International Data Management Limited (IDM) is an Indian public limited company listed on the **BSE Limited**. Historically recognized for the **manufacturing of computers and related peripherals**, the company has transitioned into a lean corporate entity. It currently operates as an **Associate Company** of **HCL Corporation Private Limited**, serving primarily as a holding structure within the broader promoter group ecosystem while maintaining its listed status. --- ### **Corporate Governance and Promoter Realignment** The company is currently undergoing a significant restructuring of its ownership and control environment to align with its actual management realities. * **Shift in Ultimate Control:** As of **March 2025**, **Ms. Roshni Nadar Malhotra** assumed majority control of **HCL Corporation Private Limited** (the Promoter Company) following a gift deed of **47% shareholding** from Mr. Shiv Nadar. * **Promoter Reclassification:** In **November 2025**, shareholders approved the reclassification of **Apollo Trading and Finance Private Limited** from the 'Promoter Category' to the 'Public Category'. This entity holds **38,220 shares (1.74%)**. * **Regulatory Compliance for Reclassification:** The reclassification was supported by a **No-objection certificate** from **BSE Limited** (dated **September 12, 2025**). The move was predicated on the fact that the outgoing entity: * Holds less than the **10% threshold** of total voting rights. * Exercises no direct or indirect control over company affairs. * Has no representation on the **Board of Directors** or as **Key Managerial Personnel (KMP)**. * Is not a **'wilful defaulter'** or a **'fugitive economic offender'**. * Must comply with a **three-year lock-in period** under **SEBI LODR Regulations** to maintain public status. #### **Shareholding Structure (Post-Reclassification Estimate)** | Category | No. of Shares | % Holding | | :--- | :--- | :--- | | **Promoter & Promoter Group** | **5,17,625** | **23.53%** | | **Public Shareholding** | **16,82,375** | **76.47%** | | **Total** | **22,00,000** | **100.00%** | *Note: **HCL Corporation Private Limited** remains the primary promoter with **490,125 shares (22.28%)**.* --- ### **Operational Status and Asset Management** IDM’s current business model is characterized by minimal industrial activity and a lean asset base. * **Business Activity:** No active business operations were undertaken in recent cycles due to a **paucity of working capital** and internal business constraints. * **Inventory and Intangibles:** The company reported **NIL inventory** and no intangible assets for the financial years ended **2023, 2024, and 2025**. * **Asset Verification:** The company maintains records of **Property, Plant, and Equipment (PPE)**, which are physically verified in a phased manner over a **three-year cycle**. * **Subsidiary Status:** The company has **no holding, subsidiary, associate, or joint venture companies** of its own. --- ### **Financial Distress and Solvency Analysis** The company is facing severe financial headwinds, with auditors repeatedly highlighting a **Material Uncertainty Related to Going Concern**. * **Net Worth Erosion:** Significant historical losses have resulted in the **total erosion of the company's net worth**. Consequently, no funds have been transferred to **Reserves & Surplus**, and no dividends have been recommended for the last three financial cycles. * **Working Capital Deficit:** As of **March 31, 2025**, the company’s **current liabilities exceed its current assets by ₹4.24 crore**. * **Dependence on Promoter Support:** The company’s ability to continue as a going concern is entirely dependent on a **letter of comfort** and continued financial backing from the **Promoter Group** to meet its obligations. #### **Three-Year Financial Performance** | Fiscal Year | Net Profit / (Loss) | Status | | :--- | :--- | :--- | | **FY 2024-25** | **(₹12.83 Lakhs)** | Unaudited/Reported Loss | | **FY 2023-24** | **(₹17.47 Lakhs)** | Audited Loss | | **FY 2022-23** | **(₹165.47 Lakhs)** | Audited Loss | --- ### **Risk Profile and Mitigation Strategies** IDM manages a variety of financial risks through internal rating systems and promoter subordination. * **Liquidity Risk:** This is the most critical risk facing the company. With **accumulated losses of ₹6.44 crore**, the company relies on debt subordination and promoter funding to bridge the gap between assets and liabilities. * **Credit Risk:** The company monitors counterparty defaults on loans, receivables, and bank deposits. * **Cash and Cash Equivalents:** Stood at **₹5 lakhs** in 2025 (down from **₹11.41 lakhs** in 2024). * **Mitigation:** Deposits are diversified across **highly rated banks** (Internal Rating A). * **Market and Currency Risk:** * **Price Risk:** The company has **zero exposure** as it holds no equity investments. * **Foreign Currency Risk:** There is **zero exposure** as there are no foreign currency balances or receivables. * **Regulatory Compliance:** The company does not meet the thresholds under **Section 135(1)** of the Companies Act; therefore, **Corporate Social Responsibility (CSR)** mandates are not applicable. --- ### **Equity and Capital Structure** The company’s capital structure has remained stagnant over the last three years, reflecting its limited operational expansion. * **Share Capital:** No issuance of sweat equity, **ESOPs**, or shares with differential rights has occurred recently. * **Par Value:** **Rs. 10 per share**. * **Voting Rights:** **One vote per share** for all equity holders. * **Liquidation Preference:** In the event of liquidation, equity shareholders are entitled to remaining assets in proportion to their holdings after all preferential distributions are settled.