MIRA
INFORM REPORT
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Report Date : |
05.09.2011 |
IDENTIFICATION DETAILS
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Name : |
MEXUS EDUCATION PRIVATE LIMITED (w.e.f. 19.09.2009) |
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Formerly Known
As : |
MEEBA TECHNOLOGY PRIVATE LIMITED AXIOM EDUCATION PRIVATE LIMITED |
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Registered
Office : |
No. 135/2/A, Muktanand Marg, Chala, Vapi – 396191, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
21.07.2006 |
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Com. Reg. No.: |
04-048747 |
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Paid-up Capital
: |
Rs. 15.000 Millions |
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CIN No.: [Company Identification
No.] |
U73100GJ2006PTC048747 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA03443G |
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PAN No.: [Permanent Account No.] |
AAFCM1445H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Distributor of educational toys, educational DVD, school
curriculum books, professional DVD, business and finance DVD, educational
toys, electronic games, toys and games for kids, curriculum based comic books |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. There appears
huge accumulated losses recorded by the company. Profitability of the company
is under sever pressure. 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.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
No. 135/2/A, Muktanand Marg, Chala, Vapi – 396191, Gujarat, India |
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Tel. No.: |
91-260-3052100 |
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Fax No.: |
91-260-3052125 |
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E-Mail : |
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Website : |
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DIRECTORS
As On 28.09.2010
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Name : |
Mr. Rohit Jain |
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Designation : |
Managing Director |
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Name : |
Mr. Kunal Sharma |
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Designation : |
Director |
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Name : |
Mr. Saurabh Saxena |
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Designation : |
Director |
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Name : |
Mr. Anil Goyal |
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Designation : |
Director |
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Name : |
Mr. Vinaykumar Navnitrai Pandya |
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Designation : |
Director |
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Address : |
401/402, Royal Enclave Society, Gurukul Road, Chala, Vapi – 396191,
District Valsad, Gujarat, India |
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Date of Birth/Age : |
08.12.1965 |
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Date of Appointment : |
11.07.2006 |
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Date of Cessation : |
25.01.2010 |
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DIN No.: |
00171504 |
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Name : |
Mr. Pramodkumar Mangalsain Minocha |
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Designation : |
Director |
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Address : |
108, Bhagyoday Society, Daman Road, Chala, Vapi – 396191, District
Valsad, Gujarat, India |
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Date of Birth/Age : |
20.10.1953 |
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Date of Appointment : |
21.07.2006 |
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DIN No.: |
00090060 |
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Name : |
Mr. Rammohan Venkata Chari |
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Designation : |
Director |
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Address : |
403, Roayl Twins Apartment, Building No. 1, Daman Road, Chala, Vapi –
396191, Gujarat, India |
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Date of Birth/Age : |
01.08.1964 |
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Date of Appointment : |
12.12.2007 |
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DIN No.: |
00186939 |
KEY EXECUTIVES
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Name : |
Mr. Jagdish Patel and Company |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
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Names of Shareholders |
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No. of Shares |
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Mylife Private Limited – India |
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689999 |
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Mylife Private Limited Jointly with Anjum Bilakhia |
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1 |
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Rohit Jain |
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45000 |
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Kunak Sharma |
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45000 |
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Saurabh Saxena |
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45000 |
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Meeba Holdings Pte Limited – Singapore |
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675000 |
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Total |
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1500000 |
As On 17.03.2011
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List of Allottees (Preferences Shares) |
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No. of Shares |
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Jakir G Bilakhia |
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4000000 |
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
45.00 |
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Bodies corporate |
46.00 |
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Other top fifty shareholders |
9.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Distributor of educational toys, educational DVD,
school curriculum books, professional DVD, business and finance DVD, educational
toys, electronic games, toys and games for kids, curriculum based comic books
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Standard Chartered Bank – Abhijeet II, Ground
Floor, Near Mithakali Six Road, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gopalakrishnan Aiyer and Company Chartered Accountant |
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Address : |
206/207, 2nd Floor, Panchratna Building, G.I.D.C, Char
Rasta, Vapi – 396195, Gujarat, India |
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Pan No.: |
ABDPA7449K |
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Fellow Subsidiary : |
·
M3 Investment Private Limited (Till 02.04.2008) ·
Mitsu Private Limited (Till 02.04.2008) |
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Associates/Subsidiaries : |
· Mylife Private Limited (From 03.04.2008) · Bilakhia Holding Private Limited (From 03.04.2008) · Milestone Holding and Infrastructure Private Limited (From 03.04.2008) · Mitsu Private Limited (Till 02.04.2008) · Micro Life Science Private Limited (From 03.04.2008) · M3 Investment Private Limited (From 03.04.2008) · Meeba Holdings PTE Limited (From 03.04.2008) · Marco Private Limited (From 03.04.2008) · Mexus Corporation Private Limited (Till 02.04.2008) · Mexus Technology Private Limited (Till 02.04.2008) |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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27000000 |
Equity Shares |
Rs. 10/- each |
Rs. 270.000 Millions |
|
300000 |
Preference Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
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Total |
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Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 15.000 Millions
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Note:
i)
690000 equity shares (as
at 31.03.2009: 690000 equity shares) are held by Mylife Private Limited, Vapi
ii) 675000 equity shares (as at 31.03.2009: 67500) are held by Meeba Holding
Pte Limited, Singapore.
After 28.09.2010
Authorised Capital : Rs. 700.000
Millions
Issued, Subscribed & Paid-up Capital : Rs, 665.000 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(191.792) |
(64.838) |
(5.041) |
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NETWORTH |
(176.792) |
(49.838) |
9.959 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
344.002 |
153.602 |
14.102 |
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TOTAL BORROWING |
344.002 |
153.602 |
14.102 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
167.210 |
103.764 |
24.061 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.229 |
27.908 |
21.380 |
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Capital work-in-progress |
70.234 |
48.529 |
3.731 |
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INVESTMENT |
0.000 |
9.723 |
2.034 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.998
|
7.204 |
0.000 |
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Sundry Debtors |
5.973
|
2.605 |
0.092 |
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Cash & Bank Balances |
6.754
|
3.198 |
0.230 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
44.839
|
33.128 |
0.134 |
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Total
Current Assets |
69.564
|
46.135 |
0.456 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
39.859
|
8.340 |
1.734 |
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Other Current Liabilities |
23.834
|
18.922 |
1.721 |
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Provisions |
2.128
|
1.274 |
0.092 |
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Total
Current Liabilities |
65.821
|
28.536 |
3.547 |
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Net Current Assets |
3.743
|
17.599 |
(3.091) |
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MISCELLANEOUS EXPENSES |
0.004 |
0.005 |
0.007 |
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TOTAL |
161.210 |
103.764 |
24.061 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
10.897 |
3.788 |
0.137 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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Depreciation |
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TOTAL |
137.804 |
63.106 |
5.085 |
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PROFIT/(LOSS)
BEFORE TAX |
(126.907) |
(59.318) |
(4.948) |
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Less |
TAX |
0.047 |
0.479 |
0.093 |
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PROFIT/(LOSS) AFTER TAX |
(126.954) |
(59.797) |
(5.041) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(64.838) |
(5.041) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
(191.792) |
(64.838) |
(5.041) |
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IMPORTS |
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Capital Goods |
4.211 |
1.089 |
0.207 |
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Material |
5.138 |
5.304 |
0.000 |
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TOTAL IMPORTS |
9.349 |
6.393 |
0.207 |
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Earnings Per
Share (Rs.) |
(84.64) |
(39.87) |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(1165.06)
|
(1578.59) |
(3679.56) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(77.96)
|
(80.11) |
(22.66) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.72
|
1.20 |
(0.51) |
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Debt Equity Ratio (Total Liability/Networth) |
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(2.32)
|
(3.65) |
1.77 |
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Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.62 |
0.13 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from Bilakhia House,
Muktanand Marg, Chala, Vapi – 396191, Gujarat, India to the present address
w.e.f. 25.09.2009.
BUSINESS OPERATION
AND FUTURE OUTLOOK:
During the year major income consists of supply of educational contents, coaching, events and sale of educational items. The products and services of the Company have received good response from the market.
The Company shall continue to conceptualize and develop new and innovative products and programs. The Company hopes to achieve better results in the forthcoming year.
Form 8:
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Corporate identity number of the company |
U73100GJ2006PTC048747 |
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Name of the company |
MEXUS EDUCATION PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
No. 135/ 2/ A, Muktanand Marg, Chala, Vapi
- 396191, Gujarat, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property Floating Charge Stock |
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Particular of charge holder |
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Nature of instrument creating charge |
Supplemental to Unattested Memorandum of
Hypothecation |
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Date of instrument Creating the charge |
18.05.2011 |
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Amount secured by the charge |
Rs. 300.000 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest - As agreed by and with
the Bank from time to time. Terms of Repayment - As agreed by and with
the Bank from time to time. Margin - As applicable, if any. Extent and Operation of the charge - The Bank
is having first charge on the security given by the Company |
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Particulars of the property charged |
Hypothecation by way of first charge on a)
all present and future of movable properties of the borrower b) all present
and future book debts, outstanding money receivables, claims and bills c) all
present and future stock in trade consisting of raw materials, finished
goods, goods in process of manufacturing (as more described in sch of
enclosed agreement) |
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Particulars of the present modification |
The Bank granted to borrower an ECB
facility upto USD 7 Million or INR equivalent to Rs.300.000 millions. The ECB
facility is within the existing credit facility of Rs.300.000 millions.
Henceforth, the clause of original unattested memorandum of hypothecation
dated 06.05.2011 is modified / amended herewith. There is no change in the
existing charge amount and security given by the borrower to the Bank. |
Fixed Assets:
·
Leasehold improvement
·
Office equipments
·
Computer and hardware
·
Furniture and fixture
·
Vehicles
·
Software
·
Intellectual property
AS PER WEBSITE
DETAILS
PROFILE:
Subject is an education
innovations company. The key endeavour of Subject is towards creating futuristic
technology based model for education. In an era marked by rapid changes in
technology and its utility, Mexus has identified technology’s potential in
aiding education. Based on this learning, Subject has been promoting learning
through technology based platforms like multimedia DVDs, motion films and
interactive online tools which has been the first of its kind in India.
Subject’s innovations benefit not
just students but teachers as well. Subject has begun its foundation work for
formulating state-of-the-art teacher training and diploma programs that will
enable teachers to adopt technology in the knowledge sharing process. It will
help facilitate better communication between teachers and parents and will
allow many-to-many interactions for students to benefit from peer and expert
interactions. An edu-socio learning platform has been initiated where knowledge
from all possible sources can be shared.
MANAGEMENT TEAM:
Rohit Jain, Managing
Director
Rohit completed his B. Tech from IIT Bombay. He worked as part of the SAP implementation team for IBM. Inspired at an early age in design and innovation, Rohit felt the paucity in the education system in India and it left him thirsting for more. He dedicated his growing up years towards understanding the inadequacies of the education system in India. An excellent implementer of his vision to incorporate more interactive and innovative methods in education, he led Mexus Education to today. His ability to materialize his vision for a better education system, leads him to continue exploring the limits of technology and design with education.
Kunal
Sharma, Director
Kunal Sharma is a great component in devising an innovative and revolutionary student oriented contextual and thematic teaching approach at Mexus Education. This approach has won accolades from many teachers and students across Gujarat, Maharashtra and Rajasthan and now finding its feet in almost every state of India. Kunal completed his Bachelors in Technology from IIT Bombay and started his professional career as a faculty for Physics and Chemistry at Career Launcher – preparing close to 1000 students over 2 years for IIT JEE entrance examination. Kunal has associated himself with ‘Educational Entrepreneurship’ from the very beginning and has mentored over 200 students from all over Maharashtra in Entrepreneurship. He has helped several students start innovative start-ups of their own in college and become successful Small and Medium Scale Organizations. His exposure to teaching gave him an insight into the student’s psyche and the drive to create learning modules that are more self-learning in nature rather than purely compulsive and instructional.
Saurabh Saxena,
Director
Saurabh brings with him a rich variety of experience in the field of technology and innovation. A B.Tech and M.Tech graduate from IIT Bombay, his work with Nishith Desai Associates, a leading tax and Intellectual Property firm in India, exposed him to the creation of new technologies when working on patent mapping and patent drafts. His razor sharp ability to understand and implement technology was fine-tuned with his work as part of the technology implementation team of Halliburton Energy Services. He has excelled in the area of innovation and has vast experience in bringing new ideas and products to market and user experience optimization. An ardent fan of graphic novels, Saurabh is a true visionary in ensuring that education spreads through fun by doing and seeing.
Anil Goyal, Director
A rank holder Chartered Accountant, having more than 16
years of experience in the field of business strategy, capacity building,
infrastructure advisory, government relationship, sales strategy etc. Anil has
worked with Industrial Development Bank of India (IDBI) for more than 5 years
and gained rich experience in the field of project finance and financial
modeling. At IDBI, he was part of the Infrastructure Finance Group and has been
involved in credit appraisal of more than 20 large scale Greenfield projects.
Anil had been enlisted in ‘Who’s who in Global Banking and
Finance†published by Barons, USA.
Anil later joined SKIL Group in 2001 and led the Project Finance Team. He was
instrumental in attaining financial closures for various infrastructure projects
undertaken by SKIL Group. Prior to joining Mexus Education, Anil was Country
Head for Infrastructural Advisory Group at IL and FS (SEZ and Real Estate). A
task master by nature, Anil has provided advisory to more than 50 Greenfield
infrastructure projects of state government, central government, leading
business houses and generated business worth Rs. 8000.000 millions.
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.45.90 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
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 |
-- |
|
--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 |
|
12 |
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.