MIRA INFORM REPORT
|
Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.10.2000 |
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Com. Reg. No.: |
11-129408 |
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Capital Investment
/ Paid-up Capital : |
Rs. 4365.839
Millions |
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CIN No.: [Company Identification
No.] |
U67200MH2000PLC129408 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI03974F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Insurance Services. |
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No. of Employees
: |
4264 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 77400000 |
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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 between ICICI Bank Limited, India and
Fairfax Financial Holding Limited, Canada. It is a well established and reputed
company having fine track record. There appear some accumulated losses being recorded by the company in
the current year i.e. 2013. However, networth appears to be good. Trade
relations are reported as trustworthy. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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 |
Claims Paying Ability = IAAA |
|
Rating Explanation |
Highest claims paying ability fundamentally strong position, Prospect
of meeting policy holder obligations is the best |
|
Date |
March 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 [91-22-61961100]
LOCATIONS
|
Registered Office : |
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra,
India |
|
Tel. No.: |
91-22-26531414 |
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Fax No.: |
91-22-26531230 |
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E-Mail : |
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Website : |
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Corporate Office : |
Zenith House Keshav Rao, Khadye Marg, 2nd Floor, Opposite
Race Course, Mahalaxmi, Mumbai – 400 034, |
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Tel. No.: |
91-22-24906999 |
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E-Mail : |
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Mailing Address : |
ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400
025, |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Chanda Kochhar |
|
Designation : |
Chairperson |
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|
Name : |
Mr. R. Athappan |
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Designation : |
Director |
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|
Name : |
Mr. B.V. Bhargava |
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Designation : |
Director |
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Name : |
Mr. Dileep Choksi |
|
Designation : |
Director |
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|
Name : |
Zarin Daruwala |
|
Designation : |
Director (w.e.f. October 18, 2010) |
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|
Name : |
Mr. N.S. Kannan |
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Designation : |
Director |
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Name : |
Mr. S. Mukherji |
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Designation : |
Director |
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Name : |
Mr. Chandran Ratnaswami |
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Designation : |
Director |
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|
Name : |
Mr. M.K. Sharma |
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Designation : |
Director |
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|
Name : |
Mr. H. N. Sinor |
|
Designation : |
Director |
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|
Name : |
Mr. Bhargav Dasgupta |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
|
|
Name : |
Mr. Alok Kumar Agarwal |
|
Designation : |
Executive Director (w.e.f. January 19, 2011) |
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|
Name : |
Mr. Neelesh Garg |
|
Designation : |
Executive Director (w.e.f. January 19, 2011) |
KEY EXECUTIVES
|
Board Governance
Committee : |
v M.K. Sharma (Chairman) v Chanda Kochhar v Chandran Ratnaswami v
H. N. Sinor |
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|
|
|
Investment
Committee : |
v Chandran Ratnaswami (Chairman) v N.S. Kannan (Director) v Bhargav Dasgupta v
Liyaquat Khan Appointed
Actuary v S. Gopalakrishnan v Rakesh Jain (upto October 20, 2011) v Rajive Kumaraswami (upto April 13, 2012) v
Gopal Balachandran (w.e.f. October 20, 2011) |
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Audit Committee
: |
v Dileep Choksi (Chairman) v R. Athappan v S. Mukherji v
H. N. Sinor |
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Risk Management
Committee : |
v S. Mukherji (Chairman) v R. Athappan v H. N. Sinor v
Bhargav Dasgupta |
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Policyholder
Protection Committee : |
v M.K. Sharma (Chairman) v S. Mukherji v Chandran Ratnaswami v
Bhargav Dasgupta |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
|
|
|
- Indian |
320635518 |
73.37 |
|
- Foreign |
112655031 |
25.78 |
|
Others - Employees |
3724690 |
0.85 |
|
TOTAL |
437015239 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services. |
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|
|
|
Services : |
General Insurance |
GENERAL INFORMATION
|
No. of Employees : |
4264 (Approximately) |
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|
Bankers : |
ICICI Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name 1 : |
PKF Sridhar and Santhanam Chartered Accountants |
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|
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Name 2 : |
Khandelwal Jain and Company Chartered Accountants |
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Holding Company : |
ICICI Bank Limited |
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Fellow Subsidiary : |
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Venture in Joint
Venture : |
FAL Corporation (Affiliate of Fairfax Financial Holdings Limited) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
475000000 |
Equity Shares |
Rs.10/- each |
Rs.4750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
437015239 |
Equity Shares |
Rs.10/- each
|
Rs.4370.152
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4370.152 |
4365.839 |
4045.672 |
|
|
2] Share Application Money (Pending Allotment) |
1004.353 |
1.882 |
3402.304 |
|
|
3] Reserves & Surplus |
14216.414 |
14201.514 |
11262.593 |
|
|
4] (Accumulated Losses) |
(929.000) |
(3986.753) |
0.000 |
|
|
5] Fair value change account |
690.462 |
495.909 |
729.314 |
|
|
NETWORTH |
19352.381 |
15078.391 |
19439.883 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19352.381 |
15078.391 |
19439.883 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4004.329 |
3995.973 |
3881.266 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
75025.187 |
60336.193 |
46652.974 |
|
|
DEFERRED TAX ASSETS |
502.710 |
261.721 |
472.868 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
5796.152
|
4257.374
|
3900.055
|
|
|
Other Current Assets |
|
|
25948.950
|
|
|
Loans & Advances |
33358.591
|
36400.293
|
1430.752
|
|
Total
Current Assets |
39154.743
|
40657.667
|
31279.757
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3320.141 |
1841.090 |
1801.418 |
|
|
Other Current Liabilities |
74139.809
|
68265.045
|
46614.085
|
|
|
Provisions |
21874.638
|
20067.028
|
14431.479
|
|
Total
Current Liabilities |
99334.588
|
90173.163
|
62846.982
|
|
|
Net Current Assets |
(60179.845)
|
(49515.496)
|
(31567.225)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19352.381 |
15078.391 |
19439.883 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
1. Operating profit/(loss) |
|
|
|
|
(a) Fire
Insurance |
(37.439) |
(236.023) |
(270.698) |
|
(b) Marine
Insurance |
(207.858) |
(209.368) |
(222.018) |
|
(c)
Miscellaneous Insurance |
2966.385 |
(4223.486) |
(1313.590) |
|
|
|
|
|
|
2. Income from
investments |
|
|
|
|
(a) Interest
/Dividend & Rent – Gross |
1004.751 |
872.639 |
915.583 |
|
(b) Profit on
sale/redemption of investments |
150.991 |
179.494 |
452.785 |
|
Less : loss on sale/redemption
of investments |
(38.588) |
(50.551) |
(20.401) |
|
|
|
|
|
|
3. Other income |
|
|
|
|
(a) Interest
income on tax refund |
9.159 |
32.381 |
13.410 |
|
(b) Profit on
sale/discard of fixed assets |
14.336 |
15.467 |
11.399 |
|
Total (A) |
3861.737 |
(3619.447) |
(433.530) |
|
|
|
|
|
|
4. Provisions
(Other than taxation) |
|
|
|
|
(a) For
diminution in the value of investments |
21.090 |
0.000 |
0.000 |
|
(b) For doubtful
debts |
541.920 |
279.591 |
270.369 |
|
(c) For recoverable
under reinsurance contracts |
235.277 |
0.000 |
0.000 |
|
(d) Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
5. Other
expenses |
|
|
|
|
a) Expenses
other than those related to Insurance Business |
|
|
|
|
(i) Employees’ remuneration
and benefits |
9.736 |
10.098 |
11.615 |
|
(ii) Managerial
remuneration |
16.073 |
9.206 |
1.206 |
|
(iii) Directors’
fees |
0.692 |
0.660 |
0.740 |
|
(b) Bad debts
written off |
196.681 |
0.735 |
25.000 |
|
(c) Loss on sale/discard
of fixed assets |
23.504 |
32.405 |
80.960 |
|
(d) Penalty |
0.000 |
0.500 |
0.000 |
|
Total (B) |
1044.973 |
333.195 |
389.890 |
|
|
|
|
|
|
Profit / (Loss)
before tax |
2816.764 |
(3952.145) |
(823.420) |
|
Provision for taxation: |
|
|
|
|
(a) Current tax
/MAT payable |
582.004 |
0.000 |
0.000 |
|
Tax for earlier
year- MAT |
(582.004) |
0.000 |
0.000 |
|
Less : MAT
credit entitlement |
(240.989) |
0.000 |
0.000 |
|
(b) Deferred tax
(Income) / Expense |
0.000 |
211.147 |
(19.992) |
|
(c) Fringe
benefit tax |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
after tax |
3057.753 |
(4163.292) |
(803.428) |
|
|
|
|
|
|
Appropriations |
|
|
|
|
(a) Interim
dividends paid during the year |
0.000 |
0.000 |
565.889 |
|
(b) Proposed
final dividend |
0.000 |
0.000 |
0.000 |
|
(c) Dividend
distribution tax |
0.000 |
0.000 |
93.994 |
|
(d) Transfer to
General Reserves |
0.000 |
0.000 |
105.190 |
|
|
|
|
|
|
BALANCE OF PROFIT / (LOSS) BROUGHT FORWARD FROM
LAST YEAR |
(3986.753) |
176.539 |
1745.040 |
|
|
|
|
|
|
BALANCE CARRIED FORWARD TO BALANCE SHEET |
(929.000) |
(3986.753) |
176.539 |
|
|
|
|
|
|
Earnings Per Share (Rs.) |
|
|
|
|
- Basic |
7.00 |
(9.56) |
(1.99) |
|
- Diluted |
6.91 |
(9.56) |
(1.99) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.08
|
(8.85) |
(2.34)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
(0.26) |
(0.04)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39
|
0.45 |
0.50
|
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 |
No |
|
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 three 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 |
Yes |
|
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 |
Yes |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BACKGROUND
Subject was
incorporated on October 30, 2000 and is a joint venture between ICICI Bank
Limited and Fairfax Financial Holdings Limited. The Company obtained Regulatory
approval to undertake General Insurance business on August 3, 2001 from the
Insurance Regulatory and Development Authority (‘IRDA’) and has also obtained
its certificate of renewal of registration with validity until March 31, 2014.
INDUSTRY OVER
VIEW:
The gross premium
(excluding monoline companies) of the industry for the period April 2012 –
March 2013 grew from Rs. 527.86 billion to Rs. 629.80 billion on a year-on-year
basis, a growth of about 19.3%. The market share of private sector general
insurance companies for the corresponding period grew from 42.3% to 44.4%.
ICICI Lombard continued to lead the private players in the general insurance
sector with a market share of 22.0% and an overall industry market share of
9.7%.
AWARDS AND
ACCOLADES:
Since the beginning
of its journey, ICICI Lombard has been honoured consistently for its
excellence. In fiscal 2013, the Company was acknowledged for its contribution
towards introducing new products, social endeavours and corporate excellence.
PORTER PRIZE:
The Company
received the coveted ‘Porter Prize’ award in the category ‘Creating Shared
Value’. The award, named after Professor Michael E. Porter, is bestowed by the
Indian Institute of Competitiveness. It recognized ICICI Lombard’s initiatives
to achieve responsible economic success in the mass and micro insurance areas
for the society’s economically weaker sections. The award recognizes the fact
that the Company can meet social needs, while better serving existing markets,
accessing new ones and lowering costs through innovation.
ASTD BEST AWARD:
ICICI Lombard was
bestowed with the ASTD BEST 2012 award for the second year in a row. BEST
organizations are chosen based on their ability to leverage the learning
functions as a strategic business tool and creating learning opportunities to
achieve enterprise-wide success. The Company was ranked among the top 8 BEST
organizations in the world out of 84 companies, which vied for the accolade.
GOLDEN PEACOCK
AWARD FOR CSR:
ICICI Lombard has
been conferred the Golden Peacock - CSR Award (GPACSR) for 2012. The award is a
testimony of the Company’s social and environment related initiatives. This
includes economic development, improving the quality of life of the work force,
their families, the local community and society at large, while fulfilling
commitment towards the business.
CELENT ASIA
INSURANCE TECHNOLOGY AWARDS:
ICICI Lombard was
conferred the Celent Asia Insurance Technology Award 2012 in the Best Mobile
Applications category.
GENERAL INSURANCE
SECTOR OVERVIEW:
The Indian General
Insurance industry has witnessed remarkable growth in the last few years led by
the private sector. During the year, despite sluggish economic growth, Gross
Written Premium (GWP) of the 25 players that operated in the Indian General
Insurance industry stood at Rs. 646.87 billion. It, thus, witnessed a growth of
18.6%, as compared to GWP of Rs. 545.37 billion in fiscal 2012. ICICI Lombard
capitalized on the opportunities of the industry amidst economic volatility and
strengthened its position as the leading private sector player, with an overall
market share of 9.5%.
In FY 2013, the
Motor Insurance segment propelled growth in the General Insurance sector
registering a growth of 23%. The business increased from Rs. 242.42 billion to
Rs. 297.77 billion. This was followed by Health Insurance business which grew
from Rs. 132.11 billion to Rs. 153.41 billion (including specialized health
institutions). Motor and Health Insurance segments lead the General Insurance
market by contributing 70% of industry premiums. The property segments
comprising fire and engineering registered GWP of Rs. 90.82 billion, witnessing
a growth of 18.5%.
The last fiscal
also witnessed the shift to the newly introduced Declined Third Party Motor
Insurance Pool. The new regulation on this front led to a significant decrease
in the size of the Motor Pool to approximately Rs. 3 billion, compared to Rs.
63.07 billion recorded in FY 2012. This favourable regulatory change aided the
growth of the industry and in turn the Company.
OPERATIONAL
OVERVIEW:
The Specialized
Industry Group (SIG) continued to push the Company’s penetration and market
share in specialized sectors, by providing advanced risk management solutions to
ICICI Lombard’s clients. The segment has been carving out a niche by specially
designing in-depth training modules to create knowledge differentiation. This,
in turn, enabled the team to capitalize on the opportunities in the mentioned
industries. The group focuses predominantly on aviation, energy and
petrochemicals where they have been a spurt in global expansion.
A sharpened focus
on the less volatile markets and developing capabilities around the globe
helped the International Business Group (IBG) achieve noteworthy growth. The
property and the liability lines of business witnessed excellent opportunities
generated by the global network partners. In the current fiscal, the Company
has continued to grow at a impressive pace.
The Small and
Medium Enterprises Group (SMEG) worked on distribution channels to achieve
growth in all quality parameters across channels and product lines. In
addition, enhanced focus on partner training strengthened the Company’s
relationship with its business associates.
The Financial
Institutions Group (FIG) continued to serve its target segment with a focus on
the corporate employee wellness programmes, which have been its key driver.
Online master policies generated excellent opportunities for the co-operative
banks and their customers. This initiative resulted in improving the
turn-around time (TAT) from 20 days to 4 days.
With a commitment
to continuously evolve its business processes, ICICI Lombard adopted best
practices and innovated continuously to remain the frontrunner in the industry.
The Company has also adopted an active approach towards ‘Wellness and
Value-added Services (VAS)’ in the recent past.
The organization
achieved significant growth by specially designing VAS for corporates in marine
and property portfolio solutions. This acted as a differentiator in the highly
price sensitive market environment. The key initiatives resulted in lowering
the loss ratio of marine cargo from 101% in FY 2012 to 83% in FY 2013 and the
loss ratio of property segment from 75% in FY 2012 to 67% in FY 2013. This
would help in further maintaining a profitable growth in these segments in the
coming years.
On the other hand,
the wellness services offered, like annual and pre-employment health checkups,
eye and dental camps, talk shows, online wellness services and interactive
sessions (for example, health risk assessment, maternity, stress management,
smoking cessation, cancer awareness) provided clients with an opportunity to
extend employee benefits beyond insurance. These services were highly
customized based on industry, group size and group demography.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Statutory
demands/liabilities in dispute, not provided for (note below) Note: The Company has disputed
the demand raised by Income Tax Authorities of Rs. 474.794 Millions (previous
year: Rs. 655.071 Millions) and Service Tax Authorities of Rs. 73.544
Millions (previous year: Rs. 73.544 Millions), the appeals of which are
pending before the appropriate Authorities. This excludes demand related to
Assessment Year 2008-09, in respect of which the Company has received
favourable appellate order, which has not been given effect to by the
assessing Authority. |
548.338 |
728.615 |
FIXED ASSETS:
- Goodwill
- Intangibles – Computer Software
- Land – Freehold
- Leasehold Property
- Buildings
- Furniture and Fittings
- Information Technology Equipment
- Vehicles
- Office Equipment
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.63.73 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.85.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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.