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Confidential Confidential
• Certain statements made in this Analyst Meet concerning our future growth prospects are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that could cause actual performance, financial condition or results of operations of D-Link India to differ materially from any future performance, financial condition or results of operations implied by such forward looking statement.
Standard Disclaimer Clause
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The Company
• No. 1 networking company outside U.S.A.• Continue to enjoy more than 30 % growth • 2002 revenue: 645 M, 2003 forecast: 850 M• Listed in Taiwan and India stock exchanges • Market capitalization : US$ 600 M • No. of employees : 3,200 • Over 15 affiliate companies in the group
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Main ProductsModular L3 SwitchGigabit SwitchFTTH Switch / ConverterNIC/Hub/RouterNetwork security product
LAN
WAN
Wireless
Digital Home
VoIP
ADSL modem / RouterWireless ADSL RouterVDSL switch/ gatewayCable modem / Router
802.11a / 802.11b, a + bwireless NIC / APWireless Router / GatewayWireless security product
USB productsHome networking productsDigital Consumer
VOIP trunk /station gatewayIP Phone, IP DSLAMVoice over ADSL / Cable
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• Leading brand name in SMB/SOHO market segments
• 83 sales offices worldwide in 36 Regions /countries
• 14 RMA / logistic centers
• Top 2 in U.S. retail, digital home and wireless
• Top 3 in Europe; Top 1 in India, China, and Taiwan
Global Brand/Channels
Chengdu
Hsinchu
Irvine
Mumbai
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ISO 9001/14000 Certified.
ASRS and Shop Floor Control for flawless process engineering.
Global ERP system, Supply Chain Management, and e-Business for comprehensive IT Support.
Manufacturing facilities in Taiwan, China, and India.
World renowned customers including IBM, Intel, HP, Nortel, Extreme, Enterasys in US and Fujitsu, NEC in Japan.
A World Class Manufacturing Capability
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Superior R&D
Chengdu
Hsinchu
Irvine
Mumbai
Over 500 engineers in 4 R&D centers (USA, China, India and Taiwan)ASIC design and cost down engineeringSoftware development and system integrationAward-winning designs and products
DongGuan
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Product Direction
LegacyLAN
Wireless LAN
Wireless LAN802.11bBluetooth
Residential GatewaysHome PNAInternet Appliances
HomeGateway
ADSL ModemsCable ModemsIntegrated Access Devices
BroadbandAccess
Gigabit SwitchesL3 ~ L7 SwitchesMAN/MTU Switches
High-speed Switching
IPTelephony
IP PhonesIP Gateways
IP Based PABX
NICsHubsSwitchesRouters
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Market Recognition
Nice Design, Competitive PricingDWL-650+
Top of the List, Competitive Pricing, Full Compatibility, High Performance
DWL-900AP+
Double ThroughputD-Link Wireless 11b+ Solution
Full-Backward CompatibilityD-Link Wireless 11b+ Solution
Cost-Effective, Innovative Design, Airtight Security, Feature Galore, Excellent Performance
DI-614+
Best Deal, Easy to Use, DWL-900AP+
Great Value, Excellent Performance, Strongest Security
DI-614+Reviewers’ Comments HighlightD-Link ProductsReviewers
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Awards and Recognitions(continued)
DWL-6000AP Earns an Editors' Choice and a Five-Star Rating in PC Upgrade!
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Awards and Recognitions(continued)
In a Great PC Magazine Review D-Link's i2eye Earns 4 out of 5 Stars and "Changes" the Videoconferencing Industry!
"Videoconferencing was once a luxury reserved for corporate conference rooms or computer enthusiasts running Microsoft NetMeeting. The D-Link DVC-1000 Broadband VideoPhone (i2eye) changes all of that."
"The i2eye is an easy-to-use videoconferencing appliance at a very affordable price."
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Building Networksfor People
Thank You!
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D-Link India Ltd
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D-Link India Ltd.
Founded in 1993Joint venture with D-Link CorporationIPO in 2001Listed on BSE & NSE
Chairman & Managing DirectorK.R.Naik
Number of employees325+
CertificationsISO 9002 - Quality ISO 14001 - Environment
Manufacturing Facilities3 state-of-the-art manufacturing plants in Goa with 6 SMT lines
“D-Link has emerged among the top players in the network and communications industry with a wide range of product offerings. It is one of the leading companies in the field of networking and communication, with design, development & manufacturing of products, software, research and development, playing a pivotal role in catering to the needs of both the local and the worldwide markets.” – Business Newsweek, July 2003
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Infrastructure & OperationsStrategic Alliances• JV with Lanner Electronics, USA for industrial PCs• JV with Gigabyte, Taiwan for motherboards• Tie-up with Corning Inc, a world leader in fiber opticSoftware and R&D• Software and R&D centers in Bangalore & GoaNationwide Presence• 16 branches• 21 distributors in India• 300+ dealers• 3000+ resellersOverseas Presence• 3 distributors in Sri Lanka, Nepal and BangladeshBottom-line:Strategic Tie-ups with strong local infrastructure
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• 3 Manufacturing units in Goa with total area of 120000 sq. feet• Recently acquired 2 plots with buildings measuring approx.
19,000sq.mtrs adjacent to current set-up for further expansion
• 6 SMT lines of which 3 are high speed lines with Micro Ball Grid Array (BGA) technology.
• ISO-9002 & ISO-14001 certified • State-of-the-art waste management systems• Employing 200+ skilled people
Manufacturing Operations at Goa
Bottom-line:Acclaimed large manufacturing set-up with strong expansion plans
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Product Spectrum
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Product Range• Networking Products – Entire range right from NICs, Hubs, Repeaters,
Transceivers, Print Servers, NAS, Switches, Carrier Class Routing Switches• Internetworking Products – Dial-up modems, Broadband (ADSL, Cable,
Leased Line) modems, ISDN devices, Routers & Residential gateways, RAS, Firewalls, etc
• Wireless LAN – Entire range of indoor and outdoor devices - Access Points, PCMCIA cards, Bridges, Routers etc
• Structured Cabling Systems – comprising of entire range of Fiber and Copper passive products
• VoIP – IP Telephones, Station Gateways, Trunk Gateways, IPPBX, Gatekeepers etc
• Digital Home Products – Digital cameras, web cameras, Internet cameras, i2eye videophone / videoconference products etc.
• Motherboards – of Intel & AMD processors with built-in LAN, wireless etc and high end graphic cards
• Software – In the area of DSP & Embedded technologyBottom-line:Complete spectrum of products for all networking & communicationrequirement
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D-Link Solutions
Head Quarters
6 Km
10 Km
DWL-1800RDWL-1800R
12 Km
Leased Line
DWL-1800R
DWL-1800B
Branch Office
Residential Complex Large Branch Office
Regional Office/Offices
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DFL-1000
DLM-2000
DLM-2000 Leased Line
DESDES--63006300
Wireless Network
DES-3226SDES-3326S
NAS
Power Users
Server Farm
DI-1162
DPH-100
DWL-1000AP
Leased Line
InternetInternetDI-1162
PBXVoIP
DG-104SH
WEB ServerWEB ServerDMZ NetworkDMZ Network
Private NetworkPrivate Network
Public NetworkPublic Network
Server FarmServer Farm
Head Office Network
DNS-6040
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Layer 2Chassis Switch
D-Link L2 Switch Solution
Inter-Giga-Linkto other sites
Server with GIGABITAdapter
Layer 2Managed Switch
DES-3226
DES-3226S
PC With SNMPSoftware – D-View
DG-104SHPBX VoIP
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Wireless Remote Office Connectivity
Gigabit EthernetBackbonePC’s With
WirelessAdapters Layer 3
SwitchLayer 3 Switch
GigabitEthernetSwitch
GigabitEthernetSwitch
Layer 2 Switch Gigabit
EthernetNIC
Gigabit EthernetNIC
Stackable/ChassisLayer 3Switch
Stackable/ChassisLayer 3Switch
10/100 Backbone
DWL-1800R
Remote Office Branch Office
WirelessWirelessWirelessWireless
50 Kms
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Wireless BranchOffice Network
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Metropolitan Area Network
BackboneBackbone
100Mbps100MbpsLong Long
Distance FiberDistance Fiber
1 ~ 100Mbps1 ~ 100MbpsCat. 5Cat. 5
Max. 15MbpsMax. 15MbpsTelephone LineTelephone Line
EoVDSLEoVDSLBridgeBridge
100Mbps100MbpsLong Long Distance FiberDistance Fiber
100Mbps100MbpsLong Long
Distance FiberDistance Fiber
L3 SwitchL3 Switch
EoVDSLEoVDSLSwitchSwitch
L2 SwitchL2 Switch
L2 SwitchL2 Switch
CO SiteCO SiteCPE SiteCPE Site
L2 SwitchL2 Switch
FiberFiber
Media Media ConverterConverter
Cat. 5Cat. 5Cat. 5Cat. 5
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D-Link Home Network
InternetInternet
DialDial--up, ADSL, Cable up, ADSL, Cable ModemModem
GigabyteGigabyteMotherboardMotherboard
Print ServerPrint Server
LCD MonitorsLCD Monitors
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Segment-wise Performance2002-03
“Starting off as an obscure Taiwanese company to become one of the top five networking vendors in India, D-Link’s Indian journey has been interesting to watch. Always quick to seize opportunities, the company’s marketing strategy has always been to wait for the market to mature and then move in for the kill.” – Networking Computing, July 2003
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Market Scenario• D-Link maintained its No. 2 position among Networking Providers
during the year 2002-03 – Dataquest, August 2003
NetworkingNICs Hubs & Unmngd
SwitchesMgd
switches Motherboards
InternetworkingDial-up
ModemsLeased Line
ModemsSCS WLAN
The segment wise market share data is taken from various sources
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Networking
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SwitchesToday:• Market Share: 50% in Unmanaged Switches and 9% in Managed
Switches• Winner of the PC Quest Users’ Choice Award for Network Switches in
2001 and ranked 2nd in 2002• Single Largest Segment• Have the complete range of Switches. And a well recognized brand
nameFuture / Roadmap:• Unmanaged Switches: 2003 will be a year of consolidation• Managed Switches: Aiming at 20% Market Share by 2004• Entering into the high growth area of ETTH / FTTH / VoDSL technology.
D-Link (India) is well positioned to execute similar projects in India. • D-Link China has already executed similar massive projects for
“Chungwa Telecom” and “Ningbo Telecom”• Metropolitan Area Network (MAN) deployments by Cable Operators and
companies like Bharti, BSES, BSNL, Reliance would be perfect potential segments
• Already supplied more than 20 Cr’s of MAN equipment to Cable operators and Residential complexes like “Hiranandani”
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Networking
• Switches will constitute the major bulk of the networking
segment by 2004
• NICs, Hubs, Print Servers, Transceivers & Repeaters
will eventually contribute a significantly smaller chunk to
overall sales
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Internetworking
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RoutersToday:• Currently D-Link is a major player in the ISDN Routers
segment
• Discontinued distributorship of Cisco products
• Introduced own range of 3 High Tech Routers since April 2003 to match with Cisco’s competing range of routers
Future / Roadmap:• D-Link should be able to increase it’s market share from
around 1% today to a min of about 5% by 2004. The market is dominated by CISCO today with about 85% market share
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Today: • Categories:
– Dial-up Modems (External, Internal & USB Modem) Market Share: 60%
– Broadband Modem (Cable & xDSL Modem) Market Share: (Indian Market yet to mature – too early to
determine)– Leased Line Modem
Market Share: 20%– ISDN Products
Market Share: 25%• Winner of the PC Quest Users’ Choice Award for Modems for 3
consecutive years & VAR India ‘Star Nite Awards 2002’ for Best Modems & ISDN range of products
• D-Link is the leader in ADSL Modems in many countries worldwide like Australia – against the world’s best competition.
Modem / Broadband
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Modem / Broadband
Future / Roadmap:• No of Internet connections to rise by atleast 40% year on year for
next 5 years.• External Modem Market will fully convert to Internal Modem by
2004 and Dial-up 56K modems would be on board by 2005 finally transitioning to ETTH and Broadband.
• Leased Line Modems would do well for some more time but subsequently would be overtaken by Broadband which would account for 50% of the modems. D-Link should have a minimum of 35% market share in this segment.
• D-Link is ready for Broadband with Cable, xDSL and ETTH Solutions
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Internetworking
• Routers is a potential high growth area for D-Link and by 2004 will contribute a significant chunk to the overall sales revenue and that too at higher margins
• Dial-up Modems as a segment will come down and Broadband will take off
• D-Link being leaders worldwide in this technology has the requisite expertise to take a substantial market share
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Wireless LAN
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Wireless ProductsToday:• Wireless LAN is a new emerging market in India• Already have 25% market share• D-Link is the pioneer in wireless technology the world over
due to its tie-up with Texas Instruments. D-Link leads its competition by at least 6 months in technology enhancements
Future / Roadmap:• Comprehensive range of combo wireless products for
frequency of 5 GHz, and 2.4 GHz recently introduced• Very High market Growth rate expected for at least next 2
years as mobility and accessibility become prime considerations in networks
• By 2004, D-Link’s expected market share is 35% in India
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D-Link is #1 for Wireless AP 802.11b Wireless LAN Access Point
Market by Vendor — Worldwide, 2002
D-Link posts the fastest growth in Markeshare in SOHO/Home Wireless LANs
Worldwide – Q4 2002
# 2 in USA#2 in Europe
Source: Synergy Research Group
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VoIP / IP Telephony
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VoIP & IP TelephonyToday: • Main target audience – Enterprise customers• Current Market Share – (market not matured yet, so no real
estimates are available)• Introduced the DPH-70 – modem based IP phone – a product of
D-Link R&D division. This product has considerable potential in the retail segment and excellent export potential
Future / Roadmap:• Focus on Modem Based Dial-up IP Phone, massive cost down,
with feature upgrades. Cost down Station Gateway models to be introduced in 2003
• Introduction of Softswitch / Gatekeepers in product line up in 2003
• Market share expected to be at least 10% by 2004 in IP Phones
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The Consumer Electronics / Digital
Home
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Digital HomeToday:• Major products: USB Products, Digital Camera & Web
Camera. Market share: 20%. • Recent introductions: Internet Camera and i2eye –
Videoconferencing deviceFuture / Roadmap:• i2eye Videophone, introduced in February 2003 has been a
runaway hit all over the world including India. This path breaking product has received many awards all over the world including Product of the year at the Fall – Comdex USA.
• We should garner a market share of about 25% and the growth will be higher as Broadband usage increases
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Structured Cabling Systems / Passive
Products
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Structured CablingToday: • Among the top 3 vendors in SCS since last 3 years. Aiming for the top
position in 2003/4.• First company in India with both Active and Passive product range.• All products developed in India, Goa -product development Centre.• Gained Major Breakthrough in India market by offering – ECat5
Products at Cat 5 prices. Innovated and offered 100 Mts. Cable Box. • Won the CRN Most Admired Company Award for Structured Cabling
Products in 2002Future / Roadmap:• Exclusive tie-up with Corning, USA for providing high quality Fiber for D-
Link Cabling Products in Feb 2003• Among the leaders in introducing Cat 6 Range of products• Looking at major breakthrough in exports to USA, European and
Australia/New Zealand markets
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Motherboards
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Today:• D-Link (India) Ltd. and Gigabyte Technology of Taiwan (world number 3
in motherboards) have signed an MOU in May 2003 to promote a joint venture company Digi Giga Systems Ltd. (With 90% D-Link Holding)
• With an eye on the impending future integration of NICs (LAN), Modems and Wireless on to the Motherboard, D-Link made a strategic move into the Motherboards market to gain market share in early stage
• New products of Gigabyte like add-on cards and peripherals will soon be introduced under the 'Gigabyte' brand.
• Invested in expensive test equipment and Environment Chamber to have world class quality
Future / Roadmap:• Technology is tending towards complete transition to On-Board LAN
which is already a major portion of OEM Business. Also 2004 would see integration of on Board Modem and Wireless.
• D-Link has observed rising market shares in this product segment since introduction in Feb 2002, it should be around 25% by 2003 End
Main / Mother Boards
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Software and R&D
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Software and R&DToday:• Development centers in Bangalore and Goa. Staff Strength – 55+• One of the 4 Worldwide development centers of D-Link
Corporation. Handling many Leading Edge Technology projects • Focusing on VoIP, Residential Gateways, Network Management
and Security Products• Working on Embedded Systems, Protocol Programming, Digital
Signal Processing (DSP) Based Systems, Network Management Systems (NMS) etc.
• Developed an SNMP agent currently deployed in D-Link N/w products worldwide.
• Developed Low Cost IP Phone (DPH-80) and Modem Based IP Phone (DPH-70), based on H.323, SIP & MGCP.
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Future / Roadmap:• Change in business model – moving from project based
development to own IPR development to exploit huge domestic and export (through D-Link OBUs) potential.
• Thus outside software projects business has transitioned to internal projects using D-Link India’s self developed IPR’s.
• Working of various future version Modem Based IP Phone.• Developing Leading Edge WAN-LAN Security Products.• Will deploy Network-in-a-Box in Q2 2004 – New Concept• Developing own range of basic routers to meet the market
need
Software and R&D
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Tech – Support BPO
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Tech – Support BPO• D-Link India has today inaugurated a Global tech-support center to
provide technical support for D-Link products to English speaking D-Link Overseas Business Units (OBUs) globally– D-Link India will start offering this service initially to D-Link USA
from the current month and is planning to extend this service toother English speaking D-Link OBUs as well
– D-Link USA currently outsource about 200 seats within the US. These would be outsourced to D-Link India as a business venture – also resulting in savings for D-Link USA.
• The Initial Setup in India would handle 100 seats initially which will be scaled up to 200 in the future.
• The call center is expected to generate substantial revenues by end of FY04 and is expected to contribute substantially to the profitability in FY05.
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MONEY MATTERS
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Q1 Results FY2004(Rs. in million)
Q1FY04 Q1FY03 Growth
Turnover 453.40 418.9 8.37%
PBDIT 87.03 73.84 17.86%
PBT 77.13 64.36 19.84%
PAT 68.13 57.51 18.46%
EPS (not annualized) 2.27 1.92 18.23%
Dividend 80% 50%
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Q1 Profit Analysis
• D-Link India has specifically diverted it’s Software Manpower Resources towards developing it’s own IP’s. Thus reducing the revenue from direct software business
• This own IPRs will help us design, develop and manufacture products of higher margin
(Rs. in million)Q1FY04 Q1FY03
Segmental RevenueCore Business Revenue 400.42 366.24Core Business PBIT 60.75 43.78Core Business PBIT Margin 15.17% 11.95%Software Revenue 12.84 23.64Software PBIT 2.59 17.30S/w PBIT Margin 20.17% 73.17%Total 19.20% 17.63%
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Risk, Inventory, Capex
and Fiscal Management
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A/R Risk Management• Formal agreements with
Distributors who account for 65% of our sales turnover
• Distributors’ payment terms fixed at 21 days. To ensure compliance, post dated cheques (PDCs) collected on delivery
• Deposits amounting to 25% of average turnover collected from Distributors.
• Fixing of credit limits for SIs and OEM customers and stringent control by finance department
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A/R Risk Management
• No further dispatches to customers where A/R crosses prescribed limits (> 90 days)
• Provision made for all debtors, where outstandings exceed 180 days
• Last year total write-off of bad debts is less than 0.02% and total for last 3 years is only Rs. 3.2Mn
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Inventory Management
• Ordering of material done on the basis of forecast of sales and logistics dept. and reviewed monthly
• Periodic clearance of SM inventory by special offers to avoid obsolescence
• 100% provision made for inventory which is more than 365 days old
• Use of e-Commerce for online reporting of inventory to all branches and Distributors to encourage faster sale
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Capex & Fiscal Management • Present Capex mainly to add 7th High Speed SMT line that
can manufacture a variety of technology products• Acquired 2 plots with buildings adjacent to existing facility at
Goa for Rs.20 Mn for further expansion (approx. 19000 sq.mtrs.)
• Proposed Capex - Rs.150 Mn (US$ 3Mn)• An SMT line costs approximately Rs.80 Mn but turnover
potential varies between Rs.500 - 2000 Mn depending on the products manufactured
• Treasury management (surplus funds deployed in Government Securities & Debt-mutual funds)
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Dividend Policy
• We are an investor-friendly company, consistently paying dividends since inception ---In the coming years, our main focus will be to deploy our surplus funds into promising growth avenues , but at the same time we will also remain sensitive to investor demands of raising our Payout ratio
• We also remain focused on improving our ROCE & ROE.
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D-Link – The Road ahead…
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Up the Value Chain• D-Link offers solutions to the SOHO,
SME and Enterprise & Carrier Class segment
• D-Link is a widely recognized leader in the SME & SOHO segment.
• Recent launch of our Metro/Carrier Routers & Multi Service Access Routers strengthens D-Link’s position in the Enterprise & Carrier Class solutions Segment enabling D-Link to aggressively enter this hitherto untapped Rs15-20bn market
• This has been largely possible due to D-Link’s own product development and R&D efforts
- D-Link Product Range
SOHO (10%)
Technology
Large Enterprise & Carrier(45%)
SME (45%)
Rs.15 – 20 billion untapped market
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• Acquisition: D-Link India is also looking seriously to acquire a Company/ies possessing knowledge capital in its area of expertise to strengthen its R&D base
• Structured Cabling: D-Link plans to get aggressive in export of Structured Cabling products -has recently appointed a distributor in UK (for European markets), will appoint distributors in Australia, New Zealand & Russia & commenced exports to USA through US-OBU - our target is to garner at least 1% of the target $700 Mn market in the next financial year
• Motherboards: D-Link has recently fortified its relationship with Gigabyte Technology, Taiwan and has signed an MOU to promote a joint venture company Digi Giga Systems Ltd to aggressively capture a huge market share in the motherboard market and some other high margin product markets.
Upbeat about D-Link
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Upbeat about D-Link• D-Link’s R&D division has already developed & introduced
own IPR products into the market. More such launches are
in the pipeline.
• New range of own routers to substitute Cisco range of
routers
• Worldwide leader in Wireless LAN technology with
comprehensive range of standard based products
• Setting up of Tech Support Call Center catering to English
speaking D-Link OBUs – a new profit center
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• Upbeat economy augurs well for traditional
networking business
• With the amount of activity taking place in the
telecommunication industry, the Broadband market is
set to boom. D-Link is ready to capitalise on this
market which has an estimated size of about Rs.500
crores
Upbeat about D-Link
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Awards & Recognitions
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Awards & RecognitionsMAIT (2002& 2003)• D-Link presented with "Award for Excellence in Exports"IT Nation Business Review Golden Rhino Award (March 2003)• No. 1 in Network Hardware DQ Channels India (Dec 2002)• Most Preferred Vendor award for NICs, Hubs, Modems and Structured
CablingVAR India (Oct 2002)• No. 1 in Modem Category for year 2002.CRN (Sept 2002)• Most Admired Networking Company• Most Admired Company in Structured Cabling & Low end NetworkingPC Quest (Sept 2002)• User's Choice Winner in ISDN Devices, Modems
A snapshot
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A Thought
In the field of Networking & Internetworking today – which is a core business of D-Link-there is no organization in India without a D-Link Product.
Yet…
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Educational Institutes• IIT, Kanpur• IIT, Kharagpur• IIT, Mumbai• IIM, Lucknow• Lucknow University• REC, Calicut• XLRI• Naval School• Sardar Patel Regional
Engineering College
Financial Institutions• Corporation Bank• ICICI• LIC• State Bank of India• Tamil Nadu State Apex
Co-operative Bank• Bank of Rajasthan• New India Assurance• State Bank of Bikaner &
Jaipur• Bangalore Stock
Exchange• Exim Bank
List of Customers…A Snapshot
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Manufacturing• Reliance Industries Ltd• L&T• BASF• HPCL• TISCO• SAIL• Hindalco• BHEL• Swaraj Mazda• Punj Lloyd
Defence• National Aerospace
Laboratory (NAL)• Indian Navy• BARC• ISRO• HAL• Space Application Centre
(Division of ISRO)• Eastern Command• Indian Military Academy
List of Customers…A Snapshot
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Healthcare/Pharmaceuticals• Apollo Hospital• Ranbaxy• Wockhardt• Red Cross Society• Astra Zeneca• D.Y. Patil Hospital
MNCs• ANZ Grindlays• Lufthansa• Carrier Aircon• MICO Bosch• Lafarge Cement• Mercedes Benz• Compaq• ABB• Hewlett Packard• Sri Lanka Telecom• Celetron
Services• Patni Computer Systems• Taj Hotels• Asian Hotels• Sahara India Ltd• Silver Springs Resort• Usha Martin
List of Customers…A Snapshot
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Thank you