|
|
|
MIRA
INFORM REPORT
|
Report No. : |
496416 |
|
Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ESSEL FINANCE AMC LIMITED [w.e.f. 24.10.2017] |
|
|
|
|
Formerly Known
As : |
PEERLESS FUNDS MANAGEMENT CO LIMITED [w.e.f. 09.04.2009] ESSEL FINANCE MUTUAL FUND AMC LIMITED ESSEL FINANCE AMC LIMITED |
|
|
|
|
Registered
Office : |
Peerless Mansion, 1 Chowringhee Square, 3rd Floor, Kolkata-700069, West Bengal |
|
Tel. No.: |
91-33-40185000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
09.04.2009 |
|
|
|
|
Com. Reg. No.: |
21-134537 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 990.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990WB2009PLC134537 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
19AAFCP0498M1ZS |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCP0498M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Asset Management Services to Peerless Mutual Fund in India. [Registered Activity] |
|
|
|
|
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of “The Peerless General Finance and Investment Company Limited”, India. The company was incorporated in the year 2009. It is acts as the Investment Manager to Essel Mutual Fund. For the financial year 2017, the company has achieved 34.89% growth in its revenue as compared to previous year revenue but has incurred loss. The moderate financial profile of the company is marked by negative reserve base due to huge accumulated losses. Rating takes into consideration strong debt coverage indicators due to debt free balance sheet profile. Rating also takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Business is active. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Liquid Fund=AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk |
|
Date |
06.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 08.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Mithun Ghosdasitr |
|
Designation : |
Senior Executive Accountant |
|
Contact No.: |
91-33-40185000 |
|
Date : |
07.03.2018 |
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-22-71335000]
LOCATIONS
|
Registered/ Corporate
Office / East Zonal Office / Head Quarter
: |
Peerless Mansion, 1 Chowringhee Square, 3rd Floor, Kolkata-700069, West Bengal, India |
|
Tel. No.: |
91-33-40185000 (Board) 64592072/ 2073/ 2213 6199 |
|
Fax No.: |
91-33-40185010/ 2213 6346 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Investment & Operations Office 1 : |
102, Centrepoint, J.B. Nagar, Andheri-Kurla Road, Andheri (East),
Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-61779999 |
|
Fax No.: |
91-22-61779996 |
|
|
|
|
Investment & Operations Office 2 : |
6th Floor, Jet Prime, Suren Road, Nr. Guru Nanak Petrol
Pump/Cinemax, Opposite Residency Hotel, Andheri (East), Mumbai – 400 093, Maharashtra,
India |
|
Tel. No.: |
91-22-71335000 (Board) |
|
|
|
|
Branch Offices : |
Located at: · Siliguri · Ghatal · Contai · Guwahati · Agartala · Pune · New Delhi · Lucknow · Jaipur · VIzag · Chennai · Kannur |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Adesh Kumar Gupta |
|
Designation : |
Director |
|
Address : |
701, Tagore Avenue Tagore Road, Santa Cruz, Mumbai-400054,
Maharashtra,
India |
|
Date of Appointment : |
05.09.2017 |
|
DIN No.: |
00020403 |
|
|
|
|
Name : |
Mr. Amitabh Jitendra Chaturvedi |
|
Designation : |
Director |
|
Address : |
Flat No. 2904, 29th Floor, Sumer Trinity Tower 2 B, New
Prabhadevi, Mumbai -400025, Maharashtra, India |
|
Date of Appointment : |
21.09.2017 |
|
DIN No.: |
00057441 |
|
|
|
|
Name : |
Mr. Harish Hansubhai Engineer |
|
Designation : |
Director |
|
Address : |
B 11, Sea Face Park, 50 Bulabhai Desai Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1948 |
|
Qualification : |
Science Graduate from Bombay University and Diploma in Business Management from Hazarimal Somani College, Mumbai |
|
Date of Appointment : |
05.05.2015 |
|
DIN No.: |
01843009 |
|
|
|
|
Name : |
Mr. Rajiv Vijay Shastri |
|
Designation : |
Director |
|
Address : |
505/18, Indradarshan - I, Lokhandwala Complex Andheri (W), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1970 |
|
Qualification : |
B. Com, CA, M.Sc. in economic management and policy from University of Strathclyde, Glasgow |
|
Date of Appointment : |
01.09.2014 |
|
PAN No.: |
AAXPS0120N |
|
DIN No.: |
02143422 |
|
|
|
|
Name : |
Mrs. Rashmi Aggarwal |
|
Designation : |
Director |
|
Address : |
D-164, Sector-47, Noida-201301, Uttar Pradesh, India |
|
Date of Appointment : |
05.09.2017 |
|
DIN No.: |
07181938 |
KEY EXECUTIVES
|
Name : |
Mr. Santanam Swaminathan |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
58/13, Prince Anwar Shah Road, Kolkata-700045, West Bengal, India |
|
Date of Birth/Age : |
09.01.1970 |
|
Qualification : |
ACS, ACMA, MBA(Finance), B. Com (H) |
|
Date of Appointment : |
09.03.2015 |
|
PAN No.: |
ANOPS4116J |
|
|
|
|
Name : |
Mr. Rajiv Vijay Shastri |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
505/18, Indradarshan - I, Lokhandwala Complex Andheri (W), Mumbai-400053, Maharashtra, India |
|
Date of Appointment : |
22.09.2017 |
|
PAN No.: |
AAXPS0120N |
|
|
|
|
Name : |
Mr. Madangopal Banarsilal Jalan |
|
Designation : |
Company Secretary |
|
Address : |
C-510, Sunder Dham, Rambaug Lane, Borivali (West), Mumbai-400092, Maharashtra, India |
|
Date of Appointment : |
28.09.2017 |
|
PAN No.: |
AAMPJ8450B |
|
|
|
|
Name : |
Mr. Mithun Ghosdasitr |
|
Designation : |
Senior Executive Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
The Peerless General Finance & Investment Co. Limited |
98998600 |
100.00 |
|
Sunil Kanti Roy |
400 |
0.00 |
|
Bhargab Lahiri |
200 |
0.00 |
|
Jayanta Roy |
200 |
0.00 |
|
Asoke Kumar Mukhuty |
200 |
0.00 |
|
Achintya Sankar Phani |
200 |
0.00 |
|
Dilip Samadar |
200 |
0.00 |
|
|
|
|
|
Total |
99000000 |
100.00 |
AS ON: 11.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Asset Management Services to Peerless Mutual Fund. [Registered Activity] |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the Management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Mukund M. Chitale and Company Chartered Accountants |
|
Address : |
2nd Floor. Kapur House, Paranjape B SchemeRoad No. 1, Ville Parle (E), Mumbai, Maharashtra, India |
|
PAN No.: |
AAAFM2030L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
The Peerless General Finance & Investment Company Limited, India [U66010WB1932PLC007490] |
|
|
|
|
Fellow Subsidiary
Companies : |
· Peerless Trust Management Co Limited, India [U65990WB2009PLC134536] · Peerless Financial Products Distribution Limited, India [U70109WB1987PLC042819] · Peerless Hospitex Hospital & Research Center Limited · Peerless Securities Limited · Peerless Hotels Limited, India [U55101WB1990PLC049988] · Kaizen Leisure & Holidays Limited, India [U70109WB1979PLC031959] · Peerless Financial Services Limited, India [U65993WB1988PLC044077] · Bengal Peerless Housing Development Co Limited · Kaizen Hotels & Resorts Limited (KHRL) · Peerless Mutual Fund - Schemes of Mutual Fund (Managed by the Company) |
CAPITAL STRUCTURE
AFTER: 11.07.2017
Authorised Capital : INR
1300.000 Million
Issued, Subscribed & Paid-up Capital : INR 1267.600 Million
AS ON: 31.03.2017
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 |
|
|
|
|
|
|
99000000 |
Equity Shares |
INR 10/- each |
INR 990.000 Million |
|
|
|
|
|
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 |
990.000 |
990.000 |
990.000 |
|
(b) Reserves and Surplus |
(576.612) |
(493.657) |
(393.584) |
|
(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) |
413.388 |
496.343 |
596.416 |
|
|
|
|
|
|
(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 |
2.684 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2.684 |
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
5.496 |
3.294 |
5.557 |
|
(c) Other
current liabilities |
18.790 |
8.666 |
2.009 |
|
(d) Short-term
provisions |
0.169 |
0.575 |
3.658 |
|
Total Current
Liabilities (4) |
24.455 |
12.535 |
11.224 |
|
|
|
|
|
|
TOTAL |
440.527 |
508.878 |
607.640 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3.581 |
3.807 |
4.343 |
|
(ii)
Intangible Assets |
1.499 |
0.051 |
0.045 |
|
(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 |
31.523 |
31.523 |
24.983 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
3.954 |
4.113 |
4.127 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
40.557 |
39.494 |
33.498 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
365.896 |
348.114 |
384.972 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
1.175 |
7.293 |
7.828 |
|
(d) Cash and
bank balances |
1.617 |
3.362 |
2.101 |
|
(e)
Short-term loans and advances |
31.282 |
36.445 |
178.354 |
|
(f) Other
current assets |
0.000 |
74.170 |
0.887 |
|
Total
Current Assets |
399.970 |
469.384 |
574.142 |
|
|
|
|
|
|
TOTAL |
440.527 |
508.878 |
607.640 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
71.246 |
52.816 |
73.638 |
|
|
Other Income |
52.063 |
31.720 |
38.478 |
|
|
TOTAL |
123.309 |
84.536 |
112.116 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
94.589 |
93.069 |
77.852 |
|
|
Other expenses |
110.659 |
90.225 |
116.703 |
|
|
TOTAL |
205.248 |
183.294 |
194.555 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(81.939) |
(98.758) |
(82.439) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(81.939) |
(98.758) |
(82.439) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.016 |
1.315 |
2.512 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(82.955) |
(100.073) |
(84.951) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(82.955) |
(100.073) |
(84.951) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.84) |
(1.01) |
(1.04) |
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 |
(120.781) |
13.554 |
(263.956) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(107.731) |
13.554 |
(247.020) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
6.02 |
50.40 |
38.80 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
60.63 |
7.24 |
9.41 |
|
|
|
|
|
|
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) |
(16.13) |
(25.60) |
(18.79) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.06 |
0.02 |
0.02 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.06 |
0.03 |
0.02 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.01 |
0.01 |
0.01 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(116.43) |
(189.47) |
(115.36) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(18.83) |
(19.67) |
(13.98) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(20.07) |
(20.16) |
(14.24) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
16.35 |
37.45 |
51.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
16.36 |
37.45 |
51.15 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.94 |
0.98 |
0.98 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
16.36 |
37.45 |
51.15 |
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 |
990.000 |
990.000 |
990.000 |
|
Reserves & Surplus |
(393.584) |
(493.657) |
(576.612) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
596.416 |
496.343 |
413.388 |
|
|
|
|
|
|
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 |
73.638 |
52.816 |
71.246 |
|
|
|
(28.276) |
34.895 |
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 |
73.638 |
52.816 |
71.246 |
|
Profit/ (Loss) |
(84.951) |
(100.073) |
(82.955) |
|
|
(115.36
%) |
(189.47
%) |
(116.43
%) |
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 |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
BUSINESS AND
FINANCIAL PERFORMANCE
Peerless Funds Management Co. Limited (PFMCL), a subsidiary of The Peerless General Finance and Investment Company Limited (PGFI) and Investment Manager to Peerless Mutual Fund (PMF), is engaged in asset management services.
During the year, PMF completed 7 years of operations with its continued focus on sustainable operational effectiveness, system based process, risk adjusted growth and emphasis on compliance & governance. Human resource strategy continued to be aligned towards efficacy and efficiency.
In its continuous effort to expand its reach, your Company increased its presence in the distribution community with new tie ups both at national and at regional levels, with IFAs and with inclusion of retired senior citizens. Regular interactions between distributors and fund managers to share knowledge, philosophy and outlook, had gathered pace during the year and will intensify further.
The Company undertook various investor awareness initiatives through investor meets and audio visual presentations, displayed on websites targeted at maximum investor reach.
Risk management systems, framework and mitigation process continued to be at zero tolerance parameters. This is covered in detail under the Section Risk Management of this Report.
Average assets managed by PMF were INR 10620.000 Million for the quarter ended March 2017 compared to INR 9850.000 Million for the quarter ended March 2016.
During the year, the company incurred a loss of INR 82.955 Million as against a loss of INR 100.073 Million in FY 2015-16. The Companys concerted efforts at increasing operating margins and cost rationalization measures helped in reduction of loss. This was augmented by buoyant capital markets yielding higher other income.
As on 31 March 2017, the Net Worth of the Company stood at INR 413.400 Million as against INR 49.63 as on 31 March 2016. The Directors are aware of the regulatory requirements with regard to net worth of the Company and have informed the promoters of the same for appropriate action/direction.
INDUSTRY STRUCTURE AND DEVELOPMENTS
The mutual fund industry continues to be amongst the most regulated industries with an active and informed distributor and investor community. SEBI placed utmost emphasis on transparency and disclosure requirements by bringing more information in the public domain, primarily on Company & AMFI websites. Stressed margins continue to be a deterrent for new entrants, with consolidation becoming the key mantra.
During the year, the capital markets witnessed both depressed as well as buoyant sentiments, which had its direct impact on the mutual fund industry. Demonetisation exercise announced on 8 November 2016 was one such event which adversely affected almost all industries. While the MF industry too was affected initially, the challenge was transformed into an opportunity with the addition of around Rs.1 lakh crore AUM between Oct16 and Mar17.
There were also cases in which certain securities were subject to rating downgrades or defaulted on interest servicing. While this affected some MF players, the Company had no impact on account of these downgrades or defaults. SEBI has taken serious note of these issues and intensified stringent disclosure mechanism.
OUTLOOK
As on 31 March 2017, 42 Mutual Funds operate in the country, with combined quarterly average assets of Rs.18.30 lakh crore, compared to INR 13.53 Lakh Crore as on 31 March 2016, representing an increase of 35.25%.
During the year, the mutual fund industry added close to 77 lakh folios across all categories, with equity funds adding over 48 lakh folios. Despite volatility in equity markets, inflows in equity mutual funds have remained steady. The equity funds have received net inflows close to INR 700000.000 Million during the year.
You Companys key driver for growth in future will be expanding investor reach through various means e.g. online, digital, app-based systems etc. Distribution will continue to a vital cog in this endeavour towards retail asset acquisition. Customized niche products different and innovative aimed at certain sections of the markets will be business drivers. Consolidation in existing markets and forays into other geographical areas will lead to wider presence and investor accessibility. Sustainability of the business model will hinge on governance aspect business sensitive practices.
Effective cost management and adaptable revenue / business models will help ease pressure on margins. The Company will continue to focus on confidence building measures, fund performance and best service practices as primary means of fulfilling commitments to all stakeholders in the future.
FIXED ASSETS:
Tangible Assets
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· Leasehold Improvements
PRESS RELEASE :
ESSEL FINANCE GETS SEBI APPROVAL TO ACQUIRE
STAKE IN PEERLESS MF AND PEERLESS TRUST
Aug 11, 2017
The assets under management of the fund house stood at INR 95540.000 Million as on March 31
Essel Finance Wealthzone, a wholly-owned subsidiary of Essel Finance Management LLP, on Friday said that it has received approval from SEBI to acquire some stake in Peerless Funds Management Company (PFMCL) and Peerless Trust Management Company (PTMCL).
Peerless General Finance and Investment Company (PGFI) will sell its entire stakeholding in PFMCL and PTMCL.
Essel Finance Management (EFM) is promoted by the Essel Group, the USD 10-billion conglomerate that has emerged as one of the India’s most prominent business houses with a strong foothold in entertainment, media, packaging, infrastructure, education, precious metals and technology sectors.
Currently, EFM is offering a range of financial services and products such as SME business loans through its non-banking financial company (NBFC), housing finance, forex, private equity, investment banking & distribution.
PGFI is the sponsor, PTMCL is the trustee, and PFMCL is the investment manager of Peerless Mutual Fund, headquartered in Kolkata. The assets under management of the fund house stood at INR 95540.000 Million as on March 31.
The Peerless AMC manages funds across the entire risk-return continuum, such as equity, hybrid and debt. At present, the Peerless AMC manages one liquid scheme, four fixed income schemes, one hybrid scheme and three equity schemes including an Equity Linked Savings Scheme.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.96 |
|
UK Pound |
1 |
INR 90.34 |
|
Euro |
1 |
INR 80.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
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.