MIRA
INFORM REPORT
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Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
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Name : |
STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED |
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Registered Office : |
3rd Floor, (West Wing), Star House, C-5, G Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.09.2007 |
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Com. Reg. No.: |
11-174472 |
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Capital Investment
/ Paid-up Capital : |
Rs.2500.000 millions |
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CIN No.: [Company
Identification No.] |
u66010MH2007PLC174472 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
mums58859d |
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PAN No.: [Permanent
Account No.] |
aalcs3949Q |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Subject is engaged in Life insurance
Business. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 15000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Bank of India, Union Bank of 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.
INFORMATION DECLINED BY
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Name : |
Mr. Rajan |
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Designation : |
Accountant |
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Contact No.: |
91-22-39546200 |
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Date : |
31.05.2011 |
LOCATIONS
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Registered Office : |
3rd Floor, (West Wing), Star House, C-5, G Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, |
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Tel. No.: |
91-22-39546200 / 66684571 / 66684593 |
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Fax No.: |
91-22-66684591 |
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E-Mail : |
brijendra.rana@bankofindia.com |
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Website : |
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Corporate Office : |
11th Floor, Raghuleela Arcade, IT park, Sector 30 A, Opposite Vashi
Railway Station, Vashi, Navi Mumbai – 400703, |
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Tel. No.: |
91-22-39546300 |
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E-Mail : |
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Branches : |
Located At:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Balachandran Muthusamy |
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Designation : |
Chairman |
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Address : |
Flat No. A 1803, Sahayadri Apartments, Upper Govind Nagat, Malad (East),
Mumbai-400097, |
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Date of Birth/Age : |
01.05.1947 |
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Date of Appointment : |
24.01.2008 |
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Name : |
Mr. Prabhakar A Banavar |
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Designation : |
Director |
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Address : |
3 A, Shanaz, |
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Date of Birth/Age : |
04.08.19533 |
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Date of Appointment : |
27.10.2008 |
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Name : |
Mr. Nirupam Sumantray Mehta |
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Designation : |
Director |
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Address : |
202, Platinum Jubilee, Union Bank staff Quarters Near Ambedkar College,
wadala, Mumbai – 400 031, |
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Date of Birth/Age : |
28.08.1952 |
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Date of Appointment : |
27.10.2008 |
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Name : |
Mr. Polur Narasu Ramaswami |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.10.1951 |
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Date of Appointment : |
30.03.2009 |
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Name : |
Mr. Masaki Hideto |
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Designation : |
Director |
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Address : |
403, 21 15, 2 Chome, |
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Date of Birth/Age : |
25.03.1951 |
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Date of Appointment : |
14.09.2009 |
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Name : |
Mr. Shimogama Koji |
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Designation : |
Director |
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Address : |
2, Kaminishiyama, Machi 5 |
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Date of Birth/Age : |
24.02.1957 |
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Date of Appointment : |
23.03.2010 |
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Name : |
Mr. Kamalji Sahay |
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Designation : |
Director |
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Address : |
A 401, Tulsi Apartments, Plot No.133/134, Sector 28, Vashi, Navi
Mumbai-400705, |
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Date of Birth/Age : |
27.07.1952 |
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Date of Appointment : |
21.07.2008 |
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Name : |
Mr. S S Mundra |
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Designation : |
Director |
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Name : |
Mr. T C Nair |
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Designation : |
Director |
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Name : |
Mr. A K Shukla |
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Designation : |
Additional Director |
KEY EXECUTIVES
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Name : |
Mr. Radhakrishna Nagaiah |
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Designation : |
Company Secretary |
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Address : |
NL 4, building, no.1, Flat No.9, Sector No.11, Nerul, Navi Mumbai-400
706, Maharashtra, India |
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Date of Birth/Age : |
20.05.12957 |
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Date of Appointment : |
09.01.2009 |
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Name : |
Mr. Pawan K Verma |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Harnath Babu |
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Designation : |
Sr. AVP – Information
Technology |
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Name : |
Mr. D.Krishnamurthy |
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Designation : |
Regional Manager(VP) |
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Name : |
Mr. H.S.Bhatia |
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Designation : |
Regional Manager(VP) |
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Name : |
Mr. T.P.Balakrishnan |
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Designation : |
VP –(Distribution) Mumbai |
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Name : |
Mr. Kazuho Kumano |
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Designation : |
VP - Financial Planning Analysis and Budgeting |
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Name : |
Mr. B.V.S.Rana |
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Designation : |
VP – Audit,Compliance and Channel Relations |
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Name : |
Mr. Sanjay Dhavalikar |
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Designation : |
VP – Operations and Customer Service |
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Name : |
Mr. I. Sambasiva Rao |
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Designation : |
Appointed Actuary |
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Name : |
Mr. Y.Venkata Rao |
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Designation : |
VP – Investment |
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Name : |
Mr. G.V.Ramana |
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Designation : |
VP – Distribution |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
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Bank of India, Bandra (East), Mumbai |
119999998 |
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Union Bank of India, Nariman Point , Mumbai |
64999999 |
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Rana V. S. Brijendra |
1 |
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The Dai-Ichi Mutual Life Insurance Company, Japan |
64999999 |
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Norimitsu Kawahara |
1 |
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Narasuivramaswami Polur |
1 |
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Vivek Jayawant Mhatrer |
1 |
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Total |
250000000 |
AS ON 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
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Nationlised
or other Banks |
|
74.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Life insurance
Business |
GENERAL INFORMATION
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No. of Employees: |
Not Divulged |
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Chhajed and Doshi Chartered Accountants |
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Address : |
5/6, western Prabhadevis
CHS Veer Savarkar Marg, PrabhadevI, Mumbai - 400025, |
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Holding company : |
Bank of |
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Associates/Subsidiaries : |
· Union Bank of India · The Dai-Ichi Mutual Life Insurance Company, (Tokyo, Japan) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Share |
Rs.10/- Each |
Rs.2500.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Share |
Rs.10/- Each |
Rs.2500.000 millions |
Note:
Share capital amounting to Rs.1275000 thousand
is held by Bank of India, the holding Body Corporate.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2500.000 |
1500.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
50.000 |
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3] Reserves & Surplus |
1700.000 |
0.000 |
0.000 |
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4] Credit/ Debt Fair Value Charge Account |
4.793 |
1.722 |
0.000 |
|
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5] (Accumulated Losses) |
(410.566) |
(196.527) |
(10.708) |
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NETWORTH |
3794.227 |
1305.195 |
89.292 |
|
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LOAN FUNDS |
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1] Credit/ Debit Fair Value Change Account |
0.523 |
0.000 |
0.000 |
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1] Policy Liability |
431.299 |
46.178 |
0.000 |
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2] Provision for Linked Liabilities |
4847.441 |
344.885 |
0.000 |
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TOTAL BORROWING |
5279.263 |
391.063 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9073.490 |
1696.258 |
89.292 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
206.179 |
215.520 |
0.000 |
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SHAREHOLDERS |
3536.867 |
1250.040 |
0.000 |
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ASSETS HELD TO COVER INKED LIABILITIES |
4847.441 |
344.885 |
0.000 |
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POLICYHOLDERS |
360.530 |
1.088 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
1164.878
|
434.829 |
97.878 |
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Other Current Assets |
297.741
|
37.630 |
2.463 |
|
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Loans & Advances |
44.093
|
25.325 |
0.000 |
|
Total
Current Assets |
1506.712
|
497.784 |
100.341 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
88.156
|
184.471 |
NA |
|
|
Other Current Liabilities |
1277.846
|
426.228 |
18.609 |
|
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Provisions |
18.237
|
2.360 |
0.000 |
|
Total
Current Liabilities |
1384.239
|
613.059 |
18.609 |
|
|
Net Current Assets |
122.473
|
(115.275) |
81.732 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
7.560 |
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TOTAL |
9073.490 |
1696.258 |
89.292 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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|
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Interest Received |
200.001 |
30.417 |
0.166 |
|
|
|
Miscellaneous Income |
0.000 |
0.000 |
0.050 |
|
|
|
Amounts Transferred from the Policyholders
Account |
(340.529) |
(197.206) |
0.000 |
|
|
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Profit on Sales/redemption of Investments |
69.691 |
2.155 |
0.000 |
|
|
|
Loss on Sale/redemption of Investments |
(12.493) |
(1.352) |
0.000 |
|
|
|
TOTAL (A) |
(83.330) |
(165.986) |
0.216 |
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Advertisement |
|
|
1.380 |
|
|
|
Publicity Expenses |
|
|
1.260 |
|
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Recruitment Expenses |
|
|
0.077 |
|
|
|
Professional Charges |
117.287 |
19.832 |
8.050 |
|
|
|
Audit Fees |
|
|
0.113 |
|
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Traveling Expenses |
|
|
0.028 |
|
|
|
Miscellaneous Expenses |
|
|
0.016 |
|
|
|
TOTAL (B) |
117.287 |
19.832 |
10.924 |
|
|
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(200.617) |
(185.818) |
(10.708) |
|
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|
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|
|
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|
Less |
TAX (H) |
13.422 |
0.000 |
0.000 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(214.039) |
(185.818) |
(10.708) |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(196.527) |
(13.709) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(410.566) |
(196.527) |
(13.709) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.97) |
(3.27) |
(2.14) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(240.75)
|
(111.95) |
(4957.41) |
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.71)
|
(26.05) |
(10.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
(0.14) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
0.77 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
0.81 |
5.39 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
88.146 |
184.471 |
NA |
BUSINESS
PERFORMANCE:
During
the year, the Indian Economy regained momentum of growth with visible
improvement in income and savings level and almost all institutions in
financial sector experienced a favourable atmosphere for recovery. The Company
entered into the second, year of its business operation after having completed
two months business during the previous financial year i.e. 2008-09.
The
company geared up all its resources to meet the challenges and earned total net
premium income (net of service tax) of Rs. 5303.700 millions of which renewal
premium amounted to Rs.105.000 millions. It wrote new business (net of service
tax) Rs.5198.700 Millions of which single premium income was of the order of
Rs.2646.300 millions. Business wise new business premium was as follows:
|
New Business
Premium |
Rs.
In Millions |
|
|
|
|
Individual
Business |
|
|
a) Regular Premium |
1180.400 |
|
b) Single Premium |
1134.300 |
|
|
|
|
Global Business |
|
|
a) Regular Premium |
36.800 |
|
b) Single Premium |
257.900 |
|
|
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|
Pension |
|
|
a) Regular Premium |
1335.200 |
|
b) Single Premium |
1254.100 |
The
net premium earned from participating business constituted 3.43%; non
participating business5.80% and linked business 90.77%.
The Company
issued 1,08,232 policies (including policies sold in Rural Areas) during the
financial year. In addition to new business and renewal income, the Company
earned Rs.315.700 millions towards the interest income, dividend, and profit on
sale / redemption of investment of Policyholders' fund including unrealized
gains / losses to marked to market investment of ULlP Policyholders and other
income. The total income earned during the year was to the time of Rs.5616.600
Millions under the Revenue Account (Policy Molders' Account).
The
sum assured in farce for the current year was Rs.33239.400 millions as against
Rs.8070.500 millions for the previous Year.
As
against the total income earned of Rs. 5616.600 millions under Revenue Account,
the Commission paid was of Rs.392.800 millions (7.51 %of the premium) as
against Rs.67.600 millions (13.46% of premium) in the previous year. It was the
first year of the Company's full operation with the lowest Operating Expenses
of Rs.663.400 millions (12.51% premium) as against Rs.243.700 millions (48.56%
of premium) in the previous year. The claims materialised during the year
amounted to Rs.13.100 millions and increase in Actuarial Valuation was
Rs.4887.600 millions. The total outgo in the Revenue Account was Rs.5957.100 millions
resulting into deficit of Rs.340.500 millions in the Revenue Account.
It is
heartening to note that during the first year of its full operation,
non-participating business (group and individual life business) generated
marginal net surpluses of Rs.20.200 millions.
The
Shareholders' funds amounting to Rs.4204.800 millions provided cushion to
Revenue Account. They earned an income of Rs.257.200 millions and the expenses
in the account were to the tune of Rs. 130.600 millions, leaving a surplus of Rs.126.600
millions. With the deficit of Rs.340.500 millions of the current year and of
the accumulated loss of Rs.196.500 millions of the previous year in the Revenue
Account and surpluses of Rs.126.600 millions of the current year in the
Shareholders' Account, the net loss in Profit and Loss Account of the Company
amounted to Rs.410.500 millions.
FIXED ASSETS
· Land
· Buildings
· Furniture and Fixture
· Vehicles
· Office Equipment
AS PER WEB DETAILS
Profile
Bank of India and Union Bank of India, two leading Public
Sector Banks in India and the Dai-ichi Mutual Life Insurance Company, a leading
Japanese Company in the Life Insurance market, have floated a Joint Venture
Company, "Star Union Dai-ichi Life Insurance Company Limited." for
undertaking Life Insurance Business in India
The Company, has been incorporated / registered with
the Registrar of Companies, Maharashtra on 25th September, 2007. The Company
has been issued the license for undertaking life insurance business in
The Company has a capital stake of 51% by BOI, 26%
by Dai-ichi Life and 23% by Union Bank. The Company has authorized capital of
Rs.2500.000 millions.
Subject, with the strength of the domestic partners
in the Indian Financial Sector coupled with the Dai-ichi Life’s strong domain
expertise is expected, to be a strong player in the Indian Life Insurance
market in a short time. The Company offers various products to serve all strata
of the society.
Bank of India and Union Bank have a strong
nationwide network of more than 5400 offices, which shall provide distribution outlets
with a wide reach. More than 48 million strong banking customer base of the two
banks provides ready scope for cross selling of insurance products. The two
banks have strong brand equity, and command high level of trust among their
customers and people at large. Additionally the Regional Rural Banks sponsored
by the two banks provide more than 1400 branches to tap the life-insurance
business in the rural areas.
Subject is a leading player in the Life Insurance
Segment in
Subject is also committed to providing insurance to
rural and weaker / social sectors. Both the domestic partners are in the
process of implementing Government of India’s initiative of Financial Inclusion
and their pan
With the strong brand and commitment of the partners,
Star Union Dai-ichi Life Insurance Company Limited. Premises to be a new star
on the horizon of the Indian life insurance business, promising value to all
stakeholders.
PRESS RELEASE
Star Union Dai-ichi Life launches Dhan Suraksha Express & Defined
Growth Endowment Plan
Published on: May 7th, 2011 12:21am by: Commstrat
Bangalore (OPENPRESS) May 7, 2011 -- Star Union
Dai-chi Life (SUD Life) today announced that it has become the first Life
Insurance Company in India to accumulate over 13290 millions of New Business
Premiums in its first 26 months of business operations. On this memorable
occasion, Star Union Dai-ichi Life has also launched its two latest product
offerings, one in the unit linked insurance product (ULIP) segment, Dhan
Suraksha Express and another in the traditional category, Defined Growth
Endowment Plan.
The company has procured Rs.7580.000 millions new business premium during
2010-11, thus registering a growth of 46% over the last financial year. The
total premium income (including the renewal premium) of the company was Rs.
9330 millions. This was 76% growth over last year. The company has sold 97,730
individual policies and covered 353,994 lives under group schemes. The company
has exceeded its mandatory commitments under social and rural business
obligations prescribed by the regulator.
The company has been ranked 12TH among 23 life insurers (up from 15Th position
in March 10) for the year F.Y.2010-2011. Other key highlights of performance
are as follows:
1. 7Th Position in the industry for Group business
contribution in double digit i.e. 22% of total premium by end of F.Y. 2010-11.
2. SUD Life market share in the private industry
has been augmented to 1.93% by end of F.Y.2010-11 from 1.35% in March’10 and
0.15% in March’09.
The business generated by Star Union Dai-ichi Life is primarily through its
Bancassurance partners who have played a pivotal role in the distribution of
its products. The company has tied up with Bank Of India, Union Bank of India,
and seven Regional Rural Banks (RRBs) for business development. It has also
launched its first agency channel in Patna towards the end of the last
financial year. It is expected that this channel will contribute around 10% of
total business by March 2012.
Dhan Suraksha Express ULIP Plan:
After the last regulatory changes in ULIPs, the
minimum ticket size under ULIP Plans had gone up beyond the reach of lower
income segments. We at Star Union Dai-ichi Life have come up with a ‘Lower
ticket sized and highly affordable ULIP Plan’ which offers an excellent
combination of insurance cover with simplified investment solutions. The main
features are:
1. Fixed policy term of 10 years.
2. Minimum ticket size of Rs 15,000/- per annum and
Maximum ticket size of 1, 00,000/- p.a.
3. Insurance cover = Fund Value + Sum Assured.
4. Only two funds to choose from
(a) Growth Fund and
(b) Express Balanced Fund
5. Moderately lower allocation charges.
6. Available for ages between 8 years to 60 years.
7. Attachable riders:
(a) Accidental Death and Total Permanent
disability, and
(b) Critical Illness benefit rider.
The company started business with just Rs. 2500 millions of capital contributed
by the three promoters. However, the company has not required fresh capital
infusion in spite of being one of the fastest growing companies. This has been
made possible because of the country’s remarkable economic growth within which
this company has conducted business. Its operating expenses are among the
lowest in the industry. The company is likely to figure among the best
companies on the basis of Death Claim settlement. Last year the company settled
90% of all claims intimated.
Commenting on the occasion of the announcement of their yearend results and the
launch of their new products Mr. Kamalji Sahay, MD and C.E.O of SUD Life said
“We are happy to report that our company has grown from strength to strength
with every passing month and has consistently outperformed itself. With our
increasing success we have also continued to add value to our customers by
providing them a bouquet of innovative product offerings. For Star Union
Dai-ichi Life, customer satisfaction and product innovation are our two key
drivers and our results for the year are reflection of our commitments to our
goals”.
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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
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.