MIRA INFORM REPORT
|
Report No. : |
348627 |
|
Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA MONEY MART LIMITED (w.e.f. 01.02.2010) |
|
|
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|
Formerly Known
As : |
BIRLA SUN LIFE DISTRIBUTION COMPANY LIMITED |
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Registered
Office : |
Indian Rayon Compound, Veraval - 362266, Gujarat |
|
Tel. No.: |
91-2876-248895 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
13.06.1997 |
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Com. Reg. No.: |
04-062406 |
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Capital
Investment / Paid-up Capital : |
Rs. 1200.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U61190GJ1997PLC062406 |
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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.] |
AAACB8843M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in Distribution of Financial Products like Mutual Funds, Fixed Deposits, Bonds, IPO, Private Equity and other Alternate Products, Real Estate and Broking and other allied services. |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Aditya Birla Group, a well-established and
reputed Group. For the year 2014, the company has achieved decent revenue, however reported
continuous loss since 2012. The company has eroded networth base due to continuous accumulated
loss incurred from its operations. There are huge borrowings recorded by the
company during 2014. The rating also take into consideration the strong parentage and long
standing experience of the promoters. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
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
31-03-2015.
INFORMATION DENIED
Management non - cooperative (91-22-43568300)
LOCATIONS
|
Registered Office : |
Indian Rayon Compound, Veraval – 362266, Gujarat, India |
|
Tel. No. : |
91-2876-248895 |
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Fax No. : |
91-2876-243220 |
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E-Mail : |
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Website : |
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Corporate Office : |
One Indiabulls Centre, Tower 1, 14th, 15 th and 16 th Floor, Jupiter Mill Compound, 841, S. B. Marg, Elphinstone Road, Mumbai - 400013, Maharashtra, India |
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Tel. No.: |
91-22-43568300 |
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Fax No.: |
91-22-43568310 |
DIRECTORS
As on 09.09.2014
|
Name : |
Mr. Bishwanath Mangilal Puranmalka |
|
Designation : |
Director |
|
Address : |
Antariksha Appartments, Flat No. 182, 95/96, Kakasaheb Gadgil Road,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1935 |
|
Date of Appointment : |
28.07.1998 |
|
DIN No.: |
00007432 |
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|
|
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Name : |
Mr. Ajay Srinivasan |
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Designation : |
Director |
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Address : |
91/101, Narain Terraces, 7th, 8th Floor, Union Park Road, Pali Hill,
Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1963 |
|
Date of Appointment : |
31.07.2007 |
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DIN No.: |
00121181 |
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Name : |
Mr. Vijay Gopi Kishan Agarwal |
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Designation : |
Director |
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Address : |
301, S.S. Sadan, Gulmohar Cross Road No.6, Juhu Scheme, Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
00058548 |
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|
|
|
Name : |
Mr. Sushil Agarwal |
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Designation : |
Director |
|
Address : |
Ocean Co-operative Society Limited, 301, Ocean View Union Park, Khar
(West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
13.06.1963 |
|
Date of Appointment : |
03.08.2012 |
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DIN No.: |
00060017 |
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Name : |
Mr. Preeti Gupta |
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Designation : |
Director |
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Address : |
1401, Sumer Trinity TWR 2A, New Prabhadevi Road, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
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DIN No.: |
07118798 |
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|
|
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Name : |
Mr. Vijay Chandragupta Kothari |
|
Designation : |
Director |
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Address : |
301, Arun Chambers, 3rd Floor, Tardeo, Mumbai - 400034, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
02425058 |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Sharma |
|
Designation : |
Chief Finance Officer |
|
Address : |
C- 1603, Lakshachandi Heights, Gokuldham, Goregoan (East), Mumbai - 400063, Maharashtra, India |
|
Date of Appointment : |
23.04.2015 |
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PAN No.: |
AHRPS6339L |
|
|
|
|
Name : |
Viral Rohit Sanghvi |
|
Designation : |
Manager |
|
Address : |
Vishal Building No.1, Shimpoli Road, Borivali, (West), Mumbai - 400092, Maharashtra, India |
|
Date of Appointment : |
24.07.2015 |
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PAN No.: |
AZSPS9593D |
|
|
|
|
Name : |
Mr. Raviraj Subhash Sontakke |
|
Designation : |
Secretary |
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Address : |
Room No. 16, Shreeji Kutir Chawl, Outpost, Santacruz (East), Mumbai - 400029, Maharashtra, India |
|
Date of Appointment : |
23.04.2015 |
|
PAN No.: |
BSIPS2390N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Aditya Birla Financial Services Private Limited, India |
|
19999994 |
|
Aditya Birla Financial Services Private Limited Jointly with ABNL
Investment Limited, India |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with Shriram
Jagetiya |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with Manoj
Shah |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with Atul
Lakhotia |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with S.S.
Pareek, |
|
1 |
|
Aditya Birla Financial Services Private Limited Jointly with Anupam
Gupta |
|
1 |
|
|
|
|
|
Total |
|
20000000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Aditya Birla Financial Services Private Limited, India |
|
100000000 |
|
|
|
|
|
Total |
|
100000000 |
Equity Share Break up (Percentage of Total Equity)
As on 09.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Distribution of Financial Products like Mutual Funds, Fixed Deposits, Bonds, IPO, Private Equity and other Alternate Products, Real Estate and Broking and other allied services. |
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Products/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 : |
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 : |
S R B C and Company LLP Chartered Accountants |
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Address : |
14th Floor, The Ruby, 2 9 Senapati Bapat Margdadar (West) Mumbai – 400063, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9117R |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
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Ultimate Holding company : |
CIN No.: L17199GJ1956PLC001107 |
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Subsidiary company: |
CIN No.: U66030GJ2001PLC062240 |
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Fellow Subsidiary Company : |
·
Aditya Birla Finance Limited CIN No.: U65990GJ1991PLC064603 ·
Aditya Birla Financial Shared Services Limited CIN No.: U65999MH2008PLC183695 ·
Aditya Birla Customer Services Private Limited CIN No.: U93000MH2008PTC186669 ·
Minacs Limited CIN No.: U99999KA1995PLC052040 ·
Aditya Birla Insurance Brokers Limited CIN No.: U99999GJ2001PLC062239 ·
Birla Sun Life Insurance Company Limited CIN No.: U99999MH2000PLC128110 ·
Aditya Birla Money Limited CIN No.: L65993GJ1995PLC064810 ·
Aditya Birla Commodities Broking Limited CIN No.: U51501GJ2003PLC065196 ·
Birla Sun Life Asset Management Company Limited CIN No.: U65991MH1994PLC080811 |
CAPITAL STRUCTURE
As on 09.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs.1000.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.1250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs.1000.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.1200.000
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 |
1200.000 |
1200.000 |
1200.000 |
|
(b) Reserves & Surplus |
(1415.293) |
(1358.540) |
(1326.373) |
|
(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) |
(215.293) |
(158.540) |
(126.373) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
424.300 |
424.300 |
424.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
9.166 |
9.794 |
12.136 |
|
(d) long-term
provisions |
0.000 |
7.776 |
0.000 |
|
Total Non-current
Liabilities (3) |
433.466 |
441.870 |
436.436 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
91.036 |
120.705 |
78.772 |
|
(c) Other current
liabilities |
28.205 |
7.832 |
13.939 |
|
(d) Short-term
provisions |
33.648 |
25.162 |
9.564 |
|
Total Current
Liabilities (4) |
152.889 |
153.699 |
102.275 |
|
|
|
|
|
|
TOTAL |
371.062 |
437.029 |
412.338 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
25.201 |
32.042 |
39.151 |
|
(ii)
Intangible Assets |
0.076 |
0.000 |
0.063 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
4.999 |
1.494 |
1.389 |
|
(b) Non-current Investments |
4.900 |
4.900 |
4.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
136.622 |
155.148 |
211.340 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
171.798 |
193.584 |
256.843 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
19.476 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
74.438 |
131.789 |
43.475 |
|
(d) Cash
and cash equivalents |
12.350 |
25.013 |
44.076 |
|
(e)
Short-term loans and advances |
106.998 |
67.167 |
67.944 |
|
(f) Other
current assets |
5.478 |
0.000 |
0.000 |
|
Total
Current Assets |
199.264 |
243.445 |
155.495 |
|
|
|
|
|
|
TOTAL |
371.062 |
437.029 |
412.338 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
581.160 |
658.723 |
517.660 |
|
|
Other Income |
37.238 |
18.286 |
20.752 |
|
|
TOTAL
|
618.398 |
677.009 |
538.412 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
376.798 |
412.562 |
398.452 |
|
|
Other expenses |
290.321 |
288.331 |
292.103 |
|
|
TOTAL
|
667.119 |
700.893 |
690.555 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(48.721) |
(23.884) |
(152.143) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.374 |
0.000 |
0.725 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(49.095) |
(23.884) |
(152.868) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
7.530 |
8.283 |
11.423 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(56.625) |
(32.167) |
(164.291) |
|
|
|
|
|
|
|
Less |
TAX |
0.127 |
0.000 |
(0.081) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(56.752) |
(32.167) |
(164.210) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1396.877) |
(1364.710) |
(1200.500) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(1453.629) |
(1396.877) |
(1364.710) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(0.47) |
(0.26) |
(1.36) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
(26.384) |
21.187 |
(203.738) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(9.77) |
(4.88) |
(31.72) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(8.38) |
(3.63) |
(29.39) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.68) |
(7.47) |
(40.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.20 |
1.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.97) |
(2.68) |
(3.36) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.58 |
1.52 |
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 |
1200.000 |
1200.000 |
1200.000 |
|
Reserves & Surplus |
(1326.373) |
(1358.540) |
(1415.293) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(126.373) |
(158.540) |
(215.293) |
|
|
|
|
|
|
long-term borrowings |
424.300 |
424.300 |
424.300 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
424.300 |
424.300 |
424.300 |
|
Debt/Equity
ratio |
(3.358) |
(2.676) |
(1.971) |
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 |
517.660 |
658.723 |
581.160 |
|
|
|
27.250 |
(11.775) |
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 |
517.660 |
658.723 |
581.160 |
|
Profit |
(164.210) |
(32.167) |
(56.752) |
|
|
(31.72)% |
(4.88)% |
(9.77)% |
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 |
No |
|
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 |
NOTE: Registered office of the company has been shifted from One India Bulls Center, Tower 1,14th Floor, Jupiter Mill Compound, 841 Senapati Bapat Marg, Elphidtone Road, Mumbai – 400013, Maharashtra, India to the present address w.e.f. 04.08.2010
CORPORATE INFORMATION
The Company is a Public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It is engaged in Distribution of Financial Products like Mutual Funds, Fixed Deposits, Bonds, IPO, Private Equity and other Alternate Products, Real Estate and Broking and other allied services
BUSINESS SEGMENTS
The 'Distribution' segment is engaged in Distribution of Financial Products like Mutual Funds, Fixed Deposits, Bonds, IPO, Private Equity and other Alternate Products, Real Estate and Broking
The 'Advertisement' segment is engaged in deriving income from various mutual funds from sale of space to various in an In house magazine
BUSINESS
PERFORMANCE
The Company
achieved gross revenue of Rs. 618.400 Million during the year under review as
against the gross revenue of Rs. 677.000 Million s during the previous year, a
reduction of Rs. 58.600 Million. The total loss before depreciation and tax was
Rs. 49.100 Million as against a loss of Rs. 23.900 Million in previous year.
Investments in
Mutual Fund through direct plan continued to impact the Company during FY 14.
As a result, as on March 31, 2014, the mutual fund Assets under Advice (AUA)
was Rs. 79190.000 Million compared to Rs.111770.000 Million last year, a decrease
of 29%. The market share of the Company’s average AUA stood at 1.04 %, which
makes it 9 th largest Corporate Distributor in the terms of Closing AUA as on
31st March 2014 (as per CAMS report).
MANAGEMENT
DISCUSSION AND ANALYSIS
Economy and
Markets
During the last
Financial Year 13-14, the economy continued to remain weak with GDP less than 5
per cent. Industrial Production saw de? Growth at -0.11 per cent (Apr-Feb FY14)
against 0.89 per cent for the same period in the last financial year. Inflation
as measured by Whole sale Price Index and Consumer Price Index softened to
lower levels towards the end of the year. This was mainly due to the moderation
in the food prices and prices of fruits and vegetables. However, CPI inflation
at above 8% remained a concern and RBI is looking for more sustained reduction
in inflation before any rate action could be initiated. The current account
deficit improved significantly during FY 14 and is expected at 2 per cent of
GDP compared to 4.8 per cent in FY 13. This is mainly because of consistent
rise in exports and fall in imports particularly gold imports due to
restrictions imposed by RBI. The Rupee depreciated around 26 per cent before
stabilizing in the range of Rs. 60 63 levels
after RBI introduced a separate swap window for OMCs and allowing banks to
raise funds through FCNR deposits and overseas bond issuances.
FIIs flows dropped
to around USD 8.9bn in FY 14 compared to USD 31bn in FY13 in capital markets.
In the first half of the year, FIIs were pulling out of Indian markets with
more marked outflows in debt. But they started investing into equities after
September with hopes of a strong and stable government after general election
and gradually improving macro-economic data. FIIs pulled out USD 4.6bn from the
debt markets and invested USD 13.4bn into equities which helped the domestic
markets to move to new highs in the last quarter of the year. Equity markets
were up 17.9 per cent in FY 14 compared to 7.3 per cent in FY 13.
US Fed, in the
month of November, 2013, announced the reduction in their monthly bond
purchases of treasury and mortgage bonds but in a phased manner. The monthly
purchase of US$ 85 bn worth of bonds was originally introduced to support
recovery in the US economy through adequate provision of liquidity. The quantum
of monthly purchases has been reduced by US$ 30 bn so far over a four month
period bringing down the monthly purchases to US$ 55 bn. If Fed continues at
the current pace in all probability, the tapering may end by Oct/Nov.2014. However,
it is felt that Fed may most likely adjust the pace, as an aggressive tapering
may lead to higher interest rates in the US and that may derail the nascent
economic recovery.
There is tangible
and visible economic recovery happening in Europe which can be seen from
improvement in PMI numbers, retail sales data, manufacturing sector and drop in
unemployment numbers. But recovery and economic optimism is more pronounced in
the core economies like Germany, France, UK and Italy. But the ECB is likely to
continue the soft money policy for some more time as recovery is yet to
stabilize in the peripheral countries like Spain, Portugal etc. China witnessed
its slowest economic growth in the last decade in 2013 at 6.7 %, a sharp
contrast to the double digit growth which they were used to. The Chinese
Government has been taking steps to implement reforms with a focus on improving
domestic consumption rather than relying on exports to drive the economy.
Business Outlook
An improvement in sentiment
on account of a revival in reforms and a greater clarity on the direction of
the economy after coming in force of stable government and an improvement in
the investment climate are factors which would help the equity markets over the
coming one year and beyond. Similarly, to propel growth RBI may move on to a
more benign and soft policy as inflation performance improves and this may
create more interest in the fixed income markets. The economy is in the process
of bottoming out and we may see recovery in the coming quarters
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and Advance from Related Parties |
424.300 |
424.300 |
|
|
|
|
|
Total |
424.300 |
424.300 |
CONTINGENT
LIABILITIES
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Income Tax |
32.853 |
39.002 |
|
Service Tax |
2.341 |
2.341 |
|
|
|
|
|
Total |
35.195 |
41.344 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
Tangible assets
· Furniture and Fixtures
· Vehicles
· Office Equipment
Intangible Assets
· Brands and Trade Marks
- 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.65.57 |
|
|
1 |
Rs.101.12 |
|
Euro |
1 |
Rs.71.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.