MIRA
INFORM REPORT
|
Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ITTIAM SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4th/ 5th Floor, Consulate-1 No. 1, Richmond
Road, Bangalore-560025, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
03.01.2001 |
|
|
|
|
Com. Reg. No.: |
08-28392 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900KA2001PTC028392 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRI008979E |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Exporter of PSP Software. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 790000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
to huge accumulated losses recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Pandhurang Pai |
|
Designation : |
Accounts Department |
|
Date : |
03.01.2011 |
LOCATIONS
|
Registered Office : |
4th/ 5th Floor, Consulate-1 No. 1, Richmond
Road, Bangalore-560025, |
|
Tel. No.: |
91-80-66601000 |
|
Fax No.: |
91-80-22237757 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.06.2010
|
Name : |
Mr. Srinivasan Rajam |
|
Designation : |
Chief Executive Officer and Whole Time Director |
|
Address : |
No. 14, 16th C Main, 4th Block, Koramangala, |
|
Date of Birth/Age : |
07.07.1960 |
|
Date of Appointment : |
03.01.2001 |
|
DIN No.: |
01050837 |
|
|
|
|
Name : |
Mr. V G Siddhartha |
|
Designation : |
Director |
|
Address : |
No. 143, 9th Main RMV Extension, |
|
Date of Birth/Age : |
23.08.1959 |
|
Date of Appointment : |
03.01.2001 |
|
DIN No.: |
00063987 |
|
|
|
|
Name : |
Mr. Sattam Dasgupta |
|
Designation : |
Whole Time Director |
|
Address : |
No. 12, |
|
Date of Birth/Age : |
03.06.1962 |
|
Date of Appointment : |
27.11.2004 |
|
Din No.: |
01050910 |
|
|
|
|
Name : |
Mr. Ravishanar Ganeshan |
|
Designation : |
Whole Time Director |
|
Address : |
No. 49, 12th A Main, 17th Cross, Malleshwaram, |
|
Date of Birth/Age : |
10.04.1963 |
|
Date of Appointment : |
27.11.2004 |
|
DIN No.: |
01200161 |
|
|
|
|
Name : |
Mr. Shantanu Jha |
|
Designation : |
Whole Time Director |
|
Address : |
No.D-13, Raheja Residency III Block, Koramangala, |
|
Date of Birth/Age : |
23.10.1965 |
|
Date of Appointment : |
27.11.2004 |
|
DIN No.: |
01937513 |
|
|
|
|
Name : |
Mr. Amit Gupta |
|
Designation : |
Director |
|
Address : |
Flat B, 27/f tower 1, |
|
Date of Birth/Age : |
24.09.1976 |
|
Date of Appointment : |
09.10.2009 |
|
DIN No.: |
02282600 |
|
|
|
|
Name : |
Mr. Atkins Jeffrey Michael |
|
Designation : |
Director |
|
Address : |
743 Crescent Boulevard Glen Ellyn, |
|
Experience : |
|
|
Date of Appointment : |
26.03.2007 |
|
DIN No.: |
01791774 |
|
|
|
|
Name : |
Mr. Edward J McCaffrey |
|
Designation : |
Director |
|
Address : |
840 North Lake Shore Drive, Apartment 1801, Chicago-60611, US |
|
Date of Birth/Age : |
05.01.1947 |
|
Date of Appointment : |
27.11.2004 |
|
Date of Ceasing: |
26.03.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Pandhurang Pai |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. J Andrew Bhagyanathan |
|
Designation : |
Company Secretary |
|
Address : |
No. 3, Vaswani Melrose, Devarbeesarahalli, Outer Ring R, |
|
Date of Birth/Age : |
29.10.1960 |
|
Date of Appointment : |
04.01.2001 |
|
DIN No.: |
01050957 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Srinivasan Rajam |
|
2000000 |
|
J Andrew Bhagyanathan |
|
1000000 |
|
Sattam Dasgupta |
|
1000000 |
|
Ganesh |
|
1000000 |
|
Shanthanu Jha |
|
1000000 |
|
Anand Padi |
|
50000 |
|
Krish Prabhu |
|
100000 |
|
Vikramditya Bose |
|
195000 |
|
Rohit Bhuva |
|
165000 |
|
GTVBI Inc, Mouritius |
|
3585714 |
|
Global Technology Ventures Limited, |
|
2200000 |
|
J J Hsia Alias Hsia Jung-hua, |
|
5000 |
|
Ittiam Systems Employees Trust, |
|
218239 |
|
Suresh B G |
|
67500 |
|
Vikas Saraogi |
|
5125 |
|
Ashok Magdum |
|
5375 |
|
Vinayak Das |
|
12125 |
|
Rajendra Kumar |
|
37500 |
|
Bhavani GK |
|
9125 |
|
Sheel Prabhakar |
|
70000 |
|
Anil Kumar |
|
9375 |
|
Arvind Raman |
|
7875 |
|
Murali Babu |
|
27500 |
|
Preethi Konda |
|
7125 |
|
Sunder T |
|
7500 |
|
Sukanya Chandramouli |
|
61250 |
|
Vikas K Prasad |
|
8875 |
|
Narasimha G Pai |
|
20500 |
|
Shoba R |
|
4250 |
|
Kiran Devanahalli |
|
6875 |
|
Vikram Phogat |
|
9375 |
|
Dileep Tamia |
|
6125 |
|
Sankarnarayanan Parameswaran |
|
8375 |
|
Bobby Joseph |
|
10000 |
|
Neelakanth D Shingihalli |
|
6500 |
|
Kumar Braj Bhushan |
|
3251 |
|
Gopinath Patra |
|
3750 |
|
Harish S |
|
3189 |
|
Jyotirmoy Sharma |
|
3313 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate (not
mentioned above) |
25.00 |
|
Directors or relatives of Directors |
50.00 |
|
Others |
25.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of PSP Software. |
|
|
|
|
Exports : |
|
|
Products : |
DSP Software |
|
Countries : |
·
·
·
·
|
|
|
|
|
Imports : |
|
|
Products : |
Electronic Components |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
Approximately 175 (In Office) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountant |
|
Address : |
12th and 13th Floor, “UB CITY”, Canberra Block, No.
24, Vittal Mallya Road, Bangalore-560001, Karnataka, India |
|
|
|
|
|
|
|
Subsidiaries : |
·
Ittiam Semiconductor Private Limited U72900KA2003PTC031927 ·
Ittiam Systems Inc, ·
Ittiam Systems |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Re. 1/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13594723 |
Equity Shares |
Re. 1/- each |
Rs. 13.595
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.595 |
13.595 |
13.595 |
|
|
2] Stock Option Outstanding Account |
0.820 |
0.983 |
0.578 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
509.319 |
509.319 |
509.319 |
|
|
5] (Accumulated Losses) |
[324.045] |
[343.684] |
[347.479] |
|
|
NETWORTH |
199.689 |
180.213 |
176.013 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
174.361 |
199.132 |
118.389 |
|
|
2] Unsecured Loans |
40.000 |
40.000 |
0.000 |
|
|
TOTAL BORROWING |
214.361 |
239.132 |
118.389 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
414.050 |
419.345 |
294.402 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.061 |
18.554 |
34.809 |
|
|
Capital work-in-progress |
0.301 |
0.702 |
0.581 |
|
|
Intangible Assets |
4.740 |
4.996 |
6.368 |
|
|
|
|
|
|
|
|
INVESTMENT |
106.839 |
31.734 |
31.734 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
81.201
|
149.970 |
86.846 |
|
|
Cash & Bank Balances |
266.297
|
255.084 |
149.050 |
|
|
Other Current Assets |
5.990
|
15.363 |
21.405 |
|
|
Loans & Advances |
31.239
|
28.746 |
40.759 |
|
Total
Current Assets |
384.727
|
449.163 |
298.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.533
|
9.236 |
19.064 |
|
|
Other Current Liabilities |
74.414
|
59.869 |
42.258 |
|
|
Provisions |
15.671
|
16.699 |
15.828 |
|
Total
Current Liabilities |
92.618
|
85.804 |
77.150 |
|
|
Net Current Assets |
292.109
|
363.359 |
220.910 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
414.050 |
419.345 |
294.402 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
322.290 |
403.550 |
260.390 |
|
|
|
Other Revenues |
20.210 |
21.330 |
11.490 |
|
|
|
TOTAL |
342.500 |
424.880 |
271.880 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
314.050 |
400.440 |
390.740 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
314.050 |
400.440 |
390.740 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
28.450 |
24.440 |
[118.860] |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.810 |
20.650 |
3.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
19.640 |
3.790 |
[122.380] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Software Services |
267.431 |
357.931 |
NA |
|
|
|
Royalty Income |
55.414 |
45.619 |
NA |
|
|
TOTAL EARNINGS |
322.845 |
403.550 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
5.588 |
8.166 |
NA |
|
|
TOTAL IMPORTS |
5.588 |
8.166 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.44 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.73
|
0.89 |
[45.01] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.83
|
6.06 |
[45.65] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.21
|
5.23 |
[35.71] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.14 |
[0.68] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
1.80 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.15
|
5.23 |
3.86 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for goods, Expenses and Services |
2.533 |
9.236 |
19.064 |
Trade References:
·
Sisco
Background:
The company incorporate on January 3, 2001, specializes
in signal processing applications in media processing and communications
covering
·
Audio-video systems
·
Voice and Video over
internet protocol
·
Wireless LAN
·
Voice bank modems
The solutions provided by the company cover
the entire range string with core signal processing intellectual property (IP)
in the form of algorithms, embedded software or RTL, complemented by system
software, reference boards and finally complete DSP systems or reference
solutions.
The company earns revenue through one time licensing
fee, software services, royalty or a combination of these. The company has
three fully owned subsidiaries, namely Ittiam Semiconductor Private Limited,
engaged in semiconductor chip designing. Ittiam Systems Inc,
During the year, the company has opened a
branch office in
Market Environment
The financial year 2009-10 continued to be tough and challenging, though
chip shipments started improving month on month from 2010 whjch should augur
well in general for the semiconductor and DSP technology companies in 2010-1 1.
Will Strauss, President of Forward Concepts reiterates that DSP
technology is required for all digital wireless, from basic personal navigation
devices (PNDs) to advanced 4G cellular, and all digital muttimedja, from lowly
MP3 players to rich-content personal media players and HDTV receivers.
The biggest market for DSP silicon is in "embedded" SoCs that
are in hundreds of products, generally not programmable by the user and known
as "what they are" or "what they do", as MP3 player chips,
GPS receivers, disk drive controllers, set top box transcoders, MPEG decoders,
video game audio chips, IF phone chips, etc. with several of these running on
embedded lttiam Intellectual Property.
DSP technology has become pervasive in the semiconductor industry and
is, in fact, the driver for the entire semiconductor industry. In this new era
of always-connected access to the Internet and multimedia, DSP is the
underlying technology.
The worldwide DSP silicon market is forecast to grow at a 10+% rate over
the 5 years from 2010 through 2014 with some segments, such as wireless and
consumer electronics expected to grow at a much higher pace.
Smartphones continue to be the bright spot, between Smartphones and
Netbooks is the largely untapped world of Mobile Internet Devices (MIDs),
Ittiam has gained an entry into the Smart Phone market segment through its
video software on TI OMAP3 platform.
Smartphone shipments worldwide are projected to grow, with the economy
on the mend in 2010. In 2009, the Smartphone market defied the global recession
reaching USD $ 67 billion dollars and 171 million units, registering an 18% YoY
growth. The Smartphone market is forecast to continue demonstrating strong
growth and is forecast to reach 496 million units in 2014 at a 24% compound
annual growth rate.
2009 was the year of Smartphone applications, all major vendors have
followed suit with larger OEMs with their own initiatives, most major OEMs
moving towards an integrated hardware, OIS,
applications and services strategy.
On the device front, there is a shifting emphasis towards lower-cost
Smartphones in line with the projected growth of emerging countries. As a
result, entry-level and mid-range categories will experience significantly
higher growth in unit shipments as compared to the higher-end devices popular
in operator-subsidized regions. Increasing competition in higher-end devices is
also driving above average shipments to
developed regions.
Though total chip shipments for 2009 were down some 10% following a
lackluster 2008 and a truly miserable Q4108 and Q1/09 market drop, the
good news is that chip shipments continue to improve every month, with
consensus growth estimates for 2010 just north of 20% and venture capitalists
beginning to invest again.
Chip shipments for all major categories improved in 2010 including
basebands, RF transceivers, and application processors along with ancillary
chips like Wi-Fi, Bluetooth, GPS, FM, image sensors, etc., and are forecast to
do well, up to 2014.
Overall the market for DSP IP continues to grow steadily providing reasonable
growth opportunities for Ittiam, both near term as well as long term.
Results of
Operations
The financial year ended March 31, 201 0 marked the ninth year of
operations for the Company. Being a product focused company, product
development progressed at a quick pace and a wide range of products were added
during the year. The Company was well positioned and continued to play and win
in some of the key markets that the technology industry; Convergence in
Portable Media - Auto Infotainment - PND, Video Communication Centric
Applications, Hi-Definition Video Processing, Smartphones, Streaming
Applications in Medical / Security I In-Transport Entertainment and Bandwidth
Leap through 802.11 n.
At the same time, the Company remained very cautious, involving various
factors that were beyond its direct control: unprecedented fluctuations in the
Euro, continuing US recession fears and its worldwide impact, longer cycle
times to close technology licensing and delays in new product starts by
customers.
The Company continued to strengthen its customer base comprising
Electronic OEMs, DSP Semiconductor Companies and SoC (System on Silicon)
chipset companies, several of these being Fortune 500 companies. There were
88(119) design wins and 35 new customer engagements during the year, most of
them of high value and quality pedigree customer wins from across the world;
also several of these were repeat wins from existing customers.
|
|
Year ended March 31,201 0 |
Year ended March 31,2009 |
|
Revenue from Operations |
322.29 |
403.55 |
|
Other Revenue |
20.21 |
21.33 |
|
Profitl(Loss) before tax |
28.45 |
24.44 |
|
Tax |
8.82 |
20.65 |
|
Profit/{Loss) after tax |
19.64 |
3.79 |
Operational expenditure during the year was Rs 299.43 million (Rs 378.71
million). After charging depreciation of Rs 14.62 million (Rs 21.73 million)
the audited accounts show a profit of Rs 28.45 million (of Rs.24.44 million)
for the year. Capital expenditure during the year was Rs 6.07 million (Rs 5.53 million).
Financial Results
(Rs, in millions) - Consolidated Indian and Worldwide Operations
|
|
Year
ended March 31,2010 |
Year
ended March 31,2009 |
|
Revenue from Operations |
476.040 |
521.980 |
|
Other Revenue |
43.180 |
14.240 |
|
Profit / (Loss) before tax |
66.550 |
29.110 |
|
Tax |
8.820 |
21.620 |
|
Profit / Loss after tax |
57.740 |
7.490 |
Operational expenditure during the year was Rs 437.99 million (Rs 485.1
1 million). After Charging depreciation
of Rs 14.68 million (Rs 22 million) the audited accounts show a profit of Rs
66.55 million (Rs.29.11 million) for the year. Capital expenditure during
the year was Rs 6.16 million (Rs 5.58 million).
Product Portfolio
During the year, a wide range of products at the component and
sub-system levels were completed, representing a spread over all end-equipment
domains. Ittiam's twenty five patent was granted by the US Patent office, the
cumulative number of patent applications filed so far being 45, with several
more in the pipeline.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U72900KA2001PTC028392 |
|
Name of the
company |
ITTIAM SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Consulate-1 No. 1, Richmond Road, Bangalore-560025, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge
holder |
Axis Bank Limited, ‘ESQUIRE CENTRE’, No. 9 M G Road, Bangalore-560001,
Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Current Assets |
|
Date of instrument
Creating the charge |
26.02.2008 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest EPC – up to 180
days 10.25% p.a. (BPLR – 4.5% p.a.) Beyond 180 days
and up to 270 days BPLR % (Presently 14.75% p.a.) PCFC – up to 180
days 6, LIBOR + 100 BP + 250 BP of arrangement fee Beyond 180 days
6m LIBOR + 100 BP + 350 BP of arrangement fee Terms of
Repayment EPC will be allowed
upto 180 days of enpiry or contract/ export letters of credit for shipment
whichever is earlier Margin Drawings will be
permitted only against confirmed export orders/ letters of credit lodged with
the bank. Actual drawings will be permitted upot 90% of the FOB valule of the
confirmed export orders/ letter of credit Extent and
Operation of the charge The charge shall
operate to the extent of Rs. 100.000 Millions plus interest, commission,
costs, expenses and other charge thereon |
|
Short particulars
of the property charged |
Exclusive First
charge by way of Hypothecation of entire current assets consisting stock
including stocks of raw materials, stock in process, finished goods, stock in
process, consumables stores, spares, bills and book debts/ receivables
and other current assets, present and future stores at company’s
factory/ premises at Consulate 1, 1 Richmoond Road, Bangalore-560025 or any
other places. |
|
Name of the company |
ITTIAM SYSTEMS PRIVATE LIMITED |
|
Presented By |
Axis Bank Limited, ‘ESQUIRE CENTRE’, No. 9 M G Road, Bangalore-560001, Karnataka, India |
|
1) Date and description of instrument creating the change |
a) 21.06.2004: Agreement for hypothecation of current assets – CCD – 13 b) Axis Bank Limited Sanction Letter (The above documents relating to the same and sinlge charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Export packing credit limit of Rs. 10.000 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 |
Hypothecation to the Bank, all the stock in trade both present and future consisting of stock including raw material, stock in process, cash and other current assets whatsoever, being movable properties now or at any time hereafter belonging to the borrowers or at disposal and now or at any time and from time to time hereafter stores or be stored or brought into or upon or in course of transit to factory or premises or at any other place whatsoever and wheresoever in possession or occupation or at any other premises or place (all of which herein after collectively referred to as “current Assets”), and outstandins monies receivables, claims and bills which are now due and owing or which may at any time herafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the Government Department or office or any municipal or local or Public or Semi Government body or authority or any body corporate or undertaking or project whatever in the Public sector (all of which herein after collectively referred to as “the said debts”) to secure as a continuing security. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest: At 2.5% below Bank’s PLR (Presently Bank’s PLR is 12%) at monthly rests Margin: at 25% on stocks and receivables (less than 90 Days) Repayment: Repayable on demand |
|
5) Name and Address and description of the person entitled to the charge. |
Axis Bank Limited, ‘ESQUIRE CENTRE’, No. 9 M G Road, Bangalore-560001, Karnataka, India |
|
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 |
Fixed Assets:
·
Leasehold Improvements
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fittings
·
Vehicles
·
Software
As per website
Profile:
Ittiam Systems is an Embedded Software and Systems Design Company which specializes
in Digital Signal Processing (DSP) based applications in Multimedia and
Communications domains. Its core competencies include RTL Design, Multimedia
Codec, Middleware, Board Design and Application Software. Ittiam has a global
customer base of over 300 companies in OEM / ODM industry and ASIC / SOC
industry.
Ittiam’s mission is to be a world class Embedded Software and Systems Design
Company. Ittiam strives to create significant value for its customers,
partners, people and investors through its technology and customer focus.
Ittiam continuously invests in RandD to build futuristic designs of high
performance and high quality. Customers who license Ittiam designs benefit from
the technology differentiation and the time-to-market advantage gained for
their products. Customer satisfaction is very high on Ittiam’s priority and
Ittiam topping the Forward Concepts’ DSP Professionals Survey as the Most
Preferred DSP IP Supplier in every edition since 2004 is an acknowledgement of
the same from satisfied customers across the industry.
Headquartered in
The Leadership:
Srini Rajam
Chairman and CEO
Srini Rajam is the Chairman and CEO of Ittiam Systems and has been
responsible for building Ittiam from its inception. Under his leadership, the
company has grown its global customer base to over 300 customers today and has
received several accolades in
Prior to Ittiam, Srini was the Managing Director of Texas Instruments India
from 1995-2000 and was instrumental in making TI India one of the most valuable
RandD centres for TI globally. He also served as a Member of the TI Asia
Leadership Team and Chairman of TI Asia advisory team for regional technical
council. Srini has also donned several industry roles that include serving as
the Member of Governing Council of the Department of Electronics’
Srini has a Master’s Degree in Computer Science from the
Ravishankar G
VP, SOC IP
Ravishankar is the Vice-President of the Silicon IP Business Unit at
Ittiam Systems and also plays the role of Business Development Manager for APAC
region.. Having over 23 years of industry experience in VLSI, DSP and
Multimedia domains, Ravishankar was also part of the Ittiam founding
team.
Prior to Ittiam,
Ravi holds a Bachelor’s degree in Physics from
Shantanu Jha
VP, Media
Processing
Shantanu is the Vice-President of Ittiam’s Media Processing Business
Unit, responsible for core technology development in the areas of Audio, Speech,
Imaging and Video and Multimedia based applications for both Wireless Smart
Phones/Portable Devices and Broadcast. He has over 20 years of industry
experience in DSP and ASIC and he was also a part of the Ittiam founding team.
Before Ittiam, Shantanu was with Texas Instruments India where he was a
Senior Member of Technical Staff (SMTS). Having joined TI in 1987 as a Software
Engineer, Shantanu moved up the ladder over the years and he had been leading
ASIC design flow efforts in TI India ASIC Product Development Centre since
1998. Shantanu is widely regarded as an expert in software development and
microelectronics.
Shantanu has a Bachelor's Degree in Electrical Engineering from the
Indian Institute of Technology,
Sattam Dasgupta
VP, Media
Streaming
Sattam is the Vice-President of the Media Streaming Business at Ittiam
Systems, which is focused on embedded systems that deliver media over IP
networks including media distribution/networking and video communication.
Sattam brings over 25 years of experience across various spheres in technology
from mixed signal and ASIC products in VLSI to embedded systems for media
centric applications.
Prior to Ittiam, Sattam was part of the management team in Texas
Instruments India where he was the Director of ASIC
Sattam holds a Bachelor’s degree in Electronics and Telecommunication
from
Johann Andrew
Bhagyanathan
VP, Finance and
Legal
Andrew is Vice-President, Finance and Legal at Ittiam Systems and he is
responsible for the Finance function, Accounting and Reporting, Tax, Treasury,
Internal Audit and the Legal and Commercial functions.
Prior to Ittiam, Andrew was the Finance Director and Company Secretary
at Texas Instruments India where he held complete responsibility for the
financial leadership of the company, with additional responsibilities of
Purchase, Legal and Government Interface. Andrew was also a member of the TI
India Management Team. Andrew had worked with TDICI, now ICICI Ventures, as
Assistant Vice-President, Finance before joining TI.
Andrew holds a Bachelor's degree in Commerce from
Rohit Bhuva
VP, Marketing
-
Rohit is Ittiam’s Vice-President for Business Development for the
Prior to Ittiam, Rohit was a member of Texas Instrument's Semiconductor
Strategic Marketing Team and was looking after Emerging End-Equipment for TI's
DSPs. Having joined TI in 1978 as an IC Design Engineer, Rohit has worked in
TI's various design teams in Memory, Programmable Logic, Microprocessor and
Mixed Signal Products. Rohit was an elected TI SMTS (Senior Member of Technical
Staff) and has 11 patents to his credit.
Rohit has a Master’s degree in Electrical Engineering from Illinois
Institute of Technology, Chicago and a Bachelor’s degree in Electronics
Engineering from MS University,
Marc Guillaumet
VP, Marketing
–
Marc is Ittiam’s Vice-President, Marketing for Europe and also heads
Ittiam’s subsidiary in
Before joining Ittiam, Marc headed the Technology Licensing and Consumer
Electronics Business Unit at Ateme, where he was responsible for marketing and
business with Texas Instruments and was also part of the Ateme Executive
Committee. Marc had joined Ateme in 1992 as an engineer, when the company had
just been founded and its key focus was on offering engineering services for
large aeronautics and defence firms in
Marc holds an Engineering degree from Sup'Aero, a renowned high school
for aeronautics in the South of France.
Samir Dhond
Director Human
Resource
Samir is the Director for Human Resources at Ittiam Systems and has more
than 17 years of industry experience in Human Resources, Organization
Development and Training.
Samir has worked with companies like Texas Instruments, Hewlett Packard,
Merind and Leo Burnett in different capacities handling portfolios ranging from
specialized HR sub-functions, Business HR, and Organizational Development,
Talent Sourcing to setting up of HR processes and practices in an organization,
before joining Ittiam.
Samir holds a Masters in Business Administration majoring in Human
Resources from
Press Release:
Ittiam Systems
Unveils its Audio Processing Software for the ARM Cortex-M4 Processor
23.02.2010
Broad Set of Audio Codecs and Algorithms for the latest ARM Cortex-M
Processor
Ittiam today announced the availability of audio codecs and post-processing
algorithms for the newly released ARM® Cortex M4 processor.
The ARM Cortex-M4 processor is the most efficient processor of the
Cortex-M series for digital signal control applications and has been designed
to answer the needs of the motor control, automotive, power management,
industrial automation and embedded audio markets.
Thanks to its compatibility with the Cortex-M processor series, the
existing codec offering from Ittiam on the Cortex-M3 processor is fully
functional out-of-the-box with a 10 percent performance improvement on the
Cortex-M4 processor. Additionally, Ittiam audio codecs have been fully
optimized to take advantage of the Single Instruction Multiple Data (SIMD) unit
and enhanced DSP instructions of the Cortex-M4 processor, enabling a 2 times
performance gain over the Cortex-M3 processor implementations.
Ittiams product offering for the Cortex-M4 processor includes a fully
optimized implementation of MP3 and WMA decoders, with a roadmap for additional
portable and high definition audio codecs later this year. These codecs are
complemented by a set of audio effects and acoustic processing algorithms to
provide to the end user a rich listening experience.
"The Cortex-M4 processor is well suited for audio processing,"
stated Shantanu Jha, Vice President Media Processing at Ittiam Systems.
"Advanced features like the single cycle MAC, DSP instructions with SIMD
capability enable efficient audio signal processing on this MCU core. Combining
the microcontroller and signal processing features at low power, the Cortex-M4
processor is an attractive solution for the embedded market."
"The Cortex-M4 processor addresses a wide variety of digital signal
control markets and embedded audio is one of the most challenging in terms of
signal processing requirements," said Shyam Sadasivan, Product Manager for
the Cortex-M4 processor at ARM. "Ittiams expertise on the Cortex-M
processor family has enabled us to address these requirements through a
combination of leading processor architecture and highly optimized software
that will help our customers get products to market faster."
About Ittiam
Ittiam Systems Private Limited, headquartered in
About ARM
The ARM Connected Community is a global network of more than 450
companies aligned to provide a complete solution, from design to manufacture and
end use, for products based on the ARM architecture. ARM offers a variety of
resources to Community members, including promotional programs and
peer-networking opportunities that enable a variety of ARM Partners to come
together to provide end-to-end customer solutions.
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.44.67 |
|
|
1 |
Rs.69.45 |
|
Euro |
1 |
Rs.59.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.