MIRA
INFORM REPORT
|
Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
BROADCOM INDIA PRIVATE LIMITED |
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Formerly Known As : |
ARMEDIA LABS PRIVATE LIMITED |
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Registered Office : |
5th Floor, Campus, 3 A RMZECO Space, Bellandur, Villa,
Varthur Hobli, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.05.1997 |
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Com. Reg. No.: |
08-22294 |
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CIN No.: [Company
Identification No.] |
U30009KA1997PTC022294 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA01453E |
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PAN No.: [Permanent
Account No.] |
AABCB6063E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Export of Silicon Chips for Digital Television and Internet Appliances. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Broadcom Corporation, It is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLIND BY
Management non Co-operative.
LOCATIONS
|
Registered Office/ Factory : |
5th Floor, Campus, 3 A RMZECO Space, Bellandur, Villa,
Varthur Hobli, |
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Tel. No.: |
91-80-41484444 |
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Fax No.: |
91-80-41539999/ 41484127 |
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E-Mail : |
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Distributors: |
# 26, 4th Floor, Akshaya Commercial Complex, Victoria Road,
Bangalore-560047, |
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Tel No.: |
91-80-41353800 |
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Fax No.: |
91-80-41353752 |
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E mail: |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Rajiv Kapur |
|
Designation : |
Additional Director |
|
Address : |
B 5 32 Azad Apartments, Sri Aurobindo Marg, |
|
Date of Birth/Age : |
30.04.1969 |
|
Date of Appointment : |
17.12.2007 |
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Name : |
Mr. Daniel A. Marotta |
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Designation : |
Director |
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Address : |
310 Calle De Sereno, Encinitas 92024 |
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Date of Birth/Age : |
04.06.1960 |
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Date of Appointment : |
25.01.2005 |
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Name : |
Mr. David A. Dull |
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Designation : |
Director |
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Address : |
5 Premiere Point, |
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Date of Birth/Age : |
07.01.1949 |
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Date of Appointment : |
31.05.1999 |
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Date of Ceasing : |
14.05.2008 |
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Name : |
Mr. Maria Wronski |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.06.1963 |
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Date of Appointment : |
17.12.2007 |
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Name : |
Mr. Cary John Aaron Berger |
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Designation : |
Director |
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Address : |
2527 Park OAK DR Los Angel, |
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Date of Birth/Age : |
22.09.1963 |
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Date of Appointment : |
26.06.2008 |
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Name : |
Mr. Deann Fairfield Work |
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Designation : |
Director |
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Address : |
501, |
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Date of Birth/Age : |
24.06.1969 |
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Date of Appointment : |
22.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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Broadcom Corporation, |
|
587071 |
|
Mavnet Acquisition corporation, |
|
30 |
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Total |
|
587101 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
|
Percentage |
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|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Export of Silicon Chips for Digital Television and Internet Appliances. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the Management. |
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Bankers : |
The Union Bank of |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
Maruthi Infotech Centre, |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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Fellow Subsidiaries: |
Broadcom |
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Holding Company : |
Broadcom Corporation, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
587101 |
Equity Shares |
Rs.10/- each |
Rs.5.871 Millions |
|
|
|
|
|
Note:
Of the above 587071 Equity Shares are held by
Broadcom Corporation, USA, the holding company and also the ultimate holding
company and 30 Equity Shares are held by Mavnet Corporation, USA.
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 |
5.871 |
5.871 |
5.871 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
284.550 |
276.462 |
235.775 |
|
|
4] Share Capital and Share Premium Pending allot of shares |
12.036 |
12.036 |
0.000 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
302.457 |
294.369 |
241.646 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
302.457 |
294.369 |
241.646 |
|
|
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
52.977 |
69.670 |
104.564 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
23.800 |
16.940 |
12.649 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
26.299
|
57.744 |
0.000
|
|
|
Cash & Bank Balances |
164.063
|
94.111 |
114.151
|
|
|
Other Current Assets |
0.000
|
0.000 |
40.278
|
|
|
Loans & Advances |
77.432
|
99.935 |
25.654
|
|
Total
Current Assets |
267.794
|
251.790 |
180.083
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.811
|
6.276 |
14.754
|
|
|
Other Current Liabilities |
11.245
|
11.186 |
14.182
|
|
|
Provisions |
21.058
|
26.569 |
26.714
|
|
Total
Current Liabilities |
42.114
|
44.031 |
55.650
|
|
|
Net Current Assets |
225.680
|
207.759 |
124.433
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
302.457 |
294.369 |
241.646 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
|
|
395.945 |
|
|
|
Other Income |
|
|
5.213 |
|
|
|
TOTAL |
328.929 |
399.709 |
401.158 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
318.051 |
321.686 |
325.183 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
318.051 |
321.686 |
325.183 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
10.878 |
78.023 |
75.975 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.407 |
38.181 |
66.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
8.471 |
39.842 |
9.004 |
|
|
|
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
275.804 |
235.775 |
226.771 |
|
|
|
Profit
of transferor company from 1 April 2006 to 31 March 2008 |
-- |
0.186 |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
284.275 |
275.803 |
235.775 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
328.920 |
372.708 |
395.945 |
|
|
TOTAL EARNINGS |
328.920
|
372.708 |
395.945 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Laboratory Consumables |
0.896 |
0.240 |
0.000 |
|
|
|
Capital Goods |
29.578 |
10.440 |
30.021 |
|
|
TOTAL IMPORTS |
30.474 |
10.680 |
30.021 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.60 |
63.97 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.58
|
9.97
|
2.24
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
19.19
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.39
|
24.27
|
26.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.27
|
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.14
|
0.15
|
0.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.36
|
5.72
|
3.24
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Dues to Micro and small enterprises |
-- |
-- |
-- |
|
- Dues to others |
9.811 |
6.276 |
14.754 |
|
Total |
9.811 |
6.276 |
14.754 |
Background:
The company formerly Armedia Labs India Private Limited, was incorporated
in Bangalore in 1997 as a wholly owned subsidiary of Armedia Inc, United States
of America (‘Armedia’) under the software Technology Parks of India (‘STPI’)
scheme of Government of India, with an objective to provide chip design and
related software development services.
Pursuant to acquisition by Broadcom Corporation,
During the financial year 2008-09, Athena Semiconductors Private Limited
was amalgamated with the company.
Review of
Operations:
The company has achieved a turnover of Rs. 329.929 Millions as against
Rs. 399.709 Millions in the previous year. The Board of Directors are pleased
to inform that the company has made a Net profit of Rs. 8.471Millions as
against a net profit of Rs. 39.842 Millions in the previous year.
Merger with Athena
Semiconductors Private Limited
The Hon’ble High Court of Karnataka had approved the merger of Athena
Semiconductors Private Limited with the company and accordingly passed an order
confirming the said merger on July 06, 2009. Pursuant to the said order, the
company is required to allot 1(one) equity share for every 7 (seven) equity
shares to the equity shareholders of Transferor Company. The Board is in the
process of allotting of share pursuant to the said order.
Contingent Liabilities:
(Rs.
In Millions)
|
Particulars |
31.03.2010 Rs.
In Millions |
|
Bank Guarantee |
2.500 |
|
Income tax matters |
39.624 |
Note:
The company has received demand from the Indian income tax authorities
for the assessment years 2005-06 and 2006-07 wherein additional amounts of tax,
including interest, of Rs. 25.984 Millions and Rs. 13.641 Millions respectively
have been assessed as payable by the company. The additional tax demand
primarily is on account of (i) price adjustment carried out by the Transfer
Pricing Officer on the transfer pricing margin under Section 92CA of the
Income-tax Act, 1961 and (ii) disallowance of a portion of deduction claimed by
the company under section 10A of the Income –tax Act, 1961.
The company has preferred an appeal against these demands before the Commissioner
(Appeals) and Dispute Resolution Panel (DRP) and management believes that its
position is likely to be upheld in the appellate process. Accordingly, no tax
expenses has been provided in the financial statements for the tax demands
raised. The management believes that the ultimate outcome of these proceedings
will not have a material adverse effect on the company’s financial position and
results of operations.
Bankers Charges
Report as per Registry
|
Name of the company |
ARMEDIA LABS PRIVATE LIMITED |
|
Presented By |
Mr. V Krishnan, Company Secretary, FCS: 709: CP: 1907 |
|
1) Date and description of instrument creating the change |
04.04.1998 S-4(A) packing credit Agreement and Demand promissory/ executed by the Directors of the company. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million |
|
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 of all goods purchased and meant for exports, and security over any of the sale proceeds there of and over the relative Bills of Lading and / or other shipping documents. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Company to apply the amount on trusted by Bank exclusively towards purchase of goods a meant for export as per confirmed sale contracts approved by Bank and/ or LCs opened. Interest on amount outstanding form time to time at a concessional rate of 3% percentage point over bank rate subject to minimum of 12% p.a. and/ or at such rate prescribed by bank/ RBI from time to time. Hypothecated goods to incurred against all risks as may be necessary and / or required by bank. |
|
5) Name and Address and description of the person entitled to the charge. |
The Union Bank of |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
Fixed Assets:
- Leasehold
Improvement
- Computers
- Laboratory
Equipment
- Office
Equipment
- Furniture and
Fixture
AS PER WEBSITE
Broadcom technology and products can be found in all of these devices
and settings, and many others.
Broadcom is a major technology innovator and global leader in
semiconductors for wired and wireless
communications: Broadcom products enable the delivery of voice,
video, data and multimedia to and throughout the home, the office and the
mobile environment. The company provides the industry's broadest portfolio of
state-of-theart, system-on-a-chip and software solutions to manufacturers of
computing and networking equipment, digital entertainment and broadband access
products, and mobile devices.
Broadcom is one of the world's largest fabless semiconductor companies: The company
designs and develops its products in labs and design centers in the
2009 Revenue: $4.49 billion.
Engineering driven: Of Broadcom’s more than 8,000 full-time employees
and temporary workers (excluding
interns), 76 percent are engineers, with more than 600 holding Ph.D.s.
Broadcom is an engineering-driven and RandDfocused company, with an industry
reputation for superior engineering execution and market leadership in a number
of product areas.
A Global Company: Broadcom is a FORTUNE 500® company based in
Patents: Broadcom has more than 4,500
Acquisitions: More than 40 companies acquired since 1999.
Customer Base of Industry Leaders: Acer, Alcatel-Lucent, Ambit, Apple, Cisco,
Dell, DirecTV, EchoStar, H-P, IBM, LG Electronics, Nintendo, Nokia, Nortel,
Motorola, Pace, Samsung, Thomson, among others.
Broadcom has more than 20 lines of business, and is No. 1 in
worldwide market leadership positions in nearly a dozen product areas.
Broadcom’s products are grouped in these three market areas:
Home: Broadband Communications (31% of revenues for Q3 2010)
·
Cable and DSL modems
·
Cable, satellite and IP set-top boxes
·
Blu-ray Disc
·
Digital TV
·
DSL solutions
Hand:
·
Mobile handset
·
Cellular baseband
·
Bluetooth
·
GPS
·
Mobile multimedia
·
Power management
·
VoIP
·
Wireless LAN (Wi-Fi)
·
NFC (Near Field Communication)
Infrastructure:
·
Physical layer
·
Broadband processor
·
Controller
·
Security
·
Optical
·
Switch
·
Server and storage
These products and technologies for the home, the hand and
infrastructure provide the foundation for Broadcom’s vision that
everyone and everything can be connected -- at home, at work and on the go, around
the globe. The mission is to be the leading communications semiconductor
company that enables these connections and enhances the experience.
Broadcom is headquartered in
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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.