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Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CIGNA HEALTH SOLUTIONS INDIA PRIVATE LIMITED |
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Registered
Office : |
Flat No. 1201, 12th Floor, Nair House,14A Road, Ahinsa Marg and 14B Road, Khar (West), Mumbai - 400052, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.02.2011 |
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Com. Reg. No.: |
11-213985 |
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Capital Investment
/ Paid-up Capital : |
Rs.73.000 Millions |
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CIN No.: [Company Identification
No.] |
U93090MH2011FTC213985 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC18863F |
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PAN No.: [Permanent Account No.] |
AAECC3118J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To conduct market research related to the health insurance sector in India including market research related to healthcare financing, healthcare delivery systems, health management services, cost containment and management models and related economics. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 265000 |
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Status : |
Yet to commence its business activity |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Even though the company was incorporated on 24.02.2011, the company is
yet to commence its business activities. Company has incurred loss due to pre operative expenses. Management denied to provide any information. However, capital base of
company seems good. Payment terms are unknown. The company can be considered for business dealing with caution. |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DENIED
Management Non-Cooperative (91-22-61703600)
LOCATIONS
|
Registered Office : |
Flat No. 1201, 12th Floor, Nair House,14A Road, Ahinsa
Marg and 14B Road, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Tel. No.: |
91-22-67128496 |
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Fax No.: |
91-22-67128999 |
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E-Mail : |
DIRECTORS
As on: 23.08.2012
|
Name : |
Mr. Sandeep Arunbhai Patel |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 1201, 12th Floor, Nair House,14A Road, Ahinsa
Marg and 14B Road, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1966 |
|
Date of Appointment : |
24.02.2011 |
|
DIN No.: |
03210271 |
|
|
|
|
Name : |
David Sawyer Scheibe |
|
Designation : |
Director |
|
Address : |
400, Kings Highway, Moorestown, New Jersey 08057 |
|
Date of Birth/Age : |
14.10.1964 |
|
Date of Appointment : |
23.08.2012 |
|
DIN No.: |
03553806 |
|
|
|
|
Name : |
Jason Dominic Sadler |
|
Designation : |
Director |
|
Address : |
Flat A 17/F, BLK T1, One Silversea, 18 Hoi Fai Road, Tai Kok Tsui,
Kowloon, Hong Kong |
|
Date of Birth/Age : |
16.05.1968 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
06440304 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Amrit Raj |
|
Designation : |
Secretary |
|
Address : |
Flat No. 12, Chaitanya CHS, Tejpal Scheme No. 2, Vile Parle (East),
Mumbai – 400057, Maharashtra, India |
|
Date of Birth/Age : |
28.07.1981 |
|
Date of Appointment : |
30.03.2012 |
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PAN No.: |
AHQPA4654D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 23.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Cigna Holdings Overseas Inc., USA |
|
11788200 |
|
Cigna Global Holdings Inc., USA |
|
11800 |
|
|
|
|
|
Total |
|
11800000 |
Equity Share Break up (Percentage of Total Equity)
As on: 23.08.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To conduct market research related to the health insurance
sector in India including market research related to healthcare financing,
healthcare delivery systems, health management services, cost containment and
management models and related economics. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Divulged |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Water House Chartered Accountant |
|
Address : |
252, Veer Savarkar Marg, Next to Mayors Bunglow, Shivaji Park, Mumbai – 400028, Maharashtra, India |
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PAN No.: |
AAEFP3641G |
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Ultimate Holding
Company : |
Cigna Corporation, USA |
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|
|
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Holding Company : |
Cigna Holdings Overseas Inc., USA |
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Fellow Subsidiaries
: |
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CAPITAL STRUCTURE
After: 23.08.2012
Authorised Capital : Rs.200.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.200.000 Millions
As on: 23.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11800000 |
Equity Shares |
Rs.10/- each |
Rs.118.000 Millions |
|
|
|
|
|
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7300000 |
Equity Shares |
Rs.10/- each |
Rs.73.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7300000 |
Equity Shares |
Rs.10/- each |
Rs.73.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
73.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
(6.516) |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
66.484 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
66.484 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
0.000
|
|
|
Cash & Bank Balances |
|
|
50.846
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
25.101
|
|
Total
Current Assets |
|
|
75.947
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
9.463
|
|
|
Other Current Liabilities |
|
|
0.000
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
9.463
|
|
|
Net Current Assets |
|
|
66.484
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
66.484 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
|
|
6.516 |
|
|
|
TOTAL |
|
|
6.516 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
(6.516) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
(6.516) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(6.516) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(0.89) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(8.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(9.80) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
8.03 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – 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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last one year |
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The Registered Office of the company has been shifted from A-20, Parinee
Crescenzo, Newbridge Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra, India to the present address w.e.f. 30.07.2012
Note: No Charges Exist for Company
AS PER WEBSITE DETAILS
News
CIGNA AND TTK LEADERS
OUTLINE DETAILS OF NEW JOINT VENTURE TO SELL HEALTH INSURANCE ACROSS INDIA
17 January 2012
MUMBAI, India, January 17, 2012 - Global
health service company, Cigna Corporation, and TTK Group, the Indian
conglomerate, today announced that their joint venture to sell health insurance
products across India will be named Cigna TTK and will be headquartered in
Mumbai. Sandeep Patel, Managing Director of Cigna Health Solutions India
Private Limited, a wholly owned Cigna subsidiary, has been named chief
executive officer of the joint venture.
An important business hub in India and a
center of commerce for the insurance sector, Mumbai was chosen as the corporate
headquarters and offers a very strong pool of talented local professionals.
Patel will be responsible for managing all
aspects of the joint venture’s emerging business, including developing and
deploying a suite of innovative products and services, including: individual
private medical insurance; supplemental health and accident products; and
health benefits for expatriates. Since joining Cigna in 1998, Patel has served
in several leadership roles and functions including the expansion and
management of Cigna’s business in the Middle East region.
Cigna TTK will focus on insurance and related
services in the health sector, one of the fastest growing segments of the
Indian economy. Pending approval by India’s regulatory authorities, the joint
venture is expected to begin operations in early 2013 and will build its
workforce locally.
With 1.2 billion people – one-sixth of the
world’s total population – India is experiencing major public health changes
and challenges marked by an increase in chronic conditions and lifestyle
diseases such as diabetes and hypertension, mirroring worldwide trends. Health
care spending is expected to grow significantly over the next decade, driving
the need for developing and leveraging successful health management programs
and systems.
Cigna and TTK said their joint venture will
offer a new and innovative approach to India’s health service marketplace by
offering consumers a portfolio of innovative products that help support and
improve health and well being with high-quality care. “We have proven expertise
in offering solutions that seek to improve customers’ health while managing
cost,” said Cigna Chief Executive Officer David Cordani.
Essential to the joint venture’s success is
the consumer and market experience of TTK. “We recognize the value of TTK’s
deep insights into the Indian consumer’s interests and needs as well as their
ability to reach these consumers across the country,” Cordani said.
T. T. Jagannathan, Chairman of the TTK Group, said,
“We are very pleased to partner with Cigna and continue to deepen our
relationship with the consumers of India. With its extensive global healthcare
expertise, Cigna has demonstrated a keen interest in India and the health and
well being of its citizens.”
As the joint venture’s new chief executive
officer, Patel, has spent several years working in the United States and
internationally for Cigna. “I am excited to be here in India to lead this
important new joint venture that is certain to benefit so many consumers,”
Patel said.
Cigna is the first U.S. insurer to apply for
entry into India as part of a stand-alone joint venture health insurance
company. Cigna and TTK have sought approval from India’s Insurance Regulatory
and Development Authority (IRDA) and plan to submit a comprehensive filing
early this year. Full license to operate is not expected until 2013.
About Cigna
Cigna Corporation (NYSE: CI) is a global
health service company dedicated to helping people improve their health,
well-being and sense of security. All products and services are provided
exclusively through operating subsidiaries of Cigna Corporation, including
Connecticut General Life Insurance Company, Cigna Health and Life Insurance
Company, Life Insurance Company of North America and Cigna Life Insurance
Company of New York. Such products and services include an integrated suite of
health services, such as medical, dental, behavioral health, pharmacy and
vision care benefits, and other related products including group life, accident
and disability insurance. Cigna maintains sales capability in 30 countries and
jurisdictions, and has approximately 70 million customer relationships
throughout the world.
CIGNA'S INDIA JOINT VENTURE TO SELL HEALTH INSURANCE BY 2013
January 17, 2012
The joint venture between U.S.-based Cigna
Corp. and Indian conglomerate TTK Group will be called Cigna TTK and will sell
health insurance and related products in India by 2013. Corporate headquarters
will be based in Mumbai.
Cigna Corp. (NYSE: CI) in November said it
signed the joint venture agreement with TTK Group, which Cigna said made it the
first U.S.-based health insurer to apply for entry into the India market
(Best's News Service, Nov. 22, 2011). Financial terms weren't disclosed.
Sandeep Patel, managing director of Cigna
Health Solutions India Private Limited, a unit of Cigna, has been named chief
executive officer of the joint venture. Patel will manage all aspects of the
joint venture, including developing and launching products and services,
including individual private medical insurance; supplemental health and
accident insurance and health benefits for expatriates.
Since joining Cigna in 1998, Patel has served
in several leadership positions, including expanding Cigna's business in the
Middle East, Cigna said.
TTK Group, based in Chennai and Bangalore,
operates several businesses ranging from the sale of cookware to
pharmaceuticals, and reaches many Indian households.
With 1.2 billion people—one-sixth of the
world's total population—India is seeing an increase in chronic health
conditions and diseases such as diabetes and hypertension, mirroring worldwide
trends, according to Cigna, which has noted health care is the fastest-growing
sector of that country's economy (Best's News Service, Nov. 22, 2011).
Once the joint venture is approved, Cigna
would sell a range of private insurance plans, such as critical illness
insurance that pays a lump sum when someone is diagnosed with an illness such
as cancer, to comprehensive medical insurance, Cigna has said.
Cigna and TTK have sought approval from
India’s Insurance Regulatory and Development Authority and plan to submit a
comprehensive filing soon. The full license to operate is not expected until
2013.
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.63.65 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
26 |
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.