MIRA
INFORM REPORT
|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAXX MOBILE COMMUNICATIONS LIMITED (w.e.f.10.09.2008) |
|
|
|
|
Formerly Known
As : |
MAXX MOBILE COMMUNICATIONS PRIVATE LIMITED (w.e.f.26.08.2008) MAXX MOBILE PHONE AND ACCESSORIES (INDIA) PRIVATE LIMITED
(w.e.f.09.05.2005) MAX MOBILE PHONE AND ACCESSORIES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1601, 16th Floor, DLH Park, Opposite Goregaon MTNL, Telephone
Exchange, S.V. Road, Goregaon (West), Mumbai - 400062, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.01.2004 |
|
|
|
|
Com. Reg. No.: |
11-143794 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 2881.232
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32204MH2004PLC143794 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM27045E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM7894C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of
Chargers and Batteries and also Trading in Mobile Phones and Accessories. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Management has failed to file the latest financial of 2013 with the
government department. As per available, the general financial position of the company
appears to be good marked by decent networth position during 2012. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of established brand name, the company can be considered 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non-compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
December 05, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A3 (Suspended) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
December 05, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 DECLINED BY
|
Name : |
Mr. Jitendra Jain |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-33662222 |
|
Date : |
06.02.2014 |
LOCATIONS
|
Registered Office : |
1601, 16th Floor, DLH Park, Opposite Goregaon MTNL,
Telephone Exchange, S.V. Road, Goregaon (West), Mumbai - 400062, Maharashtra,
India |
|
Tel. No.: |
91-22-33662222/ 40734444 |
|
Fax No.: |
91-22-40794440 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. C-3/D-12, Bahadrabad Industrial Area, Haridwar -
249403, Uttarakhand, India |
|
Tel. No.: |
91-1334-304201 |
|
|
|
|
Factory 2 : |
Vardhman Industrial Estate, Sector-3, Village Bhadarpur
Saini, Roorkee, Haridwar - 249402, Uttarakhand, India |
|
Tel. No.: |
91-1334-241318 |
|
|
|
|
Factory 3 : |
Unit No. 160, SDF-Seepz Sez, Andheri (East), Mumbai - 400096, Maharashtra, India |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ajjay Ramanlal Agrawal |
|
Designation : |
Managing director |
|
Address : |
1503, Quiescent Heights, Mind Space, Chincholi Bunder, Malad (West),
Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
25.02.1977 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.01.2004 |
|
PAN No.: |
ADAPK4684K |
|
DIN No.: |
00241575 |
|
|
|
|
Name : |
Mr. Deva Nand Balodhi |
|
Designation : |
Director |
|
Address : |
669, 1st Floor, Military Road, Anand Parbat, New Delhi – 110005, India
|
|
Date of Birth/Age : |
14.07.1946 |
|
Qualification : |
Masters of Science and arts |
|
Date of Appointment : |
18.09.2010 |
|
DIN No.: |
01946041 |
|
|
|
|
Name : |
Ms. Tan Yee Tjen |
|
Designation : |
Nominee director |
|
Address : |
488-Upper Upper East Coast Road# 02-07, Singapore-466520 |
|
Date of Birth/Age : |
26.08.1973 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06588943 |
|
|
|
|
Name : |
Mr. Dilip Basole |
|
Designation : |
Additional director |
|
Address : |
Flat No.404, Sapodilla Marigold Premise, SNO. 15, Wadgoan Sheri, Pune
- 411014, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1957 |
|
Date of Appointment : |
08.01.2014 |
|
DIN No.: |
06782156 |
|
|
|
|
Name : |
Barkha Ajay Agrawal |
|
Designation : |
Additional director |
|
Address : |
1503, Quiescent Height, Mind Space, Chincholi, Malad (West), Mumbai –
400064, Maharashtra India |
|
Date of Birth/Age : |
02.05.1978 |
|
Date of Appointment : |
08.01.2014 |
|
DIN No.: |
00245167 |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Jain |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Anandghan S Bohra |
|
Designation : |
Secretary |
|
Address : |
22/1735, M.H.B Colony, Gorai Road, Borivali [West], Mumbai
– 400091, Maharashtra, India |
|
Date of Appointment : |
28.08.2013 |
|
PAN No.: |
AHFPB8423N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
16.24 |
|
Bodies
corporate |
27.03 |
|
Directors
or relatives of directors |
55.35 |
|
Others |
1.38 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Chargers and Batteries and also Trading in Mobile Phones and Accessories. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Mobile Phone Battery |
Nos. |
NA |
83189760 |
39056494 |
|
Mobile Phone Charger |
Nos. |
NA |
33000000 |
5884100 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank Of India IFB, Natraj Building, 102, 1st Floor, 194, Sir M V Road Western Express Highway, Andheri (East), Mumbai - 400021, Maharashtra, India · State Bank Of India (Lead Bank) Mid Corporate Loan Administration Unit, R.T.O. Lane, Andheri (West), Mumbai - 400053, Maharashtra, India · Union Bank Of India (Lead Bank) Goregaon (East) Branch 172/73 Shri Sadan, Shantaben Estate Goregaon (East), Mumbai - 400063, Maharashtra, India · The Shamrao Vithal Cooperative Bank Limited 47/A, S. M. House, Lourdes Colony, Orlem, Malad (West), Mumbai - 400064, Maharashtra, India · State Bank Of India Industrial Finance Branch, 1st Floor, Lekhraj, Bhavan, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai - 400072, Maharashtra, India · Allahabad Bank Bank of India Andhra Bank Federal Bank Oriental Bank Of Commerce Central Bank of India Bank of Baroda |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Anil Bansal And Associates Chartered Accountants |
|
Address : |
1001, Ijmima Complex, Raheja S Metroplex Link Road, Malad
[West] Mumbai – 400064, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADPB0832A |
|
|
|
|
Auditors 2 : |
|
|
Name : |
S. R. Batliboi And Associates Chartered Accountants |
|
Address : |
Golf View, Corporate Tower B, Sector-42, Sector Road,
Gurgaon - 122002, Haryana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFS3421N |
|
|
|
|
Subsidiary company : |
· Maxx Moblink Private Limited [U74990MH2008PTC188380] Maxx Mobile Communications FZCO |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Kreteka Investments Private Limited [U67120MH2008PTC182939] Integrity Properties Private Limited
[U45191MH2005PTC156132] Maxx Digital Care Private Limited [U64200MH2008PTC187765] Maxx Retail Private Limited [U52100MH2008PTC187753] |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
288,123,198 |
Equity Shares |
Rs. 10/- each |
Rs. 2881.232
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2881.232 |
2881.232 |
|
(b) Reserves & Surplus |
|
2483.495 |
1565.446 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.100 |
|
Total
Shareholders’ Funds (1) + (2) |
|
5364.727 |
4446.778 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1948.373 |
1631.840 |
|
(b) Deferred tax liabilities (Net) |
|
219.161 |
154.524 |
|
(c) Other long
term liabilities |
|
1.500 |
0.000 |
|
(d) long-term
provisions |
|
7.167 |
7.616 |
|
Total Non-current
Liabilities (3) |
|
2176.201 |
1793.980 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1965.475 |
1478.245 |
|
(b)
Trade payables |
|
1759.692 |
1018.681 |
|
(c)
Other current liabilities |
|
695.491 |
563.134 |
|
(d) Short-term
provisions |
|
226.469 |
62.719 |
|
Total Current
Liabilities (4) |
|
4647.127 |
3122.779 |
|
|
|
|
|
|
TOTAL |
|
12188.055 |
9363.537 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
6710.561 |
3991.061 |
|
(ii)
Intangible Assets |
|
0.000 |
0.315 |
|
(iii)
Capital work-in-progress |
|
0.000 |
12.676 |
|
(iv)
Intangible assets under development |
|
21.465 |
19.082 |
|
(b) Non-current Investments |
|
503.069 |
500.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
712.138 |
285.089 |
|
(e) Other
Non-current assets |
|
31.495 |
29.170 |
|
Total Non-Current
Assets |
|
7978.728 |
4837.993 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
4.825 |
0.000 |
|
(b)
Inventories |
|
131.681 |
589.661 |
|
(c)
Trade receivables |
|
3960.222 |
3606.438 |
|
(d) Cash
and cash equivalents |
|
91.206 |
267.817 |
|
(e)
Short-term loans and advances |
|
15.476 |
57.684 |
|
(f)
Other current assets |
|
5.917 |
3.944 |
|
Total
Current Assets |
|
4209.327 |
4525.544 |
|
|
|
|
|
|
TOTAL |
|
12188.055 |
9363.537 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
195.320 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2555.893 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2751.213 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3030.476 |
|
|
2] Unsecured Loans |
|
|
81.245 |
|
|
TOTAL BORROWING |
|
|
3111.721 |
|
|
DEFERRED TAX LIABILITIES |
|
|
59.187 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5922.121 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1237.585 |
|
|
Capital work-in-progress |
|
|
2716.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
108.100 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
539.311
|
|
|
Sundry Debtors |
|
|
1926.433
|
|
|
Cash & Bank Balances |
|
|
228.389
|
|
|
Other Current Assets |
|
|
4.687 |
|
|
Loans & Advances |
|
|
147.658 |
|
Total
Current Assets |
|
|
2846.478 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
894.437 |
|
|
Other Current Liabilities |
|
|
77.631 |
|
|
Provisions |
|
|
14.374 |
|
Total
Current Liabilities |
|
|
986.442 |
|
|
Net Current Assets |
|
|
1860.036 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5922.121 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6678.513 |
6665.753 |
4986.019 |
|
|
|
Other Income |
396.769 |
31.464 |
47.490 |
|
|
|
TOTAL |
7075.282 |
6697.217 |
5033.509 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4155.144 |
4696.832 |
|
|
|
|
Purchases of stock-in-trade |
754.248 |
0.042 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
83.203 |
(116.875) |
|
|
|
|
Employee benefit expense |
102.216 |
125.346 |
|
|
|
|
Other expenses |
148.593 |
174.072 |
|
|
|
|
TOTAL |
5243.404 |
4879.417 |
4410.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1831.878 |
1817.800 |
622.709 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
519.770 |
388.954 |
124.508 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1312.108 |
1428.846 |
498.201 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
298.535 |
245.498 |
42.465 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD ITEMS |
0.000 |
(65.005) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1013.573 |
1118.343 |
455.736 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
95.524 |
104.537 |
35.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
918.049 |
1013.806 |
419.940 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
359.598 |
5291.516 |
1398.938 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
575.491 |
0.000 |
0.000 |
|
|
|
Raw Materials |
269.609 |
4508.693 |
2900.652 |
|
|
|
Capital goods, Components and spare parts |
2960.577 |
1725.175 |
1201.132 |
|
|
TOTAL IMPORTS |
3805.677 |
6233.868 |
4101.784 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.19 |
3.52 |
1.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
12.98
|
15.14 |
8.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.18
|
16.78 |
9.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.69
|
12.66 |
11.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.25 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.73
|
0.70 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
1.45 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
545.317 |
486.020 |
NA |
|
|
|
|
|
|
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 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10361116 |
26/05/2012 |
100,000,000.00 |
STATE BANK OF
INDIA |
IFB, NATRAJ
BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI
(E), MUMBAI - 400021, MAHARASHTRA, INDIA |
B41824798 |
|
2 |
10322310 |
17/11/2011 |
2,000,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, 1ST FLOOR, LEKHRAJ, BHAVAN, SAKI VIHAR ROAD, SAKINAKA, ANDHERI
(EAST), MUMBAI - 400072, MAHARASHTRA, INDIA |
B27535210 |
|
3 |
10208014 |
06/12/2013 * |
4,072,800,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, 1ST FLOOR, LEKHRAJ, BHAVAN, SAKI VIHAR ROAD, SAKINAKA, ANDHERI
(EAST), MUMBAI - 400072, MAHARASHTRA, INDIA |
B95085965 |
|
4 |
10208689 |
12/03/2010 |
50,000,000.00 |
UNION BANK OF
INDIA |
GOREGAON (EAST) BRANCH,172/73,
SHRI SADAN, SHANTABEN ESTATE,GOREGOAN (EAST), MUMBAI - 400063, MAHARASHTRA,
INDIA |
A81731481 |
|
5 |
10204262 |
15/01/2010 |
270,000,000.00 |
BANK OF INDIA |
C-5, STAR HOUSE,
G-BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI 400 051, MUMBAI - 400051,
MAHARASHTRA, INDIA |
A80060239 |
|
6 |
10192023 |
16/11/2009 |
300,000,000.00 |
UNION BANK OF
INDIA (LEAD BANK) |
GOREGAON (EAST) BRANCH,172/73,
SHRI SADAN, SHANTABEN ESTATE,GOREGOAN (EAST), MUMBAI - 400063, MAHARASHTRA,
INDIA |
A75005645 |
|
7 |
10157700 |
02/05/2009 |
150,000,000.00 |
UNION BANK OF
INDIA |
GOREGAON (EAST) BRANCH,172/73,
SHRI SADAN, SHANTABEN ESTATE,GOREGOAN (EAST), MUMBAI - 400063, MAHARASHTRA,
INDIA |
A62344668 |
|
8 |
10157723 |
02/05/2009 |
187,500,000.00 |
UNION BANK OF
INDIA |
GOREGAON (EAST) BRANCH,172/73,
SHRI SADAN, SHANTABEN ESTATE,GOREGOAN (EAST), MUMBAI - 400063, MAHARASHTRA,
INDIA |
A62345053 |
|
9 |
10101446 |
23/05/2009 * |
935,200,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE LOAN
ADMINISTRATION UNIT, R.T.O. LANE, ANDHERI (WEST),, MUMBAI - 400053,
MAHARASHTRA, INDIA |
A63269963 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
0.000 |
12.000 |
|
Loans and advances from directors |
1.701 |
0.000 |
|
Loans and advances from others |
1.000 |
0.000 |
|
Other loans and advances |
180.235 |
99.994 |
|
|
|
|
|
Total |
182.936 |
111.994 |
NATURE OF OPERATIONS
MMCL was incorporated on Jan 01, 2004 as a private limited company in the name of ‘Maxx Mobile Phone & Accessories (India) Private Limited’. It was converted into public company on Sep 09, 2008. The name of the company has been changed to ‘Maxx Mobile Communications Limited’.
Company is engaged in manufacturing of chargers and
batteries which are sold in the secondary market as replacement for the branded
models. Company has 3 manufacturing facilities in India, two plants are located
at Haridwar and one plant is located at Mumbai.
PERFORMANCE REVIEW
The year the company has not registered significant growth due economic slowdown
globally. However company has rebounded significantly in total revenue
generation during the year. Total revenue of the Company is Rs. 7075.300
Millions in comparison to Rs. 6697.200 Millions in the previous year,
registering a growth of approx. 105.65 %. The Profit before Tax and prior
period items is Rs. 1013.600 Millions as against Rs.1183.300 Millions in the
previous year registering downturn of approx. 85.66%. The Net Profit after Tax
is Rs. 918.000 Millions as against Rs. 1013.800 Millions in the previous year
registering downturn of approx. 90.55 %
SCHEME OF
ARRANGEMENT
The Board of Directors at its meeting held on 9th January, 2012
considered Amalgamation of Maxx Moblink Private Limited, its Wholly Owned
Subsidiary Company with the company.
Rationale for the amalgamation as noted below was discussed and
considered by them:
1)
Greater integration and greater financial strength
and flexibility for the amalgamated entity, which would result in maximising
overall shareholder value, and will improve the competitive position of the
combined entity.
2)
Greater efficiency in cash management of the
amalgamated entity, and unfettered access to cashflow generated by the combined
business which can be deployed more efficiently to fund organic and inorganic
growth opportunities, to maximize shareholder value.
3)
Improved organizational capability and leadership,
arising from the pooling of human capital who have the diverse skills, talent
and vast experience to compete successfully in an increasingly competitive
industry.
4)
Benefit of operational synergies to the combined
entity in areas such as Manufacturing, storage, logistics and marketing of
Mobile phone and Mobile phone accessories, which can be put to the best
advantage of the stakeholders.
5)
Greater leverage in operations planning and process
optimization and enhanced flexibility in product slate.
6)
Cost savings are expected to flow from more focused
operational efforts, rationalization, standardization and simplification of
business processes, productivity, improvements, improved procurement, and the
elimination of duplication, and rationalization of administrative expenses.
7)
Strengthened leadership in the industry, in terms
of the asset base, revenues, product range, production volumes and market share
of the combined entity. The amalgamated entity will have the ability to
leverage on its large asset base, diverse range of products and services, and
vast pool of intellectual capital, to enhance shareholder value.
After consideration the draft Scheme of Amalgamation as tabled in the
meeting was approved by the Board of Directors on 9th January, 2012.
Subsequently the same was approved by Equity Shareholders at the court convened
meeting held on 2nd June, 2012 as below:
|
Particulars |
Number |
Representing No. of equity shares of Rs. 10/-
each |
|
Total number of Poll deposited by all equity shareholders proxy holders authorized representatives |
11 1 5 |
142484186 18523700 77565083 |
|
Less: No. of Polls found to be invalid |
- |
- |
|
Total No of Valid Polls |
17 |
238572969 |
The Petition for approving the Scheme of Amalgamation of the company
with its wholly owned subsidiary company i.e "Maxx Moblink Private
Limited" was been moved with Hon'ble Bombay High court and the same is
pending for approval from Hon'ble Bombay High court and all concerned
regulatory authorities.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Guarantee given for Maxx Moblink Private Limited, wholly owned subsidiary |
2000.000 |
2000.000 |
|
|
|
|
|
Total |
2000.000 |
2000.000 |
FIXED ASSETS:
· Land
Buildings
Office
building
Factory
building
Plant
and equipment
Factory
equipments
Other
plant and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
Computer
software
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. 62.50 |
|
|
1 |
Rs. 101.92 |
|
Euro |
1 |
Rs. 84.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.