MIRA
INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL STOCK EXCHANGE OF INDIA LIMITED |
|
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|
Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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|
Date of
Incorporation : |
27.11.1992 |
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|
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|
Com. Reg. No.: |
11-069769 |
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|
Capital
Investment / Paid-up Capital : |
Rs.450.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1992PLC069769 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN04090C |
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|
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PAN No.: [Permanent Account No.] |
AAACN1797L |
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|
Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Facilitating Trading in Securities. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 97000000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established stock exchange of India having fine track.
Available information indicates high financial responsibility of the company.
Trade relations are reported as fair. Business is active. Payments are
reported to be correct and as per commitments. The company can be considered good for normal 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.
INFORMATION DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered / Corporate Office : |
|
|
Tel. No.: |
91-22-26598100/8114/26598203 |
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Fax No.: |
91-22-26598120 /26598198 |
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E-Mail : |
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Branches : |
Located At:
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DIRECTORS
As on 27.09.2010
|
Name : |
Dr. Vijay Laxman Kelkar |
|
Designation : |
Additional Director |
|
Address : |
A-701, Blossom Boulevard, Plot No. 421, South Main Road, Koregaon
Park, Pune-411001, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1942 |
|
Date of Appointment : |
03.02.2010 |
|
Din No.: |
00011991 |
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|
Name : |
Mr. |
|
Designation : |
Managing Director |
|
Address : |
602, Neat House, College Galli, Dadar (West), Mumbai-400028, |
|
Date of Birth/Age : |
19.08.1955 |
|
Date of Appointment : |
15.04.1994 |
|
Election Commission Identity Card No.: |
MT/06/032/012641 |
|
Din No.: |
00062596 |
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|
|
|
Name : |
Ms. Chitra Ramkrishna |
|
Designation : |
Joint Managing Director |
|
Address : |
601, Neat House, College Galli, Dadar (West), Mumbai-400028, |
|
Date of Birth/Age : |
14.04.1963 |
|
Date of Appointment : |
11.03.2003 |
|
Din No.: |
00062654 |
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|
|
|
Name : |
Mr. Anjan Hem Barua |
|
Designation : |
Director |
|
Address : |
C-8, |
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Date of Birth/Age : |
29.03.1952 |
|
Date of Appointment : |
28.09.2007 |
|
Din No.: |
01191502 |
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|
|
|
Name : |
Mr. Achuthan Chakkachattil |
|
Designation : |
Director |
|
Address : |
1104, Green Wood, Hiranandani Estate, Patlipada, |
|
Date of Birth/Age : |
15.03.1941 |
|
Date of Appointment : |
24.07.2007 |
|
Din No.: |
00307623 |
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|
|
|
Name : |
Mr. Arattukulam Peter Kurian |
|
Designation : |
Director |
|
Address : |
9 Friendship, |
|
Date of Birth/Age : |
26.06.193 |
|
Date of Appointment : |
08.08.2000 |
|
Din No.: |
00008022 |
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|
|
|
Name : |
Dr. Rajiv Krishen Behari Lall |
|
Designation : |
Director |
|
Address : |
Sanghi House, 3rd Floor, 94, |
|
Date of Birth/Age : |
02.08.1957 |
|
Date of Appointment : |
28.09.2007 |
|
Din No.: |
00131782 |
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|
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|
Name : |
Mr. Lawrence Edward Leibowitz |
|
Designation : |
Director |
|
Address : |
147 Long, |
|
Date of Birth/Age : |
29.04.1960 |
|
Date of Appointment : |
26.03.2008 |
|
Date of Ceasing: |
04.05.2010 |
|
Din No.: |
02115934 |
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|
|
|
Name : |
Mr. Anand Gopal Mahindra |
|
Designation : |
Director |
|
Address : |
Goolestan, 65 |
|
Date of Birth/Age : |
01.05.1955 |
|
Date of Appointment : |
02.05.2002 |
|
Din No.: |
00004695 |
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|
|
|
Name : |
Mr. Suryakant Balakrishna Mainak |
|
Designation : |
Director |
|
Address : |
1503 |
|
Date of Birth/Age : |
09.02.1956 |
|
Date of Appointment : |
27.08.2009 |
|
Election Commission Identity Card No.: |
MT/09/043/287263 |
|
Din No.: |
02531129 |
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|
|
|
Name : |
Mr. Yezdi Hirji Malegam |
|
Designation : |
Director |
|
Address : |
Goolestan, 37, Cuffe Parade, Colaba, Mumbai-400005, |
|
Date of Birth/Age : |
24.09.1933 |
|
Date of Appointment : |
24.02.1995 |
|
Din No.: |
00092017 |
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|
|
|
Name : |
Mr. Sunil Behari Mathur |
|
Designation : |
Director |
|
Address : |
A-10/10 Vasant Vihar, Off Poorvi Marg, New Delhi-110057, |
|
Date of Birth/Age : |
11.10.1944 |
|
Date of Appointment : |
11.03.2003 |
|
Din No.: |
00013239 |
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|
|
|
Name : |
Dr. Srinivasa Ramarao Kumadepalli Murthy |
|
Designation : |
Director |
|
Address : |
355, 1st E Cross 6th Block, 2nd
Phase, BSK, 3rd Stage, Bangalore-560085, |
|
Date of Birth/Age : |
22.03.1938 |
|
Date of Appointment : |
08.08.2000 |
|
Election Commission Identity Card No.: |
KT/12/089/2091133 |
|
Din No.: |
00167877 |
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|
|
|
Name : |
Dr. Ramchandra Hanmant Patil |
|
Designation : |
Director |
|
Address : |
Flat No. 901, Gloriosa Apartments, N.M. Kale Marg, Off S.K. Bole Marg,
Dadar (West), Mumbai-400028, |
|
Date of Birth/Age : |
05.09.1937 |
|
Date of Appointment : |
27.11.1992 |
|
Election Commission Identity Card No.: |
MT/06/032/012617 |
|
Din No.: |
00106812 |
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|
|
|
Name : |
Ms. Ramani Bhagyam |
|
Designation : |
Director |
|
Address : |
291/301, |
|
Date of Birth/Age : |
09.01.1952 |
|
Date of Appointment : |
29.11.2007 |
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|
|
|
Name : |
Dr. Vyakarnam Anjaneya Sastry |
|
Designation : |
Director |
|
Address : |
568, 6th Cross, Hal 2nd Stage, Bangalore-560038,
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|
Date of Birth/Age : |
14.04.1942 |
|
Date of Appointment : |
08.12.2006 |
|
Din No.: |
01126645 |
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|
|
|
Name : |
Mr. Srikrishna Narayanaswamy Justice Bellur |
|
Designation : |
Director |
|
Address : |
46, Shyamala, M. Lotlikar Marg, Matunga, Mumbai-400019, |
|
Date of Birth/Age : |
21.05.1941 |
|
Date of Appointment : |
28.09.2007 |
|
Din No.: |
01704550 |
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|
|
|
Name : |
Ms. Ranjana Kumar |
|
Designation : |
Additional Director |
|
Address : |
Plot No. 81, |
|
Date of Birth/Age : |
10.12.1945 |
|
Date of Appointment : |
25.08.2010 |
|
Din No.: |
02930881 |
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|
|
|
Name : |
Mr. Deepak Madhav Satwalekar |
|
Designation : |
Additional Director |
|
Address : |
9, Nutun Alka Co-operative Housing Society Limited, Relief Road,
Santacruz (W), Mumbai-400054, |
|
Date of Birth/Age : |
14.11.1948 |
|
Date of Appointment : |
09.10.2009 |
|
Din No.: |
00009627 |
KEY EXECUTIVES
|
Name : |
Mr. Ravichandran Jagannathan |
|
Designation : |
Secretary |
|
Address : |
703, Neat House, |
|
Date of Birth/Age : |
27.03.1961 |
|
Date of Appointment : |
20.09.1994 |
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|
Name : |
Mr. R. Sundararaman |
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Designation : |
Senior Vice President |
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|
Name : |
Mr. Yatrik R. Vin |
|
Designation : |
Senior Vice President |
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|
Name : |
Mr. R. Nanda Kumar |
|
Designation : |
Senior Vice President |
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|
Name : |
Mr. Ravi |
|
Designation : |
Senior Vice President |
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Name : |
Mr. Vidhu Shekhar |
|
Designation : |
Vice President |
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Name : |
Ms. K. Kamala |
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Designation : |
Vice President |
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|
Name : |
Mr. Nirmal Mohanty |
|
Designation : |
Vice President |
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|
Name : |
Mr. Hari K |
|
Designation : |
Vice President |
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|
Name : |
Mr. Suresh Narayan |
|
Designation : |
Vice President |
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|
Name : |
Mr. T. Venkat Rao |
|
Designation : |
Vice President |
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|
Name : |
Mr. Chandrashekhar Mukherjee |
|
Designation : |
Vice President |
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|
Name : |
Mr. Suprabhat Lala |
|
Designation : |
Assistant Vice President |
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|
Name : |
Mr. Mahesh Haldipur |
|
Designation : |
Assistant Vice President |
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|
Name : |
Mr. C.N. Upadhyay |
|
Designation : |
Assistant Vice President |
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|
Name : |
Mr. Dhruvkumar Patil |
|
Designation : |
Assistant Vice President |
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|
Name : |
Mr. Arup Mukherjee |
|
Designation : |
Assistant Vice President |
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|
Name : |
Mr. R. Jayakumar |
|
Designation : |
Assistant Vice President |
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|
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|
Name : |
Mr. Ravindra Mohan Bathula |
|
Designation : |
Assistant Vice President |
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|
Name : |
Ms. Nisha Subhash |
|
Designation : |
Assistant Vice President |
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|
|
|
Name : |
Mr. Nilesh Tinaikar |
|
Designation : |
Assistant Vice President |
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|
|
|
Name : |
Ms. Rana Usman |
|
Designation : |
Assistant Vice President |
|
|
|
|
Name : |
Mr. Mayur Sindhwad |
|
Designation : |
Assistant Vice President |
|
|
|
|
Name : |
Mr. Nagendra Kumar |
|
Designation : |
Assistant Vice President |
|
|
|
|
Name : |
Mr. Vitthal More |
|
Designation : |
Assistant Vice President |
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|
|
|
Name : |
Mr. Sandip Mehta |
|
Designation : |
Assistant Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Life Insurance Corporation of |
|
4728500 |
|
State Bank of |
|
4587500 |
|
Infrastructure Development Finance Company Limited, |
|
3547990 |
|
IFCI Limited, |
|
2497750 |
|
Stock Holding Corporation of India Limited, |
|
2250000 |
|
IDBI Bank Limited, |
|
2249153 |
|
SBI Capital Markets Limited, |
|
1950000 |
|
Premji Hasham Azim |
|
1350000 |
|
General Insurance Corporation of |
|
740000 |
|
National Insurance Company Limited, |
|
640000 |
|
The New India Assurance Company Limited, |
|
640000 |
|
The Oriental Insurance Company Limited, |
|
640000 |
|
United India Insurance Company Limited, |
|
640000 |
|
Financial Technologies ( |
|
450000 |
|
Bank of |
|
399500 |
|
Indian |
|
300000 |
|
HDFC Standard Life Insurance Company Limited, |
|
225000 |
|
Fil Trustee Company Private Limited A/C, Fidelity |
|
200000 |
|
MSPL Limited, |
|
196500 |
|
Union Bank of |
|
183750 |
As on 27.09.2010
|
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] |
|
32.54 |
|
Bodies
corporate |
|
13.11 |
|
Other
top fifty shareholders |
|
4.05 |
|
Public
financial companies |
|
31.27 |
|
Nationalized
or other banks |
|
17.60 |
|
Mutual
funds |
|
1.08 |
|
Venture
capital |
|
0.35 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Facilitating Trading in Securities. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountant |
|
Address : |
12-B, Baldota Bhavan, 5th Floor, 117, |
|
|
|
|
Joint Venture: |
Power Exchange India Limited |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
450.000 |
450.000 |
450.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23812.600 |
18636.700 |
14041.244 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
24262.600 |
19086.700 |
14491.244 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
3] Deposits (Unsecured) |
10435.800 |
9980.100 |
9039.630 |
|
|
TOTAL BORROWING |
10435.800 |
9980.100 |
9039.630 |
|
|
DEFERRED TAX LIABILITIES |
141.600 |
146.400 |
134.008 |
|
|
|
|
|
|
|
|
TOTAL |
34840.000 |
29213.200 |
23664.882 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4194.700 |
4061.800 |
3824.482 |
|
|
Capital work-in-progress |
589.800 |
106.200 |
190.069 |
|
|
|
|
|
|
|
|
INVESTMENT |
3173.300 |
5562.500 |
6572.502 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1157.500
|
904.100 |
1103.609 |
|
|
Cash & Bank Balances |
4249.900
|
2865.100 |
1529.375 |
|
|
Other Current Assets (Interest Accrued) |
24985.300
|
20429.300 |
17005.170 |
|
|
Loans & Advances |
1334.200
|
1368.100 |
594.696 |
|
Total
Current Assets |
31726.900
|
25566.600 |
20232.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
787.500
|
630.400 |
591.336 |
|
|
Other Current Liabilities |
2947.500
|
4774.400 |
6011.632 |
|
|
Provisions |
1109.700
|
679.100 |
552.053 |
|
Total
Current Liabilities |
4844.700
|
6083.900 |
7155.021 |
|
|
Net Current Assets |
26882.200
|
19482.700 |
13077.829 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34840.000 |
29213.200 |
23664.882 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Transaction charges |
7684.300 |
5733.800 |
7461.516 |
|
|
|
Annual subscription |
107.100 |
101.400 |
94.964 |
|
|
|
Book building Fees |
123.300 |
15.800 |
193.640 |
|
|
|
Listing fees |
193.000 |
171.900 |
107.931 |
|
|
|
Operational Expenses Recovery |
283.600 |
296.700 |
475.486 |
|
|
|
Interest income |
372.100 |
329.000 |
201.411 |
|
|
|
Other Investment Income |
2550.200 |
2595.900 |
1148.764 |
|
|
|
Other Income |
1350.200 |
998.300 |
703.318 |
|
|
|
TOTAL |
12663.800 |
10242.800 |
10387.030 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating,
Administration and other expenses |
2291.600 |
1672.900 |
1472.418 |
|
|
|
Clearing and Settlement charges |
959.100 |
612.700 |
732.277 |
|
|
|
Payments to and
provision for employees |
527.300 |
469.600 |
394.194 |
|
|
|
Prior Period
Adjustments |
3.400 |
6.200 |
1.627 |
|
|
|
TOTAL |
3781.400 |
2761.400 |
2600.516 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8882.400 |
7481.400 |
7786.514 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
767.500 |
697.000 |
438.633 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8114.900 |
6784.400 |
7347.881 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1977.200 |
1628.900 |
2135.329 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6137.700 |
5155.500 |
5212.552 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
626.700 |
531.200 |
240.630 |
|
|
|
EXCESS CORPORATE
DIVIDEND TAX FOR LAST YEAR TRANSFERRED BACK |
91.800 |
75.700 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General reserve |
4750.000 |
4500.000 |
4360.000 |
|
|
|
Investor Compensation Reserve |
1.100 |
1.000 |
32.679 |
|
|
|
Proposed dividend |
900.000 |
540.000 |
450.000 |
|
|
|
Corporate dividend tax |
149.500 |
91.700 |
76.478 |
|
|
|
Staff welfare reserve |
3.000 |
3.000 |
2.781 |
|
|
BALANCE CARRIED
TO THE B/S |
1052.600 |
626.700 |
531.244 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
199.800 |
364.500 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
136.39 |
114.57 |
115.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
48.49
|
50.33 |
50.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
71.73
|
73.39 |
75.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.59
|
22.90 |
30.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.36 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.84 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.55
|
4.20 |
2.83 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
787.500
|
630.400 |
591.336 |
CONTINGENT LIABILITY:
(i) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for Rs.232.200 Millions (Previous year : Rs. 159.700 Millions ).
(ii) On account of bank guarantees: Rs. 52.700 Millions (Previous year: Rs. 53.100 Millions).
(iii) Claims against the company not acknowledged as debts: Rs. 65.300 Millions (Previous Year: Rs. 51.600 Millions)
(iv) A suit has been filed against the Company for damages / compensation along with interest thereon and the same has been disputed by the Company. As per the legal opinion received, the possibility of the claim being awarded against the Company is remote.
(v) On account of disputed demand of Employees State Insurance Corporation: Rs. 1.000 Million (Previous Year: Rs. 1.000 Million)
(vi) On account of disputed demand of Income Tax: Rs. 466.200 Millions (Previous Year: Rs. 442.200 Millions), disputed demand of Fringe Benefit Tax: Rs.18.100 Millions (Previous Year: Rs. 18.100 Millions) and disputed demand of Wealth Tax: Rs.19.400 Millions (Previous Year: 19.400 Millions). Wealth Tax liability includes Rs.18.600 Millions (Previous Year: Rs.18.600 Millions) on account of Tax Department appeals pending disposal before the Bombay High Court.
(vii) On account of disputed demand of Securities
Transaction Tax: Rs.131.500 Millions (Previous Year: Rs. 184.500 Millions)
NEW DEVELOPMENTS
DURING THE YEAR
In the year 2009-10, various new developmental initiatives have been
taken by the Exchange. The details of the same are given below:-
June 2009 Change in
Index computation methodology for S and P CNX Nifty
The S and P CNX Nifty Index was computed using full market
capitalisation weighted methodology. With effect from June 26, 2009, the S and
P CNX Nifty Index was calculated using free float market capitalisation
methodology. The same has been done in accordance with the best international
practices.
November 2009
Launch of Mutual Fund Service System (MFSS):
The Exchange has launched an electronic order collection system for the
Mutual Fund industry. Asset Management Company who wishes to offer their open
ended schemes can sign up with the Exchange. This immediately provides the fund
houses the benefit of more than 1,50,000 exchange terminals which can act as
their point of sale. The facility was launched on November 30, 2009. 18 of the
large fund houses have already joined the facility and other fund houses are in
the pipeline to go live. In MFSS, trading members of the Exchange holding AMFI
Registration Number (ARN) can register as "Participant". Facility is
provided to investor to choose between physical settlement and depository
settlement. The MFSS not only improves the reach of mutual fund across location
using the existing infrastructure of trading members but also provides ease and
convenience to investors with reduction in documentation.
January 2010
Market Time Change
The exchange has modified the market open time for its Equity segment,
Future and Options segment and Securities Lending and Borrowing Market with effect from January 04,
2009. The segment now opens for trading at 9 a.m. on all business days in place
of earlier market open time of 9:55 a.m.
January 2010
Launch of a new online order information system (NOTISIPO) for the IPO segment
The Exchange has launched a new online order information system
(NOTISIPO) for the IPO segment through its information gateway CONNECT2NSE on
the 27th of January, 2010. The salient features of the on-line order
information system for IPO segment are as under.
- Book Running
Lead Managers (BRLMs / LBRs), Syndicate Members (SMs) and Sub-Syndicate
Members (Trading Members) will be able to access this facility.
- BRLMs /
Syndicate Members / Sub Syndicate Members will be allotted user ids to
access NOTISIPO system
- BRLMs will
have access to full order book whereas syndicate members will get details
of bids for only those user ids which have added under them. The sub
syndicate members will be able to view only bids entered by them.
- The system
will provide orders for issues open for subscription or the issues closed
on previous business day. Users will have the option to export the order
details as a comma separated file.
- BRLMs can
download the board file through this system.
- The system
will provide key attributes of orders such as Order Date, Order Number, Symbol,
Quantity, price, etc.
March 2010 NSE and
CME Group announced cross-listing relationship
The NSE and CME Group, the world's leading and most diverse derivatives
marketplace, announced cross listing arrangements, including license agreements
covering benchmark indices for
March 2010 NSE and
NSE and Singapore Exchange (SGX) have signed a Memorandum of
Understanding (MOU) on March 10, 2010 to cooperate in the development of a
market for India-linked products. Under the MOU, both exchanges aim to explore
future collaboration in the expansion, development and promotion of
India-linked products and services to be listed on SGX. Subject to regulatory
approval, these products may include equity products and other asset classes.
The two exchanges also will look into a bilateral securities trading link to
enable investors in one country to seamlessly trade on the other country's
exchange.
March 2010 Launch
of Hang Seng BeES
Hang Seng BeES is a first Exchange Traded Fund which gives international
market exposure to Indian Investor. The Hang Seng BeES ETF was listed in
Capital Market segment of the Exchange with effect from March 18, 2010. Hang
Seng BeES ETF tracks the Hang Seng Index adjusted for Exchange rate. Each unit
of Hang Seng BeES is 1/100th of the value of Hang Seng Index adjusted for
Exchange Rate.
SUBSIDIARY
COMPANIES
National
Securities Clearing Corporation Limited (NSCCL)
CM segment: NSCCL successfully continued its track record of completing
all settlements in a timely manner. During the period under review, 244 rolling
settlements were handled in dematerialized mode. Due to ascending market
volumes, the per settlement figures in value terms are higher than the previous
year as given below:
The average value of securities handled per settlement was Rs. 37610.000
Millions in 2009-10 compared to Rs. 25160.000 Millions in 2008-09. The average
funds pay-in per settlement during the above periods was Rs. 11410.000 Millions
and Rs. 9080.000 Millions respectively. The average number of shares processed
per settlement was about 1,946 lakhs in 2009-10 compared to 1,250 lakhs in
2008-09. However, short deliveries per settlement averaged around 0.18% in
2009-10 as compared to 0.21% in 2008-09.
Percentage of number of shares deliverable to number of shares traded
increased marginally to 21.52% in 2009-10 from 21.42% in 2008-09. Percentage of
value of shares deliverable to value of shares traded reduced marginally to
22.22% in 2009-10 from 22.24% in 2008-09. The Settlement Guarantee Fund stood
at Rs. 55472.800 Millions as on 31st March 2010.
F and O segment: The number of contracts traded in the segment witnessed
an increase from 6,573.90 lakh contracts in 2008-09 to 6,792.93 lakh contracts
in 2009-10. The average daily turnover increased from Rs.453106.300 Millions in
2008-09 to Rs.723920.700 Millions in the year 2009-10. The highest monthly
settlement was Rs.103171.100 Millions in the month of May 2009. The highest
trading volume on NSE during this period was Rs.1661930.300 Millions ,
witnessed on January 28, 2010 with total of 63,00,279 contracts being traded.
As of March 31, 2010, the Settlement Guarantee Fund in F and O segment stood at
Rs. 315723.900 Millions.
Currency Derivatives segment: Currency Derivatives trading commenced
from August 29, 2008 with USD-INR as the currency pair. Multiple currency pairs
namely Euro-INR and Pound Sterling- INR and Japanese Yen-INR were introduced in
February 2010.
Mutual Fund
Service System (MFSS)
Securities Exchange Board of India (SEBI) vide circular dated November
13, 2009 issued guidelines for facilitating transaction in Mutual Fund schemes
through the stock exchange infrastructure. As on March 31, 2010, 17 mutual fund
houses were registered under MFSS with 908 schemes available for trading.
NSCCL carries out settlement for redemption of units in dematerialized
form and funds settlement for subscription requests. Details are as under: For
the period November 30, 2009 to March 31, 2010, the value of funds settled or
subscription of mutual fund units was Rs. 87.445 millions. The number of mutual
funds units redeemed during the period was 1,395.43 thousand. During the
financial year 2009-10, NSCCL earned net profit after tax of Rs. 2260.200
Millions as compared to net profit after tax of Rs. 2370.900 Millions during
2008-09. The Board of NSCCL has recommended a dividend of Rs. 19/- per equity
share to its shareholders in respect of the financial year 2009-10.
NSE.IT Limited
(NSE.IT)
NSE.IT formulated a strategy based on its customers and strength, a
large part of which was successful and NSE.IT was able to achieve a turnover of
Rs. 806.000 millions which was 41% higher than the previous year. The year
commenced with receiving a landmark project from Insurance Regulatory and
Development Authority for opening 100 centres across the country for conducting
online insurance examinations. NSE.IT not only completed the project well
within the timelines but also went live in all the centres before the deadline.
The assessments are conducted pan
by NSE.IT facilitates the conduct of the examination in a transparent
and efficient manner. NSE.IT intends to leverage the same along with
state-of-the-art facility by engaging with similar other
organizations/institutions in the ensuing year.
During the year, NSE.IT added one of the Country's prestigious corporate
houses to its clientele list by developing
an end to end commodity exchange solution for the client's upcoming
commodity exchange. The project is expected to go live in the current year
which will add to the credentials of NSE. In the product space, NSE.IT has
partnered with a niche technology provider for developing high end algorithmic
trading solutions for the Indian capital market that will replace the
traditional methods of trading and provide brokers and financial intermediaries
to trade in real time without human intervention. NSE.IT will launch various
algorithmic trading products for the capital market in the ensuing year to
cater to the needs of the financial intermediaries.
In the e-auction domain, NSE.IT holds strong foothold and continues to
provide support for the second year to the Tea Board of India for which the
shift from traditional auction to electronic auction was not straightforward
but with the strong technical support provided by NSE.IT, Tea Board was able to
successfully go live at all the six e-auction centres. In the ensuing year,
NSE.IT will continue to provide support services and other enhancement services
to the client. During the financial year 2009-10, NSE.IT earned net profit
after tax of Rs.95.300 Millions as
compared to the net profit after tax of Rs.33.300 Millions during 2008-09. The Board of NSE.IT has
recommended a dividend of Rs.3/- per equity share to its shareholders in
respect of the financial year 2009-10.
Dotex International
Limited (Dotex)
Dotex manages the info feed of NSEIL and supplies the same to its
clients. Currently, the following products are offered by Dotex:-
1) Real Time Data
2) Snapshot Data
3) End of Day Data
4) Historical Data
5) Corporate Data
The products related to real time data, snapshot data, end of day data
and historical data are further segregated into the following segments:
(i) Capital Market [CM] segment
(ii) Futures and Options Market
[F and O] segment
(iii) Wholesale Debt Market [WDM] segment
(iv) Securities Lending and
Borrowing Market [SLBM] segment
(v) Currency and Interest Rate
Futures Market segment
Currently, Real Time Feed is being subscribed by 31 clients, Snapshot
Feed by 35 clients and End of Day Feed by 22 clients. Dotex also
operationalised the faster broadcast feed and has released the tick by tick
data product on test basis to existing Clients. Dotex also provides a shared
platform called NEAT on Web (NOW) which is a shared CTCL and risk management
tool for the trading members. During the year 2009-10, Dotex earned a profit of
Rs. 130.432 millions as compared to a profit of Rs. 99.627 millions during
2008-09. The financial position of Dotex has improved significantly in the
current financial year by virtue of income generated through revision in
tariff, increase in the number of clients and increase in the number of vendors
reporting end user clients. The Board of Dotex has recommended a dividend of
Rs.1.50 per equity share to its shareholders in respect of Financial Year
2009-10.
During the year, IISL continued to be the primary provider of indices
and related products and services to various participants in the Capital Market
in
IISL executed a new licensing agreement with Singapore Exchange (SGX)
for trading of derivative contracts (including granting license to trade
futures contracts, options contracts and options on futures contracts) based
upon Sand P CNX Nifty Index. Further, additional license has been granted to
SGX for trading of derivative contracts based on CNX Nifty Junior, CNX 100 and
CNX Midcap Index. During the year, IISL also entered into a licensing agreement
with the Chicago Mercantile Exchange (CME) for trading of derivative contracts
based upon Sand P CNX Nifty Index.
During the year, the Company has widened the client base that uses IISL
Indices and index data. IISL has the following major sources of income viz.
income from licensing indices to stock exchanges for trading in derivative
contracts linked to such indices, income from licensing indices to Index
Funds/Exchange Traded Funds, income from licensing indices to finance and
insurance companies for debentures/ insurance products, income from licensing
indices to investment banks for structured products and income from data
subscription. The revenues of the Company have increased from Rs.144.271
millions in 2008-09 to Rs. 151.689 millions in 2009-10. The total outflow of
the Company was Rs. 18.936 millions in 2009-10 as compared to Rs.27.694
millions in 2008-09. The Board of IISL has recommended a dividend of Rs.7/- per
equity share to its shareholders in respect of the financial year 2009-10.
NSE Infotech
Services Limited (NSETECH)
Technology has been a key differentiator and a strategic driver for NSE.
Towards this, NSE Infotech Services Limited continues to deliver and maintain
technology products and services for NSE.
New Generation
Initiatives
In line with global trends of low latency and high throughput, major
architectural changes are being carried out in the Trading systems as an
initiative toward achieving these objectives. In the Cash Market (CM) segment,
Net Market Rollout was one of the major capacity milestones for the trading
system. This new architecture separates the member connectivity from the
matching engine. With this horizontally scalable framework, on demand capacity
increase can be provided by adding multiple market machines. The parallel
redevelopment of the matching engine (retooling project), expected to go live
in mid 2010, will result in a final capacity of 100,000 orders/sec.
Global Benchmarks
To enable member communication through globally established protocols,
NSE has implemented the FIX protocol
enabling members to send globally standard order messages to the NSE
Trading system. FAST broadcast, wherein the frequency of dissemination has been
increased multi-fold to once every second has been introduced to provide faster
price refresh. In line with exchanges across the globe, NSE has provided its
members a collocation facility for their DMA and ALGO Trading. The co-location
setup is a state of the art, highly robust, resilient and secure
infrastructure.
New Product
Launches
New business products like Interest Rate Futures (IRF), Mutual Fund Services
System (MFSS), New currency pairs, Hang Seng BeES, listing filing by Madras
Stock Exchange (MSE) on NSE have been introduced.
Customer focused
self-services
Several initiatives have been taken to provide self service capabilities
and improved customer experience. Some of these are Fungible collaterals, EPI
of funds, multiple clearing banks for members, online enablement of TM by CM,
intraday autodrop of margins and CFE removal.
Operational
Excellence
Full day live business operations from business continuity site (BCP
site) was successfully carried out and operations were then brought back to
primary site in Mumbai on the next day seamlessly, with coordinated efforts
from several teams. System operations have also been realigned to suit the early
market opening at 9 a.m. Automated monitoring across systems has also
facilitated the overall availability of the exchange systems.
Awards /
Recognitions
- ‘NSE
Nationwide Network - IP Migration' project awarded ‘Most Complex Project
2009' by ‘PCQUEST'
- ‘NSE
Nationwide Network - IP Migration' project awarded ‘Runner-Up' prize in
the category of ‘Best Project of the Year 2009' by ‘PROJECT MANAGEMENT
INSTITUTE (PMI), INDIA' During the financial year 2009-10, NSETECH earned
net profit after tax of Rs.9.981 millions as compared to the net profit
after tax of Rs.9.653 millions during 2008-09. As the profit is required
to augment operational needs of the Company, the Board of NSETECH did not
recommend any dividend to its shareholders.
National Commodity
Clearing Limited
NCCL has completed the third year of operations in providing IT and
process support to NCDEX in respect of its clearing and settlement of trades
done in derivatives segment. The clearing and settlement covers contracts in 47
products ranging from agricultural commodities to base metals, ferrous metals,
energy, polymers and precious metals. NCCL carries out funds settlement through
11 clearing banks namely, Bank Of India, Canara Bank, Punjab National Bank,
Union Bank of India, Tamilnad Mercantile Bank, Axis Bank, ICICI Bank, IndusInd
Bank, HDFC Bank, Kotak Mahindra Bank and Yes Bank.
NCCL is in talks with other commodity exchanges for undertaking their
clearing and settlement activities and it is expected that a Memorandum of
Understanding will soon be signed with a commodity exchange for undertaking its
clearing and settlement activities. Further NCCL is also exploring the
possibility of carrying out on pilot basis commodity market on NOW front office
solution that allows the members of commodity exchange and its users to set up
an efficient, low cost uninterrupted trading mechanism via internet for its
immediate business expansion needs and offer direct trading facility to their
clients. During the year 2009-10, NCCL earned net profit after tax of Rs.9.339
millions as compared to the net profit after tax of Rs.2.387 millions during
2008-09. As the profit is required to augment operational needs of the Company,
the Board of NCCL did not recommend any dividend to its shareholders.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC
ENVIRONMENT
On the milieu of the global financial crisis, the fiscal year 2009-10
began as a difficult one with lurking uncertainty in the environment. However, as
the year passed by there was a recovery which was clearly witnessed by an
overall GDP growth rate in the economy. The GDP growth rate in 2009-10 was 7.4%
as against 6.7% for the year 2008-09. While the manufacturing sector grew at
around 10.8%, the rate of growth in service sector was witnessed at 9.7%.
However, the performance of agricultural sector continued to lack luster with
practically no growth. Macro economic parameters such as rate of savings, rate
of investment, international trade position, etc. witnessed modest improvements
over the earlier year. During the year 2009-10, the total foreign exchange
reserves increased by USD 25 billion. The year 2009-10 had the rate of
inflation as a major cause of concern for the country as a whole. This was mainly
attributable to the supply side bottlenecks in some of the essential
commodities, precipitated by the delayed and subnormal monsoon as well as
drought like condition in some parts of the country.
BUSINESS
ENVIRONMENT
With the strong innate economic fundamentals,
During 2009-10, the Indian securities industry also experienced a number
of global, technological and regulatory developments. There have been evidences
of consolidation among market participants. In addition, demands for new
products and services, particularly new asset classes and need for faster and
more cost efficient trade execution increased substantially. Thus, the year
2009-10 witnessed following major imperatives:
• Growth in trading volumes
• Launch of new products & services
• Technological advancements
• Regulatory developments
• Increased competition
OUTLOOK
The Indian economy is likely to continue to grow further in the year
ahead. With the expected GDP growth rate of 8.5% for the fiscal year 2010-11 as
compared to 7.4% for the year 2009-10 it is expected to continue to outperform
most of its global counterparts. Aligned with this, as a natural fall out, it
is expected that the investment momentum within the economy would continue at
an accelerated pace. This would have a significantly positive impact on the
capital markets. Also, whereas the existing products and asset classes would
continue to evince interest, it is expected that there would be attraction
towards new asset classes as well. New products and services, technological
innovation and strong risk management framework would continue to be the key
drivers for the securities market.
FINANCIALS
The financial statements have been prepared in compliance with the
requirements of the Companies Act, 1956, Generally Accepted Accounting
Principles (GAAP) in
FINANCIAL
PERFORMANCE (2009-10)
During the year 2009-10, the total revenue has increased by 24% from Rs.
10242.800 Millions for the year 2008-09 to Rs. 12663.800 Millions for the year
2009-10. The total expenditure for the year 2009-10 was Rs. 4548.900 Millions
as compared to Rs. 3458.400 Millions for the year 2008-09, an increase of
around 32% over the previous year. The total Profit before Tax for the year 2009-10
was Rs. 8114.900 Millions as against Rs. 6784.400 Millions for the year
2008-09, an increase of 20% over the previous year. The total Provision for tax
(including deferred tax, wealth tax) for the year 2009-10 was Rs.1977.200
Millions as against Rs. 1628.900
Millions for the year 2008-09 The total
Profit after tax for the year 2009-10 was Rs. 6137.700 Millions as against Rs. 5155.500 Millions for the year 2008-09, an increase of 19% over
the previous year.
FIXED ASSETS:
- Land
- Building
- Trading Systems
- Computer Systems and Office Automation
- Computer Systems and Others
- Telecommunication Systems
- Office Equipments
- Electrical Equipments
- Furniture and Fixtures
- 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 records 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.45.25 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
69 |
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.