%20MOBILE%20TECHNOLOGIES%20PRIVATE%20LIMITED%20-%20163735%2019-Dec-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONNECT (INDIA) MOBILE TECHNOLOGIES PRIVATE LIMITED (w.e.f.
20.11.2009) |
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Formerly Known
As : |
HUTCHISON MAX PAGING PRIVATE LIMITED |
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Registered
Office : |
Skyline Ikon, 1st Floor, 86/92, Andheri Kurla Road, Marol
Naka, Andheri (East), Mumbai – 400 059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.07.1999 |
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Com. Reg. No.: |
11-120818 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U32202MH1999PTC120818 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07196A |
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PAN No.: [Permanent Account No.] |
AAACH5945G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in trading of Cellular Handsets and
Accessories. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under severe pressure. There arrears huge accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a 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.
INFORMATION DECLINED BY
UNABLE TO CONNECT THE COMPANY
LOCATIONS
|
Registered Office : |
Skyline Ikon, 1st Floor, 86/92, Andheri Kurla Road, Marol Naka,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-66645000 |
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Fax No.: |
91-22-24963645 |
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E-Mail : |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Madhav Vinayak Samant |
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Designation : |
Director |
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Address : |
901, Sandy Flama Dosti Flamingos,
Toversi Jivraj Marg, Parel Sewree, Mumbai – 400 015, |
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Date of Birth/Age : |
30.04.1966 |
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Date of Appointment : |
26.03.2009 |
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DIN No.: |
01864949 |
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Other
Directorship
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Name : |
Mr. Manohara Mohandas Kini |
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Designation : |
Director |
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Address : |
Flat No. 201, Nisarg Vihar, Plot No. 96, Sec 19, Kharghar, Navi Mumbai
– 410 210, Maharashtra, India |
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Date of Birth/Age : |
14.07.1973 |
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Date of Appointment : |
04.10.2010 |
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DIN No.: |
02242015 |
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Name : |
Mr. Sambasivan Ganesan |
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Designation : |
Director |
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Address : |
Flat No. 2, Ashirwad Apartments, |
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Date of Birth/Age : |
28.04.1967 |
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Date of Appointment : |
09.06.2006 |
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Email : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Madhav Vinayak Samant |
|
5000 |
|
Manohara Mohandas Kini |
|
5000 |
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Total |
|
10000 |
As on 29.09.2011
|
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 : |
The Company is engaged in trading of Cellular Handsets and
Accessories. |
GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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PAN No.: |
AACFD4815A |
CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
69.321 |
|
|
4] (Accumulated Losses) |
(564.298) |
(353.799) |
0.000 |
|
|
NETWORTH |
(564.198) |
(353.699) |
69.421 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
840.000 |
1090.000 |
1240.000 |
|
|
TOTAL BORROWING |
840.000 |
1090.000 |
1240.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
275.802 |
736.301 |
1309.421 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.023 |
0.023 |
0.023 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
4.752 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
582.975
|
1025.270
|
1369.139 |
|
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Sundry Debtors |
113.009
|
114.316
|
141.814 |
|
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Cash & Bank Balances |
122.571
|
300.518
|
687.213 |
|
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Other Current Assets |
0.019
|
0.116
|
0.006 |
|
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Loans & Advances |
212.105
|
180.331
|
226.448 |
|
Total
Current Assets |
1030.679
|
1620.551
|
2424.620 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
714.470
|
834.445
|
1070.299 |
|
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Other Current Liabilities |
40.430
|
49.828
|
49.675 |
|
|
Provisions |
0.000
|
0.000
|
0.000 |
|
Total
Current Liabilities |
754.900
|
884.273
|
1119.974 |
|
|
Net Current Assets |
275.779
|
736.278
|
1304.646 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
275.802 |
736.301 |
1309.421 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
|
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Income from Operation |
2142.847 |
4856.876 |
3675.139 |
|
|
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Other Income |
NA |
12.191 |
24.730 |
|
|
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TOTAL |
NA |
4869.067 |
3699.869 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ (Decrease) in Stock in Trade |
|
343.869 |
(1109.550) |
|
|
|
Purchase of Trended Goods |
|
4277.155 |
4414.100 |
|
|
|
Advertising, Marketing, Sales and Distribution Expenses |
|
176.030 |
273.741 |
|
|
|
Administrative, General and Other Expenses |
|
345.562 |
38.909 |
|
|
|
TOTAL |
NA |
5142.616 |
3617.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
(273.549) |
82.669 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
144.819 |
5.146 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(210.449) |
(418.368) |
77.523 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.050 |
4.752 |
27.073 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(210.499) |
(423.120) |
50.450 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
69.321 |
18.871 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(353.799) |
69.321 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
1602.201 |
3174.209 |
3791.591 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(21049.90) |
(42312.00) |
5045.00 |
|
%20MOBILE%20TECHNOLOGIES%20PRIVATE%20LIMITED%20-%20163735%2019-Dec-2011_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
(8.69)
|
1.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.82)
|
(8.61)
|
2.11 |
|
|
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|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.42)
|
(25.82)
|
3.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
1.18
|
1.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.83)
|
(5.58)
|
33.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.83
|
2.16 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2010 (Rs.
In Millions) |
31.03.2009 (Rs.
In Millions) |
31.03.2008 (Rs.
In Millions) |
|
Dues of micro and small enterprises |
0.000
|
0.000
|
0.000 |
|
Dues of creditors from other than micro and small enterprises |
714.470
|
834.445
|
1070.299 |
|
Total |
714.470
|
834.445
|
1070.299 |
NOTE
The Registered Office of the company has been shifted from Peninsula
Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013,
Maharashtra, India, to the present address w.e.f. 28.10.2009.
FINANCIAL RESULTS
During the
financial year, the Company’s income from operations has fallen to Rs.2142.847
millions (Previous year Rs.4856.876 millions). The Company made a loss before
tax of Rs.210.449 millions (previous year loss Rs.418.368 millions). After
providing for taxes pertaining earlier years, the loss after tax for the year
is Rs.210.499 millions (previous year loss Rs.423.120 millions).
OPERATIONS
Due to increase
competition in the line of business carried on by the Company during the year,
the company’s income from operations fell by about 56%. However, due to
effective cost reduction methods, the company could restrict its loss after tax
to a large extent in comparison with earlier years.
CHANGE OF NAME
The name of the
Company was changed to Connect (India) Mobile Technologies Private Limited with
the unanimous approval of the shareholders at the extraordinary general meeting
of the Company held on 9 November 2009 and The Registrar of Companies,
Maharashtra, Mumbai issued the Fresh Certificate of Incorporation consequent to
change of name in the new name of the Company.
CONTINGENT LIABILITIES NOT PROVIDED FOR
CLAIMS NOT
ACKNOWLEDGED AS DEBT BY THE COMPANY:
|
Description |
31.03.2010 (Rs. In
Millions) |
|
With respect to the
assessment 2004-05 the company has received the demand of Rs.0.761 million
under section 143(3) of the Income Tax Act, 1961.The Company has paid Rs.0.380
million under protest and preferred an appeal against the said order. |
0.761 |
|
With respect to the VAT Act, ST assessment's, seizure, the company had
received the demand of Rs.33.020 millions under section 54, 54(1), 25(i)(ii)
etc of the VAT Act and Rules. The Company had paid Rs.5.108 millions under
protest and preferred an appeal against the said orders. |
0.000 |
|
With respect to the assessment year 2005-06 the Company has received a
notice under section 26 of the TNGST Act towards arrears of Sales Tax of
Rs.2.655 millions The Company has paid Rs.0.585 million under protest and preferred
an appeal against the said notice. |
2.655 |
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.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.