|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
CIGNATTK HEALTH INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
10th Floor, Commerz, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.03.2012 |
|
|
|
|
Com. Reg. No.: |
11-227948 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.100.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2012PLC227948 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECC7904J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Health Insurance Services. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between U.S. based “Global Health Service
Leader, Cigna Corporation and Indian Conglomerate TTK Group”. Eventhough, the company was incorporated as on March 12, 2012, it has
officially commenced its commercial operations on February 24, 2014. Mr. Sunil office Executive denied to provide any information of the
subject. It is a relatively new company possessing a decent capital base and
comfortable capital structure characterized by zero debt. Moreover,
management has reported some pre-operative expenses during FY13. However, trade relations are improving. Business is active. Payment
terms are reported as slow but correct. In view of strong and experienced percentage, the company can be considered
for business dealings 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.: 91-22-61703600)
LOCATIONS
|
Registered/ Corporate Office : |
10th Floor, Commerz, International Business Park, Oberoi
Garden City, Goregaon (East), Mumbai –
400 063, Maharashtra, India |
|
Tel. No.: |
91-22-61703600 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sandeep
Arunbhai Patel |
|
Designation : |
Managing
Director |
|
Address : |
Flat No.1, 3rd Floor,
Writer Residences, St. Leo Road, CTS. No.462, Bandra (West), Mumbai – 400
050, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1966 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.05.2012 |
|
DIN No.: |
03210271 |
|
E-Mail: |
|
|
|
|
|
Name : |
Jagannathan
Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
No.6, Brunton Cross Road, Museum Road, Ashok Nagar, Bangalore – 560
025, Karnataka, India |
|
Date of Birth/Age : |
13.05.1948 |
|
Qualification : |
B. Tech |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
00191522 |
|
E-Mail: |
|
|
|
|
|
Name : |
Jason Dominic
Sadler |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.05.1968 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.09.2013 |
|
DIN No.: |
06440304 |
|
|
|
|
Name : |
Raghunathan
Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
91/1 (Old), 146 (New), Santhome High Road, Chennai – 600 028,
Tamilnadu, India |
|
Date of Birth/Age : |
08.07.1952 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
00043455 |
|
E-Mail: |
KEY EXECUTIVES
|
Name : |
Ms. Sapna Desai |
|
Designation : |
Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
TTK Partner LLP, India |
|
10049994 |
AS ON 09.10.2013
|
Names of Allottee |
|
No. of Shares |
|
TTK Partner LLP, India |
|
43950000 |
|
Total
|
|
43950000 |
AS ON 16.07.2013
|
Names of Allottee |
|
No. of Shares |
|
TTK Partner LLP, India |
|
15000000 |
|
Total
|
|
15000000 |
AS ON 15.06.2013
|
Names of Allottee |
|
No. of Shares |
|
TTK Partner LLP, India |
|
5000000 |
|
Total
|
|
5000000 |
BUSINESS DETAILS
|
Line of Business : |
Providing Health Insurance Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Vishwanathan |
|
Address : |
No:17 (Old
No:8-A), Bishop Wallers Avenue (West), Mylpore, Chennai – 600 004, Tamilnadu,
India |
|
PAN No.: |
AAAFV0367K |
|
|
|
|
Holding Company
: |
TTK Partner LLP, India |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
Cigna Health
Solutions India Private Limited, India (CIN No.:
U93090MH2011FTC213985) |
CAPITAL STRUCTURE
AS ON 11.09.2013
Authorised Capital : Rs.1000.000 millions
Issued, Subscribed & Paid-up Capital : Rs.1000.000
millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10050000 |
Equity Shares |
Rs.10/- each
|
Rs.100.500
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
100.500 |
|
(b) Reserves & Surplus |
|
|
(1.386) |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
99.114 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) Long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
0.000 |
|
(c)
Other current liabilities |
|
|
0.236 |
|
(d) Short-term
provisions |
|
|
0.000 |
|
Total Current
Liabilities (4) |
|
|
0.236 |
|
|
|
|
|
|
TOTAL |
|
|
99.350 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
0.000 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current
assets |
|
|
98.850 |
|
Total Non-Current
Assets |
|
|
98.850 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
0.000 |
|
(c)
Trade receivables |
|
|
0.000 |
|
(d) Cash
and cash equivalents |
|
|
0.500 |
|
(e)
Short-term loans and advances |
|
|
0.000 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.500 |
|
|
|
|
|
|
TOTAL |
|
|
99.350 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL (A) |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other expenses |
|
|
0.056 |
|
|
|
TOTAL (B) |
|
|
0.056 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(0.01) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(0.06) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.12 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 |
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)
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: No Charges Exist for Company.
BACKGROUND:
The Company is a
public limited company incorporated under the provisions of the Companies Act,
1956 on 12th March, 2012. The Company has applied for registration
under section 3 of the Insurance Act, 1938 to carry on business of Insurance and
is inter alia engaged in the business of providing health insurance services in
India.
WEBSITE DETAILS:
NEWS/ MEDIA
CIGNA TTK HEALTH
INSURANCE SECURES LICENSE FROM IRDA, TO SHORTLY COMMENCE INDIA OPERATIONS
Mumbai, 18th
November 2013
Cigna TTK Health Insurance Company Limited, a joint venture between the U.S. based global health service leader, Cigna Corporation, and Indian conglomerate TTK Group, has received the regulatory - license from the Insurance Regulatory and Development Authority (IRDA) on 13th November, 2013 and is set to commence its operations soon.
Announcing this development, Mr. Sandeep Patel, Managing Director and CEO, Cigna TTK Health Insurance said, "We are happy to announce that we have received the regulatory approval from IRDA to commence operations in India. We would like to thank the IRDA for its support throughout the licensing process.
“We are truly excited to mark our presence here and bring to life Cigna TTK’s mission to improve the health, well-being and sense of security of the people we serve. We will strongly leverage Cigna’s global health services experience and expertise, and the trust, credibility and experience of the TTK group to offer an innovative suite of products backed by an enhanced customer experience. To support this, we have extensively invested in state-of-the-art technology, to give customers and distributors a completely hassle-free and personal experience."
Cigna TTK is a stand-alone health insurance company, headquartered in Mumbai and will look to roll out a pan India presence.
About Cigna TTK
Health Insurance Company Limited
U.S. health service giant Cigna Corporation, and Indian conglomerate TTK Group have entered into a joint venture to sell health insurance products in India. Cigna TTK Health Insurance Company Limited (Cigna TTK) has been incorporated and is based in Mumbai.
About Cigna
Corporation:
Cigna Corporation (NYSE: CI) is a global health service company dedicated to helping the people we serve improve their health, well-being and sense of security. All products and services are provided exclusively by or 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, behavioural health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has more than 80 million customer relationships throughout the world.
About TTK Group:
TTK is widely recognized across India with a reputation built across eight decades for quality consumer products and services, the three letters in ‘TTK’ represents the corporate philosophy of the Group – Trust, Transparency and Knowledge. TTK’s various operations include manufacturing and marketing of kitchenware, fast moving consumer goods, pharmaceuticals, contraceptive devices, bio-medical devices, food products, maps and atlases, and other services. The company’s multiple businesses sell brands that are household names including Prestige, Woodwards, Eva, Fryums etc. TTK has its roots in India but reaches every continent in the globe with its wide range of products. The flagship company of the group, TTK Prestige, has won several awards including the India’s “Best SME Company for the year 2010” presented by the Prime Minister of India. TTK Prestige has earned a spot in FORBES ASIA’s list of “Best under a Billion” companies.
CIGNA TTK HEALTH
INSURANCE LAUNCHES BUSINESS OPERATIONS IN INDIA
25 February 2014
- Cigna TTK is a joint venture between U.S. based Cigna Corporation and TTK Group
- Cigna TTK Health Insurance to operate as a standalone health insurer
- Aim to promote a healthier lifestyle through Health and Wellness solutions
- Launch with a multi-channel, country wide distribution model
- Focus on hiring high quality talent with an emphasis on technology and customer centricity
Mumbai, 25th February 2014: Cigna TTK Health Insurance a joint venture between U.S. based global health service leader, Cigna Corporation (NYSE:CI), and Indian conglomerate TTK Group, announced the launch of its operations in India, today.
Speaking at the occasion Mr. T.T. Jagannathan, Chairman of the TTK Group of Companies said, “We’re delighted to partner with Cigna. It is our commitment to provide quality products and services to our customers. TTK group upholds ‘Transparency, Trust and Knowledge’ in all aspects of our business. Through our partnership with Cigna, we now intend to deliver health insurance solutions that keep the customer at the heart of everything we do.”
Announcing the launch, Mr. Sandeep Patel, CEO and Managing Director, CignaTTK Health Insurance Company Limitedsaid“ Cigna TTK’s focus is to encourage customers to stay healthy and live life to the fullest. We will do that by delivering products and services that will educate and assist customers to lead healthier lifestyles. Given the continued rise in medical costs in India, coupled with a parallel increase in lifestyle related diseases, there is an need to upscale health insurance penetration in the country. We are committed to providing affordable and innovative health insurance solutions to meet our customer’s daily health challenges without compromising on quality customer service.”
Mr. Jason Sadler, President, Cigna Global Individual said, “Cigna is one of the leading health service companies in the world and operates in more than 31 countries. With more than 80 million customer relationships worldwide, we pride ourselves on our ability to provide products and services aligned with customer expectations of solutions that are easy to access, use, and deliver on their promise. We are delighted to partner with the TTK Group and look forward to bringing to Indian customers innovative health and wellness solutions.”
Cigna TTK has undertaken extensive consumer research to understand the needs of Indian consumers. As a result of this research, Cigna TTK has the insights needed to develop and launch innovative products and services aimed towards specific individual and family health needs, with processes that are easy to experience. The company will focus on various proactive measures to inspire, motivate and incentivize a customer to stay in good health.
“Leveraging the strengths of TTK’s strong local market expertise with Cigna’s expertise in developing innovative products and services will help Cigna TTK meet the needs of consumers, who are progressively realizing the importance of health insurance.” added, Mr. Patel.
CIGNA TTK HEALTH
INSURANCE COMPANY GETS LICENCE FROM IRDA
CHENNAI: Cigna TTK Health Insurance Company Ltd, a
joint venture between US-based global health service leader Cigna Corporation
and Indian conglomerate TTK Group, has received the regulatory licence from
the Insurance Regulatory and Development Authority (IRDA) and will
commence its operations soon.
"We are happy to announce that we have received the regulatory approval
from IRDA to commence operations in India," Sandeep Patel, managing
director and chief executive officer of Cigna TTK Health Insurance, said in
statement.
"We are truly excited to mark our presence here and bring to life Cigna
TTK's mission to improve the health and well-being of people. We will strongly
leverage Cigna's global health services experience and expertise and the trust
of the TTK Group to offer an innovative suite of products backed by an enhanced
customer experience. To support this, we have extensively invested in
state-of-the-art technology, to give customers and distributors a completely
hassle-free and personal experience," he added.
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 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. 61.25 |
|
|
1 |
Rs. 103.01 |
|
Euro |
1 |
Rs. 81.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.