MIRA
INFORM REPORT
|
Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOTILAL OSWAL FINANCIAL SERVICES LIMITED |
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Registered
Office : |
Palm Spring Centre, 2nd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.05.2005 |
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Com. Reg. No.: |
11-153397 |
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Capital Investment
/ Paid-up Capital : |
Rs.145.240 Millions |
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CIN No.: [Company Identification
No.] |
L67190MH2005PLC153397 |
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Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Non-Banking Finance Company |
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No. of Employees
: |
8 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (59) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 23000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a diversified financial services firm offering a range of
financial products and services. It is an established and reputed company having good track record. There appears some dip in the profits of the company during current
year. However, general financial position of the company appears sound. Trade relations are reported as 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 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Equity Linked Debenture (Principal
Protected) = PP-MLD [ICRA]AA- |
|
Rating Explanation |
High degree of safety. It carry very low
credit risk. PP-MLD is the rating for the principal protected market linked
debenture to be issued by the company |
|
Date |
October 2012 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Milap Jain |
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Designation : |
AVP Accountant Taxation |
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Contact No.: |
91-8879771259 |
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Date : |
08.01.2014 |
LOCATIONS
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Registered Office : |
Palm Spring Centre, 2nd Floor, |
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Tel. No.: |
91-22-30801000/30896680/39982515/67490600 |
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Fax No.: |
91-22-28449044 |
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E-Mail : |
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Head Office : |
Hoechst House,3rd Floor, Nariman Point,
Mumbai-400 021, |
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Tel. No.: |
91-22-39825500 |
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Fax No.: |
91-22-22823499 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Motilal Oswal |
|
Designation : |
Chairman
and Managing Director and Chief Executive Officer |
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Name : |
Mr. Raamdeo Agrawal |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Navin Agarwal |
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Designation : |
Director |
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Name : |
Mr. Baikumar Agarwal |
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Designation : |
Independent Director |
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Name : |
Mr. Vivek Paranjpe |
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Designation : |
Independent Director |
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Name : |
Mr. Praveen Tripathi |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Sameer Kamath |
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Designation : |
Chief Finance Officer |
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Name : |
Mr. Samrat Sanyal |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr. Milap Jain |
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Designation : |
AVP Accountant Taxation |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
25637298 |
18.46 |
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|
76793394 |
55.29 |
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|
102430692 |
73.75 |
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|
Total shareholding of Promoter and Promoter Group (A) |
102430692 |
73.75 |
|
(B) Public Shareholding |
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|
|
|
|
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|
10502995 |
7.56 |
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|
48 |
0.00 |
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|
4805588 |
3.46 |
|
|
15308631 |
11.02 |
|
|
|
|
|
|
2509139 |
1.81 |
|
|
|
|
|
|
3985416 |
2.87 |
|
|
4253879 |
3.06 |
|
|
10403994 |
7.49 |
|
|
63576 |
0.05 |
|
|
567343 |
0.41 |
|
|
1969065 |
1.42 |
|
|
7804010 |
5.62 |
|
|
21152428 |
15.23 |
|
Total Public shareholding (B) |
36461059 |
26.25 |
|
Total (A)+(B) |
138891751 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
138891751 |
0.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionsShareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Passionate Investment Management Private Limited |
76792394 |
55.29 |
|
Motilal Oswal |
12110476 |
8.72 |
|
Raamdeo Agarawal |
11828100 |
8.52 |
|
Raamdeo Agrawal HUF |
650000 |
0.47 |
|
Suneeta Raamdeo Agrawal |
295400 |
0.21 |
|
Vimla Motilal Oswal |
125240 |
0.09 |
|
Dr. Karoon Ramgopal Agrawal |
100000 |
0.07 |
|
Vinay R Agrawal |
100000 |
0.07 |
|
Sukhdeo Ramgopal Agarawal |
81576 |
0.06 |
|
Satish R Agrawal |
80080 |
0.06 |
|
Rajendra G Oswal |
75000 |
0.05 |
|
Govinddeo R Agrarwal |
60000 |
0.04 |
|
Suman Agrawal |
50000 |
0.04 |
|
Vimladevi Salecha |
37500 |
0.03 |
|
Anita Anandmorthy Agrawal |
30000 |
0.02 |
|
Suresh Champalal Jain |
5000 |
0.00 |
|
Ashokkumar Champalal Tated |
5000 |
0.00 |
|
Rajesh Agarwal |
2806 |
0.00 |
|
Motilal Gopilal Oswal and Raamdeo Agarawal |
1000 |
0.00 |
|
OSAG Enterprises LLP |
1000 |
0.00 |
|
Motilal Oswal HUF |
120 |
0.00 |
|
Total |
102430692 |
73.75 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
HDFC Funds Group |
10136653 |
7.30 |
|
New Vernon Private Limited |
1969065 |
1.42 |
|
Navin Agarwal |
7804010 |
5.62 |
|
JP Morgan Indian Investment Company (Mauritius) Limited |
2532674 |
1.82 |
|
Total |
22442402 |
16.16 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Navin Agarwal |
7804010 |
5.62 |
|
HDFC Funds Group |
10136653 |
7.30 |
|
Total |
17940663 |
12.92 |
BUSINESS DETAILS
|
Line of Business : |
Non-Banking Finance Company |
GENERAL INFORMATION
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No. of Employees : |
8 (Approximately) |
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Bankers : |
·
Citibank N.V ·
HDFC bank ·
Standard Chartered Bank ·
State Bank of India ·
HSBC ·
ICICI Bank ·
Yes Bank ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Holding Company: |
Passionate Investment Management Private Limited (From 5th
October,2012) |
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Subsidiary
Companies: |
· Motilal Oswal Securities Limited · Motilal Oswal Investment Advisors Private Limited · Motilal Oswal Private Equity Advisors Private Limited · Motilal Oswal Commodities Broker Private Limited · Motilal Oswal Capital Markets Private Limited · Motilal Oswal Wealth Management Private Limited · Motilal Oswal Insurance Brokers Private Limited · Motilal Oswal Asset Management Company Limited · Motilal Oswal Trustee Company Limited · Motilal Oswal Capital Market (Hongkong) Private Limited · Motilal Oswal Capital Markets (Singapore) Pte. Limited · Motilal Oswal Securities International Private Limited |
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Enterprises in
which Key Managerial Personnel exercise Significant Influence: |
· Nagori Agro and Cattle Feeds Private Limited · Rishabh Securities Private Limited · Windwell Securities Private Limited · Textile Exports Private Limited · Raamdeo Agarawal (HUF ) · VISU Associates - Partnership firm · OSAG Enterprises LLP · Motilal Oswal Foundation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
870000000 |
Equity Shares |
Re.1/- each |
Rs.870.000 Millions |
|
5000000 |
Preference Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs.1370.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
145235776 |
Equity Shares |
Re.1/- each |
Rs.145.240 Millions |
Of the above 2786676 equity shares, fully paid up have been issued for
consideration other than cash
Equity Shares:
The Company has
one class of equity shares having a par value of Re.1/- each, holder of equity
shares is entitled to one vote per share.
The Company
declares and pays dividend in Indian rupees. The dividend proposed by the Board
of Directors is subject to the approval of shareholders in the ensuing Annual
General Meeting.
During the year ended
March 31, 2012, the amount of per share dividend recognized as distributions to
equity shareholders was Rs.1.50. The dividend for the year ended March 31, 2013
includes Re.1/- per share for final dividend snd Re.1/- per share for interim
dividend. The total dividend appropriated amounts to Rs290.480 millions
(Previous Year: Rs.217.680 millions) and corporate dividend tax of Rs.11.840
millions (Previous year: Rs.20.860 millions).
In the event of
liquidation of Company, the holder of equity shares will be entitled to receive
any of the remaining assets of the company, after distribution of all
preferential amounts. However no such preferential amounts exist currently. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
Preference Shares:
The Company has
one class of preference shares having a par value of Rs.100/- and there are no
preference shares issued and subscribed as on 31.03.2013 and 31.03.2012.
- Reconciliation of the shares
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
Number of share
at beginning of the year |
145122869 |
145.120 |
|
Add: Share
issued on exercise of employee stock options |
-- |
0.000 |
|
Add: Share
issued on preferential basis |
112907 |
0.110 |
|
Number of Share at the end of the year |
145235776 |
145.230 |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Passionate Investment
Management Private Limited |
76453550 |
52.64% |
|
Mr. Motilal
Oswal |
12110476 |
8.34% |
|
Mr. Raamdeo
Agarawal |
11828100 |
8.14% |
|
HDFC Trustee
Company Limited - HDFC Mutual Fund |
10145380 |
6.99% |
|
Mr. Navin
Agarwal |
7804010 |
5.37% |
|
New Vernon Private Equity Limited |
6660217 |
4.59% |
Shares reserved for issue under options
The company has
four Stock option Schemes
Motilal Oswal Financial Services Limited
-Employees’ Stock Option Scheme -III’ (ESOS-III)
The Scheme was approved
by Board of Directors on 23.01.2006 and by the shareholders in EGM dated
03.02.2006 and EGM dated 28.04.2006 and is for issue of 1167275 options
representing 1167275 Equity shares of Rs.2 each.
Motilal Oswal Financial Services Limited -Employees’
Stock Option Scheme -IV’ (ESOS-IV)
The Scheme was
approved by Board of Directors on 16.03.2007 and by the shareholders in EGM
dated 16.03.2007 and EGM dated 09.07.2007and is for issue of 200,000 options
representing 200,000 Equity shares of Rs.5 each
Motilal Oswal Financial Services Limited
-Employees’ Stock Option Scheme -V’ (ESOS-V)
The Scheme was
approved by Board of Directors on 18.10.2007 and by the shareholders on
4.12.2007 by postal ballot and is for issue of 2500000 options representing
2500000 Equity shares of Re.1 each
Motilal Oswal Financial Services Limited
-Employees’ Stock Option Scheme -VI’ (ESOS-VI)
The Scheme was
approved by Board of Directors on 21.04.2008 and by the shareholders in AGM
dated 08.07.08 and is for issue of 5000000 options representing 5,000,000
Equity shares of Re.1 each
The activity in
the (ESOS-III), (ESOS-IV), (ESOS-V) and (ESOS-VI) during the year ended March
2013 and March 2012 is set below:
|
Particulars |
In Numbers |
|
The (ESOS-III) : (Face value of Rs.2/- each) |
|
|
Options
outstanding at the beginning of the year |
10950 |
|
Less: Exercised |
-- |
|
Less: Lapsed |
1700 |
|
Options
outstanding at the end of the year |
9250 |
|
|
|
|
The (ESOS-IV) : (Face value of Rs.5/- each) |
|
|
Options
outstanding at the beginning of the year |
5000 |
|
Less: Lapsed
5,000 – |
5000 |
|
Options
outstanding at the end of the year |
-- |
|
|
|
|
The (ESOS-V) : (Face value of Re.1/- each) |
|
|
Options
outstanding at the beginning of the year |
2047750 |
|
Less: Lapsed |
639250 |
|
Options
outstanding at the end of the year |
1408500 |
|
|
|
|
The (ESOS-VI) : (Face value of Re.1/- each) |
|
|
Options
outstanding at the beginning of the year |
410000 |
|
Less: Lapsed |
661000 |
|
Options outstanding at the end of the year |
3439000 |
Employees’ Stock
Options Scheme (ESOS):
During the year no
Employee Stock Options have been granted to the employees of the company and its
subsidiary Companies (Previous Year Rs. Nil).
The Company has
adopted intrinsic value method of accounting Employee Compensation Cost in
respect of ESOS. The intrinsic value of shares is excess of market price of the
shares under ESOS over the exercise price. Employee Compensation Cost is
accounted for by amortizing the intrinsic value on the straight line basis over
the vesting period. The total amount to be amortized as at March 31, 2013 over
the balance vesting period is Re. 0.130 millions (Previous year- Re. 0.200
millions)
Share allotted as
fully paid up pursuant to contract(s) without payment being received in cash
(during 5 years immediately preceding March 31, 2013).
2786676 (989066 in
August 2009, 984463 in August 2010, 700240 in August 2011 and in 112907 in
August 2012) equity Shares of Re.1 each issued under swap arrangement between
Company and employees of its Subsidiary Company.
Shares reserved
for issue under contracts/commitments
112907 Equity
shares of the company were issued on preferential basis in discharge of the
purchase consideration for the acquisition of 62500 equity shares of R 10 each
held by employees of subsidiary company Motilal Oswal Investment Advisors
Private Limited. The price and no of shares had been derived from the formula
agreed between the Company and counter party. As on 31st March, 2013 no shares
are reserved for issue on preferential basis.
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 |
145.240 |
145.120 |
144.420 |
|
(b) Reserves & Surplus |
5536.100 |
5439.320 |
4981.330 |
|
(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) |
5681.340 |
5584.440 |
5125.750 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
250.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
36.520 |
34.760 |
23.040 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.890 |
1.920 |
0.890 |
|
Total Non-current Liabilities (3) |
288.410 |
36.680 |
23.930 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1253.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
50.530 |
510.090 |
84.440 |
|
(d) Short-term provisions |
257.310 |
146.740 |
276.170 |
|
Total Current Liabilities (4) |
1560.840 |
656.830 |
360.610 |
|
|
|
|
|
|
TOTAL |
7530.590 |
6277.950 |
5510.290 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1522.600 |
1633.070 |
168.100 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
1204.860 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1196.890 |
987.020 |
832.630 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28.920 |
138.050 |
126.780 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2748.410 |
2758.140 |
2332.370 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
2.880 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
112.180 |
11.600 |
16.080 |
|
(e) Short-term loans and
advances |
4215.920 |
3454.730 |
3158.750 |
|
(f) Other current assets |
454.080 |
53.480 |
0.210 |
|
Total Current Assets |
4782.180 |
3519.810 |
3177.920 |
|
|
|
|
|
|
TOTAL |
7530.590 |
6277.950 |
5510.290 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
700.060 |
464.300 |
496.000 |
|
|
|
Other Income |
248.990 |
355.180 |
147.410 |
|
|
|
TOTAL (A) |
949.050 |
819.480 |
643.410 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit Expenses |
63.080 |
64.730 |
26.360 |
|
|
|
Other Expenses |
50.040 |
51.170 |
40.180 |
|
|
|
Exceptional Item |
163.800 |
23.140 |
0.000 |
|
|
|
TOTAL (B) |
276.920 |
139.040 |
66.540 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
672.130 |
680.440 |
576.870 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
134.500 |
8.970 |
11.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
537.630 |
671.470 |
565.450 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
83.620 |
9.270 |
0.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
454.010 |
662.200 |
565.380 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
66.530 |
99.240 |
138.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
347.480 |
562.960 |
426.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
623.360 |
414.850 |
351.300 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
77.500 |
112.590 |
85.320 |
|
|
|
Proposed dividend / Interim Dividend |
290.480 |
217.680 |
202.260 |
|
|
|
Dividend Distribution Tax |
11.840 |
(20.860) |
32.810 |
|
|
|
Transfer to General Reserve |
31.000 |
45.040 |
42.660 |
|
|
BALANCE CARRIED TO
THE B/S |
600.020 |
623.360 |
414.850 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.610 |
22.700 |
11.390 |
|
|
TOTAL IMPORTS |
0.610 |
22.700 |
11.390 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.67 |
3.89 |
2.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
36.61 |
68.70 |
66.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
64.85 |
142.62 |
113.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.20 |
12.85 |
16.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.12 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.26 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06 |
5.36 |
8.81 |
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 |
Yes |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
CASE DETAILS Bench:-Bombay Presentation Date:- 25/06/2013
District:- NAGPUR Bench:- SINGLE Status:- Pre-Admission
Category:- ARBITRATION ACT Last Date:- 24/09/2013
Stage:- FOR
REJECTION [ORIGINAL SIDE MATTERS Last Coram:- REGISTRAR(OS)/PROTHONOTARY
AND SR. MASTER Act :- Arbitration and
Conciliation Act 1996 Under Section:- 8 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term
Borrowings |
|
|
|
From Subsidiary (Repayable on demand) |
1253.000 |
0.000 |
|
Total |
1253.000 |
0.000 |
NATURE OF
BUSINESS:
The Company is a Non-banking
Financial Company registered with the Reserve Bank of India (“RBI”) under
section 45-IA of the Reserve Bank of India Act, 1934 and primarily engaged in
lending and related activities. The Company received the Certificate of
Registration from the RBI on 5th April, 2006, enabling the Company to carry on
business as a Non-banking Finance Company.
In accordance with
the provisions of section 45- IC of the RBI Act, 1934, the Company has created
a Reserve Fund and during the year, the Company has transferred an amount of R
77.500 in millions (Previous Year R 112.590 in millions ) to Reserve Fund, it
being 20% of the Profit After Tax.
RESULTS: MOFSL
During the year,
the standalone revenues for the year were Rs.949.040 Millions, a growth of
15.81% as compared to Rs.819.480 Millions last year. Interest income went up by
35.34% to Rs.612.560 Millions, on account of an increase in the average loan
book size. Other operating income was Rs.89.480 Millions, which includes profit
earned on partial exits in few investments of the Private Equity Fund in which
MOFSL made sponsor commitments. Other income, which includes dividend from
subsidiaries, was R 248.990 Millions as compared to R 355.18 Millions in the
last year.
Due to slightly
lower operating expenses, the total expenses (before depreciation, interest and
exceptional items) registered a 2.42% decline to Rs.113.110 Millions this year.
Profit before depreciation, interest, exceptional items, and taxation (EBITDA)
increased by 18.81% this year, from Rs.703.580 Millions to Rs.835.930 Millions.
Interest and finance charges increased from R 8.970 Millions to R 134.500
Millions. Exceptional item of Rs.163.800 Millions represents provision for
doubtful advances / write off s. The Company’s net profit decreased by 31.17%
to Rs.387.480 Millions.
FUTURE OUTLOOK
Indian Stock
Markets had a mixed year in 2012-13. Multiple headwinds like inflation,
volatile commodity prices, slowdown in the investment cycle, policy slowdown, depreciating
Rupee impacted corporate performance and earnings visibility. However, news
flow in the second half of the year like moderation in Wholesale Price Index
due to easing in commodity prices and some action on reforms created positive
triggers. As inflation stability sustains and liquidity improves, it can lead
to further monetary easing which should eventually help to lower the cost of
borrowing and revive the investment cycle. At our end, we are building-up all
our businesses relentlessly, in such a way that we are ready to en-cash on any
up-turn in the market.
BUSINESS STREAMS AND OUTLOOK:
Motilal Oswal
Financial Services Limited (MOFSL) is a non-banking financial company (NBFC),
registered under the Reserve Bank of India Act, 1934. The company’s standalone
operations have two critical elements:
(i)
Build on a financing infrastructure that can best
customize risk adjusted products, have simple and compliant documentation, and
prompt loan approval procedures; and
(ii)
A strong structure in place that can most
efficiently source funds and manage resources.
There is a clearly
defined set of procedures for evaluating the creditworthiness of customers that
extends from initial evaluation to loan approval. Funds are advanced after due
process of evaluation and upon providing the necessary documentation. A lot of
emphasis is placed on tailoring finance to customer needs. MOFSL’s objective is
to ensure appraisal and disbursement within the shortest possible time, without
compromising on asset quality.
During the year, Crisil Limited reaffirmed the Credit Rating of “CRISIL
A1+” to the Short Term Debt Programme of Rs.1500.000 Millions of the Company.
ICRA Limited assigned the credit rating of “PP-MLD[ICRA] AA-” Rating with a
stable outlook to the Long Term Debt Programme of Rs.2500.000 Millions of the
company. Crisil Limited also reaffi rmed the Credit Rating of “CRISIL A1+” to
the Short Term Debt Programme of Rs.1000.000 Millions of Motilal Oswal
Securities Limited, a subsidiary of the Company. The ratings indicate a very
strong degree of safety regarding timely servicing of financial obligations.
FINANCIAL AND
OPERATIONAL PERFORMANCE
During the year,
the standalone revenues for the year were Rs.949.040 Millions, a growth of
15.81% as compared to Rs.819.480 Millions last year. Within fund based income,
the interest income went up by 35.34% to Rs.612.560 Millions, on account of an
increase in the average loan book size. Other operating income was Rs.89.480
Millions, which includes profit earned on partial exits in few investments of
the Private Equity Fund in which MOFSL made sponsor commitments. Other income,
which includes dividend from subsidiaries, was Rs.248.990 Millions as compared
to Rs.355.180 Millions in the last year.
Due to slightly
lower operating expenses, the total expenses (before depreciation, interest and
exceptional item) registered a 2.42% decline to Rs.113.110 Millions this year.
Profit before
depreciation, interest, exceptional item and taxation (EBITDA) increased by 18.81%
this year, from Rs.703.580 Millions to Rs.835.930 Millions. Interest and
finance charges increased from Rs.8.970 Millions to Rs.134.500 Millions.
Exceptional item of Rs.163.800 Millions represents provision for doubtful
advances / write off s. The Company’s net profit decreased by 31.17% to
Rs.387.480 Millions. As of March 31, 2013, the long-term investments increased
to Rs.1196.890 Millions, from Rs.987.020 Millions last year. Current assets
mainly comprise of stock in trade, cash and bank balances, and other current
assets. As of March 31, 2013, these current assets increased to Rs.4782.180
Millions, up from Rs.3519.810 Millions last year. The cash and bank balances
were Rs.112.180 Millions, out of which Rs.10.000 Millions were in bank
deposits.
Total loans and
advances increased to Rs.4244.840 Millions as of March 31, 2013, from
Rs.3592.780 Millions a year back. Current liabilities principally consist of
liabilities in respect of provision for expenses and tax deduction at source.
It increased from Rs.656.830 Millions to Rs.1560.840 Millions as of March 31,
2013, on account of short term borrowings.
NOTE: CURRENT MATURITIES IS OF LONG TERM DEBT DETAILS NOT
AVAILABLE
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
168.800 |
162.500 |
331.300 |
|
b) Other operating income |
(1.000) |
13.400 |
12.300 |
|
Total
income from Operations(net) |
167.700 |
175.900 |
343.600 |
|
2.Expenditure |
|
|
|
|
a) Operating Expenses |
11.200 |
0.000 |
11.200 |
|
b)
Employees' benefit expense |
16.200 |
15.000 |
31.200 |
|
c) Depreciation |
20.700 |
20.700 |
41.400 |
|
d)
Provision for Standard, Substandard and Doubtful asset |
21.200 |
13.100 |
34.300 |
|
e) Other expenditure |
16.900 |
15.200 |
32.100 |
|
Total expenses |
86.200 |
64.000 |
150.200 |
|
3. Profit from operations before other income and
financial costs |
81.500 |
111.900 |
193.400 |
|
4. Other income |
145.100 |
0.100 |
145.100 |
|
5. Profit from ordinary activities before finance costs |
226.600 |
112.000 |
338.500 |
|
6. Finance costs |
48.200 |
34.500 |
82.600 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
178.400 |
77.500 |
255.900 |
|
8. Exceptional item |
(4.500) |
0.000 |
(4.500) |
|
9. Profit from ordinary activities before tax
Expense: |
173.900 |
77.500 |
251.400 |
|
10.Tax expenses |
13.900 |
24.100 |
38.000 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
160.000 |
53.400 |
213.400 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
160.000 |
53.400 |
213.400 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
138.900 |
145.200 |
138.900 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
1.14 |
0.36 |
1.49 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
1.14 |
0.36 |
1.49 |
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
36461059 |
42805084 |
36461059 |
|
- Percentage of shareholding |
26.25% |
29.47% |
26.25% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
102430692 |
102430692 |
102430692 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
73.75% |
73.75% |
73.75% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
|
|
|
|
B. Investor
Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
11 |
||
|
Disposed of during the quarter |
11 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes:-
1. The above results were reviewed by the Audit Committee
and taken on record by the Board of Directors of the Company at its Meeting
held on Saturday 26th October, 2013. The results for the quarter and
half year ended 30th September, 2013 have been reviewed by the Statutory
Auditors of the Company.
2.
The
Company obtained approval from the shareholders, by way of Postal Ballot
process on 21st June, 2013 and from SEBI on 2nd July,
2013 to buy back the shares of the Company at a price not exceeding Rs. 90/-
per share of upto a maximum of 75,00,000, fully paid up equity shares of Re.
1/- each. Persuent to this the Company has bought back 6388944 shares upto 30th
September, 2013. The amount utilized for buy back is Rs.504.676 Millions. Out
of the said equity shares bought back, 44,919 equity shares have been
extinguished post 30th September 2013.
3.
The
Company has exposure to National Spot Exchange Limited (NSEL) of Rs.13.600
Millions with respect to the funded positions. NSEL has not been able to
adheretoits payment obligations over the past few months. The Group has perused
legal action against NSEL and others by filing writ petition in Bombay High
court and Criminal complaint in Economic Offences Wing (EOW). Pending final out
come which is uncertain, the Company has provided for an amount of Rs4.521
Millions in respect of its funded positions for the quarter and half year
ending 30th September 2013 which is disclosed under the head “Exceptional items”.
4.
CRISIL
hasre- affirmed the rating of 'CRISILA1+' (pronounced 'CRISIL AonePlus') to the
Short Term Debt Programmed of the company for Rs.1.5billion. ICRA hasre -
affirmed the rating of “PP-MLD [ICRA]AA-“ (pronounced 'CRISIL double A minus
rating with Stable Outlook') to the Long Term Debt Programme of the company for
Rs. 250.000 Millions.
5.
The
Board of directors at its meeting held on October 26, 2013 has declared an
interim dividend of Re.1/-per equity share (OnfacevalueofRe.1/-each equity
share) for the financial year 2013-14.
6.
The
Company is engaged in single segment of financing and other activities as
defined in AS-17, hence segment reporting is not applicable to the Company.
7.
The
previous financial quarter / period ended figures have been regrouped/rearranged
wherever necessary to make them comparable
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2013
Rs.
In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2013 Unaudited |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
138.900 |
|
(b) Reserves & Surplus |
|
|
5282.300 |
|
Sub-total Shareholders’ |
|
|
5421.200 |
|
|
|
|
|
|
(a) long-term borrowings |
|
|
|
|
(b) Deferred tax liabilities (Net) |
|
|
250.000 |
|
(c) Other long term liabilities |
|
|
32.500 |
|
(d) long-term provisions |
|
|
1.500 |
|
(b) Other
long-term liabilities |
|
|
4.800 |
|
Sub-total of
Non-Current liabilities |
|
|
288.800 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1727.500 |
|
(b) Trade payables |
|
|
0.000 |
|
(c) Other current
liabilities |
|
|
69.600 |
|
(d) Short-term provisions |
|
|
144.600 |
|
Sub-total of Current liabilities |
|
|
1941.700 |
|
|
|
|
|
|
TOTAL |
|
|
7651.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
1487.500 |
|
(b)
Non-Current investments |
|
|
1247.300 |
|
(c) Long
term loans and advances |
|
|
61.100 |
|
Sub-total of Non-Current
Assets |
|
|
2795.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
0.000 |
|
(d) Cash and cash
equivalents |
|
|
11.700 |
|
(e) Short-term loans and
advances |
|
|
4810.800 |
|
(f) Other current assets |
|
|
33.300 |
|
Sub-total of
Current Assets |
|
|
4855.800 |
|
|
|
|
|
|
TOTAL |
|
|
7651.700 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10414406
|
01/03/2013
|
250,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
IDBI
Bank Limited, India Red Cross Society Limited, 1 Red Cross Road, Post Box No.
231, New Delhi, |
B70984315
|
TRADE REFERENCES:
·
Angle Broking
·
India Infoline
FIXED ASSETS:
·
Land
·
Building
·
Computer
·
Furniture
·
Vehicles
Press Release
MOTILAL OSWAL
FINANCIAL SERVICES REPORTS Q2 FY14 CONSOLIDATED REVENUES OF 1160.000 MILLIONS;
ADJUSTED PAT OF 188.000 MILLIONS INTERIM DIVIDEND OF 1 PER SHARE DECLARED
|
In Millions |
Q2 FY14 |
Comparison (Q1 FY14) |
|
Total Revenues |
1160.000 |
5% |
|
EBIDTA |
358.000 |
1% |
|
Adjusted PAT |
188.000 |
2% |
|
Reported PAT |
56.000 |
¯ 70% |
|
EPS - (FV of 1) |
5.000 |
|
Performance for the Quarter ended Sep 30, 2013
·
Revenues in Q2 FY14 were Rs.1160.000
Millions (up 5% QoQ and up 2% YoY)
·
Adjusted PAT was Rs.188.000 Millions
(up 2% QoQ and down 18% YoY).
·
Reported PAT in Q2 FY14 was Rs.56.000
Millions (down 70% QoQ and 75% YoY).
Motilal Oswal Group has exposure to National Spot Exchange
Limited (NSEL) of 571.000 Millions with respect to the proprietary positions
and 14.000 Millions with respect to funded positions. NSEL has not been able to
adhere to its payment obligations over the past few months. Motilal Oswal Group
has perused legal action against NSEL and others by filing writ petition in
Bombay High Court and criminal complaint in Economic Offences Wing (EOW).
Pending final outcome which is uncertain, the Company has provided for an
amount of 132.000 Millions (post tax) in respect of its proprietary and funded
positions for the quarter and half year ending Sept 2013 which is disclosed
under the head “Exceptional Items”
·
EBITDA and Adjusted PAT margins for Q2
FY14 were 31% (32% in Q1 FY14) and 16% (17% in Q1 FY14) respectively
·
The balance sheet had net worth of 11951.500
Millions and net cash of 1748.000 Millions, as of Sep 30, 2013
·
Pursuant to the commencement of the
buy-back programme of the company’s shares at a price not exceeding Rs.90 per
share of upto a maximum of 75 lakh shares, the company has bought back 64 lakh
shares as of Sep 2013
·
Interim dividend of Rs.1 per share was
declared
Speaking on the performance of the company, Mr. Motilal
Oswal, CMD said.
“Markets were very volatile this quarter, on the back of
domestic news and global events, especially in USA. Improvement in WPI
inflation, as seen in the earlier part of the quarter, has not sustained.
Markets might get some cheer in coming months with the new cabinet committee
possibly turning the wheels of some stalled projects. Market volumes in the hi-yield
cash segment, including delivery, increased QoQ. We succeeded in holding our
market share in this space, reaffirming our well entrenched position in this
profitable segment. Net inflows from FIIs slowed down this quarter, with July
and August seeing net outflows. DIIs continued to see net outflows. Primary
market activities have largely dried up. M and A and PE deal values also slowed
down. Despite these challenges, we continue to invest in people, technology and
processes which we believe will lay the foundation for growth as market
activity picks up.”
Segment results for Q2 FY14:
·
Broking and related revenues were
732.000 Millions in Q2 FY14, up 8% on a QoQ basis and flat on a YoY basis.
Daily volumes in the equity markets reached a high of 0.220 Millions in Q2
FY14, led by a 15% QoQ growth in both futures and options. Options now comprise
over 78% of market volumes, while futures comprise over 15%. Cash volumes were
up by 9% QoQ, led by increased volumes in August and September. It now
comprises 6.2% of market volumes, marginally down from 6.5% in the previous
quarter. Within cash, the delivery segment showed an 11% uptick and held its
share of market volumes at 2%. Given the continued disproportionate rise of
derivatives volumes in the market, our overall equity market share dipped from
1.7% to 1.4% on a QoQ basis. However, we continue to maintain our market share
in the cash segment, and have in fact, gained market share in the high-yield
delivery segment specifically. Due to this, our blended yield has in fact
picked up to 3.7 bps in Q2 FY14, up from 3.4 bps in Q1FY14
·
Fund based income was Rs.179.000
Millions, down 33% from Q1 FY14 and down 16% from Q2 FY13. The loan book was
4431.000 Millions, as of Sep 2013
·
Asset Management fee were 206.000 Millions
for Q2 FY14, up 63% QoQ and up 52% YoY. The uptick was largely owing to
incremental fees related to our new private equity fund – IBEF-II, which saw
its final close during this quarter
·
Investment banking fees at 35.000
Millions, up 50% YoY. Transaction closures remain impacted as multiple macro
concerns continue to affect the investment mood in the economy
·
Other income was 8.000 Millions in Q2
FY14
Business Highlights for Q2 FY14
·
Total client base increased to 786,688
which includes 690,011 retail broking and distribution clients
·
Pan-India retail distribution reach
stood at 1,495 business locations across 511 cities
·
Total Assets under Management for the Group were
33014.000 Millions. Within this, our mutual funds AUM was 4098.000 Millions, PE
AUA was 17040.000 Millions, while PMS AUM was Rs.11875.000 Millions
·
Private Wealth Management managed assets of
Rs.20540.000 Millions, as of Sep 2013
·
Depository assets were Rs.109975.000 Millions, as
of Sep 2013
·
Motilal Oswal Private Equity made the final close
of its 2nd growth capital fund – IBEF II with total commitments of
approximately Rs.9540.000 Millions raised from both domestic and offshore
investors
·
MOSL bagged Best Performing Equity Broker (National)
Award at CNBC TV18 Financial Advisor Awards for 3rd year in a row
·
Institutional Equities conducted the 9th Annual
Global Investor Conference in Mumbai
·
We are investing into building a new housing
finance company – Aspire Home Finance Corporation Limited. This will be
led by Anil Sachidanand, who was previously with DHFL as CEO and brings with
him 22 years of rich experience in the mortgage space. We are currently in the
process of obtaining the necessary approvals for commencement of this business.
It will be our endeavor to build a high quality institution with a strong value
proposition which we believe can help us capture a sizable portion of this
opportunity and add significant value for all stakeholders
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.62.18 |
|
|
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
59 |
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.