|
|
|
MIRA INFORM REPORT
|
Report No. : |
492562 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA RURAL HOUSING FINANCE LIMITED |
|
|
|
|
Registered
Office : |
Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra |
|
Tel. No.: |
91-22-66526000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
09.04.2007 |
|
|
|
|
Com. Reg. No.: |
11-169791 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 951.322 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65922MH2007PLC169791 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GSTIN : |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAFCM1099K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in providing Home Loans primarily in rural areas for construction or purchase of a new property or for repairs, modernization or extension of an existing home. [Registered Activity] |
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|
|
|
No. of Employees
: |
Information denied by the management |
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 : |
Excellent |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra and Mahindra Financial Services Limited (MMFSL) was incorporated in the year 2007. Mahindra and Mahindra Financial Services Limited (MMFSL) holds 87.5% stake in the company and remaining 12.5% stake are held by National Housing Bank (NHB). The company provides home loans in rural and semi-urban India. As per the financial records of 2017, the company has achieved a decent growth of 41.98% in its revenue as compared to the previous year’s revenue and has reported a favourable profitability margin of 11.80%. The company possesses sound financial profile marked by strong net worth base along with acceptable liquidity position. Rating takes into consideration the strength that the company derives from Mahindra group and its experienced management team. However, rating is constrained on account of high debt balance sheet profile of the company. Business is active. Payment seems to be usually correct. In view of healthy financial position and strong support of Mahindra group, the company can be considered good for normal business dealings at usual trade terms and condition. |
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 |
CRISIL |
|
Rating |
Long term loans = AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
06.10.2017 |
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 16.02.2018.
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 DENIED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66526000 / 66523689)
LOCATIONS
|
Registered Office : |
Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra,
India |
|
Tel. No.: |
91-22-66526000 |
|
Fax No.: |
91-22-24984170 / 71 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
2nd Floor, Sadhana House, Behind Mahindra Towers, 570, P.B. Marg, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66523500 |
|
Fax No.: |
91-22-24972741 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Anuj Mehra |
|
Designation : |
Managing Director |
|
Address : |
F 2104, Ashok Gardens, T. J. Road, Sewree, Mumbai-400015, Maharashtra, India |
|
Date of Birth/Age : |
03.09.1960 |
|
Date of Appointment : |
16.01.2012 |
|
DIN No.: |
02712119 |
|
|
|
|
Name : |
Mr. Nityanath Purushottam Ghanekar |
|
Designation : |
Director |
|
Address : |
165 C, Dr. Ambedkar Road, Dadar, Mumbai-400014, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00009725 |
|
|
|
|
Name : |
Mr. Ramesh Ganesh Iyer |
|
Designation : |
Director |
|
Address : |
A-801/802, 8th Floor, Oberoi Gardens, Western Express Highway, Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1958 |
|
Date of Appointment : |
09.04.2007 |
|
DIN No.: |
00220759 |
|
|
|
|
Name : |
Mr. Ravi Venkatraman |
|
Designation : |
Director |
|
Address : |
A-4, Samrat Andheri Kurla Road, Andheri (East), Mumbai-400069, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1959 |
|
Date of Appointment : |
09.04.2007 |
|
DIN No.: |
00307328 |
|
|
|
|
Name : |
Mr. Narendra Mairpady |
|
Designation : |
Director |
|
Address : |
Door No. 8-125/16,Sumati Sadan, Dattanagar, Padavu, Mangalore-575006, Karnataka, India |
|
Date of Appointment : |
13.08.2015 |
|
DIN No.: |
00536905 |
|
|
|
|
Name : |
Mr. Chandrasekar Kandasamy |
|
Designation : |
Director |
|
Address : |
DII/53, Mahindra Park, LBS Marg, Ghatkopar, Mumbai-400086, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1954 |
|
Date of Appointment : |
16.01.2012 |
|
DIN No.: |
01084215 |
|
|
|
|
Name : |
Ms. Anjali Raina |
|
Designation : |
Director |
|
Address : |
Flat 7, Naples 9, Sobhani Road, Mumbai-400005, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
02327927 |
|
|
|
|
Name : |
Mr. Kulasekhara Chakravarthy |
|
Designation : |
Nominee Director |
|
Address : |
C-23, Ground Floor, Jungpura Extension, New Delhi-110014, India |
|
Date of Appointment : |
12.03.2015 |
|
DIN No.: |
07100075 |
KEY EXECUTIVES
|
Name : |
Mr. Dharmesh Vakharia |
|
Designation : |
Company Financial Officer (KMP) |
|
Address : |
3, Viraniwas, 1st Cross Lane, Mamlatdarwadi, Malad (West), Mumbai-400064, Maharashtra, India |
|
Date of Appointment : |
15.04.2014 |
|
PAN No.: |
ABVPV9842M |
|
|
|
|
Name : |
Mr. Navin Pramod Joshi |
|
Designation : |
Company Secretary |
|
Address : |
Flat No 11, 5th Floor, Phalashruti, Krishna Chandra Road, Opposite Lilavati Hospital, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Appointment : |
14.07.2016 |
|
PAN No.: |
AAIPJ1465E |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Financial Services Limited (MMFSL) |
|
83240643 |
|
MMFSL jointly with Ramesh Iyer |
|
2 |
|
MMFSL jointly with Rajesh Vasudevan |
|
2 |
|
MMFSL jointly with Venkatraman Ravi |
|
2 |
|
MMFSL jointly with Ravi Kulkarni |
|
2 |
|
MMFSL jointly with Dinesh Prajapati |
|
2 |
|
MMFSL jointly with Anuj Mehra |
|
2 |
|
National Housing Bank |
|
11891511 |
|
Total |
|
95132166 |
AS ON 17.07.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters - Bodies corporate |
87.50 |
|
Public/Other than promoters - Financial institutions |
12.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing Home Loans primarily in rural areas for construction or purchase of a new property or for repairs, modernization or extension of an existing home. [Registered Activity] |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
B. K. Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai- 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-22000607 / 7318 / 6360 / 66315835 / 36 |
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Fax No.: |
91-22-22003476 |
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E-Mail : |
|
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PAN No.: |
AAAFB0265E |
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|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
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Holding Company : |
Mahindra and Mahindra Financial Services Limited CIN No.: L65921MH1991PLC059642 |
|
|
|
|
Ultimate Holding Company : |
Mahindra and Mahindra Limited |
|
|
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|
Fellow Subsidiary Companies : |
|
CAPITAL STRUCTURE
AS ON 17.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95132166 |
Equity Shares |
INR 10/- each |
INR 951.322 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
951.322 |
757.292 |
657.371 |
|
(b) Reserves &
Surplus |
3807.499 |
2000.378 |
1074.214 |
|
(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) |
4758.821 |
2757.670 |
1731.585 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
24404.975 |
20410.647 |
14970.507 |
|
(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 |
627.952 |
349.123 |
193.524 |
|
Total Non-current
Liabilities (3) |
25032.927 |
20759.770 |
15164.031 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6272.930 |
3664.945 |
412.423 |
|
(b) Trade payables |
340.050 |
201.211 |
205.032 |
|
(c) Other current
liabilities |
11874.555 |
5108.663 |
3299.727 |
|
(d) Short-term provisions |
869.582 |
520.138 |
381.443 |
|
Total Current Liabilities
(4) |
19357.117 |
9494.957 |
4298.625 |
|
|
|
|
|
|
TOTAL |
49148.865 |
33012.397 |
21194.241 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
152.636 |
104.606 |
69.088 |
|
(ii) Intangible Assets |
3.253 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.658 |
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) |
140.839 |
58.389 |
9.560 |
|
(d) Long-term Loan and Advances |
36499.650 |
24771.580 |
15821.757 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
36797.036 |
24934.575 |
15900.405 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
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 |
162.245 |
112.721 |
99.024 |
|
(e) Short-term loans and
advances |
12189.584 |
7965.101 |
5194.812 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
12351.829 |
8077.822 |
5293.836 |
|
|
|
|
|
|
TOTAL |
49148.865 |
33012.397 |
21194.241 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7033.357 |
4953.690 |
3283.044 |
|
|
Other Income |
0.332 |
0.783 |
1.403 |
|
|
TOTAL |
7033.689 |
4954.473 |
3284.447 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits
expense |
1284.783 |
921.831 |
652.893 |
|
|
Loan provisions and write
offs |
712.555 |
387.347 |
182.951 |
|
|
Other expenses |
735.083 |
510.792 |
336.715 |
|
|
TOTAL |
2732.421 |
1819.970 |
1172.559 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4301.268 |
3134.503 |
2111.888 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2979.438 |
2133.205 |
1411.207 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1321.830 |
1001.298 |
700.681 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
52.804 |
34.334 |
27.501 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1269.026 |
966.964 |
673.180 |
|
|
|
|
|
|
|
Less |
TAX |
438.971 |
340.161 |
231.446 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
830.055 |
626.803 |
441.734 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
784.182 |
389.879 |
293.478 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Special Reserve |
330.000 |
230.000 |
145.000 |
|
|
Additional Special
Reserve (u/s 29C of NHB Act, 1987) |
2.500 |
2.500 |
2.500 |
|
|
General Reserve |
0.000 |
0.000 |
22.200 |
|
|
Dividend on equity shares |
106.021 |
0.000 |
0.000 |
|
|
Income-tax on dividend |
21.583 |
0.000 |
0.000 |
|
|
Proposed dividend on
Equity Shares |
0.000 |
0.000 |
85.458 |
|
|
Income-tax on proposed
dividend |
0.000 |
0.000 |
17.399 |
|
|
Additional Depreciation charged due to change in the useful life (Companies Act 2013) |
0.000 |
0.000 |
2.168 |
|
|
Deferred Tax Liability on
Special Reserve |
0.000 |
0.000 |
70.608 |
|
|
Total |
460.104 |
232.500 |
345.333 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
1154.133 |
784.182 |
389.879 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
10.04 |
9.53 |
7.15 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Secured - |
|
|
|
|
Term Loans: |
|
|
|
|
From banks |
6501.492 |
1514.561 |
822.339 |
|
From National Housing Bank |
531.181 |
610.949 |
703.944 |
|
Unsecured |
|
|
|
|
Loans and Advances from related parties (ICDs) |
405.000 |
465.650 |
187.500 |
|
Total |
7437.673 |
2591.160 |
1713.783 |
|
Cash generated from / (used in) operations |
(11916.168) |
(9378.806) |
(6046.102) |
|
Net cash generated from / (used in) operating activities |
(12438.401) |
(9775.173) |
(6276.054) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
27.48 |
29.96 |
30.57 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.04 |
0.98 |
0.99 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
8.01 |
9.67 |
9.87 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
4.07 |
3.44 |
2.48 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.03 |
0.04 |
0.04 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.44 |
1.47 |
1.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT
/ Sales) * 100] |
% |
11.80 |
12.65 |
13.46 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.69 |
1.90 |
2.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
17.44 |
22.73 |
25.51 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.64 |
0.85 |
1.23 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.64 |
0.85 |
1.23 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.10 |
0.08 |
0.08 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
40.07 |
35.21 |
26.01 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.64 |
0.85 |
1.23 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
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 |
657.371 |
757.292 |
951.322 |
|
Reserves & Surplus |
1074.214 |
2000.378 |
3807.499 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1731.585 |
2757.670 |
4758.821 |
|
|
|
|
|
|
long-term borrowings |
14970.507 |
20410.647 |
24404.975 |
|
Short term borrowings |
412.423 |
3664.945 |
6272.930 |
|
Current Maturities of
Long term debt |
1713.783 |
2591.160 |
7437.673 |
|
Total borrowings |
17096.713 |
26666.752 |
38115.578 |
|
Debt/Equity ratio |
9.873 |
9.670 |
8.009 |
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 |
3283.044 |
4953.690 |
7033.357 |
|
|
|
50.887 |
41.982 |
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 |
3283.044 |
4953.690 |
7033.357 |
|
Profit |
441.734 |
626.803 |
830.055 |
|
|
13.46% |
12.65% |
11.80% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
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 |
MANAGEMENT DlSCUSSlON
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
A report published by KPMG ("Decoding Housing for All by 2022'), pegs the 2012 shortage of Housing units in lndia at 5.9 crore units (and projects it to Increase to 11 crore units by 2022). Of this, the shortage in rural areas is 4 crore units (projected to increase to 6.4 crore units by 2022) white the shortage in urban areas is placed at 1.9 crore units (projected to increase to 4.6 crore units by 2022). Moreover 95 per cent of the housing shortage in urban areas is within the Economically Weaker Sections (EWS)/ Lower lncome Group (LIG) segments defined as households at the Bottom of the Economic Pyramid with annual household incomes of less than 3 lakhs JEWS) or 6 lakhs (LIG).
Recognizing this issue, the Government of lndia has set up an ambitious goal of "Housing For All by 202ZWs, supported by schemes like Pradhan Mantri Awas Yojana (Urban) [PMAY-U] and the recently announced Pradhan Mantri Awas Yojana [Gramin] [PMAY-G], which offer incentive and subsidies to eligible beneficiaries from these underserved segments of the society. Since the large unmet demand for housing is unlikely to be met without adequate housing finance assistance, all such subsidies are being routed through formal financial institutions like Banks and Housing Finance Companies. The Company is uniquely positioned to help in addressing this crying social need because of the reach and more importantly, the knowledge the Company has acquired about the customer segment the Company serves. The Company will continue to focus on serving the underserved rural customers and grow the business. In addition, the Company will now begin focusing on the affordable housing segment in smaller towns and cities as well, given the large market opportunity and its experience in serving customers with incomplete income documentation and no credit history. The Government's focus on this segment and the large unmet demand would combine to make this initiative develop into another growth engine for the Company.
OUTLOOK
With the thrust of the Government on affordable housing and the ambitious target of 'housing for all by 2022', the outlook for the industry is buoyant. With the innate business strengths of the Company like Pedigree/Brand Image, Strong Balance Sheet, Reach, Customer base, trained and dedicated work force and insight of the market it serves, the Company is in a position to capitalize on favourable conditions and drive growth.
ACHIEVEMENTS
The Company achieved People Capability Maturity Model (PCMM) Level 3 rating during the year under consideration. The PCMM framework assesses the management and development of human assets of the organization through a detailed audit of 22 processes across 5 maturity levels. Widely used in the IT services and BPO industry, the Company has adopted this framework given the manpower intensity of it's business model. The Level 3 rating is on the Scale of 5 levels and has been achieved in the very first assessment year.
During the year under consideration, the Company and its unique business model and strategy was also showcased in a book on business strategy titled "Riding the Tiger -- How to Execute Business Strategy in India".
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
Unsecured bonds (Subordinate Debt) |
1890.000 |
670.000 |
|
Loans and Advances from related parties (ICDs) |
20.000 |
200.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans and Advances from Related Parties (ICDs) |
1630.000 |
225.500 |
|
Commercial Paper (CPs) |
2000.000 |
2000.000 |
|
Total |
5540.000 |
3095.500 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Amount |
Address |
|
1 |
G73549719 |
100146653 |
Federal Bank Limited |
28/12/2017 |
200000000.0 |
32/34 Churchgate House, Veer Nariman Road , Fort, Mumbai-400001, Maharashtra, India |
|
2 |
G73550071 |
100146657 |
Federal Bank Limited |
28/12/2017 |
750000000.0 |
32/34 Churchgate House, Veer Nariman Road , Fort, Mumbai-400001, Maharashtra, India |
|
3 |
G74336454 |
100150687 |
AXIS TRUSTEE SERVICES LIMITED |
26/12/2017 |
1600000000.0 |
Axis House, Bombay Dyeing Mills Compound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India |
|
4 |
G69232718 |
100138326 |
Standard Chartered Bank |
24/11/2017 |
1000000000.0 |
Narain Manzil, 23 Barakhamba Road, Delhi-110001, India |
|
5 |
G56252620 |
100127363 |
Bank of India |
28/09/2017 |
2000000000.0 |
Andheri Large Corporate Branch, MDI Building, First Floor, 28, S V Road, Andheri (West), Mumbai-400058, Maharashtra, India |
|
6 |
G56726144 |
100127753 |
Axis Bank Limited |
22/09/2017 |
1500000000.0 |
Corporate Banking Branch, No.12 Mittal Tower A Wing First Floor, Mumbai-400021, Maharashtra, India |
|
7 |
G55139844 |
100125776 |
HDFC BANK LIMITED |
18/09/2017 |
1000000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
8 |
G55119432 |
100125740 |
Deutsche Bank |
14/09/2017 |
1500000000.0 |
28 K G Marg, ECE House, New Delhi-110001, India |
|
9 |
G47545785 |
100109560 |
AXIS TRUSTEE SERVICES LIMITED |
09/06/2017 |
10000000000.0 |
Axis House, Bombay Dyeing Mills Compound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India |
|
10 |
G45344371 |
100101425 |
Canara Bank |
15/05/2017 |
2000000000.0 |
Specialised Prime Corporate Branch, Maker Tower-F, 20th Floor, 85, Cuffe Parade, Mumbai-400005, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
Legal suits filed by customer in consumer
forums and civil courts claiming compensation from the company |
0.464 |
1.004 |
|
Demand against the company not acknowledge
as debts - Income tax |
6.098 |
3.776 |
|
Total |
6.562 |
4.780 |
FIXED ASSETS:
Tangible Asset:
- Building
- Furniture and
Fixture
- Computer
- Vehicles
- Office
equipment
Intangible Asset:
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.92 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
BHG |
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.