INTRODUCTION

Just Dial is one of the leading local search engines in India. It provides users of "Just Dial" search service with information and user reviews from its database of local businesses, products and services across 11 major cities in India. Its search service is available to users through multiple platforms: Internet, mobile Internet, telephone (voice) and text (SMS). In FY 2012, it addressed over 25.43-crore search requests across its platforms. As of December 31, 2012, it is conducting approximately 195,100 campaigns for its paid advertisers.As one of the first companies to offer local search services in India, Just Dial has a first mover advantage among consumers seeking information on local businesses. Just Dial is now also a well-known Indian brand on the Internet. In addition, through its easy to remember phone numbers and user friendly mobile phone interface, the company believes that it has been able to attain significant mind-share with users for their local search needs.Its search service bridges the gap between users and businesses by helping users find relevant providers of products and services quickly while helping businesses listed in its database to market their offerings. Its search service is particularly relevant to SMEs (small and medium enterprises), which currently, do not have many other cost effective options to access and advertise to such a large number of potential consumers.

COMPANY OVERVIEW

A) CORPORATE INFORMATIONJust Dial was incorporated in 1993 by Mr V.S.S. Mani as A&M Communications Pvt. Ltd. The local search services business was started three years later. Over the years, Just Dial has expanded its operations across India with a strong presence in top 11 large cities to become Indias leading local search engine. Just Dial provides search services across two main genera: company search - a specific or any business; category search - product or service based on a given classification, location or key words. Having started with live operator-assisted phone (voice) search service, in keeping with the times, it launched internet, mobile internet and SMS-based services five years ago. While the search service is free for users, the company generates revenues from paid advertisers who subscribe to its fee-based campaign packages to be given priority ranking in the search results.Just Dial was founded by V.S.S. Mani and performs in the capacity of the Managing Director and Chief Executive Officer of the Company. Mr.Mani thought of the idea while working for Yellow Pages Company called United Database India (UDI) in 1987. He felt that the information could prove to be much more useful if it could be provided over the phone. In 1996, he came to know that Mumbai's Kandivali exchange owned the number 088 888 88 888. He was well aware of the importance of having an easy to remember number for a service like this and he somehow persuaded the GM to allot the number to him. However, the company could not be started for almost a year because Mr. Mani could not afford a telephone connection which used to cost INR 15,000. The other option to wait for many years for the connection. The Company finally started providing local search services over the phone in 1996 under the Just Dial brand and launched their Internet and mobile Internet services in 2007. In the beginning, Mr. Mani started the company with a few pieces of borrowed furniture, rented computers, a 3x5 feet garage which he took on hire and a seed capital of Rs 50,000. In fiscal 2012, Justdial addressed over 254.3 million search queries from millions of users across platforms. As of March 31, 2013 Justdial had 7,457 employees. Justdial has a database of approximately 9.1 million listings as of March 31, 2013 and approximately 1,95,100 campaigns as of December 31, 2012. Justdial's unconsolidated total revenue was Rs 2,716.1 million and unconsolidated restated profits after tax from continuing operations were Rs. 470.8 million as of December 31, 2012.Prior to JustDial, Mr. Mani started a company called AskMe in 1989 based on a similar concept, but at that time owing to low penetration of telephones in the country, the venture did not take off. After that he worked on a plan "Wedding Planner" in collaboration with The Times of India.The company started offering local search services in 1996 under the Justdial brand and they believe that it is a leading player in a rapidly growing local search market in India.The official website www.justdial.com was launched in 2007.Justdial search service is available to users across multiple platforms, such as the internet, mobile Internet, over the telephone (voice) and text (SMS).They believe that their search service bridges the gap between their users and business by helping users find relevant providers of products and services quickly while helping business listed in their database to market their offerings.

B) BOARD OF DIRECTORSB. Anand | Chairman and Independent, Non-Executive DirectorB. Anand is the Chairman and an Independent, Non-Executive Director of our Company. He was appointed as a Director of our Company on August 2, 2011. He holds a Bachelors degree in Commerce from Nagpur University and is an associate member of the ICAI. He has approximately 26 years of experience in the fields of corporate finance, strategy and investment banking. He is currently the chief financial officer of Trafigura India Private Limited. He has previously worked with Future Group, Vedanta Resources plc, Motorola India Private Limited, Credit Lyonnais Bank SA, HSBC Bank plc, Infrastructure Leasing & Financial Services Limited and Citibank, N.A.V.S.S. Mani | Managing DirectorV.S.S. Mani is the founder, Managing Director and Chief Executive Officer of our Company and has been associated with our Company since its incorporation. A visionary and an experienced management professional, he has approximately 25 years of experience in the field of media and local search services. Prior to the incorporation of our Company, he co-founded Ask Me Services and has also worked with United Database India Private Limited. He is presently engaged in exploring possibilities for technological innovation of our Companys business and has been responsible for adapting our Companys business model to suit changing market conditions. He is also involved in the formulation of corporate strategy and planning, overall execution and management, and concentrates on the growth and diversification plans of our Company.Ramani Iyer | Non-Independent, Non-Executive DirectorRamani Iyer is a Non-Independent, Non-Executive Director of our Company. He was appointed as a Director of our Company on October 28, 2005. He holds a Diploma in Hotel Management from Delhi Institute of Management & Services. He has been associated with our Company since its incorporation and has approximately 20 years of experience, working with our Company in the field of strategic planning and execution. Ramani Iyer is a co-founder of our Company and has played a key role with responsibilities including business development, business expansion, operations, strategic planning and execution. He was designated as a Non-Executive Director of our Company pursuant to a resolution dated July 27, 2011 passed by our Board.V. Krishnan | Non-Independent, Executive DirectorV. Krishnan is a Non-Independent, Executive Director of our Company. He was appointed as a Director of our Company on October 28, 2005. He has been associated with our Company since its incorporation and has approximately 20 years of experience, working in the field of strategic planning and execution. V. Krishnan is a co-founder of our Company and has played a key role with responsibilities including business development, business expansion, operations, strategic planning and execution.Ravi Adusumalli | Non-Independent, Non-Executive DirectorRavi Adusumalli is a Non-Independent, Non-Executive Director of our Company. He was appointed as a Director of our Company on October 9, 2006. He holds a Bachelors degree in Economics and Government from Cornell University, USA. He has approximately 17 years of experience in the field of finance and investment. He is currently a managing partner and heads the India office of SAIF Partners. Prior to joining SAIF Partners, he worked with Mobius Venture Capital.Sanjay Bahadur | Independent, Non-Executive DirectorSanjay Bahadur is an Independent, Non-Executive Director of our Company. He was appointed as a Director of our Company on August 2, 2011. He holds a Bachelors degree in Civil Engineering from Delhi College of Engineering. He has approximately 29 years of experience in the field of construction. He is presently the chief executive officer of Pidilite Industries Limited for its Global Constructions and Chemicals division. He has previously worked with Larsen & Toubro Limited, Aeons Construction Products Limited, Unitech Prefab Limited and ACC Concrete Limited.Malcolm Monteiro | Independent, Non-Executive DirectorMalcolm Monteiro is an Independent, Non-Executive Director of our Company. He was appointed as a Director of our Company on August 2, 2011. He holds a Bachelors degree in Electrical Engineering from the Indian Institute of Technology, Mumbai and a Post-Graduate degree in Business Management from the Indian Institute of Management, Ahmedabad. He is the chief executive officer of DHL Express, South Asia and a member of the DHL Asia Pacific Management Board. He is also a director on the board of Blue Dart Express Limited.Shailendra Jit Singh | Non-Independent, Non-Executive DirectorShailendra Jit Singh is a Non-Independent, Non-Executive Director of our Company. He was appointed as a Director of our Company on June 21, 2012. He holds a Masters degree in Business Administration, with distinction, from Harvard Business School and a B. Tech in Chemical Engineering from the Indian Institute of Technology, Mumbai. He is also a Kauffman Fellow. He has approximately 13 years of experience in the field of investment and financial services. He is currently the Managing Director of Sequoia Capital India Advisors Private Limited. Prior to joining Sequoia Capital India Advisors Private Limited in 2006, he was a strategy consultant at Bain & Company, New York.

C) MANAGEMENT TEAM

V.S.S. Mani | Managing DirectorV.S.S. Mani is the founder, Managing Director and Chief Executive Officer of our Company and has been associated with our Company since its incorporation. A visionary and an experienced management professional, he has approximately 25 years of experience in the field of media and local search services. Prior to the incorporation of our Company, he co-founded Ask Me Services and has also worked with United Database India Private Limited. He is presently engaged in exploring possibilities for technological innovation of our Companys business and has been responsible for adapting our Companys business model to suit changing market conditions. He is also involved in the formulation of corporate strategy and planning, overall execution and management, and concentrates on the growth and diversification plans of our Company.

V. Krishnan | Non-Independent, Executive DirectorV. Krishnan is a Non-Independent, Executive Director of our Company. He was appointed as a Director of our Company on October 28, 2005. He has been associated with our Company since its incorporation and has approximately 20 years of experience, working in the field of strategic planning and execution. V. Krishnan is a co-founder of our Company and has played a key role with responsibilities including business development, business expansion, operations, strategic planning and execution.

Sandipan Chattopadhyay | Chief Technology OfficerSandipan Chattopadhyay, is the Chief Technology Officer of our Company. He has been associated with our Company since January 1, 2009. He holds a Bachelors degree in Statistics from the Indian Statistical Institute, Kolkata and Post-Graduate Diploma in Computer Aided Management from Indian Institute of Management, Kolkata. He has approximately 16 years of experience in the field of technology. Prior to joining our Company he was associated with E Dot Solutions India Private Limited.

Ramkumar Krishnamachari | Chief Financial OfficerRamkumar Krishnamachari, is the Chief Financial Officer of our Company. He has been associated with our Company since August 8, 2010. He is a member of the ICAI and the Institute of Cost and Works Accountants of India. He is also a certified as a Certified Public Accountant by the State Board of Accountancy, Delaware, U.S.A. He is also a CFA Charter Holder from the CFA Institute, U.S.A. He has approximately 22 years of experience in the field of finance and accounting. Prior to joining our Company he worked with Royal Sundaram General Insurance Allied Company Limited.

Koora Srinivas | Deputy Chief Financial OfficerKoora Srinivas, is the Deputy Chief Financial Officer of our Company. He has been associated with our Company since December 1, 1999. He holds a Bachelors degree in Commerce from Osmania University, Hyderabad and a Masters degree in Business Administration from Swami Ramanand Teerth Marathwada University, Nanded. He has approximately 13 years of experience in the field of finance and accounting.

Shreos Roy Chowdhury | Chief Technical ArchitectShreos Roy Chowdhury, is the Chief Technical Architect of our Company. He has been associated with our Company since September 21, 2010. He holds a Masters degree in Science (Physics) from Indian Institute of Technology, Kanpur. He has approximately 16 years of experience in the field of technology. Prior to joining our Company he worked with Reliance Big Entertainment Private Limited.

D) CORPORATE SOCIAL RESPONSIBILITY

At Justdial, we view Corporate Social Responsibility (CSR) as a true effort to influence social order in a manner that earns the trust and respect of stakeholders and society. This belief in positive behavior has been embedded in our work culture and is a timeless promise we adhere to in order to make a meaningful difference in the lives of people.EDUCATIONJustdial has adopted a school run by the Art of Living Foundation, Sri Sri Ravi Shankar Vidhya Mandir at Dharavi, Mumbai. It is an English Medium school, aided by modern education techniques and schools over 290 kids from the nearby slums. Costs of the entire functioning of this school and all the necessary support and resource mobilization in many areas, including infrastructure, facilities support, monitoring and evaluation, providing computer as well as food and nutrition i.e. all its operational costs will be borne by Justdial. The thrust of the project involves bettering the education and learning experience of the child. From hereon, Justdial will support activities like renovation and general infrastructure repair and maintenance, landscaping and environmental beautification and supply of furniture, nutritious food, books and equipment to improve conditions of learning. Justdial will also work towards upgrading the teaching methods to an enhanced level to aid in the holistic development of the children.According to Mr. VSS Mani, Founder and Managing Director of Justdial, "Each child represents a million ideas and we are just an enabling factor to help them realize their true potential. After all, the power and belief in an idea and the power of simplicity is what drives Justdial." Our contribution to this cause reflects our business culture of sharing corporate benefits with the community and growing together. We intend to walk forward on this path and make a marked difference in the society in the years to come.

E) REGISTERED & CORPORATE OFFICE AND BRANCHES

REGISTERED & CORPORATE OFFICEJust Dial LimitedPalm Court Bldg M, 501/B, 5th Floor, New Link Road, Besides Goregaon Sports Complex, Malad (w), Mumbai - 400064.Call : +91-22-2888 4060 / 6677 9999 / 39808795Fax : +91-22-2882 3789Email : mumbai@justdial.com

AHMEDABADJust Dial LimitedUnit No B, 7th Floor, Gujarat Bhavan, Opposite M J Library, Off Asharam Road, Ahmedabad - 380009.Call : +91-79-2658 9931 / 39821415Fax : +91-79-2657 5292Email : ahmedabad@justdial.com

BANGALORE

Just Dial Limited#29, SRT Street, Cunningham Road, Bangalore - 560052. Call : +91-80-2353 1131 / 3980 4092Fax : +91-80-2234 1444Email : bangalore@justdial.com

CHANDIGARH

Just Dial LimitedSCO-:60-61, 4th floor Sec-34/A, Chandigarh-160034.Call : +91-172-3950100Email : chd@justdial.com

CHENNAI

Just Dial LimitedB Wing, 3rd Floor, Templs Steps, 184-187 Anna Salai, Little Mount, Saidapet, Chennai - 600015. Call : +91-44-4210 0000Fax : +91-44-4231 3131Email : chennai@justdial.com

COIMBATORE

Just Dial Limited# 25, AGT Business Park, 3rd Floor, Avinashi Road, Coimbatore - 641004.Call : +91-0422 2628811Email : coimbatore@justdial.comDELHI

Just Dial LimitedA, 39/40, Sector 16, Behind McDonalds, Noida - 201301. Call : +91-120-391 0301 / 665 8540Fax : +91-120-248 8245Email : delhi@justdial.com

HYDERABAD

Just Dial LimitedNo: 7-1-23 First Floor, Roxana Building (Above Meena Bazar), Greenlands, Begumpet, Hyderabad - 500016.Call : +91-40-2374 8448 / 3982 3333Fax : +91-40-2374 8486Email : hyderabad@justdial.com

JAIPUR

Just Dial Limited4th Floor, SB 57, Ridhi Tower, Tonk Road,Opp SMS Stadium, Jaipur-302017.Call : +91-141-392 3205 / 392 3206Email : jaipur@justdial.com

KOLKATA

Just Dial LimitedNo: 703, Godrej Waterside Tower One Sector V , Salt Lake City, Kolkata - 700091.Call : +91-33-4406 5599, +91-33-3090 5700Fax : +91-33-2485 8934Email : kolkata@justdial.com

PUNE

Just Dial LimitedS.No.67/1, 67/2A, 66A/1A & 66A/1B, Clover Lingfield Plaza, 1st Floor Above Reliance Fresh, Off Wanawarie Salunke Vihar Road, Pune-411040.Call : +91-20-2685 6222Fax : +91-20-2685 6221Email : pune@justdial.com

MEDIA CONTACT

Just Dial LimitedPalm Court Bldg M, 501/B, 5th Floor, New Link Road, Besides Goregaon Sports Complex, Malad (w), Mumbai - 400064.Call : +91-22-2888 4060Email : media@justdial.com

STRENGTHS AND WEAKNESSESStrengths During the past few years, it has experienced high growth in revenues. Sales jumped from just Rs 85.92 crore in FY 2009 to Rs 262.06 crore in FY 2012, a CAGR of 45%. Net profit during the same period rose from Rs 7.54 crore to Rs 50.42 crore, a CAGR of 88%. Nine-month sales has already crossed FY 2012 full year sales and PAT for the nine months is just a tad lower than FY 2012 PAT. Its a cash rich business. As one of the first companies to offer comprehensive local search services in India, it has a first-mover advantage among consumers seeking information on local businesses. It has a very strong brand recall. It is almost a monopoly in voice-based local search service. Justdial FactsFor the year ended March 31, 2013 they addressed 364 million search requests from millions of users across platforms.Justdial has 08888888888 as their operator assisted hotline number, across India, which is accessible 24 hours a day, 7 days a week with multi-lingual support.Justdial Apps are available for the Android, Blackberry and iOS platforms and they have location based service for their mobile Internet users.Justdial has a database of approximately 9.1 million listings as of March 31, 2013.Justdial users have contributed 29,957,783 reviews and ratings for various listings, till date.Justdial had approximately 206,500 campaigns as of March 31, 2013. Business owners have the option to list their business on Justdial's database for free.

Key HighlightsServices offered across various cities and towns in IndiaAdvanced and scalable technology platformExperienced management teamLarge online community for reviewsLong operating history with a proven monetization model

WeaknessesIn future, searches will increasingly shift to Internet and mobile Apps, where competition will be much higher and revenue/cost dynamics will be different from voice-based searches, which the company dominates currently. Regulatory changes restrict sharing of user data will affect revenues and profits. The company earns revenues largely from SMEs, which do get affected more by economic downturns. Two criminal complaints have been filed against the company and directors and employees. An adverse outcome in the above mentioned proceedings could have an adverse effect on the ability of its directors and employees, who are involved in the above proceedings, to serve the company, which may have a material adverse effect on its business, prospects, financial condition and results of operations.

FINANCIAL PERFORMANCE OF JUSTDIAL

On March 20, 2013, Justdial had obtained approval from Securities and Exchange Board of India (SEBI) for its proposed Initial public offering (IPO). JustDial had initially filed its draft red herring prospectus with SEBI to raise Rs 360 crore in August 2011, however the company shelved its plans in June 2012, due to a sharp fall in the markets and raised Rs 327 crore from its existing private equity investors, Sequoia Capital and SAP Ventures, with Sequoia Capital leading the funding round with a Rs 305 crore investment. In August 2012, JustDial had re-filed its DRHP with SEBI and was looking to sell 9.55 million shares of face value Rs 10 each, in return for 13.53% stake in the company. This includes 4.03 million shares held by SAIF Partners, 2.51 million shares held by Tiger Global Four JD Holdings, 1.55 million shares held by Tiger Global Five Indian Holdings, 1.04 million shares held by Sequoia Capital, 347,142 shares held by EGCS and 64,779 shares held by SAP Ventures.

In May 2013, Justdial went public on May 20 at a price between Rs. 470-543. Out of 17.5 million shares, 13.5 million shares were offered to the public and 3,936,925 shares have been subscribed to by 15 Anchor Investors at Rs 530 per equity share, for a total of around Rs 208.65 crore. JustDial has reserved 75% of its IPO for institutional investors, 15% for high net worth individuals (HNIs) and remaining 10% for retail investors.CRISIL has been assigned grade 5/5 to the proposed IPO of Just Dial.This grade indicates that the fundamentals of the IPO are strong relative to other listed equity securities in India. Unlike previous public offers, Just Dial adopted a scheme "safety net" for retail investors proposed by the capital market regulator Sebi in 2012 where the company promoters assure that they will buy back shares from the retail applicants at the IPO price, if its stock falls sharply during the first six months after listing.At the end of day 1 A majority of the bids came from Foreign Institutional Investors (65,87,275 shares), around 72% of total shares on offer for QIBs. Retail investor appetite was low, with only 14% (246,200) of shares, whereas 1,749,745 shares were offered to them. HNIs bid for only 3750 shares of the 2,624,618 shares offered for them.At the end of day 2Retail investor participation increased almost five fold after a fairly low key participation on day one of JustDials IPO: Total bids from retail investors increased to 1,224,725 shares from 246,200 shares at the end of day 1. Thus, around 70% of the total 1,749,745 shares that retail investors were allowed have been bid for and most of them have been at the cut-off price. Participation from Qualified Institutional Buyers (FIIs and Mutual Funds) also increased, with Mutual Funds finally participating, but bidding only for 56200 shares. FIIs have bid for 8141850 shares in all. Participation from Corporate and Individuals other than retail investors has been insipid. All in all, around 69.62% of the shares on offer have been bid for, mostly by QIBs, which set the stage for day 3. On day 3 of issue, Justdial IPO was over-subscribed 11.63 times.

ValuationAnnualised EPS for nine months ended December 2012 works out to 9.0. The lower price band (470) discounts this 52.3 times and upper price band (Rs 543) 60.4 times. Fast growing unique companies with strong brand and leading position tend to attract high valuations. It will be the first such company to get listed on Indian bourses and hence no Indian benchmark is available. With 90% of issue reserved for them, large investors (mainly institutional) will be deciding the issue price as well as post-listing performance. Retail investors are being given 10% discount and safety net to give them some comfort.Just Dial: Issue highlights

SectorMiscellaneous

Offer size (in Rs crore)

- On lower price band822.38

- On upper price band950.11

Offer size (in no. of shares )

Offer for sale17,497,458

Price band (Rs)*470-543

Post issue capital (Rs crore)69.87

Post-issue promoter shareholding (%)33.13

Issue open date20/05/2013

Issue closed date27/05/2013

Rating47/100

* Retail investors will get a discount of 10% on the issue priceSource: Capitaline Databases

Just Dial: Financials

0903 (12)1003 (12)1103 (12)1203 (12)1212 (9)

Sales85.92130.91183.93262.06264.50

OPM (%)9.223.224.725.727.2

OP7.9430.3745.3967.2372.00

Other inc.5.893.863.7313.157.12

PBIDT13.8334.2349.1180.3879.11

Interest0.010.000.030.020.01

PBDT13.8234.2249.0980.3779.11

Dep.3.845.006.799.0210.20

PBT9.9829.2242.3071.3468.91

Tax2.449.9013.4720.9221.83

PAT7.5419.3328.8350.4247.08

EPS (Rs)*1.12.84.17.29.0

* EPS annualized on the post-issue equity of Rs 69.87 crore on face value of Rs 10 eachAll figures in Rs croreSource: Capitaline Databases

COMPETITIONWhile Just Dial started its services in 1996 and has had the first-mover advantage, competition exists. Getit has been present since 1986 and Sulekha.com has been present since 1998. Also, multiple players have been providing yellow page services, and other search - like Google - has been present for years.

Just Dial vs. local peersSearch platforms: Just Dials peers have been providing search services across voice, online, print (yellow pages) and SMS platforms. Convenience to users has been everybodys common mantra.Reach: Just Dial has developed a database of product and service providers in 1,500+ cities and towns. Its voice-based search services are accessible in ~250 cities through its main hotline number 6999 9999. These services can also be accessed from across India through another hotline number +91 88888 88888. Its peers like Asklaila is present in 1,200 cities/towns and Askme in 525 cities/towns. Network reach - the depth of search coverage across cities where the service provider is present - is more important than the number of cities it operates in. While this information for Just Dials peers is not available, growth in number of searches in case of Just Dial signifies the depth and relevance of its reach.Database: As most of Just Dials peers are private, details of their databases are unavailable. Sulekha.com has a database of ~2 mn and Askmes database is more than 3 mn. Also, it is difficult to assess as to which database is consistently updated and which one provides relevant search results to users. Growth in number of searches is the only way to gauge the same which, again, is available only in Just Dials case.Performance on the web: Amongst the Indian websites, www.justdial.com has been ranked 58 with 2.64 mn Indian users by www.alexa.com, a provider of details of websites across the globe and their usages across various parameters. Among Just Dials peers, only www.sulekha.com is ranked higher at 47 which, along with local search services, also provide blog space and specific content related to jobs/careers, movie reviews amongst others. Just Dials ability to grow its online search services is visible from strong growth in online searches (three-year CAGR of 99% to 77.2 mn in FY11) and mobile internet searches (three-year CAGR of ~215% to 9.6 mn in FY11).

Financial performance: While Just Dials peers may have been able to compete with Just Dial, though selectively, their historical financial performance shows that they have not been able to do so profitably. Table 4 reflects Just Dials peers have been making losses in the past four years; in some cases, accumulated losses are now a significant proportion of the capital employed. Conversely, Just Dial has been profitable in the past decade. Also, Just Dial has consistently generated free cash flow, which its peers have not, in the past four years.

International peers with similar business modelsIn the international market, there are local search engines which provide services like Just Dial, and across voice, internet and mobile internet platform. Yelp! Inc., incorporated in 2004, provides local search services and ratings/reviews (on a five-point scale) for the same across internet and mobile WAP platform across the US, Europe, the UK and many other countries. It also enables interaction amongst its users. It generates revenues through paid ads by local businesses.

In 2005, Jingle Networks founded 1800FREE411, a voice and online local search directory in the US and Canada. It generates revenue by playing a jingle, which is an advertisement, when a user makes a call for his/her local search requirement. It also provides free directory assistance on iPhone and android mobile apps. 1800FREE411 has 30 mn unique users a month. In April 2011, Marchex Inc., a US-based digital call advertising and small business marketing company, acquired Jingle Networks for US$ 62.5 mn. It expects Jingle Networks revenues to grow by 40% y-o-y to US$ 26 mn. Google remains a key threatThe worlds largest search engine - Google - has been present in India for many years, providing search services and navigation services through Google maps. Providing local search services in any country is pass for a global player like Google. In India, it introduced interactive voice response (IVR)-based local search service in Hyderabad in April 2008. However, it was unable to achieve scale, making the business unviable. As a result, it closed this service in December 2010. A comparison of Google Indias FY11 financials and Just Dial highlights that the latters revenues were ~22% of Google Indias revenues (includes software development, IT-enables services and advertisement revenue through Awards program). Globally, Googles search services are based on technology while the search market in India requires collection and maintenance of database through feet-on-street and voice-based search option. Hence, the probability of Google re-entering the local search market is low but any such move by Google is a key monitorable.

LTE technology and affordable smart devices could provide users more online optionsLTE technology is slated to be launched in India in 2012 and is likely to provide a boost to data usage. Also, according to the industry, players like Reliance Industries plan to offer very affordable devices (tablet PC) and cheap data services (Rs 10 for 1GB). This may attract domestic and international companies to provide mobile applications for local search services which could potentially be another big competition for Just Dial. While Just Dial continues to keep pace with new technologies (such as android-based applications), competition from newer applications and its ability to compete with them remains a monitorable. Experienced management but bandwidth remains a monitorableJust Dials management, led by Mr Mani, has been proactive in consistently meeting customer expectations both on technology and search content front. The company has been able to demonstrate stronger execution capabilities in the local search market than peers driven by a strong top management - led by promoters and their second line. For future growth, the company will have to significantly ramp-up its senior and second line of management. Also, the company is heavily dependent on Mr Mani for strategic planning. In Q2FY12, Just Dial demerged its US operations under Just Dial Global Pvt Ltd (JD Global), which is owned by its promoters and Sequoia Capital. Currently, Just Dials promoters, Mr Mani and Mr Krishnan, play an important role in the strategic planning and operations of Just Dial. JD Global provides local search services in the US as Just Dial provides in India. If JD Globals operations take away significant bandwidth of promoters and senior management of Just Dial, then it could adversely impact the latters core operations in India.

HOW DOES JUSTDIAL COLLECT DATA?

JustDial relies on re-sellers who help the company collect unique data. It relies on re-sellers (akin to agents of the company) to collect data and generate leads. They are incentivised for doing the same. The company also hires in-house marketing agents who strive to convert free listings into paid ones. Whenever you call, you are also profiled in quest of discovering and listing more SMEs on the Local search Platform.JustDial employed 2900 sales persons (~2200 tele sales people and ~700 feet on the field), with each sales person handling ~58 campaigns. JustDials per employee salary cost was around Rs210,00 in FY12, with cost of call center employees ranging between Rs150,000 and Rs200,000. This is significantly below the average salary paid by BPO firms in the market.JustDial founders have an ambitious target to launch US dial-in / internet business partnered with one of its existing PE investors, independent of the Indian entity. I think this could distract the growth in Indian business as it is still establishing dominance on alternate search formats Internet and Mobile where it faces lot of competition as discussed above.

Just Dial provides search services across two main genera: company search - a specific or any business; category search - product or service based on a given classification, location or key words. Having started with live operator-assisted phone (voice) search service, in keeping with the times it launched internet-, mobile internet and SMS-based services five years ago. While the service is free, the company generates revenues from paid advertisers who subscribe to its fee-based campaign packages to be given priority ranking in the search results.

WHO CAN BECOME A RESELLER?

A College student looking for some pocket money, a homemaker looking to make better use of your valuable time, a full time professional looking for an additional income or an insurance agent looking to make valuable contacts. We have the key to the door of your dreams.All you need is: To make a payment of Rs 4999/- plus 10.3% Service Tax which will come to Rs.5514/-An Annual Service Charge of Rs.999/- will be payable before the end of every 12 months of your Business, to continue for the next year. This is a serious business opportunity. We want serious and committed people to take this up. We shall be providing training, training kits plus support to help our Resellers achieve their goals, hence the onetime fee is charged. Its like a small investment for starting a business. A drive to make additional income. Qualification is not a barrier. You can operate from any part of India.Your only requirement is the passion to make it big.

HOW DOES A RESELLER WORK?

The Justdial reseller gives you an opportunity to earn over Rs.6 lakhs per annum and this for even a person with very basic qualification or no experience but with only a passion to succeed in life. You earn money by : Data Collection Get Customers to advertise through Smart ListingData Collection On every unique data* provided by you to Just Dial you can get paid upto Rs.50/-.* Any shop / establishment information which is not there in the Justdial records / website is an Unique Data for Justdial . Example - If you give 30 leads to Just Dial per day. Considering that you work for 25 days. Total data you would have given - 750 nos At the rate of Rs.30/- per data - (Average commission only considered for example) YOU EARN - Rs.22500/- per month for 750 records. In a year - YOU EARN - Rs.2, 70,000 only, with this minimum effort.

Get Customers to advertise through Smart listing Every Smart Listing costs Rs.2999/- which are the Registration fees. (Service tax of 10.3% applicable) Just Dial pays commission of 33% of all Registration fees to the Reseller. Consider 6% of the above 750 customer's database that you have provided, advertise with Justdial through Smart Listing. Based on the example find your earnings below - 6% of the customers from Data base - 45 Clients advertise in Smart Listing You EARN per month - Rs.44535/- per month as you get 33% of the Registration amount In a year , YOU EARN - Rs.534421/- only from similar Smart Listing registrations. PLUS You earn 20% of the monthly ECS collected from Customers approx - Rs.49500/-In case sale is supported by Justdial (or your Principal Coordinator at Justdial), commission to Reseller will be applicable @ 20% on registration fee as well as ECS cleared.Your probable earnings become:Mode Of EarningEarning In RupeesDatabaseRs. 2,70,000/-Smart ListingRs 5,34,421/-ECSRs 49,500/-Total EarningsRs 8,53,921/-In nutshell earnings over Rs. 7 lakhs per year is an achievable amount and the opportunity is immense.

WHY SHOULD I BECOME A JUSTDIAL RESELLER?

Any individual with minimal business acumen can earn more than Rs. 6 lakhs per annum and the residual income possibilities from this business are immense. Become a Reseller: To achieve financial independence To live your entrepreneurial dream For making your own network and building contacts To be associated with a big brand like Justdial To be your own boss

DATA COLLECTIONFor the purpose of how the just dial is providing the information and the people who is using the just dial in their day t day life, here some data collection methods takenPRIMARY DATA For the primary data the survey method is taken for that 10 different kinds of people provides their feedback on questionnaire which makes better analysis of the Just dial performance in all sense.SECONDARY DATAFor that purpose the websites are used for collecting the data of Just dial and the report of crisil.

QUESTIONNAIRE1) How much time you using Just dial?a. Regularlyb. Sometimesc. Not yet2) Is that Just dial provides correct information?a. Yesb. Noc. Cant say3) How much you are depending on Just dial?a. Regularlyb. Sometimesc. Not yet4) What about customer services?a. Normalb. Goodc. Excellent5) Is it all time reliable source for getting information?a. Yes, alwaysb. No, sometimesc. Cant say6) What gadget you prefer for connecting Just dial?a. Smart phoneb. Tabletc. Computer7) What you think who is better information provider?a. Googleb. Just dialc. No one8) Is that Just dial useful for their client?a. Yesb. Noc. Cant say9) What you think is it Indian Google?a. Yesb. Noc. Cant say10) Will you use Just dial in future also for getting information?a. Yesb. Noc. Cant say

DATA ANALYSIS OF QUESTIONAAIRE .

CONCLUSION

JustDial faces intense competition in the internet business. Websites such asZomato have been able to create online communities that prompt users to visit regularly and maintain mindshare. Zomato also attracts direct visits rather than through search engines. Just dial enjoys an almost monopolistic position in the voice search business. Competitors, such as ZatSe and ask me, whilst available over voice, do not enjoy the same brand recall as Just Dial.A significant proportion of Just Dials ratings and reviews on its portal appear to us of poor quality in terms of utility that can support a loyal following. This makes it unlikely for its website to be able to build a similar community presence, as seen in popular Indian review sites such as Tomato and burrp, to attract repeat visitors

REFERENCES

www.jusdial.com www.crisil.com www.economictimes.indiatimes.com www.moneycontrol.com8 | Page