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Micromax Informatics was incorporated as â€œMicromax Informatics Private Limitedâ€ on March 29, 2000 under the Companies Act with the RoC. Subsequently, the company became a public limited company pursuant to a shareholders resolution dated June 26, 2000 and the name of the company was changed to â€œMicromax Informatics Limitedâ€ pursuant to a fresh certificate of incorporation from the RoC on August 3, 2001. The company is engaged in the business of mobile handsets and mobile data cards. They were previously engaged in the business of software and e-commerce development. The company is not operating under any injunction or restraining order.
They are the largest Indian domestic mobile handsets company in terms of units shipped during the quarter ended March 31, 2010 and the third largest mobile handset seller in India as at March 31, 2010. They were the fastest growing among India's top five mobile brands during the twelve month period ended March 31, 2010 compared to the twelve month period ended March 31, 2009 in terms of the number of shipments. They sold 7.05 million mobile handsets in fiscal 2010. Their handset sales have grown by 132.43% from 1.11 million units in the quarter ended June 30, 2009 to 2.58 million units in the quarter ended March 31, 2010. They also sell mobile data cards for computers under their own brand to service providers in India.
All of their promoters have a background in engineering and an average of more than 10 years experience each in the information technology and telecommunications industry. In 2009, TA Associates, a private equity firm based in the United States, through its associate, Wagner, acquired a stake in the company and currently holds 15.00% of the pre-Issue capital of the company. Furthermore, Sequoia Capital, Sandstone and Madison, through their affiliates, acquired 5.77% of the current pre-Issue capital of the company in September 2010.
Micromax Informatics FZE (Micromax FZE) - Their subsidiary, Micromax FZE was incorporated on January 21, 2010 pursuant to the regulations regarding the establishment of a Free Zone Establishment under the laws of the United Arab Emirates, with registration number RAKFTZA-FZE-4003969. Micromax FZE is engaged in the business of, export operations of the products of our Company. The paid up capital of Micromax FZE is AED 100,000 (divided into 100,000 equity shares of AED 1 each). Their company holds 100,000 equity shares in Micromax FZE, i.e. 100% of the issued and paid up capital of Micromax FZE.