MIRA
INFORM REPORT
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Report Date : |
19.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ORDYN TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
ORION TELE – EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
42-A, Shakespears Sarani, Kolkata – 700 001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.07.1995 |
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Com. Reg. No.: |
21-73223 |
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CIN No.: [Company
Identification No.] |
U67120WB1995PTC073223 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRO01178C |
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PAN No.: [Permanent
Account No.] |
AAACO5248H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tele Communication Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 320000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. It
has some accumulated losses. However, in view of the improving profitability,
it is expected to wipe off previous losses, soon. Payments are reported as
slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions, with slight caution, initially. |
LOCATIONS
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Registered Office/Factory : |
42-A, Shakespears Sarani, Kolkata – 700 001, West Bengal, India |
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Tel. No.: |
91-33-22227909 |
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Fax No.: |
91-33-28370297 |
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E-Mail : |
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Website : |
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Regional Office : |
# 608/7, Sethi Bhavan, Rajendra Place, New Delhi – 110 008, India |
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Tel. No.: |
91-11-25728964 |
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Fax No.: |
91-11-25728965 |
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E-Mail : |
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Corporate Office : |
Creator Building, Unit 3 and 4, ITPB, Whitefield, Bangalore – 560 006,
Karnataka, India |
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Tel. No.: |
91-80-40383000 (30 lines) |
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Fax No.: |
91-80-30201177 |
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Area : |
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Location : |
DIRECTORS
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Name : |
Mr. R Venkatesh |
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Designation : |
Director |
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Date Of Birth/Age : |
29.09.1966 |
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Date Of Appointment : |
01.05.2001 |
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Name : |
Mr. R Srinivasan |
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Designation : |
Director |
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Date Of Birth/Age : |
05.04.1970 |
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Date Of Appointment : |
26.12.2002 |
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Name : |
Mr. S Sreeraj |
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Designation : |
Director |
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Date Of Birth/Age : |
26.04.1972 |
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Date Of Appointment : |
26.12.2002 |
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Name : |
Mr. K N Sreedharan |
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Designation : |
Director |
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Address : |
292, 1st Floor, 31st Main Sector – 2, HSR
Layout, Agara Post, Bangalore – 560 034, Karnataka, India |
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Date Of Birth/Age : |
26.04.1974 |
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Date Of Appointment : |
26.12.2002 |
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Name : |
Mr. Vinod Babu |
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Designation : |
Director |
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Address : |
538, GF 29th Main , 11th Cross, HSR Layout,
Sector – T, Bangalore – 560 039, Karnataka, India |
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Date Of Birth/Age : |
13.05.1974 |
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Date Of Appointment : |
26.12.2002 |
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Name : |
Mr. Manomay Das |
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Designation : |
Director |
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Address : |
205, Radha Apartments, Nandgaon, Girdhar Nagar, Indore – 952 016,
Madhya Pradesh, India |
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Date Of Birth/Age : |
10.07.1967 |
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Date Of Appointment : |
01.11.2003 |
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Name : |
Mr. Rakesh Jain |
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Designation : |
Director |
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Name : |
Mr. Ajit P Menon |
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Designation : |
Director |
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Name : |
Mr. Girish Kulkarni |
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Designation : |
Director |
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Name : |
Mr G B Meemasi |
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Designation : |
Director |
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Name : |
Mr. Balaji Srinivas |
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Designation : |
Director |
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Address : |
L 31 Diamond District, Air Port Road, Bangalore- 560 008, Karnataka, India |
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Date of Birth/Age : |
06.07.1966 |
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Date of Appointment : |
05.04.2007 |
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Directorship in other companies: |
CIN of the Company: U67190MH2006PTC159133 Name of the company: Aureos India Advisers Private Limited Designation: Director CIN of the company: U74140KA2004PTC035243 Name of the company: Aureos Advisors India private limited Designation: Director CIN of the company: U29120KA2001PTC028817 Name of the company: Hind High Vacuum Company Private limited Designation: Director CIN of the Company: U65999MH2005PTC154367 Name of the Company: Aureos India Trustees Private Limited Designation: Director |
KEY EXECUTIVES
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Name : |
Mr. V Rajaopalan |
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Designation : |
Chairman |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. R Venkatesh |
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57000 |
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Mr. R Srinivasan |
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57000 |
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Mr. S Sreeraj |
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57000 |
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Mr. K N Sreedharan |
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57000 |
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Mr. Vinod Babu |
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57000 |
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Royal Highland Dist Limited |
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171000 |
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Mr. R Srinivasan |
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4600 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Foreign holdings (Foreign institutional investor,
Foreign companies, Foreign financial institution, Non – resident Indian or
Overseas corporate bodies or Others. |
36.53 |
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2 |
Bodies corporate |
33.53 |
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3 |
Directors or relative of directors |
12.66 |
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4 |
Other top fifty (50) shareholders |
17.28 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tele Communication Equipments. |
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Products : |
· Optical core · Data Access · Optical Access · NMS |
GENERAL
INFORMATION
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Bankers : |
· ICICI Bank · Punjab National Bank · Deutsche Bank · Canara Bank Address: Overseas Branch, 28, M G Road, Bangalore – 560 001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Rajagopal and Badrinarayanan Chartered Accountants |
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Address : |
No 25, Padmashree Mansions, 2nd Floor, 1st
Cross, Sampige Road, Malleswaram, Bangalore – 560 003, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital (As on
30.09.2006 :)
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 100/- Each |
Rs. 75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5491233 |
Equity Shares |
Rs. 10/-
Each |
Rs.54.912
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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23.879 |
4.585 |
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2] Share Application Money |
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42.674 |
0.000 |
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3] Reserves & Surplus |
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18.299 |
18.625 |
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4] (Accumulated Losses) |
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[6.122] |
[13.104] |
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NETWORTH |
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78.730 |
10.106 |
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LOAN FUNDS |
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1] Secured Loans |
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20.147 |
3.029 |
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2] Unsecured Loans |
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12.296 |
3.869 |
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TOTAL BORROWING |
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32.443 |
6.898 |
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DEFERRED TAX LIABILITIES |
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0.479 |
0.000 |
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TOTAL |
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111.652 |
17.004 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.061 |
7.269 |
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Capital work-in-progress |
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33.282 |
0.000 |
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INVESTMENT |
|
0.857 |
0.857 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.103 |
7.911 |
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Sundry Debtors |
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50.908 |
0.401 |
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Cash & Bank Balances |
|
16.501 |
0.104 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
17.143 |
4.845 |
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Total
Current Assets |
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90.655 |
13.261 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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33.106 |
9.768 |
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Provisions |
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6.771 |
0.000 |
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Total
Current Liabilities |
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39.877 |
9.768 |
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Net Current Assets |
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50.778 |
3.493 |
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MISCELLANEOUS EXPENSES |
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3.674 |
5.385 |
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TOTAL |
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11.652 |
17.004 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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46.673 |
1.875 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
46.673 |
1.875 |
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Profit/(Loss) Before Tax |
|
8.026 |
[12.151] |
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Provision for Taxation |
|
1.044 |
0.000 |
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Profit/(Loss) After Tax |
|
6.982 |
[12.151] |
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Import Value |
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13.072 |
0.000 |
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Expenditures : |
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Depreciation & Amortization |
|
1.712 |
1.757 |
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Other Expenditure |
|
33.503 |
9.107 |
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Total Expenditure |
|
35.215 |
10.864 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
14.95 |
[648.05] |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.19 |
[6.48] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.45 |
[59.18] |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.10 |
[1.20] |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.91 |
1.64 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.27 |
1.35 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U67120WB1995PTC073223 |
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Name of the company |
ORION TELE – EQUIPMENTS PRIVATE LIMITED |
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Address |
42 A
Shakespears Sarani, Kolkata – 700 001, West Bengal, India |
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This Form is for |
Modification of charge |
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Type of Charges |
A charge on movable property ( not being pledge) |
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Particular of the charge holder
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Canara Bank Address: Overseas Branch No. 28, MG road, Bangalore – 560 001,
Karnataka, India Email: managerblr1833@canbank.co.in
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Nature or description of the instrument creating charge |
Supplemental common hypothecation agreement. |
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Date of the instrument creating charge |
10.01.2007 |
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Amount Secure by the charge |
Rs. 257.300 millions |
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Brief of the principal terms and conditions and extent and operation of
the charge |
Rate of interest: No change and continue as under: OCC / ODBD: BPLR – 1.75% (at present 13%) Terms of repayment: No Change and continue as under: OCC/ODBD :-tenable upto 31.07.2007 BG: 24 months and ILC/FLC (DA/DP) : 90 days for LC. Usance period for bills under LC not
to exceed 90 days Margin: No change and continue as under: OCC/ ODBD :- 25% against Stock BG: -15 % and ILC / FLC (DA/DP) :15% Extent and operation of the
charge: The company agrees to repay the increased limit including interest,
cost and other charges. |
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Shorts particulars of the Property charged |
No change and continue as under: Canara Bank will have 1st Charge over Current and Fixed assets
of company Stored at the premises at 355/65/3, Sajapur Main Road, Agra,
Bangalore – 560 034, while India Infoline Limited will hold 2nd
Charge only on these Current assets . India Infoline Limited will have 1st
charge over current and fixed assets created out of India Infoline Limited
funds and stored at Smile Electronics Limited, 13 Bharatahalli, 17th
KM, Old Madras road, Bangalore, while Canara Bank will have 2nd
Charge over these assets. |
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Particulars of the present modification: |
The total limits have been enhanced from the existing limits of Rs.
77.300 millions (OCC / ODBD – Rs. 10.800 millions , BG – Rs. 7.500 millions,
BG – 7.500 millions, ILC / FLC (DA/DP) – Rs. 59.000 millions to Rs. 257.300
millions (OCC/ODBD-Rs. 10.800 millions , Adhoc OCC / ODBD – Rs. 50.000
millions ILC/FLC (DA/DP) Rs. 59.000 millions ILC/ FLC(DP) –ST – Rs. 21.800
millions, ILC / FLC (DA) –ST – Rs. 108.200 millions, BG – Rs. 7.500
millions. |
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Name of the
company |
ORION TELE – EQUIPMENTS
PRIVATE LIMITED |
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Presented
By |
Canara Bank, OSB, MG Road, Bangalore |
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1) Date and
description of instrument creating the change |
20.01.2003 Regd.
On 20.03.2003 Common hypothecation agreement. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 6.000
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Stock of raw materials,
semi finished , and finished goods, stores, spares and receivables Plant and
machinery, etc as per list enclosed to the agreement excluding vehicles. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest @ 13.25% p.a |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank Address: Overseas Branch, 28, M G Road,
Bangalore – 560 001, Karnataka, India |
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6) Date and brief description of instrument modifying
the charge |
11.09.2003,
Supplemental common hypothecation agreement. |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the modification.
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By the above the
amount secured by the charge stands increased from Rs. 6.000 millions to Rs.
16.000 millions
|
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WEBSITE DETAILS:
Subject, a Bangalore-based company, designs and manufactures products for the Optical Transport Communication
segment in emerging markets. Promoted by first generation entrepreneurs, Subject is now among the major
manufacturers of optical telecom
transmission equipment in India.
Since its
incorporation in November 2001, the company
has focused on building a strong team of professionals, a set of sound
processes and systems. Its aim is to develop improved designs and products
in the optical telecom
networking and access space using its world class manufacturing facility.
These efforts paid off early for subject.
Within a short time
of 4 years from its inception, Subject powered
its way into a complex Indian telecom market and provided Bharat Sanchar Nigam
Limited (BSNL), the largest telecom service provider in India, with an
alternative value proposition of feature-rich products at an attractive cost.
Having understood
the niche needs of emerging markets such as India, Subject has developed telecom
solutions that are technologically advanced but cost less. Subject ’s founders envisioned
bringing about a suite of products
for a low ARPU (Average Revenue per User) market like India and fuel purchase
in large numbers of such products
to kick-off deployments by Carriers at Enterprise and Rural segments.
In 2001, Subject’s core team joined hands to realize a common dream: to bring
in cost effective - yet feature-rich - carrier class SDH platform to India.
Subject realized that this was a difficult task, as it had to compete with
well-established companies.
The Subject team developed the first MSPP SDH platform in just six months
— termed the fastest in the region. With fundamentally strong telecom system
design and operational capability to convert the designs to products for bulk
deployments, Subject won the first RFP with its channel partners in October
2002 breaking for the first time in 12 years the hold of incumbent players in
the Indian telecom network. With this, Subject also introduced the Indian
market, feature -rich products at lower prices.
Subject has not looked back since. It has etched a strong imprint in the
Indian telecom scenario and established a visible brand of products that are
deployed across all classes of telecom networks such as Carriers, Utilities,
Defense, and international GSM networks.
Subject offers a complete end-to-end portfolio of products for telcos,
operators and enterprise networks worldwide. The range of products spreads
across optical core and access, and Next generation Wireless products.
Subject’s products are architected to enable migration to a converged,
high-capacity transport network that efficiently supports advanced packet-based
services and applications, as well as traditional TDM services. Subject
products are inter-operable with products of major vendors and can seamlessly
work with other products.
Subject products are supported by a suite of Network Management System
components like ONMS, OLCT and OOSS that provides powerful GUI based
Operations, Administration, Maintenance and Provisioning (OAMandP) of the
Network at different levels of the TMN hierarchy.
Vendors
Vendor Development
Programme
Subject, one of the few indigenous companies in the world which design,
manufacture and ship Telecom backbone and access products from their premises,
has developed a vendor development programme to enroll vendors to support its
strong product development and productionisation of the products. With
operations across the globe, Subject invites vendors with global supply
capability and in-house standard supply chain mechanisms to form a winning
collaboration.
Partner
Orion as a partner
Channel Partner Programme
Partner Search
By Vertical
By Country
By region
PRESS RELEASE:
Aureos to take stake in OrdynTech
SUSHMITA MOHAPATRA and BOBY KURIAN
TIMES NEWS NETWORK
BANGALORE:
Global mid-cap private equity fund Aureos Capital is set to pick up a
strategic minority stake for $8-10 million investment into Bangalore-based
telecom equipment company Ordyn Technologies. This marks the third investment
of Aureos in India, which manages small and medium enterprise (SME) assets
worth over $600 million worldwide.
Aureos investment of around Rs 400.000 millions is part of Ordyn’s fund
raising to bolster its R and D. Aureos is leading the investment into the
company with India Infoline pumping in around $3/4 million (Rs 200.000
millions).
Aureos backed by investors like CDC and Norfund has made two other
investments in the country till date from its $100 million India fund. Ordyn
offers product line in the optical networking space, which is a niche area but
big enough for nearly 3-4 large players. Tejas Networks is the only other
Indian player in this market.competing with global players like Huwaei, Febcom
among others.
The six year-old start-up, Ordyn, will use the proceeds of this round of
funding for scaling up its operations including increased R and D for designing
next generation products and for expanding its international operations. The
company, started by five technocrats, currently spends Rs 150.000-200.000
millions in R and D initiatives.
Ordyn with a client list that include names like Reliance, Ericsson and
Nokia raked in revenues of Rs 550.000 millions in its first commercial year
FY’07 and hopes to cross Rs 2000.000 millions by FY’09.
Balaji Srinivasan, Managing Partner of Aureos India Partners, said, the
capex on telecom was likely to sustain over the next few years, and Ordyn was
positioned to capitalise on this opportunity. The addressable market in India
alone is worth nearly Rs 20000-40000 millions.
“Ordyn has built a strong R and D capability and has already built an impressive
line of products in Optical networking space, and we now want to look at the
larger Asian space,” said R Venkatesh, co-founder and chief executive officer.
The company also has plans to expand its operations in Africa, Middle-East,
Latin America among others.
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.39.57 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|