MIRA
INFORM REPORT
|
Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDIEON TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7/B, Shah Industrial Estate, Off Veera Desai Road, Mumbai-400053,
Maharashtra |
|
|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
30.06.2010 |
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|
|
|
Date of
Incorporation : |
24.06.2008 |
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|
|
|
Com. Reg. No.: |
11-183893 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs.0.757 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH2008PTC183893 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI05322C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI9167L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engage in supplying Digital Multimedia Products and Content
Delivery Solutions for the Satellite Broadcasters, Multi System Operators, IPTV
Operators, Telecom Operators and other related business. |
|
|
|
|
No. of Employees
: |
Information declined by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
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 : |
Slow and Delayed |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a company having a moderate track record. The management of
the company has failed to file its financials with the government departments
since 2010. Management has denied to provide any information about the subject to
us. As per previous year, it is found that the company’s liquidity
position is under severe threat. It has incurred heavy losses continuously
from last two years. Its losses have exceeded its networth. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings only on a safe and
secured trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-20-41010300
LOCATIONS
|
Registered Office : |
7/B, Shah Industrial Estate, Off Veera Desai Road, Mumbai-400053,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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Branch Office : |
502 A, 5th Floor, B-1, Cerebru IT Park, Kalyaninagar,
Pune-411014, Maharashtra, India |
|
Tel. No.: |
91-20-41010300 |
|
Fax No.: |
91-20-41010301 |
DIRECTORS
AS ON 31.12.2010
|
Name : |
Mr. Nikhil Pravinchandra Shah |
|
Designation : |
Director |
|
Address : |
B-501, Shivalaya Heights, 35, Azad Nagar, Veer Desai Road, Andheri
(West), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1952 |
|
Date of Appointment : |
24.06.2008 |
|
DIN No.: |
01129644 |
|
|
|
|
Name : |
Mr. Mohammed Asif Mohammed Habib Khan |
|
Designation : |
Director |
|
Address : |
B-20/403, Vaishali Nagar (West), Mumbai-400102, Maharashtra, India |
|
Date of Birth/Age : |
08.07.1960 |
|
Date of Appointment : |
24.06.2008 |
|
DIN No.: |
00038883 |
KEY EXECUTIVES
|
Name : |
Mr. Arup Sinha |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Names of Shareholders |
No. of Shares |
|
Mohammed Asif Mohammed Habib Khan |
21190 |
|
Nikhil Pravinchandra Shah |
10 |
|
Stellar Cinema Network Private Limited, India |
54490 |
|
|
|
|
Total |
75690 |
AS ON 31.12.2010
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
71.99 |
|
Directors or relatives of Directors |
28.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engage in supplying Digital Multimedia Products and Content
Delivery Solutions for the Satellite Broadcasters, Multi System Operators,
IPTV Operators, Telecom Operators and other related business. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management. |
|
|
|
|
Bankers : |
Not Available |
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Divatia and Mehta Chartered Accountant |
|
Address : |
219-221, Avon Arcade, D J Road, Near Railway Station, Vile Parle
(West), Mumbai - 400056, Maharashtra, India |
|
PAN No.: |
AAFFD6084Q |
|
|
|
|
Holding Company : |
Stellar Cinema Network Private Limited CIN No.: - U92110MH2003PTC142633 |
CAPITAL STRUCTURE
AS ON 30.06.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75690 |
Equity Shares |
Rs.10/- each |
Rs. 0.757
Millions |
|
|
|
|
|
NOTE
Of the above 28800 shares are issued for
consideration other than cash
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.757 |
0.469 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
14.343 |
14.631 |
|
|
4] (Accumulated Losses) |
|
(70.135) |
(32.668) |
|
|
NETWORTH |
|
(55.035) |
(17.568) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.363 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
1.363 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
(53.672) |
(17.568) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
11.760 |
7.258 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
27.900 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.425 |
3.551 |
|
|
Other Current Assets |
|
7.029 |
2.808 |
|
|
Loans & Advances |
|
16.095 |
0.119 |
|
Total
Current Assets |
|
23.549 |
6.478 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1.742 |
0.300 |
|
|
Other Current Liabilities |
|
115.139 |
31.004 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
116.881 |
31.304 |
|
|
Net Current Assets |
|
(93.332) |
(24.826) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
(53.672) |
(17.568) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
30.06.2010 |
01.04.2008 to
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.015 |
|
|
|
TOTAL (A) |
|
NA |
0.015 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Staff Costs |
|
|
22.632 |
|
|
|
Administrative, Selling and Other Expenses |
|
|
7.923 |
|
|
|
TOTAL (B) |
|
NA |
30.555 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(30.540) |
|
|
|
|
|
NA |
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(30.609) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
NA |
1.975 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(65.366) |
(32.584) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(27.900) |
0.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(37.466) |
(32.669) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(32.669) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(70.135) |
(32.669) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
NA |
0.260 |
|
|
TOTAL IMPORTS |
|
NA |
0.260 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(494.99) |
(92) |
|
KEY RATIOS
|
PARTICULARS |
|
|
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
|
NA |
(217793.33) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(103.41) |
(237.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
1.19 |
1.85 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(2.15) |
(1.78) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.20 |
0.21 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY OF
LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External
Agency Rating, if available |
No |
BACKGROUND
Subject was incorporated on June 24th, 2008 to engage in supplying
Digital Multimedia Products and Content Delivery Solutions for the Satellite
Broadcasters, Multi System Operators, IPTV Operators, Telecom Operators and
other related business. These financial statements are prepared for the period
from June 24th, 2008 to June 30th, 2009.
INDEX OF CHARGES:
NO CHARGES EXIST FOR COMPANY
FIXED ASSETS
·
Computer – Printer and
UPS
·
Plant and Machinery
·
Furniture and Fixtures
and Fittings
·
Office Equipments
·
Software’s
·
Vehicles
NEWS’S RELEASE
Thursday, March 22, 2012
Renesas
Electronics Singapore, Indieon Technologies Collaborate
Renesas Electronics Singapore, a
wholly-owned subsidiary of Renesas Electronics Corporation (TSE: 6723), and
Indieon Technologies today announced the launch of a best-priced H.264/MPEG4 HD
and SD digital set- top box (STB) developed based on Reneas' EMMA3SE/P and
EMMA3SL2/LP system-on-chips (SoCs) during Convergence India, to be held in New
Delhi, India, from March 21-23, 2012.
Renesas' EMMA3SE/P and EMMA3SL2/LP SoCs are
highly-cost optimised, high performance MPEG4 high definition (HD) and standard
definition (SD) devices that address growing demands of HD and SD solutions to
the digital consumer market in India.
"Indieon's capability of delivering
highly cost effective and quality products with strong software development
skill makes it a perfect partner combination for Renesas", says Sunil
Dhar, General Manager, India Business, Renesas Electronics Singapore. Adding to
his statement he said, "Localized on-time support for Operators, advance
middleware solutions required for faster monetization of operators investments,
rich graphics user interface (GUI) for enhanced TV viewing experience creates a
very special market space for Indieon in a highly competitive and challenging
market like India".
"Renesas EMM3SEP SoC with
612MIPS@400MHz dual core processor is the most compact and highly-integrated,
advanced security MPEG4 HD and SD processor in its class available today"
said Mr. Adnan Dhuliawala, AGM Business Development at Indieon. "The
advanced features available in the platform have enabled us to differentiate
and expand our products and services portfolio, while providing an enriching
and quality experience to our users. Strong hardware optimization and designing
skills, forging a direct relationship with semiconductor & manufacturing
partners and leveraging on volume orders, we are able to bring down the cost of
the product and offer consumers a very competitive and best-priced MPEG4 HD and
SD products from feature-rich Zapper class to high-end HD STBs. Indirectly
addressing the growing demands of HD consumers in India to avail a low cost HD
STB from their service providers and competitive cost definitely give advantage
to increase the quantity of HD boxes deployment in India, continuingly."
he added to his statement.
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 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.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
11 |
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.