MIRA INFORM REPORT
|
Report No. : |
310417 |
|
Report Date : |
03.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIDBI VENTURE CAPITAL LIMITED |
|
|
|
|
Registered
Office : |
10th Floor, Naman Centre, C-31, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.07.1999 |
|
|
|
|
Com. Reg. No.: |
11-120866 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 150.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67190MH1999PLC120866 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS3380F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged as an Investment Manager to Venture Capital Funds / AIFs. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 744000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Small Industries Development Bank of
India. It is an established company having good track. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. Trade relations are reported as fair. Business is active. Payment
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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON
CO-OPERATIVE
CONTACT NO.:
91-22-26527124
LOCATIONS
|
Registered Office : |
10th Floor, Naman Centre, C-31, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Ground Floor, MSME Development Centre, C-11, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-2652 7124 /25 /27 /28 |
|
Fax No.: |
91-22-2652 7126 |
DIRECTORS
As on 11.09.2014
|
Name : |
Ajay Kumar Kapur |
|
Designation : |
Director |
|
Address : |
Flat No.1, C-82, SIDBI Officers Quarters, Inderpuri, New Delhi –
110032, India |
|
Date of Appointment : |
11.09.2014 |
|
DIN No.: |
00108420 |
|
|
|
|
Name : |
Navin Kumar Maini |
|
Designation : |
Nominee director |
|
Address : |
B-74, 1st Floor, Defence Colony, New Delhi – 110024, India |
|
Date of Birth/Age : |
12.02.1955 |
|
Date of Appointment : |
12.12.2013 |
|
DIN No.: |
00419921 |
|
|
|
|
Name : |
Surender Kumar Tuteja |
|
Designation : |
Director |
|
Address : |
S-307, 2nd Floor, Panchsheel Park, New Delhi – 110017,
India |
|
Date of Appointment : |
11.09.2014 |
|
DIN No.: |
00594076 |
|
|
|
|
Name : |
Anantapadmanabhan Anantaram Sarma |
|
Designation : |
Director |
|
Address : |
Emp-20/704, Evershine, Thakur Village, Kandivali (East), Mumbai –
400101, Maharashtra, India |
|
Date of Appointment : |
11.06.2012 |
|
DIN No.: |
00624900 |
|
|
|
|
Name : |
Vinod Sagar Wahi |
|
Designation : |
Director |
|
Address : |
E003 Anandlok Coop Group Housing Society, Mayur Vihar, Phase 1, New
Delhi – 110091, India |
|
Date of Birth/Age : |
01.09.1945 |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
01899217 |
|
Name : |
Harsh Kaul |
|
Designation : |
Director |
|
Address : |
Flat No.402, SIDBI Officers Apartments, Raheja Majestic, Matunga,
Mumbai – 400016, Maharashtra, India |
|
Date of Appointment : |
12.07.2011 |
|
DIN No.: |
02128947 |
|
|
|
|
Name : |
Shailendra Mahalwar |
|
Designation : |
Director |
|
Address : |
Flat No.702, Raheja Majestic, Manmala Tank Road, Mahim (West), Mumbai
– 400016, Maharashtra, India |
|
Date of Appointment : |
08.07.2009 |
|
DIN No.: |
02722341 |
KEY EXECUTIVES
|
Name : |
Mahendra Lodha |
|
Designation : |
Secretary |
|
Address : |
A 501, Charmee Enclave, Shradhanand Road, Vele Parle (East), Mumbai –
400057, Maharashtra, India |
|
Date of Appointment : |
28.03.2008 |
|
PAN No.: |
AAJPL5866E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Small Industries Development Bank of India, India |
|
1499910 |
|
Ajay Kapur |
|
15 |
|
K. G. Alai |
|
15 |
|
u. R. Tata |
|
15 |
|
Kaul Harsh |
|
15 |
|
Singh S. N. |
|
15 |
|
Shailendra Mahalwar |
|
15 |
|
|
|
|
|
Total |
|
1500000 |
Equity Share Break up (Percentage of Total Equity)
As on 11.09.2014
|
Category |
Percentage |
|
Bodies corporate |
99.94 |
|
Directors or relatives of Directors |
0.02 |
|
Other top fifty shareholders |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged as an Investment Manager to Venture Capital Funds / AIFs. |
||||
|
|
|
||||
|
Products / Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Available |
||||
|
|
|
||||
|
Imports : |
Not Available |
||||
|
|
|
||||
|
Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
|
|
|
|
Customers : |
Not Available |
|
|
|
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
|
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. S. Gajja and Company Chartered Accountants |
|
Address : |
9, Raj Mahal, Mathuradas Vissanji Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS4063K |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Small Industries
Development Bank of India (SIDBI) [SIDBI holds 14,99,910 equity shares and individuals, who are employees of SIDBI, hold the balance 90 shares.] |
|
|
|
|
Fellow Subsidiary : |
SIDBI Trustee Company Limited (STCL) [U65991MH1999PLC120867] |
|
|
|
|
Associate Concerns
: |
|
|
|
|
|
Venture Capital
Funds / AIFs Managed by the company : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.100/- each |
Rs. 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 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 |
150.000 |
150.000 |
150.000 |
|
(b) Reserves & Surplus |
110.237 |
88.132 |
68.259 |
|
(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) |
260.237 |
238.132 |
218.259 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.086 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
6.250 |
0.450 |
0.000 |
|
(d) long-term provisions |
3.278 |
3.038 |
1.206 |
|
Total
Non-current Liabilities (3) |
9.614 |
3.488 |
1.206 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.662 |
0.421 |
0.359 |
|
(c) Other current liabilities |
1.078 |
0.831 |
1.206 |
|
(d) Short-term provisions |
76.995 |
77.433 |
73.866 |
|
Total
Current Liabilities (4) |
78.735 |
78.685 |
75.431 |
|
|
|
|
|
|
TOTAL |
348.586 |
320.305 |
294.896 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1.302 |
1.928 |
1.789 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
172.999 |
167.454 |
135.085 |
|
(c) Deferred tax assets (net) |
0.000 |
0.664 |
0.144 |
|
(d) Long-term Loan and Advances |
48.448 |
40.254 |
37.897 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
222.749 |
210.300 |
174.915 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.899 |
0.000 |
|
(d) Cash and cash equivalents |
121.519 |
100.396 |
114.189 |
|
(e) Short-term loans and
advances |
1.064 |
2.101 |
1.381 |
|
(f) Other current assets |
3.254 |
6.609 |
4.411 |
|
Total
Current Assets |
125.837 |
110.005 |
119.981 |
|
|
|
|
|
|
TOTAL |
348.586 |
320.305 |
294.896 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
153.949 |
144.356 |
119.703 |
|
|
Other Income |
7.462 |
11.906 |
9.905 |
|
|
TOTAL (A) |
161.411 |
156.262 |
129.608 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Prior period items |
0.015 |
0.090 |
0.908 |
|
|
Exceptional items |
(0.044) |
(0.240) |
(0.073) |
|
|
Extraordinary items |
0.000 |
0.200 |
0.000 |
|
|
Employees benefits
expense |
37.874 |
38.033 |
18.404 |
|
|
Other expenses |
23.504 |
22.208 |
25.257 |
|
|
TOTAL (B) |
61.349 |
60.291 |
44.496 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
100.062 |
95.971 |
85.112 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
100.062 |
95.971 |
85.112 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.634 |
0.746 |
0.741 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
99.428 |
95.225 |
84.371 |
|
|
|
|
|
|
|
Less |
TAX (H) |
33.449 |
31.480 |
29.516 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
65.979 |
63.745 |
54.855 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
43.99 |
42.5 |
36.57 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
42.86 |
44.16 |
45.83 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
65.00 |
66.48 |
71.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
56.63 |
62.57 |
52.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.40 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60 |
1.40 |
1.59 |
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 |
150.000 |
150.000 |
150.000 |
|
Reserves & Surplus |
68.259 |
88.132 |
110.237 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
218.259 |
238.132 |
260.237 |
|
|
|
|
|
|
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 |
119.703 |
144.356 |
153.949 |
|
|
|
20.595 |
6.645 |
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 |
119.703 |
144.356 |
153.949 |
|
Profit |
54.855 |
63.745 |
65.979 |
|
|
45.83% |
44.16% |
42.86% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
OPERATIONS
The company was established as an investment management company to carry out the business of setting up, advising and managing venture capital funds / AIFs. The company, at present, is acting as the Investment Manager for National Venture Fund for Software and Information Technology Industry (NFSIT), SME Growth Fund (SGF) [first unit scheme of SIDBI SME Venture Fund], India Opportunities Fund (IOF) [second unit scheme of SIDBI SME Venture Fund], Samridhi Fund (SF) [unit scheme of SIDBI Social Venture Trust] and TEX Fund (TF) [a unit scheme of Laghu Vikas Trust]. A brief write-up on the performance of the funds is given below:
National Venture Fund
for Software and Information Technology Industry (NFSIT)
NFSIT is a close ended venture fund established in August 1999. The fund has a committed corpus of Rs.1000 Million, the contributors being Ministry of Communications and Information Technology (Rs.300 Million), IDBI (Rs.200 Million) and SIDBI (Rs.500 Million). The main objective of establishing the fund was to provide venture capital support by way of equity and equity linked instruments to unlisted SME enterprises in the areas of software and information technology. The fund has invested in 31 companies with average investment per unit being less than Rs.30 Million. The units are geographically spread all over India covering a wide range of IT industries namely products, services, internet related businesses, IT training, IT enabled services, etc.
NFSIT has yielded a portfolio IRR of 16.79% (pre-tax). The investors obtained a return of 8.23% p.a (post-tax).
NFSIT has successfully funded pioneering concepts like electronic bill presentment and payment services in India and a number of Product Company’s viz. service execution management, ERP for plantation industry, products and tools for retail analytics, workflow automation platforms, etc. The products and services of some of these companies have spanned the globe and have marquee names as their clientele.
The spin-off impact of NFSIT’s investments may be assessed from the fact that these investee companies have enabled over Rs.5600 Million of foreign investment into the country through raising of additional capital from foreign venture capital funds and acquisitions by overseas companies.
NFSIT has been able to secure successful full or partial exit from 27 companies, while it had to write off investments in 2 companies. Efforts are on for exit from the remaining companies.
SME Growth Fund (SGF)
SGF is a close ended venture fund with a life of 8 years extendable to 10 years established in September 2004. The fund has a committed corpus of Rs.5000 Million, the contributors being SIDBI and other leading commercial banks in India such as State Bank of India, Punjab National Bank, Bank of Baroda etc. SGF is a sector agnostic fund which was established to provide growth capital support, primarily to unlisted SME enterprises across diverse sectors by way of equity and equity linked instruments. The fund has invested in 25 companies with average investment per unit being around Rs.180 Million. The units are geographically spread all over India covering growth sectors like pharmaceuticals, retailing, engineering, communication technology, logistics etc.
SGF has been able to secure successful full or partial exit from around 15 companies. Till date, the fund has made distributions of Rs.2820.900 Million to its Contributors (Rs.2504.400 Million towards corpus and rs.316.500 Million towards profits). During FY 2014, Rs.162.200 Million was distributed. Further, an amount of Rs.630 Million has been retained by the fund, towards disputed tax and probable penalties.
The spin-off impact of SGF’s investments may be assessed from the fact that these investee companies have enabled overs Rs.10000 Million of foreign investment into the country through raising of additional capital from foreign venture capital funds and acquisitions by overseas companies.
During FY 2015, a sum of Rs.886.500 Million was received against disinvestment of shares of an investee company. This takes the total amount received from disinvestments to Rs.3915.300 Million and the IRR of the exited portfolio at 16.86%.
India Opportunities
Fund (IOF)
India Opportunities Fund is a close ended venture fund with a life of 10 years established in August 2011. The Fund made its final closing on April 18, 2012. The fund has a committed corpus of Rs.4677.500 Million and a drawable corpus of Rs.4213.000 Million. The contributors of IOF are domestic commercial banks, development financial institutions, insurance companies and Government of India (TDB).
IOF is a sector agnostic fund focused mainly on meeting growth capital needs of India’s growing and unlisted MSMEs operating in emerging sectors such as educational services, IT/ITES, light engineering, clean tech, agro-based industries, logistics, infrastructure etc. IOF will also invest in early, growth as well as late stage companies selectively.
IOF has made cumulative net commitments of Rs.1819.000 Million in 15 companies, out of which a sum of Rs.741.500 Million has so far been invested in 11 companies.
Samridhi Fund (SF)
The Department for International Development (DFID), a department of the Government of United Kingdom and Northern Ireland, was set up in 1997, and is responsible for driving Britain’s response to overseas development and eliminating global poverty. As part of DFID India’s Poorest States Inclusive Growth (PSIG) program, DFID has partnered with SIDBI to start the Samridhi Fund a Rs.4500 Million (approx.) social venture fund which will engage with the private sector to deliver market based solutions to address development challenges in the low income states in India.
DFID and SIDBI have committed GBP 35 million (approx.Rs.3500 Million) and Rs.500 Million to Samridhi Fund, respectively. The Master Trust viz SIDBI Social Venture Trust has been registered as a Category I Alternative Investment Fund with SEBI and FIPB approval for investment by DFID into Samridhi Fund has been obtained. SF has also subsequently received commitment for contribution of Rs.400 Million from Life Insurance Corporation of India (LIC) and Rs.100 Million from United India Insurance Company Limited (UII). With the Commitment for contributions from LIC and UII, the total committed corpus of SF is would be around Rs.4500 Million.
The primary objective of the Fund, which will be managed by SVCL and for which STCL would act as Trustee, is to promote early-stage and sustainable social enterprises which provide economic, social or environmental benefits and can deliver both financial and social returns, in 8 Low Income States (LIS) in India, namely Bihar, Uttar Pradesh, Madhya Pradesh, Odisha, Chhattisgarh, Jharkhand, Rajasthan and West Bengal. Samridhi Fund shall invest by way of privately negotiated equity / equity related investments, loans, debentures etc. and by way of instruments as may be permitted by the SEBI (Alternative Investment Funds) Regulations, 2012.
SF has made cumulative commitments of Rs.1108.100 Million in 7 companies, out of which a sum of Rs.473.100 Million has so far been invested in 5 companies.
TEX Fund (TF)
SVCL is in the process of setting up TEX Fund. The initial contributors are Govt. of India (Ministry of Textiles) and SIDBI. The objective of the Fund is to contribute to the development of the textile sector and achieve attractive risk-adjusted returns through long term capital appreciation by way of investments in privately negotiated equity / equity related investments.
The Fund would invest in small enterprises (as defined under MSMED Act, 2006 and as amended from time to time) in the textile sector, more particularly related to Powerloom sector. Each investment would not exceed Rs. 30 Million. TEX Fund is proposed as an SME Fund under Category I of SEBI’s Alternative Investment Funds (AIF) Regulations, 2012.
GoI has committed Rs.245 Million and SIDBI has committed Rs.240 Million or 30% of the drawable corpus, whichever is lower. The Fund size is envisaged at Rs.800 Million and the first close is envisaged at Rs. 300 Million. While the commitments from GoI and SIDBI would enable achievement of the first close, other contributors may contribute later.
SIDBI is the sponsor of the Fund, SIDBI Trustee Company Limited (STCL) is the Trustee and SVCL is the Investment Manager of the Fund.
An umbrella trust viz. Laghu Vikas Trust has been set up by SIDBI under an Indenture of Trust dated February 24, 2014. TEX Fund is structured as the first unit scheme of the proposed Trust. The Investment Management Agreement appointing SVCL as the Investment Manager has been executed on February 25, 2014.
SEBI has granted Certificate of registration to Laghu Vikas Trust on June 9, 2014. The Contribution Agreements are in the process of finalization with the Ministry of Textiles and SIDBI.
Impact Innovation
Fund (IIF)
SVCL is in the process of setting up Impact Innovation Fund with a first close of Rs.2000 Million. The Fund is being set up jointly with Kaenaat, Mauritius or its subsidiaries with equal responsibilities for fund raising and equal sharing of management fee, carry, etc. SIDBI has agreed to contribute Rs.600 Million or 30% of the corpus whichever is lower. SVCL is in the process of raising balance amount from other contributors and due diligence by potential foreign investors has started.
SEGMENT
In terms of AS 17, the Company is engaged as an Investment Manager to Venture Capital Funds / AIFs, which is single business segment. The Company’s operations are solely situated in India. No further disclosures are required, other than those already provided in financial statements.
FIXED ASSETS
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer 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 records 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.61.82 |
|
|
1 |
Rs.95.27 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.