MIRA
INFORM REPORT
|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIGARE FINVEST LIMITED (w.e.f. 04.04.2006) |
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Formerly Known as: |
FORTIS FINVEST LIMITED |
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Registered Office : |
D3, P3B, District Centre, Saket, New Delhi – 110017, Delhi |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
06.01.1995 |
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Com. Reg. No.: |
55-64132 |
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CIN No.: [Company
Identification No.] |
U74999DL1995PLC064132 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF02758A |
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PAN No.: [Permanent
Account No.] |
AAFCS6801H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Non Banking Financial Company |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 83222580 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “RELIGARE ENTERPRISES LTD” It is a well established and reputed company having a satisfactory
track. The External borrowing of the company is huge which may impact the
liquidity position of the company. However, general financial position of the company appears to be
strong. Performance capability appears to be high. Fundamental seems to be
healthy. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. In view of strong holdings and experience promoter the company can be
considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA (Short Term) |
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Rating |
A1+ |
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Rating Explanation |
Having very strong degree of safety regarding timely payment of
financial obligation. It carry lowest credit risk. |
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Date |
September, 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.
LOCATIONS
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Registered Office : |
D3, P3B, District Centre, Saket, New Delhi – 110017, Delhi, India |
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Tel. No.: |
91-11-66325000 |
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Fax No.: |
91-11-30815288 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 01.06.2012
|
Name : |
Mr. Sunil Naraindas Godhwani |
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Designation : |
Director |
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Address : |
A – 2, Inayat Farm, Asola Fatehpur Beri, P. O. Mehrauli, New Delhi –
110030, India |
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Date of Birth/Age : |
10.12.1960 |
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Date of Appointment : |
29.09.2004 |
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Email: |
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DIN No.: |
00174831 |
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Name : |
Mr. Atul Gupta |
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Designation : |
Director |
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Address : |
42, Prayag Appartment, B – 1, Vasundhra Enclave, |
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Date of Birth/Age : |
07.11.1970 |
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Date of Appointment : |
30.12.2006 |
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Email : |
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DIN No.: |
00510562 |
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Name : |
Mr. Jatinder Singh Grewal |
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Designation : |
Director |
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Address : |
F – 07, Mittal Park, CHS 44, |
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Date of Birth/Age : |
25.07.1956 |
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Date of Appointment : |
15.11.2007 |
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Email : |
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DIN No.: |
01051943 |
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Name : |
Mr. Sunil Kumar Garg |
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Designation : |
Director |
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Address : |
C – 90, Ramaprastha, |
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Date of Birth/Age : |
21.10.1968 |
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Date of Appointment : |
27.09.2007 |
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Email : |
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DIN No.: |
01179441 |
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Name : |
Mr. Padam Narain Behl |
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Designation : |
Director |
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Address : |
D – 70, |
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Date of Birth/Age : |
02.10.1951 |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
01314395 |
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Name : |
Mr. Jaickismin Wadhumal Balani |
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Designation : |
Director |
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Address : |
Compas De La |
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Date of Birth/Age : |
14.11.1948 |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
01338053 |
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Name : |
Mr. Rama Krishna Shetty |
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Designation : |
Director |
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Address : |
D -2, 166, Chartered Cottage, |
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Date of Birth/Age : |
19.03.1948 |
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Date of Appointment : |
30.04.2007 |
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DIN No.: |
01521858 |
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Name : |
Mr. Vinay Kumar Kaul |
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Designation : |
Director |
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Address : |
B – XI, 8202-8204, Vasant Kunj, |
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Date of Birth/Age : |
06.04.1944 |
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Date of Appointment : |
24.09.2004 |
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Email : |
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Name : |
Mr. Kavi Arora |
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Designation : |
Managing Director & Ceo |
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Address : |
H.No.356, Espace Nirvana Country, Sector - 50, Gurgaon, 122018,
Haryana |
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Date of Birth/Age : |
04.11.1970 |
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Date of Appointment : |
14.11.2011 |
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DIN No.: |
01429165 |
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Name : |
Mr. Shachindra Nath |
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Designation : |
Director |
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Address : |
C-4, Sarai Khawaja, Green Valley Sector 41-42, Faridabad, 121012, Haryana |
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Date of Birth/Age : |
13.10.1971 |
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Date of Appointment : |
14.11.2011 |
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DIN No.: |
00510618 |
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Name : |
Mr. Achal Ghai |
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Designation : |
Director |
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Address : |
Villa 6, Cluster 40, Jumeirah Islands,, P. O. Box No 18264 Dubai, 018264, , United Arab Emirates |
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Date of Birth/Age : |
30.08.1963 |
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Date of Appointment : |
17.11.2011 |
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DIN No.: |
00312672 |
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Name : |
Mr. Srinivas Chidambaram |
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Designation : |
Director |
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Address : |
S-283, Greater Kailash Part Ii, New Delhi-110048. |
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Date of Birth/Age : |
21.05.1966 |
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Date of Appointment : |
23.01.2012 |
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DIN No.: |
00514665 |
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Name : |
Mr. Basab Mitra |
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Designation : |
Director |
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Address : |
34, Sagarika Chs, Sec – 10/A, Vashi, Navi Mumbai- 400703, Maharashtra |
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Date of Birth/Age : |
07.06.1969 |
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Date of Appointment : |
25.04.2012 |
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DIN No.: |
05166506 |
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Name : |
Mr. Raghuram Raju |
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Designation : |
Director |
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Address : |
B-4/138, Safdarjung Enclave, New Delhi- 110029 |
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Date of Birth/Age : |
27.10.1962 |
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Date of Appointment : |
25.04.2012 |
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DIN No.: |
01741712 |
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Name : |
Mr. Anil Saxena |
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Designation : |
Managing Director |
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Address : |
House No. 603, Aspire – 1, Supertech Emerald Court, Sector - 93a, Noida – 201301 |
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Date of Birth/Age : |
03.07.1968 |
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Date of Appointment : |
06.04.2012 |
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Date of Ceasing As Managing : |
14.11.2011 (Resigned as Managing Director
but continue as Director) |
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DIN No.: |
01555425 |
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Name : |
Mr. Dilip Saxena |
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Designation : |
Director |
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Address : |
2068/38, Naiwala, Karol Bagh, New Delhi |
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Date of Birth/Age : |
06.01.1995 |
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Date of Appointment : |
10.11.1999 |
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Name : |
Ms. Rajni Rathore |
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Designation : |
Director |
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Address : |
B-1124, Shastri Nagar, Delhi-110052 |
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Date of Birth/Age : |
06.01.1995 |
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Date of Appointment : |
10.11.1999 |
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Name : |
Mr. Deepak Saxena |
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Designation : |
Director |
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Address : |
231, Dhruv Appts, Patparganj, Delhi |
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Date of Birth/Age : |
11.04.1997 |
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Date of Appointment : |
05.10.2000 |
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Name : |
Ms. Geeta Sethi |
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Designation : |
Director |
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Address : |
341-C/A-6, Paschim Vihar, New Delhi-110063 |
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Date of Birth/Age : |
11.04.1997 |
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Date of Appointment : |
05.10.2000 |
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Name : |
Mr. Nikhil Anand |
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Designation : |
Director |
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Address : |
A-1/175, Janakpuri, New Delhi-110058 |
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Date of Appointment: |
01.08.2000 |
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Date of Ceasing: |
05.07.2004 |
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Name : |
Mr. Ekeesh Chopra |
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Designation : |
Director |
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Address : |
M-85, Guru Harkishan Nagar, Delhi |
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Date of Birth/Age : |
01.08.2000 |
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Date of Appointment : |
05.07.2004 |
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Name : |
Mr. Rajveer Singh |
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Designation : |
Director |
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Address : |
S-93, Greater Kailash , Part-I, New Delhi |
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Date of Birth/Age : |
19.05.2004 |
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Date of Appointment : |
11.10.2004 |
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Name : |
Mr. G S Sodhi |
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Designation : |
Director |
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Address : |
S-334, Panchsheel Park, New Delhi |
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Date of Birth/Age : |
19.05.2004 |
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Date of Appointment : |
11.10.2004 |
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|
Name : |
Mr. Malvinder Mohan Singh |
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Designation : |
Director |
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Address : |
1a Lady Hill Road # 03-01 Shangri – La Residences, Singapore 258685 |
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Date of Birth/Age : |
27.11.1972 |
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Date of Appointment : |
11.10.2004 |
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Date of Ceasing: |
19.12.2005 |
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|
Name : |
Mr. Shivinder Mohan Singh |
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Designation : |
Director |
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Address : |
1, Rajesh Pilot Lane, New Delhi – 110011 |
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Date of Birth/Age : |
21.07.1975 |
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Date of Appointment : |
11.10.2004 |
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Date of Ceasing: |
11.01.2006 |
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|
Name : |
Mr. Yuvraj Narain |
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Designation : |
Director |
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Address : |
Narain Niwas 1, Basheer Bagh Lane Village - Shahurpur (Mehrauli), New
Delhi – 110030 |
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Date of Birth/Age : |
16.11.1956 |
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Date of Appointment : |
11.01.2006 |
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Date of Ceasing: |
30.12.2006 |
KEY EXECUTIVES
|
Name : |
Punit Arora |
|
Designation : |
Company Secretary |
|
Address : |
315, Nagin Lake Appartments, Paschim Vihar, New Delhi-110087 |
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Date of Birth/Age : |
12.012.1976 |
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Date of Appointment : |
01.11.2006 |
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|
|
|
Name : |
Atul Gupta |
|
Designation : |
Manager |
|
Address : |
42, Prayag Appartment, B-1, Vasundhra Enclave, New Delhi- 110096. |
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Date of Birth/Age : |
07.11.1970 |
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Date of Appointment : |
25.03.2006 |
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Date of Ceasing: |
30.12.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
LIST OF EQUITY SHARE
HOLDERS AS ON 01.06.2012
|
Names of
Shareholders |
Address |
No. of Shares |
|
Religare Enterprises Ltd
/ N.A. |
D3, P3B, District Centre,
Saket, New Delhi-110017 |
173321537 |
|
Malvinder Mohan Singh*
S/o Late Dr. Parvinder Singh |
1A Lady Hill Road # 03-01
Shangri - LA Residences, Singapore 258685 |
100 |
|
Shivinder Mohan Singh*
S/o Late Dr. Parvinder Singh |
1, Rajesh Pilot Lane, New
Delhi - 110011 |
100 |
|
Japna Malvinder Singh*
W/o Sh. Malvinder Mohan Singh |
1, Rajesh Pilot Lane, New
Delhi - 110011 |
100 |
|
Aditi Shivinder Singh*
S/o Shivinder Mohan Singh |
1, Rajesh Pilot Lane, New
Delhi - 110011 |
100 |
|
Gurkirat Singh Dhillon*
S/o Gurinder Singh Dhillon |
Dera Baba Jaimal Singh,
Beas, Amritsar(Punjab) |
100 |
|
Gurpreet Singh* S/o Gurinder Singh
Dhillon |
Dera Baba Jaimal Singh,
Beas, Amritsar(Punjab) |
100 |
|
Avigo PE Investments Ltd,
Mauritius/N.A. |
355, NeXTeracom Tower 1, 3rd
Floor, Cybercity Ebene ,Mauritius |
30 |
|
NYLIM Jacob Ballas India
Fund III, LLC/N.A. |
IFS Court, Twenty Eight ,
Cybercity Ebene, Mauritius |
20 |
LIST OF PREFERENCE
SHAREHOLDERS AS ON 01.06.2012
|
Names of Shareholders |
Address |
No. of Shares |
|
ICICI Bank Limited / N.A. |
ICICI Bank Towers, NBCC
Place, Bhishma Pitamah Marg, Pragati Vihar, New Delhi - 110 003, India |
112,500,000 Non- Convertible Preference Shares |
|
Avigo PE Investments Ltd,
Mauritius/N.A. |
355, NeXTeracom Tower 1,
3rd Floor, Cybercity Ebene ,Mauritius |
19,999,960 Compulsorily Convertible Preference Shares |
|
NYLIM Jacob Ballas India Fund III, LLC/N.A. |
IFS Court, Twenty Eight ,
Cybercity Ebene, Mauritius |
26,666,640 Compulsorily Convertible Preference Shares |
LIST OF ALLOTTEES AS ON 27.01.2012 (EQUITY)
|
Names of Allottees |
Address |
No. of Shares |
|
NYLIM Jacob Ballas India Fund III, LLC |
IFS Court, Twenty Eight, Cybercity, Ebene,
Mauritius |
2000 |
|
|
|
|
AS ON 27.01.2012 (COMPULSORILY CONVERTIBLE PREFERENCE SHARES)
|
Names of Allottees |
Address |
No. of Shares |
|
NYLIM Jacob Ballas India Fund III, LLC |
IFS Court, Twenty Eight, Cybercity, Ebene,
Mauritius |
26666640 |
AS ON 01.06.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Non Banking Financial Company |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, Delhi, India ·
UTI Bank Limited, Trishul 3rd Floor Opp
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
252, Veer Savarkar Marg Shivaji Park, Dadar Mumbai 400028,
Maharashtra, India |
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Holding Company : |
Religare Enterprises Limited |
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Subsidiaries : |
Religare Housing Development Finance Corporation Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190833400 |
Equity Shares |
Rs.10/- |
Rs.1908.334 Millions |
|
12500000 |
Non
Convertible Cumulative Redeemable Preference Shares |
Rs.10/- |
Rs.125.000 Millions |
|
46666600 |
Compulsorily
Convertible Preference Shares |
Rs.10/- |
Rs.446.666 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
173322187 |
Equity Shares |
Rs.10/- |
Rs.1733.221 Millions |
|
11250000 |
1 % Non
Convertible Cumulative Redeemable Preference Shares |
Rs.10/- |
Rs.112.500
Millions |
|
46666600 |
0.01%
Compulsorily Convertible Preference Shares |
Rs.10/- |
Rs.466.666
Millions |
|
|
|
|
|
|
Particulars |
31.03.2012 |
|
|
|
Number of Shares |
Amount in Millions |
|
Authorized
Equity Shares of 10/- each Balance as at the beginning of
the year Reclassified into Non
Convertible Cumulative Redeemable Preference Shares of Rs. 10/- each Reclassified Into Compulsorily Convertible
Preference Shares of Rs. 10/-each |
250000000 12500000 46666600 |
2500.000 125.000 466.666 |
|
Balance
as at the end of the year (A} |
190833400 |
1908.334 |
|
Non
Convertible Cumulative Redeemable Preference Shares of Rs. 10/- each |
|
|
|
Balance as at the beginning of
the year Reclassified from Equity Shares
of Rs. 10/- each |
0.000 12500000 |
0.000 125.000 |
|
Balance
as It the end of the year (B) |
12500000 |
125.000 |
|
Comoulsorilv
Convertible Preference Shares of Rs. 10/- each |
|
|
|
Balance as at the beginning of
the year Reclassified from Equity Shares
of Rs. 10/- each |
0.000 46666600 |
0.000 466.666 |
|
Balance
as at the end of the year ( C) |
46666600 |
466.666 |
|
Balance
as at the end of the year (A+B+C) |
250000000 |
2500.000 |
|
Issued, Subscribed & Paid-up Capital Equity Shares of Rs. 10/- each Balance as at the beginning of
the year Add: Shares Issued during the
year |
173322137 50 |
1733.221 0.000 |
|
Balance
as at the end of the year {A) |
173322187 |
1733.221 |
|
1 % Non Convertible Cumulative Redeemable Preference
Shares Balance as at the beginning of
the year Add: Shares Issued during the
year Less: Redemption of Preference
shares |
0.000 12500000 1250000 |
0.000 125.000 12.500 |
|
Balance as
at the beginning of the year (B) |
11250000 |
112.500 |
|
0.01% Compulsorily Convertible Preference Shares Balance as at the beginning of
the year Add: Shares Issued during the
year |
0.000 46666600 |
0.000 466.666 |
|
Balance as
at the end of the year (C) |
46666600 |
466.666 |
|
Balance
as at the end of the year (A+B+C) |
231238787 |
2312.387 |
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 |
2312.387 |
1733.221 |
1703.221 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18493.258 |
14368.115 |
12953.532 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20805.645 |
16101.336 |
14656.753 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
72180.115 |
40915.311 |
9977.095 |
|
|
2] Unsecured Loans |
32023.141 |
37823.552 |
32834.135 |
|
|
TOTAL BORROWING |
104203.256 |
78738.863 |
42811.230 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
5.857 |
|
|
|
|
|
|
|
|
TOTAL |
125008.901 |
94840.199 |
57473.840 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
540.890 |
630.590 |
642.779 |
|
|
Capital work-in-progress |
188.469 |
161.584 |
43.663 |
|
|
|
|
|
|
|
|
INVESTMENT |
3287.425 |
1571.594 |
5358.253 |
|
|
DEFERREX TAX ASSETS |
265.994 |
81.520 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2856.325
|
4853.337 |
6858.370 |
|
|
Sundry Debtors |
431.125
|
1812.481 |
3841.963 |
|
|
Cash & Bank Balances |
14631.077
|
10046.881 |
2184.068 |
|
|
Other Current Assets |
1990.870
|
733.694 |
235.695 |
|
|
Loans & Advances |
127362.225
|
90574.831 |
41420.241 |
|
Total
Current Assets |
147271.622
|
108021.224 |
54540.337 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
463.267
|
10.095 |
404.670 |
|
|
Other Current Liabilities |
23688.685
|
15000.446 |
2481.325 |
|
|
Provisions |
2393.547
|
615.772 |
225.197 |
|
Total
Current Liabilities |
26545.499
|
15626.313 |
3111.192 |
|
|
Net Current Assets |
120726.123
|
92394.911 |
51429.145 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
125008.901 |
94840.199 |
57473.840 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18213.090 |
11029.722 |
4620.175 |
|
|
|
Other Income |
374.065 |
601.414 |
741.471 |
|
|
|
TOTAL (A) |
18587.155 |
11631.136 |
5361.646 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Benefit |
1084.802 |
1075.428 |
693.892 |
|
|
|
Others Expenses |
2760.199 |
2237.385 |
1435.286 |
|
|
|
TOTAL (B) |
3845.001 |
3312.813 |
2129.178 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14742.154 |
8318.323 |
3232.468 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12688.635 |
6456.824 |
1770.479 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2053.519 |
1861.499 |
1461.989 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
100.329 |
99.890 |
43.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1953.190 |
1761.609 |
1418.858 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
574.964 |
613.864 |
390.577 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1378.226 |
1147.745 |
1028.281 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.75 |
6.66 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.41
|
9.87 |
19.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.72
|
15.97 |
30.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.32
|
1.62 |
2.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.10 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.00
|
4.89 |
2.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.55
|
6.91 |
17.53 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
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 |
OVERVIEW
Subject was incorporated on
6th January, 1995 as Skylark Securities Private Limited. The name of The
Subject was changed from Skylark Securities Private Limited to Fortis Finvest
Private Limited on 23rd September, 2004. The Subject was convened into a public
limited Subject on 07th October, 2004 and the name was changed Fortis
Finvest Limited. Further, on 4th April, 2006 the name of
the Subject was changed to Religare Finvest Limited {the 'Subject).
The Subject is holding
Certificate of Registration (CoR) as Non-Banking Financial Institution, without
accepting public deposits, registered with the Reserve Bank of India
("RBI") under section 45-IAof the Reserve Bank of India Act, 1934 and
primarily engaged in lending, investment, financial advisory services and
distribution of third party financial products. The Subject received the CoR from RBI initially on 03rd January,
2001 as category B Non-Deposit taking Non-Banking Financial Institution and
consequently upon change in name of the Subject , RBI issued a fresh CoR on
10th November, 2006 enabling the subject to carry on the business as a
Non-Deposit taking Category B Non Banking Financial Institution.
RESULTS OF
OPERATIONS
The revenue of the Subject has increased from Rs. 11,631.14 million in
F.Y. 2010-11 to Rs.18,587.16 million in F.Y. 2011-12, translating to growth of
60 % over the previous financial year. Profit before Tax increased from Rs.
1,761.61 million to Rs. 1,953.19 million, an increase of 11% over the previous
financial year. The Net Profit after Tax also increased from Rs. 1,147.75
million to Rs. 1,378.23 million, a growth of 20 % over the previous financial
year. After growing itslending book largely from its own equity during
FY2009-10, the Subject had increasingly relied on borrowed funds for growth of
the balance sheet in FY2010-11 and this was further accentuated in FY2011-12.
Furthermore, the nature of the Subject ’s business is such thatduring a period
rising interest rates as witnessed during FY2011-12, the cost of borrowings
increases quickly but there is a lag in raising interest rates to customers.
Consequently, in FY2011-12, interest expenses grew faster than interest income
and correspondingly, PAT growth was not as fast as revenue growth.
BUSINESS OVERVIEW
AND FUTURE OUTLOOK
The Small and Medium Enterprises (SME) sector can be
regarded as the backbone of India’s economy as it generates higher number of
jobs per unit of capital employed than other sectors and accounts for a very
high share of output and exports: it is estimated that the sector provides
employment to around 60 million people, accounts for about 45% of the
manufacturing output and generates around 40% of the country’s exports. A 2009
study by ASSOCHAM had estimated that the SME sector will contribute around 22%
to India’s GDP in 2012 as against around 17% in 2010 and indications are that
this level of share in GDP will be achieved by the SME sector. The same study
had pegged the SME financing opportunity at Rs. 500 billion and Religare
Finvest Limited (RFL) continues to target this opportunity.
RFL’s suite of SME-centric products includes SME-Loans
against Property (LAP), SME-Commercial Assets finance (comprising commercial
vehicle finance and construction equipment finance) and SME-Working Capital
Finance. While the products may be identified by the nature of security offered
(as in the case of LAP), RFL focuses on loans that have enhancement of
productive capacity rather than consumption as their end-use. One of their
strengths in this business is their understanding of the psyche of
entrepreneurs – this has been institutionalised in the form of a proprietary
credit scoring model that they believe is not easily replicable and gives them
a competitive advantage. Their scoring model allows them to make credit
decisions that are neither conservative nor aggressive. They have restricted
delinquencies to levels that are the envy of their peers: at the end of FY12,
accounts (for Asset Finance Segment) that were 30
days past due (DPD) were 2.33% and 90 DPD were just 0.73% of outstanding loans.
Their constant focus on operating efficiencies has translated to an Operating
Expenses to Average Net Receivables ratio for the Asset Finance segment of just
1.45% for the fourth quarter of Financial Year ended 2012.
These levels of operating expenses are near benchmark
levels in the industry and their peer group and they will continue to improve
it further. RFL has established a presence in all the important SME clusters
across India and as of March 31, 2012, had 37 branches in 15 states. The size
of their Asset Finance book stood at Rs.84 billion as on March 31, 2012, or
practically twothirds of RFL’s overall book size; 90% of these loans are
secured.
In addition to SME financing which is the core focus, RFL
provides Capital Market Finance (comprising Loans Against Shares to promoters
as well as retail investors, ESOP financing and IPO financing), which
complements the services offered by RSL; and Corporate Lending, which allows
them to profitably park temporary surpluses. They had deployed Rs. 23.2 billion
and Rs. 18.5 billion in Capital Market Finance and Corporate Lending
respectively, as of March 31, 2012. RFL continues to maintain a strong balance
sheet. Their net worth as of March 31, 2011 stood at Rs. 20.8 billion. The
ratings assigned to their debt are a testament to the strength of their balance
sheet. ICRA has assigned the highest rating [ICRA] ‘A1+’ to their short term
debt for an amount of Rs. 50 billion; a rating of [ICRA]‘AA-’ to long term debt
for an amount of Rs. 25 billion, a rating of [ICRA]‘AA-’ to long term bank
loans for an amount of Rs. 73.5 billion, a rating of [ICRA]’A1+’ to short term
bank loans for an amount of Rs. 6 bn and a rating of [ICRA]’A+’ to
Non-Convertible Cumulative Redeemable Preference Shares for an amount of Rs.
1,250 mn. Additionally, CARE has assigned a rating of ‘CARE AA-’ to RFL’s long
term debt for an amount of Rs. 15 billion and FITCH has assigned a rating of
‘AA-(Ind)’ to RFL’s Tier-II subordinate debt program for an amount of Rs. 4.5
billion.
As they stand at the threshold of a massive opportunity, their conviction
is that their proprietary knowledge of the SME sector and their credit needs
will stand them in good stead and allow them to profitably serve this
systemically important sector.
NOTE:
The registered office address of the company has been shifted from 55 hanuman Road, Connaught Circus, New Delhi – 110001, Delhi, India to 3rd Floor, Devika Tower, 6 Nehru Place, New Delhi – 110019, Delhi, India w.e.f. 01.03.2006
The registered office address of the company has been
shifted from
3rd Floor, Devika Tower, 6 Nehru Place, New Delhi – 110019, Delhi to
19 Nehru Place, New Delhi 110019, Delhi, India w.e.f. 30.01.2009
The registered office address of the company has been shifted from 19 Nehru Place, New Delhi 110019,
Delhi, India to present address w.e.f. 21.01.2010
FORM 8:
|
Corporate
identity number of the company |
U74999DL1995PLC064132 |
|
Name of the
company |
RELIGARE FINVEST
LIMITED |
|
Address of the
registered office or of the principal place of business in |
D3, P3B,District
Centre, Saket New Delhi – 110017, Delhi, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
Axis Bank Limited
|
|
Nature of
instrument creating charge |
Supplemental Deed
Of Hypothecation |
|
Date of
instrument Creating the charge |
10.01.2013 |
|
Amount secured by
the charge |
Rs.2500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Margin Pari Passu Charge. |
|
Short particulars
of the property charged |
First Pari Passu
Charge On The Standard Assets Portfolio Of Receivables With A Cover Of At
Least 1.25 Times Along With Other Lenders. |
|
Date of
instrument modifying the charge |
15.03.2011 |
|
Particulars of
the present modification |
Term Loan Of Rs
3000.000 Millions (Out Of Rs. 3500.000 Millions) Shall Stand Modified To Rs.
2000.000 Millions, Due To Novation/Transfer Of Loan Of Rs. 1000.000 Millions
In Favour Of State Bank Of Travancore By The Bank And Total Charge Shall
Stand Modified To Rs.2500.000 Millions And Shall Continued To Be Secured By
First Pari Passu Charge Over All Present And Future Receivables Of The
Company. |
PRESS RELEASE:
JACOB BALLAS TO INVEST RS200 CRORE IN RELIGARE
FINVEST LIMITED
02/01/2012 06:10 PM
Religare Finvest currently has
more than 25,000 MSME accounts and its loan book stands at Rs.11,3800.000
Millions.
Religare Finvest Limited (RFL), one of India’s largest capitalized NBFCs and a
subsidiary of Religare Enterprises Limited, announced that NYLIM Jacob Ballas
India Fund III LLC (Jacob Ballas Fund) has agreed to invest Rs2000.000 Millions
in the form of compulsory convertible preference shares. This will be the
second equity investment in the company (RFL) in quick
succession with Avigo Capital having invested Rs1500.000 Millions in November
2011. Religare Finvest provides debt capital to MSMEs
in the form of loans against property, working capital loans,
loans against plant and machinery, vehicles and construction equipment and loan
against marketable securities among others. Religare Finvest currently has more
than 25,000 MSME accounts and its loan book stands at Rs11,3800.000 Millions
(as on 30 September 2011).
Jacob Ballas Fund is advised by Jacob Ballas Capital India Private Limited
("JBC", www.jbindia.co.in ), a leading private
equity advisor based in New Delhi, India with a 19 member team, advising
three India focused Mauritius based private equity funds.
Investors in the Funds comprise predominantly leading international
institutions such as insurance companies, sovereign wealth funds, pension
funds, banks, funds of funds as well as reputed international family investment
offices. The Funds have generated ten liquidity events from its portfolio
including full and partial exits.
Commenting on this development, Shachindra Nath, group CEO, Religare
Enterprises Ltd said, “We are pleased to announce this capital infusion by
Jacob Ballas in Religare Finvest Limited. This investment is not only an
external endorsement of the operating model but also demonstrates that despite
macro headwinds in challenging times there are value seeking investors for
fundamentally strong business models. Our NBFC, led by a strong leadership team
over the last three years has created a unique MSME focused operating model
backed by strong underwriting capabilities. This move also positions
us well to capitalize on the existing business opportunities
while delivering superlative value for all our stakeholders.”
REGULATORY
OVERHANG EASES FOR NBFCS: INDIA RATINGS
January 31, 2013 at 18.58
India Ratings has maintained a
stable outlook on the major non-bank finance companies (NBFCs) sector in 2013.
This is because major NBFCs' robust pre-provision operating profit (PPOP)
provides a strong cushion against rising credit costs and elevated funding
costs.
India Ratings has maintained a stable outlook on the major non-bank
finance companies (NBFCs) sector in 2013. This is because major NBFCs' robust
pre-provision operating profit (PPOP) provides a strong cushion against rising
credit costs and elevated funding costs, while there will be only limited
impact of proposed regulatory changes on these companies.
Softening interest rates and the expected uptick in economic growth will ease
off cyclical pressures in 2013. However, the continued harsh operating
environment around some key asset classes, including heavy and medium
commercial vehicles (a key segment for many major NBFCs) and construction
equipment, and building pressure points in the fast-growing light commercial
vehicles will keep asset quality under pressure. Funding costs will remain high
due to the regulatory changes implemented in last two years. The agency expects
return on average assets to range between 2.3%-2.5% in 2013 (FY12: 2.7%).
India Ratings' stress test on the major NBFCs - which considers scenarios of
multi-fold increase in non-performing loans and a significant increase in
funding costs - shows strong resilience of PPOP at the aggregated level in
absorbing stressed credit and funding costs.
In India Ratings' view, NBFCs' high dependence on banks could increase
in 2013 on account of the new 30% sectoral caps on mutual funds' debt investments
(another key channel of funding for NBFCs). Despite softening interest rates,
funding costs will remain elevated from the exclusion of bank loans to NBFCs
from priority sector lending and restrictions on bilateral assignments. Net
interest margin is estimated to drop to 5.9% (FY12: 6.1%).
India Ratings believes the new draft guidelines on NBFCs proposed by the
Reserve Bank of India (RBI) in December 2012 (based on the Usha Thorat
Committee Report) will strengthen the NBFC sector fundamentally in the
long-term. The proposed enhancements in disclosure standards and corporate
governance will increase transparency and improve investor confidence and its
access to capital markets for large NBFCs (which are subject to most of these
stricter requirements). The financial impact of the proposed revisions in asset
classification, provisioning norms and tighter liquidity requirements will be
manageable. Small NBFCs though could see increased consolidation from the
proposed requirement of asset size of INR250m for registration with the RBI.
A special report "2013 Outlook: Major Non-Bank Finance Companies -
Stable, but Strong Headwinds Remain"
RELIGARE FINVEST SELLS 39.30 LK SHARES OF
CONFIDENCE PETRO
January 18, 2013 at 08.15
On January 17, 2013 Religare Finvest Ltd sold 3,930,000 shares of Confidence Petroleum at Rs 2.35 on the BSE. In the previous trading session, the share closed at Rs 3.39, up Rs 0.51, or 17.71%. It has touched a 52-week low of Rs 2.31.
On January 17, 2013 Religare Finvest Ltd sold 3,930,000 shares of Confidence Petroleum at Rs 2.35 on the BSE.
In the previous trading session, the share closed at Rs 3.39, up Rs 0.51, or 17.71%. It has touched a 52-week low of Rs 2.31.
The company's trailing 12-month (TTM) EPS was at Rs 1.75 per share. (Sep, 2012). The stock's price-to-earnings (P/E) ratio was 1.94. The latest book value of the company is Rs 8.40 per share. At current value, the price-to-book value of the company was 0.4.
RELIGARE FINVEST LIMITED TO RAISE UPTO RS.
5,000 MILLION THROUGH PUBLIC ISSUE OF SECURED REDEEMABLE NON CONVERTIBLE
DEBENTURES
MUMBAI, September 11, 2012: Religare Finvest Limited (“RFL” or “Company”
or “Issuer”), a systematically important non-deposit accepting Non-Banking
Finance Company (NBFC) registered with the RBI and a subsidiary of Religare
Enterprises Limited (“REL” or the “Promoter”), proposes a public issue of
Secured Redeemable Non-Convertible Debentures of face value of Rs. 1,000 each,
(“NCDs”), aggregating upto Rs. 2,500 Million with an option to retain
over-subscription of upto Rs. 2,500 Million, for issuance of additional NCDs
aggregating to a total of upto Rs. 5,000 Million hereinafter referred to as the
“Issue”.
The Issue is
scheduled to open for subscription on Friday, September 14, 2012 and close on
September 27, 2012* (both days inclusive). Applicants of the NCDs will be
allocated on first come first serve basis (determined on the basis of the
upload of each Application into the electronic book of the Stock Exchanges).
The NCDs are proposed to be listed on the BSE Limited, (“BSE”) and National
Stock Exchange of India Limited. BSE shall be the Designated Stock Exchange.
The net proceeds of
the Issue (i.e.; after meeting the expenditures of and related expenses) will
be used for various financing activities including lending and investments,
subject to applicable statutory and/or regulatory requirements, to repay our
existing debt and towards our business operations including for our capital
expenditure and working capital requirements.
The minimum
application size for the Issue is Rs. 10,000 or 10 NCDs of face value of Rs.
1,000 each (for all Series of NCDs, namely Series I, Series II, Series III,
Series IV and Series V either taken individually or collectively). The NCDs
offered through this Issue are of varying tenures of 36 months and one day, 60
months, 70 months and 72 months. The NCDs offers annualised returns upto
12.6184%**. The NCDs with a tenure of 70 months and 72 months (ie. Series V),
which offers only the cumulative option, will double the investment in less
than 6 years**.
The NCDs proposed to
be issued under this Issue have been rated ‘[ICRA] AA-(negative)’ by ICRA for
an amount of up to Rs 5000.000 Millions and ‘CARE AA-’ by CARE for an amount of
upto Rs 5000.000 Millions. The rating of the NCDs by both ICRA and CARE
indicate high degree of safety regarding timely servicing of financial
obligations and carrying very low credit risk.
Axis Bank Limited,
A. K. Capital Services Limited, JM Financial Institutional Securities Private
Limited, Kotak Mahindra Capital Company Limited and Religare Capital Markets
Limited^ are the Lead Managers to the Issue. Link Intime India Private Limited
is the Registrar to the Issue.
About Religare
Finvest Ltd – www.religarefinvest.com
RFL is a
systemically important non-deposit accepting NBFC, focusing on small and medium
enterprises (SME) and retail capital market financing. RFL offers a diversified
and broad suite of lending products to its SME, retail and other customers.
Through its reach and focus on the SME segment and their broad product
offering, RFL provides debt capital to power the growth of the small and medium
enterprises, the back bone of India’s economy.
RFL’s lending
products aimed at providing financing to the SME segment include: Loan against
Property, Loan against/for Commercial Assets, Loan against Marketable
Securities, and Working Capital Loans – Secured and Unsecured; while its retail
capital market financing includes Loan against Securities; and Employee stock
option funding
As on March 31,
2012, SME finance and retail capital market finance activities accounted for
70% and 13% of its total loan book respectively. Corporate lending represented
15% of our loan book as on March 31, 2012 and corporate auto lease represented
2% of our loan book as on March 31, 2012. Further, its SME finance comprises of
loans against property representing 47% of its total loan book as on March 31,
2012, commercial assets loans (commercial vehicle and construction equipment
finance) representing 10% of its total loan book as on March 31, 2012, SME
working capital financing representing 8% of its total loan book as on March
31, 2012 and loans against marketable securities representing 13% of its total
loan book as on March 31, 2012. Its retail capital market finance comprises of
loans against securities representing 13% of our total loan book as on March
31, 2012.
The Company’s Income
from Operations and Net Profit After Tax (PAT) for the financial year ended
March 31, 2012 was Rs. 18213.100 Millions and 1378.200 Millions, respectively.
Its Income from Operations and Profit After tax has grown at a CAGR of 98% and
16% respectively over the last three fiscal years. Its Loan Book has grown at a
CAGR of 75% over the last three fiscal years. The aggregate loan book as at
March 31, 2012 was Rs. 12,5735.900 Millions. The Company’s employee strength as
on June 30, 2012 was 1,018.
Religare Finvest
Limited, (“Company”), is proposing, subject to receipt of requisite approvals,
market conditions and other considerations, a public issue of its securities
and has filed a prospectus, (“Prospectus”), with the Registrar of Companies,
N.C.T. of Delhi and Haryana, the Securities and Exchange Board of India, the
BSE Limited, (“BSE”) and the National Stock Exchange of India Limited, (“NSE”).
The Prospectus is available on the website of the BSE at www.bseindia.com, the
NSE at www.nseindia.com, the Company at www.religarefinvest.com and respective
websites of the Lead Managers to the Issue at www.axisbank.com,
www.akcapindia.com, www.jmfl.com, investmentbank.kotak.com and religarecm.com.
Investors should note that investment in debt securities involves a high degree
of risk and for details relating to the same, please see the section entitled
“Risk Factors” on page 1 of the Prospectus. Investors are urged to take any
decision to invest in the debt securities issued pursuant to the Prospectus
solely on the basis of the disclosures made therein.
The company is
having a valid Certificate of Registration dated 10 November 2006 issued by the
Reserve Bank of India under Section 45 IA of the Reserve Bank of India Act,
1934. However, the RBI does not accept any responsibility or guarantee about
the present position as to the financial soundness of the company or for the
correctness of any of the statements or representations made or opinions
expressed by the company and for repayment of deposits/discharge of liabilities
of the Company.
* The Issue may
close on such earlier date or extended date as may be decided at the discretion
of the duly authorized committee of Directors of our Company subject to
necessary approvals. For further information on the Issue programme, please
refer to “General Information – Issue Programme” page 36 of the Prospectus. In
the event of such early closure or extension of the Issue, our Company shall
ensure that notice of the same is provided to the prospective investors, on or
before such early date of closure or the initial Closing Date, as the case may
be, through advertisement/s in a leading national daily newspaper
**For detailed terms
and conditions please refer to the Prospectus.
^Religare Capital
Markets Limited ("RCML") is a wholly owned subsidiary of the Promoter
of the Company. As the Promoter of the Company, directly exercises control over
RCML and also there are common promoters (directly or indirectly) and common
directors between RCML and the Company, RCML is deemed to be an associate of
the Company as per the Securities and Exchange Board of India (Merchant
Bankers)Regulations, 1992, as amended ("Merchant Bankers
Regulations"). RCML has signed the due diligence certificate and
accordingly has been disclosed as a Lead Manager. Further, in compliance with
the provisio to Regulation 21A (1) and explanation to Regulation 21A (1) of the
Merchant Bankers Regulations, RCML would be involved only in marketing of the
Issue.
RELIGARE
FINVEST LTD. RECEIVES ISO 9001:2008 CERTIFICATION FROM BSI FOR ITS WORLD-CLASS
PROCESSES
New Delhi, February 28, 2012: Religare Finvest Ltd. (RFL),oneof India's I
argestcapitalized NBFCs and a subsidiary of Religare Enterprises Limited, has
been awarded with ISO 9001:2008 certification by BSI, a leading global
independent business services organization, for its customer-focused Central
Processing Unit, Customer Service and Information Technology Functions.
This development is a great milestone for RFL
as it continues to build out a best of breed Small and M edium Enterprises(SM
E)- focused lending business model. RFL provides debt capital to SM Es in the form
of loans against property, working capital loans, loans against plant and
machinery,vehicles and construction equipment and loan against marketable
securities among others. Religare Finvest currently has over 20000 SME
customers and close to 34000 live SME accounts and its loan book stands at more
than INR 12,1470.700 Millions (as on December 31, 2011). The company had
completed a successful NCD issue and has raised capital from two private equity
players in the recent past- Avigo Capital in November 2011 and Jacob Ballas in
January 2012.
Commenting on this development, Mr. Kavi Arora, Managing Director and CEO, Religare
Finvest Ltd said: "It is indeed a proud moment
for us to receive this prestigious and coveted certification from BSI for three
of our processes in one go. This will no doubt encourage us to set our
standards even higher in line with international best practices and
benchmarks"
Adding to this, Mr. Venkataram Arabolu, Managing Director, BSI
Group- India, said "ISO 9001 is byfar the wo rld's
most esta blished qualityframework and sets the standard not only for quality
management systems, but management systems in general. We are pleased to see
that the processes implemented by Religare Finvest Ltd. are in sync with the
criteria and we are delighted to award the ISO 9001:2008 Certification to them
for the excellent implementation, that goes beyond the basic standards."
About
Religare Finvest Ltd -
www .religarefinvest.com
Religare Finvest Ltd. ("RFL") i s a
Systemically Important Non-Deposit Accepting NBFC, focusing on small and medium
enterprises ("SME") fin ancing and capital market financing. Through
its reach and focus on the SME segment and the broad product offering, RFL provides
the debt capital to power the growth of the small and medium enterprise. RFL's
lending products aimed at providing financing to the SME segment include:
·
Loans against property
·
Working capital loans
· Loans against plant and machinery
· Loans for Commercial vehicles and construction equipment
·
Loan against Marketable Securities
About BSI Group - www.bsigroup.co.in
Since its foundation in 1901, BSI Group has grown into
a leading global independent business services organization that inspires
confidence and delivers assurance to customers with standards-based solutions.
Originating as the world's first national standards body, the Group has over
2,250 staff operating in over 100 countries through more than 50 global
offices. The Group's key offerings include:
·
The development and sale of
private, national and international standards and supporting information,
having created 8 of the top 10 Management Systems standards of the world.
·
Second and third-party management
systems assessment and certification
·
Testing and certification of
products and services
·
Performance management software
solutions
· Training services in support of standards implementation and business best practice
RELIGARE FINVEST NON-CONVERTIBLE DEBENTURES,
ARE THEY WORTH INVESTING?
(17-SEP-2012)
COMPANY OVERVIEW
Religare Finvest Limited (RFL) a subsidiary
of Religare Enterprises Limited (REL), is a Small and Medium Enterprise (SME)
financing focused NBFC. Primarily, RFL provides capital to power the growth of
the SME's.
As per economic survey 2011-2012, the SME sector accounts for 45% of goods
manufactured and 40% of exports. As such, growth of this sector is pivotal for
the economic and social development of the country. If the Indian economy is to
move on to a higher growth trajectory, SMEs, who collectively contribute 17% of
India's GDP, would have to grow and prosper. This thus brings out the
importance of NBFCs providing credit to such SMEs. The diversified suite of
lending solutions of RFL includes:
·
SME
Mortgage Loans
·
SME
Commercial Assets Loans
·
SME
Working Capital Loans
Apart from this, RFL
also caters to retail capital markets financing business which includes Loan
against marketable securities. As on June 30, 2012 RFL has a distribution
network of 25 branches spread across the country.
(Source: Offer Document, PersonalFN Research)
RFL's loan portfolio
as on March 31, 2012 revealed that the SME Financing formed 70.6% of the total
loan book, while the second and third position was occupied by corporate
lending and capital market financing which comprised 14.7% and 12.8%
respectively.
At present in order to augment the lending and working capital needs of the
company, Religare Finvest Limited is currently offering secured Non-Convertible
Redeemable Debentures (NCD) of face value of Rs 1,000 each at par aggregating
to Rs 2500.000 Millions along with a green shoe option to retain
oversubscription up to Rs 2500.000 Millions, thereby taking the total issue
size upto Rs 5000.000 Millions.
As on March 31, 2012, SME finance and retail capital market finance activities accounted for 70% and 13% of its total loan book respectively.
As at June 30, 2012 the Company had a distribution network of 25 branches
spread across the country with an employee strength of 1018.
RFL’s Income from Operations and Net Profit After Tax (PAT) for the financial
year ending March 31, 2012 grew at a 3 year CAGR of 98% and 16% to Rs.
18213.100 Millions and Rs. 1378.200 Millions respectively.
The capital adequacy ratio as of March 31, 2012 computed on the basis of
applicable RBI requirements was 19.65%, compared to the minimum capital
adequacy requirement of 15.00% stipulated by the RBI.
The Loan Book grew at a CAGR of 75% over the last three years to Rs. 1257.359
Millions as on March 31’2012 The Gross NPAs as a percentage of total loan stood
at 0.85% and the Net NPAs as a percentage of Net Loan Assets stood at 0.52% as
on March 31, 2012.
Financial Analysis:
Profits Details: (Rs. in Crs)
|
Year |
Profit Before Tax |
Profit After Tax |
|
2011-12 |
195.32 |
137.82 |
|
2010-11 |
176.16 |
114.78 |
|
2009-10 |
141.89 |
102.82 |
|
2008-09 |
68.62 |
46.04 |
|
2007-08 |
54.59 |
35.70 |
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
RELIGARE FINVEST
LTD. |
|
SEBI |
DID NOT MAKE DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING
TO COMPANY AND STOCK EXCHANGES AS REQUIRED UNDER REGULATION 7(1) READ WITH
7(2) OF SEBI TAKEOVER CODE, 1997 IN MATTER OF JK AGRI GENETICS LTD. |
|
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 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.53.96 |
|
|
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.