Maximaa Systems Ltd

Incorporated as Shree Laxmi Furniture Manufacturing Company (P) Ltd on 3 Aug.'90, Maximaa Systems (MSL) was converted into a public company and got its present name on 3 Nov.'93. It was promoted by Balubhai Shah, chairman and joint managing director Mayur Shah, managing director Manoj Shah and Mahesh Shah. MSL produces and markets steel furniture and storage systems under the name Maximaa. It is setting up a 100% EOU for manufacturing and setting up cultured traveltine marble furniture under an agreement with Swift International. MSL exports to Canada, Australia, Singapore, Honk Kong, etc. Exports touched Rs 1.62 cr during 1994-95. The company has entered into an agreement with Fortune International of the US, to supply plant and equipment and technical know-how to set up a plant to manufacture cultured marble furniture. In Feb.'96, MSL had come out with a rights issue of 48.93 lac equity shares (premium : Rs 6) aggregating Rs 7.83 cr to manufacture all kinds of furniture made from cultured traveltine marble and for its working capital requirements, at a project cost of Rs 23.33 cr. The company also has a 100% buy-back agreement with Swift International, the US, for a period of 15 years. During 1996-97, the company came out with right issue of 4.56 cr, and allotment was made to successful allotees. The company has successfully launched mobile storage systems and new dealers were appointed and orders were also procured from big industrial houses. In 1996-97, foreign exchange earned amounting to Rs. 4 Lakhs.