MIRA
INFORM REPORT
|
Report Date : |
18.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
CG-COREEL PROGRAMMABLE SOLUTIONS PRIVATE
LIMITED |
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Formerly Name: |
SATNAM TRADING PRIVATE LIMITED |
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Registered Office : |
21, 7th
Main, First Block, Koramangala, Bangalore 560 034, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.04.1999 |
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Com. Reg. No.: |
08-033050 |
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CIN No.: [Company
Identification No.] |
U72200KA2003PTC033050 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Hardware
Design Services and Embedded System Solutions |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
425000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having satisfactory track records. Trade
relations are fair. Financial position is satisfactory. Payments are correct
and as per commitments. The company is doing well. It can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered/Head Office : |
21, 7th
Main, First Block, Koramangala, Bangalore 560 034, Karnataka |
|
Tel. No.: |
91-80-4197
0400, 2552 6775, 2552 8940 |
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Fax No.: |
91-80-2552
8955 |
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E-Mail : |
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Website : |
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Area : |
46,000
Sq. ft. |
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Location : |
Commercial |
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Office
: |
C/o
Logix Park, A-4, Sector 16, Noida 201 301, Uttar Pradesh |
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Tel.
No.: |
91-120-2517690,
2517699 |
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Fax
No.: |
91-120-2514956 |
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E-Mail
: |
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Location : |
Commercial |
DIRECTORS
|
Name : |
Mr.
Kewal Krishan Nohria |
|
Designation : |
Chairman |
|
Address : |
11,
Arya Varta, 351 Narayan Dabholkar Road, Mumbai 400 006 |
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Date of Birth/Age : |
04.10.1932 |
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Date of Appointment : |
29.08.2000 |
|
Profile |
Mr. Nohria has served as a member of their board
of directors since 1999 and is the Ex-Chairman of Crompton Greaves Limited.
He holds positions in numerous industry associations, professional bodies,
educational and research institutes. Mr. Nohria also serves as Chairman of
the Board for a number of Indian companies.
He is currently President of ASSOCHAM and also Chairman of the Board
of Governors of the Thapar Institute of Engineering & Technology. In the
past he has been President of the Indian Electrical Electronics Manufacturers
Association, President of the All India Management Association, President of
the Bombay Chamber of Commerce & Industry, President of the Indian
Institute of Industrial Engineering, President of the Indian Society for
Value Engineering. He graduated in Electrical Engineering from Benares Engineering College, Benares Hindu University, India. |
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|
|
|
Name : |
Mr.
Chetan Vadilal Sanghvi |
|
Designation : |
Director |
|
Address : |
45131,
Manzanita Ct, Fremont, CA 94539, USA |
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Date of Birth/Age : |
14.02.1956 |
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Date of Appointment : |
01.07.1999 |
|
Profile |
Mr. Sanghvi has served as their Vice Chairman of
Board of Directors since their incorporation in 1999. From January 1992 to
April 1996, he served as the President of Coreel Microsystems, Inc., a
California corporation. During this time, he assisted NexGen, Inc. in
designing its 586 and 686 processors. From September 1987 to December 1991, he served as
the Executive Vice President of Arcus Technology, Inc., an affiliate of VLSI
Technology, Inc. Prior to September 1987; he was the Operations Manager at
Verdix Corp., where he was instrumental in designing the first multi-level
secure LAN. Mr. Sanghvi has also worked as a Senior Design Engineer at Intel
Corporation from September 1980 to September 1983, where he was involved in
developing the architecture for the 386 Processor. He was instrumental in
establishing a design center in India responsible for designing various
ASICs. He received his MS in Electrical Engineering from the University of Houston and a BTech in Electrical Engineering from the Indian Institute of Technology, Kharagpur, India. |
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|
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|
Name : |
Mr.
Nagishetty Ramesh Babu |
|
Designation : |
Managing
Director Flat No. 404, Sobha Garnet, No. 38/2B, Iblur Sarjapur Road,
Bangalore 560 034 |
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Address : |
02.10.1956 |
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Date of Appointment : |
12.06.2001 |
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|
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|
Name : |
Mr.
Padur Vishwanatha |
|
Designation : |
Director |
|
Address : |
678, 6th
C Main, 12th Cross, J P Nagar – III Phase, Bangalore 560 078,
Karnataka |
|
Date of Birth/Age : |
20.08.1968 |
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Date of Appointment : |
16.07.2004 |
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Name : |
Mr.
Vadilal M Sanghvi |
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Designation : |
Director |
|
Address : |
8
Paramani, D N Purav Marg, Chunabhatti West, Mumbai 400 022 |
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Date of Birth/Age : |
06.08.1929 |
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Date of Appointment : |
16.07.2004 |
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|
Name : |
Mr. Ramesh B Nagisetty |
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Designation : |
Managing Director |
|
Profile |
Mr. Nagisetty has served as the member of the
Board since the year 2000. He provides the strategic direction and charter of
accelerating the company's journey of profitable growth. In addition, he
steers CG-Coreel's business in the domestic as well as international markets.
Previously, Mr. Nagisetty was the General Manager,
Technical for CG-Coreel Logic Systems. Prior to CG-Coreel Logic Systems, he
was with Crompton Greaves Limited. as the Deputy General Manager, Computers
Networking Division responsible for driving the enterprise networking
business besides managing technical and strategic partnerships. At CG-Coreel, he has been entrusted the leadership
role to spearhead the growth of the design services business, which is a
strategic growth engine for CG-Coreel besides his responsibility of realizing
the CG-Coreel's vision of technology leadership in Design Services globally. Mr. Nagisetty holds a bachelor's degree in Electronics & Communication Engineering from Andhra University and Masters degree from IIT, Kharagpur. |
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|
Name : |
Mr.
Vishwanath Padur |
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Designation : |
Vice President - Business Development |
|
Profile |
Mr. Padur is a founder member of the company and
has been responsible for building strong Sales, Marketing, Business
Development and Application Engineering teams at CG-Core El. He has over 13 years of experience in serving the
EDA, Semiconductor and Services industries. As the head of Business
Operations, he manages the business development activities for the Design
Services Business and Technology Solutions Division comprising of
distribution and support activities. He is responsible for strategic planning and
developing a long-term business model that provides the company sustained
growth, stability and profitability. In addition to setting up systems,
standards, processes and enhancing the brand image of CG-Coreel, he is also
part of the core management team that ensures competency development,
knowledge creation, dissemination and deployment within CG-Coreel. Prior to CG-Coreel Programmable Solutions, he
served as the Sales Manager at CG-Coreel Logic Systems Limited. responsible
for creating and growing the market for Xilinx products. Prior to this he
held Senior Sales and Technical Support positions at CMR Design Automation
and IDM Limited and was responsible for the sales operations of Recal Redac,
Analogy, Viewlogic products in the domestic market. Mr. Padur received his Bachelors degree in
Electronics & Communication Engineering from SJCE, Mysore University. |
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|
|
|
Name : |
Mr.
Wikneswaran Pillai |
|
Designation : |
General Manager - Engineering |
|
Profile |
Mr. Pillai is the General Manager - Engineering at
CG-Coreel Programmable solutions. In this position, he is responsible for
architecting the engineering projects of their design services portfolio. Prior to holding this position, he worked as
Senior Application Engineer at CG-Corel Logic Systems Limited. From 1995 to
1999. He also served as the Training Manager and has conducted several
Training programmes on FPGA Architecture and HDL coding techniques for Indian
Corporate Customers. Mr. Pillai is a graduate from Chartered Engineers
of U. K. |
KEY EXECUTIVES
|
Name
: |
Mr. S
Nagappa |
|
Designation
: |
Company
Secretary |
|
Address
: |
669, 8th
B Main, II Block, II Stage, Manjunath Nagar, Bangalore 560 010 |
|
Date
of Birth/Age : |
14.09.1938 |
|
Date
of Appointment : |
01.01.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr.
Kewal Krishan Nohria |
922,500 |
17.04 |
|
Mr.
Chetan Vadilal Sanghvi |
1,313,025 |
24.26 |
|
Mr.
Vadilal M Sanghvi |
1,448,325 |
26.76 |
|
Ms.
Anju Nohria |
270,600 |
5.00 |
|
M/s.
CG-Programmable Employees Stock Option Trust |
393,218 |
7.26 |
|
Mr. N
Ramesh Babu |
317,625 |
5.87 |
|
Mr. P
Vishwanath |
240,750 |
4.45 |
|
Mr. P
Winkneswaran |
130,500 |
2.41 |
|
Mr.
Sujay S.W. |
30,750 |
0.57 |
|
Mr. V
Harish |
12,300 |
0.23 |
|
Mr. K
S Chethan |
23,062 |
0.43 |
|
Mr. P
Murali Krishna |
30,750 |
0.57 |
|
Ms. T
P Srividhya |
23,062 |
0.43 |
|
Mr.
Nitesh Gupta |
30,750 |
0.57 |
|
Mr.
Srikanth S.N |
12,300 |
0.23 |
|
Mr.
Akmal Sageer |
12,300 |
0.23 |
|
Mr.
Malikarjuna B.S. |
15,375 |
0.28 |
|
Mr.
Faraz Ahmed |
6,150 |
0.11 |
|
Mr.
Rajesh Bansal |
6,150 |
0.11 |
|
Ms.
Deepashree S.M. |
6,150 |
0.11 |
|
Mr.
Anil N.S. |
6,150 |
0.11 |
|
Mr.
Aravind P Pamli |
15,375 |
0.28 |
|
Mr. T
Senthil Kumar |
6,150 |
0.11 |
|
Ms.
Mary Josephine Clara |
3,075 |
0.06 |
|
Ms.
Jyotsna Bijapur |
3,075 |
0.06 |
|
Ms.
Sushma Desai |
3,075 |
0.06 |
|
Mr.
Shankar Joshi |
3,075 |
0.06 |
|
Mr.
Siva Kumar P.R. |
3,075 |
0.06 |
|
Mr.
Mohd Asad Javed |
3,075 |
0.06 |
|
Mr.
Bhanu Prakesh Verma |
3,075 |
0.06 |
|
Mr. Sanjay
Patil |
3,075 |
0.06 |
|
Mr.
Sunil Govind Joshi |
9,225 |
0.17 |
|
Mr.
Vetcha Prasad Kumar |
1,536 |
0.03 |
|
Ms.
Sugatha Kumar T.K |
1,538 |
0.03 |
|
Mr.
Raghuveer S |
3,075 |
0.06 |
|
Mr.
Montu Makadia |
1,538 |
0.03 |
|
Mr. Saravana Raja R |
1,538 |
0.03 |
|
Mr. T
A Ramaswamy |
32,288 |
0.60 |
|
Mr. Y
N Kumar |
32,288 |
0.60 |
|
Mr.
Pramod Phadke |
32,287 |
0.60 |
|
Total |
5,413,230 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Hardware
Design Services and Embedded System Solutions |
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|
|
|
Exports to : |
USA,
UK, Asia Pacific and European countries |
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Imports from : |
Europe
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GENERAL
INFORMATION
|
Customers : |
CG
Coreel Programmable Solutions PLC (UK) |
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No. of Employees : |
|
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|
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Bankers : |
Canara
Bank, Koramangalam Layout Branch, Bangalore – 34 |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
|
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Auditors : |
M/s
Sharp & Tannan Chartered
Accountants |
|
Address: |
103,
Midford House, Midford Garden, Bangalore 560 001 |
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|
|
|
Associates/Subsidiaries : |
Coreel
Group |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity
Shares |
Rs.10.- each |
Rs. 100.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5563230 |
Equity
Shares |
Rs.10.- each |
Rs. 55.632 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
55.632 |
36.088 |
36.088 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
52.004 |
63.816 |
36.845 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
107.636 |
99.904 |
72.933 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.120 |
2.890 |
1.572 |
|
|
|
|
|
|
|
|
TOTAL |
109.756 |
102.794 |
74.505 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.155 |
44.119 |
25.282 |
|
|
Capital work-in-progress |
3.831 |
0.659 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
59.011
|
29.313 |
15.492 |
|
|
Cash & Bank Balances |
24.852
|
37.940 |
0.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
25.790 |
|
|
Loans & Advances |
27.450
|
23.212 |
22.549 |
|
Total Current Assets |
111.313
|
90.465 |
63.831 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
40.619
|
25.171 |
11.162 |
|
|
Provisions |
10.924
|
7.278 |
3.446 |
|
Total Current Liabilities |
51.543
|
32.449 |
14.608 |
|
|
Net Current Assets |
59.770
|
58.016 |
49.223 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
109.756 |
102.794 |
74.505 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2003 |
|
Sales Turnover [including other income] |
201.520 |
169.573 |
133.064 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
11.656 |
32.677 |
41.522 |
|
Provision
for Taxation |
0.112 |
1.592 |
0.383 |
|
Profit/(Loss)
After Tax |
11.544 |
31.085 |
41.139 |
|
|
|
|
|
|
Total
Expenditure |
172.630 |
125.295 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
5.73 |
18.33 |
30.91 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
5.93 |
19.68 |
0.03 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
7.16 |
22.98 |
46.59 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
10.73 |
31.11 |
0.56 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
--
|
-- |
0.20 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.16
|
2.79 |
4.36 |
|
|
|
|
|
|
|
Quick Ratio |
|
2.16 |
2.79 |
-- |
|
|
|
|
|
|
|
Current Liabilities/Networth |
|
0.48 |
0.32 |
-- |
|
|
|
|
|
|
|
Fixed Asset / Networth |
|
0.43 |
0.44 |
-- |
|
|
|
|
|
|
|
Average Collection Days |
|
109.51 |
64.43 |
-- |
|
|
|
|
|
|
|
Account Receivables Turnover |
|
3.33 |
5.67 |
-- |
|
|
|
|
|
|
|
Inventory Turnover |
|
#DIV/0! |
#DIV/0! |
-- |
|
|
|
|
|
|
|
Asset Turnover |
|
4.26 |
3.76 |
-- |
LOCAL AGENCY
FURTHER INFORMATION
The
company was originally incorporated in Pune on 20.04.1999, having Company
Registration No. 119512.
The Registered Office of the company was shifted from Pune to
Bangalore with effect from 19.12.2003, and obtained a new Company Registration
Number 33050
Strategic Alliances
v Mentor Graphics Corporation
v Xilinx Inc.,
v PMC Sierra Inc.,
v Dynamic Soft Analysis Inc.,
v Downstream Technologies, LLC
v CoWare Inc.,
v
Carbon
Design Systems
Services
v PCB Design
v FPGA Design
v Turnkey FPGA Development
v IP Development
v ASIC Design Services
v Turnkey ASIC Development (from
Specifications to Prototypes)
v RTL Hand-off
v Netlist Hand-off
v Physical Design
v Testability Services (DFT)
v RTL & Physical Verification
Services
v ASIC Prototyping on FPGA
v IP Development
v ASIC Prototyping on FPGA
Quality Assessment
ISO
9001:2000 Certified Company
CG-Coreel Programme Solutions started their operations in 1992 where they conceptualized, developed and sold IP Cores in the Telecom / Networking markets. The company was re-launched in 1999 as CG-CoreEl Programmable Solutions where the primary business focus is on selling Hardware Design Services and Embedded System Solutions.
CG-Coreel is a zero-debt company. Their operations have been profitable since inception. For the last 4 years they have seen a sustained revenue growth @ 60%. CG-Coreel is in the business of providing customized embedded systems design services and technology solutions to clients in India, US & European markets. Their customer profiles are varied cutting across multiple industry segments like Telecom, Networking, Industrial Automation, Defence and Aerospace etc.
1999: CG-CoreEl Programmables incorporated.
2000: Agreement with Mentor Graphics as VAR.
2001: Sandeepani - VLSI Training school
established; ATC of Mentor Graphics / Xilinx.
2001: FPGA Design partnership with Agilent.
2002: Appointed representative for Xilinx in
India.
2003: Appointed representative for PMC-Sierra
in India.
2003: Appointed distributor for ATI.
2003: Launch of PCB Design Services /
Embedded systems design services.
Incorporated in 1999, CG-Coreel is a design house, which provides embedded system design services with emphasis on quality deliverables. Convergence of exciting technology with the ability to continuously exceed delivery expectations has been the focus. This attribute has resulted in us being one of the fastest growing design houses in the country.
From a successful beginning, they have grown to become key players in the area of embedded systems design space. Their approach is characterized by their rigorous framework of processes and methodologies, which enables us to monitor and control key project parameters and specifications.
Amongst the key success factors is their
ability to build and sustain relationships with clients and partners through
the Unique Value Proposition they offer - all their services are characterized by: Rigorous Project Management and
Control, Quality Assurance & Customized Delivery Model.
Business Overview
Incorporated in 1999, CG-Coreel is a design house,
which provides embedded system design services with emphasis on quality
deliverables. Convergence of exciting technology with ability to continuously
exceed delivery expectations has been the focus. This attribute has resulted in
us being one of the fastest growing design houses in the country.
They primarily offer design services in the
areas of FPGA, ASIC, PCB and embedded system level requirements. One of their
key success factors is the ability to build and sustain relationships with
clients and partners through the Unique Value Proposition
they offer - all their services are characterized by: Rigorous Project Management and Control, Quality Assurance &
Customized Delivery Model.
Milestones
From a successful beginning, they have
grown to become key players in the area of embedded systems space. They have
been able to build competencies and build relationships with strategic partners
to add value to their clients.
1999 – CG-Coreel Programmables
incorporated.
2000 – Agreement with Mentor Graphics as
VAR.
2001 – Sandeepani - VLSI Training school
established; ATC of Mentor Graphics / Xilinx.
2001 – FPGA Design partnership with
Agilent.
2002 – Appointed representative for Xilinx
in India.
2003 – Appointed representative for
PMC-Sierra in India.
2003 – Appointed distributor for ATI.
2003 – Launch of PCB Design Services /
Embedded systems design services.
Service Offerings
v
FPGA Design.
v
PCB Design.
v
ASIC Design.
v
Embedded System Design.
Alliances
v
Mentor Graphics Corporation.
v
Xilinx, Inc.
v
PMC Sierra, Inc.
v
AccelChip.
v
TransEDA.
v
Dynamic Soft Analysis, Inc.
v
Downstream Technologies, LLC.
CG-Coreel is a design house providing design services in the ASIC and embedded system space. Their services offerings are designed to function with minimal customer involvement and the process ensures flawless and timely delivery, be it designs starting from specifications or point services. This is what they call "Outsourced Ownership".
Key service
offerings include:
v
FPGA
Design
v
PCB
Design
v
ASIC
Design
v
Embedded
System Design
They provide a flexible business and delivery models for clients and have been a vendor of choice for some of their existing clientele. The emphasis has always been to adapt to the needs of the clients in terms of the delivery methodology. They have the necessary EDA infrastructure and the application support to support the delivery, which adds value to the service offerings. This has been possible due to their industry affiliations with Mentor Graphics, Xilinx, PMC Sierra etc. that expands their capabilities.
They have developed a strong relationship with select technology driven partners, to provide their customers with the most advanced and suitable technology solutions.
Some of their key partners include:
v
Mentor Graphics - Sole distributor in India.
v
Xilinx - Exclusive representative in India.
v
PMC Sierra - Exclusive representative in India.
v
CoWare - Exclusive distributor in India.
v
Carbon - Development partner.
v
Paxonet - Development partner.
v
AccelChip - Authorised distributor.
v
Downstream Technologies - Value added reseller.
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 records 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 records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.01 |
|
UK
Pound |
1 |
Rs.84.91 |
|
Euro |
1 |
Rs.57.48 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|