MIRA INFORM REPORT
|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE CLEARING
CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
CCIL Bhavan, College Lane, Off. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.04.2001 |
|
|
|
|
Com. Reg. No.: |
11-131804 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1000.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH2001PLC131804 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT07457C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT4143P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing clearing and settlement system
for the transactions in the Money Market, Government Securities Market, Foreign
Exchange Market, etc. and carries out related activities. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 33021000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was set up in at the initiative of RBI. It is the sole player for clearing and settlement of transaction across
various instruments including Government Securities, Money Market and Forex
Instrument. It is a very well established and reputed company having good track
record. Financially the company showed tremendous performance in the current
year. The principal promoters of subject are SBI, LIC, HDFC Bank, IDBI Bank.
They are the major player in the market. The creditworthiness is good.
Liquidity position of the company is strong. Trade relations are reported to
be trustworthy. Business is active. Payments are reported to be regular and
as per commitment. The company can be considered good for any 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Issuer Rating – IrAAA |
|
Rating Explanation |
Highest credit quality rating assigned by ICRA it carry lowest credit
risk. It is only on opinion on the general creditworthiness of the rating
entity and not specific to any particular debt instrument. |
|
Date |
April, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Ms. Samidha Pandit |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-61546200 |
|
Date : |
22.12.2012 |
LOCATIONS
|
Registered Office/ Corporate Office : |
CCIL Bhavan, College Lane, Off. |
|
Tel. No.: |
91-22-61546200 Collateral and Funds Management:
91-22-61546482 Derivatives: 91-22-61546321 / 61546471 -
78 Forex: 91-22-61546452 - 56 Forex: 91-22-61546312 - 18 Forex: 91-22-61546457 - 61 Information Technology: 91-22-61546223 Membership: 91-22-61546552 - 55 Operations - Fixed Income and Money
Market: 91-22-61546492 - 98 Operations - Fixed Income and Money
Market: 91-22-61546300 / 61546394 / 61546397 / 61546399 Research: 91-22-61546582 Risk Management: 91-22-61546413 / 61546415
/ 61546416 / 61546420 / 61546425 Support Services: 91-22-61546545 /
61546543 Support Services: 91-22-61546564 /
61546562 Support Services: 91-22-24371901 Support Services: 91-22-61546341 |
|
Fax No.: |
91-22-24326042 |
|
E-Mail : |
Collateral and
Funds Management: cfm@ccilindia.co.in Derivatives: irs@ccilindia.co.in Forex: frx@ccilindia.co.in Forex: fxclearmails@ccilindia.co.in Forex: cls@ccilindia.co.in Information
Technology: its@ccilindia.co.in Membership: mcm@ccilindia.co.in Operations -
Fixed Income and Money Market: sec@ccilindia.co.in Operations -
Fixed Income and Money Market: sec@ccilindia.co.in Research: res_sur@ccilindia.co.in Risk Management:
rmd@ccilindia.co.in Support
Services: ssd@ccilindia.co.in Support
Services: fna@ccilindia.co.in Support
Services: adm@ccilindia.co.in Support
Services: hrd@ccilindia.co.in |
|
Website : |
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|
|
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|
Branch Office : |
14A and 14B, 4th Floor, Tower -1, Commercial
-2, ‘Kohinoor City’, Kirol Road, Off.
LBS Road, Kurla (West), Mumbai - 400 070, |
|
Tel. No.: |
91-22-66639200 |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr.
Yeshwant S.S. Kapdi |
|
Designation : |
Managing
Director |
|
|
|
|
Name : |
Mr.
Y.H. Malegam |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
S. Venkiteswaran |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
M.R. Ramesh |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
A.V. Rajwade |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
K.R. Ramamoorthy |
|
Designation : |
Director
|
|
|
|
|
Name : |
Dr.
N.L. Sarda |
|
Designation : |
Director
|
|
|
|
|
Name : |
Dr.
Ajay Shah |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
P. Sanyal |
|
Designation : |
Director
|
|
|
|
|
Name : |
Ms.
Shilpa Kumar |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Bhavesh Zaveri |
|
Designation : |
Director
|
|
|
|
|
Name : |
Dr.
Hira Sadhak |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
M.S. Sundara Rajan |
|
Designation : |
Director
|
|
|
|
|
Name : |
|
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
V.H. Thatte |
|
Designation : |
Director
|
KEY EXECUTIVES
|
Name : |
Mr. O.N. Ravi |
|
Designation : |
Company Secretary and Corporate Development Officer |
|
|
|
|
Name : |
Mr. Ravi Rajan |
|
Designation : |
Executive Vice President |
|
|
|
|
Name : |
Mr. Bala Jothi |
|
Designation : |
Chief Technology Officer |
|
|
|
|
Name : |
Mrs. Indrani Rao |
|
Designation : |
Chief Forex Officer |
|
|
|
|
Name : |
Mr. S. Roy |
|
Designation : |
Chief Risk Officer |
|
|
|
|
Name : |
Dr. Golaka C. Nath |
|
Designation : |
Senior Vice President - Economic Research and Surveillance, Membership
, Human Resources |
|
|
|
|
Name : |
Mr. Deepak Chande |
|
Designation : |
Senior Vice President - Finance and Accounts |
|
|
|
|
Name : |
Mr. Pradeep Naik |
|
Designation : |
Senior Vice President - Operations and Fixed Income |
|
|
|
|
Name : |
Mr. C. Kajwadkar |
|
Designation : |
Senior Vice President - Information Technology |
|
|
|
|
Name : |
Mr. Kamal Singhania |
|
Designation : |
Vice President - FX-Clear |
|
|
|
|
Name : |
Mr. Praveen Mata |
|
Designation : |
Vice President - Information Technology |
|
|
|
|
Name : |
Mr. P.S. Sundareswaran |
|
Designation : |
Vice President - Administration and Premises |
|
|
|
|
Name : |
Mr. R. Natarajan |
|
Designation : |
Vice President - Derivatives |
|
|
|
|
Name : |
Mr. Pradyumna S. Odak |
|
Designation : |
Assistant Vice President - Membership |
|
|
|
|
Name : |
Mr. K.B. Biju |
|
Designation : |
Assistant Vice President - Product Development |
|
|
|
|
Name : |
Mr. N. Venkatraman |
|
Designation : |
Assistant Vice President - Operations and Fixed Income |
|
|
|
|
Name : |
Santosh Bhalerao |
|
Designation : |
Assistant Vice President - Information Technology |
|
|
|
|
Name : |
Mr. Amol Pradhan |
|
Designation : |
Assistant Vice President - Collateral and Funds Management |
|
|
|
|
Name : |
Ms. Samidha Pandit |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
Shares in the Company held by each shareholder holding more
than 5 percent shares specifying the number of shares held are as follows-
|
Names of Shareholders (Equity Shares) |
No. of Shares |
Percentage of Holding |
|
State
Bank of |
13000000 |
26.00 |
|
Life
Insurance Corporation of |
5000000 |
10.00 |
|
STCI
Finance Limited |
5000000 |
10.00 |
|
IDBI
Bank Limited |
3250000 |
6.50 |
|
ICICI
Bank Limited |
2750000 |
5.50 |
|
Names of Shareholders (Preference Shares) |
No. of Shares |
Percentage of Holding |
|
Kalupur
Commercial Co-operative Bank Limited |
19000000 |
38.00 |
|
Saraswat
Co-operative Bank Limited |
10000000 |
20.00 |
|
South
India Bank Limited |
5000000 |
10.00 |
|
Reliance
Capital Asset Management Limited |
5000000 |
10.00 |
|
ICICI
Securities Primary Dealership Limited |
5000000 |
10.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing clearing and settlement system
for the transactions in the Money Market, Government Securities Market,
Foreign Exchange Market, etc. and carries out related activities. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Reserve Bank of |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and
Mistry Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Subsidiaries : |
Clearcorp Dealing Systems ( |
|
|
|
|
Parties having substantial interest : |
State
Bank of |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000
|
Equity
Shares |
Rs.10/- each |
Rs.500.000 millions |
|
50000000
|
8%
Redeemable, Non Convertible, Cumulative Preference Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
Total |
|
Rs.1000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000
|
Equity
Shares |
Rs.10/- each |
Rs.500.000 millions |
|
50000000
|
8%
Redeemable, Non Convertible, Cumulative Preference Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
Total |
|
Rs.1000.000
millions |
Notes:
(a) There has been no change in the number of Equity Shares and Preference Shares outstanding at the beginning and at the end of the current year and previous year.
(b) Rights
Attached to Equity Shares
Voting Rights:
The Company has only one class of Equity Shares having a par value of Rs.10 per share. Each Equity Shareholder is entitled to one vote per share.
Dividend:
The dividend recommended by the Board of Directors is subject to the approval of shareholders in the Annual General meeting and would be paid in proportion to the amount of capital paid-up on shares.
Winding up:
If
any assets are available for distribution upon liquidation in terms of the
provisions of the Act, it will be distributed in proportion to the capital
paid-up or which ought to have been paid up at the commencement of winding –up.
(c) Rights Attached to Preference Shares
Voting Rights:
The Company has only one class of Preference Shares being 8% Redeemable, Cumulative, Non-convertible and Non-participating Preference Shares. The shareholders have right to vote only on resolutions which directly affects their interest.
Dividend:
The Preference Shareholders are entitled to Dividend @ 8% p.a.
Redemption:
Out of total 50000000 Preference Shares, 31000000 shares are redeemable on 26.03.2013 and balance 19000000 shares are redeemable on 29.03.2013.
Winding up:
In
the event of liquidation, Preference Shares will have preferential right of
return of amount paid-up on the shares together with the arrears of cumulative preferential
dividend, if any, due on the date of winding up but shall not have further
right or claim over the surplus assets of the Company.
(d) Shares in the Company held by each shareholder holding
more than 5 percent shares specifying the number of shares held are as follows-
|
Name
of Shareholder |
As at 31.03.2012 |
|
|
No. of Shares held |
% of Holding |
|
|
Equity Shares: |
|
|
|
State
Bank of |
13000000 |
26.00 |
|
Life
Insurance Corporation of |
5000000 |
10.00 |
|
STCI
Finance Limited |
5000000 |
10.00 |
|
IDBI
Bank Limited |
3250000 |
6.50 |
|
ICICI
Bank Limited |
2750000 |
5.50 |
|
|
|
|
|
Preference Shares : |
|
|
|
Kalupur
Commercial Co-operative Bank Limited |
19000000 |
38.00 |
|
Saraswat
Co-operative Bank Limited |
10000000 |
20.00 |
|
South
India Bank Limited |
5000000 |
10.00 |
|
Reliance
Capital Asset Management Limited |
5000000 |
10.00 |
|
ICICI
Securities Primary Dealership Limited |
5000000 |
10.00 |
(e) For the period of five years immediately preceding the date of the Balance Sheet, the Company has not
i) Allotted any shares as fully paid up pursuant to contracts without payment being received in cash; or
ii) Allotted any shares as fully paid up bonus shares; or
iii) Bought back any of its Equity Shares.
(f) There are no calls unpaid on any Equity Shares.
(g)
There are no forfeited shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7255.200 |
5600.100 |
4413.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8255.200 |
6600.100 |
5413.400 |
|
|
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 |
6.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8261.200 |
6600.100 |
5413.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1639.900 |
650.900 |
288.000 |
|
|
Capital work-in-progress |
0.000 |
50.000 |
754.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
21096.000 |
17038.100 |
14607.600 |
|
|
DEFERRED TAX ASSETS |
0.000 |
6.300 |
4.100 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
164.000
|
121.800 |
102.400 |
|
|
Cash & Bank Balances |
25609.500
|
24621.300 |
22711.900 |
|
|
Other Current Assets |
854.600
|
1329.500 |
533.600 |
|
|
Loans & Advances |
17.000
|
764.600 |
124.300 |
|
Total
Current Assets |
26645.100
|
26837.200 |
23472.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
30.200
|
22.000 |
29.000 |
|
|
Other Current Liabilities |
40905.300
|
37763.900 |
33511.300 |
|
|
Provisions |
184.300
|
196.500 |
172.200 |
|
Total
Current Liabilities |
41119.800
|
37982.400 |
33712.500 |
|
|
Net Current Assets |
(14474.700)
|
(11145.200) |
(10240.300) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8261.200 |
6600.100 |
5413.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from Operations |
1596.400 |
1308.300 |
1487.600 |
|
|
|
Other Income |
1824.500 |
1312.800 |
1682.500 |
|
|
|
TOTAL (A) |
3420.900 |
2621.100 |
3170.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee
Benefits Expense |
243.900 |
205.600 |
145.900 |
|
|
|
Other
Expenses |
291.700 |
266.500 |
275.500 |
|
|
|
TOTAL (B) |
535.600 |
472.100 |
(including
financial expenses) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2885.300 |
2149.000 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
77.700 |
61.200 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2807.600 |
2087.800 |
2748.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
159.400 |
112.700 |
105.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2648.200 |
1975.100 |
2643.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
859.300 |
654.700 |
820.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1788.900 |
1320.400 |
1822.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
176.900 |
390.200 |
302.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
115.000 |
115.000 |
|
|
|
Corporate Dividend Tax |
NA |
18.700 |
19.500 |
|
|
|
General Reserve |
NA |
100.000 |
300.000 |
|
|
|
Settlement Reserve Fund |
NA |
1300.000 |
1300.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
176.900 |
390.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest
on Deposits with Banks |
0.000* |
1.400 |
30.000 |
|
|
|
Income
on US Government Treasury Bills |
18.600 |
31.100 |
39.700 |
|
|
|
Pre-funding
Handling Charges |
0.000* |
0.000* |
0.012 |
|
|
|
Datafeed
Charges |
1.600 |
1.500 |
1.700 |
|
|
|
Miscellaneous
Receipts |
0.700 |
-- |
0.100 |
|
|
TOTAL EARNINGS |
20.900 |
34.000 |
71.512 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
0.000* |
0.900
|
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.85 |
25.48 |
35.52 |
|
* denotes amount less than Rs.0.100 million
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
52.29
|
50.38 |
57.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
165.89
|
150.97 |
177.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.36
|
7.19 |
11.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.30 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.98
|
5.75 |
6.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65
|
0.71 |
0.70 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
|
Sundry Creditors
|
|
|
|
|
-
Due to Creditors other than Micro and Small Enterprises |
30.200 |
21.900 |
29.000 |
|
-
Due to Micro and Small Enterprises |
0.000* |
0.100 |
0.000 |
|
Total |
30.200 |
22.000 |
29.000 |
*
denotes amount less than Rs.0.100 million.
|
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 |
No |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
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 |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
NATURE OF OPERATIONS:
The Company provides clearing
and settlement system for the transactions in the Money Market, Government
Securities Market, Foreign Exchange Market, etc. and carries out related
activities. The Company acts as a central counterparty for the trades executed
by its members and extends settlement guarantee in terms of the Bye-laws, Rules
and Regulations for various types of operations. The Company is authorized as a
Payment System under ‘The Payment and Settlement Systems Act, 2007’ by Reserve
Bank of
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 (Rs. in
millions) |
31.03.2011 (Rs. in
millions) |
|
Claims
against the Company not acknowledged as debt (Note (a)) |
16.900 |
-- |
Note:
(a)
Claims against the Company not acknowledged as debt comprise of a demand from the
Income tax Authorities for additional Tax amounting to Rs.16.900 millions
(including interest of Rs.4.500 millions) in respect of Assessment Year
2006-07. The Company has preferred an appeal against the demand and pending
settlement of the dispute, the Company has paid an amount of Rs.3.000 millions
under protest.
FIXED ASSETS:
Tangible Assets
v
v Buildings – Residential
v Buildings – Office
v Leasehold Improvements
v Computer Systems – Hardware
v Furniture and Fixtures
v Office and Other Equipment
Intangible Assets
v Computer Software
WEBSITE DETAILS:
INTRODUCTION
Subject was set up in April, 2001 for providing exclusive clearing and
settlement for transactions in Money, GSecs and Foreign Exchange. The prime
objective has been to improve efficiency in the transaction settlement process,
insulate the financial system from shocks emanating from operations related
issues, and to undertake other related activities that would help to broaden
and deepen the money, debt and forex markets in the country. The company
commenced operations on February 15, 2002 when the Negotiated Dealing System
(NDS) of RBI went live. Subject started providing the settlement of forex
transactions since November 2002. Subject launched the Collateralised Borrowing
and Lending Obligation (CBLO) in January 2003, a money market product based on
Gilts as collaterals. It has developed a forex trading platform “FX-CLEAR”
which went live on August 7, 2003. Subject has started the settlement of
cross-currency deals through the CLS Bank from April 6, 2005. At the request of
RBI, subject developed and currently manages the NDS-OM and NDS-CALL electronic
trading platforms for trading in the government securities and call money. It
has also developed the NDS-Auction module for Treasury Bills auction by RBI.
Subject has received the ISO/IEC 27001:2005 certification from M/s Det Norsk
Veritas in 2006 for securing its information assets.
Subject has introduced many innovative products/tools like ZCYC, Bond and
T-Bills indices, Sovereign Yield Curve, Benchmark reference rates like
CCIL-MIBOR/MIBID and CCBOR/CCBID, etc. Subject regularly comes out with many
publications for the benefit of the market participants.
MILESTONE
|
July 9, 2012 |
Launch of the Trade Repository service for OTC
Foreign Exchange Derivatives. The first phase begins with the capture of all
inter-bank forex forwards and swaps in the USD-INR currency pair, and
currency options in FCY-INR. |
|
June 29, 2012 |
The web-based NDS-OM module for online trading in secondary market for
Government Securities by gilt account holders (GAH) was launched. The module
permits internet-based direct participation of gilt account holders in
secondary market for G-secs. |
|
June 14, 2012 |
The settlement MNSB files for subject's Derivatives, Forex, CBLO and
Securities Segment migrated to Core Banking Solution (CBS) of RBI from RTGS. |
|
February 21, 2012 |
The NDS-Auction Web Based Module was launched to facilitate direct
internet based access to Gilt Account Holders to directly participate in
Primary auctions of Gilts. |
|
December 1, 2011 |
The FIMMDA Integrated Reporting Platform (F-TRAC), developed and
maintained by Clearcorp Dealing Systems ( |
|
December 1, 2011 |
Credit Default Swaps (CDS) for Corporate Bonds started, with CDS trade
reporting on subject’s Online Reporting Engines (CORE). |
|
October 08, 2011 |
Market Repos in STRIPS instruments now facilitated on CROMS New
Version implemented effective 08 Oct '11. Several other functionality
enhancements also form part of the CROMS New Version. |
|
July 28, 2011 |
Subject on July 28, 2011 successfully carried out a Portfolio
Compression exercise in the OTC Interest Rate Swaps market. |
|
June 27, 2011 |
Launch of subject’s new web portal. |
|
August 11, 2010 |
Subject started settlement of ' |
|
May 31, 2010 |
Launch of FX-SWAP Dealing System an anonymous order driven matching
system which allows trading in 15 Instruments; including 3 upto Spot
instruments (namely, Cash-Tom, Tom-Spot and Cash-Spot) and 12 month-end
Forward instruments i.e. Spot over Month 1 end to Month 12 end. FX-SWAP is
the first of its kind platform which offers guaranteed settlement of forward
trades from the point of trade. However, trades up to the spot leg are
subject to bilateral limits. |
|
December 1, 2009 |
Subject commenced the settlement of forex forward trades with
guarantee from the trade date. |
|
June 1, 2009 |
The CCIL Tenor Index was launched to capture the tenor wise movement
across the term structure. |
|
June 1, 2009 |
The CCIL SDL Index was launched to track the market for SDLs through a
representative index. |
|
May 11, 2009 |
Version 2 of NDS Auction module went live to facilitate bidding in
primary Dated Securities auctions. |
|
February 11, 2009 |
Subject became the first organization to be granted authorisation by
the Reserve Bank of |
|
January 27, 2009 |
Clearcorp launched 'Clearcorp Repo Order Matching System' (CROMS), a STP
enabled electronic anonymous order matching platform to facilitate dealing in
market repos in government securities. CROMS facilitates dealing in two kinds
of Repos viz. Basket Repos and Special Repos for T+0 and T+1 settlement
tenors. |
|
January 1, 2009 |
Subject launched the CCIL Certification Programme (CCP), an online
testing and certification programme. |
|
November 27, 2008 |
Subject commenced Non-Guaranteed Settlement of OTC Trades in Rupee
Derivatives. |
|
November 12, 2007 |
The Depository Trust and Clearing Corporation (DTCC) and subject have
signed a Memorandum of Understanding (MOU) aimed at promoting closer
collaboration between the two market infrastructure organizations. |
|
September 10, 2007 |
Version 2.0 of NDS-CALL electronic screen-based quote driven
dealing system for Call, Notice and Term money was launched. The enhancements
include User hierarchy with multiple user levels with pre set role privileges
and risk mitigation measures such as assigning Single Order Limit and setting
up of exposure limits for Counterparties at various levels. |
|
August 30, 2007 |
Subject's reporting platform for the transactions in OTC Interest
Rate Derivatives (Interest Rate Swaps and Forward Rate Agreements (IRS/FRA))
became operational. |
|
July 03, 2007 |
Subject started releasing the Daily Spot Reference Rates
through it's website. |
|
May 21, 2007 |
Version 3.0 of the NDS-OM was launched enabling Odd Lot trading,
trading of new securities in the When Issued market and trading of CSGL
entities on this platform. |
|
March 5, 2007 |
The eNotice System extended to Non-NDS Associate Members. |
|
January 25, 2007 |
Subject launched the CCIL MIBOR
(CCIL Mumbai Inter-Bank Offer Rate)/MIBID (CCIL Mumbai Inter-Bank Bid
Rate) based on Dealt Quotes from NDS-Call. |
|
January 16, 2007 |
Euroclear and subject signed a Memorandum of Understanding
(MOU) regarding post-trade processing collaboration. |
|
September 18, 2006 |
NDS - CALL, an electronic screen-based quote driven dealing
system for all Call, Notice and Term Money operations was launched. |
|
September 11, 2006 |
Launch of Intraday Securities Withdrawal in CBLO segment. |
|
September 4, 2006 |
Subject launched its eNotice System available to all members
for sending their collateral notices in electronic form. |
|
September 4, 2006 |
Subject released its CCIL ALL SOVEREIGN BOND INDICES (CASBI), which
would reflect the broad movement of the market as it contains all available
sovereign bonds. The base date of the index is January 1, 2004. |
|
August 2006 |
Subject receives the ISO/IEC 27001:2005 certification for
securing its information assets. |
|
July 31, 2006 |
Version - 2.0 of the NDS - OM Trading Platform launched,
enabling trading in Treasury Bills and the When Issued market. |
|
March 20, 2006 |
Subject has launched Overnight Collateralised Benchmark Reference
Rates for Indian market, namely CCIL Collateralised Benchmark Bid Rate
(CCBID) and CCIL Collateralised Benchmark Offer Rate (CCBOR). The
rates are disseminated at 10:10 A.M. from Monday to Friday. The historical
data is available in CCIL website (http: //www.ccilindia.com) from January 2004. |
|
August 16, 2005 |
CBLOi (Internet Trading System for Non-NDS Members) commenced
operations. |
|
August 1, 2005 |
RBI launched the anonymous screen based order matching trading module for
govt. securities on its Negotiated Dealing System–Order Matching Segment
(NDS-OM) with subject as the central counterparty to all deals. |
|
May 2, 2005 |
Subject released its T-Bill Index consisting of two T-bill indices –
CCIL EQUAL WEIGHT T-Bills INDEX and CCIL LIQUIDITY WEIGHT T-Bills INDEX. The
CCIL T-Bills Indices are instruments that would capture the market movement
in the short term maturity segment. |
|
April 6, 2005 |
Commenced settlement of cross currency transactions through CLS. |
|
February 7, 2005 |
Started releasing intra-day comparitive money market rates of Call,
Repo and CBLO markets on its website. |
|
January 31, 2005 |
Released its Sovereign Bond Indices, CCIL BROAD GILTS INDEX,
Consisting of top 20 securities and CCIL LIQUID GILTS INDEX, consisting of
the 5 most liquid bonds, to track the movement of the government securities
market. |
|
October 14, 2004 |
Govt. Securities Lending and Borrowing Scheme was operationalised. |
|
August 27, 2004 |
Started clearing and settlement of ATM transactions of National
Financial Switch operated by Institute for Development and Research in
Banking Technology (IDRBT). |
|
August 1, 2004 |
Rakshitra frequency enhanced from quarterly to monthly. |
|
June 15, 2004 |
Operationalised “Straight Through Processing” arrangement for
settlement of foreign exchange trades done on FXCLEAR. |
|
April 2, 2004 |
Commenced net settlements in Government Securities as per DVP III
Guidelines of Reserve Bank of |
|
March 5, 2004 |
Non-NDS Members commence CBLO operations. |
|
February 5, 2004 |
Extended scope of coverage of foreign exchange settlements to include
INR/USD Cash and TOM trades. |
|
October 18, 2003 |
Electronic movement of Member Margins / Collaterals facilitated
through “Value Free Transfer Module” of NDS. |
|
August 7, 2003 |
Launched Electronic Currency Dealing Platform “FX Clear” to facilitate
inter-bank foreign exchange dealing. |
|
July 19, 2003 |
Operationalised Anonymous Auction System to facilitate Buy Back of
Government Securities by Government of India. |
|
June 4, 2003 |
Set up a wholly owned Subsidiary Company – Clearcorp Dealing Systems ( |
|
April 1, 2003 |
All trades in the securities settlement routed through subject. |
|
February 15, 2003 |
Commenced publication of Zero Coupon Yield Curve on Website. |
|
January 20, 2003 |
Launched new Money Market Instrument – “Collateralised Borrowing and
Lending Obligation” (CBLO) a repo variant with several unique features for
NDS Members. |
|
November 8,2002 |
Commenced guaranteed settlement of inter-bank foreign exchange Spot
trades in INR/USD and Forward Trades on Spot Window. |
|
October 25, 2002 |
Started publication of “Weekly Market Update” containing weekly
statistics and analysis of settlement information and important market
developments. |
|
October 17, 2002 |
Launched Quarterly Publication “Rakshitra” containing articles in
relevant operational areas as also detailed statistics and analysis of
settlement information. |
|
April 10, 2002 |
Extended facility of guaranteed settlement for trades in Government Securities.
|
|
February 15, 2002 |
Commenced clearing and settlement of market trades in Government
Securities co-terminus with operationalisation of Reserve Bank of |
|
April 30, 2001 |
Incorporated as |
|
|
|
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
officialS 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.55.09 |
|
|
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.