MIRA
INFORM REPORT
|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AHMEDABAD STOCK EXCHANGE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Kamdhenu Complex, Opposite Sahajanand College, Near
Panjra Pole, Ambawadi, Ahmedabad-380015, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.03.2005 |
|
|
|
|
Com. Reg. No.: |
04-045636 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 74.773 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67110GJ2005PLC045636 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCA4919E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
To carry on business as stock exchange and assist in buying, selling
and dealing in share securities. |
|
|
|
|
No. of Employees
: |
Information declined by managment |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2580000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is recognized by Securities Contract (Regulations) Act, 1956
as permanent stock exchange. There were total 2265 companies listed on the subject , out of which 522
are regional companies. 30 companies got delisted from the exchange under
SEBI [Voluntary Delistment Regulations, 2009 and/ or on account of Merger/
Amalgamation, etc] It is well established and a reputed company having a fine track
record. The financial position of the company appears good. Trade relations
are reported as decent. Business is active. Payment terms are reported as
regular and as per commitment. The company can be considered good 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 BY
|
Name : |
Mr. Vipul Patil |
|
Contact No.: |
91-79-26307971 |
|
Date : |
15.03.2013 |
LOCATIONS
|
Registered Office : |
1st Floor, Kamdhenu Complex, Opposite Sahajanand College,
Near Panjra Pole, Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Tel. No.: |
91-79-26307971 / 74 |
|
Fax No.: |
91-79-26308877 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Krishna Kumar Mishra |
|
Designation : |
Managing director |
|
Address : |
R-8, Rajvi Complex, Behind Raj Plaza, Near Sonal Char Rasta, Oppsite Gurukul Ahmedabad-380052, Gujarat, India |
|
Date of Birth/Age : |
08.09.1958 |
|
Qualification : |
MBA,CS |
|
Date of Appointment : |
08.10.2007 |
|
DIN No.: |
00114758 |
|
|
|
|
Name : |
Prabhat Kumar Ghosh |
|
Designation : |
Director |
|
Address : |
B-303, Bageshree, Oppsite Fun Republic, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
23.01.1943 |
|
Qualification : |
Ex IAS |
|
Date of Appointment : |
04.03.2005 |
|
DIN No.: |
00143121 |
|
|
|
|
Name : |
Mr. Keyur Bipinchandra Mehta |
|
Designation : |
Director |
|
Address : |
Navkar, A-33, Sterling City Club At- Bopal, Taluka Dascroi, Ahmedabad-380058, Gujarat, India |
|
Date of Birth/Age : |
04.12.1972 |
|
Qualification : |
BSC |
|
Date of Appointment : |
20.07.2010 |
|
DIN No.: |
00221773 |
|
|
|
|
Name : |
Mr. Sunilbhai Bhogilal Patel |
|
Designation : |
Director |
|
Address : |
39, Har Vallabh Society, Naroda, Ahmedabad-380001, Gujarat, India |
|
Date of Birth/Age : |
17.02.1969 |
|
Qualification : |
B.COM |
|
Date of Appointment : |
20.07.2010 |
|
DIN No.: |
00358696 |
|
|
|
|
Name : |
Kush Bharat Shah |
|
Designation : |
Director |
|
Address : |
401, Jaydeep Tower, Near Shreyash Cross Road, Paldi, Ahmedabad-380007, Gujarat, India |
|
Date of Birth/Age : |
30.03.1985 |
|
Date of Appointment : |
20.07.2010 |
|
DIN No.: |
01964641 |
|
|
|
|
Name : |
Mr. Hemant Naharsingh Jhalla |
|
Designation : |
Director |
|
Address : |
28, Pallavi Society, Near Hotel Siddharth Palace, Shahibaug, Ahmedabad-380004, Gujarat, India |
|
Date of Birth/Age : |
28.031969 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
02072663 |
|
|
|
|
Name : |
Ms. Rajeshri Ketan Shah |
|
Designation : |
Director |
|
Address : |
A-904, Suryaketu Tower, Judges Bunglow Road, Satellite, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
02.09.1954 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
01912549 |
KEY EXECUTIVES
|
Name : |
Mr. Krishna Kumar Mishra |
|
Designation : |
Secretary |
|
Address : |
R-8, Rajvi Complex, Behind Raj Plaza, Near Sonal Char Rasta, Oppsite Gurukul Ahmedabad-380052, Gujarat, India |
|
Date of Birth/Age : |
08.09.1958 |
|
Date of Appointment : |
11.03.2005 |
|
PAN No.: |
AAPPM8371B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
Note: Major Shareholders detail file attached
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 |
0.27 |
|
Bodies corporate |
45.14 |
|
Directors or relatives of Directors |
0.89 |
|
Other top fifty shareholders |
28.76 |
|
Others |
24.94 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on business as stock exchange and assist in buying, selling
and dealing in share securities. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||
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|
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Bankers : |
· Central Bank of India, ASE Branch, Ahmedabad, Gujarat, India · HDFC Bank, ASE Extn. Branch, Ahmedabad, Gujarat, India ·
State Bank of India, ASE Branch, Ahmedabad,
Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors
: |
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|
Name : |
Manubhai and Company Chartered Accountants |
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|
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Internal Auditors : |
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|
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|
Name : |
B. J. Patel and J. L. Shah Chartered Accountants |
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|
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CDSL Internal and Concurrent
Auditors : |
|
|
|
|
|
Name : |
Mr. M. R. Pandhi and Associates Chartered Accountants |
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|
|
|
Enterprise where
Control exist : |
· ASE Capital Market Limited · ASE Capital Markets Development Board * · The Stock Exchange Customer Protection Fund Trust *No transactions take place during the Year |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7477251 |
Equity Shares |
Rs.10/- each |
Rs. 74.773 Millions |
|
|
|
|
|
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 |
74.773 |
74.773 |
74.773 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
570.983 |
555.556 |
546.137 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
645.756 |
630.329 |
620.910 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
72.287 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
68.312 |
|
|
TOTAL BORROWING |
0.000 |
72.287 |
68.312 |
|
|
DEFERRED TAX LIABILITIES |
0.695 |
0.440 |
(0.329) |
|
|
|
|
|
|
|
|
TOTAL |
646.451 |
703.056 |
688.893 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
56.531 |
58.947 |
60.362 |
|
|
Capital work-in-progress |
48.268 |
48.268 |
48.268 |
|
|
|
|
|
|
|
|
INVESTMENT |
101.809 |
40.000 |
40.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
2.306
|
5.434 |
4.347 |
|
|
Cash & Bank Balances |
514.141
|
633.869 |
587.598 |
|
|
Other Current Assets |
37.727
|
35.031 |
7.298 |
|
|
Loans & Advances |
0.841
|
0.662 |
55.850 |
|
Total
Current Assets |
555.015
|
674.996 |
655.093 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.126
|
1.195 |
2.781 |
|
|
Other Current Liabilities |
101.712
|
101.814 |
33.027 |
|
|
Provisions |
11.334
|
16.146 |
79.022 |
|
Total
Current Liabilities |
115.172
|
119.155 |
114.830 |
|
|
Net Current Assets |
439.843 |
555.841 |
540.263 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
646.451 |
703.056 |
688.893 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13.516 |
20.807 |
26.186 |
|
|
|
Other Income |
60.725 |
56.276 |
61.672 |
|
|
|
TOTAL (A) |
74.241 |
77.083 |
87.858 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefits expense |
11.873 |
|
28.617 |
|
|
|
Other expenses |
17.591 |
18.460 |
|
|
|
|
TOTAL (B) |
29.464 |
30.627 |
28.617 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
44.777 |
46.456 |
59.241 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.609 |
6.645 |
0.294 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.168 |
39.811 |
58.947 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.772 |
2.970 |
3.238 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
36.396 |
36.841 |
55.709 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.254 |
13.076 |
22.409 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
24.142 |
23.765 |
33.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.132 |
10.914 |
15.475 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Trade Guarantee Fund |
9.136 |
8.308 |
|
|
|
|
Interim Dividend |
7.477 |
7.477 |
37.861 |
|
|
|
Tax on Interim Dividend |
1.043 |
1.242 |
|
|
|
|
Final Dividend - Proposed |
0.000 |
3.739 |
|
|
|
|
Tax on Final Dividend |
0.000 |
0.281 |
|
|
|
|
Transferred to General Reserve |
2.500 |
2.500 |
|
|
|
BALANCE CARRIED
TO THE B/S |
15.118 |
11.132 |
10.914 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.23 |
3.18 |
4.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
32.52
|
30.83 |
37.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
269.28
|
177.06 |
212.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.95
|
5.02 |
7.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.11 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.82
|
5.66 |
5.70 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Other suppliers |
2.126 |
1.195 |
2.781 |
|
|
|
|
|
|
Total |
2.126 |
1.195 |
2.781 |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
|
HIGH COURT OF
GUJARAT FIRST APPEAL No.
2304 of 2008 |
|||||||||||||||
|
Status: PENDING (Converted
from: FAST/1417/2008) CCIN
No:001012200802304 Last Listing Date: 08/08/2008 Coram:
HONOURABLE MS JUSTICE KS JHAVERI |
|||||||||||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|||||||||||||
|
1 |
EMPLOYEE STATE INSURANCE CORPORATION |
MR SACHIN D VASAVADA for: Appellant(s) 1 |
|||||||||||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|||||||||||||
|
1 |
AHMEDABAD STOCK EXCHANGE LIMITED |
MR GADHIA for : Defendant(s) 1 |
|||||||||||||
|
Presented On : 0/05/2008 Registered
On : 05/05/2008 Bench Category : SINGLE BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 5 times Stage Name : ADMISSION BOARD NO. II (NOTICE & ADJOURNED MATTERS)
Act
- INCOME – TAX ACT, 1961 |
|||||||||||||||
|
Lower Court
Details |
|||||||||||||||
|
S.No. |
Lower Court Case
Detail |
Lower Court Name |
Judge Name |
Judgment date |
|||||||||||
|
1 |
ESIA/63/2006 |
DISTRICT COURT,
AHMEDABAD RURAL |
-- |
18/03/2008 |
|||||||||||
|
Office Details |
|||||||||||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
||||||||||
|
1 |
05/05/0/2008 |
VAKALATNAMA |
MR SACHIN D VASAVADA ADVOCATE for
PETITIONER(s) 1 |
5 |
- |
||||||||||
|
2 |
05/05/2008 |
CERTIFIED COPY |
MR SACHIN D VASAVADA ADVOCATE for
PETITIONER(s) 1 |
7 |
- |
||||||||||
|
3 |
05/05/2008 |
MEMO OF APPEAL/PETTION/SUIT |
MR SACHIN D VASAVADA ADVOCATE for
PETITIONER(s) 1 |
20 |
- |
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4 |
16/07/2008 |
VAKALATNAMA |
MR KV GADHIA ADVOCATE for RESPONDENT(s) 1 |
5 |
- |
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Linked Matters |
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S. No. |
Case Detail |
Status Name |
Disposal date |
Action / Coram |
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1 |
CIVIL
APPLICATION/5576/2008 |
DISPOSED |
08/08/2008 |
CA DISPOSED OF HONOURABLE MR.
JUSTICE KS JHAVERI |
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Available Orders |
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S.No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
View |
Download |
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1 |
FIRST APPEAL/2304/2008 |
HONOURABLE MR. JUSTICE H.B. ANTANI |
06/05/2008 |
N |
N |
View |
Download |
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2 |
FIRST APPEAL/2304/2008 |
HONOURABLE MR. JUSTICE KS JHAVERI |
08/08/2008 |
N |
N |
View |
Download |
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REVIEW OF OPERATIONS
The company derives its income from interest, listing fees and Depository Operations of CDSL. It has earned Rs. 2.874 millions as total income during the year.
As on 31.03.2012, there were total 2265 companies listed on the Exchange, out of which 522 are regional companies. During the period under review, 30 companies got delisted from the Exchange under SEBI (Voluntary Delistment Regulations, 2009 and/or on account of Merger/Amalgamation, etc, with one being listed.
FUTURE BUSINESS PLANS
Currently, the Exchange has its business model in its subsidiary company, i.e., members of the Exchange are registered as sub-brokers in ASE Capital Markets Limited, the subsidiary company and allowed to trade on NSE/BSE cash & F&O segment, currency and mutual fund segments. The Board is working on shifting to other business model including possibility of tie up with National Stock Exchange u/s. 13 of SCR Act, 1956, merger amongst other regional Stock Exchanges of Gujarat, restarting of our own Trading Platform, seeking new product for own Trading Platform.
FUTURE OUTLOOK
SEBI vide its notification dated 20.06.2012, issued Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012, which came into force from the date of its publication, i.e., 20.06.2012. One of the provisions of the said regulations stipulates that every recognised stock exchange shall have a minimum networth of Rs. 100 crores with the exchanges having lesser networth as on the date of commencement of these regulations shall achieve the same within a period of 3 years from the date of commencement of regulations.
SEBI vide its circular no. CIR/MRD/DSA/14/2012 dated May 30, 2012, issued exit policy for derecognized/ non-operational Stock Exchanges according to which a Stock Exchange without any trading at its own platform or where the annual trading is less than Rs. 1000 crores may apply for voluntary derecognition and exit. If the stock exchange eligible for voluntary de-recognition is not able to achieve a turnover of 1000 crores on continuous basis or does not apply for voluntary de-recognition and exit within a period of two years from the date of notification, SEBI may proceed with the compulsory derecognition and exit of such stock exchange.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Claim Against
the company not acknowledge as debts |
|
|
a. Disputed Income Tax Matter |
|
|
1 Assessment Year 2006-07 |
0.804 |
|
2 Assessment Year 2007-08 |
2.175 |
|
3 Assessment Year 2008-09 |
7.971 |
|
4 Assessment Year 2009-10 |
6.091 |
|
b. Other matters for which Company is contigently liable |
3.203 |
FIXED ASSETS
· Land
· Buildings
· Plant and Equipements
· Furniture and Fixtures
· Computers
· Office Equipments
· Vehicles
PRESS RELEASE
ASE MEMBERS LIKELY TO CHALLENGE NEW SEBI NORMS IN HC
SEPTEMBER 13, 2012
High Court against the new norms. RSEs says the Sebi norms would lead to their complete closure.
According to sources close to the development, five shareholders and five members of the Gujarat-based stock exchange are likely to challenge Sebi’s order, prescribing RSEs to maintain Rs 100-crore net worth, Rs 1,000-crore trading turnover and five per cent cap on shareholding.
“There are five shareholders and five members of ASE and an NGO (non-governmental organisation) working for investors and brokers will file a case against Sebi’s order in the high court over the next one week,” said a member of ASE, on condition of anonymity.
Earlier this month, promoters and members of the Uttar Pradesh Stock Exchange had moved the Allahabad High Court against Sebi for prescribing stringent norms for RSEs. The court has admitted a petition filed by the UP Brokers Forum. According to insiders, members of most of the 16 RSEs are in the process to take a legal recourse against Sebi’s order.
“The order may lead to closure of RSEs, if the new norms are not met. This is a threat on the existence of RSEs. After UP, soon there will be many others who will file case against Sebi’s order,” said a shareholder of ASE, who also requested anonymity.
It may be noted here that Gujarat’s three regional exchanges, ASE, the Vadodara Stock Exchange (VSE) and the Saurashtra and Kutch Stock Exchange (SKSE) are considering to merge after Sebi’s new norms announced. Experts believe it is difficult for RSEs to meet the requirements stated in the Sebi’s circular mainly during the present market conditions, when the national exchanges like BSE and the National Stock Exchange (NSE) are facing reduced volumes in the cash segment.
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.54.29 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.