MIRA INFORM REPORT
|
Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE CAPITAL ASSET MANAGEMENT LIMITED |
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Registered
Office : |
‘H’ Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne,
Navi Mumbai - 400710, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.02.1995 |
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Com. Reg. No.: |
11-220793 |
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Capital
Investment / Paid-up Capital : |
Rs.112.700
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65910MH1995PLC220793 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR027433G |
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PAN No.: [Permanent Account No.] |
AAACR2668G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company's principal activity is to act as an investment manager to Reliance Mutual Fund (the Fund'), to provide Portfolio Management Services ('PMS') to clients under Securities and Exchange Board of India (SEBI). |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Reliance Capital Limited”. It is a
well-established and reputed company having fine track. The company possesses a sound financial profile marked by healthy
capital structure along with a strong networth base. Management has reported a decent revenue base as well as net
profitability during FY 14. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. In view of strong holding and experienced promoters, the company can
be considered good for business dealings at usual trade terms and conditions.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Reliance Liquidity Fund: A1+MFS |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
September 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Reliance Floating Rate Fund – Short Term
Plan: AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
September 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-30994600)
LOCATIONS
|
Registered Office : |
‘H’ Block, 1st Floor, Dhirubhai Ambani Knowledge City,
Koparkhairne, Navi Mumbai - 400710, Maharashtra, India |
|
Tel. No.: |
91-22-30479800 / 30994600 /30479400 |
|
Fax No.: |
91-22-30327202 / 30994699 |
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E-Mail : |
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Website: |
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Corporate Office : |
570, Rectifier House, 2nd Floor, Naigaum Cross Road, Next
to Royal Industrial Estate, Wadala, Mumbai – 400031, Maharashtra, India |
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Tel. No.: |
91-22-30479800 |
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Branch Office : |
11th and 12th Floor, One India Bulls Centre,
Tower 1 Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinston Road,
Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-30994600 |
|
Fax No.: |
91-22-30994699 |
DIRECTORS
As on 24.06.2014
|
Name : |
Mr. Kanu Harkisondas Doshi |
|
Designation : |
Director |
|
Address : |
102, Shivala, Khatau Road, Cuffe Parade, Mumbai - 400005, Maharashtra,
India |
|
Date of Birth/Age : |
13.04.1937 |
|
Qualification : |
B.Com, B A, FCA (Chartered Accountant) |
|
Date of Appointment : |
09.06.2006 |
|
DIN No.: |
00577409 |
|
|
|
|
Name : |
Mr. Sushil Chandra Tripathi |
|
Designation : |
Director |
|
Address : |
27 Sector 15 A, Noida - 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
01.01.1946 |
|
Qualification : |
M.Sc (Physics
Spl. Electronics), LLB, Postgraduate Diploma in Development Studies (Cantab),
AIMA Diploma in Management |
|
Date of Appointment : |
24.07.2007 |
|
DIN No.: |
00941922 |
|
|
|
|
Name : |
Mr. Soumen Ghosh |
|
Designation : |
Director |
|
Address : |
Flat No. 1501, Lodha Aria, Plot No. 6/207, Tokersey Jivraj Road,
Sewree (West), Mumbai – 400015, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1959 |
|
Qualification : |
B.Sc (Hons) Mechanical Engineering from University of London. ACA
Institute of Chartered Accountants England and Wales |
|
Date of Appointment : |
07.06.2010 |
|
DIN No.: |
01262099 |
|
|
|
|
Name : |
Mr. Shinichi Okamoto |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
3-8-24-204, Higashikaigan Minami, Chigaski-Shi, Kanagawa, Japan –
253-0054 |
|
Date of Birth/Age : |
04.06.1969 |
|
Date of Appointment : |
27.06.2013 |
|
DIN No.: |
06587324 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Ramanlal Patel |
|
Designation : |
Manager |
|
Address : |
Flat No. 302, Mitasu Apartment, 05 Odhav Nagar, Near Ganesh Mandir,
Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Date of Birth/Age : |
03.01.1966 |
|
Date of Appointment : |
01.07.2012 |
|
PAN No.: |
AAHPP7269H |
|
|
|
|
Name : |
Mr. Gajendra Singh Thakur |
|
Designation : |
Secretary |
|
Address : |
11 D/101, Spring Leaf, Building, Lokhandwala Complex, Kandivali
(East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
24.07.1979 |
|
Date of Appointment : |
09.08.2012 |
|
PAN No.: |
ADEPT3605R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.06.2014
|
Names of Equity Shareholders |
No. of Shares |
Percentage of
Shares |
|
Reliance Capital Limited, India jointly with Surendra Pipara |
100 |
0.00 |
|
Reliance Capital Limited, India jointly with Madan Chaturvedi |
100 |
0.00 |
|
Reliance Capital Limited, India jointly with Parul Jain |
100 |
0.00 |
|
Reliance Capital Limited, India jointly with Chetan Raval |
100 |
0.00 |
|
Reliance Capital Limited, India jointly with V R Mohan |
100 |
0.00 |
|
Reliance Capital Limited, India jointly with Yogesh Deshpande |
100 |
0.00 |
|
Nippon Life Insurance Company, Japan |
2995200 |
26.00 |
|
Reliance Capital Limited, India |
7514200 |
65.23 |
|
Reliance ADA Group Trustees Private Limited, India |
500000 |
4.34 |
|
EP Global Markets (Cayman) Limited, Cayman Islands |
510000 |
4.43 |
|
Total |
11520000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 24.06.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
30.43 |
|
Bodies corporate |
69.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company's principal activity is to act as an investment manager to Reliance Mutual Fund ( the Fund'), to provide Portfolio Management Services ('PMS') to clients under Securities and Exchange Board of India (SEBI) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
|
Address : |
1st Floor Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
Company: |
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Holding Company: |
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Wholly Owned
Subsidiary: |
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Subsidiary: |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
350000 |
Preference Shares |
Rs.100/- each |
Rs.35.000 Millions |
|
|
Total |
|
Rs.155.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11520000 |
Equity Shares |
Rs.10/- each |
Rs.115.200
Millions |
|
200000 |
Less : Amount recoverable from Reliance Capital Asset Management Employee Benefits Trust (ESOP Trust) |
Rs.10/- each |
Rs.2.000
Millions |
|
50000 |
Less : Amount recoverable from ESOP Trust |
Rs.10/- each |
Rs.0.500
Million |
|
|
Total |
|
Rs.112.700 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
112.700 |
114.700 |
107.100 |
|
(b) Reserves & Surplus |
13178.452 |
12090.702 |
11902.539 |
|
(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) |
13291.152 |
12205.402 |
12009.639 |
|
|
|
|
|
|
(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 |
23.506 |
28.241 |
32.134 |
|
Total
Non-current Liabilities (3) |
23.506 |
28.241 |
32.134 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
730.429 |
502.691 |
818.721 |
|
(c) Other current liabilities |
332.507 |
347.207 |
267.507 |
|
(d) Short-term provisions |
2053.775 |
1918.590 |
1906.324 |
|
Total
Current Liabilities (4) |
3116.711 |
2768.488 |
2992.552 |
|
|
|
|
|
|
TOTAL |
16431.369 |
15002.131 |
15034.325 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
110.930 |
157.101 |
184.280 |
|
(ii) Intangible Assets |
25.574 |
36.502 |
10.656 |
|
(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 |
3240.050 |
3135.684 |
2235.863 |
|
(c) Deferred tax assets (net) |
81.922 |
80.741 |
83.606 |
|
(d) Long-term Loan and Advances |
1067.036 |
7830.379 |
8267.345 |
|
(e) Other Non-current assets |
36.635 |
34.190 |
31.874 |
|
Total
Non-Current Assets |
4562.147 |
11274.597 |
10813.624 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
4297.222 |
2598.116 |
3774.345 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
87.515 |
121.525 |
89.976 |
|
(d) Cash and cash equivalents |
309.598 |
403.395 |
120.015 |
|
(e) Short-term loans and
advances |
7042.158 |
558.507 |
223.387 |
|
(f) Other current assets |
132.729 |
45.991 |
12.978 |
|
Total
Current Assets |
11869.222 |
3727.534 |
4220.701 |
|
|
|
|
|
|
TOTAL |
16431.369 |
15002.131 |
15034.325 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6618.043 |
5899.817 |
5413.422 |
|
|
Other Income |
1183.717 |
1226.924 |
1009.478 |
|
|
TOTAL
(A) |
7801.760 |
7126.741 |
6422.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
1365.574 |
1325.232 |
1180.909 |
|
|
Other expenses |
2470.734 |
2586.252 |
1772.453 |
|
|
Exceptional items |
57.565 |
556.411 |
0.000 |
|
|
TOTAL
(B) |
3893.873 |
4467.895 |
2953.362 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3907.887 |
2658.846 |
3469.538 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3907.887 |
2658.846 |
3469.538 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
71.734 |
78.418 |
93.919 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
3836.153 |
2580.428 |
3375.619 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
796.729 |
605.046 |
614.529 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
3039.424 |
1975.382 |
2761.090 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
6954.981 |
6241.174 |
6350.249 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
PMS Advisory Fees |
NA |
7.343 |
9.821 |
|
|
TOTAL
EARNINGS |
NA |
7.343 |
9.821 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
275.28 |
177.93 |
262.71 |
|
|
Diluted |
274.03 |
177.00 |
260.23 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
45.93 |
33.48 |
51.00 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
59.05 |
45.07 |
64.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.26 |
21.89 |
26.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.21 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.81 |
1.35 |
1.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
107.100 |
114.700 |
112.700 |
|
Reserves & Surplus |
11902.539 |
12090.702 |
13178.452 |
|
Net
worth |
12009.639 |
12205.402 |
13291.152 |
|
|
|
|
|
|
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 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5413.422 |
5899.817 |
6618.043 |
|
|
|
8.985 |
12.174 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5413.422 |
5899.817 |
6618.043 |
|
Profit |
2761.090 |
1975.382 |
3039.424 |
|
|
51.00% |
33.48% |
45.93% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
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 |
NOTE: The registered office of the company has been
shifted from Reliance House, Near Mardia Plaza, Off C G Road, Ahmedabad -
380006, Gujarat, India to the present address w.e.f. 23.07.2011
FINANCIALS
In accordance with Circular No. 2/2011 dated 8th February, 2011, issued by the Ministry of Corporate Affairs, Government of India, the Board of Directors has resolved on April 28, 2014, to accord their consent for not attaching to the Company’s annual accounts, the Balance sheets of its subsidiary companies. The Consolidated Financial Statements of the Company, alongwith that of its subsidiaries, for the year ended March 31, 2014 (duly audited by their respective statutory auditors) are forming part of this Annual Report.
The annual accounts of all the subsidiary companies and the related detailed information will be made available to the Shareholders of the Company seeking such information at any point of time. The annual accounts of all the subsidiary companies will also be kept at the Corporate Office of the Company, for inspection by the Shareholders. The Company shall furnish a hard copy of details of accounts of subsidiaries to any Shareholder on demand.
FUTURE OUTLOOK
The Indian Mutual Fund industry is growing steadily in the financial services sector with 44 AMCs currently operating in the country. The industry assets have grown at a CAGR of 18% since 1999, with Rs 9.05 Lakh Crores of assets as per quarter ended March 2014.
The Company continues to aggressively pursue growth opportunities in the fund management and investment advisory space, both at the domestic as well as at the international level. Given the country’s high household savings rate coupled with the current low levels of investments by retail investors where only less than 3% of the household savings are channeled into capital markets, the Company believes that the Mutual Fund Industry has a huge opportunity for growth and expansion. The Company expects that an emerging market like India would experience a sustained growth rate. Over 54% of the Industry AUM originates from the Top 5 cities which leaves untapped potential in other locations. In line with the SEBI regulations, the Company intends to improve penetration levels inTier III, Tier IV locations and increase use of technology to improve the investor experience. Being one of the largest players in the Industry , the Company will continue investing in growing the market size, achieving product innovation, educating the investors, increasing the distribution reach and enhancing customer service infrastructure with aggressive expansion strategies.
BACKGROUND
Subject was incorporated on 24 February 1995. The principal
shareholder of the Company as at 31 March 2014 is Reliance Capital Limited. The
Company’s principal activity is to act as an investment manager to Reliance
Mutual Fund (the Fund) and to provide Portfolio Management Services (PMS) to
clients under Securities and Exchange Board of India (SEBI) (Portfolio
Managers) Regulations, 1993. The Company is registered with SEBI under the SEBI
(Mutual Funds) Regulations, 1996. The Company manages the investment portfolio
of the Fund and provides various administrative services to the Fund as laid
down in the Investment Management Agreement dated 12 August 1997.
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Guarantees to Banks and Financials Institutions (against FD) |
101.818 |
|
Claims against the Company not acknowledged as debts |
22.036 |
|
Income tax demand not acknowledged as debts |
10.682 |
FIXED ASSETS
Tangible assets
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
Intangible assets
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.85 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUB |
|
|
|
|
Analysis Done by
: |
HTL |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
|
69 |
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.