MIRA INFORM REPORT

 

 

Report No. :

347303

Report Date :

29.10.2015

           

IDENTIFICATION DETAILS

 

Name :

AIMIA INDIA LOYALTY MANAGEMENT PRIVATE LIMITED (w.e.f. 15.07.2013)

 

 

Formerly Known As :

GROUPE AEROPLAN INDIA PRIVATE LIMITED (w.e.f. 26.12.2011)

 

CARLSON MARKETING SERVICES PRIVATE LIMITED

 

 

Registered Office :

Ramnord House, Ground Floor, 77, Dr. Annie Besant Road, Worli, Mumbai- 400018, Maharashtra

Tel. No.:

91-22-66119900

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.01.2010

 

 

Com. Reg. No.:

11-198767

 

 

Capital Investment / Paid-up Capital :

Rs. 0.100 Million

 

 

CIN No.:

[Company Identification No.]

U74990MH2010FTC198767

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is currently engaged in providing relationship marketing services which include Implementation of reward and recognition programs, sourcing and fulfilment of rewards, implementation of customer relationship management programmes, data analysis (client customer behavior, segmentation analysis etc.), creative services (digital, web design etc.), primarily for clients loyalty programmes.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a wholly owned subsidiary of “Aimia Proprietary Loyalty Singapore Pte Limited, Singapore.

 

The company has incurred losses from its operations since 2012. However the loss amount is reducing over the years. Further, the accumulation of the same has eroded the networth position of the company and it has reported increase in its external borrowings over the years.

 

However, the company has reported decent growth in its sales turnover in the 2014.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow.

 

In view of aforesaid, some caution need to be recommended while dealing with the company.

 

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 DECLINED

 

Management non-cooperative (91-22-66119900)

 

 

LOCATIONS

 

Registered Office :

Ramnord House, Ground Floor, 77, Dr. Annie Besant Road, Worli, Mumbai- 400018, Maharashtra, India

Tel. No.:

91-22-66119900

Fax No.:

91-22-66119999

E-Mail :

ailmpl@aimiaindia.in

Pinali.Vora@aimia.com

Website :

www.aimia.com

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Vikas Choudhury

Designation :

Director

Address :

102 Satyam, Rungta Lane, Nepeansea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

18.06.1965

Date of Appointment :

01.03.2012

DIN No.:

00267030

 

 

Name :

Eng Hock Ong

Designation :

Additional Director

Address :

6 Hougang Street 92 #08-06, NA, 538685, Singapore

Date of Appointment :

27.01.2015

DIN No.:

07077793

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 23.09.2014

 

Names of Shareholders

 

No. of Shares

AIMIA Proprietary Loyalty Singapore Pte. Limited, Singapore

 

9990

AIMIA Proprietary Loyalty US Inc, United State of America

 

10

Total

 

10000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 23.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is currently engaged in providing relationship marketing services which include Implementation of reward and recognition programs, sourcing and fulfilment of rewards, implementation of customer relationship management programmes, data analysis (client customer behavior, segmentation analysis etc.), creative services (digital, web design etc.), primarily for clients loyalty programmes.

 

 

Products/ Services :

Relationship Marketing Services

 

 

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 :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

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 :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

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 Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loan from financial Installation

0.500

1.607

Total

0.500

1.607

 

Note :

Term loan from financial Institution has been secured by hypothecation of vehicles and Is repayable In monthly instalments ranging between 35 and 36 months from the date of the borrowing.

 

The Company has issued following Unsecured compulsorily convertible debenture of Rs. 10 each to Aimia Proprietary Loyalty Singapore Pte Limited, Singapore (The holding company) (collectively "the CCDs"):

On September 25, 2013 18054127 debenture aggregating to Rs.180.541 Million

On January 17, 2014 8,730,000 debenture aggregating to Rs.87.300 Million

 

The CCDs shall be compulsorily convertible into shares on any date at lhs option of the debenture holder arid shall mandatorily be converted Into shares upon expiry of a period of ten years from the date of issue of the CCDs

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

252 Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai- 400028, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFP8828M

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company- Holds 99.9% of the share capital :

AIMIA Proprietary Loyalty Singapore Pte. Limited, Singapore

 

 

Ultimate holding company :

AIMIA Inc, Canada

 

 

Fellow subsidiary :

Nectar Loyalty Management India Private limited

 

 

CAPITAL STRUCTURE

 

As on 23.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000,000

Equity Shares

Rs.10/- each

Rs. 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000

Equity Shares

Rs.10/- each

Rs. 0.100 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

0.100

0.100

0.100

(b) Reserves & Surplus

(44.152)

(39.568)

(23.541)

(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)

(44.052)

(39.468)

(23.441)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

268.341

76.729

20.179

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1.212

0.656

0.234

Total Non-current Liabilities (3)

269.553

77.385

20.413

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

56.466

18.989

11.011

(c) Other current liabilities

46.053

12.509

4.399

(d) Short-term provisions

0.414

0.001

0.104

Total Current Liabilities (4)

102.933

31.499

15.514

 

 

 

 

TOTAL

328.434

69.416

12.486

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

9.051

13.584

0.426

(ii) Intangible Assets

4.226

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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

126.156

6.769

1.351

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

139.433

20.353

1.777

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

17.235

16.625

2.915

(d) Cash and cash equivalents

150.893

29.401

6.769

(e) Short-term loans and advances

0.711

0.558

1.025

(f) Other current assets

20.162

2.479

0.000

Total Current Assets

189.001

49.063

10.709

 

 

 

 

TOTAL

328.434

69.416

12.486

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

304.216

61.512

25.703

 

 

Other Income

0.316

0.937

0.481

 

 

TOTAL                                    

304.532

62.449

26.184

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

309.115

77.309

55.018

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(4.583)

(14.860)

(28.834)

 

 

 

 

 

Less

TAX

0.000

1.167

0.228

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(4.583)

(16.027)

(29.062)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(39.568)

(23.541)

5.521

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(44.151)

(39.568)

(23.541)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

0.000

2.465

0.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(458.30)

(1602.70)

(2906.20)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

1.108

0.994

0.000

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operation

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(1.51)

(26.06)

(113.07)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

(1.51)

(24.16)

(112.18)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(1.40)

(21.41)

(230.93)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

0.38

1.23

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(6.12)

(1.97)

(0.86)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.84

1.56

0.69

 

 

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

0.100

0.100

0.100

Reserves & Surplus

(23.541)

(39.568)

(44.152)

Net worth

(23.441)

(39.468)

(44.052)

 

 

 

 

long-term borrowings

20.179

76.729

268.341

Short term borrowings

0.000

0.000

0.000

Current maturities of long-term debts

0.000

0.994

1.108

Total borrowings

20.179

77.723

269.449

Debt/Equity ratio

(0.861)

(1.969)

(6.117)

 

 

 

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

25.703

61.512

304.216

 

 

139.318

394.564

 

 

 

 

 

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

25.703

61.512

304.216

Profit

(29.062)

(16.027)

(4.583)

 

(113.07%)

(26.06%)

(1.51%)

 

 

 

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

 

18]

Major suppliers

No

19]

Major customers

No

20]

Banking Details

No

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

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 118 Bajaj Bhawan, 226 Nariman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f. 01.04.2012

 

OPERATIONS :

 

There was income of Rs.304.532 Million during the year and the total expenditure amounted to Rs.309.115 million the loss Carried forward to the balance to the balance sheet Rs.44.152 million.

 

 

GENERAL INFORMATION

 

Aimia India Loyalty Management Private Limited (formerly 'Groupe Aeroplan India Private Limited) is a wholly owned subsidiary of AIMIA Proprietary Loyalty Singapore Pte. Limited, Singapore, Pursuant to the approval of the Registrar of Companies on July 15, 2013, the Company has changed its name from Groupe Aeroplan India Private Limited to AlMlA India Loyalty Management Private Limited.

 

Subject is currently engaged In providing relationship marketing services which include Implementation of reward and recognition programs, sourcing and fulfilment of rewards, implementation of customer relationship management programmes, data analysis (client customer behavior, segmentation analysis etc.), creative services (digital, web design etc.), primarily for clients loyalty programmes.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Application money pending for allotment against compulsorily convertible debenture

0.000

75.122

26784127 compulsorily convertible debenture

267.841

0.000

Total

267.841

75.122

 

 

INDEX OF CHARGES No Charges Exist for Company

 

 

FIXED ASSETS

 

Tangible assets

·         Office equipment

·         Computers

·         Vehicles

Intangible assets

·         Computer Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, 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.64.95

UK Pound

1

Rs.99.73

Euro

1

Rs.71.84

 

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

JYTK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

4

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

 

26

 

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.