MIRA
INFORM REPORT
|
Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAXTONE ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
Unit No. 414, Creative Industrial Estate, N. M. Joshi Marg, Parel,
Mumbai – 400 011, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.06.1994 |
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Com. Reg. No.: |
11-79143 |
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CIN No.: [Company Identification No.] |
U32109MH1994PTC079143 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMM20951A |
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PAN No.: [Permanent Account No.] |
AABCM5324K |
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Legal Form : |
Private Limited Liability company. |
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Line of Business : |
Manufacturing and dealing in computer hardware, electronic items,
telecommunication, electric equipments, computer, peripherals, plotters,
mechanical instruments, visual display, etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 113000 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has not filed its latest financials with the Government departments. The
management declined to part with any details. No complaints have been heard. In view of non-availability of latest financials, the company can be
considered for small to mediocre business dealings. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Subash |
|
Designation : |
Accounts Department Head |
|
Date : |
15.12.2008 |
LOCATIONS
|
Registered Office : |
Unit No. 414, Creative Industrial Estate, N. M. Joshi Marg, Parel,
Mumbai – 400 011, Maharashtra, India |
|
Tel. No.: |
91-22-23011434/37/23050202 |
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Fax No.: |
91-22-23011818 |
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E-Mail : |
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Corporate Office : |
26, Shivaji Nagar, N. M. Joshi Marg, Mumbai – 400 013, Maharashtra,
India |
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Tel. No.: |
91-22-23091664/23083414/23050202/23016468 |
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Fax No.: |
91-22-23075393/2308 8545 |
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E-Mail : |
maxtone@bom3.vsnl.net.in, naresh@maxtone.com meplsales@maxtone.com,
sg@maxtone.com |
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Website : |
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Factory 1 : |
Unit # 31-32, Electronic
Sadan No. 1, Electronics Zone, Mahape, Thane – Vashi Road, Thane,
Maharashtra, India Tel. No. 91-22-27688053 Unit No. 104/A,
Dadra Industrial Estate, Opposite Dadra Check Post, Vapi – Silvassa Road, Dadra, Union Territory,
India |
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Branches : |
Premises No. 9,
90 Wellington Plaza, Anna Salai, Chennai, Tamil Nadu Tel. No. 91-44-28516052 2, Payal Park Society, Satellite Road, Ahmedabad, Gujarat, India Tel. No. 91-79-26776150 7, Parklane, S D Road, Secunderabad, Hyderabad, Andhra Pradesh 78, Nalanda
Society, Vastrapur, Ahmedabad, Gujarat, India Tel. No. 91-79-26744384 1877, 11th Main, 39th Cross 4T Block, Jayanagar,
Bangalore 580041, Karnataka, India Tel. No. 91-80-26545383 Ruby Mahal, 2nd
Floor II (old no 6), Ramanathan St, Mahallngapuram, Nungambakkam, Chennai-600034, Tamilnadu, India Tel. No. 91-44-252137840/41/42 |
DIRECTORS
|
Name : |
Mr. Champakraj J. Gurjar |
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Designation : |
Director |
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Address : |
220, Shivaji Nagar, N. M. Joshi Marg, Mumbai - 400 013, Maharashtra,
India |
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Date of Birth/Age : |
23.04.1956 |
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Date of Appointment : |
23.06.1994 |
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Name : |
Mr. Kantilal J. Gurjar |
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Designation : |
Director |
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Address : |
121, Shivaji Nagar, N. M. Joshi Marg, Mumbai - 400 013, Maharashtra,
India |
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Date of Birth/Age : |
17.08.1952 |
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Qualification : |
23.06.1994 |
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|
Name : |
Mr. Naresh Jain |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names
of Shareholders |
No. of Shares |
|
Chanpakraj J. Gurjar |
280968 |
|
Kantilal J. Gurjar |
2712 |
|
Pamiben J. Gurjar |
2400 |
|
Manjula K. Gurjar |
1140 |
|
Indra C. Gurjar |
2160 |
|
Aruna S. Gurjar |
2160 |
|
Subhash J. Gurjar |
3852 |
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Total |
295392 |
As on 29.09.2007
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and dealing in computer hardware, electronic items,
telecommunication, electric equipments, computer, peripherals, plotters,
mechanical instruments, visual display, etc. |
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Product: |
“HIS”, “MAXFORCE”, “COMPAQ”, “INTEL” and “DFI” |
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Brand Names : |
“SUTRA” |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
·
ICICI Bank Limited, Navsari Building, 204, D. N. Road, Fort, Mumbai
– 400 001, Maharashtra, India ·
Mashreq Bank, 512, Tulsiani Chambers, Nariman Point, Mumbai –
400021, Maharashtra, India ·
Bank of Punjab Limited, Surya Mahal, N.M. Road, Fort, Mumbai,
Maharashtra, India ·
ABN Amro Bank N V, 74, Sakhar Bhavan, 7th Floor, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking
Relations : |
--- |
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Auditors : |
P. Raj and Company Chartered Accountants |
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Address: |
3/1218, Navjivan Commercial Premises Co-Op. Society Limited, Lamington
Road, Mumbai – 400 008, Maharashtra |
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Tel. No.: |
91-22-23012074/23054459 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24616 |
Equity Shares |
Rs.100/- each |
Rs.2.462
millions |
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
295392 |
Equity Shares |
Rs.100/- each |
Rs.29.539
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.462 |
2.462 |
2.461 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
20.175 |
16.117 |
12.716 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
22.637 |
18.579 |
15.177 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
0.286 |
0.467 |
0.000 |
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2] Unsecured Loans |
12.896 |
21.674 |
0.001 |
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TOTAL BORROWING
|
13.182 |
22.141 |
0.001 |
|
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DEFERRED TAX LIABILITIES |
1.037 |
0.913 |
1.007 |
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TOTAL
|
36.856 |
41.633 |
16.185 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
8.938 |
9.239 |
8.874 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
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|
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INVESTMENT
|
0.005 |
0.005 |
0.005 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
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|
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Inventories
|
38.847 |
37.546 |
13.035 |
|
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Sundry Debtors
|
172.644 |
113.288 |
94.698 |
|
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Cash & Bank Balances
|
5.577 |
3.863 |
8.164 |
|
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
3.098 |
3.418 |
3.528 |
Total Current Assets
|
220.166
|
158.115
|
119.425
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions |
192.138 |
125.496 |
112.124 |
|
|
Provisions |
0.117 |
0.233 |
0.000 |
Total Current Liabilities
|
192.255 |
125.729 |
112.124 |
|
Net Current Assets
|
27.911 |
32.386 |
7.301 |
|
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MISCELLANEOUS EXPENSES
|
0.002 |
0.003 |
0.005 |
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TOTAL
|
36.856 |
41.633 |
16.185 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
1251.000 |
1157.899 |
823.244 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
6.739 |
5.588 |
4.517 |
Provision for Taxation
|
NA |
2.096 |
1.640 |
Profit/(Loss) After Tax
|
NA |
3.492 |
2.877 |
|
|
|
|
|
Import Value
|
196.415 |
142.984 |
N.A. |
|
|
|
|
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Total Expenditure
|
1244.261 |
1152.311 |
818.727 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
0.30
|
0.35
|
|
|
|
|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
0.54
|
0.48
|
0.55
|
|
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|
Return on Total Assets
(PBT/Total Assets} |
(%) |
2.94
|
3.34
|
3.52
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.30
|
0.30
|
0.30
|
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
9.08
|
7.96
|
7.39
|
|
|
|
|
|
|
Current Ratio
(Current Asset/Current Liability) |
|
1.15
|
1.26
|
1.07
|
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
MAXTONE ELECTRONICS PRIVATE LIMITED |
|
Presented By |
Jointly Company and Charge holder |
|
1) Date and description of instrument creating the change |
No instrument was
executed. Charge created on 28.06.2004 by way of equitable mortgage by deposit
of title deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.500
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 |
Immovable
property of the company viz., 1. Unit No. 414
admeasuring 645 sq ft on the fourth floor in building known as “Creative
Industrial Centre” situated at Plot No.12, N.M. Joshi Marg, Mumbai – 400 013 2. Shop No.35
admeasuring 286 sq ft on the ground Floor in building known as “Shivaji Nagar
Co-op. Society Housing Limited” situated at N.M. Joshi Marg, Mumbai – 400 013 3. Unit No.31, of
“C” type admeasuring 822 sq ft on the third floor in Flatted Factory Building
situated at Plot No.1 in the TTC Industrial Areas within the village limits
of Mahape Taluka District Thane. 4. Unit No.32, of
“C” type admeasuring 665 sq ft on the third floor in Flatted Factory Building
situated at Plot No.1 in the TTC Industrial Areas within the village limits
of Mahape Taluka District Thane. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Security created
in respect of cash credit facility of Rs.1.000 million and Inland/ Import Letter
of Credit facility of Rs.11.500 millions. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Punjab Limited, Surya Mahal, N.M. Road, Fort,
Mumbai, Maharashtra, India |
|
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 |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U32109MH1994PTC079143 |
|
Name of the
company |
MAXTONE ELECTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Unit No. 414, Creative Industrial Estate, N. M. Joshi Marg, Parel,
Mumbai – 400 011, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
ABN Amro Bank N V, 74, Sakhar Bhavan, 7th Floor, Nariman
Point, Mumbai – 400 021, Maharashtra, India E-Mail: reenabang@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Hypothecation
of Movable Assets |
|
Date of
instrument Creating the charge |
24.06.2008 |
|
Amount secured by
the charge |
Rs.40.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
LC Facility of Rs.40.000 millions with sub limits of: a) Guarantee
(Performance/ Financial) of Rs.40.000 millions. b) CC/ OD of
Rs.10.000 millions. Interest/
Commission – At negotiated rates and as stipulated by the Bank from time to
time. Terms of
Repayment: As agreed by and with Bank from time to time. Margin: As
applicable, if any. Extent and
Operation of the charge: The Banks are having exclusive first charge on the
security offered by the company. |
|
Short particulars
of the property charged |
Hypothecation by
way of exclusive first charge both present and future on movable fixed
assets, stocks and book debts. |
FINANCIAL RESULTS:
The performance of the company was better as compared to earlier year. The
turnover of the company was up at Rs.1251.000 millions as against Rs.1157.900
millions representing a rise of 8.04% whereas the Net Profit before tax has
gone up proportionately and was at Rs.6.739 millions as compared to Rs.5.589
millions in the previous year.
The company is in trade terms with:
v
v Eurone Technology Taiwan Company
Limited, 11F, No. 96, Hisn Taiwu
Road, Taiwan (ROC)
v
v Labway Corporation, 6F, Chung Cheng
Road, Taiwan (ROC)
Business:
The company has its own brands “HIS” and “MAXFORCE’ in the market for
products like PC’s, Motherboards, Graphic cards, Add-on cards etc. which has
created a niche in the IT Business all over the Asia Pacific. The company is
Distributors for COMPAQ Presario Desktop and Portable, Compaq Spares and
upgrades, Compaq ecarepaqs for the western region and the No. 1 Player in the
Intel Processors and Motherboards Business. Apart from the own branded
motherboard “HIS” and “MAXFORCE”, the company is also distributors for DFI
Brand of Products in India.
It also acts as importers and distributors of Display Cards and 3500 –
4500 Motherboards for the following companies:
v Luckystar Technology Company Limited, Taiwan
v Sunrich Technology Limited, Hongkong
v Hightech Information System Limited, Hongkong
v Primax International, Holland
v Intel Asia (India Limited) Sub Distributors
v Compaq
Since the company is dealing mainly in computer related electronic parts
of which quantities and items are numerous, it is not practicable to give
quantitative details.
Contingent
Liabilities not provided for in respect of
|
Particulars |
Rs. in Millions As on 31.03.2006 |
|
Bank Guarantee |
0.251 |
|
Sales Tax |
0.000 |
|
Letter of Credit |
11.405 |
FIXED
ASSETS
- Plant and machinery
- Land and Building
- Furniture and fixture
- Office Equipment
- Vehicles
- Computer
WEBSITE DETAILS:
COMPANY BACKGROUND
Founded In 1985, subject, for the sake of definition It is a “technology with generation next” company, MAXTONE is one of the largest distributors and manufacturers in India and rank premier in the world of Information Technology. Due to the strong and trustworthy channel across the country it has made a mark in the I T business in India. MAXTONE strives to provide the customers the best value and service on accordance to the principles. MAXTONE has the products which have caught the imagination and lived up to the performance standards that the market demanded. Topping the markets with HIS and MAXFORCE Products, MAXTONE have looked up the market critics loved them too, what else can be said, it has been the choice of the critics too!
MAXTONE has the team of well Experience sales people across the country and
adding to it, MAXTONE has its own team of skillful engineers to cater the after
sales services for their products all over India.
With a Long Experience and Strong Technical Strength, It’s MAXTONE Being always
ahead of others in keeping up with the market Trends.
CORE COMPETENCE
It is the Quality, Consistency and after sales service which has been the key force behind its success story. Over the years the company has acquired a reputation by providing quality and genuine products supported by excellent after sales service. Offering the quality range of products that beats the competitors in speed, Versatility and Performance, no wonder MAXTONE has won many prestigious awards and has always been popular choice of the Customers.
ACTIVITY
in Brief
MAXTONE has its own brand HIS and MAXFORCE
in the market for products like PC’s, Motherboards, Graphic cards, Add-on cards
etc. which has created a niche in the IT Business all over the Asia Pacific.
MAXTONE is Distributors for COMPAQ Presario Desktop and Portable, Compaq Spares
and upgrades, Compaq ecarepaqs for the western region and the No. 1 Player in
the Intel Processors and Motherboards Business. Apart from the own branded
motherboard HIS and MAXFORCE, MAXTONE is also distributors for DFI Brand of
Products in India.
CMT REPORT [Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|