MIRA INFORM REPORT
|
Report No. : |
326512 |
|
Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOTAK SECURITIES LIMITED |
|
|
|
|
Registered
Office : |
27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra |
|
Tel. No.: |
91-22-4336000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.07.1994 |
|
|
|
|
Com. Reg. No.: |
11-134051 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 16.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1994PLC134051 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMK05839B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK3436F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Securities Brokerage Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is well-established and reputed company having fine track
record. Subject was incorporated in 1994. It is a 100% subsidiary of the KOTAK
GROUP. The main business activities of the company include share broking
(retail and institutional), portfolio management services and distribution of
third party product such as equity public offering, mutual funds, fixed
deposits etc. The rating reflect KSL’s continued strong presence in retail equity
broking segment and the online broking segment, comfortable capitalization
levels, healthy liquidity profile, negligible leverage levels and sound risk
management systems by the company. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. In the view of strong support from group and exclusive experience of
the promoters, the subject 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 |
Long Term Rating = ICRA AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk |
|
Date |
August 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = ICRA A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
August 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) DEFAILTERS’ 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
Management non co-operative (Tel. No.: 91-22-4336000)
LOCATIONS
|
Registered Office : |
27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra, India |
|
Tel. No.: |
91-22-43336000 |
|
Fax No.: |
91-22-67132430 |
|
E-Mail : |
DIRECTORS
AS ON 25.09.2014
|
Name : |
Mr. Uday Suresh Kotak |
|
Designation : |
Director |
|
Address : |
62, NCPA, Apartments, Dorabjee Tata Marg, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Date of Birth/Age : |
16.03.1959 |
|
Qualification : |
B.Com, MBA |
|
Date of Appointment : |
20.07.1994 |
|
PAN No.: |
AABPK8999F |
|
DIN No.: |
00007467 |
|
|
|
|
Name : |
Jayaram Madhav Kutty Chengalath |
|
Designation : |
Director |
|
Address : |
Satguru Simran, 7th Floor, 3rd Road, Almeida
Park, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
18.04.1956 |
|
Qualification : |
B.A, PGDM |
|
Date of Appointment : |
09.01.1995 |
|
PAN No.: |
ACLPJ5511E |
|
DIN No.: |
00012214 |
|
|
|
|
Name : |
Narayan Subramaniam Ayypankav |
|
Designation : |
Director |
|
Address : |
2nd Floor, Silvaresh (Clare Villa), Plot No. 502, 13th
Road, Mumbai – 400071, Maharashtra, India |
|
Date of Birth/Age : |
09.11.1960 |
|
Qualification : |
B.Com, F.C.A. |
|
Date of Appointment : |
20.05.1997 |
|
PAN No.: |
AACPN3743P |
|
DIN No.: |
00007404 |
|
|
|
|
Name : |
Devarajan Kannan |
|
Designation : |
Managing director |
|
Address : |
41, 4th Shubhagan CTS, G/4, V.P. Road, Santacruz, Mumbai -
400054, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1961 |
|
Qualification : |
B.Com, C.A. and I.C.W.A. |
|
Date of Appointment : |
11.08.2006 |
|
PAN No.: |
AESPK5717N |
|
DIN No.: |
00498935 |
|
|
|
|
Name : |
Shanti Angurai Vaidyanathan Ekambaram |
|
Designation : |
Director |
|
Address : |
101 A, Kalpataru Habitat, Dr. S. S. Road, Parel, Mumbai – 400012,
Maharashtra, India |
|
Date of Birth/Age : |
14.09.1962 |
|
Date of Appointment : |
18.06.2014 |
|
DIN No.: |
00498935 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Shantilal Chordia |
|
Designation : |
Secretary |
|
Address : |
G-1602, Eternity CHS, Behind Eternity Mall, Near Teen Naka, Thane (West),
Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1976 |
|
Date of Appointment : |
26.06.2006 |
|
PAN No.: |
ACNPC1772A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Dipak Brij Gupta jointly with Kotak Mahindra Bank Limited, India |
|
1 |
|
K.V.S. Manian jointly with Kotak Mahindra Bank Limited, India |
|
1 |
|
Shanti Ekambaram jointly with Kotak Mahindra Bank Limited, India |
|
1 |
|
Jaimin Mukund Bhatt jointly with Kotak Mahindra Bank Limited, India |
|
1 |
|
Kotak Mahindra Bank Limited, India |
|
1199985 |
|
Kotak Mahindra Capital Company Limited, India |
|
400010 |
|
Raghunath Tirupattur Venkataraman jointly with Kotak Mahindra Bank
Limited, India |
|
1 |
|
|
|
|
|
Total |
|
1600000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 25.09.2014
|
Category |
Percentage |
|
Nationalized or other banks |
75.00 |
|
Bodies corporate |
25.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Securities Brokerage Services. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
Not Divulged
|
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Centurion Bank of Punjab Limited, Durga Niwasm G Road, Panaji - 403001, Goa, India · Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding company : |
|
|
|
|
|
Fellow Subsidiary
company : |
|
|
|
|
|
Subsidiary company
: |
|
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
|
CAPITAL STRUCTURE
AS ON 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Million |
|
1000000 |
Preference Shares |
Rs. 100/- each |
Rs. 100.000 Million |
|
|
Total |
|
Rs. 160.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600000 |
Equity Shares |
Rs.10/- each |
Rs. 16.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
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 |
16.000 |
16.000 |
16.000 |
|
(b) Reserves & Surplus |
20928.426 |
19326.732 |
18181.708 |
|
(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) |
20944.426 |
19342.732 |
18197.708 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
280.886 |
211.428 |
210.055 |
|
(c) Other long term
liabilities |
86.355 |
111.705 |
94.477 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
367.241 |
323.133 |
304.532 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
38.408 |
213.882 |
188.788 |
|
(b) Trade
payables |
8349.386 |
5915.629 |
7542.020 |
|
(c) Other
current liabilities |
781.713 |
634.617 |
295.741 |
|
(d) Short-term
provisions |
222.272 |
267.355 |
434.036 |
|
Total Current
Liabilities (4) |
9391.779 |
7031.483 |
8460.585 |
|
|
|
|
|
|
TOTAL |
30703.446 |
26697.348 |
26962.825 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
690.796 |
641.562 |
690.844 |
|
(ii)
Intangible Assets |
20.907 |
8.292 |
13.155 |
|
(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 |
8335.298 |
6986.623 |
8063.060 |
|
(c) Deferred tax assets (net) |
78.672 |
175.796 |
216.007 |
|
(d) Long-term Loan and Advances |
426.359 |
272.660 |
299.725 |
|
(e) Other
Non-current assets |
1937.547 |
2053.762 |
5042.004 |
|
Total Non-Current
Assets |
11489.579 |
10138.695 |
14324.795 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
100.000 |
1000.000 |
0.000 |
|
(b)
Inventories |
1885.753 |
811.313 |
2575.385 |
|
(c) Trade
receivables |
4355.518 |
3595.718 |
4488.235 |
|
(d) Cash
and cash equivalents |
11225.789 |
10028.442 |
4807.773 |
|
(e) Short-term
loans and advances |
1399.820 |
883.239 |
579.633 |
|
(f) Other
current assets |
246.987 |
239.941 |
187.004 |
|
Total
Current Assets |
19213.867 |
16558.653 |
12638.030 |
|
|
|
|
|
|
TOTAL |
30703.446 |
26697.348 |
26962.825 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4408.614 |
4312.396 |
4457.500 |
|
|
|
Other Income |
1860.234 |
1757.533 |
1639.545 |
|
|
|
TOTAL |
6268.848 |
6069.929 |
6097.045 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
1863.332 |
1801.153 |
1982.940 |
|
|
|
Other expenses |
1928.579 |
2214.849 |
1972.249 |
|
|
|
TOTAL |
3791.911 |
4016.002 |
3955.189 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2476.937 |
2053.927 |
2141.856 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.809 |
33.754 |
80.927 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2460.128 |
2020.173 |
2060.929 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
117.408 |
134.872 |
146.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2342.720 |
1885.301 |
1914.892 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
741.026 |
740.277 |
656.675 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1601.694 |
1145.024 |
1258.217 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1001.06 |
715.64 |
786.38 |
|
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 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
36.33 |
26.55 |
28.23 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
56.18 |
47.63 |
48.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.51 |
9.65 |
10.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05 |
2.35 |
1.49 |
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 |
16.000 |
16.000 |
16.000 |
|
Reserves & Surplus |
18181.708 |
19326.732 |
20928.426 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
18197.708 |
19342.732 |
20944.426 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
188.788 |
213.882 |
38.408 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
188.788 |
213.882 |
38.408 |
|
Debt/Equity
ratio |
0.010 |
0.011 |
0.002 |
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) |
|
Sales |
4457.500 |
4312.396 |
4408.614 |
|
|
|
(3.255) |
2.231 |
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 |
4457.500 |
4312.396 |
4408.614 |
|
Profit |
1258.217 |
1145.024 |
1601.694 |
|
|
28.23% |
26.55% |
36.33% |
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 |
--- |
|
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 |
Yes |
|
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 |
Yes |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from Bakhtawar, 1st Floor, Nariman Point, Mumbai – 400021,
Maharashtra, India to the present address
w.e.f. 11.10.2013.
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 13/05/2015 |
|
|
|
Main
Matter Reg. No.:- CP/672/2014
Reg. Date :- 26/09/2014 |
|
Petitioner: THE PR COMMISSIONER OF INCOME TAX-4- Respondent: KOTAK SECURITIES
PRIVATE
LIMITED
Petn. Adv : A R MALHOTRA (I3164) District: MUMBAI |
|
Bench: DIVISION Status: PRE-ADMISSION
Category: TAX APPEALS Next Date: 08/06/2015 Last Coram: REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
OPERATIONS
Liquidity in financial markets, continued to be a dominant factor in Indian capital markets. Inflation and interest rates continued to remain high making debt instruments attractive. The end of the first quarter and the beginning of the second quarter of the financial year saw the Indian Rupee under severe pressure resulting in a volatile market. While the Indian Rupee did stabilize toward the end of the second half of the year, the adverse effect of a weak Indian Rupee on the economy and corporate performance played its part on investor sentiment. During the year the price of gold came of its highs. The latter part of the year saw political sentiment playing some part on investor sentiment as a result of anticipation of general elections and results of the assembly elections in a few states. Overall it was another year in which environment for equity investments was not conducive.
The Sensex which closed at 18,836 at the end of the financial year - 2012-13 (hereinafter referred to as previous financial year) closed at 22,386 at the end of the current financial year with a high of 22,467 and low of 17,449. Similarly, the benchmark Nifty which closed at 5,683 at the end of the previous financial year closed at 6,704 at the end of the current financial year with a high of 6,730 and low of 5,119.
Market average daily volumes increased to Rs. 134120.000 Million from Rs. 132040.000 Million in the previous financial year for the Cash Segment, and increased to Rs. 1540230.000 Million from Rs. 1279950.000 Million in the previous financial year for Derivatives Segment. The shift in mix from the Cash segment to Derivatives segment continued. It was skewed further in favour of derivatives, with cash segment being less than 10% of the total traded market volumes.
FUTURE OUTLOOK
The benchmark Index, NIFTY and Sensex have shown a growth of ~17% over the previous financial year end, with major gains in the month of March 2014, GDP, IIP, Inflation and some of the other economic indicators continued to be under stress. With elections being announced, no major changes were introduced in the finance budget for Financial Year 2014-15. The economic indicators being under stress led to a virtual run on the Indian Rupee which saw a rapid drop to almost INR 69 to 1 USD. A number of steps taken by the Reserve Bank of India as well as some other factors saw the INR stabilizing at around INR 60 to 1 USD.
While the Rupee weakened, inflation continued to remain a concern for large part of the last year. However the last quarter has seen an easing of the inflation rate. Easing of inflation as well as stabilizing of the Rupee should help corporates in managing input costs. Oil prices have been stable and price of gold has also reduced both of which would have a positive impact on the demand for USD from an Indian perspective. Reduction in inflation could also signal lower interest rates and a positive for equity investments. In the Indian context, the outlook would be influenced by the outcome of the general elections. Capital Markets would first look forward to majority government which is capable of providing stability followed by the actual combine, which forms the government, allocation of portfolios and perceived ideology and policies that they will follow. The third week of May would be crucial from this stand point.
US economy seems to have ridden the worst period and economic indicators seem to suggest that there are clear signs of recovery. US Capital Market indices also seem to suggest the same. Europe is still lagging behind and has also had other worries such as unrest in Turkey and more recently Ukraine. Tensions concerning Iran has reduced but the Syrain crisis continues. On the other hand North Korea continues with its aggressive Nuclear stand. Global markets continue to see a mixed bag of performance.
Cash market volumes have declined further in last year as a proportion to the total market volumes. A stable government, post elections may result in an increase in Cash Market volumes. Post the rapid weakening of the Rupee, certain limits were imposed on the currency derivatives. With the Rupee stabilizing, it is expected that these limits would be removed leading to more volumes in this segment. Two new products have been introduced Interest Rate Futures and Volatility Index Futures. Volumes in these segments will take some time to increase.
Regulatory changes are focused on ensuring greater onus on members on issues such as implementing new trading related software, surveillance alerts, KYC, greater transparency in dealing with clients and risks associated with Capital Markets. The company has always been in the forefront while dealing with these issues and will continue to ensure compliance to such changes.
Over capacity in the industry has resulted in some members surrendering their memberships. A number of sub-brokers have also surrendered their registrations, while a few small and mid size members have merged to try and form a larger entity to derive benefits of scale. The company continues to focus on ensuring a high quality of service to clients while keeping a close watch on costs. In an industry with over capacity realization rates are still under pressure. The company being among the leaders in the industry is well positioned to meet future growth.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10007605 |
19/06/2009 * |
1,500,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A67232751 |
* Date of charge modification
FIXED ASSETS
- Buildings
- Furniture and
Fixture
- Vehicles
- Motor
Vehicles
- Office
Equipments
- Computer
Equipments
- Leasehold
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 64.11 |
|
UK Pound |
1 |
Rs. 97.84 |
|
Euro |
1 |
Rs. 71.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
77 |
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.