|
|
|
MIRA INFORM REPORT
|
Report No. : |
504688 |
|
Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
INDOSTAR CAPITAL FINANCE LIMITED (w.e.f. 28.05.2014) |
|
|
|
|
Formerly Known
As : |
INDOSTAR CAPITAL FINANCE PRIVATE LIMITED (w.e.f. 15.11.2010) R V VYAPAAR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
One Indiabulls Center, 20th Floor, Tower 2A, Jupiter Mills Compound,
Senapati Bapat Marg, Mumbai-400013, Maharashtra |
|
Tel. No.: |
91-22-43157000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
21.07.2009 |
|
|
|
|
Com. Reg. No.: |
11-268160 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 783.618
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65100MH2009PLC268160 [New] U51909MH2009PLC268160 [Old] |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAECR4127Q1ZW |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECR4127Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is Non-Banking Financial Company engaged in Lending and Allied
Activities. [Registered Activity] |
|
|
|
|
No. of Employees
: |
93 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Indostar Capital Finance Limited is a subsidiary of “Indostar Capital, Mauritius”. The company was incorporated in the year 2009. It is financial institution which offers Term Loans, Short Tem Working Capital Loans and Real Estate Loans against Property and promoter funding against shares. For the financial year 2017, the company has achieved 11.45% growth in its revenue as compared to previous year revenue and has maintained healthy profitability margin of 29.24% during the year under review. The robust financial profile of the company marked by healthy networth base along with comfortable debt coverage indicators. Rating takes into account of equity infused by its promoters. Rating also takes into consideration strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. However, these rating strengths are partially offset by inherent vulnerability in Indostar’s asset quality given concentration risks and short track record of operations. Business is active. Payment seems to be regular. In view of aforesaid, Indostar Capital Finance Limited can be considered for business dealings at usual trade terms and conditions. Note: As per the current press release the company has received markets regulator Sebi's go-ahead to raise an estimated INR 20000 million through initial public offering (IPO). The company had filed IPO papers with Securities and Exchange Board of India (Sebi) in January and received "observations" from the regulator on April 3, as per the latest update with the markets watchdog. Sebi's observations is necessary for any company planing to launch public issues like initial public offer (IPO) follow-on public offer (FPO) and rights issues. Going by the draft papers, IndoStar Capital Finance's IPO comprises issuance of fresh shares worth INR 7000 million. Besides, existing shareholders will offer up to INR 20 million scrips. |
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 |
CARE |
|
Rating |
Long Term Debt Programme=AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
13.03.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 19.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-9818077118/
22-43157000]
LOCATIONS
|
Registered/ Corporate Office : |
One Indiabulls Center, 20th Floor, Tower 2A, Jupiter Mills Compound, Senapati
Bapat Marg, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-43157000 |
|
Mobile No.: |
91-9818077118 [Office] |
|
Fax No.: |
91-22-43157010 |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
Branch Offices : |
Located at: · Maharashtra · Karnataka · New Delhi · Tamilnadu · Andhra Pradesh · Gujarat · Rajasthan · Madhya Pradesh · Uttar Pradesh · Kerala · Punjab · Uttarakhand |
DIRECTORS
AS ON: 31.03.2017
|
Mr. Dinesh Kumar
Mehrotra |
|
|
Designation : |
Director |
|
Address : |
6A Harmony, Dr. E
Moses Road, Worli Naka, Worli, Behind Petrol Pump, Mumbai-400018,
Maharashtra, India |
|
Date of
Appointment : |
05.02.2018 |
|
DIN No.: |
00142711 |
|
|
|
|
Name : |
Mr. Bobby
Kanubhai Parikh |
|
Designation : |
Director |
|
Address : |
4th Floor, Seven
On The Hill, Pali Hill Auxilium Convent Road, Bandra (West), Mumbai - 400050,
Maharashtra, India |
|
Profile: |
Mr. Parikh has nearly three decades of experience in advising clients in the areas of entry strategy, business model identification, structuring a business presence, M&A and other business re-organisations. He is a qualified Chartered Accountant from the Institute of Chartered Accountants of India and holds a Bachelor of Commerce degree from the University of Mumbai. He is on the Board of IndoStar as an Independent Director. |
|
Date of
Birth/Age : |
30.04.1964 |
|
Date of
Appointment : |
01.08.2011 |
|
DIN No.: |
00019437 |
|
|
|
|
Name : |
Mr. Ramachandran
Sridhar |
|
Designation : |
Wholetime
Director |
|
Address : |
Flat No. 1801,
18th Floor Brindavan Terraces, Deonar Farm Road, De onar, Mumbai - 400088,
Maharashtra, India |
|
Date of
Birth/Age : |
17.06.1958 |
|
Date of
Appointment : |
18.04.2017 |
|
DIN No.: |
00136697 |
|
|
|
|
Name : |
Mrs. Naina Krishna Murthy |
|
Designation : |
Director |
|
Address : |
No. 288, 14th Cross, 5th Main Dollar Colony, Bangalore-560094, Karnataka, India |
|
Date of Appointment
: |
05.02.2018 |
|
DIN No.: |
01216114 |
|
|
|
|
Name : |
Mr. Hemant Kaul |
|
Designation : |
Director |
|
Address : |
A-105, ATR Ay
Path, Shyam Nagar, Jaipur-302019, Rajasthan, India |
|
Date of
Appointment : |
05.02.2018 |
|
DIN No.: |
00551588 |
|
|
|
|
Name : |
Mr. Sameer Sain |
|
Designation : |
Director |
|
Address : |
341 Bukit Timah
Road, #07-02, Honolulu Tower Singapore 259719 SG |
|
Date of
Birth/Age : |
05.11.1970 |
|
Date of
Appointment : |
28.04.2011 |
|
DIN No.: |
01164185 |
|
|
|
|
Name : |
Mr. Alok Oberoi |
|
Designation : |
Director |
|
Address : |
21 Blomfield Road, London W91AD GB |
|
Profile: |
Mr. Oberoi has almost three decades of experience of which he has 14 years in Private Wealth Management and around 16 years in Principal Investments and Private Wealth Businesses. He holds a Master’s in Business Administration and a Bachelor’s of Science from Cornell University. He represents ACPI on the Board of IndoStar. |
|
Date of
Birth/Age : |
07.09.1963 |
|
Date of
Appointment : |
28.04.2011 |
|
DIN No.: |
01779655 |
|
|
|
|
Name : |
Mr. Dhanpal
Arvind Jhaveri |
|
Designation : |
Director |
|
Address : |
2 Sumangal 13
Ridge Road, Malbar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of
Birth/Age : |
20.12.1968 |
|
Date of
Appointment : |
02.09.2010 |
|
DIN No.: |
02018124 |
KEY EXECUTIVES
|
Name : |
Mr. Ramachandran Sridhar |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
Flat No. 1801, 18th Floor Brindavan Terraces, Deonar Farm Road,
De onar Mumbai-400088, Maharashtra, India |
|
Date of Appointment : |
18.04.2017 |
|
PAN No.: |
APYPS3033G |
|
|
|
|
Name : |
Mr. Pankaj Thapar |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
A / 901, 9th Floor, Maple Leaf, Raheja Vihar, Chandivali,
Powai, Mumbai -400072, Maharashtra, India |
|
Date of Appointment : |
05.03.2015 |
|
PAN No.: |
AAAPT0490P |
|
|
|
|
Name : |
Mr. Jitendra Singh Bhati |
|
Designation : |
Company Secretary |
|
Address : |
A-203, Sai Prasad Chs, Subhash Nargar, M.G. Road, Goregaon
(West), Mumbai-400090, Maharashtra, India |
|
Date of Appointment : |
01.08.2011 |
|
PAN No.: |
AIFPB7115E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
90.74 |
|
Public/Other than promoters – Individual/ Hindu Undivided
Family – Indian |
4.92 |
|
Public/Other than promoters – Body Corporate |
4.34 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is Non-Banking Financial Company engaged in Lending and Allied
Activities. [Registered Activity] |
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Products : |
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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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||||
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Terms : |
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||||
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Selling : |
Not Divulged |
||||
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||||
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
· The India Cements Limited · Omkar · JP Infra · Essel Group · Kanakia · Prism Cement · Jindal |
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No. of Employees : |
93 (Approximately) |
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Bankers : |
|
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|||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
· IDBI Trusteeship Services Limited Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard
Estate,Mumbai-400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West),
Mumbai-400028, Maharashtra, India |
|
PAN No.: |
ACHFS9180N |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
IndoStar Capital (Mauritius) |
|
|
|
|
Subsidiary Company : |
· Indostar Asset Advisory Private Limited [U67100MH2013PTC240676] · Indostar Home Finance Private Limited [U65990MH2016PTC271587] |
CAPITAL STRUCTURE
AFTER: 29.09.2017
Authorised Capital : INR 1100.000 Million
Issued, Subscribed & Paid-up Capital : INR 789.012
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
INR 10/- each |
INR 900.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78361799 |
Equity Shares |
INR 10/- each |
INR 783.618
Million |
|
|
|
|
|
a.
Reconciliation of the equity shares outstanding at the beginning and at end of
reporting period.
|
Particulars |
31.03.2017 |
|
|
|
No. of Shares |
Amount |
|
Shares outstanding at the beginning of the
year |
73354429 |
733.544 |
|
Issued during the year |
5.007 |
50.074 |
|
|
78.362 |
783.618 |
|
Add: call money received on 4734482 partly
paid shares @ 9.99 per share |
--- |
--- |
|
Less: 4303768 shares INR 0.01 paid up per
share forfeited on non- payment of call money |
--- |
--- |
|
Shares outstanding at the end of the year |
78361799 |
783.618 |
b. Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to proportionate vote on basis of his contribution to fully paid up share capital.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the proportionate amount of contribution made by the equity shareholder to the total equity share capital.
c. Details of
shareholders holding more than 5% shares in the Company
|
Name of the shareholders |
31.03.2017 |
|
|
|
No. of Shares
|
% of holding |
|
Equity shares of INR 10/- each |
|
|
|
IndoStar Capital (Mauritius) (Holding Company) |
71102635 |
90.74 |
As per of the Company, including its register of shareholders/members, the above shareholding represents legal ownerships of shares.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
783.618 |
733.544 |
683.650 |
|
(b) Reserves & Surplus |
18220.538 |
14678.668 |
12169.017 |
|
(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) |
19004.156 |
15412.212 |
12852.667 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
19106.120 |
17588.658 |
16138.358 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
72.370 |
102.679 |
138.986 |
|
(d)
long-term provisions |
269.481 |
146.140 |
119.515 |
|
Total
Non-current Liabilities (3) |
19447.971 |
17837.477 |
16396.859 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
7865.506 |
4994.162 |
3439.216 |
|
(b)
Trade payables |
34.529 |
30.545 |
19.299 |
|
(c)
Other current liabilities |
8344.024 |
8591.118 |
7150.918 |
|
(d)
Short-term provisions |
157.459 |
57.220 |
57.902 |
|
Total
Current Liabilities (4) |
16401.518 |
13673.045 |
10667.335 |
|
|
|
|
|
|
TOTAL |
54853.645 |
46922.734 |
39916.861 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
69.168 |
30.128 |
6.328 |
|
(ii)
Intangible Assets |
18.792 |
2.876 |
2.383 |
|
(iii)
Capital work-in-progress |
0.000 |
4.426 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
730.411 |
100.100 |
546.100 |
|
(c) Deferred tax assets
(net) |
163.654 |
103.025 |
85.172 |
|
(d) Long-term Loan
and Advances |
39317.863 |
30977.154 |
24337.745 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
53.705 |
|
Total
Non-Current Assets |
40299.888 |
31217.709 |
25031.433 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1239.372 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d)
Cash and cash equivalents |
544.235 |
3495.918 |
4856.381 |
|
(e)
Short-term loans and advances |
12262.355 |
11853.129 |
9583.196 |
|
(f)
Other current assets |
507.795 |
355.978 |
445.851 |
|
Total
Current Assets |
14553.757 |
15705.025 |
14885.428 |
|
|
|
|
|
|
TOTAL |
54853.645 |
46922.734 |
39916.861 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
7148.018 |
6413.245 |
5280.530 |
|
|
|
Other Income |
7.402 |
0.539 |
0.027 |
|
|
|
TOTAL |
7155.420 |
6413.784 |
5280.557 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
477.887 |
394.502 |
280.577 |
|
|
|
Other expenses |
212.764 |
164.751 |
120.794 |
|
|
|
Provisions for standard assets and NPA |
123.281 |
33.819 |
30.373 |
|
|
|
TOTAL |
813.932 |
593.072 |
431.744 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6341.488 |
5820.712 |
4848.813 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3118.495 |
2892.591 |
2580.816 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3222.993 |
2928.121 |
2267.997 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
18.743 |
5.116 |
7.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
3204.250 |
2923.005 |
2260.877 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1113.872 |
1012.849 |
770.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
2090.378 |
1910.156 |
1490.648 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
28.45 |
26.66 |
21.72 |
|
|
|
Diluted |
26.09 |
26.33 |
21.43 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
6761.318 |
7425.720 |
6160.299 |
|
|
|
|
|
|
Cash generated from operations |
(5825.561) |
(4387.070) |
(5108.534) |
|
|
|
|
|
|
Net cash flow from / used in operating activities |
(6903.018) |
(5427.242) |
(5876.167) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
72.10 |
155.51 |
556.63 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.77 |
0.82 |
0.83 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.78 |
1.95 |
2.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.86 |
0.89 |
0.83 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.03 |
2.01 |
1.88 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
29.24 |
29.78 |
28.23 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.81 |
4.07 |
3.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.00 |
12.39 |
11.60 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.89 |
1.15 |
1.40 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.89 |
1.15 |
1.40 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.35 |
0.33 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
43.05 |
40.91 |
37.65 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.89 |
1.15 |
1.40 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
683.650 |
733.544 |
783.618 |
|
Reserves & Surplus |
12169.017 |
14678.668 |
18220.538 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
12852.667 |
15412.212 |
19004.156 |
|
|
|
|
|
|
long-term borrowings |
16138.358 |
17588.658 |
19106.120 |
|
Short term borrowings |
3439.216 |
4994.162 |
7865.506 |
|
Current Maturities of Long
term debt |
6160.299 |
7425.720 |
6761.318 |
|
Total
borrowings |
25737.873 |
30008.540 |
33732.944 |
|
Debt/Equity
ratio |
2.003 |
1.947 |
1.775 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
5280.530 |
6413.245 |
7148.018 |
|
|
|
21.451 |
11.457 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
5280.530 |
6413.245 |
7148.018 |
|
Profit/ (Loss) |
1490.648 |
1910.156 |
2090.378 |
|
|
28.23% |
29.78% |
29.24% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
783.618 |
733.544 |
|
(b) Reserves & Surplus |
|
18243.923 |
14684.477 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
19027.541 |
15418.021 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
19106.120 |
17588.658 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
72.370 |
102.679 |
|
(d)
long-term provisions |
|
269.481 |
146.140 |
|
Total
Non-current Liabilities (3) |
|
19447.971 |
17837.477 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
7865.506 |
4994.162 |
|
(b)
Trade payables |
|
44.932 |
32.890 |
|
(c)
Other current liabilities |
|
8345.385 |
8591.994 |
|
(d)
Short-term provisions |
|
156.355 |
58.500 |
|
Total
Current Liabilities (4) |
|
16412.178 |
13677.546 |
|
|
|
|
|
|
TOTAL |
|
54887.690 |
46933.044 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
69.220 |
30.215 |
|
(ii)
Intangible Assets |
|
18.792 |
2.876 |
|
(iii)
Capital work-in-progress |
|
0.000 |
4.426 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
630.311 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
163.647 |
103.019 |
|
(d) Long-term Loan
and Advances |
|
39330.908 |
30992.480 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
40212.878 |
31133.016 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
1239.372 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
0.000 |
0.000 |
|
(d)
Cash and cash equivalents |
|
651.298 |
3596.092 |
|
(e)
Short-term loans and advances |
|
12275.352 |
11846.531 |
|
(f)
Other current assets |
|
508.790 |
357.405 |
|
Total
Current Assets |
|
14674.812 |
15800.028 |
|
|
|
|
|
|
TOTAL |
|
54887.690 |
46933.044 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
7191.771 |
6439.963 |
|
|
|
Other Income |
|
7.402 |
0.539 |
|
|
|
TOTAL |
|
7199.173 |
6440.502 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
|
481.898 |
394.502 |
|
|
|
Other expenses |
|
226.321 |
182.387 |
|
|
|
Provisions for standard assets and NPA |
|
123.281 |
33.819 |
|
|
|
TOTAL |
|
831.500 |
610.708 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
6367.673 |
5829.794 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
3118.495 |
2892.591 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
3249.178 |
2937.203 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
18.778 |
5.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
3230.400 |
2932.071 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
1122.446 |
1015.652 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
2107.954 |
1916.419 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
|
28.69 |
26.75 |
|
|
|
Diluted |
|
26.31 |
26.41 |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G53331948 |
100122492 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
11/09/2017 |
- |
- |
500000000.0 |
Asian Bldg., Ground
Floor, 17, R.Kamani Marg,Ballard Estate,MumbaiMH400001IN |
|
2 |
G53332698 |
100122496 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
11/09/2017 |
- |
- |
500000000.0 |
Asian Bldg.,
Ground Floor, 17, R.Kamani Marg,Ballard Estate, Mumbai 400001MumbaiMH400001IN |
|
3 |
G45982899 |
100102993 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
01/06/2017 |
- |
- |
500000000.0 |
Asian Bldg.,
Ground Floor, 17, R.Kamani MargBallard EstateMumbaiMH400001IN |
|
4 |
G45981693 |
100102987 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
01/06/2017 |
- |
- |
500000000.0 |
Asian Bldg.,
Ground Floor, 17, R.Kamani MargBallard EstateMumbaiMH400001IN |
|
5 |
G44538478 |
100105726 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
02/05/2017 |
- |
- |
500000000.0 |
Asian Bldg., Ground
Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
6 |
G40768293 |
100089213 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
31/03/2017 |
- |
- |
1500000000.0 |
Asian Bldg.,
Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMa400001IN |
|
7 |
G38541777 |
100083776 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
10/03/2017 |
- |
- |
500000000.0 |
Asian Bldg.,
Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMa400001IN |
|
8 |
G31648827 |
100068445 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
29/12/2016 |
- |
- |
250000000.0 |
Asian Bldg.,
Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMa400001IN |
|
9 |
G40764326 |
100061334 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
17/11/2016 |
30/03/2017 |
- |
1350000000.0 |
Asian Bldg., Ground
Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMa400001IN |
|
10 |
G12887626 |
100051955 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
29/09/2016 |
- |
- |
1500000000.0 |
Asian Bldg.,
Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMa400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial papers |
|
|
|
i) From banks |
500.000 |
500.000 |
|
ii) Other than banks |
6550.000 |
3500.000 |
|
Less: Unamortised discount |
131.967 |
94.512 |
|
|
|
|
|
Total |
6918.033 |
3905.488 |
CORPORATE INFORMATION
IndoStar Capital Finance Limited (‘the Company’) was incorporated on 21st July 2009. The Company is registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company vide Certificate No. N-13.02109. The Company is primarily engaged in Lending business.
FINANCIAL PERFORMANCE
During the year, the Gross Income of the Company was INR 7155.400 million and the Profit after Tax was INR 2090.300 million (Previous Year: INR 6413.800 million and INR 191.02 million, respectively). The Company’s Net Worth as on March 31, 2017 was INR 19004.200 million (Previous Year: INR 1,5412.200 million).
A provision of INR 207.100 million (Previous Year: INR 171.600 million) at the rate of 0.40% of outstanding standard assets was made as on March 31, 2017, which is in excess of 0.35% as required pursuant to the Reserve Bank of India (RBI) requirement in this regard, and an amount of INR 418.100 million (Previous Year: INR 382.000 Million) is transferred to Special Reserve Fund, pursuant to the requirement of Section 45-IC of the RBI Act, 1934.
The Company has continued to maintain good asset quality with a net NPA of 1.2%, in spite of a difficult macro-economic environment.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMY
OVERVIEW-GLOBAL
Global economic
growth is projected to accelerate in 2017 as investment, manufacturing and
trade are expected to rebound. Stronger activity and expectations of more
robust global demand, coupled with agreed restrictions on oil supply, have
helped commodity prices recover from their troughs in early 2016. Higher
commodity prices have provided some relief to commodity exporters and helped
lift global headline inflation and reduce deflationary pressures.
Global growth
for the year 2016 stood at 3.1% and is projected to rise to 3.4% and 3.6% for
the years 2017 and 2018, respectively. Activity in both advanced economies and emerging
economies is forecast to accelerate in FY17-18. Advanced economies are
estimated to grow by 2.0% in 2017 and 2.0% in 2018; this forecast will
particularly remain uncertain in light of potential changes in the policy
stance of the United States under the new administration. Emerging markets grew
at 4.1% in 2016, and are projected to reach 4.5% for 2017 and 4.8% for 2018.
INDIA
The Indian economy
is expected to embark on a higher economic growth trajectory in FY18, owing to
proactive measures taken by the government as well as favourable economic
conditions expected to prevail during the course of the year. The economy is
also expected to expand on the back of increased government spending on
infrastructure, a pick-up in private investment, a good monsoon and a surge in
consumer spending, with pent up demand being satiated. The implementation of
the Goods and Services Tax (GST) has the potential to spur the economy further.
The outlook for the Indian economy looks positive with the economy expected to
grow at more than 7.5% in FY18.
Inflation
displayed a mixed picture in FY17. While CPI inflation moderated during the
course of the year, from 5.4% in April 2016 to 3.8% in March 2017, aided by
lower food prices, WPI inflation increased continuously during the year from
0.8% in April 16 to end the year at 5.7% in March 2017, with the increase in
fuel and manufactured goods prices. In FY18, there is an upside risk to the
inflation due to a possible increase in global crude oil prices and a firming
up of commodities. Domestically, any disturbance in the spread of the monsoon
or the impact of the
7th Pay Commission
OUTLOOK
For a large and
diverse country such as India, ensuring financial access to fuel growth and entrepreneurship
is critical. This presents a strategic opportunity for NBFCs to ensure
sustainable growth over a long term. Government’s push and reforms in the core
sector will unlock opportunities for financial inclusion and employment
opportunities. With the objective of achieving all round growth within the
economy, NBFC’s will cater to the huge untapped opportunities in the financial
system.
The reach of NBFCs, along
with their strong understanding of the market, can help them position themselves as
a better alternative to the traditional ways of banking. Furthermore, the
Indian consumer is increasingly adopting digital as a way of daily life. India
is currently the second biggest smartphone market, with a user base of 220
million, and is expected to cross 300 million users by 2017. Further, with the
launch of the Digital India programme, a flagship programme of the Government
of India to digitally empower society, NBFCs will have to find ways to serve
the millennial customers through digital means.
IndoStar
endeavours to maintain its track record of healthy growth and enhance rewards
and profitability, meeting the expectations of its various stakeholders.
COMPANY OVERVIEW
IndoStar is a
reputed lending organisation and has credibly grown as an NBFC over the past
six years of operations. It provides structured term finance to corporates and
Loans to SME borrowers. The Company’s tailor-made services meet specific
customer requirements.
Sponsored by
Everstone Capital, IndoStar is the first Indian NBFC to enjoy the support of
leading global financial institutions, which includes Goldman Sachs, ACPI
Investment Managers and others. IndoStar has been assessed with the highest
short-term Rating of A1+ for short-term borrowings by CARE, ICRA and CRISIL and
AAfor long-term borrowings by CARE and India Rating and Research Private
Limited (Fitch Group).
The Company is
optimistic about the Asset Finance and Home Finance sectors and sees
significant opportunities in this space. IndoStar proposes to commence Asset Finance
operations and Home Loan operations by H2 FY18. Currently, the Company is in the process of firming up
business plans and putting in place the distribution network required to start
this business.
FIXED ASSETS:
Tangible Assets
·
Furniture and Fixtures
·
Office Equipment
· Computer
· Leasehold Improvements
· Freehold Land
· Software
PRESS RELEASES :
INDOSTAR CAPITAL GETS SEBI’S NOD FOR INR 20000.000 MILLION IPO
Apr 09, 2018
Non-banking finance company IndoStar Capital Finance has received markets regulator Sebi's go-ahead to raise an estimated INR 20000.000 Million through initial public offering (IPO).
The company had filed IPO papers with Securities and Exchange Board of India (Sebi) in January and received "observations" from the regulator on April 3, as per the latest update with the markets watchdog.
Sebi's observations is necessary for any company planing to launch public issues like initial public offer (IPO) follow-on public offer (FPO) and rights issues.
Going by the draft papers, IndoStar Capital Finance's IPO comprises issuance of fresh shares worth INR 70000.000 Million.. Besides, existing shareholders will offer up to 2 crore scrips.
The company plans to utilise the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements. Besides, the IPO will enhance its brand name and create public market for its equity shares in the country.
According to
merchant banking sources, the IPO is expected to fetch INR 20000.000 Million.
JM Financial,
Kotak Mahindra Capital Company, Morgan Stanley India Company, Motilal Oswal
Investment Advisors and Nomura Financial Advisory and Securities (India) Pvt
Ltd will manage the company's public issue.
IndoStar Capital was capitalised by global investors in 2011 to create an
independent credit institution. Its current shareholders include Everstone
Capital, Beacon India Fund, ACPI Investment Managers and CIDB Capital.
The corporate and SME-focused non-banking finance player has recently expanded
its portfolio to offer vehicle finance and housing finance products.
INDOSTAR CAPITAL CLOSE TO ACQUIRING ICICI HOME FINANCE
Jul 04 2017
IndoStar Capital will pay INR 20000.000 Million for 67% stake in ICICI Home Finance, ICICI Bank will continue as a minority shareholder with a 33% stake
Mumbai: Two years after
putting its wholly owned subsidiary ICICI Home Finance on the block, ICICI Bank
Ltd is close to selling a majority stake in the company to IndoStar Capital for
INR 20000.000 Million, two people directly aware of the development said.
Everstone Capital-backed IndoStar will pay
INR 20000.000 Million for a 67% stake in the company, valuing the home finance
unit at a little under INR 30000.000 Million, while the private sector lender
will continue as a minority shareholder with a 33% stake, the people cited
above said on condition of anonymity.
Once closed, the transaction will mark the
end of a long-drawn sale process during which ICICI Bank came close to selling
its home finance arm twice but a deal did not materialize owing to last minute
disagreements. Other contenders for ICICI Home Finance included bulge bracket
PE funds TPG, India Value Fund Advisors and Baring Private Equity Asia.
Mint had reported on 12
December last year that the private sector lender was looking at a valuation of
close to INR 24000.000 Million, or about two times the book value of the
housing finance business, for a 100% stake but lowered it to INR 22000.000
Million as talks with TPG resumed in June last year. When a sale was almost
finalized with TPG, IVFA and Baring PE Asia offered a higher price of INR
24000.000 Million in August.
The talks with the two private equity funds broke
down two months later after both sides could not agree on some key operational
issues including the role of a senior ICICI Bank employee who was tipped to
join as head of the newly acquired housing finance company, Mint had
reported.
The sale process revived after R. Sridhar,
who was earlier a senior advisor to TPG, moved to IndoStar as executive
vice-chairman and chief executive in April this year.
According to the two people cited above, the
term sheet has been signed and the deal is likely to be closed before
December-end. ICICI Bank will provide operational support to the company for at
least a year until the bank finally decides to exit the company completely, the
people said. “ICICI Bank has been receiving proposals from interested parties
regarding its stake in ICICI Home Finance Company. However, no proposal has
been taken to the board of directors of the bank for consideration,” said an
ICICI bank spokesperson.
A spokesperson for IndoStar Capital said the
company would not comment on speculation.
ICICI Home Finance reported a net profit of
INR 1830.000 Million in the year ended March 2017 as against Rs180 crore a year
earlier, contributing 1.5% of the total assets of the consolidated group and
1.8% of the group’s net profit. As on March end 2017, the housing financier had
a loan book of INR 92820.000 Million, according to ICICI Bank’s annual report.
The Economic Times reported
on 19 April that IndoStar, which is predominantly into corporate finance and
loan against property for SME borrowers, is looking to expand its retail
lending business through its subsidiary IndoStar Home Finance which started
operations in August last year. At the end of 2016-17, IndoStar had a loan book
of around INR 50000.000 Million.
“It makes sense for ICICI Bank to sell its
housing finance business, as housing finance companies will fetch attractive
valuation in this market. Also, regulations have become flexible for banks to
raise long-term borrowing for lending to housing. The deal will therefore not
impact ICICI Bank’s own standalone housing finance business,” said a banking
analyst with Reliance Securities.
INR 30000.000 MILLION
DEAL: INDOSTAR TO BUY STAKE IN ICICI HOME FINANCE
July 4, 2017
IndoStar Capital Finance, a non-banking finance company (NBFC) controlled by private equity firm Everstone Capital, is all set to acquire a majority stake in ICICI Home Finance at an equity valuation of INR 30000.000 Million for the ICICI Bank subsidiary.
Everstone Capital will also invest in the deal. Together IndoStar and Everstone will own two-third of the business. The remaining one-third will continue to remain with ICICI Bank.
“At INR 30000.000 Million, ICICI Home Finance is valued at two times its book value for the last financial,” said an investment banker familiar with the sale process for the ICICI Bank subsidiary. At the end of March 2017, the home finance company had a book value of INR 15840.000 Million. He added that it was a fairly valued deal as its loan book also has exposure to developers, which typically gets valued lower than the retail book.
ICICI Home Finance closed its loan book at INR 89720.000 Million for 2016-17. It reported a net profit of INR 1832.000 Million on the back of INR 10528.000 Million revenue for the year.
ICICI Bank had put its home finance subsidiary on the block in July 2015 after deciding it was a non-core asset. The second-largest private bank in the country continues with its mortgage business within its banking operations.
Its talk to sell ICICI Home fell through twice - first with TPG Capital and then with a combine of India Value Fund Advisors and Baring Asia.
“While IndoStar is a strategic buyer, which will own and run the operations, Everstone is backing it as a financial investor,” said another person, who has worked on the deal. The deal has been finalised and the official announcement is expected following approval from ICICI Bank's board. “The transaction with regulatory approvals is expected to be completed in the next three months,” he says.
Everstone and IndoStar declined to comment to Business
Standard’s queries. An ICICI Bank spokesperson said, " ICICI Bank has been receiving proposals from interested parties
regarding its stake in ICICI Home Finance Company. However, no proposal has been taken to the
Board of Directors of the Bank for consideration.”
IndoStar started its operations in 2011 and at the end of March, it had a loan book of INR 52470.000 Million and a net non-performing asset of 1.2 per cent. In the last few years, IndoStar has emerged a key player in corporate lending and is strongly capitalised with a net worth of INR 19010.000 Million as of March 2017. Its net profit has grown at a compound annual growth rate of 31 per cent to INR 2100.000 Million since 2011.
It has been operating across corporate lending, small and medium enterprise lending and it recently started its housing finance subsidiary.
In April, financial services veteran R Sridhar joined the NBFC as executive vice-chairman and chief executive officer (CEO) to grow its retail lending business.
IndoStar has a wholly-owned housing finance subsidiary, IndoStar Home Finance.
Sridhar was earlier managing director and CEO of Shriram Transport Finance and has over three decades of experience in financial services. He took over from Vimal Bhandari, who had led the firm since 2011. Sridhar has also infused around INR 1000.000 Million into the company and has played a significant role in the acquisition of ICICI Home Finance.
Sridhar has also been a senior advisor to TPG since February 2014 and had played a role when it was in talks with ICICI Home Finance for its buy-out, but the deal fell through. Now, he managed to acquire a controlling stake in ICICI Home Finance within a few months of joining IndoStar.
IndoStar plans to grow the ICICI Home Finance business to about INR 150000.000 Million loan book in its first year of operations, said a person familiar with the NBFC’s growth plans.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.68 |
|
UK Pound |
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.