|
Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAXTONE ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 414, Creative Industrial Estate, N. M. Joshi Marg, Parel,
Mumbai – 400 011, |
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Country : |
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|
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.06.1994 |
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|
Com. Reg. No.: |
11-079143 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 29.539 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109MH1994PTC079143 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20951A |
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PAN No.: [Permanent Account No.] |
AABCM5324K |
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Legal Form : |
Private Limited Liability company. |
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Line of Business
: |
Manufacturing and Distributor of computer hardware, electronic items, telecommunication,
electric equipments, computer, peripherals, plotters, mechanical instruments,
visual display, etc. |
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|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 170000 |
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|
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|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually 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 DECLINED BY
|
Name : |
Mr. Satya |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-40333000 |
|
Date : |
03.04.2012 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Unit No. 414, Creative Industrial Estate, N. M. Joshi Marg, Parel,
Mumbai – 400 011, |
|
Tel. No.: |
91-22-23011434/40333000/23050202 |
|
Fax No.: |
91-22-23011818/23001370 |
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E-Mail : |
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Website: |
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|
Area : |
1975 Sq. ft. |
|
Location : |
Owned |
|
|
|
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Factory 1 : |
Unit #
31-32, Electronic Sadan No. 1, Electronics Zone, Mahape, Thane – Vashi Road,
Thane, Maharashtra, India |
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Tel. No. |
91-22-27688053 |
|
|
|
|
Factory 2 : |
Unit No. 104/A, Dadra
Industrial Estate, Opposite Dadra Check Post, Vapi – Silvassa Road, Dadra, Union Territory,
India |
|
|
|
|
Branch Office : |
Located at : B-23, F/7,Satyam Statues, Near
.Chandan Farm Party Plot, Opposite Visat Nagar, Ramdev, Nagar Road, Ahmedabad
- 380015. Tel:91-79-40065038, Room No. 1/4,At. No. 41/265A,
Pais Building, 1st Floor, Mahakavi, Bhartiyar Road, Eranakulam,
Keral, Cochin 55/B, 1st Floor, S/28, New Cloth Market, Pantri Raipur, Chhatisgarh -492001 Door No. 24, 2nd Floor, F-305, Near S.B.B.J. Anand Chamber, Indra Bazar, Jaipur - 302001,
Rajasthan |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Champakraj J. Gurjar |
|
Designation : |
Director |
|
Address : |
220, Shivaji Nagar, N. M. Joshi Marg, Mumbai – 400 013, |
|
Date of Birth/Age : |
23.04.1956 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
23.06.1994 |
|
DIN No.: |
01712070 |
|
|
|
|
Name : |
Mr. Kantilal J. Gurjar |
|
Designation : |
Director |
|
Address : |
121, Shivaji Nagar, N. M. Joshi Marg, Mumbai – 400 013, |
|
Date of Birth/Age : |
17.08.1952 |
|
Qualification : |
Matriculate |
|
Date of Appointment : |
23.06.1994 |
|
DIN No.: |
00097883 |
KEY EXECUTIVES
|
Name : |
Mr. Satya |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Chanpakraj J. Gurjar |
280968 |
|
Kantilal J. Gurjar |
2712 |
|
Pamiben J. Gurjar |
2400 |
|
Manjula K. Gurjar |
1140 |
|
Indra C. Gurjar |
2160 |
|
Aruna S. Gurjar |
2160 |
|
Subhash J. Gurjar |
3852 |
|
pradeep Shetty |
5960 |
|
Total |
301352 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
98.02 |
|
Other top fifty shareholders |
1.98 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Distributor of computer hardware, electronic items, telecommunication,
electric equipments, computer, peripherals, plotters, mechanical instruments,
visual display, etc. |
|
|
|
|
Agencies Held : |
|
GENERAL INFORMATION
|
No. of Employees : |
40 (Approximately) |
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Bankers : |
·
ABN Amro Bank N V, 74, Sakhar Bhavan, 7th
Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India ·
ING Vysya Bank Limited, Unit No. 2/3/4, Marathon
Max Building, Mulund Goregaon Link Road, Mulund (West), Mumbai – 400080 |
|||||||||||||||||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Financial Institution : |
Tata Capital Limited, One Forbes, Dr V B Gandhi Marg, Fort,
Mumbai-400001, |
|
|
|
|
Auditors : |
|
|
Name : |
P. Raj and Company Chartered Accountants |
|
Address : |
3/1218, Navjivan Commercial Premises Co-Op. Society Limited, |
|
Tel. No.: |
91-22-23012074 / 23054459 |
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Fax No.: |
91-22-23012074 |
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E-Mail : |
|
|
Website : |
|
|
Pan No.: |
ANCPS2268R |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
295392 |
Equity Shares |
Rs.100/-
each |
Rs. 29.539 Millions |
|
|
|
|
|
Note:
Of the above 246160 shares have been issued by
capitalization of Reserve by way of Bonus issue.
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
301352 |
Equity Shares |
Rs.100/-
each |
Rs. 30.135
Millions |
|
|
|
|
|
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 |
29.539 |
29.539 |
29.539 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.107 |
8.564 |
4.586 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
44.646 |
38.103 |
34.125 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
61.754 |
19.738 |
15.057 |
|
|
2] Unsecured Loans |
0.668 |
3.097 |
15.306 |
|
|
TOTAL BORROWING |
62.422 |
22.835 |
30.363 |
|
|
DEFERRED TAX LIABILITIES |
1.537 |
1.316 |
1.118 |
|
|
|
|
|
|
|
|
TOTAL |
108.605 |
62.254 |
65.606 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.958 |
14.033 |
11.350 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.861 |
|
|
|
|
|
|
|
|
INVESTMENT |
48.025 |
0.005 |
0.005 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
76.932
|
73.374 |
31.935 |
|
|
Sundry Debtors |
136.096
|
106.273 |
99.246 |
|
|
Cash & Bank Balances |
2.613
|
8.492 |
18.774 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
20.611
|
21.927 |
11.345 |
|
Total
Current Assets |
236.252
|
210.066 |
161.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
188.152 |
161.063 |
108.247 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.478
|
0.787 |
0.663 |
|
Total
Current Liabilities |
189.630
|
161.850 |
108.910 |
|
|
Net Current Assets |
46.622
|
48.216 |
52.390 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
108.605 |
62.254 |
65.606 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
-- |
1027.200 |
1017.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
7.234 |
4.670 |
4.497 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Electronics Goods |
76.909 |
79.534 |
118.777 |
|
|
TOTAL IMPORTS |
76.909 |
79.534 |
118.777 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.49 |
15.81 |
15.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.68
|
4.32 |
3.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.29 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry
Creditors |
|
|
|
|
Sundry Creditors and Other
Liabilities Due to Small Scale Industries / MSME’s |
0.000 |
0.000 |
0.000 |
|
Other Creditors and
Liabilities |
188.152 |
161.063 |
108.247 |
|
Total
|
188.152 |
161.063 |
108.247 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
(Rs.
In Millions)
|
Particulars |
For The Year Ended On |
|
|
|
31.03.2010 |
31.03.2009 |
|
Bank Guarantee |
0.300 |
25.351 |
|
Income Tax |
0.141 |
1.763 |
FORM 8
|
Corporate
identity number of the company |
U32109MH1994PTC079143 |
|
Name of the
company |
MAXTONE ELECTRONICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Unit No. 414, Creative Industrial Estate, N. M. Joshi Marg, Parel,
Mumbai – 400 011, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Tata Capital Limited, One Forbes, Dr V B Gandhi Marg, Fort,
Mumbai-400001, |
|
Nature of
instrument creating charge |
Deed of
modification dated 19.12.2011 |
|
Date of
instrument Creating the charge |
19.12.2011 |
|
Amount secured by
the charge |
Rs. 20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Short Term Lending
Rate (STLR) @ 16.00% per annum Rate of Interest
@ STLR minus 2.50% i.e.13.50% per annum Terms of repayment Principal and
Interest amount to be repaid in 60 months Margin N.A. Extent and operation of the charge The Charge
extends to the due repayment of loan of Rs. 20.000 Millions including interest, additional interest,
costs charges, expenses and all other monies payable under the Channel
Finance Agreement dated 02.08.2011 In the event of default in payment of
interest or repayment of principal amount of the Loan the Borrower shall pay
to the Lender, additional interest @ 6% p.a. for the period during which such
default continues. |
|
Short particulars
of the property charged (Including location of the property) |
All the present
and future stock in trade and fixed assets or any other movable assets
purchased from Sony India Private Limited and financed by TCL belonging to
the Borrower or at the disposal of the Borrower and now or at any time
hereafter stored or to be stored or brought into or upon or in course of
transit to the Borrower's premises or at any other place whatsoever and where
so ever in the possession and occupation or at any other premises or place. |
|
Charge
identification number of the charge to be modified |
10305170 |
|
Particulars of
the present modification |
The existing
Schedule 1 of the Deed of Hypothecation dated 02.08.2011 shall stands
replaced by Schedule 2 of Deed of Modification dated 19.12.2011 and the
existing Schedule 2 of the Deed of Hypothecation dated 02.08.2011 shall
stands replaced by Schedule 3 of Deed of Modification dated 19.12.2011 |
FIXED
ASSETS
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. 51.15 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 68.34 |
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 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.