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MIRA INFORM REPORT
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Report No. : |
498539 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES LIMITED |
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Registered
Office : |
UTI Tower GN Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra |
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Tel. No.: |
91-22-26285289 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.06.1988 |
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Com. Reg. No.: |
11-047756 |
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Capital
Investment / Paid-up Capital : |
INR 7.655 Million |
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CIN No.: [Company Identification
No.] |
U65993MH1988GOI047756 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACU1413C |
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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 providing trusteeship services. [Registered
Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Unit Trust of India Investment Advisory Services Limited is a subsidiary of “Unit Trust of India” and was established in the year 1988. It acted as Investment Advisor for India Growth Fund and provided the accounting and back office services to India Growth Fund, India Fund, India Access Fund, India IT Fund and India PSU Fund. It also provides trusteeship Service for Bonds / Debentures and Security Trusteeship Service for ECBs / Consortium Financing etc. For the financial year 2017, the company has registered decrease in its revenue as compared to previous year and maintained good profitability margin of 51.43%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and debt free balance sheet. Further, rating also reflects from strong managerial and financial support received from its holding company, experienced management team along with established track records of business operation and market position. Trade relations are reported as fair. Business is active. Payments terms are seems to be regular. In view of the 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
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 20.03.2018
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 DENIED
Management Non-Cooperative (91-22-26285289)
LOCATIONS
|
Registered Office : |
UTI Tower GN Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra, India |
|
Tel. No.: |
91-22-26285289 / 26282234 / 26282265 |
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Fax No.: |
91-22-26285239 |
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E-Mail : |
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Website : |
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Administrative Office : |
Unit No.2, Block B, 1st Floor, JVPD Scheme,
Gulmohar Cross Road No.9, Andheri (West), Mumbai – 400049, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Viraf Rustom Mehta |
|
Designation : |
Director |
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Address : |
K3 - 63, M. Cama Park, Cama Road, Andheri (West), Mumbai –
400058, Maharashtra, India |
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Date of Birth/Age : |
17.09.1954 |
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Date of Appointment : |
28.06.2004 |
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DIN No.: |
00352598 |
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|
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|
Name : |
Mr. Madhavakumar Kuzhiyil |
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Designation : |
Director |
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Address : |
Flat No: 1002/3, Daffodil, Neelkanth Gardens Govandi
(East), Mumbai – 400088, Maharashtra, India |
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Date of Birth/Age : |
14.06.1954 |
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Date of Appointment : |
26.09.2005 |
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DIN No.: |
00791168 |
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|
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Name : |
Mr. Luke Benedict Fernandez |
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Designation : |
Nominee Director |
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Address : |
401, Shalimar, Corner of Saint Paul Road and Perry Road,
Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
29.12.2014 |
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DIN No.: |
01110174 |
MAJOR SHAREHOLDERS
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 25.09.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
91.44 |
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Public/Other than promoters [Others (Ex-employees/Employees of UTI MF & UTI-IAS)] |
8.56 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in the business of providing trusteeship services. [Registered
Activity] |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Auditors : |
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Name : |
S.S. Rathi and Company Chartered Accountants |
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Address : |
502, Shree Shivdutta Apartment, Near Lalit Restaurant, Station Road,
Goregaon (West), Mumbai – 400062, Maharashtra, India |
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Telefax No.: |
91-22-28797415 / 28762159 |
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E-Mail : |
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PAN No.: |
AAOFS2521C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 25.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
765500 |
Equity Shares |
INR 10/- each |
INR 7.655 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 |
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|
|
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(a) Share Capital |
7.655 |
7.655 |
7.655 |
|
(b) Reserves & Surplus |
192.021 |
183.768 |
160.930 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
199.676 |
191.423 |
168.585 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.031 |
0.019 |
0.046 |
|
(d) Long-term
provisions |
0.882 |
0.541 |
0.533 |
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Total Non-current Liabilities
(3) |
0.913 |
0.560 |
0.579 |
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(4)
Current Liabilities |
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|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1.231 |
0.499 |
0.000 |
|
(c) Other
current liabilities |
0.051 |
0.050 |
0.641 |
|
(d) Short-term
provisions |
0.004 |
0.180 |
0.134 |
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Total Current
Liabilities (4) |
1.286 |
0.729 |
0.775 |
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TOTAL |
201.875 |
192.712 |
169.939 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
0.071 |
0.061 |
0.069 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
81.840 |
84.207 |
66.999 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.197 |
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(d)
Long-term Loan and Advances |
2.009 |
2.077 |
2.514 |
|
(e) Other
Non-current assets |
54.877 |
1.192 |
50.137 |
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Total Non-Current
Assets |
138.797 |
87.537 |
119.916 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
1.275 |
0.967 |
0.560 |
|
(d) Cash
and cash equivalents |
57.072 |
98.763 |
49.339 |
|
(e)
Short-term loans and advances |
0.361 |
0.000 |
0.000 |
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(f) Other
current assets |
4.370 |
5.445 |
0.124 |
|
Total
Current Assets |
63.078 |
105.175 |
50.023 |
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TOTAL |
201.875 |
192.712 |
169.939 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
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SALES |
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Income |
4.454 |
3.799 |
4.972 |
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Other Income |
11.592 |
30.243 |
70.934 |
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TOTAL |
16.046 |
34.042 |
75.906 |
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|
Less |
EXPENSES |
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||
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Employee Benefits Expenses |
3.935 |
3.608 |
3.587 |
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Other Expenses |
2.840 |
2.013 |
2.615 |
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TOTAL |
6.775 |
5.621 |
6.202 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
9.271 |
28.421 |
69.704 |
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Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.040 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.271 |
28.421 |
69.664 |
||
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|
Less |
DEPRECIATION/
AMORTISATION |
0.029 |
0.050 |
0.063 |
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PROFIT/(LOSS)
BEFORE TAX |
9.242 |
28.371 |
69.601 |
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Less |
TAX |
0.990 |
5.533 |
13.559 |
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PROFIT/(LOSS)
AFTER TAX |
8.252 |
22.838 |
56.042 |
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EARNINGS IN
FOREIGN CURRENCY |
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Trusteeship fees |
0.633 |
0.500 |
0.225 |
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TOTAL EARNINGS |
0.633 |
0.500 |
0.225 |
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Earnings /
(Loss) Per Share (INR) |
10.78 |
29.83 |
73.21 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operating activities |
(1.187) |
(1.884) |
(0.174) |
|
Net cash flow from operating activities |
(3.107) |
(5.954) |
(13.538) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
104.48 |
92.91 |
41.11 |
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Account Receivables Turnover (Income / Sundry Debtors) |
3.49 |
3.93 |
8.88 |
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Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
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Asset Turnover (Operating Income / Net Fixed Assets) |
130.58 |
465.92 |
1010.20 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.01 |
0.00 |
0.00 |
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|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
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Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.01 |
0.00 |
0.00 |
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Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
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Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
1742.60 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
185.27 |
601.16 |
1127.15 |
|
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|
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|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.09 |
11.85 |
32.98 |
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|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
4.13 |
11.93 |
33.24 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
49.05 |
144.27 |
64.55 |
|
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|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
49.05 |
144.27 |
64.55 |
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|
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|
G-Score Ratio Financial (Networth / Total Assets) |
0.99 |
0.99 |
0.99 |
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|
|
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|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
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G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
49.05 |
144.27 |
64.55 |
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 |
7.655 |
7.655 |
7.655 |
|
Reserves & Surplus |
160.930 |
183.768 |
192.021 |
|
Net
worth |
168.585 |
191.423 |
199.676 |
|
|
|
|
|
|
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 |
|
Total
Income |
75.906 |
34.042 |
16.046 |
|
|
|
(55.152) |
(52.864) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total
Income |
75.906 |
34.042 |
16.046 |
|
Profit/(Loss) |
56.042 |
22.838 |
8.252 |
|
|
73.83% |
67.09% |
51.43% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
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 |
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 |
GENERAL
INFORMATION:
The company is a public limited company. It is engaged in the business
of providing
trusteeship services. The company is a registered “Debenture Trustee” under
S.E.B.I. regulations.
COMPANY'S PERFORMANCE
The company is acting as Security Trustee as well as Trustee for Debenture issues, securitisation transactions and Venture Fund. The Company has also been acting as Security Trustee for ECB assistances to several Indian Corporates.
During the year, the Company took up 13 assignments (as against 9 assignments in the previous year). The gross earning under the Trusteeship Services appreciated by 14.68% for the year, as against a 23.57% decline in the previous year. The flow of fresh assignments has improved as compared to the previous year. The aggregate Fee income generated from business operations during the year was INR 4.454 million (previous year INR 3.800 million).
'Other Income' is INR 11.592 million for the year, which is mainly due to interest income on fixed deposits and dividend income. This resulted in profit before taxation of INR 9.242 million in the current year, as against profit of INR 28.371 million in the previous year. Without considering other income, there is a loss of INR 2.350 million as against a loss of INR 1.872 million in the previous year.
The Company earned net profit of INR 8.252 million for the year, against the profit after tax of INR 22.838 million earned in the previous year.
No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year i.e. 31st March, 2017 and the date of this report.
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Contingent liabilities
not provided for: |
|
|
|
Income tax
liability |
0.020 |
0.092 |
|
Tax deducted at
source |
0.009 |
0.000 |
|
|
|
|
|
Total |
0.029 |
0.092 |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
·
Office Equipment
·
Computers and Laptop
·
Furniture and Fixtures
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 90.56 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.