MIRA INFORM REPORT
|
Report No. : |
326641 |
|
Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
UTI ASSET MANAGEMENT COMPANY LIMITED (w.e.f. 14.11.2011) |
|
|
|
|
Formerly Known
As : |
UTI ASSET MANAGEMENT COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ground Floor, UTI Tower, GN Block, Banrda Kurla Complex, Bandra
(East), Mumbai - 400051, Maharashtra |
|
Tel. No.: |
91-22-66786354 |
|
|
|
|
Country : |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
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|
Date of
Incorporation : |
14.11.2002 |
|
|
|
|
Com. Reg. No.: |
11-137867 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1250.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65991MH2002GOI137867 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPU01326D / MUMU03355C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU6260F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the Investment Management Business and Providing Wealth Management Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
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 : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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Comments : |
Subject is an established company having excellent track record. The rating reflects company strong financial risk profile marked by
healthy net worth and sound profitability of the company. Fundamentals of the company are healthy. Company is operating on its
own funds. Directors are reported to be well experienced, respectable and
knowledgeable businessman. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
UTI Bond Fund: “AAA” |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
October, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management non-co-operative (91-22-66786666 / 66786424 / 9892900946)
LOCATIONS
|
Registered Office : |
Ground Floor, UTI Tower, GN Block, Banrda Kurla Complex, Bandra
(East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-66786354/ 55/ 66786101/ 66786666/ 66786793/ 66786424 |
|
Mobile No.: |
91-9892900946 (Ms. Khurshid Mistry) |
|
Fax No.: |
91-22-66786326/ 26528991 |
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E-Mail : |
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|
Website : |
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Branch Offices : |
Located at · Andhra Pradesh · Assam · Bihar · Chandigarh · Delhi · Goa · Gujarat · Harahan · Himachal Pradesh · Jammu and Kashmir · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Meghalaya · Orissa · Punjab · Rajasthan · Tamil Nadu · Tripura · Uttar Pradesh · Uttarakhand ·
West Bengal |
DIRECTORS
As on 22.07.2014
|
Name : |
Mr. Leo Puri |
|
Designation : |
Managing Director |
|
Address : |
501, Belmont Condominium, N.S. Road, Mumbai – 400036, Maharashtra,
India |
|
Date of Birth/Age : |
03.01.1961 |
|
Qualification : |
Masters of Arts, Politics, Philosophy and Economics from Oxford University,
UK and Masters Arts , Law, Cambridge University, UK |
|
Experience : |
32 Years |
|
Date of Appointment : |
14.08.2013 |
|
DIN No. : |
01764813 |
|
|
|
|
Name : |
Mr. Prithvi Raj Khanna |
|
Designation : |
Director |
|
Address : |
70, Sundar Nagar, New Delhi-110003, India |
|
Date of Birth/Age : |
02.07.1933 |
|
Qualification : |
B.Com. (Hons.) from Delhi University and a fellow member of Institute
of Chartered Accountants of India |
|
Date of Appointment : |
13.01.2006 |
|
DIN No.: |
00048800 |
|
|
|
|
Name : |
Mr. Pudugramam Narayanaswamy Venkatachalam |
|
Designation : |
Director |
|
Address : |
3C, Settlur Manor, 2 Sivaswamy Street (Behind Axis Bank), Off Dr.
Radhakrishnan Salai, Mylapore, Chennai - 600004, Tamilnadu, India |
|
Date of Birth/Age : |
22.03.1944 |
|
Qualification : |
MA(ECO), CAIIB |
|
Date of Appointment : |
05.01.2012 |
|
DIN No.: |
00499442 |
|
|
|
|
Name : |
Mr. Flemming Madsen |
|
Designation : |
Director |
|
Address : |
10 Spring Forest Court, Ownings Mills, Maryland 21117, USA |
|
Date of Birth/Age : |
12.08.1965 |
|
Qualification : |
Finished first
half of the business program "HD" at Copenhagen Business School,
which includes Economic Mathematics, Business Law and Finance |
|
Date of Appointment : |
20.01.2010 |
|
DIN No.: |
02904543 |
|
|
|
|
Name : |
Mr. James Sellers Riepe |
|
Designation : |
Director |
|
Address : |
1330, Western Run Road, Cockeysville, Maryland 21030, USA |
|
Date of Birth/Age : |
25.06.1943 |
|
Qualification : |
Bachelor in
Science in Economics - University of Pennsylvania, MBA - University of
Pennsylvania |
|
Date of Appointment : |
20.01.2010 |
|
DIN No.: |
02904546 |
|
|
|
|
Name : |
Mr. Sachit Jain |
|
Designation : |
Director |
|
Address : |
Auro Mirra Bhawan, 2722, Gurdec Nagar, Pakhowal Road, Ludhiana -
141001, Punjab, India |
|
Date of Birth/Age : |
08.07.1966 |
|
Qualification : |
Electrical
Engineering degree from IIT, New Delhi, Management degree from IIM, Ahmedabad
and Financial Management at Standford |
|
Date of Appointment : |
20.01.2010 |
|
DIN No.: |
00746409 |
|
|
|
|
Name : |
Mr. Pradeep Gupta |
|
Designation : |
Director |
|
Address : |
D-74, Panchsheel Enclave, New Delhi - 110017, India |
|
Date of Birth/Age : |
08.03.1955 |
|
Qualification : |
Engineer from IIT Delhi and an MBA from IIM, Calcutta |
|
Date of Appointment : |
20.01.2010 |
|
DIN No.: |
00007520 |
|
|
|
|
Name : |
Mr. Venkata Suryanarayana Malakapalli |
|
Designation : |
Director |
|
Address : |
12-2-417/A/11, Gudimalkapur, Jaya Nagar, Hyderabad - 500028, Andhra
Pradesh, India |
|
Date of Birth/Age : |
05.04.1946 |
|
Qualification : |
B.Com, FCA |
|
Date of Appointment : |
25.07.2013 |
|
DIN No.: |
00372812 |
KEY EXECUTIVES
|
Name : |
Mr. Imtaiyazur Rahman |
|
Designation : |
Group President & Chief Financial Officer |
|
|
|
|
Name : |
Mr. Anoop Bhaskar |
|
Designation : |
Group President & Head - Equity |
|
|
|
|
Name : |
Mr. Amandeep S Chopra |
|
Designation : |
Group President & Head – Fixed Income |
|
|
|
|
Name : |
Mr. Surojit Saha |
|
Designation : |
Executive Vice President |
|
|
|
|
Name : |
Mr. Ajay Tyagi |
|
Designation : |
Senior Vice President |
|
|
|
|
Name : |
Mr. Kiran Narendra Vohra |
|
Designation : |
Company Secretary |
|
Address : |
G-101, Settelite Garden I, Gen A K Vaidya Marg, Goregaon (East),
Mumbai - 400063, Maharashtra, India |
|
Date of Birth/Age : |
11.04.1962 |
|
Date of Appointment : |
25.04.2012 |
|
PAN No.: |
AAAPV8125F |
MAJOR SHAREHOLDERS
As on 22.07.2014
|
Names of Shareholders |
No. of Shares |
|
State Bank of India |
23093750 |
|
S. Vishvanathan (Nominee of SBI) |
31250 |
|
Life Insurance Corporation of India |
23124999 |
|
P. H. Kutumbe (Nominee of LIC) |
1 |
|
Punjab National Bank |
23125000 |
|
Bank of Baroda |
23093750 |
|
V. H. Thatte (Nominee of Bank of Baroda) |
31250 |
|
T. Rowe Price International Limited |
32500000 |
|
Total |
125000000 |
As on 22.07.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Public financial companies |
18.50 |
|
Nationalised or other banks |
55.50 |
|
Foreign holdings (Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
26.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Investment Management Business
and Providing Wealth Management Services. |
|
|
|
|
Products/ Services : |
· Investment Management Business ·
Wealth Management Services |
|
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|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
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 : |
Chhajed and Doshi Chartered Accountants |
|
Address : |
4, Om Niketan Society, Ram Nagar, Tata Power Lane, Dombivali (East), Dombivali - 421201, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFC3606J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies : |
CIN No.: U65991KA2001PTC028827
CIN No.: U66020MH2007GOI176785
CIN No.: U65900MH2011PTC217430 · UTI International Private Limited · UTI Investment Management Company · UTI Private Equity Advisors · UTI International Limited |
|
|
|
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Other Related
Parties : |
· Life Insurance Corporation of India · State Bank Of India · Bank Of Baroda · Punjab National Bank · T Rowe Price International Limited · ASCENT India Fund III · UTI Mutual Fund · India Infrastructure Development Fund · ASCENT India Fund |
CAPITAL STRUCTURE
AFTER 22.07.2014
Authorised Capital: Rs. 2000.000 Million
Issued, Subscribed & Paid-up Capital: Rs.
1263.226 Million
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs. 1250.000 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 |
1250.000 |
1250.000 |
1250.000 |
|
(b) Reserves & Surplus |
10399.500 |
9211.400 |
8189.200 |
|
(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) |
11649.500 |
10461.400 |
9439.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term Borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred Tax Liabilities (Net) |
247.200 |
241.200 |
186.300 |
|
(c) Other Long Term
Liabilities |
932.500 |
970.200 |
847.100 |
|
(d) Long-term Provisions |
6.600 |
6.600 |
6.600 |
|
Total Non-current
Liabilities (3) |
1186.300 |
1218.000 |
1040.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term Borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
Payables |
64.500 |
52.400 |
42.400 |
|
(c) Other
Current Liabilities |
456.100 |
449.900 |
393.600 |
|
(d) Short-term
Provisions |
552.800 |
514.700 |
481.100 |
|
Total Current
Liabilities (4) |
1073.400 |
1017.000 |
917.100 |
|
|
|
|
|
|
TOTAL |
13909.200 |
12696.400 |
11396.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-Current Assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
1894.000 |
1912.200 |
1955.900 |
|
(ii)
Intangible Assets |
46.600 |
8.000 |
12.800 |
|
(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 |
3691.800 |
4529.200 |
2791.100 |
|
(c) Deferred Tax Assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1495.400 |
1449.000 |
1344.900 |
|
(e) Other
Non-Current Assets |
203.500 |
203.500 |
202.500 |
|
Total Non-Current
Assets |
7331.300 |
8101.900 |
6307.200 |
|
|
|
|
|
|
(2) Current Assets |
|
|
|
|
(a)
Current Investments |
6277.800 |
4250.300 |
4912.700 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
Receivables |
97.800 |
64.900 |
60.100 |
|
(d) Cash
and Cash Equivalents |
31.000 |
59.800 |
6.500 |
|
(e)
Short-term Loans and Advances |
108.300 |
110.900 |
91.500 |
|
(f) Other Current
Assets |
63.000 |
108.600 |
18.300 |
|
Total
Current Assets |
6577.900 |
4594.500 |
5089.100 |
|
|
|
|
|
|
TOTAL |
13909.200 |
12696.400 |
11396.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
4568.200 |
4278.100 |
3883.800 |
|
|
Other Income |
491.100 |
652.300 |
591.300 |
|
|
TOTAL |
5059.300 |
4930.400 |
4475.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
1729.300 |
1612.600 |
1485.500 |
|
|
Other expenses |
863.200 |
1170.300 |
1095.000 |
|
|
Prior Period Items |
2.300 |
9.500 |
5.300 |
|
|
TOTAL |
2592.500 |
2782.900 |
2580.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2466.800 |
2147.500 |
1894.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2466.800 |
2147.500 |
1894.600 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
76.100 |
71.600 |
80.400 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
2390.700 |
2075.900 |
1814.200 |
|
|
|
|
|
|
|
Less |
TAX |
690.800 |
586.900 |
473.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1699.900 |
1489.000 |
1340.900 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
25.200 |
27.200 |
32.100 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
13.60 |
11.91 |
10.70 |
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) |
(%) |
37.21 |
34.81 |
34.53 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
54.00 |
50.20 |
48.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.40 |
25.42 |
21.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.20 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.13 |
4.52 |
5.55 |
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 |
1250.000 |
1250.000 |
1250.000 |
|
Reserves & Surplus |
8189.200 |
9211.400 |
10399.500 |
|
Net
worth |
9439.200 |
10461.400 |
11649.500 |
|
|
|
|
|
|
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) |
|
Sales |
3883.800 |
4278.100 |
4568.200 |
|
|
|
10.152 |
6.781 |
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 |
3883.800 |
4278.100 |
4568.200 |
|
Profit |
1340.900 |
1489.000 |
1699.900 |
|
|
34.53% |
34.81% |
37.21% |
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 |
No |
|
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 |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||
|
Bench:- Bombay |
||||
|
Presentation Date:- 10.11.2014 |
||||
|
Lodging No. : |
ITXAL/1917/2014 |
Failing Date:- |
10.11.2014 |
|
|
Petitioner:- |
COMMISSIONER OF INCOME TAX10- |
Respondent:- UTI ASSET MANAGEMENT COMPANY LIMITED |
||
|
Petn. Adv.:- |
ARVIND PINTO (I583) |
|||
|
District:- |
MUMBAI |
|||
|
Bench:- |
SINGLE |
Category:- |
TAX APPEALS |
|
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
|
Last Date:- |
20.03.2015 |
|||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|||
|
|
|
|||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- 260A |
||
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
GENERAL
INFORMATION ABOUT COMPANY
The UTI Asset Management Company Limited was incorporated on 14th November 2002 under the Companies Act, 1956, with the object to carry on activities of raising funds for and to render investment management services to schemes of UTI Mutual Fund.
UTI Company is also undertaking portfolio management services to clients under Securities and Exchange Board of India (SEBI) (Portfolio Managers) Regulations, 1993 pursuant to a certificate granted by the SEBI. The Company is registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996. The Company has received a certificate from SEBI to act as Portfolio Manager. The said certificate is valid upto 31.01.2016 and to be renewed thereafter.
The Company has four wholly owned subsidiaries viz. UTI Venture Funds Management Company Private Limited, UTI International Limited, UTI Retirement Solutions Limited and UTI Capital Private Limited.
MANAGEMENT DISCUSSION
AND ANALYSIS
DOMESTIC MUTUAL FUND BUSINESS
As of March 31, 2014 UTI Mutual Fund had 115 schemes in operation with Average Asset Under Management (AAUM) at Rs. 742330.000 Million as against Rs. 694500.000 Million in the previous year.
Of the115 Schemes/Plans offered by the UTI-MF, 26 were equity funds; 81 were debt funds; 2 were liquid and hort-term funds; and 6 were balanced/hybrid funds. During the period, 47 Income Schemes were launched which mobilised funds of Rs.84150.000 Million. On the other hand, 22 debt schemes matured or were terminated. The total dividend paid out by all the schemes during the financial year 2013-14 was Rs. 16620.000 Million.
The objective of the fund management in UTI Mutual Fund is to deliver stable and consistent returns in the medium to long term, with a fairly lower level of volatility compared to the broader market. Rigorous in-house research, a process-based approach to investment management, and a focus on asset allocation and sector selection along with stock selection, are undertaken in the endeavour to consistently remain in the top quartile of the peer group of funds.
OFFSHORE FUNDS
The AUM of Offshore Funds amounted to Rs. 6370.000 Million as on March 31, 2014.
PORTFOLIO MANAGEMENT
SERVICES AXEL
UTI PMS division had Assets Under Management / Advise amounting to Rs.149244.400 Million as on March 31, 2014. UTI PMS has 257 active clients which include High Net worth Individuals, Corporates, Institutions, Government Organizations and Overseas Investors. The PMS Division has been growing well over the last few years and established a good track record in terms of performance and diversification of opportunities. This Division aims to provide its clients with investment solutions commensurate with their risk profiles and their return expectations, using research-based valuation and security selection techniques. PMS offers discretionary and research-based advisory services.
INVESTOR REACH AND
DISTRIBUTION
As on 31st March, 2014, UTI MF had 95.57 lakh investor folios. UTI Mutual Fund has always been proactive in its communication with its investors on announcements, services etc. through various mediums.
CONTINGENT
LIABILITIES (AS ON 31.03.2014)
(i) Estimated liability for the Consumer Disputes Redressal Forum cases pending in courts for the dispute pertaining to the schemes of UTI Mutual Fund is Rs. 11.500 Million (Previous Year Rs.11.300 Million).
Ex-Registrars and Transfer Agents filed a recovery suit of Rs.31.900 Million against the Company, Administrators of SUUTI and UTI Trustee Company Private Limited in the year 2003 regarding termination of their agreement as registrars. The Company also filed a cross suit against them in the Hon'ble Bombay High Court for Rs.13.700 Million for lack of service. Honorable court directed both the parties to frame the issue for arguments. The company is hopeful of a positive outcome in its favour and therefore no provision is made. Net liability is Rs 18.200 Million (Previous Year Rs.18.200 Million)
(ii) The orders cum demand notices for Rs 1.200 Million (Previous Year Rs 5.900 Million) is pending with Income Tax Office TDS on various grounds. The company has filed appeals to the appellate authority on the said orders mentioning that all the payments have been duly complied. The grounds of appeal are well supported in law. As a result, the company does not expect the demand to crystalise into a liability.
Other Contingent
Liabilities where impact is not ascertainable comprises:
(i) A case was filed before the CGIT, Mumbai by AIUTEA against the company in respect of left over Class III and Class IV Staff on date demanding pension option. The case is now pending before the Hon'ble Bombay High Court.
(ii) A Special Leave Petition is filed by an investor before Hon'ble Supreme Court of India against the final judgment and order dated 09.10.2006 of Hon'ble Bombay High Court in the matter of winding up of UTI Growth and Value Fund - Bonus Plan w.e.f. 01.02.2005. The matter is pending for argument and final decision before the Hon'ble Supreme Court.
(iii) A case has been filed by UTI Retired and VSS Employees Social Association against the Company before the Hon'ble Bombay High Court for giving a fresh opportunity for pension option after pay revision 2001 and arrears of pension with 12% interest on the same. The case is pending for further proceedings.
(iv) A case has been filed by UTI Retired and VSS Employees Social Association against the Company before the Bombay High Court for payment of dearness allowance with pension or periodic review of the pension. At present the case is pending for further proceedings. As a result, the company does not expect the demand to crystalise into a liability.
(v) There are 12 (Previous Year 13) criminal cases against UTI Mutual Fund or key personnel, relating to normal operation of UTI MF, pending for final outcome.
FIXED ASSETS
Tangible Assets
· Buildings
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipment’s
· Other Equipment’s
Intangible Assets
· Computer Software
CMT
REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.93 |
|
|
1 |
Rs.98.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
76 |
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.