|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOTAK MAHINDRA TRUSTEE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
36-38 A Nariman Bhavan, 227, Nariman Point, Mumbai -
400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-090279 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.501 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1995PLC090279 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Trustee of Mutual Funds. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 1800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a Kotak Group Company. It is a well established and reputed company having fine track record. Financial position of the company appears to be strong and healthy.
Directors are reported to be well experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative. (Tel No.: 91-22-61660000)
LOCATIONS
|
Registered Office : |
36-38 A Nariman Bhavan, 227, Nariman Point, Mumbai -
400021, Maharashtra |
|
Tel. No.: |
91-22-61660000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Girish Sharedlal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Balan Wasudeo |
|
Designation : |
Director |
MAJOR SHAREHOLDERS
SHAREHOLDING DETAILS ARE NOT AVAILABLE.
BUSINESS DETAILS
|
Line of Business : |
Trustee of Mutual Funds. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management
|
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Holding
company : |
Kotak Mahindra Bank Limited |
|
|
|
|
Fellow
subsidiaries : |
·
Kotak Mahindra Asset Management
Company Limited (KMAMC) ·
Kotak Mahindra Investments Limited
(KMIL) |
|
|
|
|
Mutual
Fund managed by Fellow Subsidiary : |
·
Kotak Mahindra Mutual Fund (KMMF),
managed by Kotak Mahindra Asset Management Company Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50070 |
Equity Shares |
Rs. 10/- each |
Rs.0.501 Million |
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 |
0.501 |
0.501 |
0.501 |
|
(b) Reserves & Surplus |
452.986 |
367.614 |
291.970 |
|
(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) |
453.487 |
368.115 |
292.471 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.250 |
0.250 |
0.250 |
|
Total Non-current Liabilities (3) |
0.250 |
0.250 |
0.250 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
0.307 |
0.291 |
1.058 |
|
(d) Short-term provisions |
0.972 |
1.047 |
36.581 |
|
Total Current Liabilities (4) |
1.279 |
1.338 |
37.639 |
|
|
|
|
|
|
TOTAL |
455.016 |
369.703 |
330.360 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
0.108 |
0.070 |
0.170 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
0.108 |
0.070 |
0.170 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
400.000 |
98.735 |
98.735 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
9.100 |
7.119 |
8.130 |
|
(d) Cash and cash
equivalents |
45.538 |
263.667 |
223.073 |
|
(e) Short-term loans and
advances |
0.270 |
0.112 |
0.180 |
|
(f) Other current assets |
0.000 |
0.000 |
0.072 |
|
Total Current Assets |
454.908 |
369.633 |
330.190 |
|
|
|
|
|
|
TOTAL |
455.016 |
369.703 |
330.360 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
94.734 |
95.632 |
93.258 |
|
|
|
|
Other Income |
26.184 |
15.432 |
15.093 |
|
|
|
|
TOTAL |
120.918 |
111.064 |
108.351 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Other Expenses |
6.773 |
6.356 |
9.337 |
|
|
|
|
TOTAL |
6.773 |
6.356 |
9.337 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
114.145 |
104.708 |
99.014 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
28.773 |
29.064 |
32.203 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
85.372 |
75.644 |
66.811 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
346.431 |
270.787 |
245.892 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Proposed dividend on Equity
Shares for the year |
0.000 |
0.000 |
30.042 |
|
|
|
|
Dividend distribution tax on
Proposed dividend on Equity Shares |
0.000 |
0.000 |
4.874 |
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
7.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
431.803 |
346.431 |
270.787 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
1705.00 |
1511.00 |
1334.00 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
70.60 |
68.11 |
61.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
120.49 |
109.49 |
106.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.09 |
28.33 |
29.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.28 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
355.67 |
276.26 |
8.77 |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CORPORATE
INFORMATION
Subject is a Company incorporated on 5th July 1995.The
Company is approved by SEBI to act as the Trustee for the Schemes of Kotak
Mahindra Mutual Fund.
Financial
Result
The Quarterly Average assets under
management (QAAUM) of the Mutual Fund grew 37% in FY 13 to Rs.359450.000
Millions while that of
the industry
grow 22.8% in the same period.
The trusteeship income during the period has seen a marginal reduction as compared to the previous year, and the profit before tax has increased
by 9%. .
MANAGEMENT DISCUSSI0N.AND ANALYSIS
The financial year 2012-13 saw record inflows from Foreign Institutional Investors
(FIIs). In FY-13, net FII investments in equities were at $25.81 billion in comparison to $9 billion in FY-12. The performance of Sensex and Nifty during FY-13 was at 8.2% and 7.3%, respectively. The year
gone by saw easing of
interest rates, slowing growth and high
Current Account Deficit. Although the first
quarter saw a net FII outflow in equity of around $349 million, investments
picked up pace from them with most
inflows being in the last quarts
is a net in of $10.15 billion.
The Union budget N-2014, was an attempt
to address fiscal deficit. The fiscal
deficit in FY-13 stood at 53%
of GDP. The budgeted estimate
of fiscal deficit
for next financial year
is at 4.8% the most notable step -the government during the financial year to curb the rising deficit was hike in
both petrol & diesel pice3
which would help moderate
petroleum subsidy. From the Mutual Fund Industry's standpoint, the Rajiv Gadhi
Equity Savings Scheme (RGESS) which was announced the last fiscal budget got operationalized during the financial year. As per the relevant guidelines Kotak
Nifty ETF and Kotak Sensex EIF have
been made eligible as RGESS compliant sew. The increase in the slab rate in the DDT from 12.5% to 25% on the debt
schemes has eliminated the tax differential between the debt and the liquid schemes.
From the debt market 'point of view, the financial
year 2013 started on a dovish
Dote as slowing Growth and easing inflation completes RBI to slash repo rate 3
times, aggregating 100 basis points. Short end of the yield curve eased gradually in FY-13 as interest
rate came down.
3 month Bank CDs which were trading at
around 10.2% on April 1, 2012, eased to
around 8.8% on March 31, 2013.
The debt market represented by the 10 year benchmark bond yield, though volatile, eased consideredably during the year. Starting the year at 8.75% the 10 year benchmark bond closed at 7.96 %% on March 31, 2013.
RBI's massive bond buying
programed through Open Market Operations
(OMOs) supported liquidity and aided the bond market throughout the year.
NOTE:
·
Current maturities
of long term debt details not available
·
No charges exist
for the company
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
|
1 |
Rs.102.24 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.