%20PRIVATE%20LIMITED%20%20-%20128629%2007-Jan-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
CREDIT SUISSE SECURITIES ( |
|
|
|
|
Formerly Known
As : |
CREDIT SUISSE FIRST |
|
|
|
|
Registered
Office : |
9th Floor, Ceejay House, Plot F, Shivsagar Estate, Dr.
Annie Besant Road, Worli, Mumbai – 400018, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.12.1996 |
|
|
|
|
Com. Reg. No.: |
11-104392 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1996PTC104392 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMC06240D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC4388G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The principal activity of the company is to act as a stock broker for foreign
institutional investors, mutual funds and financial institutions on the NSE
and BSE in the Cash and Futures and Options Segment. The Company is
registered with SEBI for merchant banking underwriting services and as
portfolio manager. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. There
appears some accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. In view of strong company subject 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Prem |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-67773707 |
|
Date : |
05.01.2011 |
LOCATIONS
|
Registered Office : |
9th Floor, Ceejay House, Plot F, Shivsagar Estate, Dr.
Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-67773777 |
|
Fax No.: |
91-22-67773870 |
|
E-Mail : |
Somanathan.viswanathan@credit-suisse.com
|
DIRECTORS
(AS ON 20.09.2010)
|
Name : |
Mr. Mihir Jagdish Doshi |
|
Designation : |
Managing Director |
|
Address : |
41/A, Maher Apartment, Anstey Road, Off Alta Mount Road, Mumbai –
400026, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1961 |
|
Date of Appointment : |
08.02.2007 |
|
Din No.: |
01283331 |
|
|
|
|
Name : |
Mr. Nilesh Surendrarai Jasani |
|
Designation : |
Director |
|
Address : |
701-707 Vastu Plot No. 26/B, RG Thadani Marg, Worli, Mumbai – 400018, |
|
Date of Birth/Age : |
11.08.1970 |
|
Date of Appointment : |
01.06.2007 |
|
|
|
|
Name : |
Mr. Rajat Sabharwal |
|
Designation : |
Director |
|
Address : |
8 F/A, |
|
Date of Birth/Age : |
27.12.1968 |
|
Date of Appointment : |
01.06.2007 |
|
DIN No.: |
01223147 |
|
|
|
|
Name : |
Mr. Anantharaman Venkataramanan |
|
Designation : |
Director |
|
Address : |
3201A, Phoenix Tower, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1964 |
|
Date of Appointment : |
06.03.2007 |
|
|
|
|
Name : |
Mr. Puneet Matta |
|
Designation : |
Director |
|
Address : |
13B, IL Plazzo Malabar Hill, Mumbai – 400006, |
|
Date of Birth/Age : |
10.03.1964 |
|
Date of Appointment : |
18.03.2008 |
|
|
|
|
Name : |
Mr. Rasik Bindumadhav Joshi |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
04.02.1968 |
|
Date of Appointment : |
25.11.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Somanathan Vishwanathan |
|
Designation : |
Company Secretary |
|
PAN No. : |
ACZPV4761C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 20.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Credit Suisse Investment Holding ( |
|
221476244 |
|
Credit Suisse Holdings (Hong Kong) Limited, |
|
1 |
|
Total |
|
221476245 |
AS ON 30.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The principal activity of the company is to act as a stock broker for
foreign institutional investors, mutual funds and financial institutions on
the NSE and BSE in the Cash and Futures and Options Segment. The Company is
registered with SEBI for merchant banking underwriting services and as
portfolio manager. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Cash and Credit [30 Days] |
GENERAL INFORMATION
|
No. Of Employees : |
Not Divulged by the management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M. Joshi
Marg, Mahalakshmi, Mumbai – 400011, |
|
|
|
|
Holding Company : |
Credit Suisse Investment Holding ( |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
245,000,000 |
Equity Share |
Rs. 10/- each |
Rs. 2450.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
221,476,245 |
Equity Share |
Rs. 10/-
each |
Rs. 2214.762
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 |
2214.762 |
2214.762 |
2214.762 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(179.149) |
(715.961) |
(441.495) |
|
|
NETWORTH |
2035.613 |
1498.801 |
1773.267 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2035.613 |
1498.801 |
1773.267 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
147.618 |
271.014 |
249.571 |
|
|
Capital work-in-progress |
3.893 |
0.000 |
53.241 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.946 |
0.945 |
0.945 |
|
|
DEFERREX TAX ASSETS |
207.542 |
180.048 |
30.693 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
13181.115
|
4209.993 |
5308.428 |
|
|
Cash & Bank Balances |
12971.859
|
3703.094 |
1530.830 |
|
|
Other Current Assets |
72.263
|
88.741 |
23.337 |
|
|
Loans & Advances |
672.796
|
747.289 |
281.322 |
|
Total
Current Assets |
26898.033
|
8749.117 |
7143.917 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1012.167
|
1151.131 |
523.406 |
|
|
Other Current Liabilities |
24185.067
|
6539.138 |
5162.932 |
|
|
Provisions |
25.185
|
15.054 |
18.762 |
|
Total
Current Liabilities |
25222.419
|
7705.323 |
5705.100 |
|
|
Net Current Assets |
1675.614
|
1046.794 |
1438.817 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2035.613 |
1498.801 |
1773.267 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3954.160 |
2280.942 |
2220.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Costs |
2369.096 |
1724.802 |
1148.887 |
|
|
|
Operating Costs |
634.382 |
797.805 |
466.801 |
|
|
|
TOTAL (B) |
3003.478 |
2522.607 |
1615.688 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
950.682 |
(241.665) |
604.512 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.562 |
1.262 |
7.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
950.120 |
(242.927) |
597.048 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
135.227 |
137.330 |
84.884 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
814.893 |
(380.257) |
512.164 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
278.082 |
(105.792) |
143.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
536.811 |
(274.465) |
368.430 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(715.961) |
(441.496) |
(825.580) |
|
|
|
|
|
|
|
|
|
Add |
Prior period tax provision w/back |
0.000 |
0.000 |
15.654 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(179.150) |
(715.961) |
(441.496) |
|
|
|
|
|
|
|
|
|
|
Export Value |
1238.686 |
833.347 |
548.014 |
|
|
|
|
|
|
|
|
|
|
CIF Value of
Imports |
0.260 |
0.854 |
6.830 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.47 |
(1.24) |
1.66 |
|
%20PRIVATE%20LIMITED%20%20-%20128629%2007-Jan-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20%20-%20128629%2007-Jan-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.58
|
12.03 |
16.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.01
|
4.22 |
6.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.25 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
12.39
|
5.14 |
3.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.14 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered office of the company has been shifted from 703 Houseifn
Bhavanc – 21, Bandra Kurla Co, MPCEX Bandra East, Mumbai – 400051,
SUNDRY CREDITORS DETAILS
Rs in Millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
1012.167
|
1151.131 |
523.406 |
|
|
|
|
|
PRESENT OPERATIONS AND FUTURE PLANS
The Indian Economy has led the global recovery
cycle along with
After the meltdown of previous year FY 2009-10
saw the investors coming back to the Indian equity capital markets. The Indian
stock market out-performed the key global and regional markets and yielded a
return of 77 % during FY 2010 as against a negative return of 37.9 % in FY 09. The
secondary market witnessed frantic buying from institutional and retail
investors post the election results with Sensex crossing the 17000 mrk in Oct
2009. during the year, FIIs bought – USD 23.2 billion of Indian equities – the
biggest buying by foreign investors in the history of Indian markets. Domestic
insurance companies were also positive on the markets and were net buyers of –
USD 7.5 billion during the last financial year. Activity in primary markets
returned and equity raising during the year was at – USD 20 billion compared to
a mere USD 2.7 billion in the previous year.
Fixed Assets
- Leasehold Improvement
- Furniture and Fixtures
- Computer
- Office Equipments
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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.