|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE CLEARING CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
CCIL Bhavan, College Lane, Off. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
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
: |
117 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
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 43067000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was set up 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 decent 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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non convertible cumulative redeemable
preference share AAA (withdraw) |
|
Rating Explanation |
Higest degree of safety and carry lowest
credit risk. |
|
Date |
July 26, 2013 |
Reason for Withdraw (there is no amount outstanding)
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 DENIED BY
|
Name : |
Ms. Suma Shetty |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-61546200 |
|
Date : |
04.12.2013 |
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 : |
|
|
|
|
|
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 01.07.2013
|
Name : |
Mr. Shyamala Gopinath |
|
Designation : |
Nominee Director |
|
Address : |
1103, Girnar Heights, B-Wing, Bhakti Park, Wadala (East), Mumbai –
400037, Maharashtra, India |
|
Date of Birth/Age : |
20.06.1949 |
|
Date of Appointment : |
25.07.2012 |
|
DIN No. : |
02362921 |
|
|
|
|
Name : |
Mr. Ranganathan Sridharan |
|
Designation : |
Managing director |
|
Address : |
Flat No. 1402, Gloriosa, Appts N M Kale Marg Off S K Bole Road, Dadar
(West), Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1951 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No. : |
00868787 |
|
|
|
|
Name : |
Mr. Venkiteswaran Subramaniam |
|
Designation : |
Director |
|
Address : |
A/7, 1 and 2, Llyode Garden 7, Floor, Appasaheb Mara- The Marg Prabhadevi,
Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
22.01.1941 |
|
Date of Appointment : |
11.09.2001 |
|
DIN No. : |
00006111 |
|
|
|
|
Name : |
Mr. Ajay Narottam Shah |
|
Designation : |
Director |
|
Address : |
Faculty Flat No 3, Niper 18/2, Satsang Vihar Marg, SPL Institutional
area, New Delhi – 110067, India |
|
Date of Birth/Age : |
07.08.1966 |
|
Date of Appointment : |
11.09.2001 |
|
DIN No. : |
01141239 |
|
|
|
|
Name : |
Yezdi Hirji Malegam |
|
Designation : |
Director |
|
Address : |
Goolestan 37, cuffe Parade, Colaba, Mumbai – 400005, Maharashtra,
India |
|
Date of Birth/Age : |
24.09.1933 |
|
Date of Appointment : |
21.03.2002 |
|
DIN No. : |
00092017 |
|
|
|
|
Name : |
Mr. Nandlal Laxminarayan Sarda |
|
Designation : |
Director |
|
Address : |
A-5, IIT Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1948 |
|
Date of Appointment : |
20.05.2005 |
|
DIN No. : |
00147782 |
|
|
|
|
Name : |
Mr. Murukkattampoondi Ranganathan Ramesh |
|
Designation : |
Director |
|
Address : |
Apartment No. 303, Unnathi Citadel 24th, Main J P Nagar 5th
Phase, Bangalore – 560078, Karnataka, India |
|
Date of Birth/Age : |
13.08.1940 |
|
Date of Appointment : |
16.11.2005 |
|
DIN No. : |
00147666 |
|
|
|
|
Name : |
Mr. Pundarik Sanyal |
|
Designation : |
Director |
|
Address : |
401 A, Blue Heaven CHS, Rahehja Vihar Complex, Off Chandi Vali Farm
Road, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
28.01.1950 |
|
Date of Appointment : |
28.12.2007 |
|
DIN No. : |
01773295 |
|
|
|
|
Name : |
Ms. Shilpa Naval Kumar |
|
Designation : |
Director |
|
Address : |
The Cliff Co-Op Housing Society, 2nd Floor 27 Pochkanwala
Road, Worli, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1966 |
|
Date of Appointment : |
28.01.2009 |
|
DIN No. : |
02404667 |
|
|
|
|
Name : |
Mr. Bhavesh C Zaveri |
|
Designation : |
Nominee director |
|
Address : |
Prabhukuj Co-operative Housing Society Flat No. 202, 2nd Floor,
5 Peddar Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1965 |
|
Date of Appointment : |
03.02.2010 |
|
DIN No. : |
01550468 |
|
|
|
|
Name : |
Mr. Swaminathan Sundararajan Mittur |
|
Designation : |
Director |
|
Address : |
Flat No. 11, 248, Ashwarooda Ambujammal, Street Alwarpet, Ttksalai,
Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
15.03.1950 |
|
Date of Appointment : |
14.05.2011 |
|
DIN No. : |
00169775 |
|
|
|
|
Name : |
Mr. Vivek Hari Thatte |
|
Designation : |
Nominee director |
|
Address : |
5/78, Dnyanayoga Society, L T Road, Vazira Naka, Borivli (West),
Mumbai – 400091, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1954 |
|
Date of Appointment : |
13.03.2012 |
|
DIN No. : |
02689926 |
|
|
|
|
Name : |
Ms. Anjan Barua |
|
Designation : |
Nominee director |
|
Address : |
Baghorbari Tinali Nilgiri Path House No – 26, Guwahati – 781037,
Assam, India |
|
Date of Birth/Age : |
29.03.1952 |
|
Date of Appointment : |
17.08.2012 |
|
DIN No. : |
01191502 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi O.N |
|
Designation : |
Secretary |
|
Address : |
702, Gloriosa Apartments near agar Bazar, NM Kale Marg, Off S K Bole Road,
Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
26.06.1962 |
|
Date of Appointment : |
25.08.2001 |
|
PAN No.: |
AAGPO6936M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.07.2013
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
State Bank of India, India |
13000000 |
|
Bank of Baroda, India |
2500000 |
|
HDFC Bank Limited, India |
2500000 |
|
Life Insurance Corporatinon of India, India |
5000000 |
|
Union Bank of India, India |
500000 |
|
Andhra Bank, India |
500000 |
|
Syndicate Bank, India |
1000000 |
|
Axis Bank Limited, India |
2000000 |
|
Indusind Bank Limited, India |
1000000 |
|
Citi Bank N. A. , India |
500000 |
|
The Hongkong and Shanghai Banking Corporation Limited, India |
500000 |
|
STCI Finance Limited, India |
5000000 |
|
SBI DFHI Limited, India |
2250000 |
|
Canara Bank Securities Limited, India |
250000 |
|
Corp Bank Securities Limited, India |
500000 |
|
Central Bank of India, India |
2000000 |
|
Bank od India, India |
500000 |
|
IFCI Limited, India |
2000000 |
|
Oriental Bank of Commerce, India |
1000000 |
|
Canara Bank, India |
500000 |
|
Corporation Bank, India |
500000 |
|
ICICI Bank Limited, India |
2750000 |
|
IDBI Bank Limited, India |
3750000 |
|
|
|
|
Total |
50000000 |
|
Names of Shareholders (Preference Shares) |
No. of Shares |
|
The Kalupur Commercial Co-operative Bank Limited |
19000000 |
|
RNCPS – I / 002 |
1000000 |
|
The Karur Vysya Baml Limited |
5000000 |
|
Karanataka Bank Limited |
2000000 |
|
The Federal Bank Limited |
5000000 |
|
RNCPS – I / 006 |
5000000 |
|
Kotak Mahindra Bank Limited |
8000000 |
|
Yes Bank Limited |
5000000 |
|
|
|
|
Total |
50000000 |
As on 01.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Public financial companies |
21.50 |
|
Nationalised or other banks |
60.50 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
2.00 |
|
Bodies corporate |
16.00 |
|
Total |
100.00 |
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. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
117 (Approximately) |
|
|
|
|
Bankers : |
Reserve Bank of |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and
Mistry Chartered Accountants |
|
Address : |
Kalpataru
Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India |
|
PAN
No. : |
AAAFK7554R |
|
|
|
|
Subsidiaries : |
Clearcorp
Dealing Systems (India) Limited |
|
|
|
|
Parties having substantial interest : |
State Bank of India |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
(b) Reserves & Surplus |
9766.800 |
7255.200 |
5600.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10766.800 |
8255.200 |
6600.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
22.100 |
6.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
37.400 |
33.600 |
39.700 |
|
Total Non-current Liabilities (3) |
59.500 |
39.600 |
39.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
24.300 |
30.200 |
22.100 |
|
(c) Other current
liabilities |
45086.400 |
40905.300 |
37763.900 |
|
(d) Short-term provisions |
100.300 |
150.700 |
156.800 |
|
Total Current Liabilities (4) |
45211.000 |
41086.200 |
37942.800 |
|
|
|
|
|
|
TOTAL |
56037.300 |
49381.000 |
44582.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1533.800 |
1571.900 |
574.100 |
|
(ii) Intangible Assets |
56.800 |
32.200 |
32.600 |
|
(iii) Capital
work-in-progress |
0.300 |
0.000 |
50.000 |
|
(iv)
Intangible assets under development |
29.800 |
35.800 |
44.200 |
|
(b) Non-current Investments |
100.000 |
100.000 |
130.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
6.300 |
|
(d) Long-term Loan and Advances |
20.700 |
9.500 |
685.400 |
|
(e) Other Non-current assets |
19351.000 |
17748.900 |
601.200 |
|
Total Non-Current Assets |
21092.400 |
19498.300 |
2123.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
22856.300 |
20996.000 |
16908.100 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
282.100 |
164.000 |
121.800 |
|
(d) Cash and cash
equivalents |
10697.600 |
7863.000 |
24621.300 |
|
(e) Short-term loans and
advances |
3.100 |
7.500 |
79.200 |
|
(f) Other current assets |
1105.800 |
852.200 |
728.300 |
|
Total Current Assets |
34944.900 |
29882.700 |
42458.700 |
|
|
|
|
|
|
TOTAL |
56037.300 |
49381.000 |
44582.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3989.800 |
2891.000 |
1308.300 |
|
|
|
Other Income |
763.700 |
529.900 |
1312.800 |
|
|
|
TOTAL |
4753.500 |
3420.900 |
2621.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
256.900 |
243.900 |
205.600 |
|
|
|
Other expenses |
320.300 |
291.700 |
266.500 |
|
|
|
TOTAL |
577.200 |
535.600 |
472.100 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
4176.300 |
2885.300 |
2149.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
85.300 |
77.700 |
61.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4091.000 |
2807.600 |
2087.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
162.700 |
159.400 |
112.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
3928.300 |
2648.200 |
1975.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1281.800 |
859.300 |
654.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2646.500 |
1788.900 |
1320.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
132.000 |
176.800 |
390.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
650.000 |
400.000 |
100.000 |
|
|
|
Dividend |
115.500 |
115.000 |
115.000 |
|
|
|
Tax on Dividend |
19.400 |
18.700 |
18.700 |
|
|
|
Settlement Reserve Fund |
1700.000 |
1300.000 |
1300.000 |
|
|
BALANCE CARRIED
TO THE B/S |
293.600 |
132.000 |
176.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
51.99 |
34.85 |
25.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
55.67
|
52.29 |
50.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
98.46
|
91.60 |
1502.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.03
|
5.38 |
4.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.32 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77
|
0.73 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current
Maturities of Long Term Debts is Not Available
|
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 |
Ys |
|
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 |
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 |
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 |
No |
NOTE:
The registerd address of the company has been shifted from 14A and 14B,
4th Floor, Tower-1, Commercial-2, 'Kohinoor City', Kirol Road,Off. LBS
Road,Kurla (Wwst) Mumbai - 400070, Maharashtra,
India to the Present address w.e.f. 21.05.2012
INDEX OF CHARGES
No Charges Exist for Company
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 India.
FINANCIAL PERFORMANCE
The Company has
created a Settlement Reserve Fund by setting aside part of the profits to ensure
that there are sufficient assigned financial resources for meeting claims in
relation to any settlement default, operational failure or any loss on account
of Settlement Bank failure. Last year an amount of Rs. 1300.000 millions was
appropriated to Settlement Reserve, taking the balance lying to the credit of
the Settlement Reserve Fund to Rs. 4700.000 millions For the current year, the
Company has transferred further Rs. 1700.0000 millions to Settlement Reserve
Fund making . the balance lying to the credit of the Settlement Reserve
Fund to Rs. 6400.000 millions.
OPERATIONAL
PERFORMANCE :
The Financial Year
(FY) 2012-13 was the 12 completed business year of the Company. The highlights
of the operational performance th of various segments are as follows:
·
CBLO
As of March 31,
2013, the CBLO segment had 232 active members. There has been a marginal shift
in the preference for the repo market during 2012-13 as compared to the CBLO
market due to Cash Reserve Ratio (CRR) requirement on CBLO transactions whereas
Repo deals are treated as Buy/Sell back deals without any CRR requirement. The
average market share of CBLO in short term market stood at about 54 percent in
comparison to 24 percent and 22 percent of Repo and Call markets, respectively.
During the year, 1,56,099 trades for aggregate amount of Rs. 12.028 millions
were received for settlement. The highest volume of Rs. 0.93 millions in this
segment was recorded on March 5, 2013.The daily average number of trades was
538 as against 495 for the FY 2011-12. CBLO average daily trades registered a
marginal increase to Rs. 0.041 millions in 2012-13 against Rs. 0.038 millions
in 2011-12. This segment registered a netting factor of 81.07 percent during FY
2012-2013.
·
GOVERNMENT SECURITIES
SEGMENT
The buoyancy in
the government securities market has resulted in an increase in the share of
the securities segment in the overall business of CCIL. The share of the
outright and repo settlement volumes has increased to 31 per cent in FY 2012-13
from 25 per cent in 2011-12. The major contribution came from higher outright
settlements as market participants expected a lower interest rate regime going
forward.
As of March 31,
2013, 184 members were active in Securities Settlement segment. During the
year, 7,41,196 trades (Outright and Repo including 2 nd leg) were settled
aggregating a total face value of Rs. 17.396 millions, depicting an increase of
57.09% in number of trades and 57.96% in the volumes in Face Value
The Company
registered a peak volume of Rs. 0.081 millions for outright trades on January
04,2013. Table 2 compares the transactions of this market in 2012-13 with that
of the previous fiscal i.e. 2011-12
Governement Securities Table 2
|
Types of Trades |
Financial Year
2012-2013 |
Financial Year 2011-12 |
Variance (%) |
|||
|
|
Volume (Rs. in Millions) |
No. of Trades |
Volume (Rs. In
Millions) |
No. of Trades |
Volume (Rs. In
Millions) |
No. of Trades |
|
Outright |
6.592 |
658055 |
3.488 |
412266 |
889.800 |
59.62 |
|
Repo (1 st leg and
2 nd leg) |
10.804 |
83141 |
7.525 |
59573 |
435.800 |
39.56 |
|
|
|
|
|
|
|
|
|
Total |
17.396 |
741196 |
11.013 |
471839 |
599.600 |
57.09 |
Outright
settlement registered a growth of 58 per cent in daily average number of trades
and 87 per cent in daily average settlement value. The average daily number of
trades settled was 2,731 (1,732 in 2011-12) and the average daily settlement
volume was Rs. 0.027 millions (Rs. 0.014 millions in 2011-12).
This segment
registered a netting factor of 82.36 percent and 62.24 percent on Funds and
Securities settlements, respectively, during FY 2012-2013.
FOREX SEGMENT
As of March 31,
2013, there were 80 active members in the INR-USD segment. A total of 27,92,276
deals representing an aggregate volume of USD 4.83 trillion were settled in FY
2012-13 reflecting an increase of 4 per cent over the previous financial year.
The segment settled the highest number of 1,37,716 trades in January 2013 and
the highest gross volumes of USD 459.76 billion in the month of May 2012. The
daily average settlement was 6,018 trades with a value of USD 21 billion. Spot
market continued to dominate settlement volumes followed by Forwards. An
average netting factor of 95.39 per cent was achieved in the Forex segment during
FY 2012-13 as compared with 95.37 per cent in FY 2011-12.
-
Continuous Linked
Settlement (CLS)
As on March 31,
2013 the segment had an approved membership of 27 banks out of which 23 banks
are settling their cross currency deals through the CCIL-CLS arrangement.
During FY 2012-13, 5,70,308 deals aggregating a gross volume of USD 724.12
billion was settled in the CLS segment. CLS settlement volumes increased by 12
per cent in comparison to the previous fiscal. The CLS segment recorded the
highest number of deals settled with 58,717 deals in January 2013. The netting
factor in the CLS settlement has increased to 92 per cent in 2012-13 compared
to 88 per cent in 2011-12.
-
Forex Forward Settlement
The settlement of Forex
Forward trades with guarantee from the trade date commenced from December 1,
2009. Participants in this segment increased from 45 to 59 in 2012-13. The
segment has been gradually gaining acceptance in the market with the
outstanding deals increasing from 34,400 deals as of end March 2012 to 40,838
deals at the end of FY 2012-13. Outstanding volumes have also increased from
USD 202 billion in 2011-12 to USD 246 billion as of March 31, 2013.
Average volume
cleared was USD 252.10 billion during FY 2012-13 as compared to USD 174.75
billion during FY 2011-12.
·
OTC DERIVATIVES TRADE
REPOSITORY (TR)
CCIL has been
running a trade repository (TR) for OTC Interest Rate Swaps (IRS) and Forward
Rate Agreement (FRA) trades of the market makers from August 2007. Initially,
the OTC derivatives like IRS and FRA were part of the reporting structure.
However, following the emergence of the concept of Trade Repository recently,
the reporting services are now provided under the umbrella of the Trade
Repository Services which CCIL had started last year. This TR also supports
life-cycle processing for these trades.
In Dec 2011, RBI
allowed market to trade in Credit Default Swaps, and made it mandatory for the
market makers to report transaction data to CCIL. CCIL currently operates the
TR for CDS. There has been negligible trading in the instrument. As of 31 March
2013, there are 4 CDS trades outstanding for a gross value of Rs 20 crores.
At present, data
relating to IRS and CDS is published on CCIL website.
In 2012, RBI
notified that, all inter-bank OTC foreign exchange derivative transactions and
all/selective trades in OTC foreign exchange and interest rate derivatives
between the AD category banks/market makers (banks/PDs) and their clients
should be reported on a platform to be developed by the CCIL. The first phase
of reporting covering inter-bank OTC USD-INR forwards, FX swaps and FCYINR
options was launched on July 9, 2012. Dr.Subir Gokarn, Deputy Governor of
Reserve Bank of India inaugurated the launch by initiating the first TR
reports. The second phase covering all FCY INR and FCY FCY Forwards and Swaps
and FCY FCY Options was operationalised with effect from November 5, 2012.
Reporting
arrangement covering OTC foreign exchange derivative trades between ADs and their
clients has been operationalised with effect from April 02, 2013.CCIL has
executed a confidentiality protocol with all the reporting members to ensure
absolute confidentiality of client information reported. The threshold limit
for reporting the trades is currently USD 1 million and equivalent thereof in
other currencies. The trades with the value equal to or exceeding the threshold
limit in FCY FCY and FCY INR Forwards and Options are reported to CCIL.
FIXED ASSETS
Tangible Assets
v Freehold Land
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
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.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
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.