MIRA
INFORM REPORT
|
Report Date : |
11.06.2011 |
Note:
Correct name of the company “SHUBHAM HOUSING
DEVELOPMENT FINANCE COMPANY PRIVATE LIMITED.”
IDENTIFICATION DETAILS
|
Name : |
SHUBHAM HOUSING DEVELOPMENT FINANCE COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D-305, Ground Floor, Sarvodaya Enclave, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
23.02.2010 |
|
|
|
|
Com. Reg. No.: |
55-199469 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.500
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65921DL2010PTC199469 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAOCS3673E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject provides Financial Services like Home Loans and Home
Improvement Loans. |
|
|
|
|
No. of Employees
: |
Approximately 18 (In office – 6, In Branch – 12) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company and yet to establish itself. No valuation
report has been provided. No further details or payment could be made
available. It would be advisable to take adequate securities while dealing with
the subject. |
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
|
Name : |
Mr. Ajay Oak |
|
Designation : |
Director |
|
Contact No.: |
91-9873714298 |
|
Date : |
09.06.2011 |
LOCATIONS
|
Registered Office : |
D-305, Ground Floor, Sarvodaya Enclave, |
|
Mobile No.: |
91-9873714298 (Mr. Ajay Oak) |
|
E-Mail : |
|
|
|
|
|
Head Office : |
5A and 6, Third Floor, |
|
Tel. No.: |
91-124-4212530/ 4212531 |
|
Fax No.: |
91-124-4212532 |
|
E-Mail : |
|
|
Area : |
860 sq ft |
|
Location : |
Rented |
|
|
|
|
Branch Office 1 : |
FF – 110, Shayona Centre, |
|
Tel. No.: |
91-79-22202291/ 22202292 |
|
Fax No.: |
91-124-4212532 |
|
E-Mail : |
|
|
Area : |
500 sq ft |
|
|
|
|
Branch Office 2 : |
K-1248, First Floor, |
|
Tel. No.: |
91-11-27919102/ 27919103 |
|
Fax No.: |
91-124-4212532 |
|
E-Mail : |
|
|
Area : |
440 sq ft |
|
Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Sanjay Chaturvedi |
|
Designation : |
Director |
|
Address : |
D-305, Ground Floor, Sarvodaya Enclave, |
|
Date of Birth/Age : |
24.01.1965 |
|
Qualification : |
MBA |
|
Experience : |
23 Years |
|
|
|
|
Name : |
Mr. Ajay Oak |
|
Designation : |
Director |
|
Address : |
S-21A, |
|
Date of Birth/Age : |
31.03.1973 |
|
Qualification : |
MMS |
|
Experience : |
16 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Equity
Shares |
No. of CCPS
Shares |
Percentage of Holding |
|
Sanjay Chaturvedi |
250000 |
-- |
21.00 |
|
Ajay Oak |
250000 |
-- |
21.00 |
|
Elevar Equity |
50 |
285664 |
24.00 |
|
Helion |
50 |
285664 |
24.00 |
|
Shubham Employee Welfare Trust |
119047 |
-- |
10.00 |
|
|
619147 |
571328 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides Financial Services like Home Loans and Home
Improvement Loans. |
|
|
|
|
Brand Names : |
“SHUBHAM” |
GENERAL INFORMATION
|
Suppliers : |
v
Gupta Vigg and Company v
Ma Foi Management Consultants Limited v
Osource India Private Limited |
|
|
|
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
Approximately 18 (In office – 6, In Branch – 12) |
|
|
|
|
Bankers : |
v
Citibank N.A., : v
HDFC Bank Limited, D Block Market, Vasant
Vihar, v
Kotak Mahindra Bank Limited, v
Corporation Bank, Shopping Area, Sector 14, Gurgaon – 122
001, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gupta Vigg and Company Chartered Accountants |
|
Address : |
E-61, Lower Ground Floor, Kalkaji, |
|
Tel. No.: |
91-11-40543700/ 40543701 |
|
Fax No.: |
91-11-40543706 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 30.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
Total
|
|
Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
619147 |
Equity Shares |
Rs.10/- each |
Rs.6.192
millions |
|
571328 |
Preference Shares |
Rs.10/- each |
Rs.5.713
millions |
|
|
Total
|
|
Rs.11.905 millions |
As on 31.03.2010
Authorised Capital : Not Available
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(0.271) |
|
|
NETWORTH |
|
|
0.229 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.229 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.000 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.500 |
|
Total
Current Assets |
|
|
0.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
0.271 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.271 |
|
|
Net Current Assets |
|
|
0.229 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.229 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Auditors’ Remuneration |
|
|
0.017 |
|
|
|
Preliminary Expenditure |
|
|
0.254 |
|
|
|
TOTAL |
|
|
0.271 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(0.271) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
(0.271) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
(0.271) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(5.41) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(54.20) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(1.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.85 |
LOCAL AGENCY FURTHER INFORMATION
ABRIDGED BALANCE SHEET
(Rs.
in millions)
|
SOURCES OF FUNDS |
|
|
31.03.2011 (Unaudited) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
6.875 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
27.844 |
|
|
4] (Accumulated Losses) |
|
|
(8.441) |
|
|
NETWORTH |
|
|
26.278 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
26.278 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.441 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
(0.170) |
|
|
Other Current Assets |
|
|
26.450 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
26.280 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.129 |
|
|
Other Current Liabilities |
|
|
0.301 |
|
|
Provisions |
|
|
0.013 |
|
Total
Current Liabilities |
|
|
0.443 |
|
|
Net Current Assets |
|
|
25.837 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
26.278 |
|
PROFIT & LOSS ACCOUNT
(Rs.
in millions)
|
|
PARTICULARS |
|
|
31.03.2011 (Unaudited) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.806 |
|
|
|
TOTAL |
|
|
0.806 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Audit Fees |
|
|
0.055 |
|
|
|
Basic Salary |
|
|
0.462 |
|
|
|
Director’s Remuneration |
|
|
4.237 |
|
|
|
House Rent Allowance |
|
|
0.231 |
|
|
|
Office Maintenance |
|
|
0.106 |
|
|
|
PF-Employer Contribution |
|
|
0.172 |
|
|
|
Professional Charges |
|
|
2.246 |
|
|
|
Reimbursement – Car |
|
|
0.207 |
|
|
|
Rent |
|
|
0.445 |
|
|
|
Special Allowance |
|
|
0.186 |
|
|
|
Traveling Expenses |
|
|
0.119 |
|
|
|
Others Expenses |
|
|
0.498 |
|
|
|
TOTAL |
|
|
8.964 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(8.158) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
(8.171) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
(8.171) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(11.88) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 (Unaudited) |
|
PAT / Total Income |
(%) |
|
|
(1013.77) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(30.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.31) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
59.32 |
__________________________________________________________________________________________
BACKGROUND:
Subject is incorporated during the current financial year with the main
objective to advance money to any person or persons, company or corporation, jointly
or individually, for short term or long term, either at interest or without
and/ or with or without any security for purpose of enabling the person
borrowing the same to erect or purchase, any house or building or any part or
portion thereof for residential purpose in India upon term and conditions as
the company may deem fir and to develop and turn to account any land acquired
by the company or in which the company is interested, and in particular by
laying out and preparing the same for building purpose.
__________________________________________________________________________________________
STATEMENT SHOWING ASSETS
AND LIABILITIES (NET WORTH STATEMENTS)
NAME OF THE APPLICANT: SHUBHAM HOUSING DEVELOPMENT FINANCE COMPANY
PRIVATE LIMITED
|
DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER LENDER, ETC.: |
|
|
|
Applicant |
|
Name of the Bank/ Company where deposits are
held |
Cit Bank, HDFC Bank and ICICI Bank |
|
Date of deposits |
-- |
|
Nature of deposits |
Fixed Deposits |
|
|
|
|
Present value of deposits |
Rs.25.723 millions |
|
OTHER ASSETS: |
|
|
|
Applicant |
|
Furniture and Fixtures |
Rs.0.136 million |
|
Other Assets |
Rs.1.031 millions |
|
|
|
|
Total value of Other Assets |
Rs.1.167 millions |
|
TOTAL ASSETS |
Rs.26.890 millions |
|
LIABILITIES: |
|
|
|
Applicant |
|
Security offered if any (Current
Liabilities) |
Rs.0.613 million |
|
|
|
|
Amount Outstanding |
Rs.0.613 million |
|
TOTAL LIABILITIES |
Rs.0.613 million |
|
NET WORTH (ASSETS – LIABILITIES) |
Rs.26.277 millions |
__________________________________________________________________________________________
STATEMENT SHOWING ASSETS
AND LIABILITIES (NET WORTH STATEMENTS)
NAME OF THE APPLICANT: SHUBHAM HOUSING DEVELOPMENT FINANCE COMPANY
PRIVATE LIMITED
NAME OF THE GUARANTOR: MR. SANJAY CHATURVEDI
|
INVESTMENT IN BUSINESS CAPITAL |
|
|
|
Guarantor |
|
Name of the Company/ firm/ Concern in which investment is made |
Shubham Housing Development Finance Company
Private Limited |
|
|
|
|
Date of investments |
28.02.2010 and 28.07.2010 |
|
|
|
|
Present value of investments |
Rs.2.500 millions |
DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER LENDER, ETC:
Deposits held with Banks as on 31st March, 2011:
|
Name of Bank |
HDFC Bank |
|
Date of Deposit |
16th March, 2011 |
|
Nature of Deposit |
Term Deposit |
|
Present Value of Deposits |
Rs.3.307 millions |
|
Name of Bank |
HDFC Bank |
|
Date of Deposit |
25th October, 2010 |
|
Nature of Deposit |
Term Deposit |
|
Present Value of Deposits |
Rs.0.019 million |
|
Name of Bank |
HDFC Bank |
|
Date of Deposit |
10th April, 2010 |
|
Nature of Deposit |
Term Deposit |
|
Present Value of Deposits |
Rs.0.858 million |
|
Name of Bank |
HDFC Bank |
|
Date of Deposit |
31st March, 2011 |
|
Nature of Deposit |
Savings |
|
Present Value of Deposits |
Rs.0.465 million |
|
Name of Bank |
HSBC Premier |
|
Date of Deposit |
31st March, 2011 |
|
Nature of Deposit |
Savings |
|
Present Value of Deposits |
Rs.0.283 million |
|
Total Value of Deposits |
Rs.4.932 millions |
SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.:
Mutual Funds held as of 31st March, 2011
|
Description |
Purchase Date |
Initial Value (Rs. in
millions) |
Value on 31st
March, 2011 (Rs. in
millions) |
|
HSBC Regular Plan-Monthly Div/R |
23rd June, 2009 |
1.500 |
1.648 |
|
|
|
|
|
|
Birla MIP II Savings 5 Plan Monthly Div/R |
23rd June, 2009 |
1.000 |
1.103 |
|
|
|
|
|
|
Templeton |
1st October, 2010 |
4.000 |
4.017 |
|
|
|
|
|
|
Pru ICICI Growth Div. |
9th March, 2000 |
0.060 |
0.065 |
|
|
|
|
|
|
Pru ICICI Tech Gr |
3rd March, 2000 |
0.040 |
0.076 |
|
|
|
|
|
|
HSBC Equity Fund – Gr |
25th February, 2005 |
0.005 |
0.014 |
|
|
|
|
|
|
HSBC Equity Fund – Gr |
4th February, 2008 |
0.180 |
0.320 |
|
|
|
|
|
|
HSBC Equity Fund Div/R |
10th December, 2002 |
0.025 |
0.264 |
|
|
|
|
|
|
Reliance Equal Opp Fund Gr Plan – Growth |
27th January, 2006 |
0.100 |
0.228 |
|
|
|
|
|
|
HSBC Progressive Themes Fund – Gr |
23rd February, 2006 |
0.100 |
0.114 |
|
|
|
|
|
|
Reliance Diversified Pow, Sec Fund Gr Plan |
11th August, 2008 |
0.088 |
0.104 |
|
|
|
|
|
|
Rel. Natural Res. Fund Gr Plan – Gr Option |
25th February, 2008 |
0.100 |
0.107 |
|
|
|
|
|
|
Rel. Regular Sav Fund Eq Plan – Gr |
8th February, 2008 |
0.100 |
0.117 |
|
|
|
|
|
|
Rel. Diversified Pw. Sec. Fund – Div Plan/ R
|
17th August, 2007 |
0.103 |
0.107 |
|
|
|
|
|
|
DSP Black ROCK TIGER Fund – Gr |
12th March, 2008 |
0.100 |
0.102 |
|
|
|
|
|
|
Kotak Indo World Infra. Fund – Gr |
25th January, 2008 |
0.100 |
0.072 |
|
|
|
|
|
|
Kotak Opportunities Fund – Gr |
8th February, 2008 |
0.100 |
0.100 |
|
|
|
|
|
|
Total |
|
7.701 |
8.558 |
|
VEHICLES OWNED |
|
|
|
Guarantor |
|
Model/ Make |
|
|
Date of Purchase |
March 2007 and March 2008 |
|
Whether Hypothecated for loan |
Neither Hypothecated |
|
Details of loan against vehicle |
Not Applicable |
|
|
|
|
Present market Value |
Rs.0.561 million + Rs.0.200 million = Rs.0.761 million |
|
TOTAL ASSETS |
Rs.16.751 millions |
|
TOTAL LIABILITIES |
Nil |
|
NET WORTH (ASSETS – LIABILITIES) |
Rs.16.751 millions |
__________________________________________________________________________________________
STATEMENT SHOWING ASSETS
AND LIABILITIES (NET WORTH STATEMENTS)
NAME OF THE GUARANTOR: MR. AJAY OAK
|
INVESTMENT IN BUSINESS CAPITAL |
|
|
|
Guarantor |
|
Name of the Company/ firm/ Concern in which investment is made |
Shubham Housing Development Finance Company Private
Limited |
|
|
|
|
Date of investments |
February 23, 2010 and July 28, 2010 |
|
|
|
|
Present value of investments |
Rs.2.500 millions |
|
DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER LENDER, ETC.: |
|
|
|
Guarantor |
|
Name of the Bank/ Company where deposits are
held |
Cit Bank, HDFC Bank and ICICI Bank |
|
Date of deposits |
-- |
|
Nature of deposits |
Fixed Deposits and SB |
|
|
|
|
Present value of deposits |
Rs.2.737 millions |
|
GOVERNMENT SECURITIES/ NSC/ NSS ETC. |
|
|
|
Guarantor |
|
Description |
PF and PPF A/c |
|
Date of purchase |
-- |
|
Face value |
Rs.1.680 millions |
|
|
|
|
Present value of securities |
Rs.1.680 millions |
|
SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC. |
|
|
|
Guarantor |
|
Description |
Shares of Reliance Industries Limited |
|
Date of purchase |
-- |
|
Face value |
-- |
|
|
|
|
Present value |
Rs.0.052 million |
|
LIFE INSURANCE POLICIES |
||
|
|
Guarantor |
|
|
Policy Number/s |
Birla Sunlife LLC |
NLB3054 -- 7137389 |
|
Date of Policy |
-- |
-- |
|
|
|
|
|
Surrender value |
|
Rs.1.621 millions |
|
VEHICLES OWNED |
|
|
|
Guarantor |
|
Model/ Make |
|
|
Date of Purchase |
08.05.2007 |
|
|
|
|
Present market Value |
Rs.0.600 million |
|
TOTAL ASSETS |
Rs.9.190 millions |
|
TOTAL LIABILITIES |
Nil |
|
NET WORTH (ASSETS – LIABILITIES) |
Rs.9.190 millions |
__________________________________________________________________________________________
|
Metrics |
Saturday, March 31, 2012 |
Sunday, March 31, 2013 |
|
Total leads |
4,800 |
15,000 |
|
No of loans disbursed |
1,200 |
3,750 |
|
Value of loans disbursed – Rs. in millions |
288.000 |
1023.800 |
|
Receivables at year end – Rs. in millions |
272.500 |
1216.100 |
|
Average Receivables during the year – Rs. in millions |
136.200 |
744.300 |
|
|
|
|
|
Ratio Analysis |
|
|
|
EPS |
(2.04) |
0.03 |
|
Book value per share |
7.07 |
9.23 |
|
Return on Equity |
-20.4% |
0.3% |
|
Return on total assets |
-6.38% |
0.08% |
(Rs.
in millions)
|
Revenue |
Saturday, March 31, 2012 |
Sunday, March 31, 2013 |
|
Interest |
20.600 |
137.600 |
|
Upfront fees |
4.900 |
15.400 |
|
Prepayment fees |
0.000 |
0.000 |
|
Insurance Xsell fees |
0.000 |
0.000 |
|
Late payment fees |
0.000 |
0.000 |
|
Total revenue
(A) |
25.500 |
153.000 |
|
|
|
|
|
Variable
Expenses |
|
|
|
Cost of funds |
8.700 |
58.400 |
|
Commission to agents |
2.900 |
10.200 |
|
credit people |
1.400 |
2.400 |
|
collections cost |
2.000 |
9.100 |
|
credit losses |
3.400 |
15.200 |
|
verification costs |
2.400 |
8.300 |
|
Total variable
expenses (B) |
20.900 |
103.600 |
|
|
|
|
|
Contribution (C
) = (A)-(B) |
4.600 |
49.400 |
|
|
|
|
|
Fixed expenses |
|
|
|
Manpower cost - sales agent + supervisor |
2.200 |
10.700 |
|
Manpower cost - front end credit agent + supervisor |
1.100 |
5.400 |
|
Branch opex |
1.800 |
9.800 |
|
|
|
|
|
HO costs |
|
|
|
Manpower |
10.500 |
10.500 |
|
lease rental |
0.200 |
0.300 |
|
Overheads+legal + consultants costs |
2.400 |
2.400 |
|
IT up gradation and maintenance costs |
0.500 |
0.500 |
|
Travel Expenses |
1.700 |
2.100 |
|
Seminars/ conferences. Liasioning/investor relation etc |
1.200 |
1.500 |
|
Marketing collateral |
0.800 |
2.500 |
|
Securitisation Costs |
0.000 |
0.000 |
|
Contingency @ 5% of COF |
0.000 |
0.000 |
|
Maintenance expenses |
0.100 |
0.100 |
|
|
|
|
|
Depreciation @20% |
1.500 |
2.700 |
|
Total Fixed
expenses (D) |
24.000 |
48.400 |
|
|
|
|
|
|
|
|
|
Profit before
taxes (C )-(D) |
(19.300) |
1.000 |
|
Less: Taxes |
-- |
-- |
|
Profit after
Taxes |
(19.300) |
1.000 |
|
|
|
|
|
Carried forward Loss from previous years |
(8.460) |
-- |
|
|
|
|
|
Plus: |
|
|
|
Capex every year
at HO and Branch |
(7.500) |
(7.300) |
(Rs.
in millions)
|
Balance sheet |
Saturday, March 31, 2012 |
Sunday, March 31, 2013 |
|
|
|
|
|
Equity |
95.000 |
350.000 |
|
Reserves |
(27.800) |
(26.800) |
|
|
|
|
|
Borrowings |
235.900 |
936.100 |
|
|
|
|
|
Total
Liabilities |
303.100 |
1259.200 |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Fixed assets |
7.500 |
14.800 |
|
Less: Depreciation |
1.500 |
2.700 |
|
Net Block |
6.000 |
12.100 |
|
|
|
|
|
Cash in Hand |
24.600 |
31.000 |
|
|
|
|
|
Receivables |
272.500 |
1216.100 |
|
Owned Receivables |
272.500 |
1216.100 |
|
Managed Receivables |
0.000 |
0.000 |
|
|
|
|
|
Total assets |
303.100 |
1259.200 |
|
|
|
|
|
No of Equity
shares - In Lacs |
95 |
350 |
__________________________________________________________________________________________
|
Cost of funds |
11% |
11% |
|
|
|
|
|
Revenue
Assumptions |
Year 1 |
Year 2 |
|
|
|
|
|
Leads to be generated |
4,800 |
15,000 |
|
|
|
|
|
Mix of leads |
|
|
|
Improvement loans |
80% |
70% |
|
New home loans |
20% |
30% |
|
|
|
|
|
Mix of Sources of leads |
|
|
|
commission based agents |
50% |
50% |
|
Branch offices |
50% |
50% |
|
|
|
|
|
Approved : leads ratio |
25% |
25% |
|
|
|
|
|
Mix of Approved loans |
|
|
|
Improvement loans |
960 |
2,625 |
|
New home loans |
240 |
1,125 |
|
Total Approved
loans |
1,200 |
3,750 |
|
|
|
|
|
|
|
|
|
Average yield - % |
|
|
|
Improvement loans |
21.00% |
-- |
|
New home loans |
15.00% |
-- |
|
|
|
|
|
Upfront fees - % |
|
|
|
Improvement loans |
2% |
2% |
|
New home loans |
1% |
1% |
|
|
|
|
|
Average Ticket Size |
|
|
|
Improvement loans |
2.00 |
2.10 |
|
New home loans |
4.00 |
4.20 |
|
|
|
|
|
Tenor - years |
|
|
|
Improvement loans |
5 |
-- |
|
New home loans |
15 |
-- |
|
|
|
|
|
|
|
|
|
Principal prepaid every month (% of principal outstanding every month) |
0.10% |
-- |
|
Prepayment fees (% of principal value prepaid) |
0.00% |
-- |
|
|
|
|
|
Insurance X sell - % penetration in no of loans disbursed |
50.00% |
-- |
|
Per loan X sell fees - Rs |
0 |
-- |
|
|
|
|
|
Average value of loans paid with late fees - % value of ANR
outstanding |
1% |
-- |
|
Late payment fees - % on loan
amount paid late |
0.25% |
-- |
|
Operations Cost Assumptions |
Year 1 |
Year 2 |
|
|
|
|
|
Branches at year end |
10 |
38 |
|
|
|
|
|
Average No of Branches each year |
5 |
24 |
|
|
|
|
|
Productivity ~ (leads) - per
sales agent per month (at branch level) |
30 |
30 |
|
|
|
|
|
Productivity ~ (leads) - per
front end credit agent per month (at branch level) |
30 |
30 |
|
|
|
|
|
Leads generated through branches |
2,400 |
7,500 |
|
|
|
|
|
Total number of sales agents at each branch |
2 |
2 |
|
|
|
|
|
Total number of front end credit agents at each branch |
1 |
1 |
|
|
|
|
|
Supervisor ratio over sales Manpower at Branch |
10 |
10 |
|
|
|
|
|
Supervisor ratio over front end credit Manpower at Branch |
10 |
10 |
|
|
|
|
|
Average fully loaded cost per agent (sales) per month at branch – Rs (including staff welfare, electricity,
telephone, local conveyance etc) |
15,000 |
15,500 |
|
|
|
|
|
Average fully loaded cost per agent (front end credit) per month at
branch – Rs (including staff welfare, electricity,
telephone, local conveyance etc) |
15,000 |
15,500 |
|
|
|
|
|
Average fully loaded cost per supervisor (sales) per month at branch –
Rs (including staff welfare, electricity,
telephone, local conveyance etc) |
30,000 |
31,000 |
|
|
|
|
|
Average fully loaded cost per supervisor (front end credit) per month
at branch – Rs (including staff welfare, electricity,
telephone, local conveyance etc) |
30,000 |
31,000 |
|
|
|
|
|
commission % - of commission based
agents (basis loan approved) |
2% |
2% |
|
|
|
|
|
BACK OFFICE COST |
|
|
|
Productivity ~ (leads) - per
Credit ops person per day |
5 |
10 |
|
|
|
|
|
Average Credit Operations Manpower for the year |
4 |
5 |
|
|
|
|
|
fully loaded Cost of credit operations Manpower per month - Rs |
30,000 |
31,000 |
|
|
|
|
|
Average cost of verification per lead generated - Rs |
500 |
550 |
|
|
|
|
|
Collections cost - as % of value of loans outstanding at year end |
0.75% |
0.75% |
|
|
|
|
|
Average credit losses - as % of outstanding loan |
1.25% |
1.25% |
|
|
|
|
|
Average Head office manpower |
7 |
7 |
|
|
|
|
|
Average cost of HO manpower - fully loaded cost per month (Rs) (including staff welfare, electricity, telephone,
local conveyance etc) |
1,500,000 |
1,500,000 |
|
Other Fixed costs of Branch and HO |
Year 1 |
Year 2 |
|
At Branch level - Rs |
|
|
|
|
|
|
|
One time Capex per Branch (including IT setup) - opened in respective
years |
200,000 |
225,000 |
|
Lease rental per month per branch |
15,000 |
17,000 |
|
Other recurring expenses |
Already
considered in fully loaded cost taken above for employees------ > |
|
|
Other maintenance expenses/AMCs of fixed assets per month per branch |
15,000 |
17,000 |
|
|
|
|
|
At HO level - Rs |
|
|
|
Capex at HO (including IT setup) recurring every two years |
200,000 |
-- |
|
Lease rental per month at HO |
20,000 |
22,000 |
|
Other recurring expenses |
Already
considered in fully loaded cost taken above for employees------ > |
|
|
Credit Model, Advances for premises, consultants etc - p.m. |
200,000 |
200,000 |
|
Travel Expenses per month per person at HO- Rs |
20,000 |
25,000 |
|
Other Expenses pertaining to investor relations/ board meeting/
seminars/conferences etc - per month (Rs) |
100,000 |
125,000 |
|
Other maintenance expenses/AMCs of fixed assets per month for HO |
10,000 |
12,000 |
|
laptops / PCs for each employee at HO (cost of each laptop / desktop) |
40,000 |
40,000 |
|
(including software) |
|
|
|
Integrated system for branches and HO (including lending software) |
5,000,000 |
-- |
__________________________________________________________________________________________
FIXED ASSETS:
v Computer and Laptops
v Furniture and Fixture
v 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.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
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.