MIRA
INFORM REPORT
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Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ADITYA BIRLA MONEY LIMITED [w.e.f. 03.08.2009] MADURA GARMENTS EXPORTS LIMITED AMALGAMATED WITH ADITYA BIRLA MONEY
LIMITED |
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Formerly Known
As : |
APOLLO SINDHOORI CAPITAL INVESTMENTS LIMITED |
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Registered
Office : |
Indian Rayon Compound, Veraval – 362266, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.07.1995 |
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Com. Reg. No.: |
04-064810 |
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Capital
Investment / Paid-up Capital : |
Rs.55.400 Millions |
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CIN No.: [Company Identification
No.] |
L65993GJ1995PLC064810 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
The company is engaged in stock broking business and related
activities |
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No. of Employees
: |
1525 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [47] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2190000 |
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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 well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
Management Non Cooperative
LOCATIONS
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Registered Office : |
Indian Rayon Compound, Veraval – 362266, |
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Tel. No.: |
91-2876-245711 |
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Fax No.: |
91-2876-243220 |
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E-Mail : |
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Website : |
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Corporate Office : |
“M” Floor, |
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Tel. No.: |
91-44-28294702 / 28291177 / 39190002 / 39190003 |
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Fax No.: |
91-44-28290835 / 28293164 |
DIRECTORS
As on 28.06.2010
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Name : |
Mr. Pankaj Razdan |
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Designation : |
Director |
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Name : |
Mr. Sudhakar Ramasubramanian (Executive Director upto
January 4, 2010) |
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Designation : |
Director |
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Name : |
Mr. P. Sudhir Rao |
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Designation : |
Director |
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Name : |
Mr. G. Vijayaraghavan |
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Designation : |
Director |
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Name : |
Mr. Manoj Kedia |
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Designation : |
Director |
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Name : |
Mr. Kanwar Vivek – Managing Director (w.e.f. January 4,
2010) |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ravishankar Gopalan |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Raghavendra Nath |
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Designation : |
Head -Sales and Distribution |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Bodies Corporate |
41550000 |
75.00 |
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Sub Total (A) |
41550000 |
75.00 |
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(B) Public
Shareholding |
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Non Institutions
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Bodies Corporate |
4681632 |
8.45 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
5263556 |
9.50 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
3634612 |
6.56 |
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Any other
[Specify] |
270200 |
0.49 |
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Clearing Members |
12509 |
0.02 |
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Non Resident Indians |
107447 |
0.19 |
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Hindu Undivided Family |
150244 |
0.27 |
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Sub Total |
13850000 |
25.00 |
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Total [A + B] |
55400000 |
100.00 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
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Total (A) + (B) +(C) |
55400000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in stock broking business and related
activities |
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Services : |
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GENERAL INFORMATION
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No. of Employees : |
1525 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Subramanian And Company Chartered Accountant |
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Address : |
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Holding Company : |
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Subsidiary Company : |
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Fellow Susidiary Company W.E.F. March 6, 2009 : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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150,000,000 |
Equity Shares |
Rs.1/-each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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55,400,000 |
Equity Shares |
Rs.1/-each |
Rs.55.400 millions |
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(Of the above 41,550,000 Equity shares of Re.1/-each (as at March 31,
2009 - 42,104,000 are held by Aditya Birla Nuvo Limited) are held by Aditya
Birla Financial Services Private Limited (Holding Company)
As on 28.06.2010
Authorised Capital : Rs.250.000 millions
Issued, Subscribed & Paid-up Capital : Rs.135.400
millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
55.400 |
55.400 |
55.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
493.815 |
399.046 |
395.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
549.215 |
454.446 |
451.000 |
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LOAN FUNDS |
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1] Secured Loans |
50.000 |
0.000 |
403.000 |
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2] Unsecured Loans |
350.000 |
50.000 |
0.600 |
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TOTAL BORROWING |
400.000 |
50.000 |
403.600 |
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DEFERRED TAX LIABILITIES |
53.477 |
41.477 |
0.000 |
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TOTAL |
1002.692 |
545.923 |
854.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
345.121 |
347.027 |
320.300 |
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Capital work-in-progress |
13.152 |
1.688 |
0.000 |
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INVESTMENT |
20.076 |
20.293 |
20.500 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
814.660
|
275.647 |
554.600 |
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Cash & Bank Balances |
769.651
|
407.178 |
470.900 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
329.270
|
249.151 |
772.000 |
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Total
Current Assets |
1913.581
|
931.976 |
1797.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1154.811
|
677.511 |
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Other Current Liabilities |
115.824
|
63.917 |
1152.400 |
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Provisions |
18.603
|
13.633 |
131.300 |
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Total
Current Liabilities |
1289.238
|
755.061 |
1283.700 |
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Net Current Assets |
624.343
|
176.915 |
513.800 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1002.692 |
545.923 |
854.600 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
974.679 |
677.859 |
1195.900 |
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Other Income |
35.196 |
30.452 |
32.200 |
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TOTAL (A) |
1009.875 |
708.311 |
1228.100 |
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Less |
EXPENSES |
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Salaries, Wages and Employee Benefits |
235.581 |
179.610 |
188.800 |
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Operating and other Expenses |
536.136 |
414.137 |
555.100 |
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TOTAL (B) |
771.717 |
593.747 |
743.900 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
238.158 |
114.564 |
484.200 |
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Less |
FINANCIAL
EXPENSES (D) |
26.139 |
54.272 |
83.100 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
212.019 |
60.292 |
401.100 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.744 |
47.314 |
35.700 |
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Less |
Extra Ordinary
Item |
-- |
-- |
[5.500] |
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PROFIT BEFORE
TAX (E-F) (G) |
155.275 |
12.978 |
359.900 |
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Less |
TAX (I) |
60.506 |
6.628 |
138.500 |
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PROFIT AFTER TAX
(G-I) (J) |
94.769 |
6.350 |
221.400 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
126.130 |
119.780 |
NA |
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BALANCE CARRIED
TO THE B/S |
220.899 |
126.130 |
NA |
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|
Earnings Per
Share (Rs.) |
1.71 |
0.11 |
39.96 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
255.140 |
338.090 |
221.250 |
174.520 |
|
Total Expenditure |
197.290 |
270.550 |
280.590 |
247.590 |
|
PBIDT (Excl
OI) |
57.850 |
67.540 |
[59.340] |
[73.070] |
|
Other Income |
11.900 |
63.530 |
3.160 |
3.600 |
|
Operating
Profit |
69.750 |
131.070 |
[56.180] |
[69.470] |
|
Interest |
12.120 |
19.940 |
13.360 |
12.620 |
|
Exceptional
Items |
0.000 |
[81.550] |
0.000 |
0.000 |
|
PBDT |
57.630 |
29.580 |
[69.540] |
[82.09] |
|
Depreciation |
16.200 |
17.610 |
17.970 |
19.830 |
|
Profit
Before Tax |
41.430 |
11.970 |
[87.510] |
[101.920] |
|
Tax |
13.760 |
[1.360] |
[28.860] |
[25.02] |
|
Reported PAT |
27.670 |
13.330 |
[58.650] |
[76.910] |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
27.670 |
13.330 |
[58.650] |
[76.910] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.38
|
0.90 |
18.03 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
15.93
|
1.91 |
30.09 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.87
|
1.01 |
16.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.03 |
0.80 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.07
|
1.77 |
3.74 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.23 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL PERFORMANCE
The Financial Year 2009-10 was the first full year of operation of
the Company since it was acquired by the Aditya Birla Group. During the year,
the stock market witnessed a smart recovery and sentiment remained bullish
compared to the previous year. The equity market revived with the foreign
institutional investors focused on emerging markets including
CHANGE IN NAME
During the year, the name of the Company was changed to “Aditya
Birla Money Limited” vide fresh certificate of incorporation, consequent upon change
of name, dated August 3, 2009, issued by Registrar of Companies, Chennai. The
new name of the Company reflects the new ownership / promoters of the Company.
INTER SE PROMOTER TRANSFER
To enhance focus on the Financial Services business and to bring
all the Financial Services activities under one single roof, Aditya Birla Nuvo
Limited, on February 23, 2010 transferred its shareholding in the Company to
Aditya Birla Financial Services Private Limited (ABFSPL) by way of “inter-se”
promoter transfer in terms of regulation 3(4) of SEBI (Substantial Acquisition
of Shares and Takeovers) Regulations, 1997. The aforesaid transfer of shares
did not result in change in control or promoter group of the Company under the
SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. With
the above change, ABFSPL is now the Promoter/ Holding company of the Company .
CREDIT RATING
The Company obtained credit rating of P1+ from CRISIL Limited for
its short term debt programme. The rating indicates the highest degree of
safety with regard to timely payment of interest and principal on the
instrument.
FINANCE
During the year, the Company issued Commercial Papers for an
aggregate amount of Rs. 400.000 millions to meet its working capital
requirement. The year end outstanding was Rs. 150.000 millions
SUBSIDIARY COMPANY
The Company has a subsidiary viz. Aditya Birla Commodities
Broking Limited (“ABCBL”), which is engaged in commodity trading. The name of
this Company was also changed during the year vide fresh certificate of
incorporation, consequent upon change of name, dated September 29, 2009 issued
by Registrar of Companies, Chennai so as to reflect the new Ownership /
Promoters of the Company.
Aditya Birla Commodities Broking Limited continues to perform
well and is a significant player in commodity trading, especially in gold
trading. ABCBL, the subsidiary company, posted total Income of Rs.153.741
Millions compared to Rs.158.381 Millions during previous year. The net profit
was up 461% at Rs. 32.065 Millions, compared to Rs. 5.711 Millions in the
previous year. This was due to significant increase in the brokerage income
during the year and change in revenue mix.
The Consolidated financial statements of the Company and its
subsidiary Company are prepared in accordance with the Accounting Standards
prescribed by the Institute of Chartered Accountants of India form part of the
Annual Report. The statement pursuant to section 212 of the Companies Act, 1956
containing details of the subsidiary company is attached to this annual report.
Pursuant to the application made by the Company under section
212(8) of the Companies Act, 1956, the Ministry of Corporate Affairs,
Government of India vide its Letter No. 47/117/2010 CL-III dated 03/03/2010
granted exemption from attaching a copy of the Balance Sheet, Profit and Loss
Account, Directors’ Report and the Auditors’ Report of the Subsidiary Company
and other documents required to be attached under Section 212 of the Companies
Act to the Balance Sheet of the Company. In compliance with the terms of the
exemption, summary financial information for the subsidiary has been also
included and forms part of the Annual Report. Any shareholder / investor of the
holding company or subsidiary company desirous of obtaining the annual accounts
of the subsidiary company and related information may obtain the same by
sending a request in writing to the Company at the registered office. These
documents are also open for inspection at the registered office of the Company
/ subsidiary Company.
CONTINGENT LIABILITY:
Rs. in millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Contingent Liability not provided for on account of: |
|
|
|
(a) Disputed Claim of SEBI towards turnover fees contested before
Supreme Court. |
26.100 |
26.100 |
|
(b) Claims against the company not acknowledged as debts |
39.400 |
19.500 |
Business Description
Aditya Birla Money Limited, formerly Apollo Sindhoori Capital Investments Limited, is an India-based company. The services offered by the Company include trading facility in equity segment on and derivative segment on National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE) through a single platform; trading facility in commodity segment, including bullion, oils, gaur seed, through its subsidiary, Aditya Birla Commodities Broking Limited; depository participant (DP) services of National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL); online bidding for initial public offerings (IPO) and mutual funds, subscription-based brokerage plans, distribution of mutual funds and insurance. On February 23, 2010, the Company acquired 75% interest of Aditya Birla Nuvo Limited. As of March 31, 2010, the Company had distribution network of over 800 own branches and franchisee network. For the nine months ended 31 December 2010, Aditya Birla Money Limited's revenues increased 17% to RS1.01B. Net loss totaled RS2.5M, vs. an income of RS99.7M. Revenues reflect an increase in income from operations and higher other income. Net loss reflects an increase in employee cost, higher depreciation expenses, an increase in management fee-business associates, higher other expenditure and lower operating profit from operations.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
MACRO ECONOMIC SCENARIO
The Indian Economy and Markets
The financial year 2009-10 was an outstanding one for the Indian
equity markets. The Sensex rallied 77% and the Nifty surged 72%. Foreign Institutional
Investors came back in droves, pumping approximately USD 25 billion into
The year also witnessed a rebound in economic growth and also saw
a sustained revival in industry and manufacturing. The Index of Industrial
Production over the last 18 months indicates a strong recovery across various
sectors. The Business Confidence Index also portrays the return of confidence.
The real turnaround in economic performance came in Q2 of financial year
2009-10 when the economy grew by 7.9%. However, there are inflationary
pressures that
Bank credit picked up momentum and grew at 16% rate during
2009-10 and is expected to gather pace in the current year. Capital expenditure
from the corporate sector which was slow in the last couple of years is likely
to enter a growth phase by Q2 or Q3 of 2010. Credit expansion will go hand in
hand with economic expansion. With the economy expected to grow between 8% to
8.5%, the corporate earnings should also naturally grow with it and it is
likely to get factored in the prices of equities. The disinvestment in public
sector enterprises is more or less on course, and one could see more action on
this front in the coming year.
With rising inflation and growing inflationary expectations, and
to some extent enthused by the rapid recovery in industrial activity, the RBI
is most likely to follow a policy of tightening the base rates during the
coming year. The tightening so far has been moderate and RBI is expected to
continue with the tightening but in a measured manner. This will have some
consequences for the markets. But the fact that most of the government
borrowings are expected to be completed in H1 of 2010 and that the inflows into
emerging markets could remain robust should bring some relief to the markets
even in a rising interest rate scenario. The global scenario is clearly going
to play a role in the direction their market’s take.
Major Global Developments
Macro-economic data for the
The continuing situation over
INDUSTRY STRUCTURE AND DEVELOPMENTS
In 2008-09, the Equity market was down and investors were shying
away from equity and equity linked financial products. However in 2009-10, the
Nifty closed the year with a gain of 72% and the comparative numbers for Sensex,
for the same period, showed a gain of 77%. FIIs brought (net inflows of ) Rs.
879870 Millions (US$ 18508 million) into the market, during Jan - Dec of 2009,
as against Rs. 412150 Millions (US$ 9338 million) they had taken out (as net
outflows) during the same period in 2008. As a result of these inflows and with
other positive factors, the Rupee appreciated to Rs. 44.94 to an US Dollar end
of financial year 2009-10 as opposed to Rs. 50.95 in the beginning of the
financial year.
While the market capitalization increased in absolute and
percentage terms during the financial year ended March 31, 2010, the average
daily turnover recorded in both the exchanges had seen a decline in the last
quarter of financial year 2009-10.
The Commodities market too witnessed increase in volumes. The
combined commodities volumes recorded in both MCX and NCDEX increased by 52%,
up from Rs. 4695540 Millions in the financial year 2008-09, to Rs. 7120330
Millions in the financial year 2009-10. There has been also an increase in the
number of demat accounts opened in the market during the financial year
2009-10.
Considering the overall scenario, the performance of the market
and the broking industry in particular during the financial year 2009-10 was
good and it brought back the confidence to the market participants. During the
financial year 2009-10, the markets also witnessed some important regulatory
changes and these ensured that the overall investors’ confidence was sustained
in the markets.
Aditya Birla Nuvo took over the reins of the Company in March
2009, when the market was down and investors were shying away from equity. The
key task was to stabilize business, rationalize costs, bring operational
efficiencies and get the Company on a track to sustained profits. With support
of all the employees and management team, this task was achieved successfully
in this financial year. The Company is now part of the broad based and
integrated Aditya Birla Financial Services Group. The financial services
business of Aditya Birla Nuvo is spread across seven segments viz. Life
Insurance, Asset Management, NBFC, Wealth Management and Distribution, Equity
and Commodity Broking, Insurance Broking and Private Equity. During the year,
the company’s stock price also performed well in the bourses recording gains in
excess of 3.5 times for the investors. During this period it touched a high of
Rs. 71.35 and a low of Rs. 14. 30 in NSE.
FINANCIAL PERFORMANCE AND REVIEW OF OPERATIONS
The Company recorded an Income from Operations of Rs. 1104.592
Millions for the year under review, on a consolidated basis. This was 51%
higher than the previous year. The total consolidated income for the year under
review stood at Rs. 1163.616 Millions. The Company’s performance witnessed
robust growth in the first three quarters, the 4th Quarter was muted due to a slowdown in the cash market volumes.
The Consolidated Net Profit for the year stood at Rs. 126.833 Millions (up from
Rs. 12.062 Millions for the previous year) and the net profit margins increased
from 1.4% in 2008-09 to 10.9% during the financial year 2009-10.
Revenues from equity broking business grew by 49% to Rs. 770.384
Millions led by increased volumes. Commodities business recorded strong growth
for the year under review with a brokerage income of Rs. 125.929 millions, 165%
higher than the previous year’s brokerage of Rs. 47.437 Millions, driven by
increased volumes. The Company also obtain credit rating of P1+ from CRISIL
Limited for its short term debt programme.
OUTLOOK
After an exciting 2009-10 which saw most equity markets around
the globe recover sharply from their March lows, the markets move into 2010-11
with hope of a steady global economic recovery translating into pickup in
business and investment cycles.
Corporate earnings have been good and the strong GDP growth and
IIP numbers send signals that the economy is positively on revival phase. A
stable government that is focused on moving ahead with the divestment process
and stepping up infrastructure spending should support the recovery.
In
With this background, and having posted encouraging numbers for
the year ended March 31, 2010, the company is poised for growth and expansion
in 2010-11. The Company now see the need more than ever to work on the 5
pillars of their business - Brand, Product, Distribution, Operations, Service and People – in a focused and sustained manner. The Company plans to augment
its research and product offerings to match the best in the industry. The
Company will increase its footprint mainly through business partners. However,
additional branches are being added predominantly in Western and
FINANCIAL RESULTS
FOR THE QUARTER ENDED AND YEAR ENDED 31.03.2011
Rs. in millions
|
Particulars |
Quarter Ended 31.03.2011 |
Year Ended 31.03.2011 |
|
Income |
|
|
|
a) Income from Operations |
174.516 |
989.000 |
|
Total Operating Income |
174.516 |
989.000 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
-- |
-- |
|
(b) Consumption of Raw Materials |
-- |
-- |
|
(c) Payout to Business partner |
43.099 |
276.771 |
|
(d) Employees Cost |
81.052 |
334.605 |
|
(e) Depreciation |
19.829 |
71.603 |
|
(f) Other Expenditure |
123.448 |
384.660 |
|
Total Expenditure |
267.428 |
1067.639 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
[92.912] |
[78.639] |
|
Other Income |
3.597 |
82.192 |
|
Profit/(Loss) before Interest and Exceptional items |
[89.315] |
3.553 |
|
Interest |
12.618 |
58.049 |
|
Profit / (Loss) after interest before Exceptional items |
101.933 |
54.496 |
|
Exceptional Items |
- |
[81.548] |
|
Profit / (Loss) From
Ordinary activities before Tax |
101.933 |
[136.044] |
|
Tax Expenses |
[25.017] |
[41.478] |
|
Net Profit/(Loss) From Ordinary activities after Tax |
[76.916] |
[94.566] |
|
Extraordinary Items |
-- |
-- |
|
Net Profit/(Loss) for the period |
[76.916] |
[94.566] |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
55.400 |
55.400 |
|
Reserves (Excluding Revaluation Reserves) |
- |
519.248 |
|
Public Share
Holding |
|
|
|
Earning per share |
|
|
|
Basic and diluted EPS for the year |
[1.39] |
[1.71] |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
13850000 |
13850000 |
|
- Percentage of shareholding |
25% |
25% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
41550000 |
41550000 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
|
- Percentage of Share (as a % of the total share capital of the company) |
75% |
75% |
STATEMENT OF
ASSETS AND LIABILITIES
Rs. in millions
|
Particulars |
Quarter Ended 31.03.2011 |
|
SHAREHOLDERS FUNDS |
|
|
Share Capital |
135.400 |
|
Reserves & Surplus |
519.248 |
|
|
|
|
LOAN FUNDS |
|
|
1] Secured Loans |
0.000 |
|
2] Unsecured Loans |
249.268 |
|
3] Deferred Tax Liabilities |
11.999 |
|
|
|
|
TOTAL |
915.915 |
|
|
|
|
FIXED ASSETS |
427.801 |
|
|
|
|
INVESTMENT |
120.066 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
0.000 |
|
Sundry Debtors |
361.167 |
|
Cash & Bank Balances |
325.130 |
|
Other Current Assets |
0.000 |
|
Loans & Advances |
476.626 |
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
789.784 |
|
Provisions |
5.092 |
|
|
|
|
TOTAL |
915.915 |
NOTES:
1. The above
results were reviewed by the Audit Committee and approved by the Board of
Directors at its meeting held on April 21, 2011.
2. The
Standalone and Consolidated Financial Results for the year ended March 31, 2011
were audited by the Statutory Auditors of the Company
3. The
Company is operating in a single segment viz "Broking" and hence no
segment disclosures have been made.
4. EPS -
Basic and Diluted has been calculated in accordance with AS-20.
5. The Company
on March 31, 2011 allotted 8,00,000 8% Redeemable Non Convertible Non
Cumulative Preference Shares of Rs.100/- each at a premium of Rs. 150/- per
share for cash aggregating to Rs.200.000 millions on private placement basis to
Aditya Birla Financial Services Private Ltd, the holding company
6. Status of
Investor Complaints for Quarter ended March 31, 2011.
Opening –
Nil
Received –
Nil
Resolved –
Nil
Pending –
Nil
7. Previous
period/year figures have been regrouped or reclassified wherever necessary.
FIXED ASSETS :
·
Land
·
V SAT Equipments
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Vehicles
Press Release
Financial Result Updates
Accord Fintech (
[What follows is the full text of the news story.]
Press Release
Publication of Financial Results as per Clause 41(VI)(b)
Accord Fintech (
[What follows is the full text of the news story.]
India, July 18 -- Aditya Birla Money Limited has informed BSE that in
terms of Clause 41(VI)(b) of the Listing Agreement, the Company will be
publishing in newspapers, consolidated financial results along with the details
of (a) Turnover (b) Profit before tax (c) Profit after tax of stand-alone
financials results as a foot note, from first quarter of the financial year
2011-12 and onwards. Published by HT Syndication with permission from ACCORD
FINTECH BSE.
Press Release
Decline in stock broking prompting employees to migrate to other verticals
Economic Times (
[What follows is the full text of the news story.]
June 14--AHMEDABD -- A decline in the stock broking is prompting as many
as 50 percent of its employees to migrate to other financial verticals. Senior
executives and even relationship managers (RMs) are eyeing banking and wealth
management, say placement consultants.
"At least 60 percent employees at brokerages are seeking avenues
outside broking space," said Devansh Thaker, partner at DSP Eminence, an
Ahmedabad-based placement consultancy. "Employees are passing through a
bad phase of their career. They are under huge pressure as targets are not
easily achievable in present circumstances," he added. There are instances
where people left broking to join banking, wealth management and even FMCG
companies.
A senior executive at Motilal Oswal Securities chose to be a part of an
assignment, where broking had little scope. "Cost has gone up with sharp
fall in number of transactions and so there is staff reduction.
Pure equity broking is not so lucrative now," he told ET on the
condition of anonymity. "Now I will also sell products like loan against
gold and real estate," he added. One of his ex-colleagues is now a partner
with a Mauritius-based fund. "Times are extremely stressful for brokerage
employees. Targets set by the manaagement are unrealistic in current environment
and people are not happy with the industry," a person said on the
condition of anonymity. "We have to reach to the office by 7.40 am and
work till 9 pm. New assignments are not so demanding. Earlier, we had to look
after business, risk management and also provide in-house training to the
juniors," he added.
Once incentives and bonuses are paid, churning or migrating will speed
up, he said. Stressed brokerages have no option but to delegate multiple
product selling tasks to employees for generating higher revenues.
"Earlier, different people were looking after different businesses like
equities, insurance, mutual funds etc. Now all the channels have been merged
and so one person has to sell all the products resulting in more workload
without subsiquent rise in salary package," said Devika Saxena, another
Ahmedabad-based placement consultant.
Broking business saw fast growth during last decade and is now clearly
on downward journey. This is second time in three years that the broking
business has dipped substantially. Revenues of listed brokerages halved in
March quarter compared to the previous quarter.
According to
According to an Ahmedabad-based broker, one of his senior employee with
10-years of experience in back-office work, has left him to join Canadian
embassy. "He was upset with the way clients are losing money and so when
he found some good opportunity he decided to switch," said the broker.
Poor appraisals this year have also prompted the employees to search new
assignments. "After 2008, 2011 proved worst for the employees. No one
likes such instability. It is for the first time that brokerage employees got just
5-7 percent increments. They are disappointed," said a country head
(retail broking) of the mid-size brokerage. "Performers find it better to
join a new job with 20-30 percent rise than remain in the current position.
There he finds some relaxation from the targets at least for a quarter,"
he added.
Press Release
Mint: 30 May 2011
[What follows is the full text of the news story.]
Mumbai, May 30 -- Kokuyo Company Limited will buy about one-third of Camlin
Limited for around Rs 1860.000 millions as the $3.2 billion (Rs 144300
millions) Japanese stationery and furniture maker gets set to take a majority
stake in the Indian company.
It will acquire a 10% stake through a preferential allotment at Rs 85 per
share and 20.3% from the promoters for Rs 110 apiece. It will also make an open
offer for up to 20% of Camlin at Rs 110 a share, for a total acquisition value
that's put at Rs 2250 millions. Camlin rose 0.8% to Rs 80.80 on Monday on the
Bombay Stock Exchange.
"Considering the brand, the penetration and the margins that Camlin
has, valuing the company at around 2.2 times sales is inexpensive," said
Avinash Nahata, head of fundamental desk at Aditya Birla Money Limited
The deal is valued at about two times 2010 sales and 27 times earnings
before interest, tax, depreciation and amortization, said Shriram Dandekar,
executive director of Camlin.
On an expanded share capital basis, after the open offer and
preferential share allotment, Camlin promoters Dilip and Shriram Dandekar will
hold a 13.5% stake in the firm.
"It has been our stated intent to scale revenue and increase our
portfolio of products through line extensions," chairman and managing
director Dilip Dandekar said in a release. "We believe that Kokuyo and
Camlin have complementary product portfolios and this joint venture will
facilitate faster roll-out of portfolio of products by Camlin."
Camlin has been marketing Kokuyo notebooks in
"Apart from the complementary product lines that both the companies
have, we get access to newer and bigger overseas markets like
Camlin currently exports its products to
The promoters of Kokuyo will get four board seats after they build up a
51% stake in the company, Shriram Dandekar said. Both Dandekars will continue
in their current posts, the company said.
Kokuyo's advisers in the deal, which took more than three months to be
concluded, were Kotak Mahindra Capital Company Limited, GCA Savvian Corp. and
AZB and Partners. The Dandekars' legal adviser was J. Sagar Associates.
The acquisition marks Kokuyo's entry into the $2.2 billion Indian
stationery market and gives Camlin the opportunity to boost exports and gain
marketing know-how and technology, it said.
"As the transaction will add new products to Camlin's portfolio,
this will add value to the company's shareholders," said S. Ranganathan,
an analyst with LKP Securities Limited
According to an October report of Aditya Birla Money, the school and
office stationery market is unorganized, with many regional players. Camlin's
main competition comes from AW Faber-Castell (
"The market is growing at around 25% annually and we expect these
companies to cannibalize more of the unorganized market. Camlin, with its reach
and distribution, is definitely going to have the winning edge over its
competitors," the report added.
For the year ended 31 March, Camlin reported a net profit of Rs 120.400
millions on revenue of Rs 33.080 millions. It reported a loss of Rs 6.300
millions for the quarter ended 31 December on revenue of Rs 692.500 millions.
Camlin has four manufacturing units, three of them in Maharashtra and
one in
The company will be able to capitalize on its strengths with aggressive
new leadership and owners with deep pockets. It can enter the notebook market,
besides selling more high-end stationery, said Nahata.
Press Release
Aditya Birla Money launches Gold Harvest scheme
Press Trust of
[What follows is the full text of the news story.]
Mumbai, May 09, 2011 (PTI) -- Aditya Birla Money, the broking,
distribution and wealth management arm of Aditya Birla Financial Services
Group, today said it has launched an innovative systematic accumulation plan to
invest in gold
The Gold Harvest scheme offers investors a way to invest in gold,
through which they can accumulate 1 kg of the precious metal by paying an
initial upfront margin of Rs 3 lakh and the balance in monthly payments spread
over 12 to 36 months, the company said in a release
"From about Rs 9,000 in 2009 to over Rs 22,000 in 2011, the gold
prices have more than doubled. Gold Harvest is an innovative product to enable
customers to easily and systematically accumulate 1 kg gold. The product also
helps the customer overcome the issue of rising prices and the inability to pay
lump sum amounts for such large quantities of this appreciating metal,"
company Managing Director Sudhakar Ramasubramanian said
The release said that delivery of gold will be in demat form, upon payment
of the entire amount, adding that through this product the customers will
benefit from any appreciation in its prices
"Gold's USP as a safe investment, its appeal as a time-tested
portfolio diversification option and the increasing investment appetite among
the smart global investors, has helped gold prices trade at these historic
levels," Aditya Birla Money Head-Commodities Research, Amarsingh Deo said.
PTI SM NSK PTP 05091629 (THROUGH
09-05 2011
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.