MIRA
INFORM REPORT
|
Report Date : |
03.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALLIED DIGITAL SERVICES LIMITED |
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Registered
Office : |
Premises No. 13A, 13th Floor, Earnest House, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.02.1995 |
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Com. Reg. No.: |
11-085488 |
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Capital
Investment / Paid-up Capital : |
Rs.230.934
Millions |
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CIN No.: [Company Identification
No.] |
L72200MH1995PLC085488 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
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Line of Business
: |
Service Provider of Master System Integrator. |
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No. of Employees
: |
Information denied by the management.
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 27400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Allied Digital Inc. USA It is a well established and reputed company having satisfactory track
record. The performance of the company has been moderate due to economic crisis
in USA. Which affect the company turnover and profitability. However, in view
strong holding company can be considered satisfactory. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non co-operative. [91-22-66816681]
LOCATIONS
|
Registered Office : |
Premises No. 13A, 13th Floor, Earnest House, NCPA Road,
Block III, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office : |
Allied Digital House, A-4, Sector 1, Millennium Business Park, MIDC,
Mahape, New Mumbai-400710, Maharashtra, India |
|
Tel. No.: |
91-22-66816681 |
|
Fax No.: |
91-22-27784968 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Nitin D. Shah |
|
Designation : |
Chairman cum Managing Director |
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|
Name : |
Mr. Prakash D. Shah |
|
Designation : |
Executive Director [Commercial] |
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|
Name : |
Mr. Paresh Shah |
|
Designation : |
Executive Director |
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Name : |
Prof. Venugopal Iyengar |
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Designation : |
Independent Director |
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Name : |
Dr. Shrikant Parikh |
|
Designation : |
Independent Director |
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|
Name : |
Dr. Roop Kishan Dave |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Ravindra Joshi |
|
Designation : |
Company Secretary and Compliance Officer |
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|
|
|
Name : |
Mr. Paresh Shah |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
20001168 |
43.31 |
|
|
187150 |
0.41 |
|
|
0 |
0.00 |
|
|
20188318 |
43.71 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
20188318 |
43.71 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1370754 |
2.97 |
|
|
1370754 |
2.97 |
|
|
|
|
|
|
4635760 |
10.04 |
|
|
|
|
|
|
12618520 |
27.32 |
|
|
4197124 |
9.09 |
|
Any Others (Specify) |
3176251 |
6.88 |
|
|
472653 |
1.02 |
|
|
1490000 |
3.23 |
|
|
35250 |
0.08 |
|
|
100 |
0.00 |
|
|
1178248 |
2.55 |
|
|
24627655 |
53.32 |
|
Total Public shareholding (B) |
25998409 |
56.29 |
|
Total (A)+(B) |
46186727 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
46186727 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Nitin Dhanji Shah |
1,24,76,954 |
27.01 |
|
2 |
Prakash Dhanji Shah |
63,46,214 |
13.74 |
|
3 |
Tejal Prakash Shah |
11,76,000 |
2.55 |
|
4 |
Vivil Investments Private Limited |
1,87,150 |
0.41 |
|
5 |
Dhara Shah |
500 |
0.00 |
|
6 |
Nehal Shah |
500 |
0.00 |
|
7 |
Ramesh Manilal Shah |
500 |
0.00 |
|
8 |
Rohan Shah |
500 |
0.00 |
|
|
|
|
|
|
|
Total |
2,01,88,318 |
43.71 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES)
OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE
TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
EN Pointe Technologies Sales Inc |
1490000 |
3.23 |
|
2 |
Intel Corporation |
1333000 |
2.89 |
|
3 |
Clover Technologies Private Limited |
1000003 |
2.17 |
|
4 |
Suresh Avyodya Mahadevan |
479000 |
1.04 |
|
5 |
Bennett Coleman and Company Limited |
1185000 |
2.57 |
|
|
|
|
|
|
|
Total |
5487003 |
11.88 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Master System Integrator. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management.
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Bankers : |
·
State Bank of India ·
Standard Chartered Bank ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
K.M. Kapadia and Associates Chartered Accountants |
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Associates/Subsidiaries : |
·
Allied Digital Services LLC (formerly known as En
Pointe Global Services LLC) ·
Allied Digital INC ·
Allied Digital Singapore Pte Limited ·
Allied Digital Asia Pacific Pty Limited ·
Digicomp Complete Solutions Limited ·
En Pointe Technologies India Private Limited ·
E-Cop Surveillance (India) Private Limited ·
Assetlite Equipment India Private Limited ·
Abhirati Properties Private Limited ·
Digicomp Electronics Testing Services (DETS) Pte.
Limited ·
The Gateways |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.5/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46186727 |
Equity Shares |
Rs.5/- each |
Rs.230.934
Millions |
NOTE:
RECONCILIATION OF
THE NUMBER OF SHARES AND AMOUNT OUTSTANDING AT THE BEGINNING AND AT THE END OF
THE REPORTING PERIOD:
|
Equity Shares
With Voting Rights |
|||||
|
Year ended March
31st, 2012 |
|||||
|
Particular |
Opening Balance |
ESOP |
Conversion |
Buy Back |
Closing Balance |
|
Number of shares |
466 |
-- |
2 |
6 |
462 |
|
Rs. in Millions |
232.929 |
-- |
10.00 |
29.85 |
230.934 |
RIGHTS, PREFERENCES
AND RESTRICTIONS RELATED TO EQUITY SHARES
The company has
only one class of equity shares having par value of Rs. 5 per share. Each
holder of equity shares is entitled to one vote per share. The company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. During the year ended March 31st, 2012, the amount of per
share dividend recognized as distributions to equity shareholders is Rs. 0.25
per share (March 31st, 2011: Rs. 0.5 per share).
DETAILS OF SHARES
HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES:
|
Name of
Shareholder |
As on 31.03.2012 |
|
|
|
No. of Shares Held |
% of Holding |
|
Nitin Dhanji
Shah |
124.77 |
27.01 |
|
Prakash Dhanji
Shah |
63.46 |
13.74 |
EMPLOYEE STOCK
OPTIONS SCHEME
The Company by a
Special Resolution passed at the Extra Ordinary General Meeting held on January
02, 2007 approved the Employee Stock Option Scheme under Section 79 A of the
Companies Act, 1956 to be read along with SEBI (Employee Stock Option and
Employee Stock Purchase Scheme) Guidelines, 1999 whereby options convertible
into Equity Shares had been granted to eligible employees of the Company. The
Board of Directors had resolved to grant the Options to the eligible employees
vide resolution dated January 22, 2007, consequently the Options were granted
to eligible employees.
THE COMPANY HAS
TWO STOCK OPTIONS PLANS WHICH ARE SUMMARIZED AS UNDER:
(I) STOCK OPTION
SCHEME (2007) LOYALTY GRANT
Under this scheme,
the Company had granted 63,300 Options @ Rs. 10/- each to the eligible
employees. Out of the above mentioned grant of 63,300 options,50,436 Options
were exercised by the eligible employees in the Financial Year 2008-09 and
balance Options were lapsed.
(II) STOCK OPTION
SCHEME (2007) GROWTH GRANT
Under this scheme,
the Company had granted 4,30,300 Options (pre-split of Company’s Equity Shares)
@ Rs. 95/- each to the eligible employees which were to be exercised within
four years from the date of the grant. Out of the above, during the financial
year 2010-2011, 1,03,850 Options (post - split of Company’s Equity Shares from
the face vale of Rs. 10/- to Rs. 5/-each) were exercised by the eligible
employees. The summary of the Stock Options exercised by the eligible employees
during the year under review are as under:
|
Particular |
As on 31.03.2012 Rs. in Millions |
|
Opening Outstanding option |
0.044 |
|
Granted during the year |
-- |
|
Exercised during the year (Post - split) |
-- |
|
Forfeited/lapsed during the year (Post - split) |
0.044 |
|
Closing Outstanding option |
-- |
(III) STOCK OPTION SCHEME (2010)
The Company by a Special
Resolution passed at Annual General Meeting held on September 29th, 2010
approved the Employee Stock Option Scheme under section 79A of the companies
act 1956 to be read along with SEBI (Employee Stock Option and Employee Stock
Purchase Scheme) Guidelines, 1999 whereby 30,00,000 options convertible into
Equity Shares of Rs. 5/- each to be granted to eligible employees of the
Company. This stock option scheme is titled as ‘”ESOP 2010”. Out of the same
4,27,500 options have been granted during the year.
|
Particular |
As on 31.03.2012 Rs. in Millions |
|
Opening Outstanding option |
-- |
|
Employee Stock Option Scheme announced during the Year |
3.000 |
|
Granted during the year |
0.428 |
|
Exercised during the year (Post - split) |
0.000 |
|
Forfeited/lapsed during the year (Post - split) |
0.000 |
|
Closing Outstanding option |
2.573 |
ISSUE OF SHARES
AGAINST WARRANTS
During the year,
the Company has converted 2,00,000 (Previous Year - NIL) Warrants into 2,00,000
Equity Shares of Rs. 5/- each to Bennett, Coleman and Company Limited
("BCCL") at a premium of Rs. 272/- per share on April 01st, 2011.
ISSUE OF SHARES
OTHER THAN CASH
Details of Shares
allotted as fully paid up by way of bonus shares before March 31st, 2012
The Company
allotted 13,22,300 equity shares of Rs. 10 each as fully paid-up bonus shares
by capitalization of reserves in 1999-2000 The Company allotted 71,05,605
equity shares of Rs. 10 each as fully paid-up bonus shares by capitalization of
reserves in 2006-2007.
BUY- BACK OF
EQUITY SHARES
The Board of
Directors of the Company in their meeting held on February 18, 2011 had
resolved to buyback ("Buyback") its fully paid-up equity shares of
the face value of Rs. 5/- each (Equity Shares) from the existing Equity Share
owners of the Company, other than Promoters of the Company. This Buy back was
to be made from the stock exchange in accordance with the provisions of
Sections 77A, 77AA, 77B and other applicable provisions of the Companies Act,
1956 ("the Act") and Securities and Exchange Board of India (Buy Back
of Securities) Regulation, 1998 ("the Regulation") and the relevant
provisions of Memorandum of Association and Articles of Association of the
Company. The maximum price at which this buy back was to be executed was not to
exceed Rs. 140/- per Equity Share ("Maximum Buyback Price") payable
in cash, and the maximum amount allocated for the Total Buy Back was Rs.
280.000 Millions ("Offer size"). The Date of Opening of the buyback
was April 25, 2011 and last Date for the Buyback was February 17, 2012. During
the financial year, the Company has bought back 5,97,075 Equity Shares for a
Total Consideration of Rs. 32.487 Millions. The Bought back shares have been
duly extinguished by the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
230.934 |
232.919 |
232.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6642.918 |
6627.689 |
6118.893 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6873.852 |
6860.608 |
6351.293 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
970.879 |
960.134 |
660.889 |
|
|
2] Unsecured Loans |
27.147 |
6.276 |
0.000 |
|
|
TOTAL BORROWING |
998.026 |
966.410 |
660.889 |
|
|
DEFERRED TAX LIABILITIES |
168.082 |
79.627 |
28.496 |
|
|
|
|
|
|
|
|
TOTAL |
8039.960 |
7906.645 |
7040.678 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2411.240 |
1823.624 |
615.911 |
|
|
Capital work-in-progress |
389.331 |
463.026 |
482.458 |
|
|
|
|
|
|
|
|
INVESTMENT |
1524.621 |
1719.383 |
3051.148 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
371.065
|
222.047 |
91.803 |
|
|
Sundry Debtors |
2168.568
|
2516.857 |
2201.600 |
|
|
Cash & Bank Balances |
213.907
|
374.821 |
303.856 |
|
|
Other Current Assets |
75.636
|
40.078 |
0.000 |
|
|
Loans & Advances |
1142.195
|
994.856 |
622.438 |
|
Total
Current Assets |
3971.371
|
4148.659 |
3219.697 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
175.597
|
159.323 |
191.916 |
|
|
Other Current Liabilities |
56.397
|
45.376 |
3.756 |
|
|
Provisions |
24.609
|
43.348 |
132.864 |
|
Total
Current Liabilities |
256.603
|
248.047 |
328.536 |
|
|
Net Current Assets |
3714.768
|
3900.612 |
2891.161 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8039.960 |
7906.645 |
7040.678 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4060.205 |
5219.079 |
4705.106 |
|
|
|
Other Income |
156.957 |
69.532 |
42.155 |
|
|
|
TOTAL (A) |
4217.162 |
5288.611 |
4747.261 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases for Traded Goods & Service Spares |
3323.956 |
3570.975 |
|
|
|
|
Employee benefits expense |
417.785 |
431.586 |
3464.276 |
|
|
|
Other expenses |
149.347 |
519.467 |
|
|
|
|
Changes in inventories of stock-in-trade |
(149.018) |
(130.244) |
|
|
|
|
TOTAL (B) |
3742.070 |
4391.784 |
3464.276 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
475.092 |
896.827 |
1282.985 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
163.990 |
78.305 |
36.311 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
311.102 |
818.522 |
1246.674 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
163.669 |
117.614 |
65.658 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
147.433 |
700.908 |
1181.016 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
88.456 |
139.950 |
214.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
58.977 |
560.958 |
966.405 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2798.678 |
2330.847 |
1468.642 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAX OF EARLIER YEARS |
0.175 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend Including Dividend Tax |
13.420 |
27.160 |
46.480 |
|
|
|
Short provision of Tax of earlier years (Net) |
0.000 |
65.967 |
7.720 |
|
|
|
Transfer to General Reserves |
0.000 |
0.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2844.410 |
2798.678 |
2330.847 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
59.853 |
371.779 |
490697 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.27 |
12.06 |
23.72 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
898.200 |
718.200 |
|
Total Expenditure |
|
825.000 |
622.800 |
|
PBIDT (Excl OI) |
|
73.200 |
95.400 |
|
Other Income |
|
8.300 |
10.200 |
|
Operating Profit |
|
81.5000 |
105.600 |
|
Interest |
|
27.900 |
45.600 |
|
PBDT |
|
53.600 |
60.000 |
|
Depreciation |
|
42.400 |
54.900 |
|
Profit Before Tax |
|
11.200 |
5.100 |
|
Tax |
|
3.300 |
0.000 |
|
Profit After Tax |
|
7.900 |
5.100 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
7.900 |
5.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.40
|
10.61 |
20.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.63
|
13.43 |
25.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.31
|
11.74 |
30.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.10 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.17 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
15.47
|
16.73 |
9.80 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
175.597
|
159.323 |
191.916 |
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BUSINESS OPERATIONS:
The Company is an
IT Infrastructure Management and Technical Support Services Outsourcing
Company, with an impeccable track record for designing, developing, deploying and
delivering end-to-end IT Infrastructure services with an objective to provide
end to end IT Solutions, outcomes of which have always resulted into a positive
change in the organization. the Company is an experienced entity having
sufficient knowledge of the local market which assists them in organizing
manpower for diverse tasks and contractual works. It has over more than two
decades of experience in enterprise IT Infrastructure, Management and
Implementation and consulting on complex IT Solutions for different Business
Verticals. the Company inherent capabilities built on the philosophy of ‘3S’
(Smart People, Smart Processes, Smart Technology); provides the strong
foundation for a best-in-class Integrated Service Delivery Framework which
consistently augments our overall value creation proposition to our clients;
both effectively and efficiently.
The Company
provide credible, high class and customer oriented services and solutions to
its clients, actively participate to fulfill the needs and preferences of the
customers, their requirements in a dedicated manner. We seek long–term
partnership with clients while addressing their IT requirements. Our customer –
centric approach has resulted in high levels of client satisfaction and
retention. Moreover we encourage a warm and cordial environment in our
organization which will add to the skilled workforce and also improve the work
culture.
The global
economic environment remains subdued, although key economies such as the US are
showing stability and some improvement, with a yet unresolved crisis in the
Euro zone and signs of slower growth in many emerging economies. In such
business conditions the Company’s gross income for the financial year ended
March 31st, 2012 decreased by 20 per cent to Rs. 4217.200 Millions, from Rs.
5288.600 Millions in the previous year. The operating profit (PBDIT) of the
Company decreased to Rs. 475.100 Millions during the year, from Rs. 896.800
Millions in the previous year. Interest and Depreciation was at Rs. 327.700
Millions as against Rs. 195.900 Millions in the previous year. The provision
for taxation during the year was Rs. 88.500 Millions which includes deferred
tax liability for the year. The net profit for the year decreased by 89 per
cent to Rs. 59.000 Millions from Rs. 561.000 Millions in the previous year.
Like several other major technology companies, Allied Digital has also been
hurt by the recent economic turmoil, margin pressure, increase in competition,
spending curbed on IT cost by the customer. The Company’s Net worth as on March
31st, 2012, stood at Rs. 6873.900 Millions, as against Rs. 6860.600 Millions
last year.
MANAGEMENT’S DISCUSSION AND ANALYSIS:
ECONOMIC ENVIRONMENT AND INDUSTRY OUTLOOK:
In the face of
widespread macroeconomic instability and a volatile financial scenario during
2011, worldwide IT spending exceeded USD 1.7 trillion, recording a steady
annual growth of 5.4%. Software products, IT and BPO services continued to
lead, accounting for over USD 1 trillion – 63% of the total spend. In 2011, Global
IT services spend grew to USD 605 billion, an annual growth of 3.2%, a marginal
decline from 3.4% recorded in 2010. The year saw global sourcing grow twice as
fast as global technology spend at 12% suggesting a steady widening of the
boundaries of outsourcing. IMF in its World Economic Outlook update of April
2012 projects global growth to drop from about 4 percent in 2011 to about 3½
percent in 2012 because of weak activity witnessed during the second half of
2011 and the first half of 2012. The euro area is still projected to go into a
mild recession in 2012 as a result of the sovereign debt crisis and a general
loss of confidence, the effects of bank deleveraging on the real economy, and
the impact of fiscal consolidation in response to market pressures. The outlook
further states that because of the problems in Europe, activity will continue
to disappoint for the advanced economies as a group, expanding by only about 1½
percent in 2012 and by 2 percent in 2013.
When we look at
India, our GDP rose 6.5% in FY12. This is the lowest growth rate since 2002-03
when it fell to 4% in the wake of a global slowdown. It is also a sharp
slowdown from the previous fiscal’s 8.4%. GDP growth forecast was revised
downwards for FY13 to 6.6% from 7.2%, largely due to a weaker investment
outlook in part driven by domestic policy uncertainties and more back-ended and
lesser monetary policy easing, and in part by prevailing global uncertainties.
NASSCOM predicts slow growth for India IT-BPO Industry in FY 2012-2013 with growth
rate of around 11 - 14% with revenues of around US$115 billion in FY 2012-13
compared to revenues of around US$ 101 billion for FY 2011-12. The year 2012
will be a landmark year as it is for the first time India IT-BPO revenues will
cross US$100 billion mark. In FY13, the IT and BPO export revenues is expected
to grow at 11-14% (US$78 billion), while the domestic revenues are slated to
grow by 13-16 %( US$37 billion) and reach a total of US$115 billion. Growth
will primarily be driven by new business models and disruptive technologies
like such as cloud, mobility, analytics, social media, and vertical specific
solutions. NASSCOM expects a 4.5% growth in the Global Technology spending in
2012 and further predicts that industry can meet the vision 2020 target of
touching $225 billion by 2020.
Infrastructure
Management Outsourcing has consistently been the fastest growing segment within
IT services – an average of nearly 19 per cent over the last five years. As a
result, its share in the overall IT segment has increased from about 15 per
cent in FY 2008 to about 17 per cent in FY 2012 according to NASSCOM. Over the
years, this segment has been driven by various factors beginning with
improvements in the country’s infrastructure backbone, availability of low-cost,
high speed bandwidth, cost reduction, move to asset light models, development
of remote management tools etc. The latest impetus for IS outsourcing has come
from Cloud Computing/Virtualization technologies that are enabling
everything-as-a-service.
KEY TRENDS
INCLUDE:
• Shorter, asset
light deals that allow offshore providers to compete on a more equal footing
with global outsourcing players
• The value
proposition for infrastructure-oriented services has matured from remote
management to encompassing support for consulting services delivered on-site
• Offshore
suppliers are rapidly building on their RIM capabilities to encompass broader
support for ITO transactions
• Services are
embracing the use of cloud services ‘as-a-service’ offerings, including systems
management, back-up and many others in addition to core IaaS solutions
• Larger players
emphasise consulting –led model focused on infrastructure transformation, such
as server consolidation and vitualization
OUTLOOK:
During financial year
2013, the company aims to deepen its engagements with existing clients, draw
repeat business, and emerge as the ‘’First Choice’’ and the preferred partner
for its marquee global customers. During financial year 2012, the Company
entered into high potential, business transformation deals with new customers
that will also enable it to further expand and strengthen its footprint in
Europe and the USA. Going forward, the Company will attempt to build upon these
achievements. The Company sees its eco-system of critical partnerships and
alliances with reputed global companies as an important asset and will continue
to explore opportunities to further expand it. The Company’s differentiated
business model with strong capabilities in its chosen verticals, programme
management track-record, investments in intellectual property, and a reinforced
leadership team are great advantages in the prevailing macro-environment that
remains volatile.
CONTINGENT
LIABILITIES:
(i) As per the
Certificate issued by the banks, value of bank guarantees outstanding as on
March 31st, 2012 amounts to Rs.117.846 Millions (Previous Year Rs.152.048
Millions) and the value of Letter of Credit Outstanding as on March
31st, 2012 amounts to Rs. 55.125 Millions (Previous Year Rs. 7.722
Millions).
(ii) Claim against
the Company not acknowledged as debts Rs. 0.893 Million (Previous Year Rs. 0.893 Million).
(iii) The Income
tax Authorities carried out a search operation at certain locations of the
Company on February 4th, 2011. The Company extended its full co-operation to
the tax authorities and various statements were recorded during the course of
search. The search operation got concluded on the same business day. The
Company had been asked to file the Revised Return of Income from A.Y. 2005-06
which has been complied with after revising/modifying its Income. The details
of which are as under:
Rs.
in Millions
|
Asst. Year |
Income as per Original Return of Income |
Income as per Revised Return of Income |
Tax Payable as per Original Return of Income |
Tax Payable as per Revised Return of Income |
Additional Tax
Payable on Revision of Income |
|
2005-06 |
17.053 |
17.363 |
6.240 |
7.314 |
0.375 |
|
2006-07 |
110.694 |
110.349 |
37.259 |
41.127 |
(1.250) |
|
2007-08 |
252.075 |
248.309 |
84.848 |
99.689 |
(3.168) |
|
2008-09 |
553.719 |
555.412 |
188.209 |
224.872 |
0.406 |
|
2009-10 |
428.866 |
421.589 |
145.772 |
159.646 |
10.061 |
|
2010-11 |
683.952 |
688.277 |
242.589 |
246.515 |
(0.631) |
|
Total |
5.793 |
||||
FIXED ASSETS:
·
Leasehold Premises
·
Leasehold Land
·
Freehold Premises
·
Civil and Plumbing Work
·
Furniture and Fixtures
·
Office Equipments
·
Motor Vehicles
·
Computer and IT
Equipments
·
Computer Software
Licenses
·
Intellectual Property
Rights
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2012
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2012 (Unaudited) |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
734.600 |
838.800 |
1573.400 |
|
|
Other
Operating Income |
(16.400) |
59.400 |
43.000 |
|
|
Total Income |
718.200 |
898.200 |
1616.400 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Purchase
of stock in trade |
510.300 |
738.100 |
1248.400 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
9.500 |
(12.300) |
(2.800) |
|
|
Employee
benefits expenses |
72.000 |
70.800 |
142.800 |
|
|
Depreciation
and amortization expenses |
54.900 |
42.400 |
97.300 |
|
|
Other
expenses |
31.000 |
28.400 |
59.400 |
|
|
Total Expenses |
677.700 |
867.400 |
1545.100 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
40.500 |
30.800 |
71.300 |
|
|
|
|
|
|
|
4. |
Other
Income |
10.200 |
8.200 |
18.400 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
50.700 |
39.000 |
89.700 |
|
|
|
|
|
|
|
6. |
Interest |
45.600 |
27.900 |
73.500 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
5.100 |
11.100 |
16.200 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
5.100 |
11.100 |
16.200 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
-- |
3.300 |
3.300 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
5.100 |
7.800 |
12.900 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
5.100 |
7.800 |
12.900 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.5/- Each) |
230.900 |
230.900 |
230.900 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
6642.900 |
6642.900 |
6642.900 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.11 |
0.17 |
0.28 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.11 |
0.17 |
0.28 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
25998409 |
25998409 |
25998409 |
|
|
-
Percentage of Shareholding |
56.29 |
56.29 |
56.29 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and promoter
group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
20188318 |
20188318 |
20188318 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
43.71 |
43.71 |
43.71 |
|
Particulars |
3 Months ended on March 31, 2012 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
0 |
SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
|
|
|
|
|
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Enterprise Computing based Solutions |
514.200 |
587.200 |
1101.400 |
|
|
|
Infrastructure Management based Solutions |
220.400 |
251.600 |
472.000 |
|
|
|
Unallocated |
(6.200) |
67.600 |
61.400 |
|
|
|
Net Segment Revenue |
728.400 |
906.400 |
1634.800 |
|
|
|
|
|
|
|
|
2 |
|
Profit before Interest, Unallocable exp. and Tax |
|
|
|
|
|
|
Enterprise Computing based Solutions |
38.600 |
44.100 |
82.700 |
|
|
|
Infrastructure Management based Solutions |
170.000 |
136.500 |
306.500 |
|
|
|
Total |
208.600 |
180.600 |
389.200 |
|
|
|
Less: i) Interest |
45.600 |
27.900 |
73.500 |
|
|
|
ii) Un-allocable Expenses (Net of
Unallocable income) |
157.900 |
141.600 |
299.500 |
|
|
|
Total Profit Before Tax |
5.100 |
11.100 |
16.200 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Unallocable |
5840.800 |
5643.900 |
5840.800 |
|
|
|
Total Capital Employed |
5840.800 |
5643.900 |
5840.800 |
STANDALONE STAMEN OF ASSETS AND
LIABILITIES
Rs. in Millions
|
PARTICULARS |
30.09.2012 |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
230.900 |
|
Reserve & surplus |
6659.100 |
|
Sub-total
- Shareholders' funds |
6890.000 |
|
Non - current liabilities |
|
|
Long term borrowings |
0.000 |
|
Deferred tax liability (net) |
168.100 |
|
Other long-term liabilities |
2.700 |
|
Long term provisions |
9.100 |
|
Sub-total
- Non-current liabilities |
179.900 |
|
Current liabilities |
|
|
Short term borrowings |
931.400 |
|
Trade payables |
139.800 |
|
Other current liabilities |
69.300 |
|
Short term provisions |
18.300 |
|
Sub-total
- Current liabilities |
1158.800 |
|
|
|
|
Total -
Equity & Liabilities |
8228.700 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
2840.900 |
|
Non-current investment |
1493.800 |
|
Long term loans & advances |
513.200 |
|
Other non-current assets |
0.000 |
|
Sub-total
- Non-current Assets |
4847.900 |
|
Current
assets |
|
|
Current investments |
0.500 |
|
Inventories |
373.900 |
|
Trade receivables |
2282.300 |
|
Cash & bank balances |
117.200 |
|
Short term loans & advances |
527.200 |
|
Other current assets |
79.700 |
|
Sub-total
- Current Assets |
3380.800 |
|
|
|
|
Total –
Assets |
8228.700 |
NOTE:
1. The above results were reviewed by
the Audit Committee and taken on record at the meeting of the Board of
Directors of the Company held on November 9, 2012.
2. The Statutory Auditors of the company
have carried out a Limited Review of the results for the Quarter ended
September 30, 2012.
3. Data related to shareholding pertains
to parent company only.
4. The standalone financial results have
been made available at company's website www.allieddigital.net
5. Figures for the corresponding period
/ previous year have been rearranged and regrouped wherever necessary.
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 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 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.54.53 |
|
|
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.