MIRA
INFORM REPORT
|
Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL STOCK EXCHANGE OF INDIA LIMITED |
|
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
27.11.1992 |
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|
Com. Reg. No.: |
11-069769 |
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Capital
Investment / Paid-up Capital : |
Rs. 450.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1992PLC069769 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN04090C |
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PAN No.: [Permanent Account No.] |
AAACN1797L |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Facilitating Trading in Securities. |
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|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (82) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 174000000 |
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|
|
Status : |
Excellent |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and highly reputed stock exchange of
India in the world by market capitalization and largest by daily turnover and
number of trades. The company is having excellent track record. The financial profile of
the company is sound and healthy. It has recorded a healthy growth in its
profit. Trade relations are reported as fair. Business is active. Payments
are reported regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
|
Name : |
Mr. Swapnil Ingale |
|
Designation : |
Surveillance Management |
|
Contact No.: |
91-9967518887 |
|
Date : |
12.09.2014 |
LOCATIONS
|
Registered / Corporate Office : |
Exchange |
|
Tel. No.: |
91-22-26598100/8114/26598203 |
|
Fax No.: |
91-22-26598120 /26598198 |
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E-Mail : |
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Branches : |
Located At:
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DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Sunil Behari Mathur |
|
Designation : |
Chairman |
|
Address : |
A-10/10 Vasant Vihar, Off Poorvi Marg, New Delhi-110057, |
|
Date of Birth/Age : |
11.10.1944 |
|
Date of Appointment : |
28.03.2013 |
|
Din No.: |
00013239 |
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Name : |
Mr. |
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Designation : |
Vice Chairman |
|
Address : |
602, Neat House, College Galli, Dadar (West), Mumbai-400028, |
|
Date of Birth/Age : |
19.08.1955 |
|
Date of Appointment : |
01.04.2013 |
|
Election Commission Identity Card No.: |
MT/06/032/012641 |
|
Din No.: |
00062596 |
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|
Name : |
Ms. Chitra Ramkrishna |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Address : |
601, Neat House, College Galli, Dadar (West), Mumbai-400028, |
|
Date of Birth/Age : |
14.04.1963 |
|
Date of Appointment : |
11.03.2003 |
|
Din No.: |
00062654 |
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|
|
|
Name : |
Mr. Abhay Prabhakar Havaldar |
|
Designation : |
Director |
|
Address : |
19, Mallika, Makarand Sahnivas, Veer Savarkar Marg, Mahim, Mumbai – 400016,
Maharashtra, India |
|
Date of Birth/Age : |
05.12.1961 |
|
Date of Appointment : |
13.06.2012 |
|
Din No.: |
00118280 |
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|
|
|
Name : |
Mr. Suryakant Balakrishna Mainak |
|
Designation : |
Director |
|
Address : |
1503 |
|
Date of Birth/Age : |
09.02.1956 |
|
Date of Appointment : |
27.08.2009 |
|
Election Commission Identity Card No.: |
MT/09/043/287263 |
|
Din No.: |
02531129 |
|
|
|
|
Name : |
Mr. Yezdi Hirji Malegam |
|
Designation : |
Nominee Director |
|
Address : |
Goolestan, 37, Cuffe Parade, Colaba, Mumbai-400005, |
|
Date of Birth/Age : |
24.09.1933 |
|
Date of Appointment : |
28.03.2013 |
|
Din No.: |
00092017 |
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|
|
|
Name : |
Dr. Srinivasa Ramarao Kumadepalli Murthy |
|
Designation : |
Nominee Director |
|
Address : |
355, 1st E Cross 6th Block, 2nd Phase, BSK, 3rd Stage,
Bangalore-560085, |
|
Date of Birth/Age : |
22.03.1938 |
|
Date of Appointment : |
28.03.2013 |
|
Election Commission Identity Card No.: |
KT/12/089/2091133 |
|
Din No.: |
00167877 |
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|
|
|
Name : |
Mr. Prakash Parthasarathy |
|
Designation : |
Director |
|
Address : |
#347, 2nd Phase Whitefield Road, Adarsh Palm Meadows, Ramagondhanhall,
Bangalore – 560066, Karnataka, India |
|
Date of Birth/Age : |
04.03.1971 |
|
Date of Appointment : |
30.05.2012 |
|
Din No.: |
02011709 |
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|
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|
Name : |
Mr. Sowmyanarayanan Sadagopan |
|
Designation : |
Nominee Director |
|
Address : |
B-106, Purva Heights Apartments Bilekahalli, Bangalore South,
Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
02.04.1951 |
|
Date of Appointment : |
28.03.2013 |
|
Din No.: |
00118285 |
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|
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|
Name : |
Mrs. Pratima Madhukar Umarji |
|
Designation : |
Nominee Director |
|
Address : |
B 702, Patliputra, 4 Bungalows, Next to Kokilaben Hospital, Andheri
(West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1944 |
|
Date of Appointment : |
28.03.2013 |
|
Din No.: |
05294496 |
KEY EXECUTIVES
|
Name : |
Mr. Ravichandran Jagannathan |
|
Designation : |
Secretary |
|
Address : |
703, Neat House, |
|
Date of Birth/Age : |
27.03.1961 |
|
Date of Appointment : |
20.09.1994 |
|
PAN No.: |
AAEPR0184L |
|
|
|
|
Name : |
Mr. R. Sundararaman |
|
Designation : |
Chief – New Products, IISL, DotEx and Business Excellence |
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|
Name : |
Mr. Yatrik R. Vin |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Ravi Varanasi |
|
Designation : |
Chief – Business Development |
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|
Name : |
Mr. N. Muralidaran |
|
Designation : |
Chief – Special Projects |
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|
Name : |
Dr. V. R. Narasimhan |
|
Designation : |
Chief – Regulations |
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|
Name : |
Ms. K. Kamala |
|
Designation : |
Head – Compliance |
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|
Name : |
Mr. Nirmal Mohanty |
|
Designation : |
Head – Research |
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|
Name : |
Mr. Hari K |
|
Designation : |
Vice President |
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|
Name : |
Mr. T. Venkat Rao |
|
Designation : |
Head – NSCCL |
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|
Name : |
Mr. Chandrashekhar Mukherjee |
|
Designation : |
Head – People Management |
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|
Name : |
Mr. Suprabhat Lala |
|
Designation : |
Vice President |
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|
Name : |
Mr. M. Vasudev Rao |
|
Designation : |
Vice President |
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|
Name : |
Mr. Mayur Sindhwad |
|
Designation : |
Vice President |
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|
Name : |
Mr. Mahesh Haldipur |
|
Designation : |
Head – Admin. and Premises |
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|
Asst. Vice
President : |
Ms. Nisha Subhash Ms. Rana Usman Mr. C.N. Upadhyay Mr. Arup Mukherjee Mr. R. Jayakumar Mr. Ravindra Mohan Bathula Mr. Nilesh Tinaikar Mr. Nagendra Kumar SRVS Mr. Vitthal More Mr. Sandip Mehta Mr. Amol Mahajan Ms. Divya Malik Lahiri Ms. Rehana D’Souza Mr. Sanjay Sinha Mr. Sunil Gawde Mr. Huzefa Mahuvawala Mr. Avinash Kharkar Mr. Amit Bhobe Mr. Bireshwar Chatterjee |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Names of Shareholders |
|
No. of Shares |
|
Life Insurance Corporation of India |
|
4728500 |
|
State Bank of India |
|
4587500 |
|
Infrastructure Development Finance Company Limited |
|
2497750 |
|
IFCI Limited |
|
2396410 |
BUSINESS DETAILS
|
Line of Business : |
Facilitating Trading in Securities. |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountant |
|
Address : |
12-B, Baldota Bhavan, 5th Floor, 117, |
|
|
|
|
Associates : |
· Power Exchange India Limited · NSDL e-Governance Infrastructure Limited (formerly known as National Securities Depository Limited) · National Securities Depository Limited (new) ·
BFSI sector skill council of India |
|
|
|
|
Subsidiaries: |
· National Securities Clearing Corporation Limited · NSE.IT Limited · DotEx International Limited · India Index Services and Products Limited · National Commodity Clearing Limited · NSE Infotech Services Limited · NSE.IT (US) Inc. · NSE Strategic Investment Corporation Limited · Power Exchange India Limited · NSDL e-Governance Infrastructure Limited (formerly known as National Securities Depository Limited) · Omnesys Technologies Private Limited · Market Simplified India Limited (formerly known as INXS Technologies Limited) ·
Computer Age Management Services Private
Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 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 |
450.000 |
450.000 |
450.000 |
|
(b) Reserves & Surplus |
43092.200 |
41030.500 |
34338.600 |
|
(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) |
43542.200 |
41480.500 |
34788.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Deposits
(Unsecured) |
10363.400 |
10774.400 |
11166.700 |
|
(b) Deferred tax liabilities (Net) |
89.800 |
53.700 |
73.500 |
|
(c) Other long
term liabilities |
85.700 |
334.900 |
333.900 |
|
(d) long-term
provisions |
37.400 |
1.900 |
9.600 |
|
Total Non-current
Liabilities (3) |
10576.300 |
11164.900 |
11583.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Deposits (Unsecured) |
302.300 |
224.900 |
34.000 |
|
(b)
Trade payables |
0.000 |
0.000 |
0.000 |
|
(c)
Other current liabilities |
5013.800 |
3728.100 |
4119.500 |
|
(d) Short-term
provisions |
8628.200 |
3082.400 |
2752.300 |
|
Total Current Liabilities
(4) |
13944.300 |
7035.400 |
6905.800 |
|
|
|
|
|
|
TOTAL |
68062.800 |
59680.800 |
53278.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4384.100 |
4301.700 |
3745.000 |
|
(ii)
Intangible Assets |
327.100 |
373.200 |
424.800 |
|
(iii)
Capital work-in-progress |
103.800 |
158.000 |
73.400 |
|
(iv) Intangible assets under development |
57.400 |
109.700 |
81.500 |
|
(b) Non-current
Investments |
15152.600 |
3430.000 |
3220.800 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
781.200 |
734.300 |
731.000 |
|
(e) Other
Non-current assets |
6641.600 |
7059.700 |
6510.000 |
|
Total Non-Current
Assets |
27447.800 |
16166.600 |
14786.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
7154.100 |
11471.300 |
6876.800 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
1502.600 |
1221.000 |
1375.100 |
|
(d) Cash
and cash equivalents |
28466.600 |
27637.400 |
28264.200 |
|
(e)
Short-term loans and advances |
595.400 |
463.300 |
380.700 |
|
(f)
Other current assets |
2896.300 |
2721.200 |
1594.800 |
|
Total
Current Assets |
40615.000 |
43514.200 |
38491.600 |
|
|
|
|
|
|
TOTAL |
68062.800 |
59680.800 |
53278.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10790.700 |
10008.400 |
10699.100 |
|
|
|
Other Income |
5907.100 |
6472.700 |
4468.400 |
|
|
|
TOTAL |
16697.800 |
16481.100 |
15167.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
812.700 |
775.200 |
713.500 |
|
|
|
Clearing & Settlement charges |
756.300 |
720.900 |
1157.700 |
|
|
|
Prior-period adjustments |
56.500 |
1.700 |
4.100 |
|
|
|
sale of shares of subsidiaries |
(2273.400) |
(363.800) |
0.000 |
|
|
|
Other expenses |
3147.800 |
3005.400 |
2737.200 |
|
|
|
TOTAL |
2499.900 |
4139.400 |
4612.500 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14197.900 |
12341.700 |
10555.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
769.700 |
770.300 |
890.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
13428.200 |
11571.400 |
9664.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3235.400 |
2795.300 |
2615.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
10192.800 |
8776.100 |
7048.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4665.500 |
2273.600 |
1174.000 |
|
|
|
|
|
|
|
|
|
Add |
Excess Corporate
Dividend Tax for last year transferred back |
0.000 |
292.000 |
153.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provisional appropriation towards NSCCL SGF |
4742.200 |
0.000 |
0.000 |
|
|
|
General reserve |
1050.000 |
4300.000 |
4000.000 |
|
|
|
Investor Compensation Reserve |
0.000 |
0.000 |
0.600 |
|
|
|
Proposed dividend |
3060.000 |
2250.000 |
1800.000 |
|
|
|
Corporate dividend tax |
328.900 |
126.200 |
292.000 |
|
|
|
Staff welfare reserve |
0.000 |
0.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5677.200 |
4665.500 |
2273.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
226.51 |
195.02 |
156.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
61.04 |
53.25 |
46.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
124.44 |
115.62 |
90.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.46 |
20.67 |
19.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.28 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.24 |
0.27 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91 |
6.19 |
5.57 |
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 |
450.000 |
450.000 |
450.000 |
|
Reserves & Surplus |
34338.600 |
41030.500 |
43092.200 |
|
Net worth |
34788.600 |
41480.500 |
43542.200 |
|
|
|
|
|
|
Deposits (Unsecured) |
11166.700 |
10774.400 |
10363.400 |
|
Deposits (Unsecured) |
34.000 |
224.900 |
302.300 |
|
Total borrowings |
11200.700 |
10999.300 |
10665.700 |
|
Debt/Equity ratio |
0.322 |
0.265 |
0.245 |
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 |
10699.100 |
10008.400 |
10790.700 |
|
|
|
-6.456 |
7.816 |
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 |
10699.100 |
10008.400 |
10790.700 |
|
Profit |
7048.900 |
8776.100 |
10192.800 |
|
|
65.88% |
87.69% |
94.46% |
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
No |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 28/01/2014 |
|||||||
|
Lodging No:- |
ITXAL/274/2014 |
Filing Date:- |
28/01/2014 |
Reg. No.:- |
ITXA/424/2014 |
Reg. Date:- |
01/03/2014 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
M/S NATIONAL STOCK EXCHANGE OF INDIA LIMITED |
||||
|
Petn. Adv.: |
DINDAYAL KHYRATISINFGH KAMWAL |
Resp. Adv.: |
ATUL JASANI (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||
|
Last Date: |
04/09/2014 |
|
|
||||
|
Coram: |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
|
||||
|
|
|||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260-A |
||||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90357269 |
29/03/1996 |
300,000,000.00 |
CANARA BANK |
WARLI, BOMBAY, Maharashtra, INDIA |
- |
|
2 |
90357137 |
16/11/1994 |
150,000,000.00 |
CANARA BANK |
WORLI, BOMBAY, Maharashtra, INDIA |
- |
|
3 |
90357063 |
16/11/1993 |
112,300,000.00 |
INDUSTRIAL DEVLOPMENT BANK OF INDIA |
IDBI TOWER; CUFFE PARADE, BOMBAY, Maharashtra, INDIA |
- |
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2014
(Rs.
In Millions)
|
Sr. No. |
PARTICULARS |
Quarter ended |
|
|
|
30.06.2014 |
|
|
|
Unaudited |
|
1 |
Revenue from operations |
2722.200 |
|
Income from operations Other operating revenues |
498.500 |
|
|
Total Income from
operations |
3220.700 |
|
|
2 |
Expenditure |
|
|
Employee benefits expenses |
222.100 |
|
|
Clearing and Settlement charges |
205.700 |
|
|
Repairs and Maintenance - computers, trading and telecommunication systems |
263.100 |
|
|
Other expenses |
604.100 |
|
|
Depreciation and amortisation expenses |
202.400 |
|
|
Total Expenses |
1497.400 |
|
|
|
|
|
|
3 |
Profit from Operations
before other income and exceptional items (1-2) |
1723.300 |
|
4 |
Other income |
935.700 |
|
5 |
Profit from
ordinary activities before exceptional items (3+4) |
2659.000 |
|
6 |
Exceptional items |
-- |
|
7 |
Profit from ordinary
activities before Tax (5-6) |
2659.000 |
|
8 |
Tax expenses |
|
|
Current tax |
900.000 |
|
|
Deferred tax |
1.100 |
|
|
9 |
Net Profit from
ordinary activities after tax (7-8) |
1757.800 |
|
10 |
Extraordinary items |
-- |
|
11 |
Net Profit for the period
(9-10) |
1757.800 |
|
12 |
Paid-up equity share capital (Face value R. 10 per share) |
450.000 |
|
13 |
Reserves (excluding Revaluation Reserve) |
|
|
14 |
Earnings per Share (EPS) Basic (Rs.) Diluted (Rs.) * Not annualised |
39.06* 39.06* |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
Number of shares |
4,50,00,000 |
|
|
Percentage of holding |
100% |
|
2 |
Promoters and
promoter group shareholding |
|
|
(a) |
Pledged/Encumbered |
NA |
|
|
- Number of shares |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
- |
|
|
|
|
|
(b) |
Non-encumbered |
NA |
|
|
- Number of shares |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
- |
Note:
The above unaudited financial results for the quarter ended June 30, 2014 have been reviewed by the Audit Committee and approved by the Board of Directors on July 11, 2014. The same has been reviewed by the Statutory Auditors of the Company.
For the purpose of above financial information, the Company has followed the same accounting policies as those have been followed for the financial statement for the year ended March 31, 2014, except for Depreciation on Fixed Assets as specified.
During the period, in accordance with the Companies Act, 2013, the Company has revised the useful lives of certain assets namely Building from 61.35 Years to 60 Years, Furniture and Fixture from 15 years to 10 Years, Office Equipment’s form 15 Years and 21 Years to 10 Years, Electrical Installations and Equipment’s from 15 years and 21 Years to 10 Years.
As a result of the same, the provision for depreciation for the quarter ended June 30, 2014 is higher by Rs.118.000 millions, of which depreciation pertaining to earlier years amounting to Rs.99.900 millions has been adjusted after netting of Rs.34.000 millions towards deferred tax from the opening Retained Earnings in respect of Fixed Assets where the remaining useful life of an asset is Nil as on April 01, 2014 and Rs.18.100 millions has been charged to the Statement of Profit and Loss for the quarter ended June 30, 2014. Accordingly, the profit before tax for the quarter ended June 30, 2014 is lower by Rs.18.100 millions.
As the Company’s operations comprise only of facilitating trading in securities and activities incidental thereto within India, the disclosure required in the terms of Accounting Standard 17-“Segment Reporting” notified under the Companies (Accounting Standards) Rules, 2006, (as amended) are not applicable.
In accordance with Securities Contracts (Regulations) (SECC) Regulations, 2012 (The Regulations) issued on June 20, 2012, every recognized stock exchange is required to transfer twenty five percent of its annual profits every year to a fund of the recognized clearing corporation(s) which clears and settles trades executed on that stock exchange to guarantee settlement of trades . Subsequently, the Securities and Exchange Board of India (SEBI) in its Press Release No.66/2012 dated June 21, 2012, has said that an expert Committee is being formed which will inter-alia “look into the norms for adequacy of the core corpus of the Settlement Guarantee Fund (SGF)/Trade Guarantee Fund (TGF) and its sourcing, including transfer of profits by stock exchanges to SGF/TGF in the long run”. Pending the report of the Expert Committee, no transfer of profits to the Settlement Guarantee Fund in terms of the Regulations has been made. However, as a matter of prudence during the financial year 2013-14 the Company has made a provisional appropriation of Rs.2194.000 millions being 25%of the profit after tax for Financial Year 2012-13 out of the opening balance of Profit and Loss Account as on April 1, 2013 and Rs.2548.200 millions being 25% of the profit after tax for the year ended March 31, 2014. Further, during the period, the Company has made a provisional appropriation of Rs.439.500 millions being 25 % of the profit after tax of three months ended June 30, 2014. Accordingly total provisional appropriation amounting to Rs.5181.700 millions (Previous Year - Rs. 4742.200 millions) has been shown under the head Short Term Provisions in the Balance Sheet.
Information on investor complaint pursuant to Clause 41 of the Listing Agreement for the quarter ended June 30, 2014
Previous period / year’s figures have been regrouped / reclassified wherever necessary to correspond with the current period classification/disclosure.
FIXED ASSETS:
- Land
- Building
- Trading Systems
- Computer Systems and Office Automation
- Computer Systems and Others
- Telecommunication Systems
- Office Equipments
- Electrical Equipments
- Furniture and Fixtures
- 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. 60.99 |
|
|
1 |
Rs. 99.10 |
|
Euro |
1 |
Rs. 79.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
82 |
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.