MIRA INFORM REPORT
|
Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA MONEY MART LIMITED (w.e.f. 01.02.2010) |
|
|
|
|
Formerly Known
As : |
BIRLA SUN LIFE DISTRIBUTION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Indian Rayon Compound, Veraval - 362266, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.06.1997 |
|
|
|
|
Com. Reg. No.: |
04-062406 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1200.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U61190GJ1997PLC062406 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB8843M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
Line of Business
: |
Subject is engaged in Distribution of Financial Products like Mutual Funds, Fixed Deposits, Bonds, IPO, Private Equity and other Alternate Products, Real Estate and Broking and other allied services. |
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|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
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|
Litigation : |
Clear |
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Comments : |
Subject is a part of Aditya Birla Group a well-established and reputed
Group. As per the available Financials, the Networth of the company has been
eroded due to continuous accumulated loss incurred from its operations. There
are huge external borrowings recorded by the company during 2013. The ratings also take into consideration the strong parentage and long
standing experience of the promoters. However, trade relations are reported as fair. Business is active.
Payment are reported to be slow. The company can be considered for business dealings with some caution. |
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-22-43568300 / 39963800)
LOCATIONS
|
Registered Office : |
Indian Rayon Compound, Veraval – 362266, Gujarat, India |
|
Tel. No. : |
91-2876-248895 |
|
Fax No. : |
91-2876-243220 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
One Indiabulls Centre, Tower-1, 14th Floor, 841, S.B. Marg,
Elphinstone Road, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-43568300 |
|
Fax No.: |
91-22-43568310 |
DIRECTORS
AS ON 10.08.2013
|
Name : |
Mr. Bishwanath Mangilal Puranmalka |
|
Designation : |
Director |
|
Address : |
Antariksha Appartments, Flat No. 182, 95/96, Kakasaheb Gadgil Road,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1935 |
|
Date of Appointment : |
28.07.1998 |
|
DIN No.: |
00007432 |
|
|
|
|
Name : |
Mr. Ajay Srinivasan |
|
Designation : |
Director |
|
Address : |
91/101, Narain Terraces, 7th, 8th Floor, Union Park Road, Pali Hill, Bandra
(West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1963 |
|
Date of Appointment : |
31.07.2007 |
|
DIN No.: |
00121181 |
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|
|
|
Name : |
Mr. Pankaj Jawaharlal Razdan |
|
Designation : |
Director |
|
Address : |
Sherwin Ark, Bunglow#3, Bellscot Tower, Opposite Kamath Club,
Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1968 |
|
Date of Appointment : |
23.05.2008 |
|
DIN No.: |
00061240 |
|
|
|
|
Name : |
Mr. Sushil Agarwal |
|
Designation : |
Director |
|
Address : |
Ocean C.H.S Limited, 301, Ocean View Union Park, Khar (West), Mumbai –
400052, Maharashtra, India |
|
Date of Birth/Age : |
13.06.1963 |
|
Date of Appointment : |
03.08.2012 |
|
DIN No.: |
00060017 |
KEY EXECUTIVES
|
Name : |
Mr. Amber Gupta |
|
Designation : |
Secretary / Manager |
|
Address : |
C-506, Wing ‘C’, Udyan-III, Co-operative Housing Limited, Udyan
Complex, Off. Military Road, Sakinaka, Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1978 |
|
Date of Appointment : |
01.02.2012 |
|
PAN No.: |
AENPG6177P |
MAJOR SHAREHOLDERS
AS ON 10.08.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Aditya Birla Financial Services Private Limited, India |
|
19999994 |
|
Aditya Birla Financial Services Private Limited Jointly with ABNL
Investment Limited, India |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with Devendra
Bhandari |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with Manoj
Shah |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with Sudhir
Maheshwari |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with S.S.
Pareek, |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with Anupam
Gupta |
|
1 |
|
|
|
|
|
Total |
|
20000000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Aditya Birla Financial Services Private Limited, India |
|
100000000 |
|
|
|
|
|
Total |
|
100000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 10.08.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Distribution of Financial Products like Mutual Funds, Fixed Deposits, Bonds, IPO, Private Equity and other Alternate Products, Real Estate and Broking and other allied services. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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|
Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
SRBC and Company Chartered Accountants |
|
Address : |
5th Floor, Block B2, Nirlon Knowledge Park, Off Western Express Highway, Goregaon East, Mumbai – 400063, Maharashtra, India |
|
PAN No.: |
ABSFS4151K |
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|
|
|
Holding company : |
Aditya Birla Financial Services Private Limited CIN No.:U67120GJ2007PTC058890 |
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|
Ultimate Holding
company : |
Aditya Birla Nuvo Limited CIN No.: L17199GJ1956PLC001107 |
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|
|
|
Subsidiary company: |
Aditya Birla Money Insurance Advisory Services Limited CIN No.: U66030GJ2001PLC062240 |
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|
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|
Fellow Subsidiary
Company : |
· Aditya Birla Finance Limited CIN No.: U65990GJ1991PLC064603 · Aditya Birla Financial Shared Services Limited CIN No.: U65999MH2008PLC183695 · Aditya Birla Customer Services Private Limited CIN No.: U93000MH2008PTC186669 · Aditya Birla Minacs IT Services Limited CIN No.: U72200KA1976PLC027564 · Aditya Birla Minacs Worldwide Limited CIN No.: U99999KA1995PLC052040 · Aditya Birla Insurance Brokers Limited CIN No.: U99999GJ2001PLC062239 · Birla Sun Life Insurance Company Limited CIN No.: U99999MH2000PLC128110 · Aditya Birla Money Limited CIN No.: L65993GJ1995PLC064810 · Aditya Birla Commodities Broking Limited CIN No.: U51501GJ2003PLC065196 · Birla Sun Life Asset Management Company Limited CIN No.: U65991MH1994PLC080811 |
CAPITAL STRUCTURE
AS ON 10.08.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.0000 Millions |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1200.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1200.000 |
1200.000 |
200.000 |
|
(b) Reserves & Surplus |
(1358.540) |
(1326.373) |
(1162.164) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
1000.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(158.540) |
(126.373) |
37.836 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
424.300 |
424.300 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
17.570 |
8.986 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
441.870 |
433.286 |
0.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
221.300 |
|
(b) Trade
payables |
124.473 |
81.923 |
122.855 |
|
(c) Other
current liabilities |
9.249 |
13.939 |
41.442 |
|
(d) Short-term
provisions |
19.978 |
9.564 |
2.218 |
|
Total Current
Liabilities (4) |
153.700 |
105.426 |
387.815 |
|
|
|
|
|
|
TOTAL |
437.030 |
412.339 |
425.651 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
32.042 |
39.151 |
47.356 |
|
(ii)
Intangible Assets |
0.000 |
0.063 |
2.847 |
|
(iii)
Capital work-in-progress |
1.494 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.900 |
4.900 |
4.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
208.690 |
212.729 |
25.731 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
247.126 |
256.843 |
80.834 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
19.476 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
78.248 |
43.475 |
73.512 |
|
(d) Cash and
cash equivalents |
25.012 |
44.076 |
29.583 |
|
(e)
Short-term loans and advances |
67.168 |
67.945 |
241.722 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
189.904 |
155.496 |
344.817 |
|
|
|
|
|
|
TOTAL |
437.030 |
412.339 |
425.651 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
658.723 |
517.660 |
643.670 |
|
|
|
Other Income |
18.286 |
20.752 |
1.413 |
|
|
|
TOTAL |
677.009 |
538.412 |
645.083 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
0.000 |
398.452 |
319.842 |
|
|
|
Other expenses |
412.562 |
292.103 |
348.018 |
|
|
|
Exceptional Items |
288.331 |
0.000 |
973.219 |
|
|
|
TOTAL |
700.893 |
690.555 |
667.860 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(23.884) |
(152.143) |
(22.777) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.725 |
27.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(23.884) |
(152.868) |
(50.093) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
8.283 |
11.423 |
12.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(32.167) |
(164.291) |
(1036.030) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(0.082) |
0.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(32.167) |
(164.209) |
(1036.247) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1364.745) |
(1200.536) |
(164.289) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1396.912) |
(1364.745) |
(1200.536) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.61) |
(8.21) |
(51.81) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(4.75) |
(30.50)
|
(160.60)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.88) |
(31.74)
|
(160.96)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.47) |
(40.32)
|
(246.23)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
1.30
|
(27.38)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.68) |
(3.36)
|
5.85
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.47
|
0.89
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
200.000 |
1200.000 |
1200.000 |
|
Reserves & Surplus |
(1162.164) |
(1326.373) |
(1358.540) |
|
Share Application money pending
allotment |
1000.000 |
0.000 |
0.000 |
|
Net
worth |
37.836 |
(126.373) |
(158.540) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
424.300 |
424.300 |
|
Short term borrowings |
221.300 |
0.000 |
0.000 |
|
Total
borrowings |
221.300 |
424.300 |
424.300 |
|
Debt/Equity
ratio |
5.849 |
(3.358) |
(2.676) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
643.670 |
517.660 |
658.723 |
|
|
|
(19.577) |
27.250 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
643.670 |
517.660 |
658.723 |
|
Profit |
(1036.247 |
(164.209) |
(32.167) |
|
|
(160.99%) |
(31.72%) |
(4.88%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS ARE NOT AVAILABLE.
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
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 |
NOTE: Registered
office of the company has been shifted from One India Bulls Centre, Tower 1, 14
Floor, Jupiter Mill Compound, 841 Senapati Bapat Marg, Elphinstone Road, Mumbai
400013, Maharashtra, India to the present address w.e.f. 04.08.2010
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Loans and
advances from related parties |
424.300 |
424.300 |
|
|
|
|
|
Total |
424.300 |
424.300 |
BUSINESS PERFORMANCE
Subject achieved gross
revenue of Rs. 677.000 Millions during the year under review as against the
gross revenue of Rs. 538.400 Millions during the previous year, an increase of
26%. The total loss before depreciation and tax was Rs. 23.900 Millions as
against a loss of Rs. 152.800 Millions in previous year. The Company continues
to focus on asset growth, quality customer addition expand its distribution
channel across various asset classes of financial products and product offering
for its clients.
The mutual fund
asset under advice touched all time high of Rs. 219840.000 Millions on November
30, 2012 before the impact of direct plan which led to the fall in the AUA. As
a result, as at March 31, 2013, the mutual fund Assets under Advice (AUA) was
Rs. 111770.000 Millions compared to Rs. 125450.000 Millions last year, a
decrease of 11%. The market share of the Company’s average AUA stood at 1.67%,
which makes it 6th largest Corporate Distributors in terms of Closing AUA as on
31st March 2013 (as per CAMS report).
MANAGEMENT
DISCUSSION AND ANALYSIS
Economy and Market
During the
Financial Year 12-13 (FY13), the economy remained weak as slowdown in the
global economy impacted the domestic growth and so the Industrial Production
which showed a declining trend whole of FY13. In FY 13, India’s Gross Domestic
Product (GDP) growth was around 5%, compared to a level of 6.2% in FY 12 and
the industrial production was drastically low at 0.89% compared to the 3.50% in
the previous year.
Inflation
continues to remain high as crude prices rose during the year. Equity markets
witnessed turbulence however despite weak macro-economic indicators, the equity
markets were up 7.3% YoY in FY13. A favorable global liquidity environment and
economic reform measures like liberalization of FDI in retail and aviation,
decontrol of fuel prices to contain subsidies and the attractive valuations of
equities after the sharp fall in 2011 also helped in creating momentum in
equities market. Positive FIIs inflows in the capital market kept the markets
afloat while domestic investors and institutions largely remained sellers. FIIs
invested USD 31bn in FY13 compared to USD 18.9bn in FY12.
The Markets saw
some volatility as it remains attached to the global developments such as the
sovereign debt crisis in Europe and crisis in the Middle East region. Chinese
economic growth showed signs of slowdown in FY 13. US markets have made a
strong rebound and its economy has started recovering.
In FY 14, World
Economic growth is likely to remain subdued due to weak economic indicators in
US, China and Europe. While the long term potential of Indian economy remains
strong and the current level of low growth is expected to pick up momentum,
however government’s proactive actions on getting the domestic real investment
going and on the speedy implementation of economic reforms, would be the key
driver for Indian economy and markets in FY14.
Business Outlook
The investment
management and distribution industry as a whole is witnessing structural
changes due to series of regulatory changes. The introduction of direct plans
without any brokerage and broker plans with brokerage has led to a substantial
shift in the assets under advice from broker plans to direct plans. The role of
research based advice therefore would be the key and creating the value added
services for the investors.
The debt market
seems to be poised to perform well due to the likelihood of interest rates
coming down. Equities are expected pick up with revival of the signs of
economic growth. Capital expenditure and reforms will be the key to the
improved market conditions. Though the MF industry continues to be under
pressure and the revenue is on the decline, the Company has plans to strengthen
its wealth management segment, streamline its retail distribution network,
focus on client acquisition and engagement through its product offering across
all segments, improved processes to increase the revenue streams and at the
same time work on cost optimization measures. The overall focus would be on to
create service differentiator and product offering range for the clients.
NO CHARGES EXIST FOR COMPANY.
FIXED ASSETS:
v
Tangible
assets
· Furniture and Fixtures
· Vehicles
· Office Equipment
v
Intangible
Assets
· Brands and Trade Marks
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.36 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
31 |
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.