MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	505689
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	ASSOCIATION OF MUTUAL FUNDS IN INDIA

Registered Office :	One Indiabulls Centre, Tower 2, Wing B, 701, 7^th Floor, 841, S B Marg, Elphinstone Road, Mumbai - 400013, Maharashtra
Tel. No.:	91-22-24210093/ 43346700/ 24210383

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	22.08.1995

Com. Reg. No.:	11-092062

Capital Investment / Paid-up Capital :	INR 0.000 Million

CIN No.: [Company Identification No.]	U65991MH1995NPL092062

IEC No.: [Import-Export Code No.]	Not Divulged

PAN No.: [Permanent Account No.]	AAACA5550A

TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged

GSTN : [Goods & Service Tax Registration No.]	27AAACA5550A1Z9

Legal Form :	Association

Line of Business :	Subject is engaged in creating awareness among investors related to mutual fund business. (Registered Activity)

No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	The Association of Mutual Funds in India (AMFI) is the association of SEBI registered mutual funds in India of all the registered Asset Management Companies. It was incorporated on 22nd August 1995, as a non-profit organization. AMFI is dedicated to developing the Indian Mutual fund Industry on professional, healthy and ethical lines and to enhance and maintain standards in all areas with a view to protecting and promoting the interests of mutual funds and their unit holders. As of now, all the 42 Asset Management Companies that are registered with SEBI, are its members. For the financial year 2017, the subject has reported decent operational activity marked by rising operational revenue. Rating takes into consideration on AMFI’s established track record and strong market position along with sound financial profile along with strong debt coverage indicators due to debt free balance sheet profile. Payment seems to be regular and as per commitment. In view of aforesaid, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 31-03-2018.

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 27.04.2018

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 (Tel No.: 91-22-24210093)

LOCATIONS

Registered Office :	One Indiabulls Centre, Tower 2, Wing B 701, 7^th Floor, 841, S B Marg, Elphinstone Road, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-24210093/ 43346700/ 24210383
Fax No.:	91-22-43346712/ / 22
E-Mail :	contact@amfiindia.com
Website :	www.amfiindia.com

DIRECTORS

As on 31.03.2017

Name :	Mr. Milind Gajanan Barve
Designation :	Director
Address :	303, The Imperial, B B Nakashe Road, Tardeo, Mumbai – 400034, Maharashtra, India
Date of Birth/Age :	14.11.1957
Date of Appointment :	03.06.2003
DIN No.:	00087839

Name :	Mr. Jimmy Aspi Patel
Designation :	Director
Address :	Cusrow Baug, F No :- M/55, 3rd Floor, Shahid Bhagat Singh Road, Colaba, Mumbai-400001, Maharashtra, India
Date of Birth/Age :	18.08.1967
Date of Appointment :	25.09.2013
DIN No.:	00109211

Name :	Mrs. Harsha Viji
Designation :	Director
Address :	20 D'silva Road, Mylapore, Chennai-600004, Tamilnadu, India
Date of Appointment :	26.09.2016
DIN No.:	00602484

Name :	Mr. Sanjay Vishwanath Sapre
Designation :	Casual Vacancy Director
Address :	Flt 41/A, Embassy Apts 46 N S Road M Hill, AK Marg, Mumbai-400036, Maharashtra, India
Date of Appointment :	15.11.2016
DIN No.:	01104702

Name :	Mr. Nimesh Vipinbabu Shah
Designation :	Director
Address :	Aman 13/6, N S Manikar Marg Shrihind Society, Sion Matunga, Mumbai-400022, Maharashtra, India
Date of Appointment :	10.03.2008
DIN No.:	01709631

Name :	Mr. Nilesh Dhirajlal Shah
Designation :	Director
Address :	501, Radhika Chs, Gulmohar Road, Plot No 55, Jvpd Scheme, Vile Parle (West), Mumbai-400049, Maharashtra, India
Date of Appointment :	26.09.2016
DIN No.:	01711720

Name :	Mr. Anthony Lincoln Heredia
Designation :	Director
Address :	C-8 Madhuban 244, 57 Andrews Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Appointment :	26.09.2016
DIN No.:	02205628

Name :	Mr. Saurabh Manoj Nanavati
Designation :	Director
Address :	B 3/4, 535 Meghdoot Linking Road, Khar, Mumbai-400052, Maharashtra, India
Date of Appointment :	23.09.2010
DIN No.:	02473929

Name :	Mr. Sundeep Sikka
Designation :	Director
Address :	C- 2301, 23/24, Tower 1, Ashok Garden, Tokersey Jivraj Road, Swan Mills Compoun D, Sewree, Mumbai-400015, Maharashtra, India
Date of Appointment :	24.04.2009
DIN No.:	02553654

Name :	Mr. Balasubramanian Athmanathan
Designation :	Director
Address :	501 14, Union Park Trilok Kapoor Marg, S.T. Road, Chembur, Mumbai-400071, Maharashtra, India
Date of Appointment :	05.11.2009
DIN No.:	02928193

Name :	Mr. Ashish Pradip Somaiya
Designation :	Director
Address :	Flat No. 2, Ground Floor, Lilian Apartments, 73, Dr. Ambedkar Road, Khar (West), Mumbai-400052, Maharashtra, India
Date of Appointment :	25.09.2013
DIN No.:	06705119

Name :	Mr. Kailash Vasudeo Kulkarni
Designation :	Director
Address :	A-203, Paradise, Raheja Vihar, Off Chandivali Farm Road, Chandivali, Andheri (East), Mumbai-400072, Maharashtra, India
Date of Appointment :	21.07.2015
DIN No.:	07242982

Name :	Ms. Radhika Gupta
Designation :	Director
Address :	3, Elysium, 67, D'monte Park Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Appointment :	24.08.2017
DIN No.:	02657595

Name :	Mr. Ashutosh Bishnoi
Designation :	Director
Address :	Flat No.53 Swarna, Chapel Lane Behind Akbar Ali Departmental Store, Santacruz (West), Mumbai-400054, Maharashtra, India
Date of Appointment :	24.08.2014
DIN No.:	02926849

Name :	Mr. Kalpen Vijay Parekh
Designation :	Director
Address :	B/2, Premji Nagar, Flat No. 8, Road No. 10, Daulat Nagar, Borivali (East), Mumbai-400066, Maharashtra, India
Date of Appointment :	24.08.2017
DIN No.:	07925034

Name :	Ms. Anuradha Rao
Designation :	Additional Director
Address :	65 A, Kinellan Tower, 4th Floor, R No C/04, Near J Mehta Marg, Nepean Sea Road, Mumbai-400006, Maharashtra, India
Date of Appointment :	20.12.2017
DIN No.:	07597195

MAJOR SHAREHOLDERS

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

Subject is engaged in creating awareness among investors related to mutual fund business. (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
99979900	Other miscellaneous services n.e.c.

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	ICICI Bank Limited
Branch :	Not Divulged
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	M.P Chitale and Company Chartered Accountants
Address :	1/11, Prabhadevi Industrial Estate, 1st Floor, Opposite Siddhivinayak Temple, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFM2282Q

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

Authorised Capital : INR 0.000 million

Issued, Subscribed & Paid-up Capital : INR 0.000 million

As on 31.03.2017

Particulars	Investor Awareness Programme Fund	General Fund
Entrance Fees	0.000	16.681
Accumulated Surplus	0.000	50.602
Financial Literacy (Media Campaign) Fund	0.000	0.000
General reserves	0.000	13.569
Investor Awareness Programme	522.317	0.000
Investor Education and Awareness Fund	1524.768	0.000
Total	2047.085	80.852

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015

(1) Corpus
(a) Entrance Fees	16.681	16.681	16.176
(b) Finance Literacy (Media Campaign) Fund	0.000	28.483	141.797
(c) Accumulated Surplus	50.602	441.924	330.629
(d) General reserves	13.569	13.569	13.569

(2) Share Application money pending allotment	0.000	0.000	0.000
(3) Investor Awareness Programme	522.317	0.000	0.000
(4) Investor Education and Awareness Fund	1524.768	0.000	0.000
Total Corpus Funds	2127.937	500.637	502.171

(4) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	1.291	0.349	0.845
Total Non-current Liabilities	1.291	0.349	0.845

(5) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	78.743	12.344	38.573
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities	78.743	12.344	38.573

TOTAL	2207.971	513.330	541.589

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.034	29.056	33.502
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	82.245	49.255	22.055
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	106.279	78.311	55.557

(2) Current assets
(a) Current investments	1496.736	111.942	194.895
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	381.684	261.057	246.272
(e) Short-term loans and advances	42.862	45.536	30.024
(f) Other current assets	180.410	16.484	14.841
Total Current Assets	2101.692	435.019	486.032

TOTAL	2207.971	513.330	541.589

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Revenue from operation	179.413	166.952	102.801
	Other Income	37.816	40.383	30.449
	TOTAL	217.229	207.335	133.250

Less	EXPENSES
	Employees benefits expense	19.120	18.823	17.095
	Depreciation and Amortization Expenses	6.249	6.203	4.427
	Other expenses	60.864	71.015	123.120
	TOTAL	86.233	96.041	144.642

	EXCESS OF INCOME OVER EXPENDITURE AVAILABLE FOR APPROPRIATION	130.996	111.294	(11.392)

Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	0.000

	BALANCE TRANSFER TO ACCUMULATED RESERVE	130.996	111.294	(11.392)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(18.016)	7.634	(51.704)
Net Cash from operating activities	(18.016)	7.634	(51.704)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

Asset Turnover

(Operating Income / Net Fixed Assets)

5.45

3.83

(0.34)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.04	0.02	0.07

Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.04	0.02	0.08

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.01	0.06	0.07

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	73.01	66.66	(11.08)

Return on Total Assets ((PAT / Total Assets) * 100)	%	5.93	21.68	(2.10)

Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.16	22.23	(2.27)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	26.69	35.24	12.60

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	26.69	35.24	12.60

G-Score Ratio Financial (Networth / Total Assets)	0.96	0.98	0.93

G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	26.69	35.24	12.60

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

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	102.801	166.952	179.413
		62.403	7.464

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	102.801	166.952	179.413
Balance transfer to accumulated reserve	(11.392)	111.294	130.996
	(11.08%)	66.66%	73.01%

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	No
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

NOTE: The Registered address of the company has been shifted from 706-708, Balarama, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India to the present address w.e.f 18.10.2010

CORPORATE INFORMATION

Subject was incorporated August 22, 1995 with Registrar of Companies (ROC), Maharashtra as nor.-profit making company, within the meaning of Section 8 of the Companies Act, 2013 (earlier Section 25 of the Companies Act, 1956).

AMFI is the association of SEBI registered Mutual Funds dedicated for development of Indian Mutual Fund Industry on professional and ethical lines and Maintain standards with view to protect and promote interest of mutual funds and their unit holders.

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

Computer
Furniture and Fixture
Vehicle
Office Equipments

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 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 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.38

INFORMATION DETAILS

Information Gathered by :	AKS

Analysis Done by :	PRI

Report Prepared by :	JYTK

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--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)

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.