MIRA INFORM REPORT

 

 

Report No. :

348647

Report Date :

06.11.2015

 

IDENTIFICATION DETAILS

 

Name :

KARVY FINANCIAL SERVICES LIMITED

 

 

Registered Office :

Building No. 7, Office No. 762, 6th Floor, Solitaire Park, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No. :

91-22-67875300

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.10.2001

 

 

Com. Reg. No.:

11-227379

 

 

Capital Investment / Paid-up Capital :

Rs.1910.000 Million

 

 

CIN No.:

[Company Identification No.]

U67190MH2001PLC227379

 

 

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in providing financing services. its services includes structured finance, loan against purchase of securities, promoter funding, initial public offer funding, commodity funding, secured business loans against property, gold loans, loans against small commercial vehicle.

 

 

No. of Employees :

Information declined by the Management.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (52)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a subsidiary of ‘KARVY STOCK BROKING LIMITED’ and it is engaged in providing financing services. Its services includes structured finance, loan against purchase of securities, promoter funding, initial public offer funding, commodity funding, secured business loans against property, gold loans, loans against small commercial vehicle.

 

For the financial year ended 2014, company has reported 21.89% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 12.36% during the year under a review.

 

Rating takes into consideration company’s healthy operating efficiencies marked by its above average financial base along with modest net worth and sound debt coverage indicators.

 

Rating also takes into account of strong financial and managerial support that company receives from its holding entity.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

The company can be considered good for normal 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

ICRA

Rating

Subordinated Debt Programme = A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

February, 2015

 

 

 

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 BY

 

Name :

Ms. Priya Shetty

Designation :

Finance Department

Contact No.:

91-22-67875300

Date :

05.11.2015

 

 

LOCATIONS

 

Registered / Head Office :

Building No. 7, Office No. 762, 6th Floor, Solitaire Park, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No. :

91-22-67875300

Fax No. :

91-22-67875334

E-Mail :

compsec@karvy.com

roshan.bhosale@karvy.com

Website :

www.karvyfinance.com

 

 

Group Office :

46, Avenue 4, Street No.1,  Banjara Hills, Hyderabad – 500034, Telangana, India

Tel. No. :

91-40-23311968

Fax No. :

91-40-23312454

 

 

DIRECTORS

 

As on 13.05.2014

 

Name :

Mr. Amit Saxena

Designation :

Whole-time director

Address :

Flat 401/402, 4th Flr, Vaibhav Bldg, Union Park, Pali Hill, Nr Blue Restaurant, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

02.07.1973

Date of Appointment :

30.05.2012

DIN No. :

05248652

 

 

Name :

Mr. Bhagwan Dass Narang

Designation :

Director

Address :

Flat No. 29, Dda Appts., Pocket-F, SFS Scheme, Sheikh Sarai, Phase-I, New Delhi, 110017, India

Date of Birth/Age :

12.04.1946

Date of Appointment :

31.10.2012

DIN No. :

00038052

 

 

Name :

Yugandhar Meka

Designation :

Director

Address :

Plot No 22, Nandagiri Hills, Road No 69, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

Date of Birth/Age :

10.07.1951

Date of Appointment :

22.03.2005

DIN No. :

00012265

 

 

Name :

Jyothi Prasad

Designation :

Director

Address :

A-903, Jagat Vidya Cooperative Housing Society Near Gurunanak Hospital, Bandra (East), Mumbai - 400051, Maharashtra, India

Date of Appointment :

30.06.2015

DIN No. :

06947488

 

 

Name :

Mr. Mahesh Vijayagopal

Designation :

Director

Address :

Road No.7, Banjara Hills, 8-2-393/B/404, Flat No.404, Mount Meru Apartments,, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

01.01.1965

Date of Appointment :

17.07.2009

DIN No. :

00800219

 

 

KEY EXECUTIVES

 

Name :

Mr. Abhishek Nirmal Baxi

Designation :

Chief Finance Officer

Address :

K/202, Panchsheel Gardens, Mahavir Nagar, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Appointment :

25.03.2015

PAN No.:

AFYPB3445H

 

 

Name :

Ms. Meenal Talesara

Designation :

Secretary

Address :

74, Kushal Pole, Near Bada Bazar, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

04.06.1987

Date of Appointment :

1305.2014

PAN No.:

AITPT2385C

 

 

Name :

Ms. Priya Shetty

Designation :

Finance Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 13.05.2014

 

Names of Shareholders (Equity Shares)

No. of Shares

Karvy Comtrsde Limited, India

11000000

Karvy Stock Broking Limited, India

26999994

Uma Maheshwara Reddy

1

Comandur Parthasarathy

1

Yugandhar Meka

1

Shnasiva Ramakari Mulpuri

1

Mahesh Vijayagopal

1

Ramaswamy Janardhanan

1

Karvy Holding Limited, India

3000000

 

 

Total

41000000

 

 

Names of Shareholders (Preference Shares)  

No. of Shares

Karvy Holding Limited, India

75000000

Karvy Realty (India) Limited, India

75000000

 

 

Total

150000000

 

 

As on 31.05.2014

 

Names of Allottee

No. of Shares

Karvy Realty (India) Limited, India

5000000

 

 

Total

5000000

 

 

As on 13.05.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Bodies corporate

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in providing financing services. its services includes structured finance, loan against purchase of securities, promoter funding, initial public offer funding, commodity funding, secured business loans against property, gold loans, loans against small commercial vehicle.

 

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the Management.

 

 

Bankers :
  • Karur Vysya Bank Limited, Central Loan Processing Cell, Kamanwala Chambers,  Sir P M Road, Fort, Mumbai- 400001, Maharashtra, 
    India

 

Bank Name

Punjab National Bank

Branch

Maker Tower 'E', Ground Floor, Cuffe Parade, Mumbai- 400005, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

From Banks

6864.194

6245.822

Redeemable non-convertible debenture

81.400

327.800

 

 

 

SHORT TERM BORROWINGS

 

 

Cash credit from banks

757.319

1071.486

Working capital demand loan from banks

0.000

300.000

 

 

 

Total

7702.913

7945.108

 

Auditors :

 

Name :

BSRR and Company

Chartered Accountants

Address :

Reliance Humsafar, IV Floor, Road No. 11, Banjara Hills, Hyderabad – 500034, Telangana, India

PAN No. :

AAKFB1884H

 

 

Holding Company :
  • Karvy Stock Broking Limited

 
  •  

Fellow subsidiary company :

  • Karvy Comtrade Limited
  • Karvy Insurance Broking Limited
  • Karvy Realty (India) Limited
  • Karvy Data Management Services Limited (KDMSL)
  • Karvy Investor Services Limited
  • Karvy Capital Limited
  • Karvy Holdings Limited

 

 

Enterprises where KMP exercise significant Influence :
  • Karvy Consultants Limited
  • Karvy Computershare Private Limited

 

 

CAPITAL STRUCTURE

 

After 13.05.2014

 

Authorised Capital : Rs. 2050.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 746.250 Million

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

55000000

Equity Shares

Rs.10/- each

Rs.550.000 Million

150000000

Preference Shares

Rs.10/- each

Rs.1500.000 Million

 

 

 

 

 

Total

 

Rs. 2050.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

41000000

Equity Shares

Rs.10/- each

Rs.410.000 Million

150000000

Preference Shares

Rs.10/- each

Rs.1500.000 Million

 

 

 

 

 

Total

 

Rs.1910.000 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

1910.000

1910.000

1160.000

(b) Reserves & Surplus

1720.758

1646.272

1538.517

(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)

3630.758

3556.272

2698.517

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7828.646

6823.622

4020.237

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

11.077

16.248

3.557

(d) long-term provisions

40.003

23.180

11.382

Total Non-current Liabilities (3)

7879.726

6863.050

4035.176

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3044.230

2908.180

2508.790

(b) Trade payables

47.100

5.888

9.356

(c) Other current liabilities

3266.502

2413.344

603.517

(d) Short-term provisions

21.640

39.535

18.117

Total Current Liabilities (4)

6379.472

5366.947

3139.780

 

 

 

 

TOTAL

17889.956

15786.269

9873.473

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

61.236

60.718

37.035

(ii) Intangible Assets

27.015

31.333

48.283

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

1.462

4.926

4.927

(b) Non-current Investments

66.043

75.908

75.908

(c) Deferred tax assets (net)

13.827

9.024

0.914

(d)  Long-term Loan and Advances

12508.328

7247.374

3957.519

(e) Other Non-current assets

1.021

0.000

0.000

Total Non-Current Assets

12678.932

7429.283

4124.586

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

9.865

0.000

0.000

(b) Inventories

0.000

0.000

31.033

(c) Trade receivables

0.000

0.000

0.000

(d) Cash and cash equivalents

197.693

22.359

68.135

(e) Short-term loans and advances

4398.265

7721.603

5415.814

(f) Other current assets

605.201

613.024

233.905

Total Current Assets

5211.024

8356.986

5748.887

 

 

 

 

TOTAL

17889.956

15786.269

9873.473

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from operations

2936.464

2317.066

1334.173

 

 

Other Income

3.722

3.331

46.648

 

 

TOTAL                                    

2940.186

2412.829

1380.821

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Operating Expenses

170.660

153.326

60.968

 

 

Employees benefits expense

324.700

283.320

172.927

 

 

Other expenses

238.769

207.663

98.016

 

 

TOTAL                                    

734.129

644.309

331.911

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

2206.057

1768.520

1048.910

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

1629.589

1229.568

643.611

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

576.468

538.952

405.299

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

24.702

22.914

14.091

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

551.766

516.038

391.208

 

 

 

 

 

Less

TAX                                                                 

188.302

169.733

124.061

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

363.464

346.305

267.147

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

4.16

6.07

7.00

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

PAT / Total Income

(%)

12.38

14.37

20.02

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

75.13

73.40

78.62

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.10

3.29

4.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.15

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

3.75

3.33

2.52

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.82

1.56

1.83

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

2741.438

2108.827

264.398

Cash generated from operations

(1096.121)

(5414.738)

(5282.032)

Net cash flow from operating activity

(1295.632)

(5570.989)

(5427.732)

 

 

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

1160.000

1910.000

1910.000

Reserves & Surplus

1538.517

1646.272

1720.758

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

2698.517

3556.272

3630.758

 

 

 

 

long-term borrowings

4020.237

6823.622

7828.646

Short term borrowings

2508.790

2908.180

3044.230

Current maturities of long-term debts

264.398

2108.827

2741.438

Total borrowings

6793.425

11840.629

13614.314

Debt/Equity ratio

2.517

3.330

3.750

 

 

 

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)

Revenue from operations

1334.173

2409.498

2936.464

 

 

80.599

21.870

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from operations

1334.173

2409.498

2936.464

Profit

267.147

346.305

363.464

 

20.02%

14.37%

12.38%

 

 

 

 

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

Yes

8

Designation of contact person

Yes

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

 

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 15.05.2015

                                                 Lodging No.:- ARBPL/1018/2015      Filing Date:- 15.05.2015

Petitioner: DECCAN CHRONICLE HOLDINGS LIMITED AND ANR         

Respondent: KARVY FINANCIAL SERVICES LIMITED

                                                                         

 

Petn. Adv : EKTA TRIPATI. (I9232)

 

District: MUMBAI

Bench: SINGLE

 

Status: Pre-Admission                                                     Category: ARBITRATION ACT. 

 

Last Date: 01.09.2015                                                     Stage: FOR REJECTION (ORIGINAL SIDE MATTERS)

 

Last Coram: REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

Act:  Arbitration and Conciliation Act 1996    UNDER SECTION: 34

 

 

NOTE:

 

The registered address of the company has been shifted from 46, ST No. Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India to the present address w.e.f 17.11.2011

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

From Banks

498.000

0.000

From Other Party

385.052

250.000

 

 

 

SHORT TERM BORROWINGS

 

 

From Others

 

 

Working capital demand loan

157.711

282.494

Commercial papers

1500.000

1100.000

Inter corporate deposit

 

 

From related parties

59.200

154.200

From others

570.000

0.000

 

 

 

Total

3169.963

1786.694

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10594253

28/09/2015

500,000,000.00

PUNJAB NATIONAL BANK

MAKER TOWER 'E', GROUND FLOOR, CUFFE PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA

C65825762

2

10596316

18/09/2015

300,000,000.00

KARUR VYSYA BANK LIMITED

CENTRAL LOAN PROCESSING CELL, KAMANWALA CHAMBERS, 
SIR P M ROAD, FORT, MUMBAI- 400001, MAHARASHTRA, 
INDIA

C66944810

3

10580774

23/07/2015

1,000,000,000.00

STATE BANK OF BIKANER AND JAIPUR

239, P D' MELLO ROAD, OPPOSITE GPO FORT, MUMBAI- 400001, 
MAHARASHTRA, INDIA

C59300178

4

10579588

26/06/2015

500,000,000.00

THE SOUTH INDIAN BANK LIMITED

ANDHERI EAST BRANCH, SHOP NO. 9, AMBIKA TOWERS,, 
OPP. AGADI NAGAR, PUMP HOUSE, ANDHERI EAST, MUMBAI - 400093
, MAHARASHTRA, INDIA

C58714049

5

10572562

28/05/2015

400,000,000.00

DOHA BANK QSC

SAKHAR BHAVAN, GROUND FLOOR, PLOT NO. 230,, BLOCK 
NO. III, BACKBAY RECLAMATION, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA

C55251672

6

10588522

13/05/2015

500,000,000.00

IDBI BANK LIMITED

224-A, MITTAL COURT, A-WING, 2ND FLOOR, NARIMAN P 
OINT, MUMBAI- 400021, MAHARASHTRA, INDIA

C62841119

7

10556718

23/03/2015

500,000,000.00

STATE BANK OF PATIALA

COMMERCIAL BRANCH, ATLANTA, FIRST FLOOR, NARIMAN 
POINT, MUMBAI- 400021, MAHARASHTRA, INDIA

C47584818

8

10551186

29/04/2015 *

400,000,000.00

RBL BANK LIMITED

6TH FLOOR, TOWER 2B, ONE INDIABULLS CENTRE, 841, 
S.B. MARG, LOWER PAREL (WEST), MUMBAI- 400013, MAHARASHTRA, INDIA

C53957981

9

10528487

28/10/2014

250,000,000.00

VIJAYA BANK

INDUSTRIAL FINANCE BRANCH, NEW EXCELSIOR BUILDING, 
2ND FLOOR,WALLACE STREET, FORT MUMBAI, MUMBAI- 400001, MAHARASHTRA, INDIA

C31818412

10

10521439

18/09/2014

500,000,000.00

STATE BANK OF HYDERABAD

1204, ASHOK MAHAL, TULLOCH ROAD, COLABA,, MUMBAI- 400039, 
MAHARASHTRA, INDIA

C21973599

 

* Date of charge modification

 

 

REVIEW OF OPERATIONS:

 

The Company has been constantly focused on improving its revenue and maintaining a sustainable growth. This is evident from the financial performance of the Company during the year. The directors are pleased to inform you that, the company was able to counter this slowdown and manage the product mix strategically which helped the Company to grow at a healthy level during the year. The Company registered a growth in revenues of 22% resulting in an increase of 5% in the profit after tax. The directors are pleased to report that, for the year, the company's income stood at Rs. 2940.186 Million, with a profit after tax of Rs. 363.464 Million, as compared to an income of Rs. 2412.829 Million and a profit after tax of Rs. 346.305 Million in the previous year.

 

During the year, the company continued to add new products while extending its foot prints to new geographical areas. The Company's product range continues to be well diversified, and includes secured business loans, securities finance, commodities finance, and gold loans. The directors are of the opinion that despite challenges ahead, the company would continue to grow well in future.

 

 

OUTLOOK AND INITIATIVE:

 

The general economic conditions across the globe faced multiple challenges during 2013-2014. However, the directors are confident of another good year of performance for the company. For FY 2014-15, the strategy of the company will be to firmly establish and grow the business lines viz. securities finance, commodities finance, secured business loans, micro enterprise secured business loan, small commercial vehicle and loan against gold. The directors see high potential and opportunity in the market place and are confident of taking all the businesses to a higher level. The company plans to raise more capital in tune with the growth plans of the company.

 

 

FIXED ASSETS

 

  • Computer and related assets
  • Furniture and Fixture
  • Office Equipment
  • Software Development

 

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.67

UK Pound

1

Rs.101.02

Euro

1

Rs.71.34

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

RKI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

 

52

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.