Ringtone Maker

Ringtone Maker is free app creates ringtones, alarms, and notifications from MP3, FLAC, OGG, WAV,AAC(M4A)/MP4, 3GPP/AMR files. Cut the best part of your audio song and save it as your Ringtone/Alarm/Music File/Notification Tone.
Make your own unique free ringtones is fast and easy. You can set the starting and ending notes by sliding arrows along the timeline, by pressing Start and End to record the point, or by typing in time stamps. This app is also a music editor/alarm tone maker/ ringtone cutter and notification tone creator.
Explanation for the permissions:
android.permission.INTERNET
android.permission.READ_PHONE_STATE
android.premission.ACCESS_NETWORK_STATE
AD company need read phone state and network state to display and improve there AD quality.
android.permission.RECORD_AUDIO
this permission is use to record sound to make ringtone
android.permission.READ_CONTACTS
android.permission.WRITE_CONTACTS
After you create the ringtone, there is a choice to assign it to your contact. If you choose this option, the Ringtone Maker need to read your contact data and show them in the list, then you can assign the new ringtone to somebody.
Ringtone Maker will not collect your contact information.
If you still have concern, please use Ringpod. It's same as "Ringtone Maker", but doesn't require Contact permission.
android.permission.WRITE_SETTINGS
android.permission.WRITE_EXTERNAL_STORAGE
After you save a new Ringtone, the APP need rights to write it to your SD card.