|
Report Date : |
12.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXPORT CREDIT GUARANTEE CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
Express Towers, 10th Floor, Nariman Point, Mumbai-400021,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.07.1957 |
|
|
|
|
Com. Reg. No.: |
11-010918 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.10000.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1957GOI010918 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Credit Risk Insurance Services. |
|
|
|
|
No. of Employees
: |
578 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 96700000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is the leading export credit insurer in India, with a focus on
export promotion in the form of direct cover to exporters and credit insurance
to banks on their export credit book. It is a well-established, old and highly reputed company having an
excellent track record. The financial position of the company is sound and healthy. Management
is well-experienced and knowledgeable people. Trade relations are praiseworthy. Business is active. Payment terms
are regular and as per commitments. The company can be considered excellent 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.
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
IAAA [Claims Paying Ability] |
|
Rating Explanation |
Highest claims paying ability. Indicated fundamentally strong
position. Prospect of meeting policyholder obligations is the best. |
|
Date |
16.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non co-operative [91-22-66590500]
LOCATIONS
|
Registered /Corporate Office : |
Express Towers, 10th Floor, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Tel. No.: |
91-22-66590500-510 |
|
Fax No.: |
91-22-66590517/66590546 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
National Marketing Division : |
Dalamal House, 2nd Floor, West Wing, J.B. Marg, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-66138400/66138426 |
|
Fax No.: |
91-22-66138420 |
|
Email: |
|
|
|
|
|
Bank Business Branch : |
Dalamal House, 3rd Floor, Plot No. 206, J.B. Marg, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-66138600-8611 / 66138614-8622 |
|
Fax No.: |
91-22-66138602 / 22040704 |
|
Email: |
|
|
|
|
|
Project Export Branch : |
The Metropolitan, 7th Floor, Plot No. C-26/27, Bandra Kurla
Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-61448119 / 61448123 |
|
Fax No.: |
91-22-61448156 |
|
Email: |
DIRECTORS
AS ON 06.07.2012
|
Name : |
Mr. Shankar Narayanaswamy |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
92, Jolly Maker Apartment, 9th Floor, Cuffe Parade,
Opposite World Trade Centre, Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1956 |
|
Date of Appointment : |
19.10.2011 |
|
Din No.: |
00021346 |
|
|
|
|
Name : |
Mr. Arvind Mehta |
|
Designation : |
Director |
|
Address : |
House No. 12, Type VI, Mehli Shimla-171009, Himachal Pradesh, India |
|
Date of Birth/Age : |
16.11.1960 |
|
Date of Appointment : |
05.05.2010 |
|
Din No.: |
00254676 |
|
|
|
|
Name : |
Mr. Alok Sheel |
|
Designation : |
Director |
|
Address : |
D-L/90, Rabindra Nagar, New Delhi-110003, India |
|
Date of Birth/Age : |
06.05.1956 |
|
Date of Appointment : |
26.10.2009 |
|
Din No.: |
02486396 |
|
|
|
|
Name : |
Tirumalai Chnnavakaum Anandanpillai Ranganathan |
|
Designation : |
Director |
|
Address : |
15-C, Shahnaz, Napean Sea Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1953 |
|
Date of Appointment : |
11.05.2010 |
|
Din No.: |
03091352 |
|
|
|
|
Name : |
Mr. Hari Shankar Bhartia |
|
Designation : |
Director |
|
Address : |
2, Amrita Shergill Marg, New Delhi-11003, India |
|
Date of Birth/Age : |
12.12.1956 |
|
Date of Appointment : |
20.12.2010 |
|
Din No.: |
00010499 |
|
|
|
|
Name : |
Mr. Kasargod Ramachandra Kamath |
|
Designation : |
Director |
|
Address : |
20, Rajdoot Marg, Chanakya Puri, New Delhi-110021, India |
|
Date of Birth/Age : |
19.11.1955 |
|
Date of Appointment : |
20.12.2010 |
|
Din No.: |
01715073 |
|
|
|
|
Name : |
Mr. Vasantlal Shantilal Mehta |
|
Designation : |
Director |
|
Address : |
18-D, Shahnaz, Building 90, Napean Sea Road, Mumbai-400006,
Maharashtra, India |
|
Date of Birth/Age : |
16.01.1945 |
|
Date of Appointment : |
07.01.2011 |
|
Din No.: |
00121531 |
|
|
|
|
Name : |
Mr. Vishwavir Saran Das |
|
Designation : |
Director |
|
Address : |
8, Bank House, 156, Backbay Reclamation, Mumbai-400020, Maharashtra,
India |
|
Date of Birth/Age : |
11.07.1952 |
|
Date of Appointment : |
31.08.2011 |
|
Din No.: |
03627147 |
|
|
|
|
Name : |
Mr. Rafeeque Ahmed Mecca |
|
Designation : |
Director |
|
Address : |
10, Kohtari Road, Nungambakkam, Chennai-600034, Tamilnadu, India |
|
Date of Birth/Age : |
17.09.1947 |
|
Date of Appointment : |
13.03.2002 |
|
Din No.: |
00013749 |
|
|
|
|
Name : |
Mr. Ashok Kumar Roy |
|
Designation : |
Director |
|
Address : |
311/321, Kalpataru Heights, Dr. Al Nair Road, Agri Road, Mumbai
Central, Mumbai-400011, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1955 |
|
Date of Appointment : |
30.04.2012 |
|
Din No.: |
02736752 |
KEY EXECUTIVES
|
Name : |
Mr. Neeraj Krshinakumar Verma |
|
Designation : |
Secretary |
|
Address : |
H-703, Rail Vihar, Sector 4, Plot 2, Kharghar, Navi Mumbai-410210,
Maharashtra, India |
|
Date of Birth/Age : |
20.11.1969 |
|
Date of Appointment : |
03.02.2012 |
|
Pan No.: |
ACZPV4780H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
President
of India, India |
|
89999992 |
|
Amrit
Raj |
|
1 |
|
Arvind Mehta |
|
3 |
|
Rahul Khullar |
|
1 |
|
Mridul Jain |
|
1 |
|
Rajan Katoch |
|
1 |
|
Alok Sheel |
|
1 |
|
|
|
|
|
TOTAL
|
|
90000000 |
AS ON 10.11.2012
|
Names of Allottees |
|
No. of Shares |
|
President
of India, India |
|
10000000 |
|
|
|
|
|
TOTAL
|
|
10000000 |
AS ON 06.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Government [Central and State] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Credit Risk Insurance Services. |
GENERAL INFORMATION
|
No. of Employees : |
578 [Approximately] |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
P.M. Dalvi and Company Chartered Accountants |
|
Address : |
126, Bharat Industrial Estate, LBS Road, Bhandup (West),
Mumbai-400078, Maharashtra |
|
PAN No: |
AAKEP2783P |
|
|
|
|
Auditors 2 : |
|
|
Name : |
M.B. Agrawal and Company Chartered Accountants |
|
Address : |
204, Mhatre Pen Building, Senapati Bapat Marg, Dadar (West),
Mumbai-400028, Maharashtra, India |
|
PAN No: |
AABFM5230D |
CAPITAL STRUCTURE
AS ON 06.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.100/- each |
Rs.10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000000 |
Equity Shares |
Rs.100/- each |
Rs.9000.000
Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.100/- each |
Rs.10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.100/- each |
Rs.10000.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
SOURCES OF FUNDS
|
|
|
|
|
Share Capital |
10000.000 |
9000.000 |
9000.000 |
|
Reserves and Surplus |
14177.497 |
12451.587 |
10827.090 |
|
Fair Value Change Account |
192.461 |
225.875 |
795.137 |
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
Deferred Tax Liability |
0.000 |
0.000 |
0.000 |
|
TOTAL |
24369.958 |
21677.462 |
20622.227 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
Investments |
39379.448 |
33404.321 |
31635.615 |
|
Loans |
0.000 |
0.000 |
0.000 |
|
Fixed Assets |
1526.416 |
1470.461 |
1431.947 |
|
Deferred Tax Assets |
67.267 |
203.643 |
40.479 |
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
11227.798 |
9524.468 |
8768.618 |
|
Advances and Other Assets |
6225.282 |
5048.539 |
4438.294 |
|
TOTAL [A] |
17453.080 |
14573.007 |
13206.912 |
|
|
|
|
|
|
Current Liabilities |
28624.970 |
22878.147 |
20876.728 |
|
Provision |
5431.283 |
5095.823 |
4815.998 |
|
TOTAL [B] |
34056.253 |
27973.970 |
25692.726 |
|
|
|
|
|
|
Net Current
Assets [C] [A-B] |
(16603.173) |
(13400.963) |
(12485.814) |
|
|
|
|
|
|
TOTAL |
24369.958 |
21677.462 |
20622.227 |
REVENUE ACCOUNT
FOR THE YEAR ENDED 31ST MARCH 2012
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Premiums Earned (Net) |
7960.400 |
7662.525 |
6748.625 |
|
Profit/Loss on Sale/Redemption of Investment |
NA |
14.556 |
34.623 |
|
Others |
|
|
|
|
- Fee |
NA |
8.720 |
7.220 |
|
- Interest on Claims and Premium |
NA |
10.903 |
34.442 |
|
- Exchange Fluctuation Profit (Net) |
NA |
0.000 |
0.000 |
|
- Miscellaneous Income |
NA |
30.379 |
18.428 |
|
Interest and Dividend – Gross |
NA |
1894.863 |
1366.250 |
|
TOTAL [A] |
NA |
9621.946 |
8209.588 |
|
|
|
|
|
|
Claims Incurred (Net) |
8128.000 |
6796.121 |
7574.387 |
|
Commission |
NA |
(579.202) |
(95.321) |
|
Operating Expenses Related to Insurance Business |
NA |
1266.946 |
1514.754 |
|
Other-Premium Deficiency |
NA |
468.609 |
(481.981) |
|
TOTAL [B] |
NA |
7952.474 |
8511.839 |
|
|
|
|
|
|
Operating Profit/Loss From Miscellaneous |
NA |
0.000 |
0.000 |
|
Business
Transfer to Profit and Loss A/C [A – B] |
NA |
1669.472 |
(302.251) |
PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
Operating
Profit/Loss |
|
|
|
|
Fire Insurance |
|
0.000 |
0.000 |
|
Marine Insurance |
|
0.000 |
0.000 |
|
Miscellaneous Insurance |
|
1669.472 |
(302.251) |
|
|
|
|
|
|
Income From
Investments |
|
|
|
|
Interest and Dividend Gross |
|
1614.143 |
1366.250 |
|
Profit on Sale of Investments |
|
12.400 |
34.623 |
|
Less: Loss on Sale of Investments |
|
0.000 |
0.000 |
|
|
|
|
|
|
Other Income |
|
|
|
|
Factoring Income |
|
0.000 |
0.060 |
|
NEIA Income |
|
4.790 |
0.997 |
|
Rent and Other Receipts |
|
0.551 |
0.464 |
|
Miscellaneous Income |
|
7.767 |
105.240 |
|
|
|
|
|
|
TOTAL [A] |
|
3309.123 |
1205.383 |
|
|
|
|
|
|
Provision [Other than taxation] |
|
0.000 |
0.000 |
|
For diminution in the value of investment |
|
0.000 |
0.000 |
|
Provision For
Factoring |
|
|
|
|
- Standard Assets |
|
0.000 |
0.000 |
|
- Sub Standard Asset |
|
0.000 |
0.000 |
|
- Doubtful Asset |
|
0.000 |
0.600 |
|
|
|
|
|
|
Other Expenses |
|
|
|
|
Expenses other
than those related to Insurance Business |
|
|
|
|
- Expenses towards Investments |
|
8.334 |
8.471 |
|
- Expenses towards Corporate Social Responsibility |
|
23.550 |
20.000 |
|
Others-Factoring Expenses |
|
0.000 |
0.048 |
|
|
|
0 |
0 |
|
TOTAL [B] |
|
31.884 |
29.119 |
|
|
|
|
|
|
Profit
Before Tax [A – B] |
|
3277.239 |
1176.264 |
|
Less: |
|
|
|
|
Provision
For Taxation |
|
|
|
|
- Deferred Tax |
|
(163.164) |
165.838 |
|
- Current Tax |
|
1056.600 |
318.500 |
|
- MAT Credit Entitlement |
|
125.400 |
(125.400) |
|
|
|
|
|
|
Prior Period Adjustments |
|
6.304 |
(17.430) |
|
Tax Adjustments – Earlier Years |
|
0.000 |
(0.219) |
|
|
|
|
|
|
Profit
Available For Appropriation |
|
2252.099 |
856.645 |
|
|
|
|
|
|
APPROPRIATIONS
|
|
|
|
|
Interim dividend paid during the year |
|
270.000 |
0.000 |
|
Dividend distribution tax on interim
dividend |
|
43.801 |
0.000 |
|
Proposed final dividend |
|
270.000 |
261.000 |
|
Dividend distribution tax on proposed
dividend |
|
43.800 |
42.340 |
|
Transfer to general reserve |
|
1624.500 |
553.400 |
|
|
|
|
|
|
BALANCE
OF PROFIT/LOSS BROUGHT FORWARD FROM LAST YEAR |
|
0.103 |
0.198 |
|
|
|
|
|
|
BALANCE
CARRIED FORWARD TO BALANCE SHEET |
|
0.101 |
0.103 |
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
86.831 |
87.081 |
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
25.02 |
9.52 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY.
FINANCIAL HIGHLIGHTS:
The Company has
registered a 15% growth in revenue during the year ended March 31, 2013 and the
performance of the Company has also been reasonably sound during the period.
The gross premium earned by the Company during the FY Year 2012-13 was Rs.11572.500 Millions
against Rs.10048.300 Millions during the previous year. Post adjustment of
Reinsurance Cession and Reserve for un-expired risks, the figure for premium
earned (Net) for the FY 2012-13, increased marginally to Rs 7960.400 Millions
as against Rs 7662.500 Millions
for the previous year
During the FY
2012-13, the total claims paid by the Company amounted to Rs 5485.000 Millions
as against the previous year's figure of Rs.7130.300 Millions. After adjusting
for reinsurers' share, recoveries and provisions, the incurred claim for the FY 2012-13 was Rs.8128.000 Millions as
against Rs.6796.100 Millions during FY 201 1-12
The Investment and
other income have increased to
Rs 4105.600 Millions in FY 2012- 13 from Rs.3599.100 Millions in the previous
year.
The net worth of
the company as on March 31, 2013 was Rs.24369.900 Millions as against
Rs.21677.500 Millions as on March 31, 2012.
FIXED ASSETS:
·
Land
·
Leasehold Property
·
Building
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
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 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 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.61.12 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
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.