
exercise of stock options under Employee Stock Option Plan 2008 including 250,000
shares allotted to executive directors on 11th July 2011.
5. The face value of the equity shares were sub-divided into five equity
shares of face value of Rs.2/- each from Rs.10/- each on August, 23 2010 and
accordingly the number of shares and the earnings per share of the previous
period has been restated.
6. Consequent to the preferential allotment of 55,000 shares by
Redington (
7. Tax expense comprises of income tax and net of deferred tax
adjustment.
8. The above results have been reviewed by the Audit Committee and
approved by the Board of Directors at their meeting held on 5th
August 2011.
9. A Limited Review of the quarterly financial results of the Company
and one of its Indian subsidiaries and the consolidated results of the Company
has been carried out by the statutory auditors. A similar review of the
financial results of other Indian subsidiaries, associate and overseas
subsidiaries has been conducted by the auditors of the respective companies.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
1. Guarantees by banks on behalf of the Company |
258.715 |
|
2. Corporate Guarantees outstanding |
|
|
- On behalf of subsidiaries |
3948.408 |
|
- Others |
32.168 |
|
3. Bills Discounted |
734.712 |
|
4. Factoring |
575.000 |
|
5. Claims against Company not acknowledged as debts |
56.363 |
Fixed Assets:
· Land and Building,
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computers and Software
·
Vehicles
WEBSITE DETAILS:
HISTORY:
Subject, incorporated in 1961, commenced the operations in 1993
distributing information technology products. From then on the company has
continuously expanded its operations across
Subject acquired Redington Gulf FZE (Middle East and
In December 2004 the Synnex Group, the third Largest IT
Distribution Company in the world headquartered in
In March 2006 ChrysCapital, a private equity firm, acquired
11 percent stake in subject through their investment company Beethoven Limited,
Redington through all its subsidiaries distributes products
from over 40 Leading Manufacturers, services over 12000 channel partners in
CORPORATE PROFILE:
Subject along with its subsidiaries is in the business of
end-to-end supply chain management of IT and Non-IT products in various
potential geographies of South Asia, Middle East and
With a large distribution network and a market penetration of more than 18 countries, Redington is amongst the largest, supply chain solution providers to over 75 leading manufacturers of Information Technology, Telecom, Lifestyle and Consumer Electronics Products, worldwide. Redington also provides warranty and post warranty services. Supported by a wide and well connected distribution network of more than 23,600 channel partners, team of trained and talented workforce and Automated Distribution Centres, Redington has drawn up plans to take its place amongst the key world class, supply chain solution providers.
Commencing the Indian operations in 1993, Redington’s consolidated revenue for FY 2009-10 is Rs.137786.500 millions and the consolidated net profit for the FY 2009-10 is Rs.1843.300 millions.
Redington’s higher than industry average growth in the price
sensitive Indian market and difficult to penetrate
BOARD OF DIRECTORS:
Professor J. Ramachandran
Professor J. Ramachandran is a professor of business
strategies at the Indian Institute of Management,
Mr.
R. Jayachandran
Mr. R. Jayachandran is a qualified chartered accountant from
Mr.
Tu, Shu-Chyuan
Mr. Tu, Shu-Chyuan, is an engineering graduate from the
National Chiao Tung University, Taiwan, and has a Master's degree in Computer
Engineering from
Mr.
Huang Chi Cheng
Mr. Huang Chi Cheng, a management graduate from the National Ching Hsing University, Taipei, Taiwan, has an overall work experience of 26 years and has been associated with organisations such as Tait and Company Limited, Taiwan and Seaward Woolen Textile Corporation Limited, Taipei, Taiwan. He has been working with Synnex Technology International Corporation for over 16 years and currently acts as its Associate Vice President. Prior to joining Synnex Technology International Corporation, Mr. Huang was an accounting manager for the consumer products division of Tait and Company Limited.
Mr.
Steven A. Pinto
Mr. Steven A. Pinto is an experienced and respected
International banker, having done key senior assignments with Citibank in
Mr.
William Adamopoulos
William Adamopoulos serves as President and Publisher,
Forbes Asia. He is responsible for all Forbes Media LLC business interests in
Asia Pacific, including Forbes Asia, local partnerships Forbes
Prior to establishing an Asian headquarters for Forbes in
1999, Adamopoulos was the Publisher and Managing Director of The Asian Wall
Street Journal, and the President of Dow Jones Publishing Company (
A 1984 graduate of
Mr.
N. Srinivasan
Mr. N. Srinivasan is a commerce graduate and a Chartered
Accountant since 1955. He was the senior partner of well known auditing firms
Fraser and Ross and Deloitte Haskins and Sells until 1997. Mr. Srinivasan has
been closely associated with development of the profession of accounting and
auditing in
Mr.
R. Srinivasan
Mr. R. Srinivasan is a graduate in engineering from the
Mr.
Raj Shankar
Mr. Raj Shankar is a postgraduate from the Birla Institute
of Technology and Sciences, Pilani. He has 25 years of professional experience
working within and outside
Mr. Raj Shankar has been appointed as Deputy Managing Director at the board meeting held on 26th July 2007.
Mr.
M. Raghunandan
Mr. M. Raghunandan is a graduate in engineering from the
Indian Institute of Technology,
Mr. Raghunandan has professional experience of 28 years and has been associated with organisations like ITC Limited and HCL Infosystems Limited and was involved in areas such as manufacturing, technology transfer and projects. Prior to joining the Company, Mr. Raghunandan was the President of Indian Food Fermentations Limited.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.08 |
|
|
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
Yes |
|
--LISTED |
YES/NO |
Yes |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.