MIRA INFORM REPORT
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Report No. : |
336390 |
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Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRINCIPAL PNB ASSET MANAGEMENT COMPANY PRIVATE LIMITED (w.e.f.
24.01.2005) |
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Formerly Known
As : |
PRINCIPAL ASSET MANAGEMENT COMPANY PRIVATE LIMITED(w.e.f.20.10.2003) PRINCIPAL ASSETS MANAGEMENT COMPANY LIMITED(w.e.f.27.06.2003) IDBI-PRINCIPAL ASEETS MANAGEMENT COMPANY LIMITED(w.e.f.17.04.2000) IDBI INVESTMENT MANAGEMENT COMPANY LIMITED(w.e.f.17.10.1994) INDIAN INVESTMENT MANAGEMENT COMPANY LIMITED |
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Registered
Office : |
Exchange Plaza, B Wing, Ground Floor, NSE Building, Bandra-Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra |
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Tel. No.: |
91-22-67720555 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.11.1991 |
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Com. Reg. No.: |
11-064092 |
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Capital
Investment / Paid-up Capital : |
Rs.124.000 Million |
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CIN No.: [Company Identification
No.] |
U25000MH1991PTC064092 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUM105257A |
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PAN No.: [Permanent Account No.] |
AAACI9361B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company provides asset management services to Principal Mutual Fund. It also provides portfolio management and advisory services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 Principal Financial Group (Mauritius)
Limited, Mauritius, incorporated during the year 1991. It has a fine track
record. The company has reported losses in the financial year 2014. The company possess decent net worth position along with zero debt
balance sheet profile. The company receives strong operational and financial
support from its parent company having comfortable structure. Trade relations are reported as fair. Business is active. Payment
terms are regular. In view of strong holding support, the company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Principal Cash Management Fund=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
July, 2015 |
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Rating Agency Name |
ICRA |
|
Rating |
Principal Debt opportunities Fund |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
July, 2015 |
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
31-03-2013.
INFORMATION DENIED BY
Management Non-Co-operative (Tel No.:91-22-67720555)
LOCATIONS
|
Registered Office : |
Exchange Plaza, B Wing, Ground Floor, NSE Building, Bandra-Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67720555 |
|
Fax No.: |
91-22-67720512 / 22044990 |
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E-Mail : |
shah.pratik@principalindia.com ghia.devang@principalindia.com |
|
Website : |
DIRECTORS
As on 23.09.2014
|
Name : |
Mr. Rustam Jehangir Gagrat |
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Designation : |
Director |
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Address : |
9, Om Ratan Pochkhanawala Road, New Worli, Mumbai – 400025,
Maharashtra, India |
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Date of Birth/Age : |
05.11.1959 |
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Qualification : |
M.A., Advocate, Solicitor, Notary |
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Date of Appointment : |
29.05.2001 |
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DIN No.: |
00096581 |
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Name : |
Mr. Rajan Ramkrishna Ghotgalkar |
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Designation : |
Managing Director |
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Address : |
10 A II, Great, Eastern Royale 1/322, |
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Date of Birth/Age : |
04.05.1958 |
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Qualification : |
B.Com (Honours), Chartered Accountant |
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Date of Appointment : |
01.01.2014 |
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PAN No.: |
AICPG9406C |
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DIN No.: |
00777125 |
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|
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Name : |
Mr. Rex Kuen Pak Auyeung |
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Designation : |
Director |
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Address : |
Flat 2, 14th Floor, Block-D, Villa Monte Rosa, 41A, Stubb
Road, Hong Kong |
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Date of Birth/Age : |
16.04.1952 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
00504658 |
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Name : |
Mr. Mukund Manohar Chitale |
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Designation : |
Director |
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Address : |
4/46, Vishnu Prasad Society Shahaji Raje Marg, Vile Parle (East),
Mumbai-400057, |
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Date of Birth/Age : |
16.11.1949 |
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Qualification : |
B.Com, Chartered Accountant |
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Date of Appointment : |
16.08.2007 |
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DIN No.: |
00101004 |
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Name : |
Mr. Madhukar Mayyala Kamath |
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Designation : |
Director |
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Address : |
602, Sunflower Royal Complex, Eksar Road, Borivali West, Mumbai –
400092, Maharashtra, India |
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Date of Birth/Age : |
27.11.1959 |
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Date of Appointment : |
25.09.2013 |
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DIN No.: |
00082378 |
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Name : |
Mr. Pratap Kumar Acharya |
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Designation : |
Director |
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Address : |
401 Punjab National Bank Quarter, Silverline Apartments, Military
Road, Gadesh Pada, Andheri East, Mumbai – 400093, Maharashtra, India |
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Date of Birth/Age : |
22.08.1954 |
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Date of Appointment : |
25.09.2013 |
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DIN No.: |
06503668 |
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Name : |
Mr. Rajat Kumar Jain |
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Designation : |
Alternate Director |
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Address : |
Flat No. 1004, Whispering Palms, 3 A, Lokhandwala Township, Kandivali
East, Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
21.10.1962 |
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Date of Appointment : |
18.01.2012 |
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DIN No.: |
00504760 |
KEY EXECUTIVES
|
Name : |
Mr. Pratik Ashok Shah |
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Designation : |
Secretary |
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Address : |
1-A, Goolestan, 37 Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
09.05.1979 |
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Date of Appointment : |
07.09.2012 |
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PAN No.: |
AWPPS3523H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2014
|
Names of Shareholders |
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No. of Shares |
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Principal Financial Group ( |
|
8680004 |
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Punjab National Bank |
|
3720000 |
|
Sudhinchandra Arvind Padhye |
|
6 |
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Total |
|
12400010 |
Equity Share Break up (Percentage of Total Equity)
As on 23.09.2014
|
Category |
Percentage |
|
Nationalised or
other banks |
30.00 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
70.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company provides asset management services to Principal Mutual Fund. It also provides portfolio management and advisory services. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates Chartered
Accountant |
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Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai - 400 028, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFS6921Q |
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Memberships : |
-- |
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Collaborators : |
-- |
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Ultimate Holding
Company: |
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Fellow Subsidiary Company: |
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Holding Company : |
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CAPITAL STRUCTURE
As on 23.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs.100.000 Million |
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|
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|
Rs.250.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
12400010 |
Equity Shares |
Rs.10/- each |
Rs.124.000
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
124.000 |
108.000 |
100.000 |
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(b) Reserves & Surplus |
72.326 |
33.757 |
53.901 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
130.741 |
65.000 |
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Total
Shareholders’ Funds (1) + (2) |
196.326 |
272.498 |
218.901 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(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 |
2.371 |
2.908 |
2.104 |
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Total
Non-current Liabilities (3) |
2.371 |
2.908 |
2.104 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
21.087 |
24.789 |
64.319 |
|
(c) Other current liabilities |
48.912 |
53.060 |
0.000 |
|
(d) Short-term provisions |
0.569 |
3.576 |
0.270 |
|
Total
Current Liabilities (4) |
70.568 |
81.425 |
64.589 |
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TOTAL |
269.265 |
356.831 |
285.594 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
9.052 |
6.744 |
6.916 |
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(ii) Intangible Assets |
3.993 |
11.380 |
21.427 |
|
(iii) Capital work-in-progress |
1.536 |
1.622 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
31.571 |
33.381 |
25.277 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
46.152 |
53.127 |
53.620 |
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(2) Current assets |
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|
|
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(a) Current investments |
133.934 |
62.077 |
38.886 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
25.265 |
44.015 |
27.352 |
|
(d) Cash and cash equivalents |
3.101 |
131.671 |
76.412 |
|
(e) Short-term loans and
advances |
60.813 |
65.941 |
89.324 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
223.113 |
303.704 |
231.974 |
|
|
|
|
|
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TOTAL |
269.265 |
356.831 |
285.594 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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GROSS
INCOME |
303.967 |
322.097 |
335.529 |
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TOTAL
EXPENSES INCLUDING TAX |
449.398 |
434.240 |
NA |
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PROFIT/ (LOSS)
AFTER TAX |
(145.431) |
(112.143) |
(80.511) |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(589.555) |
(477.412) |
(396.901) |
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Balance
Carried to the B/S |
(734.986) |
(589.555) |
(477.412) |
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Earnings
/ (Loss) Per Share (Rs.) |
(11.73) |
(9.04) |
(6.49) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
0.000 |
0.000 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(47.84) |
(34.82) |
(24.00) |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.16 |
3.73 |
3.59 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
100.000 |
108.000 |
124.000 |
|
Reserves & Surplus |
53.901 |
33.757 |
72.326 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
65.000 |
130.741 |
0.000 |
|
Net
worth |
218.901 |
272.498 |
196.326 |
|
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 Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Gross Income |
335.529 |
322.097 |
303.967 |
|
|
|
(4.003) |
(5.629) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
335.529 |
322.097 |
303.967 |
|
Profit |
(80.511) |
(112.143) |
(145.431) |
|
|
(24.00%) |
(34.82%) |
(47.84%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
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6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company provides asset management services to Principal Mutual Fund. It also provides portfolio management and advisory services.
OPERATIONAL
PERFORMANCE:
Principal Mutual Fund as at March 31, 2014 offers twenty seven Schemes. These include ten Equity Schemes (including two Equity Linked Savings Schemes, one Balanced Scheme, one Fund of Fund Scheme (investing in international fund/s), sixteen Debt Schemes / Plans (including one Hybrid Scheme and seven Fixed Maturity Plans) and one Liquid Scheme. The Average Assets under Management (AAuM) from all these Schemes during the quarter ended March 31, 2014 was Rs.41340.000 Million.
The Company operates out of 11 branches, including Mumbai. To enhance our reach with distributors and customers, the AMC has 104 Investor Service Centres (of Karvy Computershare Private Limited) across India, as Official Point of Acceptance.
Performance of there Equity Schemes was recognized for its excellence, in several Rankings and Star Ratings released by various independent third party agencies.
Principal Growth Fund and Principal Tax Savings Fund were 4-star rated funds (as on March 31, 2014) as per Value Research
Principal Growth Fund was CRISIL Mutual Fund Rank 1, Principal Large Cap Fund, Principal Emerging Bluechip Fund and Principal Tax Savings Fund were CRISIL Mutual Fund Rank 2, as per CRISIL Mutual Fund Ranking release for the quarter ended March 2014 (CRISIL Fund Rank 1 reflects Very Good performance in the category - Top 10 percentile of universe; CRISIL Fund Rank 2 reflects Good performance in the category)
FUTURE OUTLOOK:
The industry continued to witness growth in assets under management (AUM) in 2013-14 for the second year in a row. Industry AUM as on March 31, 2014 grew by 17.65%. Of this, Equity AUM grew by 10.11% and Non-Equity AUM grew by 20.43%. Gross Sales in Equity Funds, grew by 41.62%, as compared to a negative 9.33% in the previous year, indicating renewed investor interest in equity-oriented Mutual Funds.
The overall positive macro-economic outlook, supported by strong performance will provide us the required boost to improve our market share in this category.
The Directors are pleased to provide a snapshot of the outperformance (alpha) of our domestic Equity Funds over their respective benchmarks as on March 31, 2014.
INDEX
OF CHARGES
No Charges Exist for Company
FIXED ASSETS
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Other equipments
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.64.17 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.