|
Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED |
|
|
|
|
Registered
Office : |
One India Bulls, Tower 1, 17th Floor, Jupiter Mills,
Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.09.1994 |
|
|
|
|
Com. Reg. No.: |
11-080811 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 180.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65991MH1994PLC080811 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB05956G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB6134D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Assets Management and Portfolio Management Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12055000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established asset management company having a
satisfactory track record. There appears some dip in the total income earned during 2012 and
profits. The group company is passing through some financial crisis and Birla
Power Solutions Limited has defaulted against its payment. However, trade relations are reported as decent. Business of the
subject is active. Payment terms are usually correct and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ mfs (Birla Cash plus find) |
|
Rating Explanation |
The highest credit quality short term rating
and lowest credit risk. |
|
Date |
March 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
AAA mfs (Birla floating rate – long term
plan) |
|
Rating Explanation |
The highest credit quality and lowest credit
risk. |
|
Date |
March 2012 |
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
MANAGEMENT NON-COOPERATIVE [91-22-43568000]
LOCATIONS
|
Registered Office : |
One India Bulls, Tower 1, 17th Floor, Jupiter Mills,
Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-43568009 |
|
Fax No.: |
91-22-43568110 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 24.07.2012
|
Name : |
Mr. Donald Alexander Stewart |
|
Designation : |
Director |
|
Address : |
Sun Life Financial Services Inc., 150, King Street West, 6th Floor, Toronto, Onm5hij9, Canada |
|
Date of Birth/Age : |
06.11.1946 |
|
Qualification : |
FIA, FCIA |
|
Date of Appointment : |
29.09.2000 |
|
DIN No.: |
00438164 |
|
|
|
|
Name : |
Mr. Kumar Mangalam Birla |
|
Designation : |
Director |
|
Qualification : |
C.A., M.B.A. (London Business School) |
|
Date of Appointment : |
28.10.1995 |
|
DIN No.: |
00012813 |
|
|
|
|
Name : |
Mr. Ajay Srinivasan |
|
Designation : |
Director |
|
Address : |
91 / 901, Narain Tarraces, 7TH , 8TH Floor, Union Park Road, Pali Hill, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1963 |
|
Qualification : |
B.A. Economics (Hons.), PGDM, IIM – Ahmedabad |
|
Date of Appointment : |
02.08.2007 |
|
DIN No.: |
00121181 |
|
|
|
|
Name : |
Mr. Pankaj Jawaharlal Razdan |
|
Designation : |
Director |
|
Address : |
Sherwin Ark, Bungalow No. 3, Bellscot CHS Lokhandwala Complex, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1968 |
|
Qualification : |
B. Tech (Electronics), B. S C (Electronics) |
|
Date of Appointment : |
21.10.2009 |
|
DIN No.: |
00061240 |
|
|
|
|
Name : |
Mr. Navalkishor Naginlal Jambusaria |
|
Designation : |
Director |
|
Address : |
401, Bakers Field, A – 22, Shastri Nagar, Near Lokhandwala Complex, Andheri, Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1933 |
|
Qualification : |
M. Com, Fellow of the Institute of Actuaries, London, F.A.S.I. (Fellow of the Actuarial Society of India) |
|
Date of Appointment : |
19.06.2001 |
|
DIN No.: |
00055760 |
|
|
|
|
Name : |
Mr. Sandeep Asthana |
|
Designation : |
Director |
|
Address : |
A - 403, Golden Oak, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1968 |
|
Qualification : |
B. Tech (IIT, Mumbai), MBA (IIM, Lucknow ) |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
00401858 |
|
|
|
|
Name : |
Mr. Naresh Chand Singhal |
|
Designation : |
Director |
|
Address : |
D-107, Poornima, Pedder Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1936 |
|
Qualification : |
Postgraduate in Economics, Statistics and Administration, Has received professional education from institutes like IIM (Ahmedabad, Calcutta), IIT Kanpur, and ISI Calcutta |
|
Date of Appointment : |
20.05.2002 |
|
DIN No.: |
00004916 |
|
|
|
|
Name : |
Mr. Bobby Kanubhai Parikh |
|
Designation : |
Director |
|
Address : |
4, Seven on the Hill, Auxilium Convent Road, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
30.04.1964 |
|
Qualification : |
B.Com, C.A. |
|
Date of Appointment : |
03.02.2012 |
|
DIN No.: |
00019437 |
|
|
|
|
Name : |
Mr. Sundara Raman Subramaniam |
|
Designation : |
Director |
|
Address : |
304, Cypress, Marigold Premises, Kalyan Nager, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
30.06.1937 |
|
Qualification : |
B.Com (Hons.), C. A. , Post Graduate in Business Management |
|
Date of Appointment : |
15.11.1999 |
|
DIN No.: |
00308407 |
|
|
|
|
Name : |
Mr. Vaidyanathan Ramamurthy |
|
Designation : |
Director |
|
Address : |
226, Panduranga Nagar, Bannerghatta Road, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
21.12.1951 |
|
Qualification : |
M. Stat, PhD in Finance |
|
Date of Appointment : |
21.10.2009 |
|
DIN No.: |
00221577 |
|
|
|
|
Name : |
Mr. Kevin David Strain |
|
Designation : |
Director |
|
Address : |
180, Watson Ave, Oakville, Ontario, Canada – L6A 3T8 |
|
Date of Birth/Age : |
31.08.1966 |
|
Date of Appointment : |
28.04.2012 |
|
DIN No.: |
05262340 |
|
|
|
|
Name : |
Mr. Bharat Vithalbhai Patel |
|
Designation : |
Director |
|
Address : |
52, Mlami Apartments, Bhulabhai Desai Road, Breach Candy, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
25.09.1944 |
|
Date of Appointment : |
27.06.2012 |
|
DIN No.: |
00060998 |
KEY EXECUTIVES
|
Name : |
Ms. Rubi |
|
Designation : |
Finance Executive |
|
|
|
|
Name : |
Mr. Rajiv Vinodchandra Joshi |
|
Designation : |
Secretary |
|
Address : |
A/6, Jeevan Sudha, Juhu Lane, Andheri (West), Mumbai – 400058,
Maharashtra, India |
|
Date of Birth/Age : |
07.05.1963 |
|
Date of Appointment : |
25.04.2008 |
|
PAN No.: |
AACPJ1462H |
|
|
|
|
Name : |
Mr. Anil Kumar Darshan Lal |
|
Designation : |
Manager |
|
Address : |
C10 / 6, Jeevan Terrace, LIC Colony, Mumbai – 400103, Maharashtra,
India |
|
Date of Birth/Age : |
12.12.1960 |
|
Date of Appointment : |
24.05.2008 |
|
PAN No.: |
AABPL1502B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Aditya
Birla Financial Services Private Limited, India |
|
8999910 |
|
Birla
Aditya Kumar Mangalam |
|
10 |
|
Birla Kumar
Mangalam Neerja |
|
10 |
|
Sun Life (India) AMC Investments Inc. |
|
9000000 |
|
Aditya Birla Financial Services Private Limited Jointly With Manoj
Kedia |
|
32 |
|
Aditya Birla financial Services Private Limited Jointly With Devendra
Bhandari |
|
12 |
|
Aditya Birla Financial Services Private Limited Jointly With Sushil
Agarwal |
|
26 |
|
|
|
|
|
Total |
|
18000000 |
AS ON 24.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Assets Management and Portfolio Management Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
701, Leela Business Park, Andheri Kurla
Road, Andheri (East), Mumbai - 400059,
Maharashtra, India |
|
Tel. No.: |
91-22-61326999/ 66729999 |
|
Fax No.: |
91-22-22856237/ 66729777 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFH2010F |
|
|
|
|
Parties Where Control Exist (Subsidiaries) : |
· India Advantage Fund Limited Birla Sun Life AMC (Mauritius) Limited Aditya Birla Sun Life AMC Limited, Dubai Aditya Birla Sun Life AMC Pte. Limited, Singapore |
|
|
|
|
Group Companies : |
· Sun Life (India) AMC Investments Inc; Canada Birla Global Finance Limited (since merged with Aditya
Birla Nuvo Limited) Aditva Birla Nuvo Limited [CIN No.: L17199GJ1956PLC001107] Birla Sun Life Insurance Company Limited [CIN No.:
U99999MH2000PLC128110] Birla Sun Life Trustee Company Private Limited Aditva Birla Money Mart Limited [CIN No.:
U61190GJ1997PLC062406] ABNL Investment Limited [CIN No.: U65910GJ1994PLC022685 Aditya Birla Finance Limited [CIN No.:
U65990GJ1991PLC064603] Aditya Birla Money Limited [CIN No.:
L65993GJ1995PLC064810] Aditya Birla Financial Shared Services Limited [CIN No.:
U65999MH2008PLC183695] Aditya Birla Financial Services Private Limited [CIN No.:
U67120GJ2007PTC058890] Aditya Birla Minacs Worldwide Limited [CIN No.:
U99999KA1995PLC052040] Aditya Birla Minacs IT Services Limited [CIN No.:
U72200KA1976PLC027564] IDEA Cellular Limited [CIN No.: L32100GJ1996PLC030976] Aditya Birla Insurance Brokers Limited [CIN No.:
U99999GJ2001PLC062239] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs. 10/- each |
Rs. 180.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
180.000 |
180.000 |
|
(b) Reserves & Surplus |
|
2833.792 |
2070.694 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
3013.792 |
2250.694 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
62.567 |
52.661 |
|
(d) long-term
provisions |
|
43.407 |
143.965 |
|
Total Non-current
Liabilities (3) |
|
105.974 |
196.626 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
472.453 |
492.481 |
|
(c)
Other current liabilities |
|
34.716 |
55.681 |
|
(d) Short-term
provisions |
|
287.447 |
309.780 |
|
Total Current
Liabilities (4) |
|
794.616 |
857.942 |
|
|
|
|
|
|
TOTAL |
|
3914.382 |
3305.262 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
95.691 |
121.148 |
|
(ii)
Intangible Assets |
|
193.086 |
247.137 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
573.480 |
176.877 |
|
(c) Deferred tax assets (net) |
|
29.260 |
11.809 |
|
(d) Long-term Loan and Advances |
|
1017.464 |
1008.806 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1908.981 |
1565.777 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
|
1133.269 |
1075.132 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
76.801 |
58.245 |
|
(d) Cash
and cash equivalents |
|
45.466 |
58.301 |
|
(e)
Short-term loans and advances |
|
399.518 |
304.008 |
|
(f) Other
current assets |
|
350.347 |
243.799 |
|
Total
Current Assets |
|
2005.401 |
1739.485 |
|
|
|
|
|
|
TOTAL |
|
3914.382 |
3305.262 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
180.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1225.264 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1405.264 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
350.000 |
|
|
TOTAL BORROWING |
|
|
350.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
9.590 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1764.854 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
484.410 |
|
|
Capital work-in-progress |
|
|
0.343 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
676.895 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
161.339
|
|
|
Cash & Bank Balances |
|
|
32.168
|
|
|
Other Current Assets |
|
|
38.378
|
|
|
Loans & Advances |
|
|
1640.248
|
|
Total
Current Assets |
|
|
1872.133
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
1219.238 |
|
|
Other Current Liabilities |
|
|
39.668
|
|
|
Provisions |
|
|
10.021
|
|
Total
Current Liabilities |
|
|
1268.927
|
|
|
Net Current Assets |
|
|
603.206
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1764.854 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3073.508 |
3658.451 |
2926.979 |
|
|
|
Other Income |
419.764 |
212.578 |
204.162 |
|
|
|
TOTAL (A) |
3493.272 |
3871.029 |
3131.141 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
810.775 |
1005.265 |
807.623 |
|
|
|
Administrative and Other expense |
612.435 |
618.230 |
633.145 |
|
|
|
Distribution and Schemes Expenses |
882.146 |
840.415 |
775.517 |
|
|
|
TOTAL (B) |
2305.356 |
2463.910 |
2216.285 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1187.916 |
1407.119 |
914.856 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.882 |
5.449 |
41.707 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
1186.034 |
1401.670 |
873.149 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
124.308 |
140.339 |
147.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
1061.726 |
1261.331 |
726.060 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
298.627 |
415.901 |
241.581 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
763.099 |
845.430 |
484.479 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1975.604 |
1130.174 |
645.695 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2738.703 |
1975.604 |
1130.174 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Management and Advisory Fees |
69.254 |
77.663 |
65.520 |
|
|
|
Dividend |
96.649 |
45.996 |
57.922 |
|
|
TOTAL EARNINGS |
165.903 |
123.659 |
123.442 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
42.39 |
46.97 |
26.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
21.84
|
21.84 |
15.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.54
|
34.48 |
24.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.06
|
40.47 |
30.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.56 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
2.03 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
Note:
·
CURRENT
MATURITIES OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
|
Sr. No. |
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
COMPANY OVERVIEW
Subject was incorporated
on September 5, 1994. The Company is a joint venture between the Aditya Birla
Group and Sun Life Financial, Inc. The share capital of the Company is equally
owned by Aditya Birla Financial Services Private Limited (Wholly owned
Subsidiary of Aditya Birla Nuvo Limited) - and Sun Life (India) AMC Investments
Inc., (wholly owned subsidiary of Sun Life Financial, Inc.)
The Company is
registered with Securities and Exchange Board of India (SEBI) under the SEBI
(Mutual Funds) Regulations, 1996 and the principal activity is to act as an
investment manager to Birla Sun Life Mutual Fund. The Company manages the
investment portfolios of Birla Sun Life Mutual Fund, India Advantage Fund
Limited, Mauritius, India Excel (Mauritius) Fund. The Company is also registered
under the SEBI (Portfolio Managers) Regulations, 1993 and provides portfolio
management services and investment advisory services to offshore funds and high
net worth investors.
CONTINGENT
LIABILITIES:
(I)
Contingent Liabilities not provided for In respect of.
a.
Disputed taxation matters
Department
has issued order for AY 2007-08 for imposing Penalty of Rs 1.712 Millions
(Previous Year Nil) on certain disallowance, The matter is under appeal with
CIT (A).
Tax Demand
of Rs 15.037 Millions (Previous Year Nil| on provision for leave encashment and
Ex Gratia for AY 2009-10 and the matter Is under appeal with ITAT.
Show Cause
cum Demand Notice from Service Tax Authorities Issued for the ay 2007 08 to AY 2011-12 disputing Cenvat
Credit claim of the Company to the tune of Rs. 848.386 Millions (Previous Year
Nil)|. The matter is pending before the Commissioner for adjudication
Disallowing
initial issue Expenses, Repairs and Renovation Expenses and Fund Migartion Exps
on the alleged contention that the same were capital in nature. The tax impact
of Rs. 40.197 Millions (Previous Year 40.197 Millions). The matter is pending
before High Court
b.
Disputed legal claims:
Investor
claims pending In Consumer Redressal Forums of Rs. 0.296 Million (Previous Year
Rs 0.824 Million)
Investor
claims pending in other courts/authorities of Rs.0.106 Million (Previous Year
Rs. 0.116 Million). Disputed other legal matters Rs. 0.229 Millions (Previous
year Rs 0.229 Millions)
The
management has taken a legal opinion on the above matters The chances of losing
the above legal matters is unlikely and so no provision for the liability is
been made in the books
c.
Unexecuted Contracts:
Estimated amount
of contracts (net of advances) remaining to be executed on capital account is
Rs. 0.600 Million {Previous year Rs 3.527 Millions)
FIXED ASSETS:
· Computers
Furniture
and Fixture
Vehicles
Office
Equipments
Leasehold
Improvements
Software
Investment
Management Rights
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 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. 61.52 |
|
|
1 |
Rs. 94.99 |
|
Euro |
1 |
Rs. 81.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.