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|
|
MIRA INFORM REPORT
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Report No. : |
499071 |
|
Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
L&T FINANCE HOLDINGS LIMITED (w.e.f. 06.09.2010) |
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|
|
|
Formerly Known
As : |
L&T CAPITAL HOLDINGS LIMITED |
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|
|
|
Registered
Office : |
Brindavan,
Plot No.177, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra |
|
Tel. No.: |
91-22-67525656 |
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|
|
|
Country : |
India |
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|
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Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
01.05.2008 |
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|
|
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Com. Reg. No.: |
11-181833 |
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|
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Capital
Investment / Paid-up Capital : |
INR 29691.219 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120MH2008PLC181833 |
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|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
The Company operates
mainly in the business of investment activity. [Registered Activity] |
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|
|
|
No. of Employees
: |
10,943 (Approximately) |
|
MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
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 : |
L&T Finance Holdings Limited (LTFHL) was originally incorporated as L&T Capital Holdings Limited in May 2008 and its name was subsequently changed in September 2010. The company is registered as an NBFC-Core Investment Company with the RBI. The company is promoted by Larsen & Toubro Limited (L&T) as the holding company of the group’s financial services companies. For the financial year 2017, the company has reported a dip in its revenue by 20.35% as compared to its previous year but has maintained favourable profit margin during the year. Rating takes into consideration, the well-diversified business profile in the financial sector through its subsidiaries that have a good presence and track record in segments like rural finance, housing finance, wholesale finance and asset management services, profitable track record of its subsidiaries and average asset quality. Rating continue to derive strength from its strong parentage that the company receives from its parent entity by regular infusion of equity. The company is listed on BSE and NSE and the price quoted in BSE is held at INR 152.50 against its face value of INR 10. Further as per quarterly results till December 2017 the company reported PAT of INR 69.8 million on total income of INR 205.2 million. However, these rating strength gets partially offset by increased gross NPA which stood at 4.94% on March 2017 vis-à-vis 4.85% as on March 2016. Payments seems to be regular and as per commitment. In view of aforesaid, the company can be considered for business dealing with 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 |
Non-convertible Debentures= AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
26.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Commercial Paper= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest
credit risk. |
|
Date |
26.02.2018 |
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 22.03.2018
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 (91-22-67525656)
LOCATIONS
|
Registered Office : |
Brindavan,
Plot No.177, CST Road, Kalina, Santacruz (East), Mumbai – 400098,
Maharashtra, India |
|
Tel. No.: |
91-22-67525656 / 62125000 |
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Fax No.: |
91-22-67525858 / 62125398 |
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E-Mail : |
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Website: |
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Corporate Office : |
8th Floor, City 2, Plot No.177, Vidyanagari Marg, CST Road, Kalina, Santacruz (East), Mumbai – 400 098, Maharashtra, India |
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Tel. No.: |
91-22-66217300 / 66217400 |
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Fax No.: |
91-22-66217302 |
DIRECTORS
AS ON 2018
|
Name : |
Mr. Shailesh Vishnubhai Haribhakti |
|
Designation : |
Non-Executive Chairman |
|
Address : |
10 & 11, Sahil Apartment, S K Barodawala Road, 14 Altamount Road, Cumballa Hill, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
25.09.2010 |
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DIN No.: |
00007347 |
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|
|
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Name : |
Mr. Dinanath Mohandas Dubhashi |
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Designation : |
Managing Director and Chief Executive Officer |
|
Address : |
Flat No B1003, 10th Floor, Hiranandani Gardens, Avalon Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Appointment : |
14.04.2016 |
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DIN No.: |
03545900 |
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|
|
|
Name : |
Mr. Ramamurthi Shankar Raman |
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Designation : |
Director |
|
Address : |
Room No. 123, 12th Floor, Kalpataru Royale, Plot No.110, Road No. 29, Sion (East), Mumbai – 400022, Maharashtra, India |
|
Date of Appointment : |
01.05.2008 |
|
DIN No.: |
00019798 |
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|
|
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Name : |
Thomas Mathew Thumpeparambil |
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Designation : |
Director |
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Address : |
19A011, Kohinoor City Phase II, Kirol Road, Off LBS Road, Kurla (West), Mumbai – 400070, Maharashtra, India |
|
Date of Appointment : |
23.07.2015 |
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DIN No.: |
00130282 |
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|
|
|
Name : |
Mr. Harsh Charandas Mariwala |
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Designation : |
Director |
|
Address : |
2nd Floor, 7th On The Hill, Auxilium Convent Road, Rajendra Kumar Chowk, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
23.10.2013 |
|
DIN No.: |
00210342 |
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|
|
|
Name : |
Mr. Pradeep Vasudeo Bhide |
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Designation : |
Director |
|
Address : |
D - 1/48, (First Floor), Vasant Vihar, New Delhi – 110057, India |
|
Date of Appointment : |
22.03.2011 |
|
DIN No.: |
03304262 |
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|
|
|
Name : |
Ms. Vaishali Govind Kasture |
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Designation : |
Director |
|
Address : |
#611, 1st Floor, Ranka Heights, No. 314/9 Ward No. 72, Domlur Bangalore – 560071, Karnataka, India |
|
Date of Appointment : |
15.06.2017 |
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DIN No.: |
01837395 |
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|
|
|
Name : |
Ms. Nishi Vasudeva |
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Designation : |
Director |
|
Address : |
Flat No.12, A Wing 5th Floor Mayfair Gardens Little Gibbs Road, Near Kamla Nehru Park, Hanging Garden, Mumbai – 400026, Karnataka, India |
|
Date of Appointment : |
15.06.2017 |
|
DIN No.: |
03016991 |
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|
|
|
Name : |
Mr. Pavninder Singh |
|
Designation : |
Nominee Director |
|
Address : |
No. C 17, Third Floor, C -Block, Dhanraj Mahal Chatrapati Shivaji Marg, Mumbai – 400001, Karnataka, India |
|
Date of Appointment : |
15.06.2017 |
|
DIN No.: |
03048302 |
KEY EXECUTIVES
|
Name : |
Mr. Sachinn Roopnarayan Joshi |
|
Designation : |
Chief Financial Officer |
|
Address : |
1203, Torino, Cliff Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Appointment : |
26.10.2015 |
|
PAN No.: |
AAGPJ9625C |
|
|
|
|
Name : |
Ms. Apurva Neeraj Rathod |
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Designation : |
Company Secretary |
|
Address : |
42/D, Mangal Karini Society, 17 Siddharth Nagar, Goregaon (West), Mumbai - 40 0062, Maharashtra, India |
|
Date of Appointment : |
26.10.2016 |
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PAN No.: |
AEVPJ3643P |
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|
|
|
Name : |
Mr. Kailash Kulkarni |
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Designation : |
Chief Executive - Investment Management |
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|
Name : |
Mr. Sachinn Joshi |
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Designation : |
Group Chief Financial Officer |
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|
Name : |
Mr. Sunil Prabhune |
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Designation : |
Chief Executive - Rural Finance Chief Human Resource Officer |
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|
Name : |
Mr. Muralidharan R |
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Designation : |
Group Head - Operations, Information Technology and Corporate Social Responsibility |
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|
Name : |
Mr. Raju Dodti |
|
Designation : |
Group Head - Legal, Compliance, Corporate Communication and Facilities and Channel Management |
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|
Name : |
Mr. Manoj Shenoy |
|
Designation : |
Chief Executive - Wealth Management |
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|
Name : |
Mr. Virender Pankaj |
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Designation : |
Chief Executive - Wholesale Finance |
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|
Name : |
Mr. Srikanth JR |
|
Designation : |
Chief Executive - Housing Finance |
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|
Name : |
Mr. Abhishek Sharma |
|
Designation : |
Group Head - Strategy |
SHAREHOLDING PATTERN
AS ON March 2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
1277520203 |
64.01 |
|
(B) Public |
718156757 |
35.99 |
|
Grand Total |
1995676960 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Any Other (specify) |
1277520203 |
64.01 |
|
Larsen and Toubro
Limited |
1277520203 |
64.01 |
|
Sub Total A1 |
1277520203 |
64.01 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
1277520203 |
64.01 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
97373302 |
4.88 |
|
Aditya Birla Sun
life Trustee Private Limited A/C Aditya Birla Sun Life Balanced 95 Fund |
59954581 |
3.00 |
|
Alternate Investment
Funds |
1203478 |
0.06 |
|
Foreign Portfolio
Investors |
190572382 |
9.55 |
|
Citigroup Global
Markets Mauritius Private Limited |
58374405 |
2.93 |
|
Financial
Institutions/ Banks |
9783827 |
0.49 |
|
Sub Total B1 |
298932989 |
14.98 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share
capital upto INR 0.200 million |
162716464 |
8.15 |
|
Individual share
capital in excess of INR 0.200 million |
41404223 |
2.07 |
|
Any Other
(specify) |
215103081 |
10.78 |
|
Trusts |
7252603 |
0.36 |
|
Foreign Nationals |
763 |
0.00 |
|
HUF |
7388621 |
0.37 |
|
Foreign Companies |
95657961 |
4.79 |
|
BC Investments VI
Limited |
31836971 |
1.60 |
|
BC Asia Growth
Investments |
63820990 |
3.20 |
|
NRI – Non- Repat |
1931788 |
0.10 |
|
NRI – Repat |
6037143 |
0.30 |
|
Clearing Members |
4482854 |
0.22 |
|
Bodies Corporate |
92351348 |
4.63 |
|
ICICI Prudential
Life Insurance Company Limited |
22713014 |
1.14 |
|
Sub Total B3 |
419223768 |
21.01 |
|
B=B1+B2+B3 |
718156757 |
35.99 |
BUSINESS DETAILS
|
Line of Business : |
The Company operates
mainly in the business of investment activity. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
10,943 (Approximately) |
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Bankers : |
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Joint Statutory
Auditors : |
|
|
Name : |
B. K. Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers,
New Marine Lines, Mumbai – 400004, Maharashtra, Inia |
|
|
|
|
Name : |
Deloitte Haskins and Sells, LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Centre,
Tower 3, 27th – 32nd Floor, Senapati Bapat Marg,
Elphinstone Road (West), Mumbai – 400013, Maharashtra, Inia |
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|
Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding
Company : |
·
Larsen & Toubro Limited |
|
|
|
|
Subsidiary
Companies : |
·
L&T Finance Limited * ·
L&T Infrastructure FinanceCompany Limited ·
L&T FinCorp Limited * ·
L&T Financial Consultants Limited (erstwhile known as L&T
Vrindavan Properties Limited) ·
L&T Access Distribution Services Limited ·
L&T Investment Management Limited ·
L&T Housing Finance Limited ·
L&T Finance Limited * (erstwhile known as Family Credit Limited) ·
L&T Capital Markets Limited ·
L&T Infra Debt Fund Limited * During the current
year, L&T Finance Limited & L&T Fincorp Limited merged into
Family Credit Limited w.e.f. April 1, 2016. Subsequently Family Credit
Limited was renamed as L&T Finance Limited. |
|
|
|
|
Fellow Subsidiary(with
whom Company has undertaken transaction during current or previous year) : |
·
L&T Metro Rail (Hyderabad) Limited ·
L&T General Insurance Company Limited (till September 8, 2016) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
INR 10/- each |
INR 50000.000 Million |
|
500000000 |
Preference Shares |
INR 100/- each |
INR 50000.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 100000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1755721861 |
Equity Shares |
INR 10/- each |
INR 17557.219 Million |
|
25000000 |
9.00% Cumulative
Compulsorily Redeemable Preference Shares |
INR 100/- each |
INR 2500.000 Million |
|
13900000 |
8.40% Cumulative
Compulsorily Redeemable Preference Shares |
INR 100/- each |
INR 1390.000 Million |
|
12440000 |
8.50% Cumulative
Compulsorily Redeemable Preference Shares |
INR 100/- each |
INR 1244.000 Million |
|
10000000 |
8.35% Cumulative
Compulsorily Redeemable Preference Shares |
INR 100/- each |
INR 1000.000 Million |
|
60000000 |
8.15% Cumulative
Compulsorily Redeemable Preference Shares |
INR 100/- each |
INR 6000.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 29691.219 Million |
·
Terms/rights attached to equity shares
The Company has only one
class of equity shares having a par value of INR 10 per share. Members of the
Company holding equity shares capital therein have a right to vote, on
every resolution placed before the Company and right to receive dividend.
The voting rights on a poll is in proportion to the share of the paid up equity
capital of the Company held by the shareholders. The Company declares dividends
in Indian rupees. The final dividend proposed by the Board of Directors
is subject to the approval of the Shareholders in the ensuing Annual
General Meeting.
In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
·
Terms/rights attached to Cumulative Compulsorily Redeemable Preference
Shares (CRPS)
The CRPS will not have
voting rights other than in respect of matters directly affecting it. In the
event of any due and payable dividends remain unpaid for aggregate period of at
least 2 years prior to the start of any general meeting of the equity
shareholders, CRPS holders shall have voting rights in line with their voting rights
of the equity shareholders. The CRPS will be redeemed at the end of 3 to 5
years from the date of allotment and the payment of dividend would be in
accordance with the terms agreed at the time of issuance of Preference Shares.
Provided that the tenure may be extended by a further period, not exceeding 5
days from the Proposed Tenure, which shall be notified to the Investors at the
time of allotment. On winding or repayment of capital, CRPS holders enjoy
preferential rights vis a vis equity shareholders, for repayment of capital
paid up and shall include any unpaid dividends and any fixed premium (if
applicable).
·
Reconciliation
of the shares outstanding at the beginning and at the end of the year
|
Equity Shares |
As at March 31, 2017 |
|
|
No. of Shares |
INR In Million |
|
|
At the beginning of the year |
1753398551 |
17533.986 |
|
Issued during the year |
|
|
|
- Issued under Preferential basis |
-- |
-- |
|
- Issued under Employee
Stock Option |
2323310 |
23.233 |
|
Outstanding at the end
of the year |
1755721861 |
17557.219 |
|
8.75% Cumulative
Compulsorily Redeemable Preference Shares (CRPS) of INR 100 each fully paid |
As at March 31, 2017 |
|
|
|
No. of Shares |
INR In Million |
|
At the beginning of the year |
-- |
-- |
|
Issued/(Redeemed) during the year |
-- |
-- |
|
Outstanding at the end of
the year |
-- |
-- |
|
9.00% Cumulative
Compulsorily Redeemable Preference Shares (CRPS) of INR 100 each fully paid |
As at March 31, 2017 |
|
|
|
No. of Shares |
INR In Million |
|
At the beginning of the year |
25000000 |
2500.000 |
|
Issued/(Redeemed) during the year |
-- |
-- |
|
Outstanding at the end of
the year |
25000000 |
2500.000 |
|
8.40% Cumulative
Compulsorily Redeemable Preference Shares (CRPS) of INR 100 each fully paid |
As at March 31, 2017 |
|
|
|
No. of Shares |
INR In Million |
|
At the beginning of the year |
13900000 |
1390.000 |
|
Issued/(Redeemed) during the year |
-- |
-- |
|
Outstanding at the end of
the year |
13900000 |
1390.000 |
|
8.50% Cumulative Compulsorily
Redeemable Preference Shares (CRPS) of INR 100 each fully paid |
As at March 31, 2017 |
|
|
|
No. of Shares |
INR In Million |
|
At the beginning of the year |
12440000 |
1244.000 |
|
Issued/(Redeemed) during the year |
-- |
-- |
|
Outstanding at the end of
the year |
12440000 |
1244.000 |
|
8.35% Cumulative
Compulsorily Redeemable Preference Shares (CRPS) of INR 100 each fully paid |
As at March 31, 2017 |
|
|
|
No. of Shares |
INR In Million |
|
At the beginning of the
year |
10000000 |
1000.000 |
|
Issued/(Redeemed) during the year |
-- |
-- |
|
Outstanding at the
end of the year |
10000000 |
1000.000 |
|
8.15%
Cumulative Compulsorily Redeemable Preference Shares (CRPS) of INR 100 each
fully paid |
As at March 31, 2017 |
|
|
|
No. of Shares |
INR In Million |
|
At the beginning of the
year |
60000000 |
6000.000 |
|
Issued/(Redeemed) during the year |
-- |
-- |
|
Outstanding at the
end of the year |
60000000 |
6000.000 |
·
Equity
shares in the Company held by the holding company
|
Equity Shares |
As at March 31, 2017 |
|
|
|
No. of Shares |
INR In Million |
|
Larsen & Toubro Limited and it’s nominee |
1169709304 |
11697.093 |
|
|
1169709304 |
11697.093 |
·
Details
of shareholders holding more than 5% shares in the company
|
Equity Shares |
As at March 31, 2017 |
|
|
|
No. of Shares |
% holding |
|
Larsen & Toubro Limited and it’s nominee |
1169709304 |
66.71% |
|
Citigroup Global Markets
Mauritius Private Limited |
99394992 |
5.67% |
|
Cumulative Compulsorily Redeemable Preference Shares (CRPS) of INR 100 each fully paid |
As at March 31, 2017 |
|
|
No. of Shares |
% holding |
|
|
Bajaj Allianz General
Insurance Company Limited |
11525000 |
9.50% |
|
Pioneer Independent Trust |
10000000 |
8.24% |
·
Details of
shares reserved to be issued under ESOP
|
Equity Shares |
As at March 31, 2017 |
|
|
|
No. of Shares |
No. of Shares |
|
Equity Shares of INR 10 each |
26611795 |
266.118 |
|
|
26611795 |
266.118 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
29691.219 |
29667.986 |
30836.859 |
|
(b) Reserves & Surplus |
22365.358 |
21024.725 |
18256.086 |
|
(c) Money
received against share warrants |
1180.688 |
1180.688 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
53237.265 |
51873.399 |
49092.945 |
|
|
|
|
|
|
(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 |
1.358 |
1.358 |
|
(d) long-term
provisions |
0.000 |
0.096 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
1.454 |
1.358 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
9739.014 |
5975.917 |
5490.041 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
541.880 |
189.048 |
123.733 |
|
(d) Short-term
provisions |
259.454 |
1508.775 |
1427.950 |
|
Total Current
Liabilities (4) |
10540.348 |
7673.740 |
7041.724 |
|
|
|
|
|
|
TOTAL |
63777.613 |
59548.593 |
56136.027 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.100 |
2.139 |
3.099 |
|
(ii)
Intangible Assets |
0.213 |
0.579 |
0.946 |
|
(iii) 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 |
53740.338 |
50666.839 |
48291.293 |
|
(c) Deferred tax assets (net) |
93.543 |
90.361 |
15.279 |
|
(d) Long-term Loan and Advances |
468.403 |
378.970 |
174.116 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
54302.597 |
51138.888 |
48484.733 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
2701.392 |
5043.272 |
2767.392 |
|
(b) Current maturity of long term loans and advances |
0.000 |
0.000 |
500.000 |
|
(c) Inventories |
0.000 |
0.000 |
0.000 |
|
(d) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(e) Cash and cash equivalents |
22.157 |
402.768 |
311.199 |
|
(f) Short-term loans and advances |
5836.740 |
2908.256 |
3845.079 |
|
(g) Other current assets |
914.727 |
55.409 |
227.624 |
|
Total
Current Assets |
9475.016 |
8409.705 |
7651.294 |
|
|
|
|
|
|
TOTAL |
63777.613 |
59548.593 |
56136.027 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
2775.757 |
3485.026 |
2906.191 |
|
|
|
|
Other Income |
373.142 |
789.484 |
363.128 |
|
|
|
|
TOTAL |
3148.899 |
4274.510 |
3269.319 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Employees benefits expense |
115.699 |
203.263 |
170.420 |
|
|
|
|
Administration and other expenses |
109.033 |
120.237 |
184.767 |
|
|
|
|
Provisions and contingencies |
13.425 |
(2.032) |
0.163 |
|
|
|
|
TOTAL |
238.157 |
321.468 |
355.350 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2910.742 |
3953.042 |
2913.969 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
459.156 |
270.787 |
392.398 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2451.586 |
3682.255 |
2521.571 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
0.513 |
1.326 |
1.294 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
2451.073 |
3680.929 |
2520.277 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
(35.544) |
(99.437) |
(96.003) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
2486.617 |
3780.366 |
2616.280 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
906.558 |
905.195 |
1291.828 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to reserve u/s. 45-IC
of Reserve Bank of India Act,1934 |
497.324 |
756.074 |
523.300 |
|
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
1402.719 |
1376.229 |
|
|
|
|
Dividend paid on Equity Shares for previous year |
0.578 |
0.623 |
0.504 |
|
|
|
|
Tax on proposed dividend |
0.000 |
(1.141) |
1.227 |
|
|
|
|
Dividend paid on Cumulative
Compulsorily Redeemable Preference Shares |
1033.895 |
1620.728 |
1101.653 |
|
|
|
|
Tax on Interim dividend paid on Cumulative Compulsorily
Redeemable Preference Shares |
210.446 |
0.000 |
0.000 |
|
|
|
BALANCE CARRIED TO
THE B/S |
1650.932 |
906.558 |
905.195 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
0.71 |
1.25 |
0.88 |
||
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 operations |
(1172.271) |
4711.257 |
1452.812 |
|
Net cash generated/ (used) in operating activities |
(1261.342) |
4562.758 |
1452.509 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
158.100 |
135.000 |
205.200 |
|
Total Expenditure |
23.400 |
68.300 |
45.300 |
|
PBIDT (Excluding Other Income) |
134.700 |
66.700 |
159.900 |
|
Other income |
100.900 |
110.300 |
52.000 |
|
Operating Profit |
235.600 |
177.000 |
211.900 |
|
Interest |
151.500 |
126.900 |
199.400 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
84.100 |
50.100 |
12.500 |
|
Depreciation |
0.100 |
0.100 |
NA |
|
Profit Before Tax |
84.000 |
50.000 |
12.500 |
|
Tax |
2.000 |
1.700 |
(57.300) |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
82.000 |
48.300 |
69.800 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
82.000 |
48.300 |
69.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
9299.50 |
1454.39 |
720.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.17 |
0.13 |
0.13 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.18 |
0.12 |
0.11 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.20 |
0.15 |
0.14 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.34 |
14.60 |
7.43 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
89.58 |
108.47 |
90.02 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.90 |
6.35 |
4.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
4.67 |
7.29 |
5.33 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.90 |
1.10 |
1.09 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.90 |
1.10 |
1.09 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.83 |
0.87 |
0.87 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.33 |
0.20 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.90 |
1.10 |
1.09 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 152.50/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
30836.859 |
29667.986 |
29691.219 |
|
Reserves & Surplus |
18256.086 |
21024.725 |
22365.358 |
|
Money received against share
warrants |
0.000 |
1180.688 |
1180.688 |
|
Net
worth |
49092.945 |
51873.399 |
53237.265 |
|
|
|
|
|
|
Long-Term Borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term Borrowings |
5490.041 |
5975.917 |
9739.014 |
|
Total
borrowings |
5490.041 |
5975.917 |
9739.014 |
|
Debt/Equity
ratio |
0.112 |
0.115 |
0.183 |
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 |
2906.191 |
3485.026 |
2775.757 |
|
|
|
19.917 |
(20.352) |
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
|
2906.191 |
3485.026 |
2775.757 |
|
Profit/(Loss) |
2616.280 |
3780.366 |
2486.617 |
|
|
90.02% |
108.47% |
89.58% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
29691.220 |
29667.986 |
|
(b) Reserves &
Surplus |
60201.470 |
53236.843 |
|
(c) Money received
against share warrants |
1180.688 |
1180.688 |
|
(d) Minority interest |
1185.664 |
1003.000 |
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
92259.042 |
85088.517 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
432303.462 |
370311.274 |
|
(b) Deferred tax
liabilities (Net) |
23.887 |
17.106 |
|
(c) Other long term
liabilities |
7320.564 |
5829.793 |
|
(d) long-term provisions |
2638.284 |
3462.005 |
|
Total Non-current
Liabilities (3) |
442286.197 |
379620.178 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a)
Short term borrowings |
117640.993 |
66955.290 |
|
(b) Current maturities of long
term borrowings |
48166.093 |
78890.016 |
|
(c) Trade payables |
726.362 |
687.097 |
|
(d) Other current
liabilities |
23027.804 |
23783.830 |
|
(e) Short-term provisions |
1029.429 |
2985.665 |
|
Total Current Liabilities
(4) |
190590.681 |
173301.898 |
|
|
|
|
|
TOTAL |
725135.920 |
638010.593 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
5804.639 |
6654.966 |
|
(ii) Intangible Assets |
104.931 |
82.630 |
|
(iii) Capital
work-in-progress |
259.675 |
221.874 |
|
(iv) Intangible assets
under development |
19.242 |
2.314 |
|
(v) Goodwill on consolidation |
6389.106 |
6389.106 |
|
(b) Non-current
Investments |
26760.195 |
13400.064 |
|
(c) Deferred tax assets
(net) |
7426.265 |
4009.874 |
|
(d) Long-term Loan and Advances |
5896.695 |
5712.189 |
|
(e) Long-term loans and
advances towards financing activities |
493347.905 |
438812.040 |
|
(f) Other Non-current assets |
3643.521 |
3197.009 |
|
Total Non-Current Assets |
549652.174 |
478482.066 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
33355.116 |
22232.672 |
|
(b) Inventories |
0.000 |
0.000 |
|
(c) Trade receivables |
788.492 |
266.912 |
|
(d) Cash and cash
equivalents |
5943.828 |
4015.343 |
|
(e) Short-term loans and
advances |
763.121 |
750.658 |
|
(f) Short-term loans and
advances towards financing activities |
21712.452 |
31146.807 |
|
(g) Current maturities of
long term loans and advances towards financing activities |
101424.642 |
90694.955 |
|
(h) Other current assets |
11496.095 |
10421.180 |
|
Total Current Assets |
175483.746 |
159528.527 |
|
|
|
|
|
TOTAL |
725135.920 |
638010.593 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
83405.885 |
72887.892 |
|
|
Other Income |
2317.216 |
1819.004 |
|
|
TOTAL |
85723.101 |
74706.896 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Employee benefits expense |
4935.216 |
4876.877 |
|
|
Administration and other
expenses |
7156.574 |
7423.651 |
|
|
Allowances and write offs |
15898.973 |
7810.213 |
|
|
TOTAL |
27990.763 |
20110.741 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
57732.338 |
54596.155 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
46270.321 |
41241.364 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
11462.017 |
13354.791 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
672.998 |
828.138 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
10789.019 |
12526.653 |
|
|
|
|
|
|
Less |
TAX |
364.367 |
3989.772 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
10424.652 |
8536.881 |
|
|
|
|
|
|
Add |
SHARE IN PROFIT OF ASSOCIATE COMPANY |
57.473 |
30.045 |
|
|
|
|
|
|
Less |
SHARE OF MINORITY INTEREST |
60.258 |
0.000 |
|
|
|
|
|
|
|
PROFIT FOR
THE YEAR ATTRIBUTABLE TO THE SHAREHOLDER OF THE COMPANY |
10421.867 |
8566.926 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.21 |
3.79 |
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 |
No |
|
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 |
Yes |
|
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 |
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
Commercial Papers |
|
|
|
Face Value |
5750.000 |
6000.000 |
|
Less : Unexpired discount |
(60.341) |
(73.242) |
|
Intercorporate borrowings |
4000.000 |
0.000 |
|
Cash Credit |
49.355 |
49.159 |
|
|
|
|
|
Total |
9739.014 |
5975.917 |
FINANCIAL PERFORMANCE
Being a Core Investment Company, the Company’s standalone revenue is, substantially, dividend from its subsidiaries and hence, it is meaningful to look at the consolidated performance.
FY 2015-16 compared to INR 10789.019 million in FY 2016-17.
Profit after tax has grown from INR 8566.926 million in FY 2015-16 to INR 10421.867 million in FY 2016-17.
During the year, the net loan book size grew from INR 560653.802 million to INR 616484.999 million reflecting a growth of 9.96%.
The Average Assets Under Management (“AAUM”) of the Mutual Fund business stood at INR 393000.000 million for the quarter ended March 31, 2017 as against INR 259448.000 million for the quarter ended March 31, 2016, a growth of 51%.
The Average Assets Under Service (“AAUS”) of the Wealth Management business stood at INR 136230.083 million for the quarter ended March 31, 2017 as against INR 93158.306 million for the quarter ended March 31, 2016, a growth of 46%.
Standalone
• Total income was INR 4274.510 million in FY 2015-16 compared to INR 3148.899 million in FY 2016-17.
• Profit before tax was INR 3680.929 million in FY 2015-16 compared to INR 2451.073 million in FY 2016-17.
• Profit after tax was INR 3780.366 million in FY 2015-16 compared to INR 2486.617 million in FY 2016-17.
MANAGEMENT DISCUSSION
AND ANALYSIS
Macro-Economic Review
India, a large and the fastest growing economy, continues to be a bright spot in the global landscape. It has been underpinned by strong private consumption and gradual introduction of significant domestic reforms. In FY17, the economy has grown by 7.1% and the foreign exchange reserves have grown to US$ 370 billion. India’s Current Account Deficit (CAD) narrowed to 0.7% of it’s GDP in FY17, compared with 1.1% in FY16, on the back of a contraction in trade deficit. Foreign Direct Investment inflows touched a new high of US$ 60.1 billion.
The move of demonetising in November 2016, made with the objective to curb black money in circulation, weighed on growth during the second half of FY17. This reflected in relatively weaker growth in manufacturing and rural consumption as well as services sector PMIs (purchase managers indices) in H2, FY17. However, it is expected to have a positive long term impact on the economy through better tax compliance, increase in Tax to- GDP ratio and higher tax collections. Continued fiscal consolidation and an anti-inflationary monetary policy stance helped cement macro-economic stability.
OUTLOOK FOR FY18
Major leading indicators suggest that the economic activity is gradually improving. This is driven by improving global demand and a remonetisation-led pickup in domestic activity. The International Monetary Fund (IMF) expects India to resume the 8% growth path in the medium term. This should happen as soon as the short-term dislocation to consumption from demonetization passes. The nation is expected to remain the fastest growing economy on the back of high private consumption levels and gradually implemented domestic reforms.
The Company sees growth picking up significantly, supported by a normal monsoon, modest costs of borrowing, pay hikes for state government employees and stronger export demand. Other growth supportive factors will be Government’s continued thrust on physical infrastructure and the Real Estate (Regulation and Development) Act, 2016 (RERA), which will pave way for greater transparency and accountability in the real estate sector. The Goods & Services Tax, (GST) implemented in July 2017, will also have long term structural benefits, despite short-term execution and adjustment risks during the course of FY18.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
205.200 |
135.000 |
498.300 |
|
Other Operating Income |
52.000 |
110.300 |
263.200 |
|
Total
Income from Operations |
257.200 |
245.300 |
761.500 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Employee benefits expense |
19.500 |
18.700 |
45.700 |
|
Finance Costs |
199.400 |
126.900 |
477.800 |
|
Depreciation and Amortization expenses |
0.000 |
0.100 |
0.200 |
|
Administration and Other Expenditure |
21.900 |
28.900 |
72.500 |
|
Provisions and contingencies |
3.900 |
20.700 |
18.800 |
|
Total
Expenses |
244.700 |
195.300 |
615.000 |
|
Profit / (Loss) before Tax |
12.500 |
50.000 |
146.500 |
|
Tax Expense |
(57.300) |
(1.700) |
(53.600) |
|
Profit
/ (Loss) after Tax |
69.800 |
48.300 |
200.100 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
18236.100 |
18217.100 |
18236.100 |
|
Paid-up Preference Share Capital (Face value INR 100/- per
share) |
10344.000 |
10344.000 |
10344.000 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings per Share (EPS) – INR (* Not annualised) |
*(0.11) |
*(0.12) |
*(0.35) |
NOTES:
1. The Company, during the quarter and nine months ended December 31, 2017 has allotted 1,898,962 and 4,068,233 equity shares respectively of INR 10/- each, fully paid up, on exercise of options by employees, in accordance with the Company's Employee Stock Option Scheme(s).
2. During the nine months ended December 31, 2017, 63,820,990 share warrants had become due for conversion. The investor has exercised the rights for conversion of share warrants into equity shares and accordingly equivalent number of equity shares of Face value of INR 10 each are issued at premium of INR 64/- each. The Company has received a total consideration of INR 4722.800 million of which INR 3542.100 INR is received in the quarter ended June 30, 2017 (being 75% of total consideration).
3. Share issue expenses for the quarter and nine months ended December 31, 2017 amounting to INR 0.100 million and INR 5.000 million respectively have been adjusted against Securities Premium Account.
4. Earnings per share is calculated after adjusting pro-rata dividend on outstanding preference shares.
5. The main business of the Company is investment activity. Further, all activities are carried out within India. As such, there are no separate reportable segments as per the Accounting Standard (AS) 17 on Segment Reporting.
6. Previous periods/year figures have been regrouped/reclassified to make them comparable with those of current period.
7. The above Financial Results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on January 25, 2018. The Joint Statutory Auditors of the Company have carried out Limited Review of the aforesaid Results of that date.
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
Tangible Assets
· Motor Car
· Computers
· Office Equipments
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
YES |
|
--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.