MIRA
INFORM REPORT
|
Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRINCIPAL RETIREMENT ADVISORS PRIVATE LIMITED
(w.e.f. 05.05.2011) |
|
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|
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Formerly Known
as: |
PNB PRINCIPAL FINANCIAL PLANNERS PRIVATE
LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.10.2004 |
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Com. Reg. No.: |
149084 |
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Capital
Investment / Paid-up Capital : |
Rs.230.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67190MH2004PTC149084 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP19465F |
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PAN No.: [Permanent Account No.] |
AADCP4853G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
They Offer Advisory Services |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 829388 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered 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 PARTED BY
|
Name : |
Mr. Rishad |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22--67720555 |
|
Date : |
12.06.2012 |
LOCATIONS
|
Registered Office : |
Exchange Plaza, B Wing, Ground Floor, NSE Building, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-67720555 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Ranjan Harish Dhawan |
|
Designation : |
Director |
|
Address : |
D-II, F 8 Underhill Road, Civil Lines Delhi – 110054, Delhi, India |
|
Date of Birth/Age : |
09.09.1955 |
|
Date of Appointment : |
16.08.2007 |
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|
|
|
Name : |
Mr. Ritesh Parasmai Jain |
|
Designation : |
Director |
|
Address : |
Flat No.502, Building 20 Phase III, Siddhacha I Housing Complex
Pokharan 2, Thana, Mumbai – 400010, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1972 |
|
Date of Appointment : |
05.09.2011 |
|
|
|
|
Name : |
Mr. John Campbell Donaldfead Tupling |
|
Designation : |
Director |
|
Address : |
Housing 95, Palm Drive The redhill Peninsula, 18 pak Pat Shan Road,
Tai Tam, Hong Kong |
|
Date of Birth/Age : |
23.02.1958 |
|
Date of Appointment : |
29.05.2006 |
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Date of Ceasing: |
25.02.2011 |
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|
|
|
Name : |
Mr. Ranjan Ramkrishna Ghotgalkar |
|
Designation : |
Director |
|
Address : |
10A, II Great Eastern Royale 1-322 Belassis Road Tardeo, Mumbai – 400034,
Maharashtra, India |
|
Date of Birth/Age : |
04.05.1958 |
|
Date of Appointment : |
26.09.2006 |
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|
|
|
Name : |
Mr. Shashi Kant Dubey |
|
Designation : |
Director |
|
Address : |
A-17, Eden Towers, Plot 20 Sector 5 Dwarka, New Delhi – 110075, Delhi,
India |
|
Date of Birth/Age : |
16.12.1951 |
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Date of Appointment : |
21.10.2010 |
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Date of Ceasing: |
23.10.2010 |
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|
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|
Name : |
Mr. Kiral Kooloth Aravindakshan |
|
Designation : |
Director |
|
Address : |
Flat No.10, New Usha Kiran Co.operative HSG. Society Limited, 15 M L
Dahanakur Marg, Peddar Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
17.11.1954 |
|
Date of Appointment : |
09.08.2010 |
|
Date of Ceasing: |
12.01.2011 |
|
|
|
|
Name : |
Mr. Rex Kuan Pak Auyeung |
|
Designation : |
Director |
|
Address : |
Flat B 13/F, Victoria Heights 43 A, Stubb Road, Hong Kong |
|
Date of Birth/Age : |
16.04.1952 |
|
Date of Appointment : |
25.02.2011 |
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|
|
|
Name : |
Mr. Ned Alan Burmeister |
|
Designation : |
Director |
|
Address : |
6256 Pheasant Run Drive West Des Moines Iowa, USA |
|
Date of Birth/Age : |
16.03.1959 |
|
Date of Appointment : |
25.02.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Rishad |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sudhin Chandra Arvind Padhya |
|
1 |
|
Principal Financial Group (Mauritius) Limited, Mauritius |
|
22999999 |
|
Total |
|
23000000 |
LIST OF ALLOTTEES AS ON 19.03.2012
|
Names of Shareholders |
|
No. of Shares |
|
Principal Financial Group (Mauritius) Limited, Mauritius |
|
20000000 |
AS ON 28.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They Offer Advisory Services |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
|
Customers : |
OEM’s |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
IDBI Bank, Bandra Branch |
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Facilities : |
-- |
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Banking
Relations : |
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Auditors : |
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Name : |
R. P. Baradiya Chartered Accountant |
|
Address : |
6, Karim Chambers, 40, A. Doshi Marg, Hamam Street, Mumbai – 400023,
Maharashtra, India |
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Ultimate Holding Company: |
Principal Financial Group, Inc |
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Holding Company: |
Principal Financial Group (Mauritius) Limited |
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Associates: |
Punjab National Bank (associate of the Company till January 12, 2011) |
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Fellow Subsidiaries : |
·
Principal Trustee Company Private Limited ·
Principal PNB Asset Management Company Private
Limited |
CAPITAL STRUCTURE
AS ON 28.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115000000 |
Equity Shares |
Rs.10/- each |
Rs.1150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23000000 |
Equity Shares |
Rs.10/- each |
Rs.230.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
2.000 |
Expected Sales (2012-2013) : Rs.2.500 Millions
The above information has been parted by Mr. Rishad (Finance Head)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
230.000 |
50.000 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(22.653) |
(18.698) |
(20.038) |
|
|
NETWORTH |
207.347 |
31.302 |
29.962 |
|
|
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 |
207.347 |
31.302 |
29.962 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
0.000 |
0.041 |
0.196 |
|
|
Capital work-in-progress |
0.850 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
202.485 |
30.062 |
28.397 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.238
|
0.523 |
0.290 |
|
|
Cash & Bank Balances |
0.211
|
0.252 |
0.158 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.952
|
1.140 |
1.155 |
|
Total
Current Assets |
4.401
|
1.915 |
1.603 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.389
|
0.716 |
0.227 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.007 |
|
Total
Current Liabilities |
0.389
|
0.716 |
0.234 |
|
|
Net Current Assets |
4.012
|
1.199 |
1.369 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
207.347 |
31.302 |
29.962 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1.874 |
2.820 |
2.758 |
|
|
|
Other Income |
3.504 |
0.013 |
1.621 |
|
|
|
TOTAL |
5.378 |
2.833 |
4.379 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
9.333 (Including
Depreciation) |
1.494 (Including
Depreciation) |
4.967 (Including
Depreciation) |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
9.333 |
1.494 |
4.967 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
(3.954) |
1.339 |
(0.588) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(3.954) |
1.339 |
(0.615) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(22.653) |
(18.698) |
(20.038) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.69) |
0.27 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(73.52)
|
47.26 |
(14.04) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(210.99)
|
47.48 |
(21.32) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(89.84)
|
68.45 |
(32.68) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.04 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.02 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.31
|
2.68 |
6.85 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
0.273 |
0.685 |
|
|
Creditors due others |
0.116 |
0.030 |
|
|
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 |
Yes |
|
5)
Type of Business |
Yes |
|
6)
Line of Business |
Yes |
|
7)
Promoter's background |
Yes |
|
8)
No. of employees |
Yes |
|
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 |
Yes |
|
15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
Yes |
|
17)
Major suppliers |
No |
|
18)
Major customers |
No |
|
19)
Payments terms |
Yes |
|
20)
Export / Import details (if applicable) |
-- |
|
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 |
NOTE:
The registered office address of the company has been shifted from Apeejay House 5th Floor3 Dinshaw Vachha Road, Churchgate, Mumbai - 400020, Maharashtra, India to 1209, 12th Floor, Navjivan Society, Building No-3, Mumbai - 400008, Maharashtra, India w.e.f. 01.12.2007
The registered office address of the company has been shifted from 1209, 12th Floor, Navjivan Society, Building No-3, Mumbai - 400008, Maharashtra, India to 1st Floor, Maker Bhavan - II, 18, Sir Vithaldas Thakersey Marg, New Marine Lines, Mumbai -400020, Maharashtra, India w.e.f. 01.12.2008
The registered office address of the company has been shifted from 1st Floor, Maker Bhavan - II, 18, Sir Vithaldas Thakersey Marg, New Marine Lines, Mumbai -400020, Maharashtra, India to Present address w.e.f. 14.10.2011
BACKGROUND :
The Company was established as a joint venture between Principal Financial Group (Mauritius) Limited (PFGL), Punjab National Bank and Vijaya Bank for distribution of Mutual fund and other financial products and consultancy services in relation to financial products. During the current year PFGL has acquired the shares held by the joint venture partners and has infused further capital in the Company.
The Company has substantial carried forward losses due to significant scaling down of operations. However, the financial statements have been prepared on going concern basis considering the infusion of capital by PFGL and the Company’s plans to strengthen the operations and make the company profitable.
With effect from May 5, 2011 the name of the Company has
been changed to Principal Retirement Advisors Private Limited.
OPERATIONS
Income from operations for the financial year was Rs. 1.874 Millions as compared to Rs. 2.820 Millions in the previous year. The Company has incurred a loss of Rs. 3.955 Millions in the current year as compared to a profit of Rs. 1.340 Millions in the previous year. This was mainly due to expenses of Rs. 7.700 Millions in respect to increase in authorized capital.
To enable diversification into a wider range of financial
products and services related business activities and with a focus on
retirement planning, the Company has increased the authorized share capital of
the Company to Rs. 1150.000 Millions. An amount of Rs. 180.000 Millions has
been raised as equity capital in March 2011 and the balance amount would be
raised in a planned manner over the next few years. The Company has begun
deployment of the capital raised in March 2011 towards execution of the said
plan in a structured manner post the Balance Sheet date.
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.55.24 |
|
|
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.