MIRA
INFORM REPORT
|
Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
HSBC INVESTDIRECT SECURITIES (INDIA) LIMITED (w.e.f 15.07.2009) |
|
|
|
|
Formerly Known
As : |
IL AND FS INVESTSMART SECURITIES LIMITED |
|
|
|
|
Registered
Office : |
Shiv Building, Plot No.139, 140B, 1st Floor, Western
Express Highway, Sahar Junction, Vile Parle (East), Mumbai – 400057,
Maharashtra |
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|
|
|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-159988 |
|
|
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|
Capital
Investment / Paid-up Capital : |
Rs.1542.171
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH2006PLC159988 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI07259A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI4193G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Providing Retail Broking Services. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
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|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a part of HSBC Group. The company has incurred a loss from its operation during 2013. However, business is active. Trade relations are fair. Payment terms
are reported to be usually correct and as per commitments. In view of strong support from group companies the company can be
considered normal for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-22-67897777)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-67897777 / 61872888 / 61946600 |
|
Fax No.: |
91-22-61946699 / 67897968 |
|
E-Mail : |
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|
Website : |
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Branch Office 1 : |
HSBC Umang, Fifth Floor, Mind Space, |
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Branch Office 2 : |
Also located at: |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Mr. Sanjay Sankaran Nair |
|
Designation : |
Director |
|
Address : |
Flat No.72, 7th Floor, Blue Haven Co-operative Housing
Society Limited, Mt Pleasant Road, Malabar Hill, Mumbai – 40006, Maharashtra,
India |
|
Date of Birth/Age : |
12.04.1968 |
|
Qualification : |
B.Com, ACA, ICWA |
|
Date of Appointment : |
05.09.2012 |
|
DIN No. : |
00765215 |
|
|
|
|
Name : |
Mr. Dilip Balvantrai Mehta |
|
Designation : |
Director |
|
Address : |
B-204, Maitri Residence II CHS Limited, 90 Feet Road, Borsapada, Next
to Poinsur Gymkhana, Kandivali (West), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
23.10.1969 |
|
Date of Appointment : |
05.09.2012 |
|
DIN No. : |
05265758 |
|
|
|
|
Name : |
Mr. Vipul Kirit Malkan |
|
Designation : |
Director |
|
Address : |
A/1203, 12th Floor, Bhoomi Samkit, Mahavir Nagar, Near Pancsheel
Garden, Kandivali (West), Mumbai - 400067, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1975 |
|
Qualification : |
B.Com, ACA |
|
Date of Appointment : |
05.09.2012 |
|
DIN No. : |
05158393 |
|
|
|
|
Name : |
Ms. Kashmira Joji Mathew |
|
Designation : |
Director |
|
Address : |
Flat No. G 1, |
|
Date of Birth/Age : |
14.12.1970 |
|
Qualification : |
B.Com, ACS |
|
Date of Appointment : |
18.02.2009 |
|
DIN No. : |
02341875 |
|
|
|
|
Name : |
Mr. Kapil Deepak Seth |
|
Designation : |
Director |
|
Address : |
B-61, Cozihom Co-Operative Housing Society, |
|
Date of Birth/Age : |
15.01.1974 |
|
Date of Appointment : |
13.09.2011 |
|
DIN No. : |
03596866 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Kumar Mishra |
|
Designation : |
Manager |
|
Address : |
Flat # 102, Kadambari Apartments, Plot #22, Sector 1, Sanpada (East),
Navi Mumbai – 400 705, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1977 |
|
Date of Appointment : |
01.04.2010 |
|
PAN No. : |
AHYPM1872F |
|
|
|
|
Name : |
Manisha Kapoor |
|
Designation : |
Secretary |
|
Address : |
Flat No. H 701, Green Woods, Andheri – Kurla Road, Chakala, Andheri
(East), Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
01.12.1976 |
|
Date of Appointment : |
28.06.2012 |
|
PAN No.: |
ARNPK0784F |
MAJOR SHAREHOLDERS
AS ON 27.09.2013
|
Names of Equity Shareholders |
No. of Shares |
|
HSBC InvestDirect ( |
51628891 |
|
HSBC Securities and Capital Markets ( |
5882352 |
|
HSBC InvestDirect ( |
1 |
|
HSBC InvestDirect ( |
1 |
|
HSBC InvestDirect ( |
1 |
|
HSBC InvestDirect ( |
1 |
|
HSBC InvestDirect (India) Limited, India jointly with Ankush Tandon |
1 |
|
HSBC InvestDirect (India) Limited, India jointly with Ankit Badalia |
1 |
|
|
|
|
Total |
57511249 |
|
Names of Preference Shareholders |
No. of Shares |
|
HSBC Securities and Capital Markets (India) Private Limited |
8700000 |
|
|
|
|
Total |
8700000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
%20LIMITED%20-%20282349_MIRA%2023-Aug-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Providing Retail Broking Services. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
PAN No. : |
AAAFB9852F |
|
|
|
|
Holding Company : |
HSBC InvestDirect (India) Limited, India U67120MH1997PLC110386 |
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|
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|
Enterprises that
have Control over the Company : |
· HSBC Securities and Capital Markets (India) Private Limited HSBC Holdings Plc HSBC Finance (Netherland) HSBC Holdings BV HSBC Investment Bank Holdings BV HSBC Violet Investments (Mauritius) Limited The Hongkong and Shanghai Banking Corporation Limited,
Hongkong The Hongkong and Shanghai Banking Corporation Limited,
India HSBC Asia Holdings BV HSBC Asia Holdings, UK |
|
|
|
|
Fellow Subsidiaries
: |
· HSBC InvestDirect Academy for Insurance and Finance (India) Limited HSBC InvestDirect Distribution Services (India) Limited Investsmart Financial Services Limited |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs.1050.000 Millions |
|
8700000 |
Preference Shares |
Rs.100/- each |
Rs.870.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1920.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57511249 |
Equity Shares |
Rs.10/- each |
Rs.575.112 Millions |
|
8700000 |
Preference Shares |
Rs.100/- each |
Rs.870.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1445.112
Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
13200000 |
Preference Shares |
Rs.100/- each |
Rs.1320.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1920.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47217133 |
Equity Shares |
Rs.10/- each |
Rs.472.171 Millions |
|
10700000 |
Preference Shares |
Rs.100/- each |
Rs.1070.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1542.171
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 |
1542.171 |
1553.109 |
1303.109 |
|
(b) Reserves & Surplus |
(1368.337) |
(1041.745) |
(497.448) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
150.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
323.834 |
511.364 |
805.661 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
13.089 |
22.769 |
|
(d) long-term provisions |
0.000 |
0.000 |
4.003 |
|
Total Non-current Liabilities (3) |
0.000 |
13.089 |
26.772 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
762.900 |
1191.900 |
604.900 |
|
(b) Trade payables |
322.152 |
445.058 |
695.652 |
|
(c) Other current
liabilities |
33.974 |
77.825 |
106.765 |
|
(d) Short-term provisions |
25.568 |
19.932 |
33.913 |
|
Total Current Liabilities (4) |
1144.594 |
1734.715 |
1441.230 |
|
|
|
|
|
|
TOTAL |
1468.428 |
2259.168 |
2273.663 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9.957 |
63.032 |
107.985 |
|
(ii) Intangible Assets |
5.558 |
161.550 |
201.410 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
47.620 |
68.222 |
71.123 |
|
(e) Other Non-current assets |
159.053 |
145.050 |
141.252 |
|
Total Non-Current Assets |
222.188 |
437.854 |
521.770 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.569 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
150.090 |
578.180 |
534.823 |
|
(d) Cash and cash
equivalents |
754.182 |
661.580 |
293.555 |
|
(e) Short-term loans and
advances |
314.501 |
546.477 |
894.613 |
|
(f) Other current assets |
26.898 |
35.077 |
28.902 |
|
Total Current Assets |
1246.240 |
1821.314 |
1751.893 |
|
|
|
|
|
|
TOTAL |
1468.428 |
2259.168 |
2273.663 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
441.250 |
665.144 |
1003.153 |
|
|
|
Other Income |
0.245 |
1.080 |
4.513 |
|
|
|
TOTAL (A) |
441.495 |
666.224 |
1007.666 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
334.215 |
491.063 |
650.808 |
|
|
|
Other expenses |
367.420 |
530.492 |
710.044 |
|
|
|
TOTAL (B) |
701.635 |
1021.555 |
1360.852 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(260.140) |
(355.331) |
(353.186) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
73.811 |
93.417 |
90.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(333.951) |
(448.748) |
(443.250) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
203.579 |
95.549 |
151.705 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(537.530) |
(544.297) |
(594.955) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.609 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(537.530) |
(544.297) |
(595.564) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2642.635) |
(2098.338) |
(1502.774) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3180.165) |
(2642.635) |
(2098.338) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(11.94) |
(12.57) |
(15.23) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(121.75) |
(81.70)
|
(59.10) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(121.82) |
(81.83)
|
(59.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(36.61) |
(24.09)
|
(26.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.66) |
(1.06)
|
(0.74) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.36 |
2.33
|
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.05
|
1.22 |
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 |
1303.109 |
1553.109 |
1542.171 |
|
Reserves & Surplus |
(497.448) |
(1041.745) |
(1368.337) |
|
Share Application money pending
allotment |
0.000 |
0.000 |
150.000 |
|
Net
worth |
805.661 |
511.364 |
323.834 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
604.900 |
1191.900 |
762.900 |
|
Total
borrowings |
604.900 |
1191.900 |
762.900 |
|
Debt/Equity
ratio |
0.751 |
2.331 |
2.356 |
%20LIMITED%20-%20282349_MIRA%2023-Aug-2014_files/image004.gif)
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 |
1,003.153 |
665.144 |
441.250 |
|
|
|
(33.695) |
(33.661) |
%20LIMITED%20-%20282349_MIRA%2023-Aug-2014_files/image006.gif)
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
|
1,003.153 |
665.144 |
441.250 |
|
Profit |
(595.564) |
(544.297) |
(537.530) |
|
|
(59.37%) |
(81.83%) |
(121.82%) |
%20LIMITED%20-%20282349_MIRA%2023-Aug-2014_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS ARE NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
The registered office of the company has been shifted from HSBC Umang,
Fifth Floor, Mind Space Link Road, Malad (West), Mumbai – 400064, Maharashtra,
India to the present address w.e.f. 14.05.2012
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and
advances from related parties |
662.900 |
1091.900 |
|
|
|
|
|
Total |
662.900 |
1091.900 |
OPERATIONS AND
OUTLOOK FOR THE CURRENT YEAR
During the
financial year 2012-13, HISL incurred net loss of Rs. 538 Mn. as against Rs.
544 Mn. incurred in the previous year.
Revenues earned
from Equity broking reduced by 39% from Rs. 468.9 Mn. during financial year
2011-12 to Rs. 285.1 Mn. during the financial year 2012-13 and income earned
from distribution of financial products decreased by 50% from Rs. 62.8 Mn. to
Rs. 31.1 Mn. during the year. The overall revenues from operations of business
have fallen by 33% from Rs. 660.30 Mn. to Rs. 441.5 Mn. Expenses reduced by 19%
from Rs. 1204.6 Mn. in the previous year to Rs. 979 Mn. during the year under
review on account of rationalization of branches and restructuring of
operations, including closure of the dealing infrastructure for all franchisee
outlets. Margins remained under pressure. Market conditions continue to be
challenging. During the year under review, your Company discontinued franchisee
operations due to lack of viability.
To address the
ongoing losses, the Company has commenced a strategic review of its operations
and all possible options are being explored. Due to change in market conditions
and rationalization of branches, the Company has taken additional charge of
Rs.137 Mn. Towards impairment of some of its assets and detailed breakup of impairment
charges is provided in note no. 23.13 of the Financial Statement.
NO CHARGES EXIST FOR
COMPANY
FIXED ASSETS:
v
Tangible Assets
· Furniture and Fixtures
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
v
Intangible Assets
Goodwill
Brands
and Trade Marks
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.60.77 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
44 |
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.