Business
information report
1.
Summary Information
|
|
|
Country |
India |
|
Company Name |
ORDYN
TECHNOLOGIES PRIVATE LIMITED |
Principal Name 1 |
Mr. Srinivasan Rajagopalan |
|
Status |
Moderate |
Principal Name 2 |
Mr. Venkatesh Rajagopalan |
|
|
|
Registration # |
08-045373 |
|
Street Address |
Ozone Manay Tech Park, 2nd Floor, Tower B, # 56/1A and 55/9, Hongasandra
Village, Begur Hobli, Hosur Road, Bangalore – 560 058, Karnataka |
||
|
Established Date |
28.07.1995 |
SIC Code |
-- |
|
Telephone# |
91-80-40383000 |
Business Style 1 |
Manufacturer |
|
Fax # |
Not Available |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Tele Communication Equipments |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 55,033,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings–36.01% Bodies corporate–33.32% Directors or relatives
of Directors – 16.71% Other top fifty shareholders – 13.96% |
Banking |
Canara Bank |
|
Public Limited Corp. |
No |
Business Period |
17 years |
|
IPO |
No |
International Ins. |
- |
|
Public Enterprise |
No |
Rating |
Ca (19) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries
|
India
|
PT Ordyn Technologies |
-- |
|
Note |
- |
||
2.
Summary Financial Statement
|
Balance Sheet as of |
31.03.2009 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
194,438,000 |
Current Liabilities |
169,906,000 |
|
Inventories |
38,330,000 |
Long-term Liabilities |
958,725,000 |
|
Fixed Assets |
252,030,000 |
Other Liabilities |
56,177,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,184,808,000 |
|
Invest& other Assets |
236,848,000 |
Retained Earnings |
22,151,000 |
|
|
|
Net Worth |
(463,162,000) |
|
Total Assets |
721,646,000 |
Total Liab. & Equity |
721,646,000 |
|
Total Assets (Previous Year) |
763,496,000 |
|
|
|
P/L Statement as of |
31.03.2009 |
(Unit: Indian Rs.) |
|
|
Sales |
34,545,000 |
Net Loss |
(259,984,000) |
|
Sales(Previous yr) |
25,178,000 |
Net Loss
(Prev.yr) |
(299,096,000) |
MIRA
INFORM REPORT
|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ORDYN TECHNOLOGIES PRIVATE LIMITED (w.e.f.16.02.2007) |
|
|
|
|
Formerly Known
As : |
ORION TELE – EQUIPMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ozone Manay Tech Park, 2nd Floor, Tower B, # 56/1A and 55/9,
Hongasandra Village, Begur Hobli, Hosur Road, Bangalore – 560 058, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
28.07.1995 |
|
|
|
|
Com. Reg. No.: |
08-045373 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 55.033 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120WB1995PTC045373 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRO01178C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO5248H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in the design, development and manufacturing of
telecommunication transmission equipments. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The
management has not filed the financial of the company with the government departments
after the year 2009. However, trade relations are reported as fair. Business
is active. Payments are unknown. The company can be considered for business dealings on a safe and
secured 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Ozone Manay Tech Park, 2nd Floor, Tower B, # 56/1A and 55/9,
Hongasandra Village, Begur Hobli, Hosur Road, Bangalore – 560 058, Karnataka,
India |
|
Tel. No.: |
91-80-40383000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
42-A, Shakespears Sarani, Kolkata – 700 001, West |
|
Tel. No.: |
91-33-22227909 |
|
Fax No.: |
91-33-28370297 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
# 608/7, Sethi Bhavan, |
|
Tel. No.: |
91-11-25728964 |
|
Fax No.: |
91-11-25728965 |
|
E-Mail : |
|
|
|
|
|
Administrative Office / Factory / Corporate Office : |
Unit 3 and 4, 1st floor, |
|
Tel. No.: |
91-80-40383000 (30 lines) |
|
Fax No.: |
91-80-30201177 |
|
Area : |
DIRECTORS
AS ON 26.07.2010
|
Name : |
Mr. Venkatesh Rajagopalan |
|
Designation : |
Director |
|
Address : |
A-309, Natasha
Golf View Apartments, Domlur Ring Road, Domlur, Bangalore – 560071,
Karnataka, India |
|
Date of Birth/Age : |
12.09.1966 |
|
Date of Appointment : |
01.05.2001 |
|
DIN No.: |
00570480 |
|
|
|
|
Name : |
Mr. Srinivasan Rajagopalan |
|
Designation : |
Director |
|
Address : |
1 10 1, D Block,
Mantri Elegance, N. S. Palya, Bannerghatta Road, B. T. M. 2nd Stage,
Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
05.04.1970 |
|
Date of Appointment : |
26.12.2002 |
|
DIN No.: |
00570725 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U67120KA1995PTC045373 |
ORDYN
TECHNOLOGIES PRIVATE LIMITED |
Director |
26-12-02 |
26-12-02 |
Active |
|
|
2 |
U72900TN2010PTC075212 |
ONE EIGHT
INFOTEL AND CAPITAL SERVICES PRIVATE LIMITED |
Director |
31-03-10 |
31-03-10 |
Active |
NO |
|
Name : |
Mr. Rajagopalan Venkatachari |
|
Designation : |
Director |
|
Address : |
1 10 1, D Block,
Mantri Elegance, N. S. Palya, Bannerghatta Road, B. T. M. 2nd Stage,
Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
17.09.1939 |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00570664 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U67120KA1995PTC045373 |
ORDYN
TECHNOLOGIES PRIVATE LIMITED |
Director |
01-04-05 |
01-04-05 |
Active |
|
|
2 |
U72900TN2010PTC075212 |
ONE EIGHT
INFOTEL AND CAPITAL SERVICES PRIVATE LIMITED |
Director |
31-03-10 |
31-03-10 |
Active |
NO |
|
Name : |
Mr. Rakesh Jain |
|
Designation : |
Director |
|
Address : |
102, Pushpak
Apartment, Keshar Bagh Road, Indore – 452001, India |
|
Date of Birth/Age : |
27.01.1964 |
|
Date of Appointment : |
13.02.2006 |
|
DIN No.: |
00071316 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U67120MP1995PTC009131 |
PRATAPGARH
LEASING AND FINANCE PRIVATE LIMITED |
Director |
07-03-95 |
07-03-95 |
- |
Active |
NO |
|
2 |
U40102MP1995PLC009177 |
KORBA WEST POWER
COMPANY LIMITED |
Additional
director |
01-01-05 |
01-01-05 |
30-09-05 |
Active |
NO |
|
3 |
U15520WB1992PLC056823 |
CYRIL MEIR
WINERY LIMITED |
Director |
04-11-05 |
04-11-05 |
- |
Active |
NO |
|
4 |
U74920DL2004PTC123998 |
VSR
INFRASTRUCTURE PRIVATE LIMITED |
Director |
11-01-06 |
11-01-06 |
20-05-11 |
Active |
NO |
|
5 |
U67120KA1995PTC045373 |
ORDYN
TECHNOLOGIES PRIVATE LIMITED |
Director |
30-09-06 |
13-02-06 |
- |
Active |
|
|
6 |
U72900DL2006PTC147588 |
VRS INFOTECH
PRIVATE LIMITED |
Director |
16-03-06 |
16-03-06 |
- |
Active |
NO |
|
7 |
U70109DL2006PTC150192 |
SVR REALTORS
PRIVATE LIMITED. |
Director |
25-06-06 |
25-06-06 |
20-05-11 |
Active |
NO |
|
8 |
U19122MH2006PTC160809 |
A.R.T.
INTERNATIONAL PRIVATE LIMITED |
Director |
15-07-06 |
15-07-06 |
- |
Active |
NO |
|
9 |
U15424MP2007PTC019328 |
SAI KRIPA SUGAR
MILL PRIVATE LIMITED |
Director |
01-03-07 |
01-03-07 |
- |
Active |
NO |
|
10 |
U13200DL2007PTC170320 |
ROCOCO MINING
TECHNOLOGIES PRIVATE LIMITED |
Director |
12-11-07 |
12-11-07 |
20-05-11 |
Active |
NO |
|
11 |
U45400DL2007PTC170319 |
APT
INFRASTRUCTURE PRIVATE LIMITED |
Director |
12-11-07 |
12-11-07 |
31-10-11 |
Active |
NO |
|
12 |
U74910DL2007PTC163885 |
SAITECH SECURITY
AND DATA MANAGEMENT PRIVATE LIMITED |
Director |
20-08-09 |
20-08-09 |
01-06-11 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.07.2010
|
Names of Shareholders |
Fully Paid Up |
Partly Paid Up |
|
Venkatesh
Rajagopalan |
216287 |
241280 |
|
Srinivasan
Rajagopalan |
216287 |
241280 |
|
S. Sreeraj |
216287 |
241280 |
|
K.N. Sreedharan |
216287 |
241280 |
|
Vinod Babu |
216287 |
241280 |
|
Royal Highland
Distilleries Limited, India |
923400 |
0 |
|
R. Srinivasan |
24840 |
0 |
|
The Trustee,
Ordyn Technologies Private Limited, Employees Welfare Trust, India |
7500 |
0 |
|
Edelweiss
Capital Private Limited, India |
1275 |
0 |
|
Suyash
Outsourcing Private Limited, India |
659577 |
0 |
|
Festive
Multitrade Private Limited, India |
249602 |
0 |
|
Rajeev Pai |
24960 |
0 |
|
Girish Kulkarni |
79243 |
0 |
|
Marchmont
International Finance Limited, Mauritius |
218437 |
0 |
|
Arbor
Investments, Court |
1763399 |
0 |
|
Venkata
Rajendran |
457565 |
0 |
|
Total |
5491233 |
1206400 |
AS ON 26.07.2010
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
36.01 |
|
Bodies corporate |
33.32 |
|
Directors or relatives of Directors |
16.71 |
|
Other top fifty shareholders |
13.96 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the design, development and manufacturing of
telecommunication transmission equipments. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Actual
Production |
|
STM-1 |
Nos. |
394 |
|
MEOT |
Nos. |
545 |
|
STM-16 |
Nos. |
9 |
|
CPE |
Nos. |
234 |
GENERAL INFORMATION
|
No. of Employees : |
No Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Canara Bank Address: Overseas
Branch, 28, M |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountant |
|
Address : |
Wings, 1st Floor, 16/1, Cambridge Road, Halasuru,
Bangalore-560008, Karnataka, India |
|
Pan No.: |
AAAFW4298E |
|
|
|
|
Subsidiaries : |
PT Ordyn Technologies Ordyn Technologies Sdn. Bhd Ordyn Technologies Pte Limited Ordyn Technologies FZE |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5491233 |
Equity Shares |
Rs.10/- each |
Rs. 54.912
Millions |
|
1206400 |
Equity Shares |
Rs.0.10/-
each |
Rs. 0.121
Million |
|
|
Total |
|
Rs. 55.033 Millions |
Note:
Of the above 1497610 shares of Rs. 10 each are
allotted as fully paid up bonus shares by capitalization of Securities Premium.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
55.033 |
55.033 |
55.033 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.151 |
22.151 |
40.884 |
|
|
4] (Accumulated Losses) |
(540.346) |
(280.362) |
0.000 |
|
|
NETWORTH |
(463.162) |
(203.178) |
95.917 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
396.106 |
386.116 |
439.012 |
|
|
2] Unsecured Loans |
562.619 |
421.103 |
33.236 |
|
|
TOTAL BORROWING |
958.725 |
807.219 |
472.248 |
|
|
DEFERRED TAX LIABILITIES |
49.459 |
67.985 |
10.403 |
|
|
|
|
|
|
|
|
TOTAL |
545.022 |
672.026 |
578.568 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
252.030 |
99.278 |
78.191 |
|
|
Capital work-in-progress |
97.712 |
179.439 |
43.262 |
|
|
|
|
|
|
|
|
INVESTMENT |
139.136 |
121.548 |
5.580 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.330
|
64.975 |
18.707 |
|
|
Sundry Debtors |
11.869
|
106.686 |
530.011 |
|
|
Cash & Bank Balances |
103.484
|
98.161 |
81.430 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
79.085
|
93.409 |
69.233 |
|
Total
Current Assets |
232.768
|
363.231 |
699.381 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.579
|
49.252 |
213.510 |
|
|
Other Current Liabilities |
107.327
|
36.908 |
29.589 |
|
|
Provisions |
6.718
|
5.310 |
4.747 |
|
Total
Current Liabilities |
176.624
|
91.470 |
247.846 |
|
|
Net Current Assets |
56.144
|
271.761 |
451.535 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
545.022 |
672.026 |
578.568 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
34.545 |
25.178 |
|
|
|
|
Other Income |
11.882 |
15.365 |
|
|
|
|
TOTAL |
46.427 |
40.543 |
484.011 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
314.527 |
280.615 |
427.061 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
[Including |
[Including |
56.950 |
|
|
|
|
Depreciation] |
Depreciation] |
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
6.963 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(268.100) |
(240.072) |
49.987 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEMS |
(3.344) |
0000 |
4.218 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(11.460) |
59.024 |
10.415 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(259.984) |
(299.096) |
35.354 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
3.203 |
3.242 |
15.916 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
9.649 |
42.854 |
148.735 |
|
|
|
Capital Goods |
3.899 |
2.134 |
0.000 |
|
|
TOTAL IMPORTS |
13.548 |
44.988 |
148.735 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(47.24) |
(54.35) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(559.98)
|
(737.73) |
7.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(776.09)
|
(953.50) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(55.30)
|
(51.91) |
6.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
1.18 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.56)
|
(4.76) |
7.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
3.97 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Registered office of the Company has been shifted from Unit 3 And 4, 1st
Floor, Creator Building, ITPB, Whitefield, Bangalore – 560 006, Karnataka,
India to the present address w.e.f.12.01.2009
BACKGROUND
Subject is a
Bangalore headquartered Telecom Product Company. The company is engaged in the
design, development and manufacturing of telecommunication transmission
equipments.
The Company had
earlier extended the current financial year to end on 30 June 2009 making it a
15 month reporting period from 1 April 2008 to 30 June 2009. However, the
Company has subsequently through its Board of Directors meeting held on 7 May
2010, decided to retain the financial year as 1 April 2008 to 31 March 2009.
OVERVIEW ON PERFORMANCE OF THE COMPANY
During this fiscal
year, the Company's revenue has increased considerably when compared to previous
year. There was an increase in the Turnover (Sales and Service), approximately
by 37% when compared to previous year. However, the Company was not able to
earn profits due to increased expenditures.
The key reasons to
such huge losses are due to increased marketing ventures and Research Et
Development expenses which have led to building brand equity and generation of
Intellectual Property in the Company. However, both these aspects have
potential of improving the revenues for the Company in the future years.
The directors are
confident in achieving higher revenue and profits in the coming years as the
opportunities are huge and the Company is capable of exploring the same
productively.
STRATEGIES AND FUTURE PROSPECTSIOUTLOOK OF THE
COMPANY
The management has
instituted measures to control operating costs to reduce the losses incurred by
the Company. In this connection, the management, subsequent to the year-end,
with a view to reduce costs and sustaining operations, has ceased the
operations of the Subsidiaries and the services of all the employees were
terminated and only certain personnel have been retained on a consultancy
basis. The Company currently plans to operate the Wholly Owned Subsidiaries in
Singapore, Malaysia and Indonesia for assisting the Company in procuring the
Orders from APAC and expects significant growth in the revenue and
profitability of the Subsidiaries.
Further, the
management is also in the advanced stage of identifying a definite source for
further funding to cater to its development initiative and working capital
requirements.
The directors have
initiated various measures to cater to the market needs and have been
aggressively working towards expanding its customer base and catering to the
depth of these markets and constantly upgrading the distribution network of the
Company and equipping the Company to provide quality products and services to
it’s customers under one roof.
OPERATIONAL OUTLOOK
During the year
ended 31 March 2009, the revenues of the Company have marginally increased
compared to the prior year however the Company has incurred a net loss of Rs.
259.984 Millions. The Company had incurred significant losses in the previous
year also and the accumulated losses as on 31 March 2009 amounts to Rs.540.346
Millions which has fully eroded its entire net worth.
In August 2008,
the Company, along with its partners, was awarded an Advance Purchase Order by
Bharat Sanchar Nigam Limited (BSNL) for the supply of STM 16 MADM equipment for
Rs 1,510 million. However, lack of working capital facilities owing to the
recession in the global market and the steep fluctuation in the currency has
made it unviable for completing the supplies and consequently BSNL has
short-closed the orders and the performance bank guarantees furnished by the
Company amounting to Rs. 86.300 Millions have also been invoked subsequent to
31 March 2009.
As a part of its
growth strategy the Company had established wholly owned subsidiaries in
Malaysia, Singapore, Indonesia and the UAE to tap opportunities available in
the telecom sector. The initial periods of marketing involved cost towards
brand building and hence these subsidiaries had also incurred losses during the
current year and as of 31 March 2009, the net worth of the subsidiaries are
also substantially eroded due to the accumulated losses. As at 31 March 2009,
the carrying value of the investments in the Company's subsidiaries amounted to
Rs 139.136 Millions in addition to Rs.18.183 Millions advanced to these
subsidiaries.
These factors
raise substantial doubt that the Company will be able to continue as a going
concern and therefore, may be unable to realize its assets and discharge its
liabilities in the normal course of business.
The key reasons
for the losses incurred by the Company are attributable to marketing ventures
and Research and Development expenses which have led to building brand equity
and generation of Intellectual Property (IP) in the Company. Both these aspects
have potential of improving the revenues for the company in the future years.
Subsequent to the
year-end with a view to reduce costs and sustaining operations, the management
ceased the operations of these subsidiaries and services of all the employees
were terminated and only certain personnel have been retained on a consultancy
basis. The Company currently plans to operate the wholly owned subsidiaries in
Singapore, Malaysia and Indonesia for assisting the Company in procuring the
orders from APAC and expects significant growth in the revenue and
profitability of the subsidiaries.
Further, during
the year, the Company has obtained Technical Specification Evaluation
Certificate (TSEC) approval for STM -16 MADM equipment which qualifies this
equipment for supply to BSNL which has the potential to provide significant
revenues to the Company. Therefore, the Company expects significant
contribution of future revenues from its STM -1 and STM -16 range of products.
The Company has also identified a target list of customers and is in various
stages of negotiations with these potential customers to obtained orders
Further, the
management has also instituted measures to control operating costs and
therefore reduce the losses incurred by the Company. The Company is also in the
advanced stage of identifying a definite source for further funding to address
its development initiative and working capital requirements.
With the proposed
funding, market penetration in new geographies, exploring of new customers and
substantially increasing the sales to the existing customers, the Company is
confident of achieving a substantial growth in the revenue and profitability in
the future years. Based on the above, management believes that the Company will
be able to meet its obligations as and when they fall due. Accordingly, the
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern. Further, the Management believes that there
is no permanent decline in the value of investments in wholly owned
subsidiaries in Malaysia, Singapore and Indonesia. Therefore, no adjustments
have been recorded for the carrying value of the investments in these
subsidiaries and advance given to these subsidiaries.
FORM 8
|
Corporate
identity number of the company |
U67120KA1995PTC045373 |
|
Name of the
company |
ORDYN
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ozone Manay Tech Park, 2nd Floor, Tower B, # 56/1A and 55/9, Hongasandra
Village, Begur Hobli, Hosur Road, Bangalore – 560 058, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
· Canara Bank Address: Overseas
Branch, 28, M |
|
Nature of
instrument creating charge |
Letter regarding
revision of credit limits |
|
Date of
instrument Creating the charge |
06.05.2009 |
|
Amount secured by
the charge |
Rs. 105.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As may be
prescribed by bank from time to time Terms of repayment Usance/validity
period as per bank sanction Margin 15% Extent and operation of the charge The charge shall
operate to the extent of Rs.105.500 Millions plus interest commission costs
expenses and other charges thereon. Other The said amount
of Rs. 105.500 Millions comprises ILC/FLC/BG Rs.66.500 Millions and BG (ST)
Rs.39.000 Millions. |
|
Short particulars
of the property charged (Including location of the property) |
Canara Bank will
have 1st Charge over Current and Fixed Assets of Company, stored at the
premises at Ozone Manayttech Park Towers II Floor, 56/18 Hosur Road
Hongasandra Bangalore while India Infoline Limited will hold 2nd Charge only
on these Current Assets. India Infoline Limited will have 1st
Charge over Current and Fixed Assets created out of India Infoline Limited
funds and stored at Smile Electronics Limited, 13, Bhatarahalli, 17th
KM, Old Madras Road, B’lore’, while Canara Bank will have 2nd Charge over these Assets |
|
Charge
identification number of the charge to be modified |
90248314 |
|
Date of instrument
modifying the charge |
10.01.2007 |
|
Particulars of
the present modification |
By the above, the
amount secured by charge stands revised from Rs.257.300 Millions to
Rs.105.500 Millions. (all other terms
and conditions remain unchanged) |
FIXED ASSETS
·
Leasehold Improvements
·
Computers Including
Software’s
·
Furniture and Fixtures
·
Office Equipments
·
Plant and Machinery
WEB SITE DETAILS
History
Subject (previously known as Orion Tele Equipments Private Limited) was founded
in November 2001 when a group of entrepreneurial engineers brought to life a
shared dream: to design and manufacture a reliable and cost-effective carrier
class SDH platform primarily for deployment in Indian networks. Within six
months, their first MSPP SDH platform materialized; and along with it, a
company dedicated to strong telecommunication systems design and robust
operational capabilities.
In October 2002, after commercializing their solution concepts, Subject
was awarded its first RFP with channel partners, followed by additional
contracts with BSNL (Bharat Sanchar Nigam Limited), the largest
telecommunications service provider in India. Since then, they have deployed
their concept solutions to numerous markets across Asia, particularly in the
south east Asian region. In 2007, Subject established wholly owned subsidiaries
in Singapore and Indonesia in an effort to penetrate an even larger market and
further establish our presence in the industry.
2008 holds an even bigger promise for Subject with the enlargement of
their product portfolio to include WiMAX, EPON, SDH Radio and DWDM Solutions;
the establishment of an office and production facility in Malaysia and yet
another in the United Arab Emirates-- all equally equipped to meet the varying demands
of their worldwide clientele.
Subject has successfully made its mark in the Indian telecommunications
market and has established a visible line of products that are deployed across
a variety of verticals: fixed line and wireless carriers, utilities,
transportation and defense sectors.
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. 50.02 |
|
|
1 |
Rs. 79.31 |
|
Euro |
1 |
Rs. 66.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
19 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.