|
|
|
MIRA INFORM REPORT
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Report No. : |
509375 |
|
Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA FINANCE LIMITED [w.e.f. 21.12.2009] |
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|
|
|
Formerly Known
As : |
BIRLA GLOBAL FINANCE COMPANY LIMITED (w.e.f. 21.07.2006) BIRLA GLOBAL ASSET FINANCE COMPANY LIMITED (w.e.f 14.03.2001) BGFL FINANCE AND INVESTMENTS LIMITED (w.e.f 27.04.1995) TOWN FINANCE AND INVESTMENTS LIMITED (w.e.f 17.03.1994) TOWN FINANCE AND INVESTMENTS PRIVATE LIMITED |
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Registered
Office : |
Indian Rayon Compound, Veraval – 362266, Gujarat |
|
Tel. No.: |
91-22-43567225 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
|
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Date of
Incorporation : |
28.08.1991 |
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Com. Reg. No.: |
04-064603 |
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Capital
Investment / Paid-up Capital : |
INR 6374.086 Million |
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CIN No.: [Company Identification
No.] |
U65990GJ1991PLC064603 |
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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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TIN 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.] |
AABCB5769M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is a Non-Banking finance Company engaged in lending and allied activities. (Registered Activity) |
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No. of Employees
: |
961 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Aditya Birla Financial Services Limited”. The company was incorporated in the year 1991. It is engaged in providing loan against shares to HNIs (CMG), term loans (CFG & Project Finance), supply chain finance (CFG), working capital demand loan (CFG) and loan against property, lease rental discounting and construction finance (Mortgages). For the financial year 2017, the company has achieved 39.02% growth in its revenue as compared to the previous year revenue and has maintained healthy profitability margin of 17.08% during the year under review. The healthy financial profile of the company is marked by strong networth base. The rating takes into consideration equity infused by its promoters. The 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. Rating also derives strength from company’s established track record of business. However, rating strengths are partially offset by subject’s slightly high debt balance sheet profile. Business is active. Payment seems to be usually correct. In view of long track record of business operations along with decent financial condition, 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 |
Subordinated Debt=AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
23.01.2018 |
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
31-03-2018.
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 18.05.2018.
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
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-22-43567225)
LOCATIONS
|
Registered Office : |
Indian Rayon Compound, Veraval – 362266, Gujarat, India |
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Tel. No.: |
91-22-43567225 |
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Fax No.: |
91-22-43567266 |
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E-Mail : |
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Website : |
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Corporate Office : |
One Indiabulls Center, Tower 1, 18th Floor, Jupiter Mill
Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013,
Maharashtra, India |
|
Tel. No.: |
91-22-43567000 |
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Fax No.: |
91-22-43567266 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Bishwanath Mangilal Puranmalka |
|
Designation : |
Director |
|
Address : |
Antariksha
Apartment, Flat No. 182,. 19th Floor, 95/96 Kaka Saheb Gadgil Marg, Prabhadevi.,
Mumbai – 400025, |
|
Date of Birth/Age : |
02.11.1935 |
|
Date of Appointment : |
31.03.1999 |
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DIN No.: |
00007432 |
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Name : |
Mr. Darius Jehangir Kakalia |
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Designation : |
Director |
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Address : |
Rebello House, ‘B’
Wing, 9th Floor, Flat No. 54, 132, |
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Date of Birth/Age : |
19.12.1948 |
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Date of Appointment : |
15.03.2001 |
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DIN No.: |
00029159 |
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|
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Name : |
Mr. Ajay Srinivasan |
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Designation : |
Director |
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Address : |
2601/2603, Vivarea Building, Jacob Circle, Mahalaxmi,
Mumbai-400011, |
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Date of Birth/Age : |
02.11.1963 |
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Date of Appointment : |
31.07.2007 |
|
DIN No.: |
00121181 |
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|
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Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director |
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Address : |
208-Tower-2, Casa
Grande, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, |
|
Date of Birth/Age : |
08.05.1949 |
|
Date of Appointment : |
20.07.2010 |
|
DIN No.: |
00028320 |
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|
|
Name : |
Mr. Ashwani Kumar Puri |
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Designation : |
Director |
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Address : |
28/2 Friends
Colony West, |
|
Date of Birth/Age : |
16.11.1956 |
|
Date of Appointment : |
13.09.2010 |
|
DIN No.: |
00160662 |
|
|
|
|
Name : |
Alka Marezban Bharucha |
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Designation : |
Director |
|
Address : |
7E, Harbour Heights, N. A. Sawant Marg, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
00114067 |
|
|
|
|
Name : |
Mr. Baldev Raj Gupta |
|
Designation : |
Additional Director |
|
Address : |
Hno_ 1180, Urban Estate Phase 1, Jalandhar-144022, Punjab, India |
|
Date of Appointment : |
28.07.2016 |
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DIN No.: |
00020066 |
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|
|
|
Name : |
Mrs. Vijayalakshmi Rajaram Iyer |
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Designation : |
Director |
|
Address : |
C-1, Goodwill Chs Ltd, Opposite Jankalyan Sahkari Bank, J.B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Date of Appointment : |
26.10.2017 |
|
DIN No.: |
05242960 |
KEY EXECUTIVES
|
Name : |
Mr. Ankur Deepak Shah |
|
Designation : |
Company Secretary |
|
Address : |
5, Naina Building, Datapada Road, Borivali (East), Mumbai-400066, Maharashtra, India |
|
Date of Appointment : |
22.04.2015 |
|
PAN No.: |
AWWPS4201M |
|
|
|
|
Name : |
Mr. Sanjay Kumar Miranka |
|
Designation : |
Chief Finance Officer |
|
Address : |
D/503, Gayatri Satsang, Lakshminarayan Dham, Thakur Village, Kandivali (East), Mumbai 400101, Maharashtra, India |
|
Date of Appointment : |
30.10.2015 |
|
PAN No.: |
AAHPM6605Q |
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|
|
|
Name : |
Mr. Rakesh Singh |
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Designation : |
Chief Executive Officer |
|
Address : |
C-3501, 35th Floor, Lodha Bellissimo N. M. Joshi Marg, Lower Parel. Mumbai 400011, Maharashtra, India |
|
Date of Appointment : |
23.07.2014 |
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PAN No.: |
AGTPS2396E |
|
|
|
|
Name : |
Mr. Sekhar Mosur |
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Designation : |
Manager |
|
Address : |
A-504, Lunkad, Skylounge, Lane - 7, Kalyani Nagar, Pune-411006, Maharashtra, India |
|
Date of Appointment : |
05.01.2013 |
|
PAN No.: |
ADMPS7235G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders [Equity Shares] |
|
No. of Shares |
|
Aditya Birla Financial Services Limited |
|
36842060 |
|
Aditya Birla Financial Services Limited |
|
529293311 |
|
Aditya Birla Nuvo Limited (ABNL) |
|
61273146 |
|
ABFSL jointly with ABNL Investment Ltd |
|
10 |
|
Shriram Shankar Jagetiya |
|
12 |
|
Rakesh Ramchandra Gupta |
|
4 |
|
Rajesh Kaliashchandra Shah |
|
4 |
|
Dinesh Suresh Jain |
|
1 |
|
Gopal Pritamdas Pamnani |
|
1 |
|
Shashank Sitaram Pareek |
|
10 |
|
Manoj Harjivandas Shah |
|
10 |
|
Goverdhan Jaidayal Gupta |
|
1 |
|
Ramchandra B R Sharma Sharma |
|
1 |
|
Deepak Andesh Tripathi |
|
1 |
|
Nirmal Prataprai Mehta |
|
4 |
|
Naresh Bhagirathi Jajoo |
|
1 |
|
|
|
|
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Total |
|
627408577 |
|
Names of Shareholder [Preference Shares] |
|
No. of Shares |
|
Aditya Birla Nuvo Limited |
|
10000000 |
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|
|
|
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Total |
|
10000000 |
AS ON 02.06.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a Non-Banking finance Company engaged in lending and allied activities. (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 : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
961 (Approximately) |
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Bankers : |
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Facilities : |
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Finance Institution : |
· IL & FS Trust Company Limited IL & FS, Financial Centre, Plot No. C22, G Block, Bandrakurla Complex, Bandra, Mumbai, Maharashtra, India |
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Auditors : |
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|
Name : |
S R Batliboi and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai –
400028, Maharashtra, India |
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Tel. No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Income-tax
PAN of auditor or auditor's firm : |
ACHFS9180N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Aditya Birla Financial Services Limited (ABFSL)
[U67120GJ2007PLC058890] |
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Ultimate Holding Company: |
Aditya Birla Nuvo Limited |
|
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|
|
Fellow Subsidiaries : |
·
Aditya Birla Customer Services Private Limited
(ABCSPL) ·
Aditya Birla Financial Shared Services Limited
(ABFSSL) ·
Aditya Birla Money Limited (ABML) ·
Aditya Birla Insurance Brokers Limited (ABIBL) ·
Aditya Birla Money Mart Limited (ABMML) ·
Aditya Birla Money Insurance Advisory Services
Limited (ABMIASL) ·
ABNL Investment Limited (ABNLIL) ·
Birla Sun Life Insurance Company Limited (BSLICL) ·
Birla Sun Life Asset Management Company Limited
(BSAMCL) ·
Madura Garments Lifestyle Retail Company Limited
(MGLRCL) (upto 30 June, 2015) ·
Aditya Birla Housing Finance Limited (ABHFL) ·
ABNL IT and ITES Limited (upto 30 September,
2015) ·
Aditya Birla Capital Advisor Limited (ABCAL) ·
Aditya Birla Health Insurance Company Limited
(ABHICL) ·
Aditya Birla Commodity and Broking Limited
(ABCBL) |
CAPITAL STRUCTURE
AFTER 02.06.2017
Authorised Capital : INR 22800.000 Million
Issued, Subscribed & Paid-up Capital : INR 6556.765
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1270000000 |
Equity Shares |
INR 10/- each |
INR 12700.000 Million |
|
1010000000 |
Preference Shares |
INR 10/- each |
INR 10100.000 Million |
|
|
Total |
|
INR 22800.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
627408577 |
Equity Shares |
INR 10/- each |
INR 6274.086 Million |
|
10000000 |
Preference Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 6374.086 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 |
6374.086 |
7445.656 |
10503.597 |
|
(b) Reserves & Surplus |
43539.184 |
29512.383 |
15344.748 |
|
(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) |
49913.270 |
36958.039 |
25848.345 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
159466.352 |
131021.374 |
87862.812 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
1596.560 |
1548.387 |
182.028 |
|
(d)
long-term provisions |
2044.040 |
1652.743 |
1366.111 |
|
Total
Non-current Liabilities (3) |
163106.952 |
134222.504 |
89410.951 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
99125.154 |
68183.252 |
39448.556 |
|
(b)
Trade payables |
1063.604 |
513.088 |
419.155 |
|
(c)
Other current liabilities |
40261.989 |
21531.637 |
24034.192 |
|
(d)
Short-term provisions |
727.620 |
830.968 |
407.390 |
|
Total
Current Liabilities (4) |
141178.367 |
91058.945 |
64309.293 |
|
|
|
|
|
|
TOTAL |
354198.589 |
262239.488 |
179568.589 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
139.052 |
95.502 |
78.853 |
|
(ii)
Intangible Assets |
360.811 |
39.630 |
49.461 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
66.142 |
71.199 |
52.672 |
|
(b) Non-current
Investments |
658.702 |
276.017 |
156.436 |
|
(c) Deferred tax assets
(net) |
767.881 |
747.506 |
574.007 |
|
(d) Long-term Loan
and Advances |
245257.054 |
166110.711 |
94457.947 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
247249.642 |
167340.565 |
95369.376 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
7942.000 |
4650.000 |
243.106 |
|
(b)
Inventories |
5827.852 |
3302.001 |
4675.669 |
|
(c)
Trade receivables |
118.582 |
58.369 |
3.427 |
|
(d)
Cash and cash equivalents |
1357.183 |
11.246 |
1589.196 |
|
(e)
Short-term loans and advances |
87656.297 |
83516.260 |
76530.448 |
|
(f)
Other current assets |
4047.033 |
3361.047 |
1157.367 |
|
Total
Current Assets |
106948.947 |
94898.923 |
84199.213 |
|
|
|
|
|
|
TOTAL |
354198.589 |
262239.488 |
179568.589 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
34246.960 |
24632.802 |
17761.731 |
|
|
|
Other Income |
19.614 |
233.241 |
42.768 |
|
|
|
TOTAL |
34266.574 |
24866.043 |
17804.499 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
2498.500 |
1418.591 |
1135.498 |
|
|
|
Other expenses |
1542.111 |
810.081 |
790.394 |
|
|
|
Provisions and write- offs (Net) |
989.136 |
861.988 |
638.821 |
|
|
|
TOTAL |
5029.747 |
3090.660 |
2564.713 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
29236.827 |
21775.383 |
15239.786 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20770.613 |
15435.811 |
11064.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
8466.214 |
6339.572 |
4175.549 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
146.888 |
76.011 |
67.093 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
8319.326 |
6263.561 |
4108.456 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2466.786 |
2177.550 |
1401.693 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
5852.540 |
4086.011 |
2706.763 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
10.13 |
8.74 |
7.95 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term Borrowings |
10500.000 |
6333.031 |
13399.763 |
|
|
|
|
|
|
Cash used in Operations |
(74355.145) |
(70051.124) |
(53306.148) |
|
|
|
|
|
|
Net Cash used in Operating Activities |
(77031.511) |
(72282.137) |
(54886.873) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
1.26
|
0.86 |
0.07 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
288.80
|
422.02 |
5182.88 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
NA
|
NA |
NA |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
5.02
|
6.59 |
3.26 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
51.65
|
105.54 |
84.20 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.88
|
0.87 |
0.92 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
5.39
|
5.56 |
5.44 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.83
|
2.46 |
2.49 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.01
|
0.01 |
0.01 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.41
|
1.41 |
1.38 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
17.09
|
16.59 |
15.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.65
|
1.56 |
1.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.73
|
11.06 |
10.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.76
|
1.04 |
1.31 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.72
|
1.01 |
1.24 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.14
|
0.14 |
0.14 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
42.22
|
27.61 |
13.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.76
|
1.04 |
1.31 |
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 |
10503.597 |
7445.656 |
6374.086 |
|
Reserves & Surplus |
15344.748 |
29512.383 |
43539.184 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
25848.345 |
36958.039 |
49913.270 |
|
|
|
|
|
|
long-term borrowings |
87862.812 |
131021.374 |
159466.352 |
|
Short term borrowings |
39448.556 |
68183.252 |
99125.154 |
|
Current Maturities of Long term debt |
13399.763 |
6333.031 |
10500.000 |
|
Total borrowings |
140711.131 |
205537.657 |
269091.506 |
|
Debt/Equity ratio |
5.444 |
5.561 |
5.391 |
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 |
17761.731 |
24632.802 |
34246.960 |
|
|
|
38.685 |
39.030 |
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 |
17761.731 |
24632.802 |
34246.960 |
|
Profit |
2706.763 |
4086.011 |
5852.540 |
|
|
15.24% |
16.59% |
17.09% |
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 |
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
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G49455843 |
100114480 |
VISTRA ITCL (INDIA) LIMITED |
06/07/2017 |
- |
- |
50000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
2 |
G37179199 |
100081498 |
VISTRA ITCL (INDIA) LIMITED |
23/02/2017 |
- |
- |
30000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
3 |
G30977763 |
100072798 |
VISTRA ITCL (INDIA) LIMITED |
26/04/2016 |
- |
- |
30000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
4 |
C54930292 |
10574554 |
IL & FS TRUST COMPANY LIMITED |
05/05/2015 |
- |
- |
30000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
|
5 |
C42592196 |
10560086 |
IL & FS TRUST COMPANY LIMITED |
01/12/2014 |
- |
- |
20000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
|
6 |
C10367894 |
10479351 |
IL & FS TRUST COMPANY LIMITED |
19/11/2013 |
20/06/2014 |
- |
20000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
|
7 |
B65445629 |
10399727 |
IL & FS TRUST COMPANY LIMITED |
21/11/2012 |
- |
- |
10000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
|
8 |
B34824508 |
10342676 |
IL & FS TRUST COMPANY LIMITED |
14/02/2012 |
- |
- |
10000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
|
9 |
G69062271 |
10278133 |
VISTRA ITCL (INDIA) LIMITED |
25/02/2011 |
29/11/2017 |
- |
300000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
10 |
C38758793 |
10400758 |
AXIS Trustee Services Limited |
26/09/2012 |
- |
30/12/2014 |
3000000000.0 |
Axis House,Wadia International CentrePandurang Budhkar Marg,WorliMumbaiMH400025IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Subordinate debts-Debentures |
13340.000 |
6965.000 |
|
Compulsory Convertible Debentures |
239.913 |
0.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Term Loan/ Demand Loan from Banks |
2000.000 |
2000.000 |
|
Commercial Papers* |
74149.577 |
41277.281 |
|
|
|
|
|
Total |
89729.490 |
50242.281 |
|
Note: SHORT TERM BORROWINGS * Commercial Papers shown net
of unamortized discounting charges INR 850.417 million (31 March, 2016 INR 472.719
million) |
||
CORPORATE
INFORMATION
Subject is a public company domiciled in India incorporated on 28 August 1991 under the companies Act, 1956.
The company is registered with Reserve Bank of India (RBI) as non-deposit taking Non Banking Financial Company (NBFC) with registration no. N-01.00500 and was certified as ISO 9001:2008 across all its core functional processes in March 2013 by British Standards Institution BSI, a leading global independent business services organization.
BUSINESS PERFORMANCE
KEY HIGHLIGHTS
During the year, there was a growth in total income to INR 34260.000 Million as against INR 24866.000 Million in the previous year, a 38% increase. Correspondingly, the total expenses (including depreciation, provisions and write off) increased to INR 25946.900 Million from INR 18602.500 Million in the previous year, a 39% increase primarily on account of increase in the depreciation, finance cost as a result of increase in portfolio, employee benefit expenses on account of induction of new personnel, etc. The profit before tax increased by 33% to INR 8313.100 Million from INR 6263.600 Million and as a result of better tax management the profit after tax increased by 43% to INR 5848.600 Million from INR 4086.000 Million.
BUSINESS
The Company operates through the following business divisions’ viz. Corporate Finance Group (CFG), Mortgages, Project & Structured Finance Group (PSFG), Capital Market Group (CMG), unsecured lending (business loans / personal loans), digital lending and in the wealth management business post the merger of the wealth division of Aditya Birla Money Mart Limited (ABMML) with the Company. The portfolio is well diversified across various sectors and products.
The Company registered excellent growth across its business segments. CFG managed to cross the Rs 10,000 Crore milestone this year registering a year on year growth of 48%. Its portfolio grew from INR 69170.000 Million at the beginning of the year to INR 102190.000 Million as on March 31, 2017. The Mortgages business has shown a growth of 17% during the year with its portfolio growing from INR 65930.000 Million as on March 31, 2016 to INR 77000.000 Million as on March 31, 2017. The PSFG portfolio also crossed the INR 100000.000 Million milestone this year with a growth of 50% from INR 73360.000 Million as on March 31, 2016 to INR 109680.000 Million on March 31, 2017. The DCM & Syndication team mobilized funds of close to INR 34000.000 Million (previous year INR 17000.000 Million) with fee earnings of approximately INR 170.000 Million as of March 2017 as against INR 110.000 Million as on March 31, 2016. CMG registered a growth of 10 % on a year-on-year basis with the portfolio growing from INR 44070.000 Million as on March 31, 2016 to INR 48470.000 Million as on March 31, 2017. The newly launched Unsecured Lending business which had achieved a book size of INR 220.000 Million since three months of its launch in FY 16, closed FY 17 with a book size of INR 3700.000 Million.
The Company launched its Digital Lending business in January 2017 to offer unsecured term loans to SMEs (sole proprietors, partnership firms and companies) and selfemployed individuals for business use. The aim is to build a granular, retail business with a focus on business loans to SMEs. Unsecured term loans offered are of a relatively smaller ticket size (<INR 1.000 Million on an average) and complement the existing secured as well as unsecured SME and corporate lending proposition of the Company. The digital business has been built on end-to-end cloud based technology. The consumer journey is entirely online with digital decision making backed by rigorous and 360° credit assessment, providing applicants with real time loan offers and sanctions. With the performance of unsecured lending in India steadily improving over the past 5 years and also with data now available with credit bureaus, and via certified digital vendors, risk to lending can be controlled more effectively.
During the year the Wealth management business of ABMML got merged with their Company. The appointed date for the merger was April 1, 2016. The wealth management business had Assets under management (AuM) of INR 135180.000 Million as on March 31, 2017, a growth of 58% over INR 85770.000 Million AuM as on March 31, 2016.
PORTFOLIO
QUALITY
The credit environment continued to be challenging during the year with the added challenges from demonetization. Prudent client selection, robust risk management framework and a focus on secured and diversified business has helped the Company maintain a high portfolio quality. The Gross NPA was improved at 0.48% amounting to INR 1571.800 Million (previous year 0.63% amounting to INR 11571.700 Million) and the Net NPA was 0.22% amounting to INR 706.900 Million (previous year 0.22% amounting to INR 557.300 Million) which is amongst the lowest in the industry.
TREASURY
The Company primarily sources funds through Term loans, Non-Convertible Debentures (NCDs), Sub-ordinated Debt and Commercial Paper (CP). The outstanding debt as on March 31, 2017 was INR 289510.000 Million as compared to INR 214570.000 Million as on March 31, 2016, an increase of 35%.
During the year, the Company focused on enhancing its borrowing through private placement of NCDs and issued NCDs aggregating to INR 45769.000 Million, which were listed on National Stock Exchange. Issuance of Tier II NCDs, aggregating to INR 6375.000 Million, has strengthened the Capital Adequacy.
ALM was within the norms stipulated by the Reserve Bank of India (RBI).
MANAGEMENT
DISCUSSION & ANALYSIS
OVERVIEW OF GLOBAL
ECONOMY
The year 2016-17
was a year of surprises. Global growth moved to 3.1% (according to World Bank) in
2016 and is expected to rise to 3.5% in 2017 and 3.6% in 2018. The recovery in
the US is the prime driver for this growth improvement. Also, stable commodity
prices are expected to keep growth in Emerging Markets fairly reasonable. The
World Bank expects Advanced Economies to grow@2% (up from 1.7% in 2016) and the
Emerging and developing economies are expected to grow @ 4.5% in 2017, up from
4.1% in 2016. Overall therefore, global growth is expected to pick up.
With inflation in
Advanced economies set to rise to 2%; 2017 would be keenly watched by global
financial markets to see what trajectory Fed rates would follow, post the first
hike already seen in Mar 2017. In the absence of any meaningful tailwinds to
commodity prices, any spike in global inflation is less likely.
In the backdrop of
persistent uncertainty, financial markets are expected to be on their toes all
through.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The NBFC sector
assumes a critical role in financial inclusion as it caters to a wide range of
financial activities. NBFCs are expected to play a crucial role in fostering
inclusive growth, especially in sectors like MSMEs, Retail and SME. The asset
side of NBFCs continued to register significant growth. During the period from
March 2006 to March 2016, NBFCs (including HFCs) have grown at a CAGR of 20%
while banks have grown at CAGR of 16 and NBFCs’ share of credit growth in India
vis-à-vis banks has also expanded from 16% to 21%.
This growth has
been achieved in a sustainable and profitable manner. While banks witnessed
subdued credit growth in sectors constrained by asset quality stress, NBFCs did
well. The accelerated growth in credit deployment by NBFCs was due to their
ability to contain risks, better product lines, lower cost, tap demand in niche
markets, good TAT and better understanding of their customer segments. The
profitability of NBFCs was significantly higher as compared to commercial
banks. However, the NPAs of NBFCs remained relatively lower than the NPAs of
the banking sector.
The NBFC sector
continued to raise funds mainly through debentures, borrowings from banks and
commercial papers. The Reserve Bank also eased the norms for external
commercial borrowings (ECBs) for NBFCs that lend to the infrastructure sector,
to raise ECBs with a minimum maturity of five years. In addition, the Reserve
Bank also allowed NBFCs to raise funds through rupee denominated bonds
overseas.
They believe that
the credit growth cycle is bottoming out in India. Personal loan growth is
robust and should continue to do well as incomes rise and government delivers
the financial inclusion agenda. Industry credit has been a laggard in the
recent past but we believe that the worst is behind us. The economy is showing
signs of recovery with government focusing on infrastructure spending. Programs
like ‘Make in India’, Road/Rail/Port development, Renewable energy push, PM
Awas Yojana (House for everyone) etc. will create huge demand for credit as
private sector will kick-start the capital expenditure to participate in these
programs. At the same time, the banks with the clean balance sheets would be
ready to supply the loans.
OUTLOOK
NBFCs have been playing a very important role from the macroeconomic perspective and as a core catalyst in the Indian financial system. For a large and diverse country such as India, ensuring financial access to fuel growth and entrepreneurship is critical. With the launch of government-backed schemes (such as the Pradhan Mantri Jan-Dhan Yojana [PMJDY]), there has been a substantial increase in the number of bank accounts; however, a mere 15% of adults have reported using an account to make or receive payments. The government and regulatory bodies have taken decisive steps to increase this number (and subsequently financial access) by granting in principal licenses to as many as 21 players to establish specialty banks over the next 18 months. This is over and above the focused approach of the other industry bodies such as the National Payments Corporation of India (NCPI) to further strengthen and augment the payments ecosystem by launching the Unified Payment Interface (UPI) and Bharat Bill Payments System.
The introduction of such specialized players and systems will truly transform the banking value chain in its entirety. This presents a strategic opportunity for NBFCs to ensure sustainable growth over a long term. Partnerships with payments banks, bill payment providers and other financial institutions, will help NBFCs offer the complete proposition—that is, from deposits to lending, investments and transactions. The reach of NBFCs, along with their strong understanding of the market, can help them position themselves as a better alternative to the traditional ways of banking.
Furthermore, the Indian consumer is increasingly adopting digital as a way of daily life. India is currently the second biggest smartphone market, with a user base of 220 million, and is expected to cross 300 million users by 2017. To stay relevant in such an environment, NBFCs need to rethink their strategy to enhance their product portfolio (positioning and pricing), processes (internal and customer facing) and end-to-end customer experience. Additionally, they need to leverage the vast digital (and social) customer data available to be able to serve customers better. The absence of income proofs or IT returns due to temporary/selfemployment are some of the primary reasons for the tepid credit penetration in India. Digital and social data can often act as a surrogate to such documents to help NBFCs make better credit decisions. With the launch of the Digital India programme, a flagship programme of the Government of India to digitally empower society, NBFCs will have to find ways to serve the millennial customers through digital means. In order to compete in this changing lending landscape, NBFCs need to realise the immense value of alternative data and make investments in technology and analytics to develop advanced credit scoring models that leverage both traditional and non-traditional data sources. NBFCs will need to develop behaviour-based credit risk models on the lines of those developed by online lenders, which incorporate the social graph, personal network, employment history and educational background of the borrower into their credit scoring rules.
FIXED ASSETS:
Tangible Assets
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
· Leasehold Improvements
Intangible Assets
·
Software
·
Goodwill
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 67.72 |
|
UK Pound |
1 |
INR 91.65 |
|
Euro |
1 |
INR 79.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
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.