|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED |
|
|
|
|
Registered
Office : |
One |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
|
|
|
|
Date of
Incorporation : |
05.09.1994 |
|
|
|
|
Com. Reg. No.: |
11-080811 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 180.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65991MH1994PLC080811 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB6134D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Fund Management and Advisory Service. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established asset management company having a
satisfactory track record. There appears some dip in the total income earned during 2012 and
profits. The group company is passing through some financial crisis and Birla
power solutions limited has defaulted against its payment. However, trade relations are reported as decent. Business of the
subject is active. Payment terms are usually correct and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1+mfs (Birla Cash plus find) |
|
Rating Explanation |
The highest credit quality short term rating and lowest credit risk. |
|
Date |
March 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
AAAmfs (Birla floating rate – long term plan) |
|
Rating Explanation |
The highest credit quality and lowest credit risk. |
|
Date |
March 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Ms. Rubi |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-43568000 |
|
Date : |
15.02.2013 |
LOCATIONS
|
Registered Office : |
One India Bulls Tower 1, 17th Floor, Jupiter Mills, Senapati
Bapat Marg, Elphinstone Road, Mumbai - 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-43568009 |
|
Fax No.: |
91-22-43568110 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 24.07.2012
|
Name : |
Mr. Donald Alexander Stewart |
|
Designation : |
Director |
|
Address : |
Sun Life Financial Services Inc., 150, King Street West, 6th Floor, Toronto, Onm5hij9, Canada |
|
Date of Birth/Age : |
06.11.1946 |
|
Qualification : |
FIA, FCIA |
|
Date of Appointment : |
29.09.2000 |
|
DIN No.: |
00438164 |
|
|
|
|
Name : |
Mr. Kumar Mangalam Birla |
|
Designation : |
Director |
|
Qualification : |
C.A., M.B.A. (London Business School) |
|
Date of Appointment : |
28.10.1995 |
|
DIN No.: |
00012813 |
|
|
|
|
Name : |
Mr. Ajay Srinivasan |
|
Designation : |
Director |
|
Address : |
91 / 901, Narain Tarraces, 7TH , 8TH Floor, Union Park Road, Pali Hill, Bandra (W), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1963 |
|
Qualification : |
B.A. Economics (Hons.), PGDM, IIM – Ahmedabad |
|
Date of Appointment : |
02.08.2007 |
|
DIN No.: |
00121181 |
|
|
|
|
Name : |
Mr. Pankaj Jawaharlal Razdan |
|
Designation : |
Director |
|
Address : |
Sherwin Ark, Bungalow No. 3, Bellscot CHS Lokhandwala Complex, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1968 |
|
Qualification : |
B. Tech (Electronics), B. S C (Electronics) |
|
Date of Appointment : |
21.10.2009 |
|
DIN No.: |
00061240 |
|
|
|
|
Name : |
Mr. Navalkishor Naginlal Jambusaria |
|
Designation : |
Director |
|
Address : |
401, Bakers Field, A – 22, Shastri Nagar, Near Lokhandwala Complex, Andheri, Mumbai – 400 053, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1933 |
|
Qualification : |
M. Com, Fellow of the Institute of Actuaries, London, F.A.S.I. (Fellow of the Actuarial Society of India) |
|
Date of Appointment : |
19.06.2001 |
|
DIN No.: |
00055760 |
|
|
|
|
Name : |
Mr. Sandeep Asthana |
|
Designation : |
Director |
|
Address : |
A - 403, Golden Oak, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1968 |
|
Qualification : |
B. Tech (IIT, Mumbai), MBA (IIM, Lucknow ) |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
00401858 |
|
|
|
|
Name : |
Mr. Naresh Chand Singhal |
|
Designation : |
Director |
|
Address : |
D-107, Poornima, Pedder
Road, Mumbai - 400 026, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1936 |
|
Qualification : |
Postgraduate in Economics, Statistics and Administration, Has received professional education from institutes like IIM (Ahmedabad, Calcutta), IIT Kanpur, and ISI Calcutta |
|
Date of Appointment : |
20.05.2002 |
|
DIN No.: |
00004916 |
|
|
|
|
Name : |
Mr. Bobby Kanubhai Parikh |
|
Designation : |
Director |
|
Address : |
4, Seven on the Hill, Auxilium Convent Road, Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India |
|
Date of Birth/Age : |
30.04.1964 |
|
Qualification : |
B.Com, C.A. |
|
Date of Appointment : |
03.02.2012 |
|
DIN No.: |
00019437 |
|
|
|
|
Name : |
Mr. Sundara Raman Subramaniam |
|
Designation : |
Director |
|
Address : |
304, Cypress, Marigold Premises, Kalyan Nager, Pune – 411 014, Maharashtra, India |
|
Date of Birth/Age : |
30.06.1937 |
|
Qualification : |
B.Com (Hons.), C. A. , Post Graduate in Business Management |
|
Date of Appointment : |
15.11.1999 |
|
DIN No.: |
00308407 |
|
|
|
|
Name : |
Mr. Vaidyanathan Ramamurthy |
|
Designation : |
Director |
|
Address : |
226, Panduranga Nagar, Bannerghatta Road, Bangalore – 560 076, Karnataka, India |
|
Date of Birth/Age : |
21.12.1951 |
|
Qualification : |
M. Stat, PhD in Finance |
|
Date of Appointment : |
21.10.2009 |
|
DIN No.: |
00221577 |
|
|
|
|
Name : |
Mr. Kevin David Strain |
|
Designation : |
Director |
|
Address : |
180, Watson Ave, Oakville, Ontario, Canada – L6A 3T8 |
|
Date of Birth/Age : |
31.08.1966 |
|
Date of Appointment : |
28.04.2012 |
|
DIN No.: |
05262340 |
|
|
|
|
Name : |
Mr. Bharat Vithalbhai Patel |
|
Designation : |
Director |
|
Address : |
52, Mlami Apartments, Bhulabhai Desai Road, Breach Candy, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
25.09.1944 |
|
Date of Appointment : |
27.06.2012 |
|
DIN No.: |
00060998 |
KEY EXECUTIVES
|
Name : |
Ms. Rubi |
|
Designation : |
Finance Executive |
|
|
|
|
Name : |
Mr. Rajiv Vinodchandra Joshi |
|
Designation : |
Secretary |
|
Address : |
A / 6, Jeevan Sudha, Juhu lane, Andheri (West), Mumbai – 400 058,
Maharashtra, India |
|
Date of Birth/Age : |
07.05.1963 |
|
Date of Appointment : |
25.04.2008 |
|
PAN No.: |
AACPJ1462H |
|
|
|
|
Name : |
Mr. Anil Kumar Darshan Lal |
|
Designation : |
Manager |
|
Address : |
C10 / 6, Jeevan Terrace, LIC Colony, Mumbai – 400 103, Maharashtra,
India |
|
Date of Birth/Age : |
12.12.1960 |
|
Date of Appointment : |
24.05.2008 |
|
PAN No.: |
AABPL1502B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Aditya Birla Financial Services Private Limited,
India |
|
8999910 |
|
Birla Aditya Kumar Mangalam |
|
10 |
|
Birla Kumar Mangalam Neerja |
|
10 |
|
Sun Life (India) AMC Investments Inc. |
|
9000000 |
|
Aditya Birla Financial Services Private Limited Jointly With Manoj Kedia |
|
32 |
|
Aditya Birla financial Services Private Limited Jointly With Devendra Bhandari |
|
12 |
|
Aditya Birla
Financial Services Private Limited Jointly With Sushil Agarwal |
|
26 |
|
|
|
|
|
TOTAL |
|
18000000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Fund Management and Advisory Service. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
701, |
|
Tel. No.: |
91-22-61326999 / 66729999 |
|
Fax No.: |
91-22-22856237 / 66729777 |
|
E-Mail : |
|
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Subsidiaries : |
·
India Advantage Fund Limited ·
Birla Sun Life AMC (Mauritius) Limited ·
Aditya Birla Sun Life AMC Limited, Dubai ·
Aditya Birla Sun Life AMC Pte. Limited, Singapore
|
|
|
|
|
Group Companies : |
·
Sun Life (India) AMC Investments Inc; Canada ·
Birla Global Finance Limited (since merged with
Aditya Birla Nuvo Limited.) ·
Aditva Birla Nuvo Limited [CIN No.:
L17199GJ1956PLC001107] ·
Birla Sun Life Insurance Company Limited [CIN
No.: U99999MH2000PLC128110] ·
Birla Sun Life Trustee Company Private Limited ·
Aditva Birla Monev Mart Limited ·
ABNL Investment Limited [CIN No.:
U65910GJ1994PLC022685 ·
Aditya Birla Finance Limited [CIN No.: U65990GJ1991PLC064603] ·
Aditya Birla Money Limited [CIN No.:
L65993GJ1995PLC064810] ·
Aditya Birla Financial Shared Services Limited
[CIN No.: U65999MH2008PLC183695] ·
Aditya Birla Financial Services Private Limited
[CIN No.: U67120GJ2007PTC058890] ·
Aditya Birla Minacs Worldwide Limited [CIN No.:
U99999KA1995PLC052040] ·
Aditya Birla Minacs IT Services Limited [CIN No.:
U72200KA1976PLC027564] ·
Birla Insurance Advisory and Broking Services
Limited ·
IDEA Cellular Limited [CIN No.:
L32100GJ1996PLC030976] ·
Aditya Birla Money Mart Limited [CIN No.:
U61190GJ1997PLC062406] ·
Aditya Birla Insurance Brokers Limited [CIN No.:
U99999GJ2001PLC062239] |
|
|
|
|
Associates: |
·
Sun Life Assurance Company of Canada, Canada |
CAPITAL STRUCTURE
As on 24.07.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs. 10/- each |
Rs. 180.000
millions |
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
180.000 |
180.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2070.693 |
1225.264 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2250.693 |
1405.264 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
350.000 |
|
|
TOTAL BORROWING |
|
0.000 |
350.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
9.590 |
|
|
|
|
|
|
|
|
TOTAL |
|
2250.693 |
1764.854 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
368.285 |
484.410 |
|
|
Capital work-in-progress |
|
2.308 |
0.343 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1252.009 |
676.895 |
|
|
DEFERREX TAX ASSETS |
|
11.809 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000
|
|
|
Sundry Debtors |
|
58.245
|
161.339
|
|
|
Cash & Bank Balances |
|
58.300
|
32.168
|
|
|
Other Current Assets |
|
0.090
|
38.378
|
|
|
Loans & Advances |
|
1554.215
|
1640.248
|
|
Total
Current Assets |
|
1670.850
|
1872.133
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
1008.467
|
1219.238 |
|
|
Other Current Liabilities |
|
35.138 |
39.668
|
|
|
Provisions |
|
10.963
|
10.021
|
|
Total
Current Liabilities |
|
1054.568
|
1268.927
|
|
|
Net Current Assets |
|
616.282
|
603.206
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2250.693 |
1764.854 |
|
Note:
Balance Sheet for the year 2012 is not available only Profit and Loss
Account is available
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3073.508 |
3658.451 |
2926.979 |
|
|
|
Other Income |
419.764 |
212.578 |
204.162 |
|
|
|
TOTAL (A) |
3493.272 |
3871.029 |
3131.141 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
810.775 |
1005.265 |
807.622 |
|
|
|
Other expense |
1494.581 |
1458.645 |
1408.662 |
|
|
|
TOTAL (B) |
2305.356 |
2463.910 |
2216.285 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1187.916 |
1407.119 |
914.856 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.882 |
5.449 |
41.707 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
1186.034 |
1401.670 |
873.149 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
124.308 |
140.339 |
147.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
1061.726 |
1261.330 |
726.060 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
298.627 |
415.901 |
241.581 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
763.099 |
845.430 |
484.479 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
123.700 |
123.400 |
123.442 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
42.39 |
46.97 |
26.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
21.84
|
21.83 |
15.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
52.11
|
34.47 |
24.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
61.86 |
30.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.47 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
0.00 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.58 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors
|
|
|
|
|
-
Due to Micro and Small
Enterprises |
|
-- |
-- |
|
-
Due to other than to Micro,
Small and Medium Enterprises |
|
1008.467 |
1219.238 |
|
|
|
|
|
|
Total
|
|
1008.467 |
1219.238 |
Note:
ICD Dahej Harbour and Infrastructure Limited Rs. 250.000 millions, ICD
Ultratech Cement Limited Rs. 100.000 millions
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
Note:
The registered office of the company has been shifted from 2nd
Floor Ahura Centre, A Wing 96 / A – D, mahakali Caves Road, Andheri (West),
Mumbai, Maharashtra, India to the present address w.e.f. 01.06.2009
BACKGROUND
Birla Sun Life
Asset Management Company Limited (“the Company”) was incorporated on September
5, 1994. The Company is a joint venture between the Aditya Birla Group and Sun
Life Financial, Inc. The share capital of the Company is equally owned by
Aditya Birla Financial Services Pvt Ltd (Wholly owned Subsidiary of Aditya
Birla Nuvo Limited) - and Sun Life (India) AMC Investments Inc., which is a
wholly owned subsidiary of Sun Life Financial, Inc.
The Company is
registered with Securities and Exchange Board of India (SEBI) under the SEBI
(Mutual Funds) Regulations, 1996 and the principal activity is to act as an
investment manager to Birla Sun Life Mutual Fund. The Company manages the
investment portfolios of Birla Sun Life Mutual Fund, India Advantage Fund
Limited, Mauritius, India Excel (Mauritius) Fund. The Company is also
registered under the SEBI (Portfolio Managers) Regulations, 1993 and provides
portfolio management services and investment advisory services to offshore
funds and high net worth investors.
REVIEW OF
OPERATIONS
The Company is the
investment manager to Birla Sun Life Mutual Fund (Fund), which, based on the
Average Assets under Management (AAUM) as on March 31, 2011, is the 5th largest
Mutual Fund in India.
The total AAUM of the
Fund for the quarter ended March 31, 2011 was Rs. 636960.000 millions. Domestic
Assets under Management (monthwise) was at Rs. 542560.000 millions and Offshore
Assets under Management (monthwise) was at Rs. 26210.000 millions as on March
31, 2011. The Average Domestic Assets Under Management for March 2011 stood at
Rs. 650760.000 millions, an increase of over 4% from Rs. 623430.000 millions in
March 31, 2010.
The total revenue
for the year under review went up by 24% to Rs. 3871.000 millions and the profit
before tax increased by 74% to Rs. 1261.500 millions.
During the year
under review, in order to expand its distribution infrastructure and enhance
its presence, the Company increased the number of distributors (including
Individual Financial Advisors) to 33,560 (an increase of 4.84% Year-on-Year
basis).
With a view to
bring in more operational efficiencies and reduce cost, the Company during the
year carried out an exercise of consolidation of multiple folios. As a result
the numbers of investor folios reduced to around 2.428 millions as on March 31,
2011 from over 2.460 millions as on March 31, 2010.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Fixed Deposits |
0.000 |
350.000 |
|
|
|
|
|
TOTAL |
0.000 |
350.000 |
PRESS RELEASE:
BIRLA SUN LIFE
LAUNCHES BSLI VISION LIFEINCOME
MUMBAI: Private insurer Birla Sun Life Insurance today launched its first participating plan, BSLI Vision LifeIncome, offering regular guaranteed payouts, long-term savings and life Insurance benefit.
By way of its guaranteed regular income, bonus accumulation and life insurance
benefit, BSLI Vision LifeIncome offers a three-way solution for customer's
financial needs, the company said in a release issued here.
"With survival benefits payable every year from the end of the premium
paying term till maturity and life insurance benefit, this plan offers a
perfect blend of income and financial protection for the customer's
family," Birla Sun Life Insurance Managing Director and CEO Jayant Dua
said.
BSLI Vision LifeIncome plan is suitable for individuals whose key objective is
secured savings, earning a steady income for life and providing their family
with comprehensive financial protection, he added.
BSLI is a joint venture between the Aditya Birla Group and Sun Life Financial,
one of the leading international financial services organisations from Canada.
SUPREME COURT REJECTS PLEA AGAINST ADMINISTRATORS'
POWERS ON BIRLA ASSETS
Nov 27, 2012
NEW DELHI: The Supreme Court has
dismissed a petition challenging the appointment of three-member panel of administrators
of late Priyamvada Devi Birla's estate and its powers.
"We find no
merit in the petitions for special leave. These are dismissed," a bench of
justices Aftab Alam and Ranjana Prakash Desai said, dismissing the plea filed by a chartered accountant Harsh Vardhan Lodha whose
family is engaged in a legal battle over the property since 2004.
Lodha had
challenged the powers granted by the Calcutta High Court to the three-member committee of
administrators for controlling the block of shares held by the late Priyamvada
Devi in the entire M P Birla group of companies.
Lodha in his
petition had contended that the voting rights in respect of the block of shares
owned by the late Priyamvada Devi were never exercised in the past and
therefore, there was no need to confer the voting rights to the administrators.
He had also said
the heirs of late R S Lodha had been managing the estate and the companies and
therefore strangers should not be allowed to disturb management of the
companies.
The high court on
August 23 had asked the administrators of late Priyamvada Birla's estate to
protect her assets.
It had said the
administrators would be entitled to all rights as shareholders in respect of
shares which formed part of her estate.
The
administrators cannot, however, distribute any asset of the estate over which
the Birlas and Lodhas are fighting a bitter legal battle since 2004 following
the death of Priyamvada Birla, the high court had directed.
LENDERS FILE SUITS AGAINST BIRLA POWER FOR PAYMENT
DEFAULTS
Jan 11, 2013
MUMBAI: A number
of lenders, including individual depositors and companies, have filed cases
against Birla Power Solutions; a
maker of portable gensets owned by Yashovardhan Birla, an industrialist known
for his flamboyant lifestyle, after the company defaulted on payments. A
company official attributed the problem to labour unrest which had crippled
production at its factory in Uttarakhand.
"We have had
some defaults as our company had labour issues for an year at our plant,'' says
PVR Murthy, group director, Birla Power. "But, (the) defaults are not
beyond control and we will repay it by December as we have reached a settlement
with our labourers.'' The defaults were on a range of instruments, including
fixed deposits payable to retail investors, as well as inter-corporate deposits and bills of
exchange.
PD Sekhsaria and
Company, a Mumbai based manufacturing company, filed a petition in the Bombay High
Court to wind up Birla Power as a cheque drawn on Indian Overseas
Bank, issued on August 11,
for Rs 1.000 millions bounced. Niranjan Parekh, solicitor at law firm
Mansukhlal Hiralal and Company, representing PD Sekhsaria, told ET that he has
filed a case under Section 138 of Negotiable Instruments Act as well as a
winding-up petition against Birla Power for defaulting on inter-corporate
deposits of his client.
"'We have
Inter Corporate Deposits, or ICDs, worth about Rs 800.000 millions and Rs
400.000 millions of fixed deposits," says Murthy, adding that all are not
due at this point of time. ''We have already started paying some depositors and
we hope to settle by the end of March whatever is due till then.
Also, we are
negotiating with the lenders and have plans to clear all the dues by the end of
this calendar year." Another company, Wazir Financial Services has filed suits against Birla Power and Birla Cotsyn in Bombay High Court through advocate
Siddharth Murarka.
That case is in
the pre-admission stage, according to the court website. Murarka confirmed
cases have been filed against Birla Power and Birla Cotsyn. Some depositors
have started receiving their dues. "I have received my dues of Rs 0.620
millions with interest on Thursday," says Hariram Chaudhary, one of the
depositors.
However
Chaudhary, chairman, Forum of Middle Income Investors, which takes up such
issues, added that many other depositors are yet to receive their dues. The
company had to slash production, both because of labour problems as well as
lack of technology to manufacture generators capable of meeting upgraded government
environmental guidelines.
At one stage the
plant's capacity had to be trimmed to 10%, or 20,000 units, from Rs. 0.200
millions every year. "Now that we have developed technology to make better
products and have solved the labour issues, we will ramp up capacity and
improve cash flows," Murthy said.
Birla, a member
of the famous family that traces its lineage to GD Birla, has been diluting his
stake over the past few years by issuing shares to raise money both in the
domestic and global market. Birla, whose holding has fallen to 4.2% from 24% in
December 2007, resigned as company chairman on December 28, 2012.
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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.