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|
MIRA INFORM REPORT
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Report No. : |
487669 |
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Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
AXIS CAPITAL LIMITED [w.e.f.28.09.2012] |
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|
|
|
Formerly Known
As : |
AXIS
SECURITIES AND SALES LIMITED [w.e.f.05.04.2010] AXIS
SALES LIMITED [w.e.f. 10.08.2007] UBL
SALES LIMITED |
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Registered
Office : |
Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar
Marg, Worli, Mumbai - 400025, Maharashtra |
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Tel. No.: |
91-22-43252140 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of Incorporation
: |
06.12.2005 |
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Com. Reg. No.: |
11-157853 |
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Capital
Investment / Paid-up Capital : |
INR 735.000 Million |
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CIN No.: [Company Identification
No.] |
U51900MH2005PLC157853 |
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IEC No.: |
Not Applicable [As informed by the management that firm does
not have export and import] |
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TIN No.: |
Not Divulged |
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GST No.: |
27AAACU8367M1ZN |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACU8367M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Institutional Broking, Investment Banking and Distribution of Financial Products. (Registered Activity) |
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No. of Employees
: |
Information declined 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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2005. It is a wholly owned subsidiary of Axis Bank Limited, India. The company is engaged in investment banking and institutional equities. As per the financial of 2017, the company has achieved an average growth of 1.92% in its revenue as compared to the previous year’s revenue and has earned a favourable profitability margin of 35.90%. The sound financial position of the company is marked by strong net worth base along with debt free balance sheet profile and comfortable liquidity parameters. Rating takes into consideration the strength that the company derives from its holding company and its experienced management team. Business is active. Payments are reported to be regular and as per commitments. In view of healthy financial position of the company, it 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
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
31-03-2016.
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 24.01.2018.
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 DECLIED BY
|
Name : |
Mr. Samirkumar Barua |
|
Designation : |
Director |
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Contact No.: |
91-9884418044 |
|
Date : |
21.01.2018 |
[91-22-43252104] Ringing
LOCATIONS
|
Registered/ Corporate Office : |
Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar
Marg, Worli, Mumbai - 400025, Maharashtra |
|
Tel. No.: |
91-22-43252140/ 43252183 / 43252126/ 43252139/ 43252104 |
|
Mobile No.: |
91-9884418044 [Mr. Samirkumar Barua] |
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Fax No.: |
91-22-43253000 |
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E-Mail : |
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Website : |
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Branch Offices: |
· 44-B Khatau Building., 2nd Floor, Bank Street Fort, Mumbai- 400001, Maharashtra, India Tel. No.:91-22-22677901-06 · 2nd Floor Express, Building No 1., Queen's Road, Bangalore-560001, Karnataka, India Tel. No.: 91-80-22058543 Fax No.: 91-80-22058542 · 6th Floor, Alpha Centre No.150 & 151, North Usman Road, T. Nagar, Chennai – 600017, Tamilnadu, India · 2nd Floor, Red Fort Capital, Parsvnath Towers, Bhai Veer Singh Marg, Near Gole Market, New Delhi 110001, India Tel. No.: 91-11-47396600 · Next Gen Avenue, Plot no 5, Sr.no 103,Unit no 201/202, Behind ICC Tower, Crossword Lane, Senapati Bapat Road, Pune - 411016, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Srinivasan Varadarajan |
|
Designation : |
Director |
|
Address : |
1301-B, Chaitanya Towers Appa Saheb Marathe Marg, Prabhadevi Mumbai -400025, Maharashtra, India |
|
Date of Appointment : |
20.10.2012 |
|
DIN No.: |
00033882 |
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|
|
|
Name : |
Mrs. Shikha Sanjaya Sharma |
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Designation : |
Director |
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Address : |
Flat No. 4402, South Tower The Emperial, B. B. Nakashe Marg, Tardeo Mumbai - 400034, Maharashtra, India |
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Date of Birth: |
19.11.1958 |
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Date of Appointment : |
20.10.2012 |
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DIN No.: |
00043265 |
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PAN No.: |
ALFPS9244J |
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|
|
|
Name : |
Mr. Manish Balkishan Chokhani |
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Designation : |
Director |
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Address : |
161,Silver Arch,Petit Hall Compound, 66 L Jagmohandas Marg,Nepeansea Rd Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
20.10.2012 |
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DIN No.: |
00204011 |
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Name : |
Mr. Samirkumar Barua |
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Designation : |
Director |
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Address : |
B-203, Samay Apartment, Behind Azad Society Telephone Exchange, Near Bima Nagar, Near IIM, Amba Wadi, Ahmedabad - 380015, Gujarat, Inia |
|
Date of Appointment : |
14.01.2013 |
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DIN No.: |
00211077 |
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|
|
|
Name : |
Mr. Bahram Navroz Vakil |
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Designation : |
Director |
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Address : |
Flat No.2, Ground Floor, Wadia House 22, Hughes Road. 5, Khareghat Colony, Mumbai - 400007, Maharashtra, India |
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Date of Birth: |
12.09.1958 |
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Date of Appointment : |
14.01.2013 |
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DIN No.: |
00283980 |
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PAN No.: |
AABPV1253D |
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Name : |
Mr. Dharmesh Anil Mehta |
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Designation : |
Managing Director |
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Address : |
Flat No.2003/A, 20th Floor, Vivarea Tower, Sane Guruji Marg, Jacob Circle,Satrasta, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
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Qualification: |
B.com |
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Date of Appointment : |
15.11.2013 |
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DIN No.: |
06734366 |
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PAN No.: |
AACPM1169Q |
KEY EXECUTIVES
|
Name : |
Mr. Mahadevan Natarajan |
|
Designation : |
Company Secretary |
|
Address : |
Plot 72, Flat 01, Bal Murali Chs, Chheda Nagar, Mumbai - 400071, Maharashtra, India |
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Date of Appointment : |
01.11.2012 |
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PAN No.: |
AAGPI3399Q |
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Name : |
Mr. Neelesh Radheshyam Baheti |
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Designation : |
CFO |
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Address : |
D 706, Soni Sarovar, Near Sai Tower, Old Mhb Colon Off L T Road, Borivli West, Mumbai - 400092, Maharashtra, India |
|
Date of Appointment : |
25.08.2016 |
|
PAN No.: |
AFFPB8660M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Axis Bank Limited |
|
73499940 |
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Sanjay Silas (As nominee of Axis Bank Limited) |
|
10 |
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Arun Thukral (As nominee of Axis Bank Limited) |
|
10 |
|
Cyril Anand (As nominee of Axis Bank Limited) |
|
10 |
|
Rajiv Anand (As nominee of Axis Bank Limited) |
|
10 |
|
Sidharth Rath (As nominee of Axis Bank Limited) |
|
10 |
|
Rajesh Kumar Dahiya (As nominee of Axis Bank Limited) |
|
10 |
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|
|
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Total |
|
73500000 |
AS ON: 23.06.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Bank) |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Institutional Broking, Investment Banking and Distribution of Financial Products. (Registered Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: N(OT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Axis Bank Limited Fort Branch, Capital Market Division, Jeevan Prakash
Building, Sir P.M Road , Fort, Mumbai - 400001, Maharashtra, India |
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
14th Floor, The Ruby 29, Senapati Bapat, Marg Dadar West, Mumbai - 400028 India |
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Income-tax
PAN of auditor or auditor's firm : |
ACHFS9180N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
Axis Bank Limited("ABL") [L65110GJ1993PLC020769] |
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Subsidiary Company: |
Axis Securities Europe Limited ("ASEL") (Till 19/08/2015) |
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Fellow Subsidiary
Company: |
· Axis Private Equity Limited ("APEL") [U66020MH2006PLC165039] · Axis Mutual Fund Trustee Limited("AMFTL") · Axis Trustee Services Limited("ATSL") · Axis Asset Management Company Limited("AAMCL") [U65991MH2009PLC189558] · Axis Bank UK Limited("ABUKL") · Axis Finance Limited ("AFL") [U65921MH1995PLC212675] · Axis Securities Limited ("ASL") [U74992MH2006PLC163204] · Axis Securities Europe Limited ("ASEL") (w.e.f. 20/08/2015) · A. Treds Limited ("ATL") (w.e.f. 23/05/2016) |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
INR 10/- each |
INR 1750.000 Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73500000 |
Equity Shares |
INR 10/- each |
INR 735.000 Million |
|
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|
|
|
FINANCIAL DATA
[all figures are
in 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 |
735.000 |
735.000 |
735.000 |
|
(b) Reserves and Surplus |
3375.938 |
2863.010 |
1587.192 |
|
(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) |
4110.938 |
3598.010 |
2322.192 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
131.882 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
131.882 |
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
7228.479 |
2174.221 |
3385.863 |
|
(c) Other
current liabilities |
85.677 |
54.358 |
56.884 |
|
(d) Short-term
provisions |
431.149 |
487.650 |
1025.113 |
|
Total Current
Liabilities (4) |
7745.305 |
2716.229 |
4467.860 |
|
|
|
|
|
|
TOTAL |
11988.125 |
6314.239 |
6790.052 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
7.051 |
6.713 |
7.273 |
|
(ii)
Intangible Assets |
2.182 |
0.448 |
0.588 |
|
(iii) Tangible assets
capital work-in-progress |
0.236 |
1.650 |
1.075 |
|
(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) |
27.466 |
29.791 |
40.005 |
|
(d)
Long-term loans and advances |
95.674 |
38.656 |
85.706 |
|
(e) Other
Non-current assets |
55.937 |
762.045 |
569.552 |
|
Total Non-Current
Assets |
188.546 |
839.303 |
704.199 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1470.683 |
0.000 |
86.070 |
|
(b)
Inventories |
0.002 |
0.006 |
0.006 |
|
(c) Trade
receivables |
7138.337 |
2524.021 |
3592.419 |
|
(d) Cash and
bank balances |
2592.599 |
2811.296 |
2299.124 |
|
(e)
Short-term loans and advances |
477.861 |
21.375 |
29.333 |
|
(f) Other
current assets |
120.097 |
118.238 |
78.901 |
|
Total
Current Assets |
11799.579 |
5474.936 |
6085.853 |
|
|
|
|
|
|
TOTAL |
11988.125 |
6314.239 |
6790.052 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3153.350 |
3094.052 |
2887.382 |
|
|
Other Income |
283.139 |
447.246 |
305.731 |
|
|
TOTAL |
3436.489 |
3541.298 |
3193.113 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
985.153 |
967.430 |
969.918 |
|
|
Other expenses |
719.297 |
658.701 |
577.747 |
|
|
TOTAL |
1704.450 |
1626.131 |
1547.665 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1732.039 |
1915.167 |
1645.448 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.455 |
0.602 |
2.438 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1725.584 |
1914.565 |
1643.010 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.092 |
3.533 |
4.682 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1721.492 |
1911.032 |
1638.328 |
|
|
|
|
|
|
|
Less |
TAX |
589.325 |
635.214 |
559.313 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1132.167 |
1275.818 |
1079.015 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
296.808 |
185.207 |
44.752 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
15.40 |
17.36 |
14.68 |
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 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
2275.662 |
1301.046 |
1368.444 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1630.818 |
722.866 |
940.895 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
826.26 |
297.75 |
454.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
0.44 |
1.23 |
0.80 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
866019.50 |
319194.50 |
274241.33 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
182.92 |
217.36 |
184.14 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.65 |
0.43 |
0.66 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.88 |
0.75 |
1.92 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
268.33 |
3181.34 |
674.92 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
35.90 |
41.23 |
37.37 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.44 |
20.21 |
15.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
27.54 |
35.46 |
46.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.52 |
2.02 |
1.36 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.52 |
2.02 |
1.36 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.34 |
0.57 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.52 |
2.02 |
1.36 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
735.000 |
735.000 |
735.000 |
|
Reserves & Surplus |
1587.192 |
2863.010 |
3375.938 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2322.192 |
3598.010 |
4110.938 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
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 |
2887.382 |
3094.052 |
3153.350 |
|
|
|
7.158 |
1.917 |
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 |
2887.382 |
3094.052 |
3153.350 |
|
Profit/ (Loss) |
1079.015 |
1275.818 |
1132.167 |
|
|
37.37
% |
41.23
% |
35.90
% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G39857479 |
10488928 |
AXIS BANK LIMITED |
25/04/2014 |
16/03/2017 |
- |
500000000.0 |
FORT BRANCH, CAPITAL
MARKET DIVISION,JEEVAN PRAKASH BUILDING, SIR P.M ROAD , FORTMUMBAIMH400001IN |
|
2 |
G41262403 |
100087227 |
AXIS BANK LIMITED |
16/03/2017 |
- |
31/03/2017 |
5000000000.0 |
FORT BRANCH,
CAPITAL MARKET DIVISION,JEEVAN PRAKASH BUILDING, SIR P.M.ROAD,
FORT,MUMBAIMH400001IN |
|
3 |
G29597622 |
100064363 |
AXIS BANK LIMITED |
15/11/2016 |
- |
18/11/2016 |
4500000000.0 |
FORT BRANCH,
CAPITAL MARKET DIV.JEEVAN PRAKASH BLDG., SIR P.M.ROAD, FORT,MUMBAIMH400001IN |
NATURE OF OPERATIONS
The Company is a public company domiciled in India. The Company is a wholly owned subsidiary of the Bank. The Company is in the business of institutional broking, investment banking and distribution of financial products.
BUSINESS OVERVIEW AND
REVIEW OF OPERATIONS
The Company is presently engaged in two lines of business namely Investment Banking, and Institutional Equities. The Investor solution team was integrated with the Bank's wealth management business to help provide better solutions & services to high networth clients.
INVESTMENT BANKING
Axis Capital's Investment Banking division posted yet another impressive year by completing 35 transactions in Equity Capital Market and Advisory businesses which include IPOs, QIPs, Rights offerings, Buybacks, Open Offer, OFS, Blocks, M&A, Private Equity and Structured Finance, aggregating to about INR 1321350.000 million.
They completed 18 ECM transactions during the year including 10 IPOs, 1 QIP, 3 Buybacks and 4 other ECM transactions. They also completed 6 out of the 10 largest IPOs during the year, maintaining dominance in domestic ECM market with a market share of ~9.2%. Some of the marquee transactions for the year include IPOs of Avenue Supermarts (D'Mart), Equitas, BSE, Endurance Technologies and the QIP of Hindalco Industries Limited. FY17 was one of the best years for IPO investors, with Axis Capital led IPOs delivering ~77% returns on an average.
Their marketing and regulatory teams did an outstanding job across deals. They outdid competition on procurement across investor categories in most of the deals concluded during the year. Given their regulatory expertise and experience, they also emerged as the most preferred left lead banker on the street.
During the year, they closed 7 Private Equity transactions - They were the sole financial advisor to AGC holdings, an Essar Company, in selling their BPO business - Aegis to Capital Square Partners for ~INR 2010 crore. They also advised AU Financiers in selling their housing finance business - AU Finance to Kedaara and Partners group for INR 950 crore. They also closed 4 more secondary block transactions in IEX, with this, they have placed ~40% of IEX in the last 18 months.
The M&A and advisory practice had a good year wherein they were associated with marquee transactions like Idea Cellular's merger with Vodafone India, reorganization of the API business of Strides Shasun Group, merger of Dalmia Bharat with OCL India, separation of the Tube Investment's industrial and financial businesses, merger of Hinduja Foundries with Ashok Leyland, business reorganization of Balaji Telefilms and Murugappa Group's sugar business. Repeat business from satisfied clients (e.g. Tractors India Pvt Ltd, availed their advisory services for the management Buy-out as well as for inducting a strategic partner) demonstrated the team's ability to win their trust by delivering superior results.
During the year, the structure financed team expanded its reach to new clients and investors across geographies. They acted as arrangers for transactions worth more than INR 865 crores devising innovative solutions for clients. They intend to further build their capabilities in the coming year.
INSTITUTIONAL BROKING
The year FY17 saw brisk activity in the equities market - foreign portfolio flows turned positive once again with net inflows of over INR 557000.000 million and domestic equity mutual funds, including ETFs saw net inflows of over INR826000.000 million in the first 11 months of the year. Against this in FY16 foreign portfolio saw out flows of over Rs.14,0000.000 million.
They are witnessing increasing move to ETFs by investors which is not a focus for their Company. In addition institutions that trade through us also are moving a greater part of their volumes through low touch DMA. They therefore estimate that the total addressable institutional volumes would have gained by ~4% during FY17. Against that decline their total volumes grew by 8% and therefore their market share has moved up over the
previous year.
Even against this difficult backdrop their brokerage income has seen a 24% jump aided, quite significantly, by a large block trade of INR 42800.000 million. Their total block volumes have increased significantly this year to around INR 300000.000 million. In addition during the year they have added more than 14 marquee institutional accounts (covering more than 140 sub accounts) and they would help us garner more business next year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the Company not acknowledged as debts* |
2.500 |
2.500 |
|
Claims against the Company not acknowledged as debts** |
|
|
|
For Service Tax |
256.626 |
256.626 |
|
For Income Tax |
6.181 |
78.605 |
|
For Property Tax |
6.307 |
6.307 |
|
|
|
|
|
Total |
271.614 |
344.038 |
|
NOTES: *The Company is facing certain litigations with respect to alleged non disclosures in respect of investment banking jobs handled by the Company. The Management believes that its position will likely be upheld and the outcome of these proceeding will not have a material adverse effect on the Company's financial position and result of operations. During the year, the Company has provided interest expense of INR 527000 on penalty of INR 3.333 million (31March, 2016: INR 3333 million) for one litigation. **The Company is contesting the demands and the management believes that its position will likely be upheld in the appellate process. No tax expense has been accrued in the financial statements for the tax demand raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial position and results of operations. |
||
FIXED ASSETS:
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipment’s
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 63.77 |
|
UK Pound |
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.22 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SHK |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
ARC |
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.