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Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
MACRONET PRIVATE LIMITED (w.e.f. 25.10.2000) |
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Formerly Known
As : |
MACRONET INFRASTRUCTURE PRIVATE LIMITED (w.e.f 30.06.2000) RELIANCE INFOCOM PRIVATE LIMITED |
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Registered
Office : |
Manek Mahal, Flat No. 19 and 20, 6th Floor, 90 Veer Nariman
Road, Churchgate, Mumbai – 400020, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.06.2000 |
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Com. Reg. No.: |
127506 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U99999MH2000PTC127506 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMM32298A |
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PAN No.: [Permanent Account No.] |
AACCM4463E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in business of procurement and distribution
of handsets and other telecom related equipments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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Comments : |
Site visit was conducted our executive visited on the company
registered office address but on that address we found company “Reliance
Communication Limited” and not the subject company. Also they don’t have any
information about the subject company. No further information could be made
available. From the available company financial the company seems to be in weak
position. There appears huge accumulated losses recorded by the company. The company can be considered for business dealings on a safe and 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.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
Unable to contact the company
LOCATIONS
|
Registered Office : |
Manek Mahal, Flat No. 19 and 20, 6th Floor, 90 Veer Nariman
Road, Churchgate, Mumbai – 400020, Maharashtra, India |
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Tel. No.: |
91-22-30386286 |
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Fax No.: |
91-22-30376622 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Sunil Vinodrai Doshi |
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Designation : |
Director |
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Address : |
602, Nilanjana Marve Road, Malad (West), Mumbai – 400064,
Maharashtra, India |
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Date of Birth/Age : |
27.03.1959 |
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Date of Appointment : |
20.12.2006 |
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DIN No.: |
00031949 |
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Name : |
Mr. Nilesh Ramanlal Doshi |
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Designation : |
Director |
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Address : |
84, Dhuru Mahal Marine Drive F Road, Mumbai – 400002, Maharashtra,
India |
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Date of Birth/Age : |
28.12.1953 |
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Date of Appointment : |
20.12.2006 |
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DIN No.: |
00249715 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Reliance Communications Infrastructure Limited, India |
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1600 |
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Netizen India Private Limited, India |
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500 |
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Reliane Communications West Bengal Private Limited,
India |
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1975 |
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Reliane Communications Haryana Private Limited, India |
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1975 |
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Reliane Communications Tamil Nadu Private Limited,
India |
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1975 |
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Punjab Cybernet Private Limited, India |
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1975 |
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Total |
|
10000 |
AS ON 30.09.2011
|
Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in business of procurement and
distribution of handsets and other telecom related equipments. |
GENERAL INFORMATION
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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 : |
M. S. Sethi and Associates Chartered Accountant |
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Address : |
191 R Cavel Cross Lane No. 9, Second Floor Dr. Viegas Street, Kalba Devi,
Mumbai – 400002, Maharashtra, India |
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Associates: |
NA |
NOTE:
The Company ceased to be an associate of Reliance
Communications Infrastructure Limited w.e.f. 01.04.2010 and therefore, there has
been no reportable transaction with any related party during the year.
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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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) |
(13743.743) |
(13467.582) |
(13264.236) |
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NETWORTH |
(13743.643) |
(13467.482) |
(13264.236) |
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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 |
16723.020 |
16723.020 |
8452.920 |
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TOTAL BORROWING |
16723.020 |
16723.020 |
8452.920 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2979.377 |
3255.538 |
(4811.316) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
358.906 |
419.949 |
553.772 |
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Capital work-in-progress |
0.000 |
167.826 |
233.205 |
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INVESTMENT |
4.513 |
4.529 |
4.529 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
1257.909
|
419.002 |
4012.046 |
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Sundry Debtors |
103.814
|
1354.194 |
1907.042 |
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Cash & Bank Balances |
5.572
|
19.648 |
7.910 |
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Other Current Assets |
0.089
|
0.228 |
0.158 |
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Loans & Advances |
2936.412
|
3082.204 |
3174.600 |
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Total
Current Assets |
4303.796
|
4875.276 |
9101.756 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
679.317
|
1035.991 |
14443.553 |
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Other Current Liabilities |
1008.521
|
1176.042 |
261.017 |
|
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Provisions |
0.000
|
0.009 |
0.009 |
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Total
Current Liabilities |
1687.838
|
2212.042 |
14704.579 |
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Net Current Assets |
2615.958
|
2663.234 |
(5602.823) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2979.377 |
3255.538 |
(4811.317) |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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TOTAL |
666.853 |
6151.043 |
11670.415 |
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Less |
EXPENSES |
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|
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TOTAL |
943.014 |
6354.388 |
17241.977 |
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PROFIT BEFORE
TAX |
(276.161) |
(203.345) |
(5571.562) |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
|
(276.161) |
(203.345) |
(5571.562) |
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CIF VALUE OF
IMPORTS |
102.122 |
3319.352 |
9761.021 |
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Earnings Per
Share (Rs.) |
(27616) |
(20335) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(41.41)
|
(3.31) |
(47.74) |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.92)
|
(3.84) |
(57.70) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.02) |
(0.42) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(1.34)
|
(1.41) |
(1.75) |
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Current Ratio (Current Asset/Current Liability) |
|
2.55
|
2.20 |
0.62 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
PARTICULARS
|
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Sundry Creditors
|
|
|
|
|
Micro, Small and Medium Enterprises |
41.515 |
12.652 |
9.980 |
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Others |
637.802 |
1023.339 |
14433.573 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
Yes |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The registered office address of the company
has been shifted from "H" Block 1st Fl., Dhirubhai Ambani Knowledge
City, Koparkhairane, Navi Mumbai 400710, Maharashtra, India to present address w.e.f.
16.04.2007
CONTINGENT
LIABILITIES:
a) Disputed Liabilities in appeal in respect of Sales Tax
(This represent demand received from Sales Tax Authority, which is pending
before the Appellate Authority and stay orders granted against the demand. The Company
is confident that the claim will be success fully contested. The Company has
deposited Rs. 0.471 Million (Rs.1.120 Millions) against the demand.)
FIXED ASSETS:
Plant and Machinery
PRESS RELEASE:
WHO SIGNED SWEAT
EQUITY DEAL WITH MUKESH?
NEW DELHI:
The Anil camp has questioned this, pointing out that there was no company called RCIL in July 2000. RCIL was created in March 2002, two years after the sweat equity agreement is supposed to have been signed.
Nor could RCIL's earlier avatar, Reliance Infocom (spelt with a single m), have signed the agreement: Infocom was created in November 2000, four months after the sweat equity deal was supposedly inked. Reliance Infocomm (RIC) was established in 2001-02, so there is no way that it could have signed an agreement in July 2000 as well.
It turns out that a little-known company called Macronet Private Limited (MPL), however, did exist in July 2000. Mukesh and Manoj Modi joined this company as MD and director, respectively, in mid-July 2000, when it had only two other directors: Ajeet Verma and Ashok Jain. The former is an ex-Bank of India employee working for Reliance Energy (REL), the latter an accountant in RIL.
Documents with The Times of India show that Macronet was the ancestor of Reliance Infocom (with one 'm'), which later became RCIL. It is likely that Macronet, a tiny company with Rs 3.000 Millions in total capital in 2001, signed the sweat equity agreement. Sources close to Mukesh would not confirm or deny any of this. An e-mail questionnaire addressed to them got no reply.
"This violates all norms of corporate governance," said a source close to Anil, pointing out that the RIL board had not been informed of a transaction of such size. In April 2004, two months before Mukesh exercised his option, the value of this 50 crore chunk of shares was reckoned to be Rs 7,0000.000 Millions-plus.
Sources said if Macronet had signed the agreement, then the people who could have done that were any two among Modi, Verma and Jain. Mukesh, being an interested party, could obviously not give himself the shares. People close to Anil questioned the propriety of these 3 people in taking a decision of such importance. Macronet was originally called Shukhkarta Fintrade Private Limited, was incorporated in July, 1997.
OBSERVATION POINTS:
Name of Company: MACRONET PRIVATE LIMITED
Address: Manek Mahal, Flat No. 19 and 20, 6th Floor, 90 Veer Nariman
Road, Churchgate, Mumbai – 400020,
Maharashtra
Tel No.: 91-22-30289301
Name Board: Not Sighted
Visibility of Name Board: Moderate
Location: Easy
Landmark (If any): 6th Floor
Locality: Office
Approx. Market Value of Premises: 1500 sq.fts
Area: Upmarket
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 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.55.15 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
SDA |
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.