MIRA INFORM REPORT
|
Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE CLEARING CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
CCIL Bhavan, College Lane, Off. S. K. Bole Road, Dadar (West), Mumbai –
400028, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.04.2001 |
|
|
|
|
Com. Reg. No.: |
11-131804 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1000.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH2001PLC131804 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT07457C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT4143P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject provides clearing and settlement system for the
transactions in the Money Market, Government Securities Market, Foreign Exchange
Market, etc. and carries out related activities and also acts as a central
counterparty for the trades executed by its members and extends settlement
guarantee in terms of the Bye-laws, Rules and Regulations for various types
of operations. |
|
|
|
|
No. of Employees
: |
177 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 43000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having a fine track
record. Financial position of the company seems to be strong. Overall
fundamentals of the company seems to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non-convertible cumulative redeemable preference shares: “AAA” |
|
Rating Explanation |
Have the highest degree of safety and carry lowest credit risk. |
|
Date |
11.02.2014 |
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. Hardik |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-61546200 |
|
Date : |
24.04.2014 |
LOCATIONS
|
Registered Office : |
CCIL Bhavan, College Lane, Off. S. K. Bole Road, Dadar (West), Mumbai
– 400028, Maharashtra, India |
|
Tel. No. : |
91- 22-61546200 |
|
Fax No. : |
91-22-24326042 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 01.07.2013
|
Name : |
Mr. Ranganathan Sridharan |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 1402, Gloriosa Apartments, N M Kale Marg, Off S K Bole Road, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1951 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
31.07.2012 |
|
PAN No. : |
ANCPS7578L |
|
DIN No. : |
00868787 |
|
|
|
|
Name : |
Shyamala Gopinath |
|
Designation : |
Nominee Director |
|
Address : |
1103, Girnar Heights, B-Wing, Bhakti Park, Wadala (East), Mumbai – 400037, Maharashtra, India |
|
Date of Birth/Age : |
20.06.1949 |
|
Qualification : |
M.Com, CAIIB |
|
Date of Appointment : |
25.07.2012 |
|
DIN No. : |
02362921 |
|
|
|
|
Name : |
Mr. Venkiteswaran S. Subramaniam |
|
Designation : |
Director |
|
Address : |
A/7, 1&2, Llyods Garden, 7th Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
22.01.1941 |
|
Qualification : |
B.Sc, LLB |
|
Date of Appointment : |
11.09.2001 |
|
DIN No. : |
00006111 |
|
|
|
|
Name : |
Mr. Ajay Narottam Shah |
|
Designation : |
Director |
|
Address : |
Faculty Flat No.3, NIPFP, 18/2, Satsang Vihar Marg, SPL Institutional Area, New Delhi – 110067, India |
|
Date of Birth/Age : |
07.08.1966 |
|
Qualification : |
Ph.D |
|
Date of Appointment : |
11.09.2001 |
|
DIN No. : |
01141239 |
|
|
|
|
Name : |
Yezdi Hirji Malegam |
|
Designation : |
Director |
|
Address : |
Goolestan, 37, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1933 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
21.03.2002 |
|
DIN No. : |
00092017 |
|
|
|
|
Name : |
Nandlal Laxminarayan Sarda |
|
Designation : |
Director |
|
Address : |
A-5, IIT, Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1948 |
|
Qualification : |
B.E, M.Tech, Ph.D |
|
Date of Appointment : |
20.05.2005 |
|
DIN No. : |
00147782 |
|
|
|
|
Name : |
Mr. Murukkattampoondi Ranganathan Ramesh |
|
Designation : |
Director |
|
Address : |
Apartment No.303, Unnathi Citadel, 24th Main, JP Nagar, 5th Phase, Bangalore – 560078, Karnataka, India |
|
Date of Birth/Age : |
13.08.1940 |
|
Qualification : |
M.Sc, CAIIB |
|
Date of Appointment : |
16.11.2005 |
|
DIN No. : |
00147666 |
|
|
|
|
Name : |
Mr. Pundarik Gouri Prasanna Sanyal |
|
Designation : |
Director |
|
Address : |
401A, Blue Heaven CHS, Raheja Vihar Complex, Off Chandi Vali Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
28.01.1950 |
|
Qualification : |
M.Sc(Tech) |
|
Date of Appointment : |
28.12.2007 |
|
DIN No. : |
01773295 |
|
|
|
|
Name : |
Shilpa Naval Bir Kumar |
|
Designation : |
Director |
|
Address : |
The Cliff Co-operative Housing Society Limited, 2nd Floor, 27, Pochkanwala Road, Worli, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1966 |
|
Qualification : |
PGDM-IIM Calcutta |
|
Date of Appointment : |
28.01.2009 |
|
DIN No. : |
02404667 |
|
|
|
|
Name : |
Mr. Bhavesh Chandulal Zaveri |
|
Designation : |
Nominee director |
|
Address : |
Prabhukunj Co-operative Housing Society, Flat No. 202, 2nd Floor, 5, Peddar Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1965 |
|
Qualification : |
B.Com, M.Com, CAIIB |
|
Date of Appointment : |
03.02.2010 |
|
DIN No. : |
01550468 |
|
|
|
|
Name : |
Mr. Swaminathan Sundararajan Mittur |
|
Designation : |
Director |
|
Address : |
Flat No.11, No.248, Ashwarooda Ambujammal Street, Alwarpet, TTK Salai, Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
15.03.1950 |
|
Qualification : |
MA, CAIIB,ACS |
|
Date of Appointment : |
14.05.2011 |
|
DIN No. : |
00169775 |
|
|
|
|
Name : |
Mr. Venkatesh Narasinganallore Srinivasan |
|
Designation : |
Nominee director |
|
Address : |
Flat 153-A, Jolly Maker Appartments, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
23.04.1957 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
28.01.2012 |
|
DIN No. : |
01893686 |
|
|
|
|
Name : |
Mr. Vivek Hari Thatte |
|
Designation : |
Nominee director |
|
Address : |
5/78, Dnyanayoga Society, LT Road, Vazira Naka, Borivli (West), Mumbai – 400091, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1954 |
|
Qualification : |
M.Com, CA |
|
Date of Appointment : |
13.03.2012 |
|
DIN No. : |
02689926 |
|
|
|
|
Name : |
Mr. Pradeep Kumar Panja |
|
Designation : |
Nominee director |
|
Address : |
8-D, Kinellan Towers, 100A-Nepean Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1955 |
|
Qualification : |
M.Sc, CAIIB |
|
Date of Appointment : |
31.07.2012 |
|
DIN No. : |
03614568 |
|
|
|
|
Name : |
Mr. Anjan Barua |
|
Designation : |
Nominee director |
|
Address : |
Baghorbari Tinali, Nilgiri Path, House No. 26, Guwahati – 781037, Assam, India |
|
Date of Birth/Age : |
29.03.1952 |
|
Date of Appointment : |
17.08.2012 |
|
DIN No. : |
01191502 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi O. Natarajan |
|
Designation : |
Secretary |
|
Address : |
702, Gloriosa Apartments, Near Agar Bazar, NM Kale Marg, Off S.K. Bole
Road, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
26.06.1962 |
|
Date of Appointment : |
25.08.2001 |
|
PAN No. : |
AAGPO6936M |
|
|
|
|
Name : |
Mr. Hardik |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Bala Jothi |
|
Designation : |
Chief Technology Officer |
|
|
|
|
Name : |
Indirani Rao |
|
Designation : |
Chief Forex Officer |
|
|
|
|
Name : |
Mr. Ravi Rajan |
|
Designation : |
Executive Vice President |
|
|
|
|
Name : |
Siddhartha Roy |
|
Designation : |
Chief Risk Officer |
|
|
|
|
Name : |
C. Kajwadkar |
|
Designation : |
Sr Vice President Information Technology |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.07.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
State Bank of India, India |
|
13000000 |
|
Bank of Baroda, India |
|
2500000 |
|
HDFC Bank Limited, India |
|
2500000 |
|
Life Insurance Corporation of India, India |
|
5000000 |
|
Union Bank of India |
|
500000 |
|
Andhra Bank, India |
|
500000 |
|
Syndicate Bank, India |
|
1000000 |
|
Axis Bank Limited, India |
|
2000000 |
|
Indusind Bank Limited, India |
|
1000000 |
|
Citibank N.A. |
|
500000 |
|
The Hongkong and Shanghai Banking Corporation Limited, India |
|
500000 |
|
STCI Finance Limited, India |
|
5000000 |
|
SBI DFHI Limited, India |
|
2250000 |
|
Canara Bank Securities Limited, India |
|
250000 |
|
Corpbank Securities Limited, India |
|
500000 |
|
Central Bank of India, India |
|
2000000 |
|
Bank of India, India |
|
500000 |
|
IFCI Limited, India |
|
2000000 |
|
Oriental Bank of Commerce, India |
|
1000000 |
|
Canara Bank, India |
|
500000 |
|
Corporation Bank, India |
|
500000 |
|
ICICI Bank Limited, India |
|
2750000 |
|
IDBI Bank Limited, India |
|
3750000 |
|
Total |
|
50000000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
The Kalupur Commercial Cooperative Bank Limited, India |
|
19000000 |
|
City Union Bank Limited, India |
|
1000000 |
|
The Karur Vysya Bank Limited, India |
|
5000000 |
|
Karnataka Bank Limited, India |
|
2000000 |
|
The Federal Bank Limited, India |
|
5000000 |
|
The South Indian Bank Limited, India |
|
5000000 |
|
Kotak Mahindra Bank Limited, India |
|
8000000 |
|
Yes Bank Limited, India |
|
5000000 |
|
Total |
|
50000000 |
As on 01.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Public financial companies |
21.50 |
|
Nationalised or other banks |
60.50 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
2.00 |
|
Bodies corporate |
16.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides clearing and settlement system for the
transactions in the Money Market, Government Securities Market, Foreign Exchange
Market, etc. and carries out related activities and also acts as a central
counterparty for the trades executed by its members and extends settlement
guarantee in terms of the Bye-laws, Rules and Regulations for various types
of operations. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
177 (Approximately) |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001, M |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFK7554R |
|
|
|
|
Subsidiary Company: |
Clearcorp Dealing Systems (India) Limited, India CIN No.: U74999MH2003PLC140849 |
|
|
|
|
Other Parties with
whom the Company has entered into transactions during the year in the ordinary
course of the business Parties having substantial interest: |
State Bank of India, India |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
50,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
50,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1000.000
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 |
|
|
|
|
(a) Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
(b) Reserves & Surplus |
9766.800 |
7255.200 |
5600.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10766.800 |
8255.200 |
6600.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
22.100 |
6.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
37.400 |
33.600 |
39.700 |
|
Total Non-current
Liabilities (3) |
59.500 |
39.600 |
39.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
24.300 |
30.200 |
22.100 |
|
(c) Other
current liabilities |
45086.400 |
40905.300 |
37763.900 |
|
(d) Short-term
provisions |
100.300 |
150.700 |
156.800 |
|
Total Current
Liabilities (4) |
45211.000 |
41086.200 |
37942.800 |
|
|
|
|
|
|
TOTAL |
56037.300 |
49381.000 |
44582.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1533.800 |
1571.900 |
574.100 |
|
(ii)
Intangible Assets |
56.800 |
32.200 |
32.600 |
|
(iii)
Capital work-in-progress |
0.300 |
0.000 |
50.000 |
|
(iv)
Intangible assets under development |
29.800 |
35.800 |
44.200 |
|
(b) Non-current Investments |
100.000 |
100.000 |
130.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
6.300 |
|
(d) Long-term Loan and Advances |
20.700 |
9.500 |
685.400 |
|
(e) Other
Non-current assets |
19351.000 |
17748.900 |
601.200 |
|
Total Non-Current
Assets |
21092.400 |
19498.300 |
2123.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
22856.300 |
20996.000 |
16908.100 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
282.100 |
164.000 |
121.800 |
|
(d) Cash
and cash equivalents |
10697.600 |
7863.000 |
24621.300 |
|
(e)
Short-term loans and advances |
3.100 |
7.500 |
79.200 |
|
(f) Other current
assets |
1105.800 |
852.200 |
728.300 |
|
Total
Current Assets |
34944.900 |
29882.700 |
42458.700 |
|
|
|
|
|
|
TOTAL |
56037.300 |
49381.000 |
44582.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3989.800 |
2891.000 |
1308.300 |
|
|
|
Other Income |
763.700 |
529.900 |
1312.800 |
|
|
|
TOTAL (A) |
4753.500 |
3420.900 |
2621.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
256.900 |
243.900 |
205.600 |
|
|
|
Other expenses |
320.300 |
291.700 |
266.500 |
|
|
|
TOTAL (B) |
577.200 |
535.600 |
472.100 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
4176.300 |
2885.300 |
2149.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
85.300 |
77.700 |
61.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4091.000 |
2807.600 |
2087.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
162.700 |
159.400 |
112.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
3928.300 |
2648.200 |
1975.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1281.800 |
859.300 |
654.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2646.500 |
1788.900 |
1320.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
31.800 |
20.900 |
34.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
51.99 |
34.85 |
25.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
55.67 |
52.29 |
50.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
98.46 |
91.60 |
150.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.03 |
5.38 |
4.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.32 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77 |
0.73 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
Reserves & Surplus |
5600.000 |
7255.200 |
9766.800 |
|
Net
worth |
6600.000 |
8255.200 |
10766.800 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1308.300 |
2891.000 |
3989.800 |
|
|
|
120.974 |
38.008 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1308.300 |
2891.000 |
3989.800 |
|
Profit |
1320.400 |
1788.900 |
2646.500 |
|
|
100.92% |
61.88% |
66.33% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NATURE OF OPERATIONS
:
The Company provides clearing and settlement system for the transactions in the Money Market, Government Securities Market, Foreign Exchange Market, etc. and carries out related activities. The Company acts as a central counterparty for the trades executed by its members and extends settlement guarantee in terms of the Bye-laws, Rules and Regulations for various types of operations. The Company is authorized as a Payment System under The Payment and Settlement Systems Act, 2007 by Reserve Bank of India.
ECONOMIC AND BUSINESS
DEVELOPMENT:
Global economic prospects are showing signs of recovery amidst optimism of recovery in the United States and Japan, though pessimism continues to persist on the growth prospects of the Euro region. According to the projections of IMF’s World Economic Outlook, the economic prospects in the United States is expected to grow by 2 per cent in 2013 due to strengthening of private demand and larger than expected fiscal adjustments. On the other hand, Euro region continued to be affected by the financial woes further derailing an economic recovery in the zone. The momentum of growth has also slowed down by the political and financial risks as a result of which growth is expected to contract by about 0.3 per cent in 2013.
The developing countries which registered a noticeable slowdown in 2012 due to decrease in demand from the key advanced economies and domestic policy tightening are seeing revival in their growth prospects. This is expected to be driven by resilient consumer demand and revival of exports. Emerging markets and developing Economies are projected to grow at 5.3 per cent in 2013 compared to 5.1 per cent in 2012. Indian economy is showing signs of revival with falling inflation levels and moderation in petroleum prices due to the fiscal stimulus and monetary measures taken to fight financial crisis. Notwithstanding downward movement of inflation, it is yet to reach the level which can provide sufficient comfort to the Reserve Bank of India for initiating further policy measures to give impetus to growth. Positive indicators such as appreciation of the rupee, increase in FII flows and the falling inflation (though slowly) levels governed the economy during the second half of 2012-13. The outlook for 2013-14 will be driven by monetary policy easing. The policy easing should result in lower interest rate going forward which may result in spurring investment in the economy. However there are a few negative factors which could hamper the process of recovery. While Wholesale Price Index (WPI) inflation has come down, consumer prices indices continue to be in double digits led by inflation. Tight liquidity conditions continue to prevail in the system during the year despite the cut in Cash Reserve Ratio (CRR) by 75bps during the year and the conduct of Open Market Operations (OMO) auctions by RBI on many occasions.
While aggregate deposit growth has improved to 14.3 per cent in the last fortnight of March 2013, compared to 13.5 per cent in the same period of last year, credit growth in 2012-13 at 14.1 per cent is lower than the 17 per cent growth recorded in FY 2011-12. This could be due to weaker credit demand, higher interest rate regime, tight liquidity and a slight weakening of credit quality perceptions. Industrial growth, particularly in the manufacturing sector has moderated during the year largely due to sluggish growth of investment, squeezed margins of the corporate sector resulting in deceleration in rate of growth of credit flows and the fragile global economic recovery.
Indian economy in 2013-14 will be influenced by global commodity prices, monetary policy stance of the RBI, domestic demand, inflation levels, etc.
OPERATIONAL
PERFORMANCE :
The Financial Year (FY) 2012-13 was the 12 completed business year of the Company. The highlights of the operational performance th of various segments are as follows:
Ø CBLO
As of March 31, 2013, the CBLO segment had 232 active members. There has been a marginal shift in the preference for the repo market during 2012-13 as compared to the CBLO market due to Cash Reserve Ratio (CRR) requirement on CBLO transactions whereas Repo deals are treated as Buy/Sell back deals without any CRR requirement. The average market share of CBLO in short term market stood at about 54 percent in comparison to 24 percent and 22 percent of Repo and Call markets, respectively. During the year, 1,56,099 trades for aggregate amount of Rs. 120280400.000 Millions were received for settlement. The highest volume of Rs. 934900.000 Millions in this segment was recorded on March 5, 2013.The daily average number of trades was 538 as against 495 for the FY 2011-12. CBLO average daily trades registered a marginal increase to Rs. 414760.000 Millions in 2012-13 against Rs. 383350.000 Millions in 2011-12. This segment registered a netting factor of 81.07 percent during FY 2012-2013.
Ø GOVERNMENT
SECURITIES SEGMENT
The buoyancy in the government securities market has resulted in an increase in the share of the securities segment in the overall business of CCIL. The share of the outright and repo settlement volumes has increased to 31 per cent in FY 2012-13 from 25 per cent in 2011-12. The major contribution came from higher outright settlements as market participants expected a lower interest rate regime going forward.
As of March 31, 2013, 184 members were active in Securities Settlement segment. During the year, 7,41,196 trades (Outright and Repo including 2 nd leg) were settled aggregating a total face value of Rs. 173962200.000 Millions, depicting an increase of 57.09% in number of trades and 57.96% in the volumes in Face Value
The Company registered a peak volume of Rs. 808667.500 Millions for outright trades on January 04,2013. Table 2 compares the transactions of this market in 2012-13 with that of the previous fiscal i.e. 2011-12
Ø FOREX SEGMENT
As of March 31, 2013, there were 80 active members in the INR-USD segment. A total of 27,92,276 deals representing an aggregate volume of USD 4.83 trillion were settled in FY 2012-13 reflecting an increase of 4 per cent over the previous financial year. The segment settled the highest number of 1,37,716 trades in January 2013 and the highest gross volumes of USD 459.76 billion in the month of May 2012. The daily average settlement was 6,018 trades with a value of USD 21 billion. Spot market continued to dominate settlement volumes followed by Forwards. An average netting factor of 95.39 per cent was achieved in the Forex segment during FY 2012-13 as compared with 95.37 per cent in FY 2011-12.
Continuous Linked
Settlement (CLS)
As on March 31, 2013 the segment had an approved membership of 27 banks out of which 23 banks are settling their cross currency deals through the CCIL-CLS arrangement. During FY 2012-13, 5,70,308 deals aggregating a gross volume of USD 724.12 billion was settled in the CLS segment. CLS settlement volumes increased by 12 per cent in comparison to the previous fiscal. The CLS segment recorded the highest number of deals settled with 58,717 deals in January 2013. The netting factor in the CLS settlement has increased to 92 per cent in 2012-13 compared to 88 per cent in 2011-12.
Forex Forward
Settlement
The settlement of Forex Forward trades with guarantee from the trade date commenced from December 1, 2009. Participants in this segment increased from 45 to 59 in 2012-13. The segment has been gradually gaining acceptance in the market with the outstanding deals increasing from 34,400 deals as of end March 2012 to 40,838 deals at the end of FY 2012-13. Outstanding volumes have also increased from USD 202 billion in 2011-12 to USD 246 billion as of March 31, 2013.
Average volume cleared was USD 252.10 billion during FY 2012-13 as compared to USD 174.75 billion during FY 2011-12.
Ø OTC DERIVATIVES
TRADE REPOSITORY (TR)
CCIL has been running a trade repository (TR) for OTC Interest Rate Swaps (IRS) and Forward Rate Agreement (FRA) trades of the market makers from August 2007. Initially, the OTC derivatives like IRS and FRA were part of the reporting structure. However, following the emergence of the concept of Trade Repository recently, the reporting services are now provided under the umbrella of the Trade Repository Services which CCIL had started last year. This TR also supports life-cycle processing for these trades.
In Dec 2011, RBI allowed market to trade in Credit Default Swaps, and made it mandatory for the market makers to report transaction data to CCIL. CCIL currently operates the TR for CDS. There has been negligible trading in the instrument. As of 31 March 2013, there are 4 CDS trades outstanding for a gross value of Rs 200.000 Millions.
At present, data relating to IRS and CDS is published on CCIL website.
In 2012, RBI notified that, all inter-bank OTC foreign exchange derivative transactions and all/selective trades in OTC foreign exchange and interest rate derivatives between the AD category banks/market makers (banks/PDs) and their clients should be reported on a platform to be developed by the CCIL. The first phase of reporting covering inter-bank OTC USD-INR forwards, FX swaps and FCYINR options was launched on July 9, 2012. Dr.Subir Gokarn, Deputy Governor of Reserve Bank of India inaugurated the launch by initiating the first TR reports. The second phase covering all FCY INR and FCY FCY Forwards and Swaps and FCY FCY Options was operationalised with effect from November 5, 2012.
Reporting arrangement covering OTC foreign exchange derivative trades between ADs and their clients has been operationalised with effect from April 02, 2013.CCIL has executed a confidentiality protocol with all the reporting members to ensure absolute confidentiality of client information reported. The threshold limit for reporting the trades is currently USD 1 million and equivalent thereof in other currencies. The trades with the value equal to or exceeding the threshold limit in FCY FCY and FCY INR Forwards and Options are reported to CCIL.
SHORTAGE HANDLING
All trades in Securities, Forex and CBLO segments are guaranteed in terms of the provisions of the Company's Bye-Laws, Rules and Regulations.
Rupee Lines of Credits (LOC) from various Banks have been established at RBI to meet funds shortages in its settlement processes. A committed LOC of Rs. 15000.000 Millions for Securities and CBLO segment and Rs. 9000.000 Millions for forex segment has been made available at RBI for this purpose. The Company has also established Rupee LOC at various settlement banks aggregating Rs. 63000.000 Millions to meet the funds shortages in the funds settlements of Securities and CBLO segments at respective settlement banks.
During the year, there was no instance of funds shortage in Securities segment. There was one instance of funds shortage of Rs. 196.000 Millions in CBLO segment. Instances of securities shortages in the Securities segment are generally met out of the pool of securities held in CCIL’s Settlement Guarantee Fund. Additionally, with the operationalisation of the SLOC scheme, such shortages are handled by borrowing securities, if available, from the concerned SLOC account. In the event of non-availability of relative security either in SGF or in the SLOC, the concerned shortage is allocated to non-defaulting members based on the laid down business processes. During the year under review, there were 15 instances of securities shortages in the Securities segment aggregating to a face value of Rs. 5464.800 Millions, of which 11 instances aggregating to a face value of Rs. 2742.800 Millions were handled from SGF/SLOC. In the remaining cases, shortages for Face value of Rs. crore were 272.20 allocated as per the allocation process. All cases of securities and funds shortages handled have eventually been replenished by the defaulting members.
CCIL has also established a fully collateralised USD Line of Credit with the USD Settlement Bank viz., RBS Bank and Deutsche Bank Trust Company America’s to meet USD shortages under the INR-USD segment. During the year, 3 instances of USD shortages aggregating to an amount of USD 73.03 million were encountered. All the shortages were met out of the above USD Line of Credit and subsequently recovered from those members.
Under the CLS segment for cross currency settlement, a Line of Credit of USD 350 million has been established with the settlement bank viz., RBS Bank. During the year, 10 instances of shortage aggregating to USD 11.17 million were encountered. All shortages were met out of the above LOC and subsequently recovered from the concerned members.
COLLATERALS
The guaranteed settlement is backed by members contributions received to the Company’s Settlement Guarantee Fund in respect of Securities and Forex Segments and collaterals received in respect of CBLO segment. The size of the contribution is determined by their individual exposure on trades received for settlement by CCIL.
In the case of Securities segment, such contributions are received both in the form of cash and securities. As of March 31, 2013, Settlement Guarantee Fund contribution in the Securities segment was to the extent of securities of Rs. 212272.000 Millions face value and cash of Rs. 17990.800 Millions. Under the CBLO segment, members contribution towards collateral stood at Rs. 1836268.600 Millions face value of securities, Rs. 3572.000 Millions of cash and Rs. 26500.000 Millions of Bank Guarantees as on March 31, 2013.
All corporate actions on the securities and cash contributions to the Settlement Guarantee Fund and Collateral's were promptly and efficiently serviced electronically through RTGS and through an Electronic Funds Transfer arrangement with HDFC Bank Limited.
The size of SGF Corpus for Forex Segment, as on March 31, 2013, was USD 427.27 million. This includes USD 17.50 million for the CLS Segment. In the CLS segment, Bank Guarantees are also accepted as collaterals and the quantum of such bank guarantee is USD 120 million. The unutilised portion of the members contributions to the SGF of the Securities Segment is allowed to be blocked towards limit and margin requirements in CLS and Forex Forward segment in terms of an agreement with them. As on 31st March, 2013, Rs. 8072.800 Millions of such Securities were blocked for CLS segment and Rs. 40034.600 Millions were blocked for Forex Forward segment.
In the Forex Forward segment, the Default Fund quantum as on 31st March, 2013 was Rs. 8879.800 Millions held entirely in the form of Government Securities.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Furniture and Fixtures
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.07 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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.