MIRA
INFORM REPORT
|
Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE ORIENTAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
A-25/27, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
12.09.1947 |
|
|
|
|
Com. Reg. No.: |
55-007158 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 1000.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010DL1947GOI007158 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELO01305D/ DELO02008G/ DELO00141B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Subject is engaged in Non Life Insurance Business. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 77000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a Government of India undertaking company having
satisfactory track. Profitability of the company is under pressure. However,
networth appears to be satisfactory. Trade relations are reported as fair. Business
is active. Payments are reported to be usually correct. The company can be considered normal 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
A-25/27, |
|
Tel. No.: |
91-11-43659595/ 23279221- 25 (10 Lines)/ 23287204 |
|
Fax No.: |
91-11-23263175 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.07.2010
|
Name : |
Mr. Ramchandra Kasargod Kamath |
|
Designation : |
Nominee Director |
|
Address : |
20, Rajdoot Marg ,Chanakyapuri, New Delhi-110021, |
|
Date of Birth/Age : |
19.11.1955 |
|
Date of Appointment : |
23.12.2009 |
|
DIN No.: |
01715073 |
|
|
|
|
Name : |
Mr. Lalit Kumar Chandel |
|
Designation : |
Nominee Director |
|
Address : |
S-108, Niveditakunj R K Puram, Sector X New Delhi-110022, |
|
Date of Birth/Age : |
12.05.1967 |
|
Date of Appointment : |
03.08.2010 |
|
DIN No.: |
00182667 |
|
|
|
|
Name : |
Mr. Sanjiv Kumar Chanana |
|
Designation : |
Nominee Director |
|
Address : |
B-5/6, Safadarjung Enclave, Africa Avenue, New Delhi-110029, |
|
Date of Birth/Age : |
10.08.1953 |
|
Date of Appointment : |
15.12.2006 |
|
DIN No. : |
00112424 |
|
|
|
|
Name : |
Mr. Dilipkumar Vadilal Singh |
|
Designation : |
Director |
|
Address : |
47, Preranatirh Bunglows Part-1, Near Preranatirth Jain, Derasr,
Jodhpur Gam Setellite, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
10.10.1954 |
|
Date of Appointment : |
27.08.2007 |
|
DIN No.: |
01769872 |
|
|
|
|
Name : |
Mr. Jandhyala Surya Subrahmanya Sastry |
|
Designation : |
Nominee Director |
|
Address : |
S-4/409, R K Puram, New Delhi-110022, |
|
Date of Birth/Age : |
06.07.1950 |
|
Date of Appointment : |
17.05.2007 |
|
DIN No.: |
31.07.2010 |
|
DIN No.: |
01533101 |
|
|
|
|
Name : |
Mr. Devi Singh |
|
Designation : |
Whole Time Director |
|
Address : |
E-2/2, Ganga Triveni Apaertments, Sector 9, Rohini, Delhi-110085, |
|
Date of Birth/Age : |
02.10.1951 |
|
Date of Appointment : |
19.06.2009 |
|
DIN No.: |
01437373 |
|
|
|
|
Name : |
Dr. Ravinder Kumar Kaul |
|
Designation : |
Chairman cum- Managing Director |
|
Address : |
HN-320, Sector 21B, Faridabad-121003, |
|
Date of Birth/Age : |
07.05.1952 |
|
Date of Appointment : |
30.12.2009 |
|
Date of Ceasing: |
31.05.2012 |
|
DIN No.: |
01684570 |
KEY EXECUTIVES
|
Name : |
Mrs. Rashmi Bajpai |
|
Designation : |
Company Secretary |
|
Address: |
House No. 547, Sector-37, Arun Vihar, Noida-201303, |
|
Date of Birth/ Age: |
14.03.1965 |
|
Date of Appointment: |
20.08.2007 |
|
PAN No.: |
AAIPB4569R |
|
|
|
|
Name : |
Mr. S. K. Chanana |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. D. Singh |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. S Surenther |
|
Designation : |
General Manager |
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|
|
|
Name : |
Mr. Niraj Kumar |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. A. K. Saxena |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. N. K Singh |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. K K Rao |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. S Surenther |
|
Designation : |
Financial Advisor |
|
|
|
|
Name : |
Mr. Nawang Tobadan |
|
Designation : |
Chief Vigiliance Officer |
|
|
|
|
Name : |
Mr. A K Bhandari |
|
Designation : |
Deputy General Manager (Head Office) |
|
|
|
|
Name : |
Mr. P. K. Jha |
|
Designation : |
Deputy General Manger (Head
Office) |
|
|
|
|
Name : |
Mr. D. K. Soni |
|
Designation : |
Deputy General Manager (Head Office) |
|
|
|
|
Name : |
Mr. B N Prasad |
|
Designation : |
Deputy General Manager (Head Office) |
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|
|
|
Name : |
Mr. Ram Nath |
|
Designation : |
Deputy General Manager (Head Office) |
|
|
|
|
Name : |
Mr. K Ramdevi |
|
Designation : |
Deputy General Manager (Head Office) |
|
|
|
|
Name : |
Mr. Ved Prakash |
|
Designation : |
Deputy General Manager (Head Office) |
|
|
|
|
Name : |
Mr. A Sinha |
|
Designation : |
Deputy General Manager (Head office) |
|
|
|
|
Name : |
Mr. Balwant Singh |
|
Designation : |
Deputy General Manager (Head Office) |
|
|
|
|
Name : |
Mr. Suryaprakash Rao Lolla |
|
Designation : |
Deputy General Manager (Head Office) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
President of |
|
99999980 |
|
Channa Kumar Sanjeev |
|
2 |
|
Singh K N |
|
2 |
|
Saxena K A |
|
2 |
|
Bhandari K A |
|
2 |
|
Mahajan P |
|
2 |
|
R K Kaul |
|
2 |
|
D Singh |
|
2 |
|
|
|
2 |
|
J S |
|
2 |
|
Niraj Kumar |
|
2 |
|
Total |
|
100000000 |
00
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Government (Central and State) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Non Life Insurance Business. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
FACILITIES
(Rs.
in Millions)
|
SECURED LOAN |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Security Wise
classification |
|
|
|
|
|
a) On Mortgage of Property |
|
|
|
|
|
aa) In |
0.000 |
0.419 |
0.419 |
0.419 |
|
bb) Outside |
0.000 |
0.000 |
0.000 |
0.000 |
|
b) On Shares, Bonds, Government Securities |
0.000 |
0.000 |
0.000 |
0.000 |
|
c) Others i) Against hypothecation of company assets |
1789.693 |
1974.379 |
2271.586 |
2590.558 |
|
ii) Housing Loan to staff |
1229.732 |
1300.300 |
1372.117 |
1419.580 |
|
Total |
3019.425 |
3275.098 |
3644.122 |
4010.557 |
|
|
|
|
|
|
|
Unsecured Loans |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Term Loan, Bridge loans, Certification of Deposit, Commercial Paper) |
80.499 |
88.529 |
97.531 |
97.786 |
|
Total |
80.499 |
88.529 |
97.531 |
97.786 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
S Mann and Company Chartered Accountant |
|
Address : |
1006, 10th Floor, |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Suresh Chandra and Associates Chartered Accountant |
|
Address : |
610, |
|
|
|
|
Associate : |
India International Insurance Private Limited, |
|
|
|
|
Subsidiaries : |
The Industrial Credit Company Limited U65921DL1930GOI000216 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1000.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
1000.000 |
1000.000 |
1000.000 |
1000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18294.016 |
18736.547 |
19263.181 |
19257.908 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19294.016 |
19736.547 |
20263.181 |
20257.908 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
[3019.425] |
[3275.098] |
[3644.122] |
[4010.557] |
|
|
2] Unsecured Loans |
[80.499] |
[88.529] |
[97.531] |
[97.786] |
|
|
TOTAL BORROWING |
[3099.924] |
[3363.627] |
[3741.653] |
[4108.343] |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Fair Value Change Account |
81171.596 |
39755.573 |
76148.445 |
58331.449 |
|
|
|
|
|
|
|
|
|
TOTAL |
97365.688 |
56128.493 |
92669.973 |
74481.014 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
864.599 |
819.900 |
938.328 |
730.643 |
|
|
Capital work-in-progress |
43.213 |
34.847 |
3.979 |
5.710 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
138078.756 |
94443.440 |
131675.131 |
108697.257 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
14994.563
|
11501.277 |
12061.251 |
14849.938 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
23976.280
|
24463.176 |
13766.444 |
10854.187 |
|
Total
Current Assets |
38970.843
|
35964.453 |
25827.695 |
25704.125 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
7380.358
|
6010.611 |
6562.623 |
4998.251 |
|
|
Other Current Liabilities |
44948.206
|
46694.644 |
39967.909 |
36189.258 |
|
|
Provisions |
28263.159
|
22428.892 |
19244.628 |
19954.293 |
|
Total
Current Liabilities |
80591.723
|
75134.147 |
65775.160 |
61141.802 |
|
|
Net Current Assets |
[41620.880]
|
[39169.694] |
[39947.465] |
[35437.677] |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
485.081 |
|
|
|
|
|
|
|
|
|
TOTAL |
97365.688 |
56128.493 |
92669.973 |
74481.014 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
1. Operating
Profit/ loss |
|
|
|
|
|
a) Fire Insurance |
34.529 |
[872.694] |
[167.710] |
1449.806 |
|
b) Marine Insurance |
195.347 |
[228.105] |
302.696 |
[155.759] |
|
c) Miscellaneous Insurance |
[2174.222] |
[2864.303] |
1054.296 |
1689.308 |
|
|
|
|
|
|
|
2. Income from
Investments |
|
|
|
|
|
a) Interest, Dividend and Rent- Gross |
1552.342 |
1719.717 |
1711.786 |
1573.157 |
|
b) Profit on |
1435.836 |
1095.312 |
1711.039 |
1687.397 |
|
Less: Loss on sale / redemption of investment |
0.000 |
0.000 |
0.000 |
[2.097] |
|
|
|
|
|
|
|
3. Other Income |
|
|
|
|
|
Profit/ Loss on sale of fixed assets |
4.492 |
4.529 |
3.979 |
1.328 |
|
Miscellaneous Income |
28.991 |
36.085 |
48.675 |
39.102 |
|
Old/ Unclaimed balance written back |
90.787 |
102.967 |
33.639 |
39.259 |
|
Exchange Gain/ Loss |
[166.314] |
149.347 |
[106.610] |
[14.361] |
|
|
|
|
|
|
|
TOTAL (A) |
1001.788 |
[857.145] |
4591.790 |
6307.140 |
|
|
|
|
|
|
|
4. Provision
(Other than taxation) |
|
|
|
|
|
a) For diminution in the value of investments |
[0.503] |
6.573 |
0.450 |
1.182 |
|
b) For bad and doubtful debts / Investments |
124.963 |
16.756 |
96.140 |
[43.733] |
|
c) Amortization Expenses |
29.530 |
30.921 |
36.366 |
30.532 |
|
d) For Premium Deficiency |
0.000 |
0.000 |
66.300 |
0.000 |
|
|
|
|
|
|
|
5. Other
Expenses |
|
|
|
|
|
a) Expenses other than those relating to Insurance Business |
0.000 |
0.000 |
0.000 |
0.000 |
|
b) old/ Irrecoverable balance Written off |
0.001 |
0.058 |
0.050 |
0.178 |
|
c) NPA |
[14.728] |
[53.080] |
[34.729] |
15.789 |
|
d) Investment written off (Net) |
[19.811] |
25.853 |
3.740 |
6.812 |
|
|
|
|
|
|
|
TOTAL (B) |
119.452 |
27.081 |
168.317 |
10.760 |
|
|
|
|
|
|
|
Profit Before
Tax |
882.336 |
[884.226] |
4423.473 |
6296.380 |
|
Add/ Less: Prior Period Income |
0.317 |
7.237 |
0.000 |
0.000 |
|
Add/ less : Prior Period Expenses |
[11.004] |
[16.626] |
0.000 |
0.000 |
|
Add/ less: Provision for Fringe Benefit Tax |
0.000 |
[110.141] |
[41.182] |
[73.000] |
|
Add/ Less: Provision for Taxation- Current Tax |
[161.484] |
[6.528] |
[401.667] |
[561.764] |
|
Add/ Less: Provision for Deferred Taxation |
0.000 |
0.000 |
0.000 |
0.000 |
|
Add/ Less: Provision for tax in respect of earlier years |
[1152.696] |
483.650 |
[3887.605] |
[688.927] |
|
Profit After Tax |
[442.531] |
[526.634] |
93.019 |
4972.689 |
|
APPROPRIATIONS |
|
|
|
|
|
a) Interim Dividends paid during the year |
0.000 |
0.000 |
0.000 |
0.000 |
|
b) Proposed final dividend |
0.000 |
0.000 |
[75.000] |
[1000.000] |
|
c) Dividend distribution tax |
0.000 |
0.000 |
[12.746] |
[169.950] |
|
d) Transfer to any Reserve or other Account |
0.000 |
0.000 |
0.000 |
0.000 |
|
Balance of
Profit/ loss brought forward from last year |
0.000 |
0.000 |
0.000 |
0.000 |
|
Balance carried
forward to Balance Sheet |
[442.531] |
[526.634] |
5.273 |
382.739 |
|
Basic/ Diluted Earning per Share (EPS) in Rs. |
[4.43] |
[5.27] |
0.93 |
49.73 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.02
|
3.64 |
3.06 |
2.82 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.48
|
0.48 |
0.39 |
0.42 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS/ WORKING RESULTS:
GROWTH OF
BUSINESS:
The Gross Premium Income increased to Rs. 48546.800 Millions during
2009-10 as compared to Rs. 40779.000 Millions during 2008-09 thereby recording a
positive growth of 19.05%. The company also achieved growth of 22.49% on Net
Premium. Health business showed impressive of more than 50% whereas Fire, Marin
Hull and Liability segments depicted growth of more than 24%. Personnel
accident business segment achieved growth rate of more than 17% on gross basis. Other business segments recorded growth of more than 6% on gross basis. None of the
business segment recorded negative growth rate on gross basis.
REINSURANCE
OPERATIONS:
The net to gross ratio (retention percentage) was marginally higher at
81.62% as compared to 79.33% during last year.
OPERATING RESULTS:
The overall operating performance of the company has resulted in
operating loss of Rs. 1944.400 Millions during the year as against operating of
Rs. 3965.100 Millions during 2008-09. The gross incurred loss ratio decreased
to 81.77% in 2009-10 form 91.94% in 2008-09 and the net incurred claims ratio
decreased to 82.28% in 2009-10 form 94.50% during 2008-09. The Fire and Marine
segments resulted in net operating profits whereas Health, Personnel Accident
and Aviation were major contributors of net operating deficit in miscellaneous
segment of the business. The major losses which affected the company were IOC
Jaipur, Sambhavli Sugar Mills and Haldia Refinery. There was an increased of
Rs. 2363.200 Millions in management expenses mainly due to impact of AS-15
provision for forthcoming wage revision.
OVERALL
PERFORMANCE:
Though the profits generated by sale of investments were increased by
Rs. 1750.000 Millions, the management expenses increased by Rs. 2363.200
Millions. This coupled with underwriting losses resulted in profit before tax
of Rs. 882.300 Millions during the year compared to loss before tax of Rs. 884.200 Millions during the
previous year, after taking into account both operating profit and investment
income.
FOREIGN
OPERATIONS:
The company’s foreign operations in
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 Rs.
in Millions |
|
Party paid Investments |
361.984 |
|
Statutory Demands/ Liabilities in dispute, not provided for |
20.765 |
|
Claims, other than those under policies not acknowledged ad debt |
15.429 |
Fixed Assets:
·
·
Leasehold Property
·
·
Furniture and Fittings
·
Information and Technology Equipments
·
Vehicles
·
Office Equipments
AS PER WEBSITE
Profile:
Subject was incorporated
at
The Company is a pioneer in laying down systems for smooth and orderly conduct
of the business. The strength of the company lies in its highly trained and
motivated work force that covers various disciplines and has vast expertise.
Oriental specializes in devising special covers for large projects like power
plants, petrochemical, steel and chemical plants. The company has developed
various types of insurance covers to cater to the needs of both the urban and
rural population of
Oriental Insurance made a modest beginning with a first year premium of
Rs.99,946 in 1950. The goal of the Company was “Service to clients” and achievement
thereof was helped by the strong traditions built up overtime.
ORIENTAL with its head Office at
FINANCIALS:
The Company's Gross Direct Premium Income in
The company's operations in
After taking into account the income from Interest, Dividend and Rent of Rs
6082.300 Millions and Profit on sale of Investments of Rs 3873.900 Millions,
they have posted a pre-tax loss of Rs 826.600 Millions and post-tax loss of Rs.
526.600 Millions for the year 2008-09.
As against the desirable Solvency Margin of 1.5 mandated by the Indian
regulatory body, IRDA, the available Solvency Margin is 1.66 as at 31st March
2009.
The Company had a documents issuance ratio of more than 98% during the year,
having issued 9.655 Millions documents approximately. The claims disposal ratio
for non-suit claims settlement ratio was 86.30%.
The Company is not only 'IT friendly' but also 'Technology Savvy'. They have
the own website in place. An integrated Non-Life Insurance Application Software
(INLIAS) has been implemented in all the 1018 offices. This will ensure that
the Customer Service parameters grow by leaps and bounds.
No wonder, The Oriental Insurance Company has been enjoying the highest
rating from leading Indian credit rating agencies CRISIL and ICRA. The Company
has also been rated as B++(Very Good by AM Best, an international rating
agency.
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.45.17 |
|
|
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.