MIRA INFORM REPORT
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Report No. : |
329107 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE MONEY EXPRESS LIMITED (w.e.f. 23.01.2008) |
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Formerly Known
As : |
RELIANCE MONEY EXPRESS PRIVATE LIMITED (w.e.f. 02.09.2007) TRAVELMATE SERVICES (INDIA) PRIVATE LIMITED (w.e.f. 10.06.2004) TRAVELMATE FOREX SERVICES (INDIA) PRIVATE LIMITED |
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Registered
Office : |
11th Floor, R-Tech IT Park, Nirlon Compound, Western
Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra |
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Tel. No.: |
91-22-30591234 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.11.2002 |
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Com. Reg. No.: |
11-138032 |
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Capital
Investment / Paid-up Capital : |
Rs.138.131 Million |
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CIN No.: [Company Identification
No.] |
U74999MH2002PLC138032 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCT7910Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is licensed by the Reserve Bank of India to operate as "Full Fledged Money Changer" (FFMC) and also acts as an agent of Western Union, Ireland ('the Principal') for the money transfer service in India. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 an established company incorporated in the year 2002,
having good track record. Rating takes into consideration decent fundamentals, strong financial position
and well experienced directors of the company. Company has achieved healthy profit margin in FY14. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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
Not Available
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 (91-22-33201272)
LOCATIONS
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Registered Office/ Head Office/ Corporate Office 1 : |
11th Floor, R-Tech IT Park, Nirlon Compound, Western
Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-30591234 / 33201212 |
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Mobile No.: |
91-7498248889 (Mr. Irfan) |
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Fax No.: |
91-22-30591555 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office 2 : |
Money Transfer
Division. Plot No. 27 to 30, MCD No. 1001, First Floor, Faiz Road,
Karol Bagh, New Delhi – 110005, India |
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Tel. No.: |
91-11-28758862 |
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Fax No.: |
91-11-28758865 |
DIRECTORS
AS ON 10.09.2014
|
Name : |
Mr. Mihir Kanak Sundhani |
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Designation : |
Additional Director |
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Address : |
304, Maheshwar Mansion, Bapubhai Vashi Road, Vile Parle (West), Mumbai
– 400056, Maharashtra, India |
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Date of Appointment : |
18.03.2015 |
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DIN No.: |
03491156 |
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Name : |
Mr. Sushilkumar Krishna Agrawal |
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Designation : |
Additional Director |
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Address : |
A-2, Matru Ashish, 14th Floor, 454 Nepean Sea Road, Mumbai
– 400036, Maharashtra, India |
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Date of Appointment : |
25.03.2015 |
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DIN No.: |
00400892 |
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Name : |
Mr. Satyendra Mohanlal Sarupria |
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Designation : |
Additional Director |
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Address : |
504-B, Dheeraj Kiran, Chincholi Bunder Road, Malad (West), Mumbai -
400064, Maharashtra, India |
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Date of Appointment : |
25.03.2015 |
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DIN No.: |
00270718 |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh Janardhan Pai |
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Designation : |
Manager |
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Address : |
A-1304, Akruti Elegance, 90 Feet Road, Gavanpada, Mulund (East),
Mumbai - 400081, Maharashtra, India |
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Date of Birth/Age : |
18.05.1967 |
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Date of Appointment : |
01.08.2014 |
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PAN No.: |
AARPP3156F |
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Name : |
Mr. Rakesh Kumar Khanwaria |
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Designation : |
Chief Finance Officer |
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Address : |
185- Sector 12, H.No.37 to 244, R K Puram, Delhi - 110022, India |
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Date of Birth/Age : |
11.09.1971 |
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Date of Appointment : |
01.08.2014 |
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PAN No.: |
AMHPK1010B |
MAJOR SHAREHOLDERS
AS ON 10.09.2014
|
Names of Shareholders |
No. of Shares |
|
Reliance Capital Limited, India
|
13813134 |
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Reliance Capital Limited, India jointly with Pawan Kothari |
1 |
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Reliance Capital Limited, India jointly with Pushkar Lal |
1 |
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Reliance Capital Limited, India jointly with V R Mohan |
1 |
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Reliance Capital Limited, India jointly with Amit Bapna |
1 |
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Reliance Capital Limited, India jointly with Yogesh Deshpande |
1 |
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Reliance Capital Limited, India jointly with Madan Chaturvedi |
1 |
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Total |
13813140 |
Equity Share Break up (Percentage of Total Equity)
AS ON 10.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is licensed by the Reserve Bank of India to operate as "Full Fledged Money Changer" (FFMC) and also acts as an agent of Western Union, Ireland ('the Principal') for the money transfer service in India. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714-715, Tulsiani Chambers. 212, Nariman Point, Mumbai –
400021, Maharashtra, India |
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PAN No.: |
AAAFC0662N |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Ultimate Holding
Company : |
Reliance Innoventures Private Limited |
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Holding Company : |
Reliance Capital Limited |
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Fellow subsidiaries
with whom transactions have taken place : |
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Company with common
Directors with whom transactions have taken place during the year : |
Reliance Money Infrastructure Limited |
CAPITAL STRUCTURE
AS ON 10.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
|
15000000 |
Preference Share |
Rs.10/- each |
Rs.150.000 Million |
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Total |
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Rs.300.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
13813140 |
Equity Shares |
Rs.10/- each |
Rs.138.131 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 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
138.131 |
178.131 |
288.131 |
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(b) Reserves & Surplus |
265.573 |
202.762 |
112.464 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
403.704 |
380.893 |
400.595 |
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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 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.257 |
0.270 |
0.876 |
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Total Non-current
Liabilities (3) |
0.257 |
0.270 |
0.876 |
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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 |
361.883 |
329.285 |
193.620 |
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(c) Other
current liabilities |
13.443 |
43.731 |
39.343 |
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(d) Short-term
provisions |
1.330 |
14.490 |
18.323 |
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Total Current
Liabilities (4) |
376.656 |
387.506 |
251.286 |
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TOTAL |
780.617 |
768.669 |
652.757 |
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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 |
3.667 |
3.905 |
4.868 |
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(ii)
Intangible Assets |
1.126 |
0.890 |
0.292 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
1.767 |
0.871 |
3.178 |
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(d) Long-term Loan and Advances |
43.335 |
59.722 |
43.807 |
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(e) Other
Non-current assets |
4.005 |
2.002 |
2.003 |
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Total Non-Current
Assets |
53.900 |
67.390 |
54.148 |
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(2) Current
assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
2.597 |
2.353 |
1.972 |
|
(c) Trade
receivables |
458.316 |
369.986 |
264.781 |
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(d) Cash
and cash equivalents |
40.663 |
50.743 |
158.712 |
|
(e) Short-term
loans and advances |
224.315 |
278.048 |
173.001 |
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(f) Other
current assets |
0.826 |
0.149 |
0.143 |
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Total
Current Assets |
726.717 |
701.279 |
598.609 |
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TOTAL |
780.617 |
768.669 |
652.757 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
397.485 |
399.052 |
383.452 |
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Other Income |
100.540 |
79.733 |
61.272 |
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TOTAL (A) |
498.025 |
478.785 |
444.724 |
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Less |
EXPENSES |
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Employee Benefits Expenses |
94.519 |
66.028 |
79.224 |
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Other Expenses |
311.168 |
295.699 |
272.142 |
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TOTAL (B) |
405.687 |
361.727 |
351.366 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
92.338 |
117.058 |
93.358 |
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Less |
FINANCIAL
EXPENSES (D) |
6.655 |
3.264 |
4.057 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
85.683 |
113.794 |
89.301 |
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Less |
DEPRECIATION/
AMORTISATION (F) |
1.368 |
2.043 |
2.258 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
84.315 |
111.751 |
87.043 |
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Less |
TAX (H) |
21.504 |
21.453 |
15.608 |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
62.811 |
90.298 |
71.435 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
171.370 |
81.072 |
9.637 |
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BALANCE CARRIED
TO THE B/S |
234.181 |
171.370 |
81.072 |
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EARNINGS IN FOREIGN
CURRENCY – COMMISSION INCOME |
393.719 |
389.773 |
378.069 |
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Earnings Per
Share (Rs.) |
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Basic |
4.55 |
6.54 |
5.17 |
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Diluted |
4.55 |
5.07 |
2.48 |
|
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 |
40.353 |
(13.972) |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
15.80 |
22.63 |
18.63 |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
23.23 |
29.33 |
24.35 |
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Return on Total Assets (PBT/Total Assets) |
(%) |
10.83 |
14.55 |
13.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.29 |
0.22 |
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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) |
|
1.93 |
1.81 |
2.38 |
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 |
288.131 |
178.131 |
138.131 |
|
Reserves & Surplus |
112.464 |
202.762 |
265.573 |
|
Net
worth |
400.595 |
380.893 |
403.704 |
|
|
|
|
|
|
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 |
383.452 |
399.052 |
397.485 |
|
|
|
4.068 |
(0.393) |
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
|
383.452 |
399.052 |
397.485 |
|
Profit |
71.435 |
90.298 |
62.811 |
|
|
18.63% |
22.63% |
15.80% |
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 |
No |
|
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 |
No |
|
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 |
BACKGROUND
Reliance Money Express Limited was incorporated on 28 November 2002. The Company is licensed by the Reserve Bank of India to operate as "Full Fledged Money Changer"(FFMC) and also acts as an agent of Western Union, Ireland ('the Principal') for the money transfer service in India.
NOTE:
· Registered office of the company has been shifted from 4th Floor, Parijat House, Manjrekar Lane, Off Dr. E. Moses Road, Worli Naka, Mumbai – 400018, Maharashtra, India to the present address w.e.f. 10.07.2010
· No Charges Exist for the Company
FIXED ASSETS:
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
·
Leasehold Improvements
·
Computers
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.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
53 |
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.