MIRA
INFORM REPORT
|
Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAXX MOBILE COMMUNICATIONS LIMITED |
|
|
|
|
Formerly Known
As : |
MAX MOBILE PHONE AND ACCESSORIES ( |
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|
|
|
Registered
Office : |
1601, 16th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 (Profit and Loss Account) |
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|
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Date of
Incorporation : |
01.01.2004 |
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|
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Com. Reg. No.: |
11-143794 |
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|
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Capital
Investment/ Paid-up Capital: |
Rs. 116.200
Millions (As on 31.03.2009) |
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|
|
|
CIN No.: [Company Identification No.] |
U32204MH2004PLC143794 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM27045E |
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PAN No.: [Permanent Account No.] |
AADCM7894C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Mobile Phone Batteries and Chargers. |
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|
|
|
No. of Employees
: |
More than 3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600000 |
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Status : |
Good |
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|
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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 fine track. General
financial position is good. The company is doing well. Trade relations are
reported as fair. Business is active. Payments are reported to be correct and
as per commitments. The company can be considered normal for business dealings at usual
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 PARTED BY
|
Name : |
Mr. Jitendra |
|
Designation : |
Account Manager |
|
Date : |
21.06.2011 |
LOCATIONS
|
Registered Office : |
1601, 16th Floor, |
|
Tel. No.: |
91-22-33662222 |
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Toll Free No.: |
1800 22 6299 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Head/ Corporate Office : |
106, Chawda Industrial Estate, New |
|
Tel. No.: |
91-22-40734444/ 40734411 |
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Mobile No.: |
91-9930370374 (Mr. Jitendra Jain) |
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Fax No.: |
91-22-28726969/ 40734440 |
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E-Mail : |
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Area : |
3700 sq ft |
|
Location : |
Owned |
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|
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Factory 1 : |
C3/D12, Site No. 1, Bhandrabad Industrial Area, Haridwar, |
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Area : |
1 Lac sq ft |
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|
Owned |
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Factory 2 : |
Vardhman Industrial Estate, Village Bhadrapur Saini, Tehsil- Roorkee,
District- Haridwar, Uttarakhand |
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Factory 3 : |
Unit No. 160, SDF-Seepz Sez, Andheri (East), Mumbai-400096, |
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Godown : |
Located at
|
|
Area : |
1200 sq ft |
|
Location : |
Rented |
DIRECTORS
As on 28.07.2010
|
Name : |
Mr. Ajay Ramanlal Agrawal |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
1503, Quiescent Heights Mind Sapce, Malad (West), Mumbai - 400 064, |
|
Date of Birth/Age : |
25.02.1977 |
|
Date of Appointment : |
01.01.2004 |
|
DIN No.: |
00241575 |
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|
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|
Name : |
Mrs. Barkha Ajay Agrawal |
|
Designation : |
Managing Director |
|
Address : |
1503, Quiescent Heights Mind Sapce, Malad (West), Mumbai – 400 064, |
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Date of Birth/Age : |
02.05.1978 |
|
Date of Appointment : |
04.01.2011 |
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DIN No.: |
00245167 |
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|
|
|
Name : |
Mr. Mahesh Tipalia |
|
Designation : |
Whole Time Director |
|
Address |
Flat No. 12, 3rd Floor, Dwarkesh, Rani Sati Marg, Malad
(East), Mumbai-400097, |
|
Date of Birth/Age : |
29.09.1978 |
|
Date of Appointment: |
31.05.2010 |
|
DIN No.: |
03095950 |
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|
|
Name : |
|
|
Designation : |
Director |
|
Address: |
1305, DostiAster (Dosti Acres) New |
|
Date of Birth/Age : |
20.07.1945 |
|
Date of Appointment: |
21.10.2009 |
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DIN No.: |
00020021 |
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|
|
|
Name : |
Mr. Bhupendra Vidyanath Bhargava |
|
Designation : |
Director |
|
Address : |
B/1201, Gulmohar Apartmnets, |
|
Date of Birth/Age : |
16.04.1936 |
|
Date of Appointment : |
27.12.2010 |
|
DIN No.: |
00001823 |
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|
|
|
Name : |
Mr. Deva Anadn Balodhi |
|
Designation : |
Director |
|
Address : |
669, 1st Floor, |
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Date of Birth/Age : |
14.07.1946 |
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Date of Appointment : |
27.12.2010 |
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DIN No.: |
01946041 |
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|
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|
Name : |
Mr. Motilal Babulal Agrawal |
|
Designation : |
Director |
|
Address : |
Teen Dongri Prem Nagar, |
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Date of Birth/Age : |
01.04.1947 |
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Date of Appointment : |
02.05.2008 |
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Date of Ceasing: |
21.10.2009 |
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DIN No.: |
01992728 |
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|
|
Name : |
Mr. Dinesh K Govil |
|
Designation : |
Independent Director |
|
Address : |
Flat No. 205, Nestle CHS Limited, Sector 45, Gurgaon-122001, |
|
Date of Birth/Age : |
13.09.1947 |
|
Date of Appointment : |
17.06.2010 |
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DIN No.: |
02402409 |
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|
|
|
Name : |
Mr. Thothala Narayanasamy Manoharan |
|
Designation : |
Additional Director |
|
Address : |
2, |
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Date of Birth/Age : |
07.04.1956 |
|
Date of Appointment: |
21.10.2009 |
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Date of Ceasing : |
17.06.2010 |
|
DIN No.: |
01186248 |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Jain |
|
Designation : |
Account Manager |
|
|
|
|
Name : |
Ms. Megha Gupta |
|
Designation : |
Secretary |
|
Address : |
1102, J Wing, |
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Date of Birth/Age : |
13.03.1987 |
|
Date of Appointment: |
11.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ajay Agrawal |
|
16699150 |
|
Barkha Agrawal |
|
18523700 |
|
Ajjay Agarwal (HUF) |
|
124223801 |
|
Integrity Properties Private Limited |
|
71649266 |
|
Kreteka Investments Private Limited |
|
2571400 |
|
Mahesh Pipaliya |
|
760500 |
|
Hemassu Mody |
|
663000 |
|
Motilal Agrawal |
|
10400 |
|
Madan Chaturvedi |
|
130000 |
|
Autum Impex Private Limited |
|
1521000 |
|
Cellcom Communications Private Limited |
|
1053000 |
|
JSK Mobitronics Private Limited |
|
1287000 |
|
Hemang Shah |
|
747500 |
|
Reena H Shah |
|
15600 |
|
Star Asia Holding Pte Limited |
|
46658144 |
|
Arun Kumar Kochhar |
|
17680 |
|
Suman Garg |
|
15600 |
|
Maya Rani |
|
1300 |
|
Anil Yadav |
|
520 |
|
G Jayakumar |
|
130 |
|
K Nowshdali |
|
2600 |
As on 28.12.2010
|
List of Allottees |
|
No. of Shares Allotted |
|
Prabhak Kumar Verma |
|
1000 |
|
Vivek Verma |
|
4000 |
|
Pravin Khanna |
|
1044 |
|
Total |
|
6044 |
Equity Share Breakup (Percentage of Total
Equity)
As on 30.09.2010
|
Category |
|
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
|
16.23 |
|
Bodies
corporate |
|
27.18 |
|
Directors
or relatives of directors |
|
55.35 |
|
Others |
|
1.24 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Mobile Phone Batteries and Chargers. |
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|
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|
Terms : |
|
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Purchasing : |
Depend |
PRODUCTION STATUS (As on 31.03.2007)
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Mobile Phone |
4500000 Pcs. |
1149054 Pcs. |
|
Mobile Phone Charger |
3000000 Pcs. |
70621 Pcs. |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
Wholesalers, End Users, Dealers and Distributors |
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No. of Employees : |
More than 3000 (Approximately) |
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Bankers : |
·
State Bank of ·
The Shamrao Vithal Co-operative Bank Limited,
47/A, S.M. House, ·
Union Bank of ·
Bank of ·
Andhra Bank ·
Oriental Bank of Commerce ·
The Federal Bank Limited ·
Allahbad Bank ·
Central Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Anil Bansal and Associates Chartered Accountant |
|
Address : |
306, Kedia Chamber, |
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PAN No.: |
AADPB0832A |
|
|
|
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Holding Company : |
Integrity Properties Private Limited |
|
|
|
|
Associates/Subsidiaries : |
·
Maxx Mbiling Private Limited U74990MH2008PTC188380 ·
Maxx Digicam Private Limited |
CAPITAL STRUCTURE
As on 28.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs. 4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
288123198 |
Equity Shares |
Rs.10/- each |
Rs. 2881.232
Millions |
|
|
|
|
|
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11619988 |
Equity Shares |
Rs.10/- each |
Rs. 116.200
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
116.200 |
113.815 |
7.500 |
|
|
2] Share Application Money |
54.138 |
0.000 |
48.608 |
|
|
3] Reserves & Surplus |
237.066 |
89.499 |
20.981 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
407.404 |
203.314 |
77.089 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
819.459 |
316.661 |
156.958 |
|
|
2] Unsecured Loans |
0.000 |
4.111 |
0.000 |
|
|
TOTAL BORROWING |
819.459 |
320.772 |
156.958 |
|
|
DEFERRED TAX LIABILITIES |
31.644 |
16.285 |
5.898 |
|
|
|
|
|
|
|
|
TOTAL |
1258.507 |
540.371 |
239.945 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
334.454 |
254.165 |
93.124 |
|
|
Capital work-in-progress |
206.905 |
14.210 |
22.121 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.500 |
0.050 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
739.222
|
179.987 |
73.927 |
|
|
Sundry Debtors |
1090.340
|
198.489 |
107.665 |
|
|
Cash & Bank Balances |
222.108
|
39.438 |
25.392 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
167.677
|
48.961 |
24.119 |
|
Total
Current Assets |
2219.347
|
466.875 |
231.103 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1295.269
|
158.697 |
93.434 |
|
|
Other Current Liabilities |
|
|
11.075 |
|
|
Provisions |
|
|
2.094 |
|
Total
Current Liabilities |
1503.281
|
195.766 |
106.603 |
|
|
Net Current Assets |
716.066
|
271.109 |
124.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.582 |
0.387 |
0.150 |
|
|
|
|
|
|
|
|
TOTAL |
1258.507 |
540.371 |
239.945 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
5103.123 |
1699.327 |
501.194 |
194.768 |
|
|
|
Other Income |
47.490 |
24.371 |
12.213 |
0.260 |
|
|
|
TOTAL (A) |
5150.613 |
1723.698 |
513.407 |
195.028 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Material Cost |
3997.013 |
1524.495 |
376.338 |
155.033 |
|
|
|
Manufacturing & Other Expenses |
57.657 |
9.570 |
30.749 |
12.045 |
|
|
|
Employee Cost |
88.122 |
39.973 |
0.000 |
0.000 |
|
|
|
Office and Administrative Expenses |
27.458 |
13.161 |
0.000 |
0.000 |
|
|
|
Sales and Distribution Expenses |
191.559 |
26.243 |
0.000 |
0.000 |
|
|
|
Foreign Exchange Difference |
0.000 |
127.777 |
0.000 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
166.095 |
[215.880] |
[8.737] |
(1.767) |
|
|
|
TOTAL (B) |
4527.904 |
1525.339 |
398.350 |
165.311 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
622.709 |
198.359 |
115.057 |
29.717 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
124.508 |
72.371 |
26.794 |
10.030 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
498.201 |
125.988 |
88.263 |
19.687 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.465 |
15.425 |
8.142 |
2.477 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
455.736 |
110.563 |
80.121 |
17.210 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.796 |
20.233 |
10.868 |
6.018 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
419.940 |
90.330 |
69.253 |
11.192 |
|
|
|
|
|
|
|
|
|
|
|
Add: MAT credit relating to earlier year |
-- |
|
-- |
|
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
135.014 |
44.684 |
14.481 |
3.289 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Utilised for issue of bonus shares |
-- |
-- |
40.000 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
554.954 |
135.014 |
44.684 |
14.481 |
|
|
|
|
|
|
|
|
|
|
|
Export Value |
NA |
NA |
NA |
7.655 |
|
|
|
|
|
|
|
|
|
|
|
Import Value |
NA |
NA |
NA |
147.171 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.40 |
7.87 |
10.32 |
18.20 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
More than 7000.000
Millions |
The above information has been parted by Mr. Jitendra (Account Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
8.15
|
5.24
|
13.49
|
5.74 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.93
|
6.51
|
15.99
|
8.84 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
4.33 |
15.33
|
24.71 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.27 |
0.39
|
0.22 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
NA |
5.70 |
2.54
|
3.42 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA |
1.48 |
2.38
|
2.17 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
1295.269 |
158.697 |
-- |
|
Sundry Creditors
Goods |
-- |
-- |
86.299 |
|
Sundry Creditors
Expenses |
-- |
-- |
5.751 |
|
Sundry Creditors
Capital |
-- |
-- |
1.384 |
|
Total |
1295.269 |
158.697 |
93.434 |
PERFORMANCE REVIEW
The year witnessed an improved performance of the company on all
parameters and as a result the Company’s overall financials rebounded
significantly as compared to the previous year. Total revenue of the Company is
Rs. 5150.600 Millions in comparison to Rs. 1723.600 Millions in the previous
year, registering a growth of approx. 200%. The Profit before Tax is Rs.
455.700 Millions in comparison to Rs. 110.500 Millions in the previous year,
registering a growth of 314 %. The Net Profit after Tax is Rs. 419.900 Millions
in comparison to Rs. 90.300 Millions in the previous year
COMPANY OVERVIEW
During the year Company has set up two new manufacturing Units, in which
one 100% EOU was set up at SDF – SEEPZ SEZ, Andheri (E), Mumbai 400 096, to avail
the benefit of multitude tax benefits. The annual production capacity of this
Unit is 1.00 crore batteries. The full fledged operation was started since
August, 2009 and another new unit was set up at Haridwar, Vardhman Industrial
Estate, Village Bhadrapur Saini, Tehsil – Roorkee, Uttarakhand with the 4.8
crore annual production capacity of batteries and 3 crore of chargers. The
operation was started from March, 2010.
MANAGEMENT
DISCUSSION AND ANALYSIS INDUSTRY STRUCTURE AND DEVELOPMENTS
Demand for
According to recent survey on Mobile Batteries, the global demand for
mobile batteries was estimated at 2.41 billion units in fiscal 2009. The demand
for mobile phone batteries in
It is estimated that the total domestic production for batteries is
approximately 22 million units, with the majority of the supply, 208 million
units, stemming from imports and the demand for mobile batteries will match the
mobile handset demand, and is estimated to have a growth rate of about 18%
during the 2009-2017 period. As with the mobile chargers, the industry is only
partly organized and hence data regarding the manufacturing numbers from
unorganized sector is not available.
It is worthwhile for any Indian battery manufacturer to import their key
raw materials and assemble the batteries locally rather than importing complete
batteries. This is because the import duty on raw materials is just 4% whereas
the import duty imposed on the assembled batteries is 34%. Vendors who import
complete batteries will also have to pay an additional 3-4% anti-dumping tax.
Owing to the high import duty, vendors who legally import Chinese batteries to
Demand for
According to recent survey, the global demand for mobile phone chargers
was estimated at 2.29 billion units during fiscal 2009 and demand grew at a
CAGR of 16% during the 2003-09 period. The demand for mobile phone chargers in
The estimation for total domestic production for chargers is only 25 million
units, with the majority of the supply, 186 million units, stemming from
imports and the demand for mobile chargers will match the mobile handset
demand, which is estimated to have an average annual growth rate of about 20%
during the 2009-2017 periods. Because the mobile charger industry is only
partly organized, data regarding specific manufacturing numbers from
unorganized sector is not available.
OPPORTUNITIES and
THREATS
The mobile manufacturing sector in
Global players are certainly a threat; however, the big challenge for
them is the complex distribution channels that are difficult to break into.
Apart from these long clearance procedures at immigration counters at the
airport for imported components, poor public support system and increased
competition in the mobile industry has also led to increased cost and reduced
margins.
OUTLOOK
The business models of Mobile/Telecom operators are being stress-tested
by overcapacity led hyper-competition. With several players in the same market,
operating business lower than cost, the eventual phasing out of this period of
over-capacity is inevitable. The Company, with a focus on strengthening its
leadership position in its incumbent manufacturing areas, and a calibrated and
measured approach to newer related areas, is well placed to emerge
competitively stronger. This sector provided lucrative long term opportunities
for strong operators, of which the Company is one of a handful.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U32204MH2004PLC143794 |
|
Name of the
company |
MAXX MOBILE COMMUNICATIONS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
106, Chawda Industrial Estate, New E-Mail: info@maxxmobile.in |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
1) Joint Deed of Hypothecation 2) Working Capital Consortium Agreement 3) Memorandum Of Entry (All these
agreements together constitutea single charge) |
|
Date of
instrument Creating the charge |
15.01.2010 |
|
Amount secured by
the charge |
Rs. 270.000
Millions |
|
rief particulars of
the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1) Cash Credit
Facility a) BOI- At BPLR
presently 12% p.a. b) Central Bank-
BPLR + 1% or BOI rate, whichever is higher 2) Term Loan Terms of
Repayment: As may be
decided, form time to time, by the banks. Margin: As may be
decided, by the banks Extent and
Operation of the charge: To secure the due
repayment of following credit facilities of Rs. 270.000 Millions granted by
the followings banks to the company. 1) Bank of 2) Central Bank of |
|
Short particulars
of the property charged |
All the plant and
machinery, fixed asses and moveable assets All present and future
stock and book debts of the company |
|
Particulars of
the present modification |
The Borrowers by
way of equitable mortgage by deposit of title deeds of Immovable properties
at Point No. 15 has provided further security to secure the Loan Facility of
Rs.3702.800 millions. |
|
Corporate
identity number of the company |
U32204MH2004PLC143794 |
|
Name of the
company |
MAXX MOBILE COMMUNICATIONS LIMITED |
|
Address of the
registered office or of the principal place of business in |
106, Chawda Industrial Estate, New E-Mail: info@maxxmobile.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10208014 |
|
Type of charge |
Immovable
Property Others
(Gurarantee) |
|
Particular of
charge holder |
State Bank of E-Mail: narayan.iyer@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
entry for extension of mortgage/charge. Memorandum of
entry for extension/creation of mortgage/charge (For Guarantors's
Properties). |
|
Date of
instrument Creating the charge |
12/03/2010 |
|
Amount secured by
the charge |
Rs.3702.800
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: SBI-BPLR+1%(Floating)
i.e. at present 12.75%p.a. subject to revision from time to time payable at
mont rests (if any member Bank charges higher rates the same shall be appl
for SBI also) Terms of
Repayment: SBI - 1. Existing
TL of Rs.172.600 millions, Rs.40.000 millions and Rs.200.000 millions shall
continue to be repaid in terms of agreements of loan for overall limits dated
22nd April 2008 and Supplemental Agreement of loan for overall
limits dated 23rd May 2009. 2. New Term Loan of Rs.350.000
millions. Margin: Land and site
Development - 100%, Building and Civil Works - 35%, Plant and machinery -
25%, Miscellaneous Fixed Assets - 32%, IDC - 100%, Contingency - 100%,
Pre-operative Expenses - 100%, Margin for working Capital - 100%. Extent and
Operation of the charge: Security created
by way of first charge for the due repayment of all monies including the
principal sums, interest, costs, charges and expenses. Others: SBI - Rs.1445.300
millions, UBI - Rs.337.500 millions, CBI - Rs.210.000 millions, BOI -
Rs.210.000 millions, AB - Rs.350.000 millions, FBL - Rs.350.000 millions, ALB
- Rs.400.000 millions, OBC - Rs.400.000 millions, Total - Rs.3702.800
millions. All other terms
and conditions as per the agreement and sanctioned letter. |
|
Short particulars
of the property charged |
A) Units bearing
Nos. 106 to 110 adm 206.32 sq. mtrs (Carpet area) on the 1st Floor of the
building known as "Chawda Industrial Estate'' bearing Survey Nos. 444,
Hissa No. 2 (Part) and bearing C.T.S. No. 1108 of Village Malad, Taluka
Borivali, within the Registration Sub-District of Mumbai Suburban Situated at
Chinchvali Bunder Road, Deorukhkar Wadi (Relief Road) Malad (W), Mumbai 400
064 bounder as under - Towards East - Units No. 101-104, Towards West -
Deorukhkar Road, Towards North - Unit No. 111, Towards South - Unit No. 105. |
|
Particulars of
the present modification |
The Borrowers by way
of equitable mortgage by deposit of title deeds of Immovable properties at
Point No. 15 has provided further security to secure the Loan Facility of
Rs.3702.800 millions. |
|
This form is for |
Modification of
charge |
||||||||
|
Charge identification
number of the modified |
10101446 |
||||||||
|
Corporate
identity number of the company |
U32204MH2004PLC143794 |
||||||||
|
Name of the
company |
MAXX MOBILE COMMUNICATIONS LIMITED |
||||||||
|
Address of the
registered office or of the principal place of business in |
106, Chawda Industrial Estate, New |
||||||||
|
Type of charge |
Book Debts Movable Property Others |
||||||||
|
Particular of
charge holder |
State Bank of |
||||||||
|
Nature of
description of the instrument creating or modifying the charge |
|
||||||||
|
Date of
instrument Creating the charge |
23.05.2009 |
||||||||
|
Amount secured by
the charge |
Rs.935.200 Millions |
||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest DCC (Stock and
Book Debts) - @ SBAR i.e. 12.25%, EPC (within DCC) – As per RBI Guidelines,
EBP/D (Within DCC) – As per FEDAI, Term Loan 2 (New) - @SBAR i.e. 12.25%, LC
– As per FEDAI, BG- As per FEDAI Terms of
Repayment New Term Loan of
Rs.200.000 Millions (Rs. In Millions)
* Last
installments will be Rs.0.020 Million additional Margin Raw materials –
25%, Finished Goods – 30%, EPC – 10%, Book Debts/ receivables (Cover period
120 Days) – 50%, LC – 20%, BG – 20% Extent and
Operation of the charge AS per the sanction
letter and loan agreement Others DCC (Stock and
book debts) – Rs.250.000 Millions, EPC (Within DCC) – (Rs.112.500 Millions),
EBP/D (Within DCC) – (Rs.125.000 Millions), Term Loan 1 (O/S) – Rs.185.200
Millions, Term Loan 2 (New) – Rs.200.000 Millions, Letter of Credit –
Rs.300.000 Millions, Bank Guarantees – (Rs.300.000 Millions), Total –
Rs.935.200 Millions All other terms
ands conditions as per the sanctioned letter and loan agreement |
||||||||
|
Short particulars
of the property charged |
The borrower hereby
agrees and declare that the said goods and assets hypothecated and charged in
favour of the bank by and under the said agreement(s) shall be and stand
charged in favour of the bank as a continuing security by way of first charge
for the due repayment on demand on the bank of all monies including the
principal sums, interest, cost, chares, expenses and other monies payable by
the borrower form time to time borrower up to the increased limit to
Rs.935.200 Millions |
||||||||
|
Date of latest
modification prior to the present modification |
12.05.2008 |
FIXED ASSETS:
·
Leased Land
·
·
Computer and Software
·
Electric Fitting
·
Factory/ Office Equipment
·
Furniture and Fixture ]
·
Vehicles
·
Office
·
Plant and Machinery
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.44.91 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.