MIRA
INFORM REPORT
|
Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ABNL INVESTMENT LIMITED (w.e.f. 08.04.2010) |
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Formerly Known
As : |
ADITYA BIRLA CAPITAL LIMITED (w.e.f. 19.11.2009) LAXMINARAYAN INVESTMENT LIMITED |
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Registered
Office : |
Indian Rayon Compound, Junagadh - Veraval Road, Veraval – 362266,
Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.08.1994 |
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Com. Reg. No.: |
04-22685 |
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Capital
Investment / Paid-up Capital : |
Rs.210.000
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U65910GJ1994PLC022685 |
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|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Subject is engaged in Investment Finance
and Property Rental Activities. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Aditya Birla Nuvo Limited, India. It is a
an established company having satisfactory track. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. In view of strong holding, the company can be considered normal 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Indian Rayon Compound, Junagadh - Veraval Road, Veraval – 362266,
Gujarat, India |
|
Tel. No.: |
91-2876-245711 |
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E-Mail : |
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Mumbai Office : |
A-4, Aditya Birla centre, S. K. Ahire Marg, Worli, Mumbai – 400030,
Maharashtra, India |
DIRECTORS
(AS ON 06.08.2010)
|
Name : |
Mr. Manoj Kedia |
|
Designation : |
Director |
|
Address : |
Shree Palace, B- 305, Satya Nagar, Saibaba Nagar, Borivali (West),
Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
08.10.1965 |
|
Date of Appointment : |
16.07.1999 |
|
DIN No.: |
00020419 |
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|
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|
Name : |
Mr. Anil Rustogi |
|
Designation : |
Director |
|
Address : |
71, 7th Floor, Juhu Shalimar Co-operative Housing Society,
JVPD – Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth : |
02.10.1965 |
|
Date of Appointment : |
20.05.2010 |
|
DIN No.: |
02678608 |
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Email : |
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|
Name : |
Mr. Sushil Agarwal |
|
Designation : |
Director |
|
Address : |
Deccan Co-op. Housing Society Limited – 301, Ocean View Union Park, Khar
(West), Mumbai – 400052, Maharashtra, India |
|
Date of Appointment : |
15.07.2009 |
|
DIN No.: |
00060017 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Ramchandra Gupta |
|
Designation : |
Company Secretary |
|
Address : |
D-602, Udhistir, N L Complex, Anand Nagar, Dahisar (East), Mumbai –
400068, Maharashtra, India |
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Date of Birth/Age : |
06.01.1973 |
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Date of Appointment : |
12.11.2001 |
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PAN No.: |
ACAPG9714D |
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Email : |
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|
Name : |
Mr. Rakesh Ramchandra Gupta |
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Designation : |
Manager |
|
Address : |
D-602, Udhistir, N L Complex, Anand Nagar, Dahisar (East), Mumbai –
400068, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1973 |
|
Date of Appointment : |
12.11.2010 |
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PAN No.: |
ACAPG9714D |
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Email : |
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|
Name : |
Ms. Pinky Atul Mehta |
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Designation : |
Manager |
|
Address : |
102, Anand Kanchan Phiroze Shah Mehta Road, Vile Parle East, Mumbai –
400057, Maharashtra, India |
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Date of Birth/Age : |
21.04.1967 |
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Date of Appointment : |
01.03.2001 |
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Date of Ceasing : |
12.11.2010 |
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PAN No.: |
AAHPM2967P |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 06.08.2010)
|
Names of Shareholders |
|
No. of Shares |
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|
|
|
|
Aditya Birla Nuvo Limited, India |
|
20999994 |
|
Adesh Kumar Gupta |
|
1 |
|
K K Maheshwari |
|
1 |
|
Devendra Bhandari |
|
1 |
|
Pinky Mehta |
|
1 |
|
Shriram Jagetiya |
|
1 |
|
Shireesh Jain |
|
1 |
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|
|
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Total |
|
21000000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
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|
|
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Investment Finance and
Property Rental Activities. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
|
Bankers : |
Not Available |
BANK FACILITIES
|
Unsecured Loans |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
(Rs. In Millions) |
|||
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|
|
|
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Other Loans from
|
|
|
|
|
|
Holding Company |
297.600 |
170.200 |
-- |
-- |
|
Other Company |
-- |
14.075 |
-- |
-- |
|
(Repayable with in one year) |
|
|
|
|
|
|
|
|
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|
11% Unsecured Redeemable Non Convertible Debentures |
-- |
-- |
350.000 |
-- |
|
11.25% Unsecured Redeemable Non Convertible Debentures |
-- |
-- |
250.000 |
-- |
|
Unsecured Loans from Holding Company |
-- |
-- |
-- |
134.000 |
|
(Repayable with in one year) |
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Total |
297.600 |
184.275 |
600.00 |
134.000 |
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|
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Banking
Relations : |
-- |
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|
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|
Auditors : |
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|
Name : |
Khimji Kunverji and Company Chartered Accountant |
|
Address : |
Suite 52, Bombay Mautual Building, P. M. Road, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22662550/ 22661270/ 22662011 |
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Fax No.: |
91-22-22664045 |
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Email : |
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Website : |
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Holding Company : |
· Aditya Birla Nuvo Limited, India CIN No.: L17199GL1956PLC001107 |
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Subsidiaries/ Fellow Subsidiary : |
· Aditya Birla Financial Shared Services Limited CIN No.: U65999MH2008PLC183695 · Madura Garments International Brand Company Limited CIN No.: U18101KA2007PLC042754 · Madura Garments Lifestyle Retail Company Limited CIN No.:U18101KA2007PLC042671 · Madura Garments Exports Limited · Birla Sun Life Asset Management Company Limited · MG Lifestyle Clothing Company Private Limited · Aditya Birla Miancs IT Services Limited · Birla Technologies Limited · Aditya Birla Minacs Worldwide Limited · Aditya Birla Money Limited · Aditya Birla Finance Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24990000 |
Equity Share |
Rs.10/- each |
Rs.249.900 Millions |
|
1000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.0.100 Million |
|
|
|
|
|
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Share |
Rs.10/- each |
Rs.210.000
Millions |
|
|
|
|
|
NOTE:
The entire issued, subsidiary and paid-up
capital of the company is held by the Holding Company, Aditya Birla Nuvo
Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
210.000 |
210.000 |
210.000 |
210.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
106.182 |
92.922 |
67.673 |
49.512 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
316.182 |
302.922 |
277.673 |
259.512 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
297.600 |
184.275 |
600.000 |
134.000 |
|
|
TOTAL BORROWING |
297.600 |
184.275 |
600.000 |
134.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
613.782 |
487.197 |
877.673 |
393.512 |
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|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
108.483 |
110.680 |
112.879 |
115.076 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
200.000 |
257.420 |
438.132 |
262.487 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.096
|
0.076 |
0.463 |
24.072 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
0.042 |
|
|
Loans & Advances |
316.014
|
139.891 |
340.105 |
0.227 |
|
Total
Current Assets |
316.110
|
139.967 |
340.568 |
24.341 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditor |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Other Current Liabilities |
10.811
|
20.870 |
13.906 |
8.392 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
10.811
|
20.870 |
13.906 |
8.392 |
|
|
Net Current Assets |
305.299
|
119.097 |
326.662 |
15.949 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
613.782 |
487.197 |
877.673 |
393.512 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Rent |
8.826 |
15.421 |
13.539 |
9.773 |
|
|
|
Interests and other Finance Income |
25.166 |
66.678 |
52.133 |
0.000 |
|
|
|
Dividend on Investment |
0.111 |
15.821 |
0.576 |
0.128 |
|
|
|
Gain/ (Loss) on Sale of Investments (Net) |
20.652 |
2.103 |
0.059 |
13.163 |
|
|
|
Provision for Loss Assets (Excess Provision Reversal) |
1.829 |
0.000 |
0.052 |
0.000 |
|
|
|
TOTAL (A) |
56.584 |
100.023 |
66.359 |
23.064 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
General Charges |
0.678 |
0.035 |
0.160 |
0.753 |
|
|
|
Electricity Expenses |
0.061 |
0.000 |
0.000 |
0.000 |
|
|
|
Rates and Taxes |
0.435 |
0.002 |
0.001 |
0.000 |
|
|
|
Payment to Auditors |
0.120 |
0.163 |
0.093 |
0.055 |
|
|
|
Building Repair and Maintenance |
1.714 |
0.000 |
0.932 |
0.217 |
|
|
|
Diminution in value of Long Term Investment |
0.000 |
0.000 |
0.000 |
0.115 |
|
|
|
Provision for Loss Assets |
0.000 |
3.996 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
3.008 |
4.196 |
1.186 |
1.140 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
53.576 |
95.827 |
65.173 |
21.924 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.918 |
57.901 |
34.529 |
6.385 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.658 |
37.926 |
30.644 |
15.539 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.198 |
2.198 |
2.198 |
2.197 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
22.460 |
35.728 |
28.446 |
13.342 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.200 |
10.700 |
10.285 |
2.304 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13.260 |
25.028 |
18.161 |
11.038 |
|
|
|
|
|
|
|
|
|
|
|
PROVISION OF TAX
FOR EARLIER YEAR WRITTEN BACK |
0.000 |
0.221 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
73.422 |
53.673 |
39.212 |
30.399 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
5.500 |
3.700 |
2.225 |
|
|
|
Dividend |
-- |
-- |
-- |
-- |
|
|
|
Tax on Dividend |
-- |
-- |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
83.682 |
73.422 |
53.573 |
39.212 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.63 |
1.20 |
0.86 |
0.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
23.43
|
25.02 |
27.37 |
47.86 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
39.69
|
35.72 |
42.87 |
57.85 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.29
|
14.25 |
6.27 |
9.57 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.12 |
0.10 |
0.05 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
0.68 |
2.21 |
0.55 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
29.24
|
6.71 |
24.49 |
2.90 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF NAME OF
THE COMPANY
The company has been rechristened as “ABNL Investment Limited”, to
reflect group strong parentage and the business carried on by the company.
RESULTS OF
OPERATIONS:
The company has achieved a turnover of Rs.56.584 Millions and earned a
net profit of Rs.13.260 for the year ended 31st March 2010.
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.