MIRA INFORM REPORT
|
Report Date : |
14.06.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MIDAS
COMMUNICATION TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
#1 Kalyani Nagar, Kottivakkam, Thiruvanmiyur,
Chennai 600041, Tamilnadu |
|
|
|
|
Country : |
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|
|
|
Financials (as on) : |
31.03.2006 |
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|
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Date of Incorporation : |
12.04.1994 |
|
|
|
|
Com. Reg. No.: |
18-27281 |
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|
|
|
CIN No.: [Company Identification No.] |
U30007TN1994PTC027281 |
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|
|
|
TAN No.: [Tax Deduction & Collection Account
No.] |
CHEM01659A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM2623A |
|
|
|
|
Legal Form : |
Private
Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer,
Export, Importer, Designing, Developing and Marketing of Innovative and Cost
Effective Telecommunication products. |
RATING
& COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
3910000 |
|
|
|
|
Status : |
Satisfactory
|
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|
|
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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. Trade relations
are fair. Financial position is satisfactory. Payments are usually correct
and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/Factory |
# 1 Kalyani Nagar, Kottivakkam, Thiruvanmiyur,
Chennai 600041, Tamilnadu |
|
Tel. No.: |
91-44-24512050 |
|
Fax No.: |
91-44-24510555 |
|
E-Mail |
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|
Website |
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|
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|
Sales Office : |
B-222, Somdutt Chamber – I, 5, |
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Tel.
No.: |
91-11-41458391 |
|
Fax
No.: |
91-11-41458392 |
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|
|
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Branches
: |
Phase
Z. Ro, Technopreneur Park, Av. Contorno 5351, Conj. 404 – Cruzeiro |
DIRECTORS
|
Name : |
Mr.
Shirish Purohit |
|
Designation : |
Whole
time Director |
|
Address : |
A301,
Manasorovar, 3R, |
|
Date of Birth |
28.03.1963 |
|
Date of Appointment : |
12.04.1994 |
|
Profile |
Shirish
is a founding director of Midas and is currently the CEO of the company.
Shirish oversees all organizational and operational activities at Midas. He
focuses on business development, customer relationships and relationships
with technology partners. Shirish
has a strong track record in managing development activities in the
technology space and in managing a company through its early evolution. He
has over 16 years of experience managing design and development activities in
industrial automation, monitoring & control systems, telecommunications
and networking products. Shirish
is a serial entrepreneur. He started Texel Systems in 1987 – Shirish
is a recipient of several awards, most recently he was recognized as a Young
Leader for Science & Technology and given the National Leadership Award
2005 by the Indian Institute of Management, Lucknow, India. Shirish
holds a Bachelor's Degree in Electrical Power & Electronics from |
|
|
|
|
Name : |
Mr.
Rene Abraham |
|
Designation : |
Director
|
|
Address : |
4
BF1st Floor, |
|
Date of Birth |
31.12.1964 |
|
Date of Appointment : |
12.04.1994 |
|
Profile |
Rene
is the Chief Technology Officer at Midas. He manages product development
lifecycles, Research & Development while leading a team of over 500
engineers. Rene provides hands-on leadership and strategy for new cost
effective telecommunication solutions. A co-founder of Midas, Rene has
nurtured a team of engineers since inception into leaders of Midas’ product
development efforts. Prior
to Midas, Rene worked with Shirish at Texel System and then in Cutfast I-Tech
Pvt, Ltd. As an embedded systems design engineer, Rene's skills cover telecom
system design, real-time software development, analog and digital IC design,
DSO and micro controller based system design. He has 15 years of experience
at senior management levels in the electronics industry. Rene
holds a Bachelor's degree in Electronics and Communication from IIT Madras. |
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|
Name : |
Mr. R.
Thirumurthy |
|
Designation : |
Director
- Product Development |
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|
Name : |
Mr.
Rolland J. Enoch |
|
Designation : |
Director
|
|
Address : |
2B SP
Chateau Apartments, IV 4T |
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Date of Birth : |
08.02.1970 |
|
Date of Appointment : |
09.10.2004 |
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|
|
|
Name : |
Prof.
Bhaskar Ramamurthi |
|
Designation : |
Director
- IIT |
|
Address : |
C1# F
32, 16th |
|
Date of Birth : |
17.04.1959 |
|
Date of Appointment : |
28.04.2003 |
|
Profile |
Prof.
Bhaskar Ramamurthi holds a Masters degree (1982) and a Ph.D (1985) in
Electrical Engineering from the A
founding member of TeNET, Dr. Ramamurthi's research interests include Digital
Modulation for Mobile Communications, Capacity improvement of Cellular
Systems, and problems arising in the design and implementation of a
DECT-based Wireless Local Loop system. |
|
|
|
|
Name : |
Prof.
Ashok Jhunjhunwala |
|
Designation : |
Director
- IIT |
|
Address : |
C/25
Third |
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Date of Birth : |
22.06.1953 |
|
Date of Appointment : |
18.09.2003 |
|
Profile |
Prof.
Ashok Jhunjhunwala is Professor of the Department of Electrical Engineering, IIT Madras, A
recipient of the Padmashree (a National award from the Government of India)
in the year 2002, for his contributions towards Science, Engineering and
technology development, Dr.Jhunjhunwala has also been awarded Shanti Swarup
Bhatnagar Award for outstanding contributions in the field of Engineering
Sciences in 1998. He has received the Dr.Vikram Sarabhai Research Award for
the year 1997. He has also received Millennium Medal at Indian Science
Congress in the year 2000 and Dr. P.Sheel Memorial Lecture Award of the
Academy for the year 2001 by National Academy of Sciences, India. He is a
Fellow of Indian National Academy of Engineering, |
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|
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|
Name : |
Mr.
Ray Stata |
|
Designation : |
Director |
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Address : |
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Date of Birth : |
11.12.1934 |
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Date of Appointment : |
23.02.2003 |
|
Profile |
Originally
from ADI
is headquartered in |
|
|
|
|
Name : |
Mike
Haidar |
|
Designation : |
Director
(Analog Devices, Inc.) |
|
Address : |
1540, |
|
Date of Birth : |
12.05.1953 |
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Date of Appointment : |
23.02.2003 |
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|
|
|
Name : |
Mr.
Jason Martin |
|
Designation : |
Director
(Argonaut Private Limited) |
|
Address : |
1225E,
|
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Date of Birth : |
26.03.1972 |
|
Date of Appointment : |
18.02.2004 |
|
Profile |
Jason
Martin is Managing Director of Argonaut Private Equity, a venture capital and
buyout firm dedicated to financing and growing emerging market leaders. Prior
to joining Argonaut, Jason was Managing Director of Solutions Architecture
for Williams Communications, where he led investments in more than a dozen
companies. His previous experience includes senior management positions in
the telecommunications industry and managing institutional investment
programs. Jason is also on the boards of Luminus Devices, VoiceSignal, Cetek,
Sol-Gel and Yulex. He is a graduate of |
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|
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|
Name : |
Mr.
Sanjay Gupta |
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Designation : |
Director
|
|
Profile |
Mike
Haidar is the product line director, software & systems technology, DSP
and system products division, at ADI. Mike has been with ADI since 1980. Mike
has contributed extensively to the development of ADI's business in Asia and
South East Asia- particularly |
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|
Name : |
|
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Designation : |
Director
|
|
Address : |
1002, |
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Date of Birth : |
15.08.1967 |
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Date of Appointment : |
26.02.2005 |
|
Profile |
Rajesh
Jain is the Managing Director of Netcore Solutions Pvt Ltd. Rajesh has a
Bachelors degree in in Electrical Engineering from IIT Bombay (1998) and a
Masters in Electrical Engineering from |
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|
|
|
Name : |
Mr.
Shachindra Singh Motilal |
|
Designation : |
Whole
time Director |
|
Address : |
E-128,
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Date pf Birth : |
30.07.1940 |
|
Date of Appointment : |
29.10.2002 |
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|
Name : |
Mr.
Prakash B Khawas |
|
Designation : |
Director
|
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|
Name : |
Mr.
Guhan Subramaniam |
|
Designation : |
Director
|
|
Address : |
565,
15th |
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Date of Birth : |
08.05.1954 |
|
Date of Appointment : |
09.10.2004 |
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|
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|
Name : |
Mr.
Ashok Kamath |
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Designation : |
Alternate
Director for Mr. Mike Haider |
|
Address : |
436,
9T A Cross, A Sector, ?New Town, Yelahanka, Bangalore-560064, Karnataka |
|
Date of Birth : |
22.04.1956 |
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Date of Appointment : |
23.02.2003 |
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|
|
Name : |
Mr. A
Jawahar |
|
Designation : |
Director
|
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|
Name : |
Mr. B
Murugesh |
|
Designation : |
Director
|
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|
Name : |
Mr.
Deepak Khanchandani |
|
Designation : |
Director
|
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|
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|
Name : |
Mr. N
Sanjay |
|
Designation : |
Director
|
KEY
EXECUTIVES
|
Name : |
Mr.
Shirish Purohit |
|
Designation : |
Chief
Executive officer |
|
|
|
|
Name : |
Mr.
Rene Abraham |
|
Designation : |
CTO |
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|
|
|
Name : |
Srini
Chandrasekharan |
|
Designation : |
Vice
President and SBU Head |
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|
|
|
Name : |
Mr. R.
Thirumurthy |
|
Designation : |
Director
– Product Development |
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|
|
Name : |
Mr. S
Krishnamurthi |
|
Designation : |
Company
Secretary |
|
Address : |
9/5,
Sowbaghya I |
|
Date of Birth : |
16.02.1952 |
|
Date of Appointment : |
18.02.2004 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of shares |
|
Mr.
Deepak M Khanchandani |
|
16996 |
|
Mr.
Sanjay Gupta |
|
56040 |
|
Mr.
Sanjay Nandipaku |
|
4300 |
|
Mr. Abraham Rene |
|
56040 |
|
Mr.
Prakash Khawas |
|
56040 |
|
Mr.
Shirish B Purohit |
|
56040 |
|
Mr. R
Balajee |
|
750 |
|
Mr. K
Palanisamy |
|
500 |
|
Mr.
Rajesh Kunnath |
|
500 |
|
Midas
Property Foundation |
|
42052 78700 |
|
Analog
Devices India Private Limited |
|
83266 78700 |
|
Ventureastenet
Fund |
|
6572 |
|
Mr.
Vishal B Comnet |
|
44352 |
|
Argonaut
Ventures I LLC |
|
980 |
|
Argonaut
Holdings |
|
20 |
|
IIT |
|
21912 |
|
Mr.
Rolland Enoch |
|
1242 |
|
Mr. S
O Wdhamini Jayaraman |
|
1242 |
|
Mr.
Sanjay Cartic |
|
634 |
|
Ms.
Latha Rajagopalan |
|
634 |
|
Ms.
Jyoti Purohit |
|
1242 |
|
Benchmark
Electronic Systems Private Limited |
|
1057 |
|
Excellent
Computers |
|
1057 |
|
Mr.
Ray Stata |
|
18065 |
|
Mr.
Arun Jain |
|
634 |
|
Mr. L
N Rajaram |
|
634 |
|
Mr. N
P Manoj |
|
1242 |
|
Mr. R
Thirumurthy |
|
1242 |
|
Mr. D
Uraisamy Nagarajan |
|
739 |
|
Banyan
Employees Trust |
|
36392 |
|
Mr.
Vijay K Raghavan |
|
3234 |
|
IL and
FS Trust Company Limited |
|
13213 |
|
|
|
4114 |
|
|
|
7405 |
|
Himachal
Futuristic Communications Limited |
|
2642 |
|
Argonaut
Ventures I LLC |
|
443611 |
|
Argonaut
Holdings |
|
9054 |
|
Novatium
Technologies Private Limited |
|
40000 |
As on
31.03.2006
|
Names
of Shareholders |
|
Percentage of Holding |
|
Bodies
Corporate |
|
20.93 |
|
Foreign
Holding |
|
2.13 |
|
Venture
Capitalists |
|
3.15 |
|
Directors
or their relatives |
|
21.19 |
|
Other
top 50 |
|
52.60 |
|
|
|
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturer,
Export, Importer, Designing, Developing and Marketing of Innovative and Cost
Effective Telecommunication products. |
|
|
|
|
Products : |
Wireless BroadbandcorDECT corDECT Wireline Universal
Loop Carrier DIASxx
Series M2404
Series R17xx Routers Hybrid Products CATIUS CITIUS C-Switch |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
|
Actual Production |
|
Direct internal GCCEM Systems |
Number |
|
|
2130 |
|
Cordect Switch Systems |
Number |
|
|
51 |
|
Wall Sets |
Number |
|
|
2 |
|
Multi Wall Sets |
Number |
|
|
84 |
|
Compact Base Systems |
Number |
|
|
2203 |
|
Base Station Distributors |
Number |
|
|
578 |
|
Relay Base Distributors |
Number |
|
|
186 |
|
FRS |
Number |
|
|
170691 |
|
H Connect |
Number |
|
|
302 |
|
Remote Access Systems |
Number |
|
|
266 |
|
Routers |
Number |
|
|
361 |
GENERAL
INFORMATION
|
Customers : |
India & Asia-Pac ·
Bharat Sanchar Nigam Limited: ·
Major Indian operators & ISPs: MTNL, Reliance Infocomm, Tata
Teleservices, Sify and VSNL ·
Indian Defense: Indian Army, Navy and Air Force ·
·
·
TOT, EMEA and ·
Simbatel, Democratic ·
·
·
|
|
|
|
|
Bankers : |
State
Bank of UTI
Bank Limited, No.82, Dr. Radhakrishnan Salai, Chennai-600004 Canara
Bank, |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Price
Waterhouse Chartered
Accountants |
|
Address : |
|
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
500000 |
Preference
Shares |
Rs.1000/- each |
Rs.500.000 millions |
|
|
Total |
|
Rs.550.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
627330 |
Equity
Shares |
Rs. 10/- each |
Rs. 6.273 Millions |
|
492665 |
Preference
Shares |
Rs.1000/- each |
Rs.492.665 millions |
|
|
Total |
|
Rs.498.230 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 |
498.230 |
498.230 |
458.356 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
480.532 |
473.359 |
396.980 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
978.762 |
971.589 |
855.336 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
419.213 |
193.865 |
38.481 |
|
|
2] Unsecured Loans |
3.763 |
3.484 |
3.500 |
|
|
TOTAL BORROWING |
422.976 |
197.349 |
41.981 |
|
|
DEFERRED TAX LIABILITIES |
0.265 |
2.200 |
2.200 |
|
|
|
|
|
|
|
|
TOTAL |
1402.003 |
1171.138 |
899.517 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
303.961 |
82.253 |
60.884 |
|
|
Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.285 |
17.743 |
338.130 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
417.805
|
221.153
|
133.670 |
|
|
Sundry
Debtors |
1348.555
|
1637.885
|
847.674 |
|
|
Cash
& Bank Balances |
34.520
|
68.872
|
87.083 |
|
|
Other
Current Assets |
0.011
|
0.707
|
0.990 |
|
|
Loans
& Advances |
89.203
|
48.533
|
78.564 |
|
Total Current
Assets |
1890.094
|
1977.150
|
1147.981 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
795.477
|
861.426
|
572.388 |
|
|
Provisions |
15.860
|
44.582
|
75.090 |
|
Total Current Liabilities |
811.337
|
906.008
|
647.478 |
|
|
Net Current Assets |
1078.757
|
1071.142
|
500.503 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1402.003 |
1171.138 |
899.517 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
2234.045 |
2721.966 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
110.411 |
376.130 |
|
Provision for Taxation |
|
13.967 |
100.826 |
|
Profit/(Loss) After Tax |
|
96.444 |
275.304 |
|
|
|
|
|
|
Export Value |
|
578.087 |
213.184 |
|
|
|
|
|
|
Import Value |
|
159.614 |
129.695 |
|
|
|
|
|
|
Total Expenditure |
|
103.528 |
143.405 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
4.31
|
10.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
47.17
|
13.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
5.36
|
31.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.11
|
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.26
|
1.13
|
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.33
|
2.18
|
1.77 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
MIDAS
COMMUNICATION TECHNOLOGIES PRIVATE LIMITED |
||||||||
|
Presented By |
UTI BANK LIMITED NO.82, DR. RADHAKRISHNAN SALAI CHENNAI-600004 |
||||||||
|
1)
Date and description of instrument creating the change |
Dated
28.02.2005 Agreement
for hypothecation f current assets, CCD13 Deed
of hypothecation of machinery and other movable fixed assets in CCD15 All
dated 28.02.2005 relate to one and the same charge |
||||||||
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.150.000
millions
|
||||||||
|
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 |
Primary
: First
pari passu hypothecation charge on entire current assets on the company both
present and future Collateral First
pari passu charge on the movable fixed assets of the company |
||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest, margin and other terms
and conditions as per the agreement. |
||||||||
|
5)
Name and Address and description of the person entitled to the charge. |
UTI Bank Limited No.82, Dr. Radhakrishnan Salai Chennai-600004 |
||||||||
|
6)
Date and brief description of
instrument modifying the charge |
Nil |
||||||||
|
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. |
Nil |
|
Corporation identity number or foreign
company registrations number of the company
|
U30007TN1994PTC027281 |
|
Name of the company |
MIDAS
COMMUNICATION TECHNOLOGIES PRIVATE LIMITED |
|
Address |
#1 Kalyani Nagar, Kottivakkam, Thiruvanmiyur,
Chennai 600041, |
|
This Form is for |
Modification
of charge |
|
Type of Charges |
Book
debts Eloating
charge Whole
of stocks and machinery |
|
Particular of the charge holder |
Canara
Bank, T
Nagar, Chennai-600017, Tamilnadu |
|
Nature or description of the instrument
creating charge |
Common
hypothecation agreement, supplemental agreement |
|
Date of the instrument creating charge |
18.09.2006 |
|
Amount Secure by the charge |
Rs.135.000
millions |
|
Brief of the principal terms and
conditions and extent and operation of the charge |
Rate
of interest : 14.5%
on OCC/ODBD Terms of repayment : As per
agreement Margin
: Margin
as per the agreement Extent
and operation of the charge Pari
passu 1st charge Others Credit
limit modified to Rs.135.000 millions comprising OCC/ODBD – Rs.95.000
millions, I/FLC/BG Rs.40.000 millions, (Earlier regular OCC – Rs.25.000
millions and adhoc OCC – Rs.70.000 millions is now made as a regular OCC/ODBD
limit of Rs.95.000 millions and earlier combined limit of Rs.45.000 millions
for I/FLC and BG is nw modified to Rs.40.000 millions) and all other terms
and conditions as per the agreement. |
|
Particulars of the Property charged |
Whole of the machinery and fixed assets of
the company and hypothecation of whole of stock in trade and book debts of
the company both present and future including those acquired and orto be
acquired out of he modified credit limits |
|
Particulars of present modification |
Credit limit modified to Rs.135.000
millions comprising OCC/ODBD – Rs.95.000 millions, I/FLC/BG Rs.40.000
millions, secured by whole of stock in trade and book debts of the company
both present and future including those acquired and or to be acquired out of
he modified credit limits |
As
Per Website
About Midas
Incubated
by Alumni of the Indian Institute
of Technology (IIT) Madras inside the IIT campus, subject has
championed the telecommunications revolution throughout rural and urban
Subject has
grown into a prominent player in the global telecom market through its focus on
design, development and marketing of innovative and cost effective products. Subject
delivers access solutions encompassing end-to-end broadband, NGN and Triple
Play applications that meet the needs of telecom service providers in emerging
markets around the world. Subject employs over 600 people and is headquartered
in
Partners
Subject'
partnership philosophy is based on Value-centric relationships. Each of their
partners adds significant value to an eco-system that offers end-to-end access
solutions for telecommunications service providers.
International Partners
·
Bbs
·
Omnias Com
Indian Partners
·
HFCL GROUP
·
TENET IIT MDRAS
Solutions Partners
·
NMS WORKS
·
Benchmark
·
Novatium
·
Neuro Synaptic
·
Tejas Networks
·
Amdale Software Technologies
Private Limited
Other Solutions partners from the TeNeT group at IIT Madras.
Awards
and Recognition
2006
IIM Lucknow & JK Industries: Young Leader in Science &
Technology
Indian
Winner, NASSCOM Innovation Award, 2005
Presented
to Shirish Purohit (CEO, on right) by the President of India Dr. A.P.J. Abdul
Kalam (left) on January 30, 2006 in
NASSCOM:
National Association of Software and Service Companies,
Microsoft: Midas among 4 top creative organizations in
Subject has been recognized as one of the top four creative organizations in
2005
Deloitte’s
Fast 500 Asia Pacific
Deloitte
has ranked Subject at 143 in its Asia Pacific Technology Fast 500 list of
companies for 2005.
Subject'
CEO Shirish Purohit attended the awards ceremony in
The
Deloitte Technology Fast 500 Asia Pacific program recognizes technology
companies that have achieved the fastest rates of annual revenue growth in Asia
Pacific during the past three years.
Midas is 5th in Deloitte's India Fast 50, 2005
Deloitte has ranked Subject as 5th in its India Fast 50 for the year 2005. Subject'
CTO Rene Abraham received the award on November 24, 2005 in
Midas rated among 20 companies to watch in 2006 by Business
Today
National Award 2005
Subject
and IIT Madras received the National Award 2005 from the Technology Development
Board, Government of India for successfully developing and deploying an Indian
broadband internet access solution. The award was presented to Subject by the
Finance Minister Mr. P. Chidambaram in May 2005.
Subject
previously received this award in 2003 for developing .
2004
CSIR Diamond Jubilee Technology Award, 2004
Subject is the winner of the prestigious "CSIR (Council of Scientific
& Industrial Research) Diamond Jubilee Technology Award 2004" in
recognition of its excellent work in design, development and commercialization
of corDECT WLL (Wireless in Local Loop) access system and optiMA (Fiber in
Local Loop) access system. The Award was announced on CSIR Foundation Day,
September 26, 2004 and it carried cash prize of INR 1 Million, a shield and a
citation. The Honorable Prime Minister of India, who is also the President of
CSIR society, presented the award at a special function.
ELCINA Award 2003-04 for outstanding Research & Development
ELCINA (Electronic Industries Association of India) has conferred Subject with
"ELCINA Award 2003-04" for outstanding work in Research &
Development. The Award was presented by the Minister of Science &
Technology, Mr. Kapil Sibel at the ELCINA Annual Award Function held on
September 24, 2004 in
Excellence in Electronics - 2002-03, Government of
Ministry of
Communications & Information Technology, Department of Information
Technology, Govt. of India, has selected Subject for the "Excellence in
Electronics 2002-03" Award in the category "Professional Electronics
and Strategic Communications". The Silver Shield Award was presented to Subject
by Honorable Minister for Communications & Information Technology, Mr.
Dayanidhi Maran on September 16th 2004.
ESC Award for Excellence in Exports, 2002-03
ESC (Electronics and Computer Software Export Promotion Council) has chosen Subject
for the "Award for Excellence in Exports for the year 2002-03" for
the category "All
2003
IETE award for Performance Excellence in Electronic Systems
The Institution of Electronics and Telecommunication Engineers (IETE) has
conferred Subject with the 5th IETE corporate award for Performance Excellence
in the field of "Electronic Systems" on the occasion of the 46th
annual technical convention in New Delhi on September 30, 2003.
National Award, 2003
Subject received the National Award 2003 from the Technology Development Board,
Government of India for successful development and deployment of corDECT.
MAIT award for Excellence in Exports,
2002-03
SUBJECT received an award from the Manufacturers Association of Information
Technology (MAIT) in recognition of Excellence in Exports: Hardware for
2002-2003. The award was presented to Shirish Purohit, CEO by the Minister of
Commerce and Industry, Law and Justice Mr. Arun Jaitley in
Pride of Tamil Nadu
Subject' CEO Shirish Purohit was awarded the title of Pride of Tamil Nadu (a
state in southern
2002
MAIT award for Excellence in Exports,
2001-02
2001
Technology Award, Department of Science
& Technology
Subject received an award for the Development of Indigenous Technology from the
Department of Science and Technology on May 11, 2001.
ELCINA Award for Excellence in Research & Development
Subject received the ELCINA (Electronic Industries Association of India) Award
of Excellence for Research and Development on September 22, 2001.
Special appreciation from the UNDP
Subject has received special appreciation from the UNDP (United Nations
Development Programme) for development of corDECT WLL technology as a fast and
cheap mode of accessing the Internet in their Human Resource
Development Report (Box 5.2 on page 98: Homemade but world class:
research excellence for an alternative agenda) published Augusut-September
2001.
Solutions
Subject
solutions enable the deployment of cost-effective access networks providing
voice, broadband internet and video services over a variety of mediums. A low
Total cost of ownership (TCO) and affordability to the subscriber are the two
core drivers for Midas' solutions.
Telecom & ISPS
Subject
provides a lowest TCO fixed wireless system capable of simultaneous data and
toll quality voice - enabling e-governance and ICT applications in dense urban
areas as well as sparsely populated areas around the world.
Subject
solutions for wireline networks enable service providers to offer integrated
broadband internet access, voice and video services across their existing
infrastructure.
Subject
has unique solutions for cable tv networks and Ethernet-based local service
providers that enable significant additional revenue earning opportunities at a
low TCO.
Subject
provides enterprises with networking and communications solutions spanning
wireless and wireline mediums.
Midas' Defense Communications division
provides design-to-order solutions for defense forces.
Technology
Subject
has over 500 engineers, designers and product architects working on telecom
access network, defense and government communications technologies. Research
& Development efforts are focussed primarily on developing low cost access
solutions with industry leading features. Subject maintains a strong technology
partnership with Indian Institute
of Technology, Madras.
Accumulated expertise is over 10 million
man-hours in:
·
Last mile access technologies including xDSL, Ethernet, DECT, GSM, IEEE
802.16e (WiMAX)
·
RF Circuit Design
·
Embedded systems, DSP-based designs
·
ASIC Design
·
TDM / narrowband access & transport technologies
·
IP routing
·
Network Management Systems
·
Network security
Subject
has world-class facilities at its
These
include:
·
An advanced EMI/EMC testing lab for product testing against the latest
standards for electromagnetic interference and compatibility
·
Pilot production capabilities
·
Quality Control and Assurance testing labs
·
System validation and testing labs
·
Ethernet device interoperability lab
Other Products
Subject
has a number of other access network and connectivity products:
|
optiMA is Subject' DLC product. It supports a range of TDM
services such as POTS, ISDN, n*64k service in a scaleable chassis. optiMA has
now been replaced by Midas' ULC multi-service access platform. |
|
|
|
|
|
DIAS120A is a Layer 2 DSL Access Multiplier (DSLAM) with a
chassis that can support up to 120 ports of ADSL2+ or G.SHDSL service. It has
built-in, passive POTS splitters and a Fast Ethernet network uplink
interface. DIAS120A is an affordable, cost-effective chassis-based DSL
solution. |
|
|
|
|
|
DIAS-60* |
DIAS-60 is a unique DLC designed for |
|
|
|
|
H-Connect* |
H-Connect is an HDSL-based Modem. It is used to bridge LAN
networks via a regular telephone cable across a maximum of 4 km distance. It
provides up to 2 Mbps bandwidth between the two sites and is designed to be
connected back-to-back. |
|
|
|
|
V-Connect* |
V-Connect is a VDSL-based Modem. It can be used to bridge LAN
networks via a regular telephone cable across a maximum of 2 km distance. It
provides up to 10 Mbps bandwidth between the two sites and is designed to be
connected back-to-back. |
|
|
|
|
R2400 is a router designed for telecommunication networks. It
has 2 E1 interfaces and 4 Fast Ethernet ports. |
*Originally marketed under the brand name
Banyan Networks. Banyan Networks merged with Subject in 2004 and is now Midas'
Wireline business unit.
Midas named as Red Herring 100 Asia Finalist July 25, 2006
Midas has been named as one of the 200 finalists for Red Herring Magazine's Red Herring 100 Asia. The final list
of 100 companies will be announced by Red Herring in August 2006 at Red Herring Asia
2006.
Midas C switch to switch LCO's into broadband players
Venkatachari Jagannathan 26 June 2006
Chennai: Indian telecom technology company Midas Communication
Technologies Private Limited has come out with a new switch that enables faster
deployment of cable internet. Called Catius, the new solution is targetted at
the local cable operators (LCO) segment.
Says head cable wireless division R Balajee, "Many LCOs have
actually wired up category 5 (CAT-5) cable networks and created broadband
access in big metros. Their solution is cost effective but not reliable. They
also cannot bundle video on demand services."
According to him the Catius solution has a gateway server, cable
modulator, video on demand server and 11 C-switches. The C-switches have been
designed for deployment on overhead CAT-5 cable. The downstream is sent on
coaxial cable. LCO's who have deployed CAT-5 cable in large numbers can make
use of this solution and create their own intra-net.
"The video on demand server can provide 15 simultaneous
sessions and can also stream two satellite channels. It comes with a variety of
features that enable LCO's to deploy the network and provide Internet, video,
satellite channels to accelerate their revenue."
The CAT 5 network is similar to coaxial cable network. However in
CAT 5 network, Ethernet switches are used instead of amplifiers, which is used
in the coaxial cable network.
"The advantage of Ethernet switch is that it is digital and
hence they have greater control over the network. With a proper switch and
deployment architecture net connectivity could be assured even if he back bone
cable gets cut," assures Balajee.
The other advantage of CAT 5 network is that it can carry power
and hence switches can be remotely powered and easy to repair in case of cable
cuts.
In order to answer the issue of bandwidth restrictions Balajee
says that the architecture of the C-switch is such that it could carry upto 300
Mbps in a limp shared by 36 subscribers translating into 8 Mbps per subscriber.
"With 5 Mbps one can provide good internet protocol TV services."
Further the C-Switch filters all the broadcasts and removes major
virus traffic from the network. According to Balajee, the solution can offer
the three services to the rural populace at low cost. A 16 port switch costs
around Rs6,000.
A national ISP is testing the solution in a Chennai locality.
About its applicability for the multi system operators (MSO)
offering internet over cable Balajee says, "It has undergone extensive
field trials with different MSO's and ISP's. It is awaiting large-scale
deployment and roll-outs are targeted by second half of this financial
year." The Midas Communication launched this technology last October. The
solution uses one-way Indian overhead coaxial cable for downstream and wireless
upstream.
Indian Vendors Go Global
JANUARY 03, 2006
As
According to a KPMG International
study,
The growth of the domestic market this year has given vendors a
springboard into the international telecom sector, and companies like Mahindra British
Telecom Limited (MBT), a provider of OSS, BSS, and remote network
management software, have seen more of their business take place outside India
-- it teamed with Azure Solutions
Inc. to provide a billing system for StarHub Pte.
Limited in
"Mahindra is a good example of an Indian company really
becoming a global player, which is what companies will need going
forward," says Raj Judge, a partner at law firm Wilson
Sonsini Goodrich & Rosati, and head of its Indian practice
group. Judge says he was astounded to see MBT buying a
MBT derives 70 percent of its revenues from BT Group plc
(NYSE: BT - message board;
London: BTA), which holds a 43 percent stake, but that's down from 85 percent
18 months ago and the company plans to make it 50 percent in the next two
years.
"The significant majority of the domestic companies that have
been formed have all realized that they need to be global players," says
Judge. "If they're not global competitors they won't survive." The
domestic market is mushrooming, but it's also highly price competitive and
demanding, he says. "If a company can actually succeed in that market they
have an amazing platform for the global market, and they are recognizing that's
what they need to do."
Judge notes that Indian companies tend to have a "different
psyche" to their Western counterparts. "They really do have this
sense of confidence that they feel like they can" compete on a global
level.
Bob Kondamoori, CEO of optical transport and access equipment
vendor Xalted
Networks says India's "very brutal" tendering process,
which focuses on getting "the most features at the lowest price,"
gives vendors an edge in other emerging markets: "It's fiercely
competitive because there's all the usual suspects -- Alcatel
(NYSE: ALA - message board;
Paris: CGEP:PA), Ericsson AB
(Nasdaq: ERICY -
message board),
Nortel
Networks Limited (NYSE/Toronto: NT - message board)
-- plus more. So if you can compete against them, meet all the eligibility
criteria and be cheaper than they are, it instantaneously gives you an edge to
compete internationally -- places like
Xalted Networks, which sells IP DSLAMs and SDH multiservice access
platforms as well as OSS software, generates around $35 million in annual
revenues, and has OEM partnerships with the likes of Alcatel, Siemens AG
(NYSE: SI - message board;
Frankfurt: SIE), and UTStarcom Inc.
(Nasdaq: UTSI - message board)
for contracts in Europe, Asia, and Latin America.
Likewise India's other major equipment vendors, including Tejas Networks
India Limited , Midas
Communication Technologies Private Limited , and Telsima Corp.
, are branching out with partnerships abroad. "More or less every single
operation in
"A lot of Indian companies have a huge
With
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
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. 40.84 |
|
|
1 |
Rs. 80.47 |
|
Euro |
1 |
Rs. 54.32 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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 |
|