|
|
|
MIRA
INFORM REPORT
|
Report No. : |
494626 |
|
Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED |
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|
|
|
Registered
Office : |
27BKC, C-27, G Block Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-61152100 |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
02.08.1994 |
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|
|
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Com. Reg. No.: |
11-080009 |
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Capital
Investment / Paid-up Capital : |
INR 383.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65991MH1994PLC080009 |
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|
|
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IEC No.: |
Not Divulged |
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GSTIN/UIN: |
Not Divulged |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACK5576C |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company provide management and administrative services to the Trust (Kotak Mahindra Mutual Fund) and to deploy the funds raised by the Kotak Mahindra Mutual Fund under the Schemes. The Company also provides portfolio management and portfolio advisory service. (Registered Activity) |
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|
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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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit: |
USD 4500000 |
|
|
|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Kotak Mahindra Asset Management Company limited is a wholly-owned subsidiary of “Kotak Mahindra Bank Limited” and was incorporated in the year 1994. It is the Asset Manager for Kotak Mahindra Mutual Fund. The company has approximately 7.5 Lac investors in various schemes. It offers schemes catering to investors with varying risk - return profiles and was the first fund house in the country to launch a dedicated gilt scheme investing only in government securities. The company is present in 76 cities and has 79 branches. For the financial year 2017, the company has achieved revenue growth of 19.96% as compared to the previous year along with a decent profit margin of 13.36%. The sound financial risk profile of the company is marked by adequate net worth base along with strong debt protection metrics due to debt free balance sheet profile. Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Payments are reported to be regular and as per commitments. 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Kotak Floater Short Term Fund = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
21.07.2017 |
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 27.02.2018
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 (91-22-66056940)
LOCATIONS
|
Registered Office : |
27BKC, C-27, G Block Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-61152100/66384444 |
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Fax No.: |
91-22-66384455 |
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E-Mail : |
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Website : |
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Corporate Office: |
2nd Floor, 12-BKC, Plot No C-12, G Block, BKC, Bandra (East), Mumbai - 400 051, Maharashtra, India |
|
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Service Team Address : |
6th Floor, Kotak Towers, Building No.21, Infinity Park, Off
Western Express Highway, Goregaon – Mulund Link Road, Malad (East), Mumbai –
400097, Maharashtra, India |
|
Tel. No.: |
91-22-66384455 |
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Fax No.: |
91-22-67082213 |
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|
|
|
Branch Office : |
Located At: ·
Agra ·
Ahmedabad ·
Bhavanagar ·
Bhopal ·
Chennai ·
Cochin ·
Dehradun ·
Dhanbad ·
Goa ·
Gurugram ·
Hyderabad ·
Indore ·
Jammu ·
Jamnagar ·
Jodhpur ·
Kolkata ·
Lucknow ·
Mangalore ·
Mumbai ·
Nagpur |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Nilesh Dhirajlal Shah |
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Designation : |
Managing director |
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Address : |
501, Radhika CHS, Gulmohar Road, Plot No 55, JVPD Scheme, Vile Parle
(West), Mumbai- 400049, Maharashtra, India |
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Date of Appointment : |
15.01.2015 |
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DIN No.: |
01711720 |
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Other
Directorship:
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|||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Bipin Ratilal Shah |
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Designation : |
Director |
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Address : |
8-D, Il Palazzo, Little Gibbs Road, Malabar
Hill, Mumbai- 400006, Maharashtra, India |
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Date of Birth/ Age : |
16.07.1932 |
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Date of Appointment : |
08.05.2004 |
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DIN No.: |
00006094 |
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Other
Directorship:
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Name : |
Mr. Uday Suresh Kotak |
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Designation : |
Director |
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Address : |
62, NCPA Apartments, Sir Dorabji Tata Marg,
Nariman Point, Mumbai- 400021, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/ Age : |
15.03.1959 |
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Date of Appointment : |
02.08.1994 |
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DIN No.: |
00007467 |
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Other
Directorship:
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|||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Chengalath Jayaram |
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Designation : |
Director |
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Address : |
Satguru Simran, 7th Floor, 3rd Road,,
Almeida Park, Bandra (West), Mumbai- 400050, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/ Age : |
18.04.1956 |
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Date of Appointment : |
11.10.2001 |
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DIN No.: |
00012214 |
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Other
Directorship:
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||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sukant Sadashiv Kelkar |
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Designation : |
Director |
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Address : |
No. 1, Sindhula, N. Gamadia Road, Mumbai-
400026, Maharashtra, India |
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Date of Appointment : |
11.10.2001 |
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DIN No.: |
00015883 |
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Other Directorship:
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Name : |
Mr. Gaurang Balkrishna Shah |
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Designation : |
Director |
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Address : |
1502,Crescent Heights,Forgett Street,
Opposite Bhatia Hospital, Mumbai- 400036, Maharashtra, India |
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Date of Appointment : |
10.06.2010 |
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DIN No.: |
00016660 |
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Other
Directorship:
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Name : |
Mr. Nalin Mansukhlal Shah |
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Designation : |
Director |
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Address : |
18a, Floor-18, Plot-333, A, Great Eastern
Royal, Jahangir Boman Behram Marg, Bellasis Bridge Tardeo, Mumbai- 400034,
Maharashtra, India |
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Date of Appointment : |
13.04.2015 |
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DIN No.: |
00882723 |
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Other
Directorship:
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||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sanjiv Malhotra |
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Designation : |
Director |
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Address : |
2 Floor, Flat 6 Motabhoy Mansion, 104 Backbay,
Reckamation, Mumbai – 400020, Maharashtra, India |
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Date of Appointment : |
26.12.2016 |
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DIN No.: |
03435955 |
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KEY EXECUTIVES
|
Name : |
Mr. Krishnan Ramchandran |
|
Designation : |
Chief Financial Officer |
|
Address : |
Plot No 9, Sai Nagar, St Anthonys Road, Near Uttam Society, Chembur-
400071, Maharashtra, India |
|
Date of Appointment : |
23.04.2014 |
|
PAN No.: |
ABYPR6116R |
|
|
|
|
Name : |
Mr. Jolly Kamlesh Bhatt |
|
Designation : |
Secretary |
|
Address : |
D/604, Lata Annexe, Goyal Complex, Above Axis Bank, W. E. Highway,
Borivali (East), Mumbai- 400066, Maharashtra, India |
|
Date of Appointment : |
01.05.2010 |
|
PAN No.: |
AKDPB0624J |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Kotak Mahindra Bank Limited, India |
|
29799886 |
|
Jaimin Bhatt |
|
19 |
|
Narayan SA |
|
19 |
|
T. Krishnakumar |
|
19 |
|
Gaurang Shah |
|
19 |
|
Dipak Gupta |
|
19 |
|
R. Sundarram |
|
19 |
|
Total |
|
29800000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Kotak Securities Limited, India |
|
8500000 |
|
Total |
|
8500000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 20.06.2017
|
Category |
Percentage |
|
Promoters- (Banks) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company provide management and administrative services to the Trust (Kotak Mahindra Mutual Fund) and to deploy the funds raised by the Kotak Mahindra Mutual Fund under the Schemes. The Company also provides portfolio management and portfolio advisory service. (Registered Activity) |
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Products / Services
: |
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||||
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||||
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Brand Names : |
Not Available |
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|
||||
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Agencies Held : |
Not Available |
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||||
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Exports : |
Not Divulged |
||||
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|
||||
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Imports : |
Not Divulged |
||||
|
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|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
|
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||||||||||||||||||||||
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No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Bankers : |
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9181P |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
· Kotak Mahindra Bank Limited – [L65110MH1985PLC038137] |
|
|
|
|
Subsidiary Company: |
· Kotak Mahindra Pension Fund Limited – [U67200MH2009PLC191144] · Kotak Mahindra Trustee Company Limited - [U65990MH1995PLC090279] · Kotak Investment Advisors Limited – [U65990MH1994PLC077472] · Kotak Mahindra (International) Limited · Kotak Mahindra (UK) Limited · Kotak Securities Limited – [U99999MH1994PLC134051] |
|
|
|
|
Fellow Subsidiaries: |
· Kotak Mahindra Prime Limited – [U67200MH1996PLC097730] · Kotak Mahindra Old Mutual Life Insurance Limited [U66030MH2000PLC128503] · Kotak Mahindra General Insurance Company Limited [U66000MH2014PLC260291] · Kotak Mahindra Financial Services Limited |
|
|
|
|
Enterprises over
which along with its relatives have significant Influence: |
· Aero Agencies Limited – [U51220MH1949PLC007791] |
|
|
|
|
Mutual fund managed
by the company: |
· Kotak Mahindra Mutual Fund |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
10000000 |
Preference Shares |
INR 10/- each |
INR 100.000 Million |
|
|
Total |
|
INR 400.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29800000 |
Equity Shares |
INR 10/- each |
INR 298.000 Million |
|
8500000 |
Preference Shares |
INR 10/- each |
INR 85.000 Million |
|
|
Total |
|
INR 383.000
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 |
383.000 |
383.000 |
383.000 |
|
(b) Reserves and Surplus |
1180.195 |
797.860 |
213.252 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1563.195 |
1180.860 |
596.252 |
|
|
|
|
|
|
(3)
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 |
20.282 |
19.552 |
20.249 |
|
(d) long-term
provisions |
63.484 |
61.457 |
55.303 |
|
Total Non-current
Liabilities (3) |
83.766 |
81.009 |
75.552 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
138.739 |
|
(b) Trade
payables |
248.372 |
117.138 |
105.933 |
|
(c) Other
current liabilities |
148.589 |
60.134 |
40.967 |
|
(d) Short-term
provisions |
139.924 |
87.836 |
75.393 |
|
Total Current
Liabilities (4) |
536.885 |
265.108 |
361.032 |
|
|
|
|
|
|
TOTAL |
2183.846 |
1526.977 |
1032.836 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
62.759 |
56.408 |
51.039 |
|
(ii)
Intangible Assets |
127.500 |
149.499 |
171.355 |
|
(iii) Tangible assets
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 |
433.752 |
433.752 |
275.000 |
|
(c) Deferred tax assets (net) |
40.403 |
32.405 |
34.927 |
|
(d)
Long-term loans and advances |
11.548 |
10.602 |
59.000 |
|
(e) Other
Non-current assets |
245.696 |
339.185 |
294.724 |
|
Total Non-Current
Assets |
921.658 |
1021.851 |
886.045 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
826.231 |
70.378 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
286.098 |
214.542 |
10.011 |
|
(d) Cash and
bank balances |
1.579 |
12.517 |
0.944 |
|
(e)
Short-term loans and advances |
21.545 |
60.972 |
95.273 |
|
(f) Other
current assets |
126.735 |
146.717 |
40.563 |
|
Total Current
Assets |
1262.188 |
505.126 |
146.791 |
|
|
|
|
|
|
TOTAL |
2183.846 |
1526.977 |
1032.836 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2861.158 |
2384.923 |
1223.854 |
|
|
Other Income |
51.267 |
14.631 |
32.573 |
|
|
TOTAL |
2912.425 |
2399.554 |
1256.427 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
638.588 |
539.374 |
483.028 |
|
|
CSR expenditure |
1.000 |
0.200 |
0.000 |
|
|
Other expenses |
1607.245 |
1056.520 |
1098.271 |
|
|
TOTAL |
2246.833 |
1596.094 |
1581.299 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
665.592 |
803.460 |
(324.872) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.057 |
14.413 |
2.012 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
664.535 |
789.047 |
(326.884) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
78.565 |
69.609 |
32.197 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
585.970 |
719.438 |
(359.081) |
|
|
|
|
|
|
|
Less |
TAX |
203.635 |
126.134 |
2.694 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
382.335 |
593.304 |
(361.775) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
9.983 |
15.491 |
(36.00) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
922.653 |
460.258 |
(202.846) |
|
Net cash flows from (used in) operations |
922.653 |
460.258 |
(202.846) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average
Collection Days (Sundry Debtors /
Income * 365 Days) |
36.50 |
32.83 |
2.99 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
10.00 |
11.12 |
122.25 |
|
|
|
|
|
|
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) |
3.50 |
3.90 |
(1.46) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current
Liabilities) / Total Assets) |
0.25 |
0.17 |
0.35 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.23 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.34 |
0.22 |
0.61 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.12 |
0.17 |
0.37 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
629.70 |
55.75 |
(161.47) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
13.36 |
24.88 |
(29.56) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
17.51 |
38.85 |
(35.03) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
24.46 |
50.24 |
(60.67) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets /
Current Liabilities) |
2.35 |
1.91 |
0.41 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.35 |
1.91 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.72 |
0.77 |
0.58 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.35 |
1.91 |
0.41 |
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 |
383.000 |
383.000 |
383.000 |
|
Reserves & Surplus |
213.252 |
797.860 |
1180.195 |
|
Net
worth |
596.252 |
1180.860 |
1563.195 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
138.739 |
0.000 |
0.000 |
|
Total
borrowings |
138.739 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.233 |
0.000 |
0.000 |
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 |
1223.854 |
2384.923 |
2861.158 |
|
|
0.000 |
94.870 |
19.969 |
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 |
1223.854 |
2384.923 |
2861.158 |
|
Profit/ (Loss) |
(361.775) |
593.304 |
382.335 |
|
|
(29.56
%) |
24.88
% |
13.36
% |
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 |
Yes |
|
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 |
Note: Registered office
of the company has been shifted from “5A-5th Floor, Bathtawar, 229 Nariman
Point, Mumbai – 400021, Maharashtra India” to “36-38A, Nariman Bhavan, 227,
Nariman Point Mumbai – 400021, Maharashtra, India” w.e.f.01.07.2009
Registered office has again shifted from “36-38A, Nariman Bhavan, 227,
Nariman Point Mumbai – 400021, Maharashtra, India” to the present address
w.e.f.31.03.2014.
CORPORATE INFORMATION
The subject company has been appointed as the asset management company, to provide management and administrative services to the Trust (Kotak Mahindra Mutual Fund) and to deploy the funds raised by the Kotak Mahindra Mutual Fund under the Schemes.
The Company also provides portfolio management and portfolio advisory services.
REVIEW OF
OPERATIONS OF THE COMPANY
The Company is a wholly - owned subsidiary of Kotak Mahindra Bank Limited (KMBL) and is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF) which is a trust set up under the provisions of The Indian Trusts Act, 1882.
FY 17 witnessed impressive growth for the Mutual Fund Industry, in terms of Assets under Management (AUM). The Mutual Fund Industry Quarterly Average Assets Under Management (QAAUM) grew by 35% to INR 18.35 lac crs in March 2017 against INR 13.59 lac crs in March 2016. Kotak Mahindra Mutual Fund (KMMF) witnessed QAAUM increase of 58% at INR 92,440.000 Million for March 2017 against INR 58,731.000 Million for the corresponding period ended March 2016. KMMF was one of the fastest growing AMCs in the industry in FY 17 across asset classes. This resulted in a AAUM market share of 4.68%, in FY 17 compared to 4.16% in FY 16
KMMF’s total number of live non-gold fund SIPs increased significantly by 113% this financial year and stood at around INR 0.396 Million
There has been a significant growth in the portfolio management activity during the year. The Company ended the year with a AUM of INR 1400.000 Million against INR 140.000 Million in March 16.
The AAUM of the Company for FY 17 was 77091.000 Million against INR 54746.000 Million in FY 16, a growth of 40%. Consequently the overall revenue from operations grew by 20% to INR 286.110 Million from INR 238.490 Million. The overall costs grew to INR 232.640 Million in FY 17 against INR 168.01 Million in FY 16, a growth of 38%. The main reason for the increase was the substantive increase in business promotion expenses which grew by 58%. Hence, the overall profit before tax has dropped by 19% to INR.586.000 Million compared to INR.719.400 Million in the prior year.
Digitization
initiatives:
Account opening – i) For making the ease of opening mutual fund accounts, created an online self-service model with which customers can open mutual fund accounts to invest in lumpsum and SIP modes. ii) For customers who may not want to make an immediate investment but invest subsequently, there is a provision to make them investment - ready by opening a zero balance account. Quick Invest – Mobile number/Folio Number based transaction facility for existing investors to make the transaction experience faster.
Easy Login – Simplified the process of login access creation for investors to give them a hassle- free experience to adopt digital transactions.
Go Digital – Created knowledge partnership with a software solution provider to help distribution partners to create their digital infrastructure to facilitate business penetration.
Market influences:
Equity Market
Overview:
FY17 was an eventful year to say the least. The events of FY17 have been of great importance both from a domestic as well as a global market standpoint. Some of these events include the passage of the Goods and Services Tax Act (GST) in India, Britain voting in favour of Brexit, the demonetization drive of the Indian Government to combat black money and corruption, the election of Donald Trump as the new US President, the appointment of Dr. Urjit Patel as the new RBI Governor, the appointment of a new Monetary Policy Committee (MPC) in India for the formulation of monetary policy and the US Federal Reserve hiking rates in Dec ‘16. Despite all these events, the markets marched ahead confidently. In FY17, the large cap Nifty Index ended the year up 18.5% while the Nifty Midcap Index was up 34.9%.
year got off to a shaky start on the back of global worries but saw a gradual recovery with an improving economic outlook, implementation of 7th Central Pay Commission (CPC) recommendations, better rural economic outlook as rainfall was better than average in most parts of India and an improving liquidity scenario, resulting in lower cost of funds. The corporate earnings cycle in India which was witnessing successive downgrades saw some recovery in the July-Sept 2016 quarter with the reduction in the pace of earnings downgrades. With the demonetization drive of the Government, there was a minor bump in the road to recovery for corporate India. Demonetization impacted various sectors of the economy; however, the adverse impact, in general, was short lived as it was felt mainly in November and December 2016. The impact moderated significantly in January and dissipated by and large by mid-February 2017, reflecting an accelerated pace of remonetisation. More importantly, the organized sector remained largely resilient with much of the impact limited to the unorganized sector. This is a trend which we believe will continue with further shift away from the unorganized to the organized sector accentuated by Goods and Services Tax Act (GST).
Post Demonetization, there has also been a pick-up of savings in financial assets away from physical assets. This we believe would be a structural trend going forward given that investments in real estate and gold do not hold significant promise anymore. One point to note is that while financial savings as a percentage of GDP stood at 7.7%, deposits constituted 41% of the total and equity and debentures constituted only 6% of the total, leaving significant room for further investments in to the equity markets.The large cap Nifty Index is currently trading at 18xFY18E EPS and 15.4xFY19E EPS (on a free float basis). While valuations do not appear to be cheap, the expectations of a significantly better year for corporate earnings is what is supporting the markets and could lead to further re-rating. Volatility in the market can never be ruled out and there would be many such event specific volatile periods in FY18 coinciding with US Fed action, corporate earnings etc. However, with a structural shift towards financial savings, it is likely that flows into equity markets remain strong further supporting the positive outlook.
Debt Market Overview
FY 17 started on an optimistic note. The ruling government’s agenda of fiscal consolidation bore fruit and the fiscal deficit was contained at 3.5%, to the pleasant surprise of markets. This gave RBI the leeway to adjust its liquidity stance to ‘surplus’ and back it up with two rate cuts (aggregating to 50bps rate cut) during the fiscal year. The economy was spurred by good monsoons and inflation showed a secularly downward trend throughout the year. FY17 was the year of emerging market economies and India was a favoured entity in the Emerging markets space. Massive FII inflows stand witness to India’s improved perception among global investors. We expect this positive perception to continue in the coming year and benefit the economy. We saw new instruments like Uday bonds, masala bonds and higher uptake of perpetual bonds. This clearly indicates that investors are becoming more receptive to newer investment avenues/instruments. Just as every yang is accompanied with yin, bond markets experienced pockets of uncertainty during the year. At the beginning of the year, the yields that had spiked from Nov 2015 – Feb 2016 due to the fear that Uday bonds could flood the market with duration supply, cooled off significantly as the supply was well taken by the large investors. During the second half of the year, demonetization shocked the markets with gilt yields almost crashing by 30-40bps. The downward trend abruptly reversed with RBI’s change of policy stance from accommodative to neutral in its February policy announcement. Lastly, banking sector was worrisome with its constantly climbing NPA numbers and will have to be watched closely in the coming year.
Awards:
During the year under review your Company has won ETF Manager of the Year India award from Asia Asset Management ETF & Indexing Awards 2017.
INDEX OF CHARGE: No Charges Exists for Company
FIXED ASSETS:
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
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 64.66 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKTS |
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.