MIRA
INFORM REPORT
|
Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MICROMAX INFORMATICS LIMITED |
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Registered Office : |
1/6, Lower Ground Floor, East
Patel Nagar, New Delhi – 110 008 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.03.2000 |
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Com. Reg. No.: |
55-104823 |
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CIN No.: [Company
Identification No.] |
U00000DL2000PLC104823 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM06369G DELM06012G |
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PAN No.: [Permanent
Account No.] |
AABCR8863N |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
The company is
engaged in the business of Computer Education, Software & Hardware
Development, Telecom Equipments Trading. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 260000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
1/6, Lower Ground Floor, East Patel Nagar, New Delhi – 110 008, India. |
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Tel. No.: |
91-11-55495399 |
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Fax No.: |
91-11-51698398 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Vikash Jain |
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Designation : |
Director |
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Address : |
B – 118, 2nd
Floor, Paschim Vihar, New Delhi 110063, India |
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Date of Birth/Age : |
01.08.1974 |
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Date of Appointment : |
29.03.2000 |
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Name : |
Mr. Rahul Sharma |
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Designation : |
Director |
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Address : |
Flat No. 106, Plot
No. GHS – 97, The Swaran Jayanti CGHS, Sector 54, Gurgaon 122002, Haryana,
India |
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Date of Birth/Age : |
05.01.1975 |
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Date of Appointment : |
29.03.2000 |
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Name : |
Mr. Rajesh
Agarwal |
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Designation : |
Director |
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Address : |
B-312, Saraswati
Vihar, New Delhi 110084, India |
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Date of Birth/Age : |
22.02.1965 |
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Date of Appointment : |
29.03.2000 |
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Name : |
Mr. Sumeet Kumar
Arora |
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Designation : |
Director |
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Address : |
A-1/20, Sector – B,
Rohini, New Delhi 110085, India |
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Date of Birth/Age : |
12.01.1974 |
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Date of Appointment : |
29.03.2000 |
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Name : |
Mr. Sarvesh Gupta |
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Designation : |
Director |
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Address : |
C-23, Lohia
Nagar, Ghazibad, Uttar Pradesh |
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Date of Birth/Age : |
08.11.1974 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. Hitesh Arora |
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Designation : |
Director |
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Address : |
6/85, West
Punjabi Bagh, Delhi |
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Date of Birth/Age : |
07.07.1974 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. Vikash Sahni |
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Designation : |
Director |
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Address : |
141, Sector – 12,
R. K. Puram, Delhi – 22 |
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Date of Birth/Age : |
22.08.1974 |
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Date of Appointment : |
01.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
No. of Shares |
|
Vikash Jain |
55360 |
|
Rahul Sharma |
35650 |
|
Micromax
Technologies |
43500 |
|
Sumeet Arora |
33740 |
|
Yash Bhatia |
10 |
|
Raghav Bansal |
10 |
|
Vipul Jain |
10 |
|
Manju Arora |
10 |
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Equity Share
Break-up |
Percentage of
Holding |
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Directors or relatives of the Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is
engaged in the business of Computer Education, Software & Hardware Development,
Telecom Equipments Trading. |
GENERAL
INFORMATION
|
Suppliers : |
v
Alchenist
Consulting Private Limited v
DTDC Courier
& Cargo Limited v
GK Gupta
Water Supplier v
Harpreet
Ford v
Hi-Tech
Communications (India) v
Infotech
Micro. v
Nokia India Private
Limited v
Radil v
Spectra Net
Limited v
Vidur &
Company Private Limited |
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Customers : |
v
Airport
Authority of India v
A.M. Mobile
Telecom Private Limited v
Autometer Alliance Limited v
Benz India
Private Limited v
Bharti
Comtel Limited v
Cellnett v
Digilogic
Infosystems Private Limited v
DOD v
Grace
Telesystems v
Gujarat
Council of Science City v
Hutchison
Essar Telecom Limited v
Hutchison
Max Telecom Private Limited v
Micromax
Technologies Private Limited v
Spice
Communication Private Limited v
UP Jal Nigam v
Zerobase
Electronics Private Limited |
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No. of Employees : |
25 |
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Bankers : |
v
ICICI Bank
(Delhi) v
ICICI Bank
(Mumbai) v
ING Vysya
Bank, 13, Main Road, West Patel Nagar, New Delhi 110008, India v
Standard
Charted Bank v
Vijaya Bank v
PNB v
ICICI Bank
(Kolkata) v
ICICI Bank
(South Ext.) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sandeep Jain Chartered Accountants |
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Address : |
30, Parkash Apartment, 5, Ansari Road, Delhi 110002, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
960000 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.600
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
9.600 |
2.400 |
1.682 |
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2] Share Application Money |
1.000 |
1.000 |
0.700 |
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3] Reserves & Surplus |
54.804 |
10.013 |
0.436 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
65.404 |
13.413 |
2.818 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
0.000 |
1.946 |
4.760 |
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2] Unsecured Loans |
3.100 |
1.000 |
1.000 |
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TOTAL BORROWING |
3.100 |
2.946 |
5.760 |
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DEFERRED TAX LIABILITIES |
0.082 |
0.080 |
0.076 |
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TOTAL |
68.586 |
16.439 |
8.654 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.978 |
3.911 |
1.420 |
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Capital work-in-progress |
0.000
|
0.000 |
0.000 |
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INVESTMENT |
0.765 |
0.765 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
64.616
|
4.434 |
0.000 |
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Sundry Debtors |
118.668
|
91.477 |
0.000 |
|
|
Cash & Bank Balances |
60.923
|
0.358 |
0.147 |
|
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Other Current Assets |
58.516
|
11.249 |
8.532 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
302.723
|
107.518 |
8.679 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Current Liabilities |
218.750
|
90.320 |
1.495 |
|
|
Provisions |
28.130
|
5.435 |
0.000 |
|
Total
Current Liabilities |
246.880
|
95.755 |
1.495 |
|
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Net Current Assets |
55.843
|
11.763 |
7.184 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.586 |
16.439 |
8.654 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
997.244 |
303.552 |
98.061 |
|
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Other Income |
9.846 |
2.406 |
0.000 |
|
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Total Income |
1007.090 |
305.958 |
98.061 |
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Profit/(Loss) Before Tax |
80.124 |
15.017 |
0.216 |
|
|
Provision for Taxation |
28.133 |
5.440 |
0.222 |
|
|
Profit/(Loss) After Tax |
51.991 |
9.577 |
(0.006) |
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Expenditures : |
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|
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Purchases made for re-sale |
870.958 |
277.849 |
97.845 |
|
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Salaries, Wages, Bonus, etc. |
16.781 |
2.773 |
|
|
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Payment to Auditors |
0.019 |
0.019 |
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Interest |
1.059 |
0.559 |
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Insurance Expenses |
4.024 |
0.235 |
|
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Power & Fuel |
0.133 |
0.069 |
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Depreciation & Amortization |
1.523 |
0.596 |
|
|
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Other Expenditure |
32.469 |
8.841 |
|
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Total Expenditure |
926.966 |
290.941 |
97.845 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.16
|
3.13 |
[0.006] |
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.03
|
4.94 |
0.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.46
|
13.47 |
2.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.22
|
1.11 |
0.07 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.82
|
7.35 |
2.57 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.12 |
1.15 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 78, Second Floor, South Ext- I, New Delhi 110049, India to 1/6, Lower Ground Floor, East Patel Nagar, New Delhi – 110008 with effect from 01.06.2003.
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
80016039 |
|
Corporate
identity number of the company |
U00000DL2000PLC104823 |
|
Name of the
company |
MICROMAX
INFORMATICS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1/6, Lower Ground Floor, East
Patel Nagar, New Delhi – 110008 |
|
Type of charge |
Ø Book Debts Ø Floating charge Ø Others |
|
Particular of
charge holder |
ING Vysya Bank
Limited 13, Main Road,
West Patel Nagar, New Delhi 110008, India E-mail : wpnbr@ingvysyabank.com |
|
Nature of
description of the instrument creating or modifying the charge |
General
hypothecation agreement Time trust loan
agreement Letter of renewal
Facility
Agreement |
|
Date of instrument
Creating the charge |
10.09.2007 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest CC : IVRR 1.50% FLC : Commission As
per banks extent guidelines [b] Terms of
repayment CC : On Demand FLC : On Demand [c] Margin CC : 25% on stock
and 25% Book debts FLC : 10% in form
of fixed deposits FLC Sub limit of
FLC: 20% in form of fixed deposits [d] Extent and
operation of the charge First charge on
the book debts and the fixed wireless equipments /FCT, ultra low cost hand
sets and data cards of the company from time to time. First charge on
the goods procured under LC from time to time. |
|
Short particulars
of the property charged |
Entire book debts
and the fixed wireless equipments /FCT, ultra low cost hand sets and data
cards of the company from time to time.
And the goods procured under LC from time to time at the premises of
the company or anywhere else. |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
The total limit
of Rs. 200.000 Millions has been additionally secured by hypothecation of
stock and book debts. The existing securities are continuing. |
|
Name of the company |
MICROMAX
INFORMATICS LIMITED |
|
Presented By |
NG VYSYA BANK LIMITED AND MICROMAX INFORMATICS LIMITED |
|
1) Date and description of instrument creating the change |
Letter of deposit of title deeds dated 19.08.2005 Modified upto Rs. 30.000 Millions on 28.09.2005 registered on
28.10.2005 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 17.500
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 |
Equitable
mortgage by deposit of title deeds of property bearing No. 1/6 built up
basement No. BF01/02 situated at 1/6, Lower Ground Floor, East Patel Nagar, New Delhi – 110008, India together
with land and building constructed/ to be constructed thereon. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
First charge on
above property is to secure the credit facilities sanctioned to the company
to the extent of Rs. 17.500 Millions.
Interest/other terms are applicable as per loan agreement. |
|
5) Name and Address and description of the person entitled to the
charge. |
ING Vysya Bank
Limited 13, Main Road,
West Patel Nagar, New Delhi 110008, India |
|
6) Date and brief description
of instrument modifying the charge |
Letter of
continuity dated 10.01.2006 |
|
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. |
The amount
secured by this charge is increased from Rs. 30.000 Millions to Rs. 50.000
Millions to secure the FLC Limit of Rs. 45.000 Millions and Cash Credit
working capital [fully interchangeable to FLC] limit of Rs. 5.000
Millions. The charge for Rs. 50.000
Millions is secured by continuing security of equitable mortgage by deposit
of title deeds of property bearing No. 1/6 built up basement No. BF01/02
situated at 1/6, Lower Ground Floor,
East Patel Nagar, New Delhi – 110008, India together with land and building
constructed/to be constructed thereon. Other terms and conditions remain the
same. |
AS PER WEBSITE DETAILS:
NEWS:
Bharti-Airtel Limited releases LOI to
Micromax
Bharti-Airtel Limited or popularly called Airtel has once
again reposed their faith in the products and services of Micromax and have
issued Letter of Intent (LOI) for Fixed Wireless Business in India to the company
for the financial year 2006-07. “Satisfactory and fulfilling” are the two key
words that best describe the after-thoughts of experiencing Micromax
commitments towards the whole business. This year the internal targets have
been further scaled up to cater to the requirements of the new circles as well
as to meet the product requirements in view of the changed business scenario in
India. “Indian Government has been very active in forming and modifying the
business policies for the modifying their products to meet the
new challenges and make the business happen for their customer, commented a
senior Micromax official.
Micromax introduces yet another Wireless product, NET WARRIOR
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. 40.29 |
|
UK Pound |
1 |
Rs. 79.98 |
|
Euro |
1 |
Rs. 61.20 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
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 |
|