MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TAMILNAD MERCANTILE BANK LIMITED |
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Registered Office : |
57, V.E.Road, Thothukudi; 628002, tamil Nadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.05.1921 |
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Com. Reg. No.: |
001908 |
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CIN No.: [Company
Identification No.] |
U65110TN1921PLC001908 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET01129C |
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Legal Form : |
Public Limited Liability Bank. |
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Line of Business : |
Subject is engaged in banking activities. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 23000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed bank having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The bank can be considered normal for business dealings at usual trade
terms and conditiosn |
LOCATIONS
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Registered Office : |
57, |
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Tel. No.: |
91-461-321382 / 321929 / 321932 / 321971 / 325381 / 325831 |
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Fax No.: |
91-461-322994 |
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E-Mail : |
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Website : |
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Branches : |
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DIRECTORS
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Name : |
Mr. S Radhakrishnan |
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Designation : |
Chairman & CEO |
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Name : |
Mr. B Ramachandra Adityan |
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Designation : |
Director |
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Name : |
Mr. R Kannan Adityan |
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Designation : |
Director |
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Name : |
Mr. M G M Maran |
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Designation : |
Director |
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Name : |
Mr. A Rajagopalan |
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Designation : |
Director |
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Name : |
Mr. V Bhaskaran |
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Designation : |
Director |
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Name : |
Mr. P H Arvindh Pandian |
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Designation : |
Director |
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Name : |
Mr. P Prem Vetty |
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Designation : |
Director |
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Name : |
Mr. A Narayanan |
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Designation : |
Director |
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Name : |
Mr.N
Balasubramanian |
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Designation : |
Director |
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Name : |
Mr.A
Selvaganesh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr.K K
Sharma |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in banking activities. |
GENERAL INFORMATION
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No. of Employees : |
2295 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. Thomas Fernando & Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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280000 |
Equity Shares |
Rs.10/- each |
Rs.2.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.800 |
2.800 |
2.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6565.000 |
5585.600 |
4765.400 |
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4] deposit |
52028.700 |
48268.800 |
44042.700 |
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NETWORTH |
58596.500 |
53857.200 |
48810.900 |
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LOAN FUNDS |
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1] Secured Loans |
231.500 |
113.400 |
284.700 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
231.500 |
113.400 |
284.700 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58828.000 |
53970.600 |
49095.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
524.200 |
509.000 |
536.400 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
23619.400 |
22855.700 |
23537.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Balance with Banks and Money at call and short Notice |
1474.000
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2156.600 |
1607.900 |
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Cash & Bank Balances |
2813.100
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3039.100 |
2237.600 |
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Other Current Assets |
1332.700
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1345.300 |
1835.900 |
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Loans & Advances |
31263.900
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26262.400 |
21139.900 |
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Total
Current Assets |
36883.700
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32803.400 |
26821.300 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2199.300
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2197.500 |
1799.200 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
2199.300
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2197.500 |
1799.200 |
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Net Current Assets |
34684.400
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30605.900 |
25022.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58828.000 |
53970.600 |
49095.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
5483.200 |
5127.000 |
5376.500 |
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Other Income |
826.200 |
679.500 |
716.800 |
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Total Income |
6309.400 |
5806.500 |
6093.300 |
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Profit/(Loss) Before Tax |
1011.900 |
823.500 |
806.800 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
1011.900 |
823.500 |
806.800 |
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Expenditures : |
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Interest |
3023.300 |
2815.700 |
3219.500 |
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Operating Expenses |
1297.000 |
1248.700 |
1174.800 |
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Provisions and Contingencies |
977.200 |
918.600 |
892.200 |
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Total Expenditure |
5297.500 |
4983.000 |
5286.500 |
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KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004s |
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Credit
Deposit Ratio |
57.36 |
51.35 |
47.99 |
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Investment
Deposit Ratio |
46.34 |
50.26 |
52.96 |
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Cash
Deposit Ratio |
5.83 |
5.72 |
5.82 |
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Interest
Expended/Interest Earned |
55.14 |
54.92 |
59.88 |
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Other
Income/Total Income |
13.09 |
11.70 |
11.76 |
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Operating
Expense/Total Income |
20.56 |
21.51 |
19.28 |
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Interest
Income/Total Funds |
9.36 |
9.58 |
10.96 |
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Interest
Expended /Total Funds |
5.16 |
5.26 |
6.56 |
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Net
Interest Income/Total Funds |
4.20 |
4.32 |
4.40 |
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Non
Interest Income/Total Funds |
1.41 |
1.27 |
1.46 |
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Operating
Expense/Total Income |
2.21 |
2.33 |
2.39 |
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Profit
Before Provisions/Total Funds |
3.39 |
3.25 |
3.46 |
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Net
Profit/Total Funds |
1.73 |
1.54 |
1.64 |
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Return
On Net Worth(%) |
16.65 |
15.90 |
18.47 |
STOCK PRICES
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Face Value |
Rs.10.00 |
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High |
Rs.0.00 |
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Low |
Rs.0.00 |
LOCAL AGENCY FURTHER INFORMATION
History
OVERALL ECONOMIC REVIEW:
The performance of the
Indian economy during 2005-2006 was stronger and better than expected. GDP growth
rate was significantly higher at 8.1% in 2005-06 as against 7.5% in the
previous year. The all-round improvement in industrial activity in 2005-06
especially the acceleration in the growth of manufacturing sector to 8.1%
compared to the preceding year's 9.4% was a major factor in GDP growth. GDP
originating in the services sector has increased by 10.01% during 2005-2006
with most sub sectors like construction, hotels, transport, financing,
insurance, real estate and business services sharing this buoyancy. Inflation
was contained well within the range projected in the monetary policy at 4%
after coming down from a peak of 6% during April 2005. Financial markets were
generally stable during the year. Appropriate liquidity management and
interventions by the RBI played a crucial role in fashioning the market
response.
The recent growth record of the Indian economy is noteworthy from a
global perspective. The recovery in agriculture, alongside the sustained
momentum of growth in industry and services augurs well for the Indian economy.
The sensitisation of risk based approach adopted by the Reserve Bank of
BANKING SCENARIO:
Financing requirements
associated with the pick up in real economic activity were reflected in a
robust expansion of bank credit for the second year in succession. The credit
growth in the Banking Industry outpaced the deposit growth by a substantial
margin. Banks' efforts to raise deposits to fund the credit demand have led to
a visible shortening of the maturity profile of deposits in the banking system
and a marginal escalation in the cost of raising deposits. The overall deposit
growth of Scheduled Commercial Banks was 22.8%. The overall credit growth was
36%. While time deposits increased by 16.1% (previous year 14.9%), the demand
deposits registered a year on year growth of 21.4% (Previous year 16.1 %) in
2005-06. The higher credit demand was largely met by a substantial reduction in
SLR investments. For the first time since the nationalisation of banks in 1969,
investment of Scheduled Commercial Banks in Government and other approved
securities declined by Rs.11576 crores in contrast to an increase of Rs.49373
crores in 2004-2005.
BUSINESS PERFORMANCE:
In tune with banking industry
trend, your Bank's credit growth outpaced deposit growth. The bank had a
successful year in its 84th year of operations and recorded a continued good
performance. During the year under review the total business excluding inter
bank deposits increased from Rs.7246 crores in March 2005 to Rs.82230.000
Millions at the end of March 2006 registering a growth of 13.48%. The bank had
also improved its performance under various parameters and business segments.
There was also considerable improvement in recovery of Non Performing
Assets.
Some of the highlights of the
bank's performance during the year are indicated below:
The deposits of the bank increased from Rs.48270.000Millions to Rs.52030.000
Millions during the year, a percentage increase of 7.79%.
The advances increased from Rs.26260.000 Millions to Rs.31260.000 Millions
during the year, a growth of 19.04.
There was an increase of Rs.500.000 Millions in the total income of the
bank from Rs.5810.000Millions in the previous year to Rs.6310.000 Millions
during the year representing 8.61% growth.
The major contributing
factor for this income was the increase in income on advances by about
Rs.410.000 Millions and increase in other income from Rs.680.000 Millions in
the previous year to Rs.830.000 Millions during the current year. The increase
in total expenditure was contained at Rs.320.000Millions. The expenditure rose
from Rs.4980.000 Millions during the previous year to Rs.5300.000 Millions
during the year. This resulted in a net profit of Rs.1011.900 Millions. as
compared to Rs.823.500 Millions in the previous year. The net owned funds of
the bank were in the order of Rs.6567.900Millions. Earning per share was
Rs.3557 and the capital adequacy ratio was 18.330/0. The bank was able to
reduce its NPAs and the ratio of net NPAs to net advances stood reduced to
2.17% as against 2.95% in the previous year.
PROFIT AND APPROPRIATION:
During the year your Bank has
generated an operating profit of Rs.198.91 crores against Rs.1742.100 Millions
in the previous year. The net profit stood at Rs.1011.900Millions (previous
year Rs.823.500 Millions) after making all necessary provisions under various
categories as per prudential norms prescribed by Reserve Bank of
FOREIGN EXCHANGE BUSINESS:
During the year under
review, the bank's merchant turnover increased to Rs.30760.000 Millions as
against Rs.27400.000 Millions in last year recording a growth of 12.26%. The
interbank turnover of the bank stood at Rs.85430.000 Millions. The profit on
Foreign Exchange business as on 31.03.2006 was Rs.90.400 Millions as against
Rs.86.000 Millions during the previous year.
Our International Banking Division, Chennai is providing information about
forex market and the indicative rates based on the ongoing forex market trends
every two hours in our website www.tmb.in which has been well received by the
customers all over the world. The monthly newsletter being published by the IBD
furnishing details and analysis about the forex market is also considered to be
useful among the customers, desk officers, etc.
The bank has been able to enlarge the correspondent banking relationship with
various banks situated world wide. Membership of the SWIFT has enabled the bank
to give timely advice to its customers on import letters of credit, adjustment
of inward remittances, etc. The bank has been successful in exchanging
bilateral key arrangements with more than 650 banks across the world for the
benefit of customers.
BRANCH NETWORK:
During the year 2005-06 the bank
has opened one branch at Gingee, Tamilnadu. The Bank is planning to improve its
Branch network by opening branches at potential centres where business
development is identified and the necessary applications for licences have been
submitted to RBI.
PRODUCT INNOVATION, NEW PRODUCTS, NEW
SERVICES:
During the year products like
TMB-Car, TMB-Home, TMB-Education, TMB-Traders, TMB-Personal, TMB-Rentals,
TMB-Doctor, TMB-Two Wheeler, TMB-Education (Short Term), TMB-Mahalir, TMB-IPO
and TMB-Pension have been continuously fine tuned to suit the customers'
requirements. In addition new products viz. TMB-Tractor, TMB-Kisan Credit Card,
TMB-Easy Mortgage were also introduced. The bank has introduced TMB-Mini
Vehicle loan scheme aiming at small and medium business sector. The concerted
efforts have resulted in retail credit reaching a position of 16% of the total
advances.
The existing deposit products under Anywhere Banking scheme viz.
TMB-Diamond Current Account, TMB Platinum Current Account, TMB Gold Current
Account, TMB Silver Current Account, TMB-Pearl Current Account and TMB Premium
Savings Bank Account have been marketed intensively. The bank has introduced an
auto sweep fixed deposit facility in its TMB-VISA savings account. Bank has
also introduced an insurance linked recurring deposit 'Siranjeevee'. It has
also launched KIDS recurring deposit on 21.01.2006 for the benefit of children
and 'Santhosh' deposit scheme for the benefit of senior citizens on 08.03.2006.
As per the directions of RBI the Bank has launched 'No Frills' Savings Bank
account scheme to cater to the needs of the low income group who normally do
not have access to banking services. The scheme will enable individuals to open
a SB account with an initial deposit of as low as Rs.5/-. The Bank has become a
clearing banker of NCDEX with effect from 09.03.2006 and a Depository
Participant through NSDL since 22.03.2006. The Bank has also entered into a tie
up arrangement with National Collateral Management Services Ltd., to advance
against warehouse receipts since 19.08.2005.
The bank had introduced 'at par' DD drawing and cheque collection
arrangement with IDBI Bank Ltd. (55 locations) and HDFC Bank Ltd. (98
locations). The customers will get the benefit of 'No extra charge' towards
other banks' commission in 152 locations where the Bank's branches are not
located.
The bank has also a tie up arrangement with
As Per
Web Site:
Generis & Growth
The history of Tamilnad Mercantile Bank Ltd., the then Nadar
Bank Ltd., dates back to 1921. The thought of establishing a bank under the
guidance of the able Nadar business community was mooted out in the Anniversary
of Nadar Mahajana Sangam held at Tuticorin in 1920. The proposal was effected
soon. The bank was registered on
A group of dedicated men with shrewd acumen and sound
integrity had been constituted as Board of Directors and they elected Shri.
M.V. Shanmugavel Nadar as Chairman on
Management
Founder Directors of TMB
- Shri M.V. Shanmugavel Nadar
- Shri A.M.M. Sinnamani Nadar
- Shri AR.A. Shenbaga Nadar
- Shri K.A.M.A. Kalliapa Nadar
- Shri M.VE. Rathnasami Nadar
- Shri AR.A.S. Arumugasamy Nadar
- Shri T.V. Balagurusamy Nadar
- Shri P.K.S.A. Arumuga Nadar
- Shri M.S.P.A. Chidambara Nadar
The bank became a Scheduled Bank under the Reserve Bank of
India Act on
Excellence in Management
The bank has been fortunate in having very eminent and
honest men of vision and great talent as Board of Directors and Executives. The
ever increasing profit figures of the bank depicts the efficiency of the
management. The bank, which was opened with a small capital of Rs.
0.500Millions, has an impeccable record of having a net worth of Rs. 6567.900
Millions as on
Past & Present Chief Executives
The strong foundation was laid down by the Chief executives of the bank from the very beginning by their outstanding efficiency, devotional duty, able administration and profound knowledge.
In 1969, the Reserve Bank of
Past and Present Chairman of TMB
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Chairman |
Period of Association |
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Shri R. Jeyaraj |
1969-1988 |
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Shri J. Kasiviswanathan |
1989-1991 |
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Shri M. Jesudasan |
1992-1996 |
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Shri K.N.V. Nayar |
1996-1997 |
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Shri S. Krishnamurthy |
1997-2002 |
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Shri R. Natarajan |
2002-2004 |
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Shri S. Radhakrishnan |
2004-2006 |
Past and Present MD / CEO at TMB
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MD and CEO |
Period of Association |
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Shri G. Narayana Moorthy |
Since Dec. 2006 |
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List of ATM Centers:
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Table showing the List of ATM Centers |
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Sr. |
Location |
Type |
Address |
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Above details about the ATM subject to change without notice. Please call / email us for the current updated details. |
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1 |
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Onsite |
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2 |
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Onsite |
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3 |
Cantonment |
Onsite |
Mahalaxmi Chambers, 29, M.G.Road, Cantonment, |
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Mumbai, Maharastra |
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4 |
Mumbai Sion |
Onsite |
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Pune, Maharastra |
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5 |
Magaprapetta |
Offsite |
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Aruppukottai, Tamilnadu |
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6 |
Arupukottai |
Onsite |
25, |
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Chennai, Tamilnadu |
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7 |
Anna Nagar |
Onsite |
AC-16, |
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8 |
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Offsite |
S.S.N.College of Engineering, |
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9 |
T. Nagar |
Onsite |
25, |
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10 |
Thiruvanmiyur |
Onsite |
No.3, Thiruvalluvar Salai, Opp. Bus Depot, Thiruvanmiyur, Chennai - 600 041. |
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11 |
Washermanpet |
Onsite |
No.20, G.A.Road, Old Washermanpet, Chennai - 600 021. |
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12 |
Kumarapalayam Pudur |
Onsite |
Selvapuram, |
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13 |
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Onsite |
10/122, Big |
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14 |
R.S. Puram |
Onsite |
539-540,D.B.Road,R.S.Puram, |
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Dindigul, Tamilnadu |
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15 |
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Onsite |
9, |
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Erode, Tamilnadu |
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16 |
Periar Nagar |
Offsite |
Door No.H-32, Periyar Nagar,E.V.N.Road, Erode. |
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Kancheepuram, Tamilnadu |
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17 |
Kancheepuram |
Onsite |
No.52 ABC Vallal |
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Karaikudi, Tamilnadu |
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18 |
New Town |
Offsite |
S.M.K.Complex,100 feet Road,New Town, Karaikudi. |
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Karur, Tamilnadu |
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19 |
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Offsite |
D.No.1027, Transport House,(Near LGB Petrol Bunk), |
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Kovilpatti, Tamilnadu |
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20 |
Kovilpatti |
Offsite |
Door No.1920,(Old.No.483-B), |
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21 |
Kamarajar Salai |
Offsite |
181, Kamarajar Salai, |
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22 |
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Onsite |
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23 |
Nagamalai Pudukottai |
Offsite |
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24 |
Vasantha Nagar |
Offsite |
D.No.44, |
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Marthandam, Tamilnadu |
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25 |
Marthandam |
Onsite |
2/24-2 Annex Vin Complex, |
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Nagerkoil, Tamilnadu |
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26 |
Nagercoil |
Onsite |
229-1, |
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Namakkal, Tamilnadu |
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27 |
Namakkal |
Offsite |
17, |
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Pollachi, Tamilnadu |
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28 |
Pollachi |
Offsite |
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Rajapalayam, Tamilnadu |
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29 |
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Offsite |
Door No.255, |
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30 |
Guhai |
Offsite |
D.No.68, |
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Sivakasi, Tamilnadu |
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31 |
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Onsite |
Mepco Schlenk Engg. College, Mepco Nagar, Sivakasi - 626 005. |
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32 |
Sivalasi - Bazaar |
Offsite |
34, |
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33 |
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Offsite |
D.No.43-B, |
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Tenkasi, Tamilnadu |
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34 |
Tenkasi - Pavoorchatram |
Offsite |
D.No.3G/3, TALCL Arumugasamy Nadar Complex, |
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Thanjavur, Tamilnadu |
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35 |
Thanjavur Main |
Onsite |
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Theni, Tamilnadu |
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36 |
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Offsite |
S.No.503/1,Door No.203,109/A, |
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Thiruvarur, Tamilnadu |
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37 |
Thiruvarur |
Onsite |
29, |
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Thoothukudi, Tamilnadu |
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38 |
Sipcot |
Onsite |
No.97/H/30, Ground Floor, |
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39 |
South |
Onsite |
283, |
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40 |
SPIC Nagar |
Offsite |
5/664, SPIC Nagar, Thoothukudi - 628 005. |
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41 |
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Onsite |
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42 |
Thoothukudi Main |
Onsite |
56 & 57, |
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Tirunelveli, Tamilnadu |
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43 |
Palayamkottai |
Onsite |
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44 |
Vanarpettai |
Offsite |
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Trichy, Tamilnadu |
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45 |
Thillai Nagar |
Offsite |
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Uslampatti, Tamilnadu |
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46 |
Usilampatti |
Onsite |
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47 |
Thottapalayam |
Offsite |
Popular Petrol Bunk, 1/19, |
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Villupuram, Tamilnadu |
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48 |
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Offsite |
D.No.19/21, M/s.HPCL Ltd., Trichy Trunk Road, Villupuram - 605 602. |
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Virudhunagar, Tamilnadu |
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49 |
Theppam |
Offsite |
D.No.197, Theppam North Bazaar, Virudhunagar - 626 001. |
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50 |
Virudhunagar |
Onsite |
280, |
Performance Highlights as at
Operating Profit for the year 2005-2006 was Rs.1989.100 Millions up from Rs.1742.100 Millions for 2004-2005.
Net Profit of Rs.1011.900 Millions was higher than that of the previous year at Rs.823.500 Millions.
Capital Adequacy Ratio stood at 18.33%
Net owned funds increased to Rs.6567.900Millions ( increase of 17.53% over last year). Return on Equity stood at 16.65%.
Business volume was at Rs.83290.000 Millions, up by 11.75% constituting Deposits of Rs.52030.000 Millions and advances of Rs.31260.000 Millions
.
Average Deposits increased by Rs.5260.200Millions and recorded a growth of 12.26%.
Cost of Deposits was down to 5.96% a reduction of 19 basis points.
Advances increased to Rs.31260.000 Millions and recorded a
growth of 19%. Yield on Advances was at 10.01% as on
Business per employee increased to Rs.35.800 Millions
Handled Foreign Exchange Merchant Turnover Rs.30760.000 Millions.
Net NPA was brought down from 2.95% to 2.17%.
Brought all the 173 branches under FINACLE and achieved 100% networking.
Anywhere banking facility extended to all the branches including 36 rural branches.
Servicing about 2 million delighted customers.
Access to over 5500+ ATMs nationwide 37 own ATMs in major cities
All branches enabled to provide RTGS Facility - Any Bank / Any Branch Money Transfer.
Introduced KIDS Recurring Deposit scheme for children and Santhosh deposit scheme for senior citizens.
Launched "No Frills" savings bank account scheme called "TMB - Janatha" to cater to the needs of low income group people who normally do not have access to banking services.
Became a Depository Participant through NSDL.
Became a clearing banker for National Commodities and Derivatives Exchange Ltd., (NCDEX).
Tie up arrangement with National Collateral Management Services Ltd to advance against warehouse receipts.
Tie up arrangement with Prudential ICICI, UTI Asset Management Company, Reliance Capital Asset Management Company Ltd., and Franklin Templeton Asset Management Company Ltd., to offer Mutual Fund Services.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.34 |
|
|
1 |
Rs.81.81 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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