MIRA
INFORM REPORT
|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED |
|
|
|
|
Registered
Office : |
One India Bulls, Tower 1, 17th Floor, Jupiter Mills
Compound, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.09.1994 |
|
|
|
|
Com. Reg. No.: |
11-080811 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 180.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65991MH1994PLC080811 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB05956G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB6134D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Asset Management and Portfolio Management Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 15500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established asset management company having good
track record. Profit of the company has increased during 2013. Company has performed
well. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a one-fourth
share in total jobs created, according to a study by industry lobby group
Assochem, Banks, real estate, automobile and telecommunications sectors are
showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries to
stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Birla Floating Rate : Short Term Plan :
AAAmfs |
|
Rating Explanation |
Highest credit quality and lowest credit
risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Birla Cash Plus Fund : A1+mfs |
|
Rating Explanation |
Highest credit quality and lowest credit
risk. |
|
Date |
March 2013 |
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. Suresh Rajghor |
|
Designation : |
Deputy Finance Manager |
|
Contact No.: |
91-22-43568000 |
|
Date : |
17.02.2014 |
LOCATIONS
|
Registered Office : |
One India Bulls, Tower 1, 17th Floor, Jupiter Mills
Compound, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013,
Maharashtra, India |
|
Tel. No.: |
91-22-43568009/ 43568000 |
|
Fax No.: |
91-22-43568110 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 24.07.2012
|
Name : |
Mr. Donald Alexander Stewart |
|
Designation : |
Director |
|
Address : |
Sun Life
Financial Services Inc., 150, King Street West, 6th Floor,
Toronto, Onm5hij9, Canada |
|
Date of Birth/Age : |
06.11.1946 |
|
Qualification : |
FIA, FCIA |
|
Date of Appointment : |
29.09.2000 |
|
DIN No.: |
00438164 |
|
|
|
|
Name : |
Mr. Kumar Mangalam Birla |
|
Designation : |
Director |
|
Qualification : |
C.A., M.B.A. (London Business School) |
|
Date of Appointment : |
28.10.1995 |
|
DIN No.: |
00012813 |
|
|
|
|
Name : |
Mr. Ajay Srinivasan |
|
Designation : |
Director |
|
Address : |
91 / 901,
Narain Tarraces, 7TH , 8TH Floor, Union Park Road, Pali Hill, Bandra
(West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1963 |
|
Qualification : |
B.A. Economics (Hons.), PGDM, IIM – Ahmedabad |
|
Date of Appointment : |
02.08.2007 |
|
DIN No.: |
00121181 |
|
|
|
|
Name : |
Mr. Pankaj Jawaharlal Razdan |
|
Designation : |
Director |
|
Address : |
Sherwin
Ark, Bungalow No. 3, Bellscot CHS Lokhandwala Complex, Andheri (West), Mumbai
- 400058, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1968 |
|
Qualification : |
B. Tech (Electronics), B. S C (Electronics) |
|
Date of Appointment : |
21.10.2009 |
|
DIN No.: |
00061240 |
|
|
|
|
Name : |
Mr. Navalkishor Naginlal Jambusaria |
|
Designation : |
Director |
|
Address : |
401, Bakers Field, A – 22, Shastri Nagar, Near Lokhandwala Complex,
Andheri, Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1933 |
|
Qualification : |
M. Com, Fellow of the Institute of Actuaries, London, F.A.S.I. (Fellow
of the Actuarial Society of India) |
|
Date of Appointment : |
19.06.2001 |
|
DIN No.: |
00055760 |
|
|
|
|
Name : |
Mr. Sandeep Asthana |
|
Designation : |
Director |
|
Address : |
A - 403,
Golden Oak, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1968 |
|
Qualification : |
B. Tech (IIT, Mumbai), MBA (IIM, Lucknow ) |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
00401858 |
|
|
|
|
Name : |
Mr. Naresh Chand Singhal |
|
Designation : |
Director |
|
Address : |
D-107, Poornima,
Pedder Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1936 |
|
Qualification : |
Postgraduate in Economics, Statistics and Administration, Has received
professional education from institutes like IIM (Ahmedabad, Calcutta), IIT
Kanpur, and ISI Calcutta |
|
Date of Appointment : |
20.05.2002 |
|
DIN No.: |
00004916 |
|
|
|
|
Name : |
Mr. Bobby Kanubhai Parikh |
|
Designation : |
Director |
|
Address : |
4, Seven on the Hill, Auxilium Convent Road, Pali Hill, Bandra (West),
Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
30.04.1964 |
|
Qualification : |
B.Com, C.A. |
|
Date of Appointment : |
03.02.2012 |
|
DIN No.: |
00019437 |
|
|
|
|
Name : |
Mr. Sundara Raman Subramaniam |
|
Designation : |
Director |
|
Address : |
304, Cypress, Marigold Premises, Kalyan Nager, Pune – 411014,
Maharashtra, India |
|
Date of Birth/Age : |
30.06.1937 |
|
Qualification : |
B.Com (Hons.), C. A. , Post Graduate in Business Management |
|
Date of Appointment : |
15.11.1999 |
|
DIN No.: |
00308407 |
|
|
|
|
Name : |
Mr. Vaidyanathan Ramamurthy |
|
Designation : |
Director |
|
Address : |
226, Panduranga Nagar, Bannerghatta Road, Bangalore – 560076,
Karnataka, India |
|
Date of Birth/Age : |
21.12.1951 |
|
Qualification : |
M. Stat, PhD in Finance |
|
Date of Appointment : |
21.10.2009 |
|
DIN No.: |
00221577 |
|
|
|
|
Name : |
Mr. Kevin David Strain |
|
Designation : |
Director |
|
Address : |
180, Watson Ave, Oakville, Ontario, Canada – L6A 3T8 |
|
Date of Birth/Age : |
31.08.1966 |
|
Date of Appointment : |
28.04.2012 |
|
DIN No.: |
05262340 |
|
|
|
|
Name : |
Mr. Bharat Vithalbhai Patel |
|
Designation : |
Director |
|
Address : |
52, Mlami Apartments, Bhulabhai Desai Road, Breach Candy, Mumbai –
400026, Maharashtra, India |
|
Date of Birth/Age : |
25.09.1944 |
|
Date of Appointment : |
27.06.2012 |
|
DIN No.: |
00060998 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Rajghor |
|
Designation : |
Deputy Finance Manager |
|
|
|
|
Name : |
Mr. Rajiv Vinodchandra Joshi |
|
Designation : |
Secretary |
|
Address : |
A/6, Jeevan Sudha, Juhu Lane, Andheri (West), Mumbai – 400058,
Maharashtra, India |
|
Date of Birth/Age : |
07.05.1963 |
|
Date of Appointment : |
25.04.2008 |
|
PAN No.: |
AACPJ1462H |
|
|
|
|
Name : |
Mr. A Balasubramanian |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Parag Joglekar
|
|
Designation : |
Head - Finance and Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Aditya Birla Financial Services Private Limited, India |
|
9179980 |
|
Sun Life (India) AMC Investments Inc., Canada |
|
8820000 |
BUSINESS DETAILS
|
Line of Business : |
Providing Asset Management and Portfolio Management Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
701, Leela Business Park, Andheri Kurla
Road, Andheri (East), Mumbai - 400059,
Maharashtra, India |
|
Tel. No.: |
91-22-61326999/ 66729999 |
|
Fax No.: |
91-22-22856237/ 66729777 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFH2010F |
|
|
|
|
Parties Where Control Exist (Subsidiaries) : |
· India Advantage Fund Limited Birla Sun Life AMC (Mauritius) Limited Aditya Birla Sun Life AMC Limited, Dubai Aditya Birla Sun Life AMC Pte. Limited, Singapore |
|
|
|
|
Ultimate Holding Company : |
Aditva Birla Nuvo Limited |
|
|
|
|
Holding Company : |
Aditya Birla Financial Services Private Limited |
|
|
|
|
Other Related Parties : |
Sun Life (India) AMC Investments Inc; Canada |
|
|
|
|
Fellow Subsidiaries of Ultimate Holding Company : |
· Birla Sun Life Insurance Company Limited Birla Sun Life Trustee Company Private Limited Aditva Birla Money Mart Limited ABNL Investment Limited Aditya Birla Finance Limited Aditya Birla Money Limited Aditya Birla Financial Shared Services Limited Aditya Birla Minacs Worldwide Limited Aditya Birla Money Insurance Advisory Services Limited Aditya Birla Customer Services Private Limited IDEA Cellular Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs. 10/- each |
Rs. 180.000
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 |
180.000 |
180.000 |
180.000 |
|
(b) Reserves & Surplus |
3,706.881 |
2,833.792 |
2070.694 |
|
(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) |
3,886.881 |
3,013.792 |
2250.694 |
|
|
|
|
|
|
(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 |
10.634 |
62.567 |
52.661 |
|
(d) long-term
provisions |
4.207 |
43.407 |
143.965 |
|
Total Non-current
Liabilities (3) |
14.841 |
105.974 |
196.626 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
578.270 |
472.453 |
492.481 |
|
(c)
Other current liabilities |
73.315 |
34.716 |
55.681 |
|
(d) Short-term
provisions |
426.586 |
287.621 |
309.780 |
|
Total Current
Liabilities (4) |
1,078.171 |
794.790 |
857.942 |
|
|
|
|
|
|
TOTAL |
4,979.893 |
3,914.556 |
3305.262 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
78.611 |
95.691 |
121.148 |
|
(ii)
Intangible Assets |
138.919 |
193.086 |
247.137 |
|
(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 |
426.171 |
573.480 |
176.877 |
|
(c) Deferred tax assets (net) |
28.685 |
29.260 |
11.809 |
|
(d) Long-term Loan and Advances |
397.480 |
1,046.762 |
1008.806 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,069.866 |
1,938.279 |
1565.777 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2,128.682 |
1,133.269 |
1075.132 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
139.464 |
76.801 |
58.245 |
|
(d) Cash
and cash equivalents |
40.659 |
45.466 |
58.301 |
|
(e)
Short-term loans and advances |
1,147.163 |
370.394 |
304.008 |
|
(f)
Other current assets |
454.059 |
350.347 |
243.799 |
|
Total
Current Assets |
3,910.027 |
1,976.277 |
1739.485 |
|
|
|
|
|
|
TOTAL |
4,979.893 |
3,914.556 |
3305.262 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3,963.896 |
3,073.508 |
3658.451 |
|
|
|
Other Income |
386.631 |
419.764 |
212.578 |
|
|
|
TOTAL (A) |
4,350.527 |
3,493.272 |
3871.029 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
971.760 |
808.296 |
1005.265 |
|
|
|
Administrative and Other expense |
620.681 |
614.914 |
618.230 |
|
|
|
Distribution and Schemes Expenses |
1,433.706 |
882.146 |
840.415 |
|
|
|
TOTAL (B) |
3,026.147 |
2,305.356 |
2463.910 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,324.380 |
1,187.916 |
1407.119 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.495 |
1.882 |
5.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,317.885 |
1,186.034 |
1401.670 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
104.188 |
124.308 |
140.339 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1,213.697 |
1,061.726 |
1261.331 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
340.609 |
298.627 |
415.901 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
873.088 |
763.099 |
845.430 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2738.703 |
1975.604 |
1130.174 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3611.791 |
2738.703 |
1975.604 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Management and Advisory Fees |
64.565 |
69.254 |
77.663 |
|
|
|
Dividend |
32.262 |
96.649 |
45.996 |
|
|
TOTAL EARNINGS |
96.827 |
165.903 |
123.659 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
48.50 |
42.39 |
46.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
20.07
|
21.84 |
21.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
30.62
|
34.54 |
34.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.69
|
32.06 |
40.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.35 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.63
|
2.49 |
2.03 |
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 |
180.000 |
180.000 |
180.000 |
|
Reserves & Surplus |
2070.694 |
2,833.790 |
3,706.880 |
|
Net
worth |
2,250.694 |
3,013.792 |
3,886.881 |
|
|
|
|
|
|
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 |
3658.451 |
3,073.510 |
3,963.900 |
|
|
|
(15.989) |
28.970 |
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 |
3658.451 |
3,073.510 |
3,963.900 |
|
Profit |
845.430 |
763.099 |
873.088 |
|
|
23.11% |
24.83% |
22.03% |
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 |
No |
|
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 |
Yes |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: NMAL/3046/2010 Filing Date: 22.10.2010 Reg. No.: NMA/3046/2010 Reg. Date: 22.10.2010 |
|
Main Matter Lodging No: ITXAL/2454/2008
Reg. No.: ITXA/810/2010 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX-8 Respondent: M/S. BIRLA
SUN LIFE ASSET MANAGEMENT COMPANY LIMITED, MUMBAI Petn. Adv : SURESH KUMAR (0)
Resp. Adv.: ATUL K. JASANI (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: NOTICE OF MOTION (TAX) Last Date: 16.11.2010
Stage: Last Coram: ACCORDING TO SITTING LIST ACCORDING TO
SITTING LIST |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
COMPANY OVERVIEW
Subject was
incorporated on September 5, 1994. The Company is a joint venture between the Aditya
Birla Group and Sun Life Financial, Inc. The share capital of the Company is
equally owned by Aditya Birla Financial Services Private Limited (Wholly owned
Subsidiary of Aditya Birla Nuvo Limited) - and Sun Life (India) AMC Investments
Inc., (wholly owned subsidiary of Sun Life Financial, Inc.)
The Company is
registered with Securities and Exchange Board of India (SEBI) under the SEBI
(Mutual Funds) Regulations, 1996 and the principal activity is to act as an
investment manager to Birla Sun Life Mutual Fund. The Company manages the
investment portfolios of Birla Sun Life Mutual Fund, India Advantage Fund
Limited, Mauritius, India Excel (Mauritius) Fund. The Company is also
registered under the SEBI (Portfolio Managers) Regulations, 1993 and provides portfolio
management services and investment advisory services to offshore funds and high
net worth investors.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
(I) Contingent
Liabilities not provided for In respect of.
a. Disputed taxation
matters
Department has issued order for AY 2007-08 for imposing Penalty of Rs 1.712 Millions (Previous Year Rs 1.712 Millions) on certain disallowance, The matter is under appeal with CIT (A).
Department has issued Assessment order for AY 2010-11 of Rs. 1.634 Millions on certain disallowance. The company have filed appeal with DT(A).
Show Cause cum Demand Notice from Service Tax Authorities Issued for the AY 2007-08 to AY 2012-13 disputing Cenvat Credit claim of the Company to the tune of Rs. 1040.431 Millions (Previous Year 848.386 Millions)|. The matter is pending before the Commissioner for adjudication
Disallowing initial issue Expenses, Repairs and Renovation Expenses and Fund Migartion Exps on the alleged contention that the same were capital in nature. The tax impact of Rs. 40.197 Millions (Previous Year 40.197 Millions). The matter is pending before High Court
b. Disputed legal
claims:
Investor claims pending In Consumer Redressal Forums of Rs. 0.271 Million (Previous Year Rs 0.296 Million)
Investor claims pending in other courts/authorities of Rs.0.106 Million (Previous Year Rs. 0.116 Million).
Disputed other legal matters Rs. 0.229 Millions (Previous year Rs 0.229 Millions)
The management has taken a legal opinion on the above matters The chances of losing the above legal matters is unlikely and so no provision for the liability is been made in the books
c. Unexecuted
Contracts:
Estimated amount of contracts (net of advances) remaining to be executed on capital account is Rs. 2.671 Million {Previous year Rs 0.600 Million).
FIXED ASSETS:
· Computers
Furniture
and Fixture
Vehicles
Office
Equipments
Leasehold
Improvements
Software
Investment
Management Rights
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. 61.95 |
|
|
1 |
Rs. 104.02 |
|
Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.