MIRA INFORM REPORT
|
Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
VJTF EDUSERVICES LIMITED [w.e.f. 15.05.2013] |
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|
|
|
Formerly Known
As : |
ARTHEON FINANCE LIMITED |
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Registered
Office : |
1st Floor, Neelkanth Apartment, Ramchandra Lane, Malad
(West), Mumbai-400064, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
30.09.2012 |
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Date of
Incorporation : |
03.09.1984 |
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Com. Reg. No.: |
11-033922 |
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Capital
Investment / Paid-up Capital : |
Rs.14.000
Millions |
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|
CIN No.: [Company Identification
No.] |
L65990MH1984PLC033922 |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company is engaged in the business of Providing Education
Services. |
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|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 721000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
company has incurred loss during September 2012. 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve their
business models with the changing time. Readers’ Digest, Thomson Register are
no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 [91-22-67086900]
LOCATIONS
|
Registered Office : |
1st Floor, Neelkanth Apartment, Ramchandra Lane, Malad
(West), Mumbai-400064, Maharashtra, India |
|
Tel. No.: |
91-22-67086900/ 01/ 02 |
|
Fax No.: |
91-22-67086903 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
B-103, 1st Floor, Keval Tower, Opposite SNDT College,
Malad (West), |
|
Tel. No.: |
91-22-67086900/ 901/ 902 |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Dr. Vinay Jain |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Dr. Raina Jain |
|
Designation : |
Director [Institutional Management & EQA] |
|
|
|
|
Name : |
Mr. Anil Chhabra |
|
Designation : |
Independent Director |
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|
|
Name : |
Mr. CA Shivratan Agrawal |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Prof. Hitesh Vakharia |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Dr. Vinay Jain |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. CA Sanjay Maloo |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Bijo Kurian |
|
Designation : |
Chief Administrative Officer |
|
|
|
|
Name : |
Sheetal
Kapoor |
|
Designation : |
Head – Curriculum Development & Training |
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|
Name : |
Ms. Ekta Jain |
|
Designation : |
Compliance Officer |
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|
|
Name : |
Mr. Prem
Mehta |
|
Designation : |
Head – I.T Support |
|
|
|
|
Name : |
Ms. Chaitali
Parekh |
|
Designation : |
Head – Preschool Curriculum |
|
|
|
|
Name : |
Ms. Preeti
Sogani |
|
Designation : |
CEO – Udaipur Project |
|
|
|
|
Name : |
Ms. Preeti
Doshi |
|
Designation : |
Head – Academic Resource |
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|
|
|
Name : |
Mr. Sunil Kanwar |
|
Designation : |
Head – Infrastructure Development |
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|
|
|
Name : |
Mr. Sashikumar Jain |
|
Designation : |
Head – Infrastructure Supplies |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9579899 |
54.43 |
|
|
9579899 |
54.43 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9579899 |
54.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1029142 |
5.85 |
|
|
|
|
|
|
34436 |
0.20 |
|
|
6727800 |
38.23 |
|
|
228723 |
1.30 |
|
|
228598 |
1.30 |
|
|
125 |
0.00 |
|
|
8020101 |
45.57 |
|
Total Public shareholding (B) |
8020101 |
45.57 |
|
Total (A)+(B) |
17600000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
17600000 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Dr. Vinay Jain |
48,65,499 |
27.64 |
|
2 |
Dr. Raina Jain |
46,65,600 |
26.51 |
|
3 |
Bimla Devi Shah |
24,400 |
0.14 |
|
4 |
Dharam Chand Shah |
24,400 |
0.14 |
|
|
Total |
95,79,899 |
54.43 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Purvi Nirav Vakharia |
312500 |
1.78 |
|
2 |
Ajay Dilkush Sarupria |
577800 |
3.28 |
|
3 |
Sam Financial Services Private Limited |
1000000 |
5.68 |
|
4 |
Pushpa Badri Baldawa |
400000 |
2.27 |
|
5 |
Daga Sandeep Ramdas |
350000 |
1.99 |
|
6 |
Shakila Padmanabh Shetty |
400000 |
2.27 |
|
7 |
Padmanabh Vittal Shetty |
400000 |
2.27 |
|
8 |
Badri Baldawa |
250000 |
1.42 |
|
9 |
Jayant Gathani |
250000 |
1.42 |
|
10 |
Mahesh Gathani |
250000 |
1.42 |
|
11 |
Mamta Porwal |
187500 |
1.07 |
|
12 |
Swati Porwal |
212500 |
1.21 |
|
13 |
Sachin Porwal |
400000 |
2.27 |
|
14 |
Mamta Porwal |
187500 |
1.07 |
|
|
Total |
5177800 |
29.42 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC”
AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Sam Financial Services Private Limited |
1000000 |
5.68 |
|
|
Total |
1000000 |
5.68 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of Providing Education
Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
J. Kala and Associates Chartered Accountants |
|
Address : |
504, Rainbow Chambers, Near MTNL Exchange, S.V. Road, Kandivali
(West), Mumbai-400067, Maharashtra, India |
|
Tel No.: |
91-22-28625129/ 5153 |
|
Email : |
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Related Parties : |
Integrated Documentation Consultants Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
400000 |
Redeemable Preferences Shares |
Rs.100/- each |
Rs.40.000 Millions |
|
|
TOTAL
|
|
Rs.90.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1400000 |
Equity Shares |
Rs.10/- each
|
Rs.14.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
30.09.2012 [18 Months] |
31.03.2011 [12 Months] |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
14.000 |
14.000 |
|
(b) Reserves & Surplus |
|
4.412 |
47.542 |
|
(c) Money
received against share warrants |
|
162.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
180.412 |
61.542 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
74.944 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.983 |
0.000 |
|
(c)
Other long term liabilities |
|
51.394 |
0.000 |
|
(d)
long-term provisions |
|
5.255 |
1.207 |
|
Total
Non-current Liabilities (3) |
|
132.576 |
1.207 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
12.641 |
0.000 |
|
(b)
Trade payables |
|
6.814 |
0.095 |
|
(c)
Other current liabilities |
|
73.257 |
0.060 |
|
(d)
Short-term provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
|
92.712 |
0.155 |
|
|
|
|
|
|
TOTAL |
|
405.700 |
62.904 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
48.512 |
3.961 |
|
(ii)
Intangible Assets |
|
79.605 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
190.194 |
55.249 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
15.855 |
0.000 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
334.166 |
59.210 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
0.622 |
0.000 |
|
(d)
Cash and cash equivalents |
|
1.852 |
0.223 |
|
(e)
Short-term loans and advances |
|
69.060 |
3.471 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
71.534 |
3.694 |
|
|
|
|
|
|
TOTAL |
|
405.700 |
62.904 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
14.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
51.644 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
65.644 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.370 |
|
|
TOTAL BORROWING |
|
|
0.370 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
66.014 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4.606 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
54.100 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
3.967 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
7.400 |
|
Total
Current Assets |
|
|
11.367 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.727 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
3.332 |
|
Total
Current Liabilities |
|
|
4.059 |
|
|
Net Current Assets |
|
|
7.308 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
66.014 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 [18 Months] |
31.03.2011 [12 Months] |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
142.378 |
0.325 |
4.950 |
|
|
|
Other Income |
3.010 |
0.892 |
0.804 |
|
|
|
TOTAL (A) |
145.388 |
1.217 |
5.754 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
65.597 |
1.795 |
1.529 |
|
|
|
Other Expenses |
99.157 |
1.296 |
1.456 |
|
|
|
TOTAL (B) |
164.754 |
3.091 |
2.985 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(19.366) |
(1.874) |
2.769 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.692 |
0.008 |
0.119 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(33.058) |
(1.882) |
2.650 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.461 |
0.645 |
0.658 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(54.519) |
(2.527) |
1.992 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2.888) |
1.575 |
0.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(51.631) |
(4.102) |
1.707 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
27.542 |
31.644 |
29.937 |
|
|
|
BALANCE
OF STATEMENT OF PROFIT AND LOSS TAKEN OVER AS PER THE SCHEME OF AMALGAMATION |
8.502 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(15.587) |
27.542 |
31.644 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(36.88) |
(1.35) |
1.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
0.100 |
29.600 |
29.900 |
|
Total Expenditure |
1.800 |
25.600 |
21.300 |
|
PBIDT (Excl OI) |
(1.600) |
04.000 |
08.600 |
|
Operating Profit |
(1.600) |
04.000 |
08.600 |
|
Interest |
0.000 |
01.700 |
02.800 |
|
PBDT |
(1.600) |
02.300 |
05.800 |
|
Depreciation |
0.200 |
03.500 |
03.600 |
|
Profit Before Tax |
(01.800) |
(01.200) |
02.100 |
|
Tax |
0.000 |
00.400 |
00.400 |
|
Profit After Tax |
(01.800) |
(01.500) |
01.700 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(01.800) |
(01.500) |
01.700 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 [18 Months] |
31.03.2011 [12 Months] |
31.03.2010 |
|
PAT / Total Income |
(%) |
(35.51)
|
(337.05) |
29.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(38.29)
|
(777.54) |
40.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(25.30)
|
(33.01) |
12.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30)
|
(0.04) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.49
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77
|
23.83 |
2.80 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
30.09.2012 [18 Months] |
31.03.2011 [12 Months] |
31.03.2010 |
|
|
RS. IN MILLIONS |
||
|
|
|
|
|
|
Current Maturities of Long Term Borrowings
|
|
|
|
|
Term Loans |
|
|
|
|
Greater Bank |
4.454 |
0.000 |
NA |
|
|
|
|
|
|
Current Maturities of Finance Obligations
Vehicle Loans # |
|
|
|
|
From Banks |
1.442 |
0.000 |
NA |
|
Interest Accrued
But Not Due On Above [# Secured by way
of hypothecation of motor vehicle purchase there against] |
0.012 |
0.000 |
NA |
|
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 |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10425057 |
26/04/2013 |
5,759,703.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B74916875 |
|
2 |
10087064 |
11/05/2013 * |
140,000,000.00 |
THE GREATER
BOMBAY CO-OP BANK LIMITED |
IES MANAGEMENT
COLLEGE, VISHWAKARMA, GATE NO.1, |
B75883553 |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
30.09.2012 [18 Months] |
31.03.2011 [12 Months] |
|
|
Rs. in Millions |
|
|
Short Term Borrowings
|
|
|
|
Other Loans and Advances |
12.459 |
0.000 |
|
TOTAL
|
12.459 |
0.000 |
NOTE:
The registered office of the company has been shifted
from 201,
Sumer Kendra, Pandurang Budhkar Marg, Worli, Mumbai-400018, Maharashtra, India to
the present address.
SHARE CAPITAL AND VESTING OF
UNDERTAKING PURSUANT TO THE SCHEME OF AMALGAMATION
The
Scheme of Amalgamation for merger of Vinay Jain's Training Forum Private
Limited (VJTF) with the Company was approved by the members at the court
convened meeting held on 24 August, 2012 and the same has become effective on
6* February, 2012 upon filing of certified copy of Order dated 20th
December, 2012 issued by the Hon'ble Bombay High Court approving the Scheme of
Amalgamation. Consequently, all the assets and liabilities of VJTF got vested
into the Company including its investments in various subsidiaries viz. VJTF
Infrastructure Private Limited (wholly owned subsidiary), VJTF Buildcon Private
Limited (subsidiary) and Rishi Realty Leasing Services Private Limited
(subsidiary) as on 01-04-2011 (Appointed Date).
In
accordance with the said Scheme of Amalgamation, the Company has on 28th
February, 2013 issued 1,22,00,000 Equity Shares of face value Rs. 10/- each of
the Company for 30,50,000 Equity Shares held by the Equity Shareholders of VJTF
and 40,00,000 Equity Shares of face value Rs. 10/- each of the Company for
40,00,000 Preference Shares held by the Preference Shareholders of VJTF.
Further, as per clause 4.2 of the said Scheme of Amalgamation, the Authorised
Share Capital of the Company has increased from Rs. 90.000 Millions to Rs.
200.000 Millions divided into 20.000 Millions Equity Shares of Rs. 10/- each
upon the combining of authorized share capital of VJTF and the Company and
effecting further increase of Rs. 20.000 Millions in combined Authorised Share
Capital.
BUSINESS OVERVIEW:
After
the amalgamation of Vinay Jain's Training Forum Private Limited into the
Company, the Company is now focusing to Education Sector. The Company has
already established itself as an emerging player in the Education Services
segment. Through this amalgamation, the Company has its education projects
fully operational at Malad and Udaipur and has already invested in its upcoming
education projects at Pawan Baug, Malad (West) and Devidas Lane, Borivali
(West) through its subsidiaries.
The
Education Project at Pawan Baug, Malad (West) is expected to be partly
operational by December, 2013 and fully operational by 2014 - 15. Also, the
Company aims to launch Education Project at Borivali (West) on receiving
approvals from the Statutory Authorities.
The
new projects, once operational, will mark a strong presence of the brand in the
up-market of Mumbai. The revenues are expected to increase multifold after the
new projects are operational. The Company also provides all required auxiliary
services to the education sector and the future prospects looks very promising
for the company.
FIXED ASSETS:
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
- Buses
- Air
Conditioner
- Office
Equipments
- Electrical
Equipments
- School
Equipments
- Computer
- Library Books
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
Rs. In Millions
|
Sr. No. |
Particular |
Three
Months Ended |
Preceding
Three Months Ended |
|
|
|
30.06.2013 |
31.03.2013 |
|
|
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
29.505 |
29.327 |
|
|
Other Operating
Income |
0.399 |
0.272 |
|
|
Total Income From Operations (Net) |
29.904 |
29.599 |
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
Cost
of materials consumed |
0.000 |
0.000 |
|
|
Purchase
of stock in trade |
0.000 |
0.000 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
0.000 |
0.000 |
|
|
Employee
benefits expenses |
9.473 |
11.922 |
|
|
Depreciation
and amortization expenses |
3.643 |
3.445 |
|
|
Other
expenses |
11.831 |
13.712 |
|
|
Total Expenses |
24.947 |
29.079 |
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
4.957 |
0.520 |
|
|
|
|
|
|
4. |
Other
Income |
0.000 |
0.000 |
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
4.957 |
0.520 |
|
|
|
|
|
|
6. |
Interest |
2.833 |
1.665 |
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
2.124 |
(1.145) |
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
2.124 |
(1.145) |
|
|
|
|
|
|
10. |
Tax
Expense |
0.435 |
0.388 |
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
1.689 |
(1.533) |
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
1.689 |
(1.533) |
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
176.000 |
176.000 |
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.10 |
(0.09) |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.10 |
(0.09) |
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
-Number
of Shares |
8020101 |
8268800 |
|
|
-
Percentage of Shareholding |
45.57 |
46.98 |
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
-
Number of Shares |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
-
Number of Shares |
9579899 |
9331200 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
54.43 |
53.02 |
|
Particulars |
Three Months Ended 30th June 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
DISCLOSURE FOR NEW LINE OF BUSINESS I.E. EDUCATIONAL ACTIVITIES
|
Particulars |
Three Months Ended 30th June 2013 Rs. in Millions |
|
Net Sales/Income From Activities |
29.904 |
|
Total Expenditure |
27.780 |
|
Profit From Activities Before Tax |
2.124 |
|
Tax Expenses |
0.435 |
|
Net Profit From Activities After Tax |
1.689 |
NOTES:
- Previous
period figures have been regrouped/rearranged wherever necessary.
- The above
unaudited results were approved and taken on record by the board of
directors at their meeting held on 5th August, 2013. The same
have been subjected to Limited Review by the statutory auditors.
- (a) The
approval for scheme of amalgamation of Vinay Jain’s Training Forum Private
Limited with the company was received on 20-12-2012 and the scheme became
effective on 06-02-2013. Pursuant to the scheme, Vinay Jain’s Training
Forum Private Limited got merged into the company w.e.f. appointed date
i.e. 01-04-2011.
(b) The quarterly
financial numbers for the quarter ended 30th June 2013 and 31st
March, 2013 are not comparable with the numbers for the quarter ended 30th
June, 2012. This is because prior to the scheme becoming effective, the board
of directors of the company had duly adopted the quarterly financial result for
the quarter ended 30th June, 2012 without giving effect to the
amalgamation. The entire effect to the amalgamation had been given in the
quarter ended 31st March, 2013 and Audited Results for the eighteen
months ended 30th September, 2012.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.