MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED |
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Registered Office : |
ICICI Prulife Tower 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai –
400025, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
20.07.2000 |
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Com. Reg. No.: |
11-27837 |
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CIN No.: [Company
Identification No.] |
U66010MH2000PLC127837 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Providing Life Insurance and Pension Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 39000000 |
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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 Joint Venture of ICICI Bank and Prdential of UK. Available information indicates high financial responsibility of the
subject. Trade relations are fair. Payment are correct and as per commitments.
As learnt subject is doing well. It can be considered good for any normal business dealings. |
LOCATIONS
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Registered Office : |
ICICI Prulife Tower 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai –
400025, Maharashtra, India |
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Tel. No.: |
91-22-66621600/ 56621788 |
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Fax No.: |
91-22-24376956/ 56622029 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mrs. Shikha Sanjay Sharma |
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Designation : |
Managing Director |
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Address : |
Peregrine 16th Floor, 400 Veer Savarkar Road, Opposite
Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
19.11.1958 |
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Date of Appointment : |
20.07.2000 |
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Other Directorship : |
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Name : |
Mr. Kamath Vaman Kundarpur |
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Designation : |
Chairman and Managing Director |
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Address : |
1101 Radhika Off Sayan Road, Prabhadevi, Mumbai – 400025, Maharashtra,
India |
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Date of Birth/Age : |
02.12.1947 |
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Date of Appointment : |
20.07.2000 |
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Email : |
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Other Directorship : |
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Name : |
Mrs. Lalita Dileep Gupte |
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Designation : |
Director |
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Address : |
153 C Mhaskar Building, 1st Floor, Opposite Ruia Collage,
Matunga, Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
04.10.1948 |
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Date of Appointment : |
20.07.2000 |
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Email : |
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Name : |
Mrs. Kalpana Jaisingh Morparia |
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Designation : |
Director (Vice Chairperson) |
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Address : |
A-13 Ocean Gold, Co-operative Housing Society, Twin Tower, Lane
Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
30.05.1949 |
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Date of Appointment : |
29.11.2001 |
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Other Directorship : |
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Name : |
Mrs. Chanda Deepak Kochhar |
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Designation : |
Director |
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Address : |
CCI Chambers, Flat No.45, 5th Floor, Dinshaw Vacha Road,
Mumbai – 400020, Maharashtra, India |
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Date of Birth/Age : |
11.11.1961 |
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Date of Appointment : |
28.05.2002 |
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Other Directorship : |
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Name : |
Mr. Mahesh Prasad Modi |
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Designation : |
Director |
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Address : |
B/92 Sector 27, Noida Ghaziabad – 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
01.10.1939 |
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Date of Appointment : |
23.11.2000 |
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Name : |
Mr. R. Narayanan |
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Designation : |
Director |
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Address : |
Shrikrishna 105 A Sankaran Avenue, Chennai – 600042, Tamilnadu, India |
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Date of Birth/Age : |
02.07.1929 |
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Date of Appointment : |
17.01.2008 |
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Email : |
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Name : |
Mr. Mark Haakon Norbom Rolf |
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Designation : |
Director |
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Address : |
House 27 LE Palais, 8 Pak Pat Shan Road, Tai Tam Road Hong Kong |
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Date of Birth/Age : |
20.02.1958 |
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Date of Appointment : |
13.03.2004 |
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Name : |
Mr. Kannan Shrinivasa Narayanan |
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Designation : |
Whole Time Director |
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Address : |
501, Radhika Apartment, , Opposite Siddhivinayak Temple, Prabhadevi,
Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
30.06.1965 |
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Date of Appointment : |
30.07.2005 |
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Name : |
Mr. Phong Thanh Huynh |
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Designation : |
Director |
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Address : |
Villa K9, 720K, Thao Dien Quan 2 TP Ho Chi MIN Vietnam |
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Date of Birth/Age : |
22.05.1966 |
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Date of Appointment : |
23.01.2006 |
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Name : |
Mr. Keki Bomi Dadiseth |
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Designation : |
Director |
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Address : |
8 A, Mane K Building L D Ruparel Marg, Malabar, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
20.12.1945 |
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Date of Appointment : |
26.04.2006 |
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Other Directorship : |
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Name : |
Mr. Rama Bijapurkar |
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Designation : |
Additional Director |
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Address : |
8, C-D Mona Apartments 46 F, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
12.02.1957 |
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Date of Appointment : |
17.01.2008 |
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Email : |
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Other Directorship : |
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Name : |
Mr. Barry Stowe |
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Designation : |
Director |
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Other Directorship : |
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Name : |
Prof. Marti G. Subrahmanyam |
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Designation : |
Director |
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Other Directorship : |
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Name : |
Mr. Bhargav Dasgupta |
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Designation : |
Executive Director |
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Other Directorship : |
Tech Process Solutions Limited |
KEY EXECUTIVES
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Name : |
Mr. Sandeep Batra |
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Designation : |
Company Secretary |
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Address : |
B/105 Silver Beach Apartments Juhu, Mumbai – 400049, Maharashtra,
India |
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Date of Birth/Age : |
14.01.1966 |
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Date of Appointment : |
23.11.2000 |
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Name : |
Mr. C. L. Baradhwaj |
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Designation : |
Company Secretary |
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Name : |
Mr. Anita Pai |
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Designation : |
Executive Vice President – Customer Service and Technology |
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Name : |
Mr. Dr. Avijit Chatterjee |
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Designation : |
Appointed Actuary |
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Name : |
Mr. Puneet Nanda |
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Designation : |
Executive Vice President – Chief Investment Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2008)
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Names of Shareholders |
No. of Shares |
Percentage of Shares |
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Promoters |
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Indian |
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(ICICI Bank Limited) |
1034958845 |
73.87 |
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Foreign |
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(Prudential Corporation Holding Limited) |
363634188 |
25.95 |
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Others |
2520690 |
0.18 |
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Total |
1401113723 |
100.00 |
(As on 31.03.2007)
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Category |
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Percentage |
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Nationalised or Other Banks |
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73.87 |
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Foreign Holding
(FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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25.95 |
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Bodies Corporate (Not Mentioned above) |
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0.02 |
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Other top Fifty Shareholder (Other than Listed above) |
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0.12 |
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Others |
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0.04 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Life Insurance and Pension Services |
GENERAL
INFORMATION
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No. of Employees : |
6000 |
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Bankers : |
ICICI Bank Limited |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Walker Chandiok and Company Chartered Accountant |
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Address : |
Engineering Centre, 6th Floor, 9 Mathew Road, Opera House,
Mumbai – 400004, Maharashtra, India |
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Name : |
Haribhakti and Company Chartered Accountant |
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Address : |
42 Free Press Hopuse, Free Press Marg, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Name : |
BRS and Company Chartered Accountant |
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Holding Company : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1401113700 |
Equity Shares |
Rs.10/- each |
Rs.14011.137 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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14011.137 |
13123.015 |
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2] Share Application Money |
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20.265 |
19.399 |
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3] Reserves & Surplus |
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23722.895 |
7884.851 |
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4] (Accumulated Losses) |
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(29967.607) |
(16016.980) |
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NETWORTH |
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7786.690 |
5010.285 |
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LOAN FUNDS |
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1] Policyholders Fund’s |
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270205.582 |
149750.222 |
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2] Funds for Future Appropriations |
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5378.507 |
2148.522 |
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TOTAL BORROWING |
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275584.089 |
151898.744 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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283370.779 |
156909.029 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3277.369 |
2194.439 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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285302.709 |
157551.823 |
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DEFERREX TAX ASSETS |
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2170.774 |
690.004 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
|
6165.080 |
4823.827 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
4546.582 |
2359.279 |
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Total
Current Assets |
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10711.662 |
7183.106 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16081.873 |
9947.814 |
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Provisions |
|
2009.862 |
762.529 |
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Total
Current Liabilities |
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18091.735 |
10710.343 |
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Net Current Assets |
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(7380.073) |
(3527.237) |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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283370.779 |
156909.029 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
Revenue |
|
643.730 |
677.902 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
643.730 |
677.902 |
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Export Value |
|
-- |
0.500 |
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Profit/(Loss) Before Tax |
|
(15431.397) |
(6916.692) |
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Provision for Taxation |
|
1480.770 |
427.620 |
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Profit/(Loss) After Tax |
|
(13950.627) |
(6489.072) |
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Total Expenditure |
|
16075.127 |
7594.594 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
|
(2167.16) |
(957.23) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(2397.18) |
(1020.31) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(110.31) |
(73.76) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.98) |
(1.38) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
37.72 |
32.46 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.59 |
0.67 |
LOCAL AGENCY
FURTHER INFORMATION
Background
Subject is a joint venture between ICICI Bank Limited and
Prudential Corporation Holdings Limited was incorporated on July 20, 2000 as a company
under the Companies Act, 1956 (‘the Act’). The Company is licensed by the
Insurance Regulatory and Development Authority (‘IRDA’) for carrying life
insurance business in India. The Company’s life insurance business comprises
individual life and pension and group life, superannuation and gratuity
business, including participating, nonparticipating, annuities, pension, health
and linked segments. Some of these policies have riders attached to them such
as Accident and Disability Benefit, Level Term, Critical Illness, Waiver of
Premium and Major Surgical Assistance. These products are distributed through
individual agents, corporate agents, banks, brokers and the direct marketing
channel.
Operation
Review and Outlook:
During the year ended March 31, 2008, the Company registered
new business premium income of Rs.80.35 billion showing an increase of 55.7%
over the earlier year. The renewal premiums continue to grow and stood at
Rs.55.26 billion for the year. The new business growth was further reflected in
more than 2.91 million policy issuances during the year, leading to the Company
crossing the 7 million policies mark at March 31, 2008.
The Company continues to be a leader in the private life
insurance space on several parameters including weighted new business premium
and assets held, and has an estimated retail market share of 12.7% (based on
weighted new business premium income) for the financial year ended March 31,
2008.
Fixed Assets:
- Buildings
- Leasehold improvements
- Communication networks and servers
- Computers and peripheral equipments
- Office Equipment
- Furniture and Fixtures
- Motor
Vehicles
- Freehold Land
- Office
Buildings on Freehold Land
Website Details
Overview:
Subject is a joint venture between ICICI Bank - one of India's
foremost financial services companies-and Prudential plc - a leading
international financial services group headquartered in the United Kingdom.
Total capital infusion stands at Rs.37.72 billion, with ICICI Bank holding a
stake of 74% and Prudential plc holding 26%.
They began their operations in December 2000 after receiving
approval from Insurance Regulatory Development Authority (IRDA). Today, their
nation-wide team comprises of over 955 branches in addition to 1,033
micro-offices, over 261,000 advisors; and 20 banc assurance partners.
Company was the first life insurer in India to receive a
National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For
three years in a row, Company has been voted as India's Most Trusted Private
Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most
Trusted Brands'. They distribution, product range and customer base, they continue to
tirelessly uphold their commitment to deliver world-class financial solutions
to customers all over India.
The
ICICI Prudential Edge:
The ICICI Prudential edge comes from their commitment to
their customers, in all that they do - be it product development, distribution,
the sales process or servicing. Here's a peek into what makes us leaders.
1. Their products have been developed after a clear and
thorough understanding of customers' needs. It is this research that helps us
develop Education plans that offer the ideal way to truly guarantee the child's
education, Retirement solutions that are a hedge against inflation and yet
promise a fixed income after retire, or Health insurance that arms with the
funds might need to recover from a dreaded disease.
2. Having the right products is the first step, but it's
equally important to ensure that their customers can access them easily and
quickly. Company has an advisor base across the length and breadth of the
country, and also partners with leading banks, corporate agents and brokers to
distribute our products.
3. Robust risk management and underwriting practices form
the core of their business. With clear guidelines in place, they ensure
equitable costing of risks, and thereby ensure a smooth and hassle-free claims
process.
4. Entrusted with helping their customers meet their
long-term goals, they adopt an investment philosophy that aims to achieve risk
adjusted returns over the long-term.
5. Last but definitely not the least, their 28,000 plus
strong team is given the opportunity to learn and grow, every day in a
multitude of ways. They believe this keeps them engaged and enthusiastic, so
that they can deliver on their promise to cover, at every step in life.
Promoters:
ICICI Bank
ICICI Bank Limited (NYSE:IBN) is India's
largest private sector bank and the second largest bank in the country, with
consolidated total assets of $121 billion as of March 31, 2008. ICICI Bank’s
subsidiaries include India’s leading private sector insurance companies and
among its largest securities brokerage firms, mutual funds and private equity
firms. ICICI Bank’s presence currently spans 19 countries, including India.
Prudential Plc
Established in London in 1848, Prudential plc, through its
businesses in the UK, Europe, US, Asia and the Middle East, provides retail
financial services products and services to more than 20 million customers,
policyholder and unit holders and manages over Ł267 billion of funds worldwide
(as of December 31, 2007). In Asia, Prudential is the leading European life
insurance company with life operations in China, Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and
Vietnam. Prudential is one of the largest retail fund managers for Asian
sourced assets ex-Japan. Its fund management business has expanded into ten
markets, comprising of China, Hong Kong, India, Japan, Korea, Malaysia,
Singapore, Taiwan, Vietnam and United Arab Emirates.
Plans
Overview:
Company has a wide array of insurance plans that have been
designed with the philosophy that different individuals are bound to have
differing insurance needs.
The ideal insurance plan is one that addresses the exact
insurance needs of the individual that will depend on the age and life stage of
the individual apart from a host of other factors.
Life Insurance Plans:
Under Life insurance plans, ICICI Prudential offers plans
under the following major need categories:
Retirement Solutions:
The primary objective of a retirement plan is to help you
provide for your financial needs in your post retirement years. Click here to
know more about our retirement solutions
Health Product Suite:
Under Health Product Suite, ICICI Prudential offers plans
under the following major need categories:
- Health Assure Plus
- Hospital Care
- Cancer Care
- Cancer Care Plus
- Crisis Cover
- Diabetes Care
- Diabetes Care Plus
Education Insurance Plans:
One of
the most important responsibilities as a parent is to ensure that the child
gets the best possible education that can be provided.
Company offers
a wide portfolio of education insurance plans that are designed to provide
peace of mind to you, as a parent, that the child's education will be secure.
These plans ensure that money is made available at the crucial junctures in a
child's education - Class X, Class XII, graduation and post-graduation - to
fund crucial commitments for the child's future.
Importantly,
education insurance plans ensure that in the unfortunate event of the death of
a parent, the child's education continues unhampered.
Plan Name
- Smartkid New Unit- Linked Regular Premium
- Smartkid New Unit – Linked Single Premium
- Smartkid Regular Premium
Wealth
Creation Plans:
Wealth Creation Plans give the customer the dual benefit of protection along with the potentially higher returns of market-linked instruments. The most important benefit of ULIPs is the flexibility they give the customer in choosing the premium amount and also choosing the underlying fund in which this money is to be invested. Wealth creation plans also offer the customer more liquidity options as compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover to be allied to the returns of market linked instrument – giving them an unmatched combination of benefits.
Plan Name:
- Life Time Gold
- Life Link Super
- Premier Life Gold
- Life Stage RP
Premium
Guarantee Plans:
The latest addition to the life insurance product portfolio
of Company is the Premium Guarantee plan – Invest Shield Life New. Premium
Guarantee plans are the ideal insurance-cum-investment option for customers who
want to enjoy the potentially higher returns (over the long term) of a
market linked instrument, but without taking any market risk.
Plan Name:
- Invest Shield Life New
- Invest Shield Cash Bak
Protection
Plans:
The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard one’s family from the financial implications of unfortunate circumstances than one cannot foresee.
Plan Name:
- Life Guard
- Save’n Protect
- Cash Bak
- Home Assure
Press
Releases:
ICICI Prudential
Life’s launches Certification Program-PGPMI
Mumbai;
July 16, 2008
6-months course for graduates; assured job on successful
completion.
ICICI Prudential Life Insurance announced the launch of a
unique 6 months Certification Program-PGPMI (PGPMI), a specialized management
program focusing on the insurance industry. The company has inked exclusive
partnerships with 10 leading business schools in India. The program has been
designed to train and develop skilled professionals, with in-depth knowledge of
the industry along with the managerial abilities.
PGPMI, is a full time program comprising a blend of
theoretical and practical inputs aimed at providing enhanced career
opportunities to young graduates. It is specifically designed to train them in
the nuances of the business and prepare them to succeed in life insurance
industry. On successful completion, these professionals are absorbed in ICICI
Prudential Life in the functions of sales and distribution.
ICICI Prudential Life has partnered with the following
leading management institutes for Certification Program-PGPMI
-
Institute for Integrated Learning and Mgmt (IILM)- Jaipur,
Gurgaon,
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Delhi, Kolkata, Ahmedabad, Baroda
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CT Group, Jalahandar
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Chennai Business School (CBS)- Bangalore, Chennai,
Bhubhaneshwar - Indian School for Business & edia (ISBM) ? Kolkata,
Bangalore,
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Pune, Noida
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SIES College of Mgmt? Mumbai
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Bhavan?s Centre for Inter-Disciplinary Studies (BCIDs)
Mumbai
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Manipal University Lucknow and Hyd
-
Xavier?s Institute of Social Sciences (XISS) Ranchi
-
Chitkara Institute Chandigarh
-
Birla Institute of Technology (BIT) Mesra, Jaipur
Speaking at the launch, Mr. Judhajit Das, Chief? Human
Resources, ICICI Prudential Life, said, ''In a people intensive sector such as
life insurance, the key to sustainable growth will be to develop a pool of high
quality talent who are trained as insurance professionals. We have identified a
significant gap between the demand and supply of skilled professionals in the
industry, with the pre-requisite skill sets. We realized that an enhanced
program with the dual benefit of a relevant and comprehensive curriculum will
provide fresh graduates a chance to be industry ready in just 6 months. In
addition, the profile, compensation and career opportunities represented by
PGPMI are extremely lucrative with assured job offer on successful completion
of the course '', he added.
The selection procedure for the 6 months PGPMI program will
include a written test and group discussion followed by personal interview.
Once the student has cleared the process, he/she will be signed up for the
program and will be handed an offer letter from ICICI Prudential Life on the very
first day of the program.
The company has formed a wide network of tie-ups with
leading management institutions, to offer this course, across India. Currently
there are 10 leading management institutions with over 20 centres across the
country. Further under the aegis of the industry academia partnership, ICICI
Prudential Life has exclusive partnerships with Indian Institute of Management,
Calcutta (IIM-C) and Xavier Labour and Research Institute, Jamshedpur (XLRI)
for an Executive Program in Management & Insurance (EPMI).
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank
and Prudential plc. It was one of the first players to commence operations when
the insurance industry was opened to the private sector in 2000. For the year
ended March 31, 2008, the company garnered Rs.79460.000 Millions of retail
weighted + group new business premiums and wrote nearly 3 million policies. The
company has a network of 1,956 offices, 291,000 advisors; as well as 21 bank
partners. It is also the only life insurer in India to be assigned AAA (Ind)
credit rating from Fitch Ratings. For the past seven years, ICICI Prudential
has retained its position as the No. 1 private life insurer in the country,
with a wide range of flexible products that meet the needs of the Indian
customer at every step in life. To know more about the company, please visit www.iciciprulife.com.
Except for the historical information contained herein,
statements in this release which contain words or phrases such as ''will'',
''would'', ''aim'', ''will likely result'', ''believe'', ''expect'', ''will
continue'', ''anticipate'', ''estimate'', ''intend'', ''plan'',
''contemplate'', ''seek to'', ''future'', ''objectives'', ''goals'',
''project'', ''should'', ''will pursue'', and similar expressions or variations
of such expressions may constitute ?forward looking statements?. These
forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
suggested by the forward-looking statements. These risks and uncertainties
include, but are not limited to ICICI Prudential’s ability to successfully
implement its strategy in the field of insurance, our growth and expansion,
technological changes, investment income, cash flow projections, our exposure
to market risks as well as the other risks detailed in the reports filed by
ICICI Bank (joint promoters of ICICI-Prudential Life Insurance Company Limited)
with the Securities and Exchange Commission of the United States. ICICI Bank
undertakes no obligation to update forward-looking statements to reflect events
or circumstances after the date thereof.
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 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.42.47 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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. |
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 |
|