MIRA
INFORM REPORT
|
Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE MONEY INFRASTRUCTURE LIMITED [w.e.f. 29.09.2008] |
|
|
|
|
Formerly Known
As : |
RELIANCE MONEY LIMITED |
|
|
|
|
Registered
Office : |
570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial
Estate, Wadala, Mumbai-400031, Maharashtra
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 [Profit and Loss A/C] |
|
|
|
|
Date of
Incorporation : |
20.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160589 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2010.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH2006PLC160589 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject into Distribution of Financial Products and Gold Coin
Retailing and also carrying Gold Scheme Called as Gold Accumulation Plan. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
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|
Comments : |
Subject is an established company having a moderate track record. The
balance sheet of 2012 is not available. The company has incurred loss from its
operations during 2012. As per the financials of 2011, there appeared huge accumulated loss
which exceeds the net worth. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Ms. Hetal D. Shah |
|
Contact No.: |
91-22-30479400 |
|
Date : |
22.07.2013 |
LOCATIONS
|
Registered Office : |
570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate,
Wadala, Mumbai-400031, Maharashtra, India |
|
Tel. No.: |
91-22-30479400 |
|
Fax No.: |
91-22-30479450 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.08.2012
|
Name : |
Mr. Ashish Dhirajlal Turakhia |
|
Designation : |
Director |
|
Address : |
303, Devaki Apartment, Near Sanyas Ashram, Vithalbhai Road, Vile Parle
(West), Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1963 |
|
Date of Appointment : |
18.01.2011 |
|
Din No.: |
02601110 |
|
|
|
|
Name : |
Mr. Mihir Kanak Sundhani |
|
Designation : |
Director |
|
Address : |
304, Maheshwar Mansion, Bapubhai Vashi Road, Vile Parle (West),
Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1977 |
|
Date of Appointment : |
30.03.2011 |
|
Din No.: |
03491156 |
|
|
|
|
Name : |
Mr. Ashutosh Arunkumar Mishra |
|
Designation : |
Director |
|
Address : |
Flat No. 103, B-6, Building Sector 10, Shanti Nagar, Pramukh Swami
Maharaj Road, Mira Road, (East), Thane-401107, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1976 |
|
Date of Appointment : |
21.04.2011 |
|
Din No.: |
03492028 |
KEY EXECUTIVES
|
Name : |
Ms. Shilpa Ashok Chhabra |
|
Designation : |
Secretary |
|
Address : |
B 404, Shree Avenue Complex, Water Pump Road, Near GCC Club, Mira Road
(East), Thane-401104, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1986 |
|
Date of Appointment : |
18.01.2011 |
|
Pan No.: |
AHLPC3138K |
|
|
|
|
Name : |
Mr. Sunil K. Somarajan |
|
Designation : |
Manager |
|
Address : |
Flat No. 401, A Wing, Mithila Apartment, Next to Jain Temple, J.B.
Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Date of Birth/Age : |
25.11.1974 |
|
Date of Appointment : |
21.01.2010 |
|
Pan No.: |
APPPS0106P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2012
|
Names of Shareholders |
No. of Equity Shares |
No. of
Preferences Shares |
|
Reliance Securities Limited, India |
189930 |
-- |
|
Reliance Securities Limited, India Jointly With Deepak K. Shah |
10 |
-- |
|
Reliance Securities Limited, India Jointly With Ramesh Shenoy |
10 |
-- |
|
Reliance CWT India Limited, India |
190000 |
-- |
|
Emerging Money Mall Limited, India |
620000 |
200000000 |
|
Reliance Securities Limited, India Jointly With V.R. Mohan |
10 |
-- |
|
Reliance Securities Limited, India Jointly With Amit Bapna |
10 |
-- |
|
Reliance Securities Limited, India Jointly With Yogesh Deshpande |
10 |
-- |
|
Reliance Securities Limited, India Jointly With Neera Dwivedi |
10 |
-- |
|
Reliance Securities Limited, India Jointly With Chetan Raval |
10 |
-- |
|
|
|
|
|
TOTAL
|
1000000 |
200000000 |
AS ON 29.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject into Distribution of Financial Products and Gold Coin Retailing
and also carrying Gold Scheme Called as Gold Accumulation Plan. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
PAN No: |
AAAFC0662N |
|
|
|
|
AS ON 31.03.2011 |
|
|
Holding Company : |
Emerging Money
Mall Limited (Formerly known as Reliance Money Mall Limited) (w.e.f. July
8,2010) |
|
|
|
|
Subsidiaries : |
Reliance Money Hong Kong Limited (till February 18, 2011) |
|
|
|
|
Other Related Parties : |
·
Reliance Commodities Limited ·
Reliance Money Express Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
200000000 |
Preferences Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
|
TOTAL
|
|
Rs.2050.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions
|
|
200000000 |
Preferences Shares |
Rs.10/- each |
Rs.2000.000
Millions |
|
|
TOTAL |
|
Rs.2010.000 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 |
|
2010.000 |
2010.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
4000.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(6103.921) |
(5731.836) |
|
|
NETWORTH |
|
(93.921) |
(3721.836) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
600.000 |
4101.600 |
|
|
TOTAL BORROWING |
|
600.000 |
4101.600 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
506.079 |
379.764 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
10.647 |
78.999 |
|
|
Capital work-in-progress |
|
0.000 |
5.065 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.245 |
123.985 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
351.201 |
189.968 |
|
|
Sundry Debtors |
|
176.597 |
55.905 |
|
|
Cash & Bank Balances |
|
86.974 |
446.506 |
|
|
Other Current Assets |
|
0.126 |
0.492 |
|
|
Loans & Advances |
|
16.988 |
356.597 |
|
Total
Current Assets |
|
631.886 |
1049.468 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
67.350 |
279.696 |
|
|
Other Current Liabilities |
|
69.349 |
598.057 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
136.699 |
877.753 |
|
|
Net Current Assets |
|
495.187 |
171.715 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
506.079 |
379.764 |
|
NOTE: Balance Sheet
For The Year 2012 Is Not Available Only Profit And Loss A/C Is Available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
330.553 |
219.347 |
329.255 |
|
|
|
Other Income |
65.372 |
82.663 |
60.135 |
|
|
|
TOTAL (A) |
395.925 |
302.010 |
389.390 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
91.871 |
76.413 |
|
|
|
|
Employee benefit expense |
19.183 |
23.131 |
1803.669 |
|
|
|
Other expenses |
385.799 |
356.232 |
|
|
|
|
TOTAL (B) |
496.853 |
455.776 |
1803.669 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(100.928) |
(153.766) |
(1414.279) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
81.134 |
194.652 |
670.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(182.062) |
(348.418) |
(2084.300) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.818 |
23.667 |
268.645 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(183.880) |
(372.085) |
(2352.945) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(183.880) |
(372.085) |
(2352.945) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(5731.836) |
(3378.891) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(6103.921) |
(5731.836) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advisory income |
1.599 |
10.994 |
10.201 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(416.33) |
(504.14) |
(2586.93) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(46.44)
|
(123.20) |
(604.26) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(55.63)
|
(169.63) |
(714.63) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(57.91) |
(208.51) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
3.96 |
0.63 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
(6.39) |
(1.10) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
4.62 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
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 |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
DETAILS OF INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10425252 |
18/04/2013 |
800,000,000.00 |
RELIANCE CAPITAL
LIMITED |
"H" BLOCK
1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 4007 10, INDIA |
B74979568
|
BACKGROUND:
Consequent to the
fresh certificate of incorporation dated 29 September 2008 obtained from the Registrar
of Companies, Maharashtra, Mumbai, the name of the company has been changed
from Reliance Money Limited to Reliance Money Infrastructure Limited. The
company is into distribution of financial products and Gold coin retailing and
also carrying gold scheme called as Gold Accumulation Plan.
The accumulated
losses of the company as at March 31, 2012 exceeds it's paid up capital
resulting in an erosion of its Net worth. The Management has been constantly
implementing initiatives to improve the operating cash flows through cost
control measures, revised business plan etc. These measures are expected to
result in sustainable cash flows and accordingly these Financial Statements
continue to be presented on a going concern basis, which contemplates realization
of assets and settlement of liabilities in the normal course of business.
|
Unsecured Loan |
As
on 31.03.2011 [Rs.
in Millions] |
As
on 31.03.2010 [Rs.
in Millions] |
|
Other Debts |
600.000 (A) |
4101.600 (B) |
|
TOTAL
|
600.000 |
4101.600 |
|
NOTES: (A)
Intercorporate Deposits - Repayable on demand (B) Intercorporate Deposits - Repayable on demand |
||
FIXED ASSETS:
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Land and Building
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.69 |
|
|
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.