MIRA
INFORM REPORT
|
Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASSOCIATION OF MUTUAL FUNDS IN INDIA |
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Registered
Office : |
One Indiabulls Centre, Tower 2, Wing B 701, 7th Floor, 841,
S B Marg, Elphinstone Road, Mumbai 400013, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.08.1995 |
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Com. Reg. No.: |
092062 |
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Capital Investment
/ Paid-up Capital : |
Not Available |
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CIN No.: [Company Identification
No.] |
U65991MH1995NPL092062 |
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Legal Form : |
Association |
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Line of Business
: |
Non Profit Making Association for Mutual Funds |
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No. of Employees
: |
Not Divulged By Management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 659000 |
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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 an association of mutual funds companies being established
to regulate the operations of mutual fund industry in india. Trade relati8ons
are reported as fair. Payments are reported to be usually correct and as per
commitments. Initially, 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.
INFORMATION DECLINED BY
Management Non Co Operative (Name Not Disclose)
LOCATIONS
|
Registered Office : |
One Indiabulls Centre, Tower 2, Wing B 701, 7th Floor, 841,
S B Marg, Elphinstone Road, Mumbai 400013, Maharashtra, India |
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Tel. No.: |
91-22-24210093 / 24210383 / 43346700 |
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Fax No.: |
91-22-43346712 / 43346722 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Rajan R Ghotgalkar |
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Designation : |
Director |
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Date of Birth/Age : |
04.05.1958 |
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Date of Appointment : |
05.11.2009 |
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Name : |
Balasubramanian Athmanathan |
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Designation : |
Director |
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Date of Birth/Age : |
05.06.1966 |
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Date of Appointment : |
05.11.2009 |
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Name : |
Mr. Sundeep Sikka |
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Designation : |
Director |
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Date of Appointment : |
24.04.2009 |
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Name : |
Mr. Ved Prakash Chaturvedi |
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Designation : |
Director |
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Date of Birth/Age : |
28.07.1965 |
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Date of Appointment : |
16.06.2004 |
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Name : |
Mr. Milind Gajanan Barve |
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Designation : |
Director |
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Date of Birth/Age : |
14.11.1957 |
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Date of Appointment : |
03.06.2003 |
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Name : |
Mr. Nimesh V Shah |
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Designation : |
Director |
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Date of Appointment : |
10.03.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Chandrakant G Parekh |
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Designation : |
Manager (Executive Administration) |
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Date of Appointment : |
18.04.1999 |
BUSINESS DETAILS
|
Line of Business : |
Non Profit Making Association for Mutual Funds |
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Publications: |
·
Making Mutual Funds Work fro You Investors
Concise Guide ·
AMFI Guidelines and Norms for Intermediaries ·
AMFI Code of Ethics |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountant |
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Address : |
42 Free Press House, 215, NAriman Point, Mumbai 400021, Maharashtra,
India |
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Associates/Subsidiaries : |
Nil |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Entrance Fees |
9.300 |
7.300 |
5.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Accumulated Surplus |
143.477 |
131.554 |
97.702 |
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4] General Reserve |
12.069 |
11.569 |
9.569 |
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NETWORTH |
164.846 |
150.423 |
112.571 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
164.846 |
150.423 |
112.571 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.454 |
1.571 |
1.753 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
89.128 |
112.854 |
94.498 |
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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 of Publications |
0.504
|
0.440 |
0.971 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
68.231
|
28.368 |
9.102 |
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Other Current Assets |
2.626
|
5.230 |
3.643 |
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Loans & Advances |
14.844
|
12.034 |
5.095 |
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Total
Current Assets |
86.205
|
46.072 |
18.811 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000 |
0.000 |
0.000 |
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Other Current Liabilities |
11.497
|
10.074 |
2.491 |
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Provisions |
0.444
|
0.000 |
0.000 |
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Total
Current Liabilities |
11.941
|
10.074 |
2.491 |
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Net Current Assets |
74.264
|
35.998 |
16.320 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
164.846 |
150.423 |
112.571 |
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PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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INCOME |
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Members
Subscription |
13.950 |
14.600 |
12.425 |
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Interest
Income and dividend on Investments |
10.100 |
9.742 |
6.856 |
|
Sale of
AMFI Publications2.297 |
2.297 |
4.065 |
7.622 |
|
AMFI
Registration Fees |
14.991 |
17.477 |
11.683 |
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Profit
on redemption of investment (UTI MMF and Bonds) |
0.782 |
1.615 |
0.844 |
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Certification
Test Fees |
19.335 |
35.592 |
44.665 |
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Other
Income |
0.772 |
0.415 |
0.032 |
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Ad –
Campaign Contribution |
0.000 |
0.000 |
20.200 |
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TOTAL |
62.227 |
83.506 |
104.327 |
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EXPENDITURE |
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Rent,
Salaries and Administration |
27.410 |
18.814 |
15.605 |
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Printing
cost of Workbook, AMFI Test, ARN. Advertisement and Website Expenses |
22.164 |
28.592 |
35.926 |
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Loss on
Sale / Written off Fixed Assets / Redemption of Bonds |
0.00 |
0.017 |
0.336 |
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Depreciation
|
0.230 |
0.231 |
0.198 |
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Expenditure
on Ad – Campaign |
0.000 |
0.000 |
18.177 |
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TOTAL |
49.804 |
47.654 |
70.242 |
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SURPLUS |
12.423 |
35.852 |
34.086 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.77
|
0.01 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
|
7.21
|
4.57 |
7.55 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Sundry creditors details are not available
PROFILE:
During the year while continuing with its efforts to promote high
professional standards, to intensify investor education programmes to collate
and disseminate meaningful data on industry with a view to enhance transparency
and to strengthen on going working relationship with SEBI. AMFI had undertaken
various initiatives in nurturing healthy development of the industries
NOTE:
Registered office of the company has been shifted from 706-708, Balarama Bandra Kural Complex, Bandra (East), Mumbai 400051, Maharashtra, India to the present address w.e.f. 18.10.2010.
FIXED ASSETS:
·
Computer
·
Office Equipments
·
Motor Car
·
Furniture
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 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.45.29 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
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.