MIRA
INFORM REPORT
|
Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
EVERSTONE CAPITAL ADVISORS PRIVATE LIMITED (w.e.f. 19.02.2011) |
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Formerly Known
As : |
EVERSTONE INVESTMENT ADVISORS PRIVATE LIMITED (w.e.f. 26.11.2009) EVERSTONE INVESTMENT ADVISORS LIMITED (w.e.f. 30.10.2009) NEW EDGE INVESTMENT ADVISORS LIMITED (w.e.f. 30.04.2008) NEW AGE INVESTMENT ADVISORS LIMITED |
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Registered
Office : |
One Indiabulls Center, 16th Floor, Tower 2A, Senapati Bapat Marg,
Elphistone Road, Mumbai - 400013, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.02.2008 |
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Com. Reg. No.: |
11-179546 |
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Capital
Investment / Paid-up Capital : |
Rs.136.700
Millions |
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CIN No.: [Company Identification
No.] |
U67190MH2008PTC179546 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN15991D |
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PAN No.: [Permanent Account No.] |
AACCN7541C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in providing Investment advisory
services. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Liquidity position of the company seems to be good. Company is
operating on its owned funds. Trade relation are reported to be fair. Business is active. Payment
terms are reported to be usually correct. 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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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
Management Non Cooperative.
LOCATIONS
|
Registered Office : |
One Indiabulls Center, 16th Floor, Tower 2A, Senapati Bapat Marg,
Elphistone Road, Mumbai - 400013, Maharashtra, India |
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Tel. No.: |
91-22-40436000 |
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Fax No.: |
91-22-40436068 |
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E-Mail : |
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Website : |
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Delhi Office : |
Office No. 503-505, Tower-A, Millennium Plaza, Sector 27, Gurgaon – 122002, Haryana, India |
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Bangalore Office : |
First Floor, No. 513th Main Road, Vasanth Nagar, Bengaluru – 560052, Karnataka, India |
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Overseas Office : |
Located at · Mauritius · Singapore |
DIRECTORS
As on: 30.09.2013
|
Name : |
Puggera Mandappa Devaiah |
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Designation : |
Whole-time director |
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Address : |
No.315, 4th ‘A’ Cross, 3rd Block, HRBR Layout,
Opposite Juv Kamanahall Post, Bangalore – 560084, Karnataka, India |
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Date of Birth/Age : |
15.02.1965 |
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Date of Appointment : |
28.02.2008 |
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DIN No.: |
00146903 |
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Name : |
Mr. Ashutosh Arvind Lavakare |
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Designation : |
Whole-time director |
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Address : |
202 Dosti Eric, Dosti Acress Complex, Wadala (East), Mumbai – 400037,
Maharashtra, India |
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Date of Birth/Age : |
23.11.1972 |
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Date of Appointment : |
20.10.2009 |
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DIN No.: |
00260319 |
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Name : |
Mr. Pankaj Thapar |
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Designation : |
Whole-time director |
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Address : |
A/901, 9th Floor, Maple Leaf, Raheja Vihar, Chandivali, Powai,
Mumbai – 400072, Maharashtra, India |
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Date of Birth/Age : |
19.01.1962 |
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Date of Appointment : |
28.02.2008 |
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DIN No.: |
01225255 |
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Name : |
Mr. Dhanpal Arvind Jhaveri |
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Designation : |
Whole-time director |
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Address : |
2 Sumangal, 13 Ridge Road, Malabar Hill, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
20.12.1968 |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
02018124 |
KEY EXECUTIVES
|
Name : |
Mr. Vimal Sota |
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Designation : |
Secretary |
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Address : |
501, Shreenath Complex-A, P.K. Extention Road, Nehur, Mulund (West),
Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
31.03.1979 |
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Date of Appointment : |
01.07.2011 |
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PAN No.: |
AKMPS5469B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Puggera Mandappa Devaiah |
|
16600 |
|
Pankaj Thapar |
|
16700 |
|
Ashutosh Arvind Lavakare |
|
16700 |
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Dhanpal Arvind Jhaveri |
|
33400 |
|
Jaspal Singh Sabharwal |
|
16600 |
|
Ayati Investment Advisors Private Limited, India |
|
7000 |
|
Total |
|
107000 |
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Names of
Shareholders |
|
No.
of Shares |
|
Mays Commercial private Limited, India |
|
13500000 |
|
Total |
|
13500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
6.54 |
|
Directors or relatives of Directors |
77.94 |
|
Other top fifty shareholders |
15.52 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in providing Investment advisory
services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S V Ghatalia and Associates LLP Chartered Accountants |
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Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India |
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PAN No.: |
AACFS6921Q |
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Joint venture : |
Realterm Everstone Investment Advisors Private Limited CIN No.: U74999MH2007PTC172299 |
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Subsidiary Company
: |
Kshitij Property Solutions Private Limited CIN No.: U70109MH2006PTC161374 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares (Class A) |
Rs.10/- each |
Rs.5.000 Milions |
|
10000 |
Equity Shares (Class B) |
Rs.100/- each |
Rs.1.000 Million |
|
19400000 |
Preference Shares |
Rs.10/- each |
Rs.194.000 Millions |
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Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares (Class A) |
Rs.10/- each |
Rs.1.000 Million |
|
7000 |
Equity Shares (Class B) |
Rs.100/- each |
Rs.0.700
Million |
|
13500000 |
Preference Shares |
Rs.10/- each |
Rs.135.000
Million |
|
|
Total |
|
Rs.136.700 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
136.700 |
136.700 |
136.000 |
|
(b) Reserves & Surplus |
120.494 |
94.614 |
43.501 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
257.194 |
231.314 |
179.501 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
21.324 |
19.009 |
0.000 |
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(d) long-term provisions |
13.137 |
17.201 |
15.278 |
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Total Non-current Liabilities (3) |
34.461 |
36.210 |
15.278 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
9.000 |
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(b) Trade payables |
0.000 |
0.000 |
10.281 |
|
(c) Other current
liabilities |
234.308 |
152.446 |
126.118 |
|
(d) Short-term provisions |
5.192 |
1.501 |
1.738 |
|
Total Current Liabilities (4) |
239.500 |
153.947 |
147.137 |
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TOTAL |
531.155 |
421.471 |
341.916 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
98.580 |
95.096 |
6.359 |
|
(ii) Intangible Assets |
9.480 |
14.637 |
19.144 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
30.436 |
30.436 |
20.000 |
|
(c) Deferred tax assets (net) |
7.277 |
1.630 |
4.648 |
|
(d) Long-term Loan and Advances |
24.458 |
31.238 |
8.339 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
170.231 |
173.037 |
58.490 |
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(2) Current assets |
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|
|
(a) Current investments |
176.173 |
163.709 |
10.177 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
122.907 |
55.401 |
237.401 |
|
(d) Cash and cash
equivalents |
47.386 |
11.221 |
9.257 |
|
(e) Short-term loans and
advances |
14.431 |
18.103 |
26.591 |
|
(f) Other current assets |
0.027 |
0.000 |
0.000 |
|
Total Current Assets |
360.924 |
248.434 |
283.426 |
|
|
|
|
|
|
TOTAL |
531.155 |
421.471 |
341.916 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
|
|
|
|
|
|
|
|
|
|
626.100 |
|
|
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Other Income |
|
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|
|
|
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TOTAL |
656.220 |
595.780 |
626.100 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
620.520 |
538.530 |
568.700 |
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
620.520 |
538.530 |
568.700 |
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PROFIT BEFORE
TAX |
35.700 |
57.250 |
57.400 |
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|
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Less |
TAX |
9.820 |
20.138 |
17.942 |
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PROFIT AFTER TAX
|
25.880 |
37.112 |
39.458 |
|
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|
Earnings Per
Share (Rs.) |
1.90 |
2.73 |
2.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.94
|
6.23 |
6.30 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.23
|
14.70 |
18.09 |
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.25 |
0.32 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.05 |
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|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.61 |
1.93 |
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 |
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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 |
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 |
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 |
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 |
FINANCIAL RESULTS,
OPERATIONS AND DIVIDEND:
The Company continued to make profits in the financial year ended 31st March 2013. The total income of the Company was Rs.656.220 million and the profit before tax was Rs.35.700 million.
With a view to conserve resources of the Company, the Directors do not recommend the declaration of any dividend.
CORPORATE INFORMATION
Everstone Capital Advisors Private Limited (‘the Company’) was incorporated on February 28, 2008 under the provisions of the Companies Act, 1956 (‘the Act’) The Company is engaged in providing Investment advisory services.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY: NOT AVAILABLE
FIXED ASSETS:
· Furniture and fixtures
· Vehicles
· Office equipment
· Leasehold improvements
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.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
46 |
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.