MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BARCLAYS INVESTMENTS AND LOANS (INDIA) LIMITED (w.e.f. 27.06.2008) |
|
|
|
|
Formerly Known
As : |
RANK INVESTMENTS AND CREDITS (INDIA) LIMITED (w.e.f.23.05.1995) MADRAS ENAMEL WORKS LIMITED |
|
|
|
|
Registered
Office : |
Malavika Centre, 144-145, Ground Floor, Kodambakkam High Road,
Nungambakkam, Chennai – 600034, Tamil Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.01.1937 |
|
|
|
|
Com. Reg. No.: |
18-001429 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10903.740 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93090TN1937FLC001429 |
|
|
|
|
Legal Form : |
Non Banking Financial Company. |
|
|
|
|
Line of Business
: |
The subject engaged in the business of Lending and Investments. |
|
|
|
|
No. of Employees
: |
147 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of ‘Barclays Group’. It is a well established and reputed
company having a satisfactory track record. There appears accumulated losses
recorded by the company. The external borrowings seems to be huge. However,
the company has performed well during the current year. The capital base of
the company appears to be strong. The subject gets healthy support from its
group companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. In view of strong holding and experience promoters the company can be
considered normal 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
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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Co-Operative
(91-22-67196000)
LOCATIONS
|
Registered Office : |
Malavika Centre, 144-145, Ground Floor, Kodambakkam High Road,
Nungambakkam, Chennai – 600034, Tamil Nadu, India |
|
Tel. No.: |
91-44-64628670 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Admin Office : |
7th Floor, Bonanza, Sahar Plaza, Mathuradas Vasanji Road, J B Nagar,
Andheri (East), Mumbai - 400059, Maharashtra, India |
DIRECTORS
As on 28.06.2012
|
Name : |
Mr. Tejinder Singh Nalwa |
|
Designation : |
Director |
|
Address : |
Flat 903, Sterling Sea Face, Dr. AB Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1961 |
|
Date of Appointment : |
Mr. 22.06.2009 |
|
DIN No.: |
02680009 |
|
|
|
|
Name : |
Mr. Sandeep Gambhir |
|
Designation : |
Managing Director |
|
Address : |
7/264, 2nd Floor, Sunder Vihar, New Delhi 110087, India |
|
Date of Birth/Age : |
258.08.1972 |
|
Qualification : |
C.A. B.Com |
|
Experience : |
15 Years |
|
Date of Appointment : |
15.12.2010 |
|
DIN No.: |
00083116 |
|
|
|
|
Name : |
Mr. Balwinder Singh Bagary |
|
Designation : |
Director |
|
Address : |
21 Boscombe Road, Singapore 439765 |
|
Date of Birth/Age : |
05.03.1969 |
|
Date of Appointment : |
21.05.2007 |
|
DIN No.: |
01555547 |
|
|
|
|
Name : |
Mr. Vishal Shital Jain |
|
Designation : |
Director |
|
Address : |
102-A, Meher Apartments, Altamount Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1967 |
|
Date of Appointment : |
22.06.2009 |
|
DIN No.: |
02455598 |
|
|
|
|
Name : |
Mr. Suvrat Vinod Saigal |
|
Designation : |
Director |
|
Address : |
F1, 6 Jantar Mantar Road, New Delhi – 110001, India |
|
Date of Birth/Age : |
16.06.1964 |
|
Date of Appointment : |
24.02.2010 |
|
DIN No.: |
02958238 |
|
|
|
|
Name : |
Mr. Jolene Yee |
|
Designation : |
Director |
|
Address : |
15, Evelyn Road, #12-03, Singapore 309311 |
|
Date of Birth/Age : |
02.11.1971 |
|
Date of Appointment : |
25.02.2011 |
|
DIN No.: |
03448703 |
|
|
|
|
Name : |
Mr. Shalabh Mohan |
|
Designation : |
Director |
|
Address : |
A-501, Chaitanya Tower, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1972 |
|
Date of Appointment : |
25.02.2011 |
|
DIN No.: |
03450605 |
|
|
|
|
Name : |
Mr. Amit Deepchand Kothari |
|
Designation : |
Director |
|
Address : |
B/903, Raj Kumar Heights, Raj Kumar Lane, Off Dr. S.S. Rao
Road, Near Gandhi Hospital, Parel, Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
03.11.1974 |
|
Date of Appointment : |
13.04.2012 |
|
DIN No.: |
05231769 |
|
|
|
|
Name : |
Mr. Mustafa Mohammed Dhuliyawalla |
|
Designation : |
Director |
|
Address : |
Flat B, Tower 7, Cavendish Heights, 10th Floor, No.33,
Perkins Road, Hong Kong |
|
Date of Birth/Age : |
02.10.1971 |
|
Date of Appointment : |
13.04.2012 |
|
DIN No.: |
05253375 |
KEY EXECUTIVES
|
Name : |
Ms. Namita Rajat Grover |
|
Designation : |
Secretary |
|
Address : |
B-1505, Shepherd Residency, Meetha Nagar, Off M. G. Road, Goregaon (West), Mumbai – 400090, Maharashtra, India |
|
Date of Birth/Age : |
04.05.1982 |
|
Date of Appointment : |
13.03.2008 |
|
PAN No.: |
AKOPM7631H |
|
|
|
|
Name : |
Mr. S V Narayan |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Vikas Bajaj |
|
Designation : |
Head – Sales and Distribution |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2012
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 28.06.2012
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Other top fifty shareholders |
|
0.01 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject engaged in the business of Lending and Investments. |
GENERAL INFORMATION
|
No. of Employees : |
147 (Approximately) |
|||||||||||||||||||||
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|||||||||||||||||||||
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Bankers : |
Indian Overseas Bank, Wall Tax Road, Chennai, Tamil Nadu,
India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Holding Company : |
Barclays Bank Plc |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
299986000 |
Equity Shares |
Rs.50/- each |
Rs.14999.300 Millions |
|
2000 |
7.5 Cumulative Redeemable Preference
Shares |
Rs.100/- each |
Rs.0.200 Million |
|
500000 |
0.01% Cumulative Redeemable Preference Shares |
Rs.1/- each |
Rs.0.500 Million |
|
|
Total
|
|
Rs.15000.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
218065712 |
Equity Shares |
Rs.50/- each |
Rs.10903.280
Millions |
|
458875 |
0.01% Cumulative Redeemable Preference Shares |
Rs.1/- each |
Rs.0.460
Million |
|
|
Total |
|
Rs.10903.740 Millions |
|
|
|
|
|
Notes
Rights, preferences and
restrictions attached to shares:
Equity Shares: The Company has one class of equity shares having a par value of Rs.50 per shares. Each shareholder is eligible for one vote on show of hands. In case of a poll, every member including proxy shall have one vote for every fully-paid-up share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
0.01% Cumulative Redeemable Preference Shares: 0.01% Cumulative Redeemable Preference Shares of Re.1 each are redeemable at premium of Rs. 99 each at the end of 20 years from the date of allotment i.e. September 21, 2006 issued to Barclays Bank PLC, United Kingdom.
Arrears of preference dividend Rs. 0.0003 Million (2011: Rs. 0.0002 Million)
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 |
10903.740 |
10421.910 |
9138.215 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(6196.580) |
(6291.660) |
(5261.212) |
|
|
NETWORTH |
4707.160 |
4130.250 |
3877.003 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6746.400 |
12969.100 |
19143.173 |
|
|
2] Unsecured Loans |
283.910 |
0.000 |
3737.625 |
|
|
TOTAL BORROWING |
7030.310 |
12969.100 |
22880.798 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11737.470 |
17099.350 |
26757.801 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
35.810 |
144.040 |
353.680 |
|
|
Capital work-in-progress |
0.000 |
2.160 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
696.120 |
5618.060 |
7189.182 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1521.240
|
434.820 |
2457.687 |
|
|
Other Current Assets |
1220.180
|
3082.590 |
239.215 |
|
|
Loans & Advances |
20185.580
|
19036.310 |
19825.933 |
|
Total
Current Assets |
22927.000
|
22553.720 |
22522.835 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
259.060 |
401.030 |
|
|
|
Other Current Liabilities |
11096.690
|
9682.960 |
|
|
|
Provisions |
565.710
|
1134.640 |
2033.756 |
|
Total
Current Liabilities |
11921.460
|
11218.630 |
3307.896 |
|
|
Net Current Assets |
11005.540
|
11335.090 |
19214.939 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11737.470 |
17099.350 |
26757.801 |
|
%20LIMITED%20-%20213367%2011-Mar-2013_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3167.920 |
2915.820 |
2493.443 |
|
|
|
Other Income |
261.430 |
159.530 |
102.215 |
|
|
|
TOTAL (A) |
3429.350 |
3075.350 |
2595.658 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits |
485.320 |
475.810 |
574.053 |
|
|
|
Other Operating Expenses |
1082.250 |
2091.850 |
3638.664 |
|
|
|
Other Expenses |
860.860 |
430.880 |
391.192 |
|
|
|
Prior Period Expenses |
0.000 |
0.000 |
(396.805) |
|
|
|
TOTAL (B) |
2428.430 |
2998.540 |
4207.104 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1000.920 |
76.810 |
(1611.446) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
814.410 |
947.750 |
989.583 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
186.510 |
(870.940) |
(2601.029) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
91.500 |
159.020 |
227.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
95.010 |
(1029.960) |
(2828.514) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.070) |
0.490 |
1.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
95.080 |
(1030.450) |
(2829.839) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
0.45 |
(5.59) |
(20.52) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.77 |
(33.51) |
(109.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.00 |
(35.32) |
(113.44) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.41 |
(4.54) |
(12.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.25) |
(0.73) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.49 |
3.14 |
5.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92 |
2.01 |
6.81 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
|
Sundry Creditors |
259.060 |
401.030 |
Not Available |
|
Total |
259.060 |
401.030 |
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 |
Yes |
|
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 |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
DETAILS OF
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Commercial Papers Less: Discount not written off At carrying cost (Maximum outstanding during the year Rs. 450.000 Millions
, 2011: Nil) |
300.000 16.090 283.910 |
0.000 0.000 0.000 |
|
Total |
283.910 |
0.000 |
NOTE:
The registered office
address of the company has been shifted from “No.49, 9th ST, 2nd
Floor, Anna Nagar, Chennai – 600040, Tamil Nadu, India” to the present address
w.e.f. 15.12.2008.
BACKGROUND:
Subject was incorporated in India on January 7, 1937. The Company changed its name from Madras Enamel Works Limited to Rank Investments and Credits (India) Limited on May 23, 1995 and from Rank Investments and Credits (India) Limited to Barclays Investments and Loans (India) Limited on June 27, 2008. The Company has obtained the revised Certificate of Registration with respect to the said change in name from the Reserve Bank of India on October 14, 2010.
During the year ended March 31, 2007, Barclays Bank PLC United Kingdom subscribed to equity shares in the
Company, consequent to which, the Company is a subsidiary of Barclays Bank PLC United Kingdom.
The Company is registered as a Non Banking Financial Company (“NBFC”) with Reserve Bank of India and is classified as Non Deposit taking systematically important (ND-SI) NBFC for regulatory / reporting purposes.
PERFORMANCE AND
FUTURE OUTLOOK:
RETAIL LENDING:
PERFORMANCE:
In March 2008, the Company launched the Retail Lending business, under the brand name of “Barclays Finance”. In the financial year 2011-12 Barclays Finance sourced 2 unsecured products viz. Personal Installment Loans (PIL) and Business Installment Loans (BIL) and 1 secured product, Loan against Property (LAP). The business has been built on a robust model which ensured lending to the right profile of customers through its hub and spoke model. Therefore, while the front-end was completely dedicated to acquiring the right profile of customers through micro-marketing within the branch catchment area as well as through the Direct Sales Agents (DSA) network, the back-end was completely focused on evaluating the credit worthiness of customers.
As per the current strategy, the company has stopped sourcing new Retail Lending business from December’2011 onwards. In line with the same they are not sourcing any new insurance policies as well. As of March 31, 2012, they have 22 branches of Barclays Finance in 11 cities across India. The branches currently help service the existing customers of the company.
PIL
The PIL product was launched on March 17, 2008, providing affordable personal loans to consumers. The maximum loan amount that can be disbursed under PIL is Rs.1.500 Millions with a tenor for new customers of up to 60 months, with a limited segment able to avail of loans with a maximum tenor of 84 months, the highest in the industry. This product was being sold through the entire distribution network, across the country.
BIL
The BIL product was launched on January 1, 2009. BIL is an unsecured installment loan proposition for the small business segment. These are small and medium enterprises with annual turnovers starting from Rs.4.000 Millions consisting of retail and wholesale trade, manufacturing and services customers. The maximum loan amount that can be disbursed under BIL is Rs.3.500 Millions with a maximum tenor of 60 months. This product was being sold through the entire distribution network across the country.
LAP
The LAP product was re-launched in July 2010. LAP is a secured installment loan proposition for the salaried / proprietorships / partnerships / private and public limited companies and government organizations. The maximum loan amount that can be disbursed under LAP is Rs.20.000 Millions. One could avail loans up to 65% of the property value, for tenures as high as 15 years for various purposes like Debt consolidation, Business growth, Working Capital requirements, Personal expenses - holiday, education, marriage, etc. This product was being sold in some select locations only.
AUTO LOANS:
During the financial year 2010, the Company had acquired an auto loans portfolio from GMAC Financial Services India Limited (GMAC India). The Company had recognized such acquisition of loan portfolio at fair value (net of impairment and discount) and classified the same as ‘loans and advances’ in the financial statements. After initial recognition, the said loans and advances were subsequently measured at amortised cost using the effective interest method and the gross outstanding as at March 31, 2012 is Rs. 0.42 billion.
FUTURE OUTLOOK:
Pursuant to the decision to discontinue future origination of the retail lending products effective December 2011, the Company is evaluating the option of wind down of the existing portfolio or selling off a part of the portfolio to the prospective buyers. Bids are being invited from prospective buyers post which a enable the Company to take a decision on the wind-down or sale of the portfolio.
INSURANCE
DISTRIBUTION:
Barclays Finance launched the distribution of Group Insurance product in June 2008 and has been able to achieve significant traction. The encashed on the partnership with Max New York Life Insurance Company and sold the Group and Life insurance products to their customers. However, the partnership with Max New York Life ended due to the expiry of the Corporate Agency Agreement in December 2011. In line with the current strategy the have not renewed the partnership with any other Life Insurance company.
The Company secured a partnership with Royal Sundaram Alliance Insurance Co. Ltd. and launched the General Insurance distribution in March 2011. Initially the launched the Property Insurance for their LAP customers. This was followed by the launch of Health Insurance for their PIL customers in June 2011 and for BIL customers in September 2011.
Total Group Insurance and Life insurance premium for April 2011 to Mar 2012 has been Rs.4.58 Crores which amounted
to 6435 Units. Along with scale up, the have been focusing on the quality of sales as well. 90% of the policies were booked on ECS payment mode for the period Apr’11 to Mar’12 and 99.9% of the policies were booked with annual premium payment option.
On Unsecured loans, the average penetration of MNYL Group term Insurance for the period Apr’11 to Mar’12 is 30.1% and Life Insurance penetration is 7.1%. In addition, the Royal Sundaram Health Insurance penetration on unsecured loans has been 11%. The total insurance penetration of all insurance products put together on unsecured loans stands at 48.2%.
On Secured loans, the average penetration of Royal Sundaram Property Insurance for the period Apr’11 to Mar’12 is 88.2%.
FIXED ASSETS:
· Freehold Property
· Leasehold Improvements
· Computers
· Office Equipments
· Software
PRESS RELEASE:
STANCHART INDIA GETS
CCI APPROVAL FOR BUYING BARCLAYS' ASSETS
NOVEMBER 30 2012
Fair trade regulator Competition Commission has approved Standard Chartered Bank's proposed buyout of certain loan assets of Barclays, saying the deal would not adversely impact competition.
Standard Chartered Bank, India had approached the Competition Commission of India (CCI) regarding its proposed acquisition of certain loan portfolios of Barclays.
The entity is to buyout the "performing loan portfolios of personal instalment loans, loans against property and home loan finance of Barclays Bank Plc, India branch and the performing loan portfolios of personal instalment loans and loans against property of Barclays Investments and Loans (India) Ltd (BILIL)".
Approving the proposal, the Commission in its order dated November 21, said it is of the opinion that "the proposed combination is not likely to have an appreciable adverse effect on competition in India".
Besides, Standard Chartered Bank, Barclays India and BILIL, there are a large number of other players engaged in the business of providing personal loans, inlcuding personal instalment loans, loan against property and home loan finance, the Commission said.
"In view of the foregoing, it is observed that the proposed combination is not likely to raise any adverse competition concern," it said.
For the deal, Standard Chartered Bank has entered into separate framework deeds with Barclays India and BILIL.
The notice, seeking approval, was submitted to the Commission on November 5.
As per the notice, Barclays India is exiting the line of business pertaining to personal instalment loans, loans against property and home loan finance while BILIL is existing operations related to personal instalment loans and loans against property.
CCI GIVES ITS CONSENT
TO KOTAK MAHINDRA BANK, BARCLAYS BANK DEAL
JANUARY 24 2013
Fair trade regulator CCI has approved Kotak Mahindra Bank's proposal to acquire Barclays Bank's unsecured loan business in India, saying the deal would not have any adverse impact on competition.
The proposed transaction involves Kotak's acquisition of business instalment loans portfolio of Barclays India and Barclays Investments and Loans (India) Limited
Business instalment loans are provided by Barclays to individuals, sole proprietorships, partnership firms and companies for business needs or working capital requirements.
In its order dated January 22, Competition Commission of India (CCI) noted that "the proposed combination is not likely to have an appreciable adverse effect on competition in India The regulator observed that the size of the business instalment loans portfolio of Barclays in India "is relatively insignificant".
"There are also other players in the Indian banking and financial services sector providing similar loans," CCI said.
"In view of the foregoing, it is observed that the proposed combination is not likely to give rise to any adverse competition concern in India," it added.
Barclays and Kotak had reached an agreement on the proposed deal in December, last year. Following this the entities had approached CCI for approval on January 2, 2013.
BARCLAYS INVESTMENTS
AND LOANS (INDIA) LIMITED REPORTS UNAUDITED EARNINGS RESULTS FOR THE SIX MONTHS
ENDED SEPTEMBER 30, 2012
OCTOBER 29 2012
Barclays Investments and Loans (India) Limited reported
unaudited earnings results for the six months ended September 30, 2012. For the
six months, the company reported interest earned of Rs.1372.924 Millions
compared with Rs.1594.943 Millions for the same period last year. Total income
was Rs.1486.761 Millions compared with Rs.1758.068 Millions for the same period
last year. Loss from ordinary activities before tax was Rs.100.681 Millions
compared with profit from ordinary activities before tax Rs.615.506 Millions
for the same period last year. Net Loss for the period was Rs.100.681 Millions
or RS.0.46 per share compared with net profit of Rs.615.506 Millions or RS.2.95
per share for the same period last year.
BARCLAYS INVESTMENTS
AND LOANS (INDIA) LIMITED REPORTS UNAUDITED EARNINGS RESULTS FOR THE SIX MONTHS
AND AUDITED EARNINGS RESULTS FOR THE YEAR TO DATE ENDED MARCH 31, 2012
MAY 11 2012
Barclays Investments and Loans (India) Limited reported
unaudited earnings results for the six months and audited earnings results for
the year to date ended March 31, 2012. For the six months, interested was
Rs.1570.329 Millions against Rs.1485.959 Millions a year ago. Total income from
operations was Rs.1671.285 Millions compared to Rs.1596.535 Millions a year
ago. Operating profit before provision and contingencies was Rs.552.353
Millions against operating loss before provision and contingencies Rs.667.384
Millions a year ago. Net loss was Rs.520.433 Millions or RS.0.45 per share
compared to net loss of Rs.489.060 Millions or Rs.5.59 per share a year ago.
For the year to date interested was RS.3165.273 Millions against Rs.2892.872
Millions a year ago. Total income from operations was Rs.3429.354 Millions
compared to Rs.3075.346 Millions a year ago. Operating loss before provision
and contingencies was Rs.438.666 Millions against operating loss before
provision and contingencies Rs.1707.105 Millions a year ago. Net profit was
Rs.95.080 Millions or Rs.0.45 per share compared to net loss of Rs.1030.456
Millions or RS.5.59 per share a year ago.
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.54.40 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.