MIRA
INFORM REPORT
|
Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
DIGIBEE MICROSYSTEMS PRIVATE LIMITED |
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Registered Office : |
No.
25, V Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600 004, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.05.2004 |
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Com. Reg. No.: |
18-53244 |
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CIN No.: [Company
Identification No.] |
U72200TN2004PTC053244 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED04994D |
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PAN No.: [Permanent
Account No.] |
AACCD0096J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To develop complete software an semiconductor products along with associated
services in the Wireless, Multimedia and Networking area, highly programmable
and optimized semiconductor offerings to address multiple high growth
communication market segments ranging from video surveillance, consumer
wireless, packet based wireline telephony and enterprise networking to bundle
different combinations of its software and hardware produce with a unique,
differentiated family of highly programmable semiconductors at address
multiple communications applications, and to become a one-stop shop for
communication semiconductors and software systems solutions. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old
and established company having moderate track records. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow and delayed. The company can
be considered normal for small business dealings at usual trade terms and
conditions, with slight caution initially. |
LOCATIONS
|
Registered Office : |
No.
25, V Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600 004, Tamilnadu, India |
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Tel. No.: |
91-44-4210
9833 |
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Fax No.: |
91-44-4312
9191 |
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E-Mail : |
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Website : |
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Corporate Office : |
No. 7, 1St Main Road , HAL II Stage, Domlur,
Bangalore - 560 071, INDIA |
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Tel. No.: |
91-80-4148 2345 |
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Fax No.: |
91-80-4115 5912 |
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Branches : |
3285 Kifer Road, Santa Clara , CA 95051, USA |
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Tel. No.: |
+1-408-823 6173 |
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Fax No.: |
+1-408-830 0851 |
DIRECTORS
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Name : |
Mr. R. Lakshmanan |
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Designation : |
Director |
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Address : |
Plot No. 837, Street No. 89, Sector 13, K. K. Nagar, Chennai – 600078 |
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Name : |
Mr. Mahantesh B. Patil |
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Designation : |
Director |
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Address : |
No. 230/3/3, Gurumurthy Reddy Layout, Ramamurthy Nagar, Bangalore –
560016 |
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Name : |
Mrs. Kalpana K. Dholakia |
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Designation : |
Director |
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Name : |
Mr. Suresh K. Dholakia |
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Designation : |
Director |
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Address : |
14766, Gypsy Hills, Saratoga, California – 95070, US |
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Date of Birth/Age : |
19.06.1957 |
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Date of Appointment : |
29.10.2004 |
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Other Directorship : |
Sarayu Softech Private Limited
U72200KA2002PTC030073 Eisodus Networks Private Limited U72900MH2002PTC138297 |
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Name : |
Mr. MahendraKumar Jayantilal Jhaveri |
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Designation : |
Director |
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Address : |
25A, Sarat Bose Road, Elgin Road, Kolkata – 70020, West Bengal, India |
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Date of Birth/Age : |
23.11.1951 |
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Date of Appointment : |
16.02.2006 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Dhimant N. Bhayani |
|
14983 |
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Kirit R Mehta and Panna K Mehta |
|
30000 |
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Kirit R Mehta – HUF |
|
15000 |
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Panna K Mehta and Kirit R Mehta |
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15000 |
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Nailesh Priyakant Dalal and Smruti Nailesh Dalal |
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50000 |
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Vipul Priyakant Dalal and Sonal Vipul Dalal |
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100000 |
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Pranav M Shah and Renuka P Shah |
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150000 |
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Mukesh N Bhayani |
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15000 |
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Madhu N Bhayani |
|
8003 |
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Smita M Bhayani |
|
8002 |
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Total |
|
405988 |
BUSINESS DETAILS
|
Line of Business : |
To develop complete software an semiconductor products along with
associated services in the Wireless, Multimedia and Networking area, highly programmable
and optimized semiconductor offerings to address multiple high growth
communication market segments ranging from video surveillance, consumer
wireless, packet based wireline telephony and enterprise networking to bundle
different combinations of its software and hardware produce with a unique,
differentiated family of highly programmable semiconductors at address
multiple communications applications, and to become a one-stop shop for
communication semiconductors and software systems solutions. |
GENERAL
INFORMATION
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Bankers : |
HDFC Bank Ltd. UBI |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vasan and Sampath Chattered Accountants |
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Address : |
Jupitor 1, No. 30:1, 4th Cross, Jayanagar, 7th
Block [West], Bangalore – 560070, Karnataka, India |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,500,000 |
Equity Shares |
Rs. 10/- each |
Rs.75.000
Millions |
As on 31.03.2006
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.100 |
0.100 |
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2] Share Application Money |
|
91.826 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(11.624) |
(1.748) |
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NETWORTH |
|
80.302 |
(1.648) |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.798 |
27.448 |
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TOTAL BORROWING |
|
0.798 |
27.448 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
81.100 |
25.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.019 |
5.053 |
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Capital work-in-progress |
|
81.630 |
28.449 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
|
0.708 |
1.875 |
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Other Current Assets |
|
5.173 |
1.100 |
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Loans & Advances |
|
1.121 |
0.096 |
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Total
Current Assets |
|
7.002 |
3.071 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.539 |
10.773 |
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Provisions |
|
1.012 |
0.000 |
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Total
Current Liabilities |
|
15.551 |
10.773 |
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Net Current Assets |
|
(8.549) |
(7.702) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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81.100 |
25.800 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
0.000 |
0.000 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
0.000 |
0.000 |
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Profit/(Loss) Before Tax |
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(9.576) |
(1.749) |
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Provision for Taxation |
|
0.300 |
0.000 |
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Profit/(Loss) After Tax |
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(9.876) |
(1.749) |
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Expenditures : |
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Miscellaneous Exp. Amortised. |
|
0.000 |
0.022 |
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Depreciation & Amortization |
|
0.216 |
0.035 |
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Other Expenditure |
|
9.144 |
1.635 |
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Total Expenditure |
|
9.360 |
1.692 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(63.75) |
(21.52) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.11)) |
1.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.19 |
(6.53) |
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Current Ratio (Current Asset/Current Liability) |
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|
0.45 |
0.28 |
LOCAL AGENCY
FURTHER INFORMATION
As Per Website
DigiBee Microsystems, a privately held innovative company
in the multi-media and wireless communication space was founded in 2004 and is in
the business of developing world class wireless products and solutions.
DigiBee intends to cater to its target markets based on
its local expertise and market understanding with 'value for money' GSM, CDMA
and 3G products, starting from entry-level basic mono phones to advanced
handsets that are localized and customized for the regional market
requirements.
DigiBee has offices across the USA , China , Korea and
India. DigiBee's office in the US functions as its Sales, Marketing and
Customer support arm for Carriers in America. DigiBee's India offices in
Bangalore and Chennai are engaged in wireless product R&D, Sales and
Marketing for the local markets. DigiBee has a design center in Korea while its
procurement & manufacturing offices are based in China.
Digbee tie up with CEVA for baseband and application
processor solution
DigiBee Microsystems, India's first mobile handset design
and manufacturing company, and CEVA, Inc., a leading licensor of innovative
intellectual property (IP) platform solutions and DSP cores for wireless,
consumer and multimedia applications, announced that DigiBee has selected the
CEVA-X1620(tm) DSP and the CEVA-XS1200(tm) system platform for its single-chip
integrated baseband and application processor solutions.
These solutions are based on DigiBee's unique,
scalable and proprietary architecture utilizing a single RISC and a CEVA DSP
platform, providing a very cost effective Communication and Application
Processing (CAPTM) platform for its range of feature-rich, multimedia,
GSM/GPRS/EDGE/3G mobile handsets. DigiBee is also using the
CEVA-TeakLite-II(tm) DSP and Xpert-TeakLite-II(tm) subsystem for developing a
wireless baseband processor solution targeting the cost-competitive mobile
handset segment.
DigiBee partners with Ceva for multimedia, baseband sol
DGB Microsystems, India’s first mobile device design and
manufacturing company, today announced that it has secured strategic
financing of $ 8.5 million from SIDBI Venture Capital Ltd. (SVCL), leading
India based SME Venture Fund and Clearstone Venture - a leading early stage
venture capital fund with successes such as Pay Pal and Overture.
DGB, a privately held Indian company founded in March 2004,
is in the business of designing, building and launching world class mobile
handset solutions.
“With a vision to be amongst the leading handset solution providers in target
markets, DGB will provide feature-rich & high-quality products at extremely
competitive prices, customized for its target markets & business segments,”
said Mr. Suresh Dholakia, CEO and President, DGB. “To realize its vision, DGB
is developing its own Mobile Platform Solutions (MPS) which includes its SOC
and handset software framework for its 2G and 3G products. The MPS is
indigenously designed and developed providing DGB with the vital strategic edge
for customizing the end products for target markets,” he added.
Basis its local expertise and in depth market understanding, DGB will cater to
the target markets with ‘value for money’ product solutions, starting from
entry-level basic mono GSM and CDMA phones to advanced 3G handsets that are
localized and specifically customized for regional requirements. The various
customizations include: content modification, user interface customization,
language localization & several embedded applications for multiple regions
and market segments.
DGB is strategically focused on understanding the operator's
handset requirements and collaborate closely in providing value for money handsets
solutions with a specific thrust on rural and new markets. In essence, DGB aims
to be a one stop shop for handset solutions for its business constituents, said
Mr. Vijay Balakrishnan, Vice President of Marketing, DGB.
Israel's CEVA gets deal wtih India's DigiBee
CEVA Inc. (Nasdaq: CEVA; LSE: CVA), a leading licensor of
innovative intellectual property (IP) platform solutions and DSP cores for
wireless, consumer and multimedia applications, and DigiBee Microsystems,
India's first mobile handset design and manufacturing company announced today
that DigiBee has selected the CEVA-X1620(TM) DSP and the CEVA-XS1200(TM) system
platform for its single-chip integrated baseband and application processor
solutions.
These solutions are based on DigiBee's unique, scalable and
proprietary architecture utilizing a single RISC and a CEVA DSP platform,
providing a very cost effective Communication and Application Processing
(CAP(TM)) platform for its range of feature-rich, multimedia, GSM/GPRS/EDGE/3G
mobile handsets.
DigiBee is also using the CEVA-TeakLite-II(TM) DSP and
Xpert-TeakLite-II(TM) subsystem for developing a wireless baseband processor
solution targeting the cost-competitive mobile handset segment.
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.42.86 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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 |
|