MIRA
INFORM REPORT
|
Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENAM SECURITIES PRIVATE LIMITED [w.e.f.
20.07.2007] |
|
|
|
|
Formerly Known
As : |
ENAM SHARES AND SECURITIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
24, BD, Rajabahadur Compound, Ambalal Doshi Marg, Fort, Mumbai-400023, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-152297 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.24.180
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH2005PTC152297 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME06934E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE6756F |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Stock Broking. Merchant Banking Company. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 14000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established and a reputed stock broking company having
good track. Financial position of the company is sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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.
LOCATIONS
|
Registered Office : |
24, BD, Rajabahadur Compound, Ambalal Doshi Marg, Fort, Mumbai-400023, Maharashtra,
India |
|
Tel. No.: |
91-22-22653591 |
|
Fax No.: |
91-22-22653593 |
|
E-Mail : |
|
|
|
|
|
IT Department : |
A-211, Dalamal Tower, Mumbai-400021, Maharashtra, India |
|
|
|
|
Corporate Office : |
8th Floor, Dalamal Tower, Nariman Point, Mumbai-400021, Maharashtra,
India |
|
Tel No.: |
91-22-66381825 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vallabh Roopchand
Bhanshali |
|
Designation : |
Director |
|
Address : |
12, Laxmi Vilas, 87, Nepean Sea Road,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
04.03.1951 |
|
Date of Appointment : |
30.03.2005 |
|
Din No.: |
00184775 |
|
|
|
|
Name : |
Mr. Nemish Shantilal
Shah |
|
Designation : |
Director |
|
Address : |
244, Sudarshan Building, 1st
Floor, Opposite Mata Laxmi Park, Mumbai-400022, Maharashtra, India |
|
Date of Birth/Age : |
17.10.1958 |
|
Date of Appointment : |
30.03.2005 |
|
Din No.: |
00198748 |
|
|
|
|
Name : |
Mr. Jagdish Naresh
Master |
|
Designation : |
Director |
|
Address : |
14, Laxmi Niwas,
Church Road, Vile Parle (West), Mumbai-400056, Maharashtra,
India |
|
Date of Birth/Age : |
21.07.1969 |
|
Date of Appointment : |
15.11.2006 |
|
Din No.: |
00202500 |
|
|
|
|
Name : |
Mr. Manish Balkishan Chokhani
|
|
Designation : |
Director |
|
Address : |
161, Silver Arch, Petit Hall, Compound 66, L Jagmohandas
Road, Nepean Sea Road, Mumbai-400006, Maharashtra,
India |
|
Date of Birth/Age : |
14.10.1986 |
|
Date of Appointment : |
15.11.2008 |
|
Din No.: |
00204011 |
|
|
|
|
Name : |
Mr. Vikas Harilal Mapara |
|
Designation : |
Director |
|
Address : |
8/7, Satram Society, Devi
Dayal Road, Mulund
(West), Mumbai-400080, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1964 |
|
Date of Appointment : |
15.11.2008 |
|
Din No.: |
00211580 |
KEY EXECUTIVES
|
Name : |
Mr. Natarajan M Iyer
|
|
Designation : |
Secretary |
|
Address : |
Plot No. 72, Flat 01, Bal Murli CHS, Chheda Nagar, Mumbai-400071, Maharashtra, India |
|
Date of Appointment : |
11.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vallabh Roopchand Bhanshali |
|
5000 |
|
Nemish Shantilal Shah |
|
5000 |
|
Vallabh Roopchand Bhanshali |
|
1000 |
|
Nemish Shantilal Shah |
|
250 |
|
Lata Manek Bhanshali |
|
1050 |
|
Rekha Shah |
|
249000 |
|
Krutarth N. Shah |
|
1750 |
|
Advance Compuflow Private Limited, India |
|
249000 |
|
Enam Investment Services Private Limited,
India |
|
249500 |
|
Talma Chemical Industries Private Limited,
India |
|
248450 |
|
Nemish Shantilal Shah |
|
422000 |
|
Lata Manek Bhanshali |
|
422000 |
|
Jagdish Master Demat
A/C |
|
370600 |
|
Manish Balkishan Chokhani
Demat A/C |
|
193400 |
|
|
|
|
|
Total |
|
2418000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
30.89 |
|
Directors
or relatives of directors |
|
69.11 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Stock Broking. Merchant Banking Company. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khimji
Kunverji and Company Chartered Accountants |
|
Address : |
52, Bombay Mutual Building, Sir Phirozshah
Mehta Road, Fort, Mumbai-400001, Maharashtra, India
|
|
Pan No.: |
AAAFK1142M |
|
|
|
|
Subsidiaries : |
·
Enam Securities Direct Private Limited, India
(ESDPL) ·
Enam Finance Private Limited, India (EFPL) ·
Enam International Limited, United Arab
Emirates (EIL) ·
Enam Securities Europe Limited, United Kingdom
(ESEL) |
|
|
|
|
Related Companies: |
·
Enam Asset Management Company Private Limited
(EAMCPL) ·
Enam Shares & Securities Private Limited
(ESSPL) ·
Enam Holdings Private Limited (EHPL) ·
Nemish Shah (HUF) ·
Enam Financial Consultants Private Limited
(EFCPL) ·
Reema Business Services Private Limited (RBSPL) ·
Sudarshan Securities
Private Limited (SSPL) ·
Advance Compuflow
Private Limited (ACPL) ·
Aadi Financial Advisors LLP |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
250000 |
Preferences Shares |
Rs. 100/- each |
Rs.25.000 Millions |
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2418000 |
Equity Shares |
Rs.10/- each |
Rs.24.180
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.180 |
24.180 |
24.180 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3637.688 |
3027.853 |
2520.938 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3661.868 |
3052.033 |
2545.118 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3661.868 |
3052.033 |
2545.118 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
45.648 |
58.064 |
55.579 |
|
|
Capital work-in-progress |
2.257 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2366.593 |
1873.171 |
1106.090 |
|
|
DEFERREX TAX ASSETS |
12.776 |
0.038 |
1.494 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
34.971
|
3.892 |
61.895 |
|
|
Sundry Debtors |
3358.682
|
2597.199 |
1035.010 |
|
|
Cash & Bank Balances |
1239.882
|
936.111 |
1196.329 |
|
|
Other Current Assets |
56.402
|
18.957 |
0.000 |
|
|
Loans & Advances |
2329.999
|
1917.791 |
1614.569 |
|
Total
Current Assets |
7019.936
|
5473.950 |
3907.803 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3151.865
|
2267.538 |
1136.114 |
|
|
Other Current Liabilities |
350.411
|
423.450 |
77.257 |
|
|
Provisions |
2283.066
|
1662.202 |
1312.477 |
|
Total
Current Liabilities |
5785.342
|
4353.190 |
2525.848 |
|
|
Net Current Assets |
1234.594
|
1120.760 |
1381.955 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3661.868 |
3052.033 |
2545.118 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2873.006 |
2496.729 |
1845.105 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1653.080 |
1648.291 |
1216.931 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1653.080 |
1648.291 |
1216.931 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
1219.926 |
848.438 |
628.174 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
385.833 |
341.523 |
236.551 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
834.093 |
506.915 |
391.623 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
345 |
210 |
162 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
29.03
|
20.30 |
21.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.27
|
15.34 |
15.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.28 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
1.43 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.26 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
|
Sundry Creditors |
|
|
|
|
Due small micro
enterprises |
0.000 |
0.000 |
0.000 |
|
Due others |
3151.865 |
2267.538 |
960.433 |
|
For expenses |
0.000 |
0.000 |
175.681 |
|
Total |
3151.865 |
2267.538 |
1136.114 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BUSINESS OVERVIEW AND REVIEW OF OPERATIONS
The Indian capital
markets witnessed robust activity in the first half of FY 2011. There were
large public sector issues like Coal India and MOIL. These issues also created
a positive trend in the market. However there were set backs in the later part
of the year and there was hardly any activity in the last quarter of the year.
The Company’s
Merchant banking division handled 14 Equity issues during the year. Issue size
handled were about 52% of the total issue size during the fiscal year. Issues
handled were Coal India, Indosolar Limited, Claris
Life science Limited, Prestige Estates Projects Limited, among others. The
Company managed QIP issues for Mannapuram General
Finance and Leasing Limited, Shoppers Stop Limited, and Adani
Enterprise among others. The Merger assignment for Ultratech
Cement was also handled by the division.
Institutional
broking activity maintained its performance in the year 2010-11. It continued
to grow its client base and helped them to achieve their objectives by
providing the best in house research reports and guidance. The research team is
supported by a team of 32 professionals and covers over 200 companies across 17
sectors representing 78% of market capitalization of BSE 500.
The Company’s
market share in distribution of IPO was 13.88% and it ranked 4th as per the
research report provided by Prime. The Mutual Fund team has been performing
well and has achieved an AUM of 13,535 Crores.
SUBSIDIARY COMPANIES
Enam Finance Private
Limited which kicked off complete financing activity in secondary market
operations last year also accelerated in their activities this year and the
results have been quite satisfactory. The Company has been conscious of the
risk and within those parameters have been selecting and registering new
clients.
The other
subsidiary company, Enam Securities Direct Private
Limited has continued to strengthen its business by focusing on potential
locations and building on client size and is establishing its presence in
selected geographical areas to capture the potential business.
The overseas
subsidiaries companies, Enam International Limited
and Enam Europe Private Limited could not perform in
line with domestic companies in year 2010-11 due to global economic crisis.
DEMERGER SCHEME
The Company in
their Board of Directors meeting held on November 17, 2010 has entered into an
arrangement with Axis Bank Limited to de-merge its investment banking,
institutional equities, retail equities and related businesses such as
distribution of financial products, loan against shares among others conducted
by the Company directly and through its wholly owned subsidiaries with effect
from April 01, 2010 to Axis Securities and Sales Limited, subsidiary of Axis
Bank Limited. The execution of arrangement is contingent based on satisfactory
approval from the respective regulatory authorities and also through a scheme
of arrangements under section 391 to 394 of the Companies Act, 1956 by way of a
court process.
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.52.79 |
|
|
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.