MIRA INFORM REPORT
|
Report Date : |
24.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SMARTLINK NETWORK SYSTEMS LIMITED (w.e.f. 30.07.2009) |
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Formerly Known
As : |
D-LINK ( |
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Registered
Office : |
L-5 and L-7, Verna Industrial Estate, Verna, Salcete, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
31.03.1993 |
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Com. Reg. No.: |
24-001341 |
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Capital Investment
/ Paid-up Capital : |
Rs.60.010 millions |
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CIN No.: [Company Identification
No.] |
L30007GA1993PLC001341 |
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Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Developer, Marketing and Distributor of Computer
Networking Products. |
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No. of Employees
: |
451 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 16000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There are loss recorded by the company during 2013. However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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 PARTED BY
|
Name : |
Mr. Vesilo Dcosta |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-832-2885401 |
|
Date : |
19.03.2014 |
LOCATIONS
|
Registered Office : |
L-7, Verna Industrial Estate, Verna, Salcete, Goa – 403 722, India |
|
Tel. No.: |
91-832-2885401 / 2885400 / 2885450/451 |
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Fax No.: |
91-832-2783395 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
Smartlink House, Plot No. 5, Kurla-Bandra Complex Road, Off CST Road,
Santacruz (East), Mumbai – 400 098, Maharashtra, India |
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Tel. No.: |
91-22-30616666 |
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Fax No.: |
91-22-26528914 |
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E-Mail : |
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Factory : |
L-5, Verna Industrial Estate, Salcete, Goa – 403 772, India |
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Global Sales Offices : |
Located At: ·
Taiwan ·
U.A.E. |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Kamalaksha Rama Naik |
|
Designation : |
Executive Director and Promoter |
|
Address : |
House No.A-1/A, Row House Lotus, Hermitage, Benaulin, South Goa-403
716, |
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Date of Birth/Age : |
19.11.1947 |
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Date of Appointment : |
31.03.1993 |
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Name : |
Mr. Jangoo Minoo Dalal |
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Designation : |
Non- Executive Director |
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Address : |
Flat No.8- IM 020 Lane, 113 Min Sen road, |
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Date of Birth/Age : |
02.11.1965 |
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Date of Appointment : |
02.07.2007 |
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Name : |
Mr. Krishnanand Maruti Gaonkar |
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Designation : |
Non-Executive Independent Director |
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Address : |
504, 505, |
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Date of Birth/Age : |
10.09.1952 |
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Date of Appointment : |
24.05.2000 |
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Name : |
Mr. Pankaj Madhav Baliga |
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Designation : |
Non-Executive Independent Director |
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Address : |
91, |
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Date of Birth/Age : |
18.10.1946 |
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Date of Appointment : |
22.12.2005 |
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Name : |
Mr. Rishikesha T. Krishnan |
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Designation : |
Non-Executive Independent Director |
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Address : |
Faculty Quarters, 117, IIMB Campus, Bannergatta Road, Bangalore-560
076, |
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Date of Birth/Age : |
06.02.1964 |
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Date of Appointment : |
22.12.2005 |
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|
|
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Name : |
Mr. Pradeep Anant Rane |
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Designation : |
Non-Executive Director |
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Address : |
1502, Amberosia, Behind |
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Date of Birth/Age : |
07.01.1953 |
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Date of Appointment : |
26.12.2006 |
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|
Name : |
Mr. Dattaraj V. Salgaocar |
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Designation : |
Non-Executive Independent Director |
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Address : |
Hira Vihar House No.278, Chicalim, Marmugao-403 711, |
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Date of Birth/Age : |
23.05.1957 |
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Date of Appointment : |
17.05.2001 |
KEY EXECUTIVES
|
Name : |
Mr. Vesilo Dcosta |
|
Designation : |
Accounts Executive |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
22350576 |
74.49 |
|
|
22350576 |
74.49 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22350576 |
74.49 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
30 |
0.00 |
|
|
30 |
0.00 |
|
|
|
|
|
|
1032684 |
3.44 |
|
|
|
|
|
|
4640325 |
15.47 |
|
|
1658414 |
5.53 |
|
|
322821 |
1.08 |
|
|
4267 |
0.01 |
|
|
110010 |
0.37 |
|
|
208544 |
0.70 |
|
|
7654244 |
25.51 |
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Total Public shareholding (B) |
7654274 |
25.51 |
|
Total (A)+(B) |
30004850 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
30004850 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Kamalaksha Rama Naik |
1,56,62,993 |
52.20 |
|
Arati Kamalaksha Naik |
30,13,528 |
10.04 |
|
Lakshana Amit Sharma |
18,30,841 |
6.10 |
|
Sudha Kamalaksha Naik |
15,00,243 |
5.00 |
|
Kamalaksha Rama Naik HUF |
3,42,971 |
1.14 |
|
Total |
2,23,50,576 |
74.49 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Zen Securities Limited |
400000 |
1.33 |
|
Total |
400000 |
1.33 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Developer, Marketing and Distributor of Computer
Networking Products. |
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Products : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
Paris ·
China ·
Taiwan ·
Hong Kong |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
End Users |
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No. of Employees : |
451 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House Senapati Bapat
Marg, Lower Parel (West), Mumbai-400 013, ·
Times
Bank Limited, Rangavi, |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Deloitee Haskins and Sells Chartered Accountants |
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Address : |
2, |
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Subsidiaries : |
Digilink Middle East (FZE) (w.e.f. 07th April 2010) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.2/- Each |
Rs.70.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30004850 |
Equity Shares |
Rs.2/- Each |
Rs.60.010
Millions |
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|
a.
Terms / rights attached to equity shares
The company has only one class of equity
shares having a par value of Rs.2/- per Share. Each holder o Equity shares is
entitled to one vote per share and each equity share carries an equal right to
dividend and in case of repayment capital.
b.
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mr. Kamalksha R. Nair |
15662993 |
52.20 |
|
Mr. Arati K. Naik |
3013528 |
10.05 |
|
Mrs. Lakshana A. Sharma |
1830841 |
6.10 |
|
Mrs. Sudha K. Naik |
1500243 |
5.00 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
60.010 |
60.010 |
60.010 |
|
(b) Reserves & Surplus |
4080.076 |
4171.234 |
1623.444 |
|
(c) Employee
stock option outstanding |
13.716 |
13.716 |
13.716 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4153.802 |
4244.960 |
1697.170 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
9.956 |
|
(c) Other long term liabilities |
2.708 |
2.836 |
2.487 |
|
(d) long-term provisions |
6.954 |
7.811 |
9.681 |
|
Total Non-current Liabilities (3) |
9.662 |
10.647 |
22.124 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
203.824 |
120.959 |
229.053 |
|
(c) Other current
liabilities |
26.644 |
39.647 |
40.603 |
|
(d) Short-term provisions |
73.345 |
74.167 |
77.655 |
|
Total Current Liabilities (4) |
303.813 |
234.773 |
347.311 |
|
|
|
|
|
|
TOTAL |
4467.277 |
4490.380 |
2066.605 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
286.887 |
295.952 |
376.547 |
|
(ii) Intangible Assets |
7.489 |
10.808 |
0.599 |
|
(iii) Capital
work-in-progress |
0.000 |
4.934 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
22.792 |
18.209 |
18.209 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
75.627 |
50.548 |
37.970 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
392.795 |
380.451 |
433.325 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2684.707 |
1586.211 |
881.536 |
|
(b) Inventories |
159.503 |
329.591 |
222.620 |
|
(c) Trade receivables |
250.710 |
156.473 |
353.675 |
|
(d) Cash and cash
equivalents |
861.499 |
1901.721 |
130.422 |
|
(e) Short-term loans and
advances |
41.871 |
60.079 |
45.027 |
|
(f) Other current assets |
76.192 |
75.854 |
0.000 |
|
Total Current Assets |
4074.482 |
4109.929 |
1633.280 |
|
|
|
|
|
|
TOTAL |
4467.277 |
4490.380 |
2066.605 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
A) |
CONTINUING
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1175.057 |
693.915 |
351.397 |
|
|
|
Other Income |
362.490 |
309.799 |
54.918 |
|
|
|
TOTAL |
1537.547 |
1003.714 |
406.315 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
273.200 |
291.773 |
107.302 |
|
|
|
Purchase of Stock-in-trade |
620.309 |
339.167 |
76.948 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
70.967 |
(174.632) |
(34.502) |
|
|
|
Employee Benefits Expenses |
261.761 |
258.858 |
175.267 |
|
|
|
Other Expenses |
292.241 |
286.401 |
125.825 |
|
|
|
TOTAL |
1518.478 |
1001.567 |
450.840 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
19.069 |
2.147 |
(44.525) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.680 |
0.526 |
1.298 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
18.389 |
1.621 |
(45.823) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
38.860 |
42.980 |
63.316 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
0.000 |
4709.509 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(20.471) |
4668.149 |
(109.139) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.290) |
1010.108 |
(59.751) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(20.181) |
3658.041 |
(49.388) |
|
|
|
|
|
|
|
|
|
B) |
DISCOUNTING
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT FROM
DISCOUNTING OPRATIONS |
0.000 |
7.726 |
321.793 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.292 |
106.792 |
|
|
|
|
|
|
|
|
|
|
PROFIT
DISCOUNTING OPERTAIIONS |
0.000 |
6.434 |
215.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(20.181) |
3664.475 |
165.613 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3294.677 |
1112.566 |
1033.259 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
366.447 |
16.561 |
|
|
|
Special Interim Dividend |
0.000 |
900.146 |
0.000 |
|
|
|
Final Dividend |
60.010 |
60.010 |
60.010 |
|
|
|
Corporate Tax Dividend |
10.198 |
155.761 |
9.735 |
|
|
BALANCE CARRIED TO
THE B/S |
3204.288 |
3294.677 |
1112.566 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods Exported |
0.605 |
0.666 |
5.787 |
|
|
|
Income From Services |
130.999 |
113.307 |
39.491 |
|
|
TOTAL EARNINGS |
131.604 |
113.973 |
45.278 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
160.451 |
373.111 |
108.911 |
|
|
|
Stores, Spares & Packing Materials |
3.745 |
12.178 |
3.393 |
|
|
|
Capital Goods |
0.000 |
0.000 |
2.762 |
|
|
|
Traded Goods |
578.435 |
293.656 |
57.213 |
|
|
TOTAL IMPORTS |
742.631 |
678.945 |
172.279 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(0.67) |
122.13 |
5.52 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
363.900 |
467.900 |
368.800 |
|
Total Expenditure |
433.500 |
612.100 |
385.100 |
|
PBIDT (Excluding Other Income) |
(69.600) |
(144.200) |
(16.300) |
|
Other income |
120.000 |
19.500 |
46.000 |
|
Operating Profit |
50.400 |
(124.700) |
29.700 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
50.400 |
(124.700) |
29.700 |
|
Depreciation |
9.500 |
9.600 |
9.200 |
|
Profit Before Tax |
40.900 |
(134.300) |
20.400 |
|
Tax |
0.000 |
0.000 |
(2.100) |
|
Profit after tax |
40.900 |
(134.300) |
22.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
40.900 |
(134.300) |
22.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.31) |
365.09 |
40.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.74) |
672.73 |
-31.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.46) |
104.50 |
-5.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
1.10 |
-0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.41 |
17.51 |
4.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
60.010 |
60.010 |
60.010 |
|
Reserves & Surplus |
1623.444 |
4171.234 |
4080.076 |
|
Net
worth |
1683.454 |
4231.244 |
4140.086 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
351.397 |
693.915 |
1175.057 |
|
|
|
97.473 |
69.337 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
351.397 |
693.915 |
1175.057 |
|
Profit |
165.613 |
3664.475 |
(20.181) |
|
|
47.13% |
528.09% |
(1.72%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT IS NOT AVAILABLE
|
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN 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 |
NO CHARGES EXIST
FOR COMPANY
FINANCIAL
PERFOPMANCE.
·
Revenue from Operations:
Subject’s
Revenue from Operations (Gross) was Rs.1214.48 million for the current year as compared
to Rs.727.81 million for the previous year registering a growth of 66.9%.
·
Loss Before Tax and Exceptional Item:
Loss
before tax and Exceptional item came down significantly to Rs.20.47 million for
the current year as compared to Rs.41.36 million in the previous year.
·
Loss After Tax:
Loss
after Tax of the Company was Rs.20.18 million during the current year as
compared to profit of Rs.3664.48 million (including exceptional item) in the
previous year.
BUSINESS
OVERVIEW
DlGISOL:
The DIGISOL
range of active networking products consolidated its position as an end to end
solutions player offering a comprehensive product portfolio spanning ethernet
switches, wireless and broadband networking and IP surveillance, etc. The
company launched a number of products under the brand DIGISOL during FY 2013
keeping in view the ubiquitous requirements of devices being multi-functional,
compact and easy to install while ensuring robust wireless security. The
increasing use of mobile internet devices has necessitated networking products
to provide wireless connectivity, enhance weak signals as well as enrich
multimedia streaming user experience.
Amongst
the products launched were a multi-function wireless broadband all-in-one
Router which offers uninterrupted wireless coverage for home and office
networking.
Another
product for the same segment included a wireless Green 3G Broadband Router that
enables communication between wireless and wired notebooks/desktop computers in
a network and offers Internet connectivity to all the LAN users.
An
important launch was an affordable cloud based Network Management/Monitoring of
switches specially designed for SME and SMB customers. This was the first time
that a company had introduced cloud based switching infrastructure management
solutions for this market segment in India.
Given
the current trend of people increasingly requiring uninterrupted wireless on
the move, DIGISOL launched India's fastest wireless range booster for this
segment. This unique device offers 3-in-1 functionality of Access point,
Wireless Repeater and Wireless client.
DIGILITE
FY 2013 witnessed the completion of
the first year of Smartlink's motherboard brand DIGILITE's presence in the
Indian Market which extended to a shipment of 3,50,000 motherboards. On one
hand, this achievement is a reflection of the confidence shown in the brand by
channel partners and OEM customers; while on the other hand, it is an outcome
of working closely with partners and customers.
In FY
2013, DIGILITE launched motherboards for various segments from the affordable
home computing market to the more demanding and technologically-advanced world
leaders in chips. For instance, the company designed a product with integrated
AMD chip to provide 3D gaming experience.
Another
product launched was with Intel for supporting 3rd and 2nd Generation Intel0
CoreTM i7 / i5 / i3 processors.
For
the home computer market, DIGILITE introduced motherboards with inbuilt 1.8GHz
Dual core Processor to provide a compelling yet energy-efficient computing
experience to power the next generation of optimized desktop PCs.
Another
value-added winning proposition from DIGJITE has been the extension of burnt
warranty on new models of Motherboards. The company had announced the unique
'burnt warranty' on their models during launch in July 2011 wherein the company
repairs/replace the motherboard that's burnt due to power fluctuation. This is
both a reflection of the confidence that the company has in its product quality
level as well as alleviating customer concern regarding the problem of voltage
fluctuation in India.
DIGICARE
DIGICARE
is a leading brand in providing high level repair I RMA services and Contact
Center solutions to various OEMs. Through its brand neutral service policies
and strict adherence to Customer SLAs
DIGICARE
has emerged as a preferred vendor to most of the OEMs. DIGICARE has evolved
efficient, skilled and professional service infrastructure to cater to the
latest technologies and increasing needs of Customers. It has 22 direct service
centers and 42 Partner managed service centers across the country. All DIGICARE
Centers are located in the main IT market of the town. DIGICARE
Technical Assistance Center (DTAC) supports international and domestic customer
support on voice, email and chat with a wide range of technologies and
products. DTAC handles customer support, technical support, pre-sales and
various other service requirements of its Customers and offers them the best
Customer Experience.
DIGICARE
has consistently been recognized for its quality work which is evident from the
various awards being bestowed on it. In the last year, DIGICARE was awarded as
the Best Service Provider in India-by Cell IT, NCN and VAR India.
DIGICARE
added ASUS to its customer list and has successfully rolled out repair services
for ASUS in a short span of time. In addition to this, with the accomplishment
of TAPA certification, only the fourth in the Country to be certified, DIGICARE
added few more services in the basket of service being offered to INTEL. At
present, DIGICARE is providing service support to Intel, Asus, MSI, Zotac,
Asrock and Jetway.
With
the exponential growth in the Telecom industry and the convergence of Mobility
and IT products, DIGICARE is expanding its capability to support Notebooks,
Tablets and Smartphones. In addition to this, DIGICARE is also expanding the
DTAC operations to cater to the increasing needs of its Customers.
Chinese,
Philippines and Indonesian telecom markets are at approximately the same stage
of data b. penetration.
The
risk of technological obsolescence is very high in the segments where the
company operates. Moreover, the technological advancements are dictated by the
' large OEM players. On the other hand, the company needs to continuously
invest to keep launching new products to enhance reach and reputation amongst
customers and channel partners.
In
today's constantly changing markets, companies may opt to maintain and grow
sales by selling at competitive prices. Products have become commoditized over
time as alternative products become available or the number of suppliers
offering the same product increases. This may require the vendors to sell
software-based product offerings and value-added services in addition to
network equipment as a way to drive margin expansion.
AWARDS
AND RECOGNITIONS
Subject
has won numerous awards and accolades during the last year which is a testimony
to the technical competency as well as the recognition of our brands in the
industry. To mention a few:
·
Digisol was awarded the fastest growing brand as well as the best
green adaptation of the year 2012 by Infofriend.
·
DIGILITE was honored with the best
upcoming brand in the Motherboard segment for the year 2012 by Infofriend.
·
National Computer New (NCN) bestowed
awards on all our three brands DIGTSIOL, DIGILITE and DIGICARE for the most
channel friendly networking brand, rising star in motherboards and most
trustable service providers respectively for the year 2012.
·
IT news magazine VAR India awarded
Smartlink as the fastest growing IT Company of the year as well as honouring
DIGICARE as the best post sales service in 2012.
·
Our Chairman Mr. K. R. Naik was also
recognized as the evangelist of the year 2012 by VAR India. SME Channel
conferred the title of Top 10 SME Solution vendor on Smartlink for the year
2012.
·
In CRN Channel Champion Survey DIGISOL
emerged as No. 1 Home Networking brand for the year 2012.
·
DIGICARE got best service support award
at VAR India WITTF awards 2012.
FIXED ASSETS:
Tangible Assets
·
·
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Furniture, Fittings and Office Equipment
·
Air Conditioners
·
Motor Vehicles
·
Computers
Intangible Assets
·
Computer Software
·
Goodwill
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
368.804 |
467.884 |
1200.573 |
|
b) Other operating income |
0.002 |
0.013 |
0.033 |
|
Total
income from Operations(net) |
368.806 |
467.897 |
1200.606 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
88.292 |
103.553 |
231.800 |
|
b) Purchases of stock in trade |
203.217 |
391.316 |
775.559 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
1.264 |
(116.416) |
(35.643) |
|
d) Employees benefit expenses |
58.367 |
66.416 |
187.833 |
|
e) Depreciation and amortization expenses |
9.224 |
9.555 |
28.244 |
|
f) Diminution in value of current investments-(Write
Back)/provision |
(33.232) |
91.913 |
60.862 |
|
f) Other expenditure |
67.227 |
75.280 |
204.777 |
|
Total expenses |
394.359 |
521.617 |
1453.432 |
|
3. Profit from operations before other income and
financial costs |
(25.553) |
(153.720) |
(252.826) |
|
4. Other income |
45.998 |
19.463 |
179.906 |
|
5. Profit from ordinary activities before finance costs |
20.445 |
(134.257) |
(72.920) |
|
6. Finance costs |
0.015 |
0.014 |
0.034 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
20.430 |
(134.271) |
(72.954) |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
20.430 |
(134.271) |
(72.954) |
|
10.Tax expenses |
(2.054) |
0.000 |
(2.054) |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
22.484 |
(134.271) |
(70.900) |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
22.484 |
(134.271) |
(70.900) |
|
14.Paid-up
equity share capital (Nominal value Rs.2/- per share) |
60.010 |
60.010 |
60.010 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share (before extraordinary items)
of Rs.2/- each) (not annualised) |
|
|
|
|
(a) Basic and diluted |
0.75 |
(4.47) |
(2.36) |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
7654274 |
7654274 |
7654274 |
|
- Percentage of shareholding |
25.51 |
25.51 |
25.51 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
22350576 |
22350576 |
22350576 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
74.49 |
74.49 |
74.49 |
|
B.
Investor Complaints |
3 Months Ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
9 |
|
Disposed of during the quarter |
9 |
|
Remaining unreserved at the end of the quarter |
Nil |
Notes:
1. Loss from operations includes the impact of write back / provision for
diminution in value of current investments in units of debt mutual funds and
corporate bonds. The loss from operations excluding the impact of such
diminution would be as follows.
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Nine
Months Ended (
Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
(Loss) from operations |
(58.785) |
(61.807) |
(191.964) |
2. Figures of the previous quarter / year are re-grouped / re-arranged,
wherever necessary.
3. The above unaudited results have been reviewed by the Audit Committee and
approved by the Board of Directors at its Meeting held on 30th
January, 2014.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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 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.61.05 |
|
UK Pound |
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
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.