MIRA INFORM REPORT
|
Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.10.2000 |
|
|
|
|
Com. Reg. No.: |
11-129408 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4450.555 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67200MH2000PLC129408 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI03974F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Insurance Services. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
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.
Financial position of the company seems to be good. Trade relations are reported as trustworthy. Business is active.
Payments terms 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
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Claim paying ability IAAA |
|
Rating Explanation |
Highest claims paying ability fundamentally
strong position, prospect of meeting policyholder obligations is the
best. |
|
Date |
February 2014 |
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-26531414)
LOCATIONS
|
Registered Office : |
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra,
India |
|
Tel. No.: |
91-22-26531414 |
|
Fax No.: |
91-22-26531230 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Zenith House Keshav Rao, Khadye Marg, 2nd Floor, Opposite
Race Course, Mahalaxmi, Mumbai – 400 034, |
|
Tel. No.: |
91-22-24906999 |
|
E-Mail : |
|
|
|
|
|
Mailing Address : |
ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400
025, |
DIRECTORS
As on 31.03.2014
|
Name : |
Chanda Kochhar |
|
Designation : |
Chairperson |
|
Qualification : |
B.A, MBA, ICWA, MMS (Finance) |
|
DIN No.: |
00043617 |
|
|
|
|
Name : |
Mr. R. Athappan |
|
Designation : |
Director |
|
Qualification : |
B.E. (Electrical), A.I.I.I. |
|
DIN No.: |
00915847 |
|
|
|
|
Name : |
Mr. Dileep Choksi |
|
Designation : |
Director |
|
Qualification : |
F.C.A, LL.B, ICWA |
|
DIN No.: |
00016322 |
|
|
|
|
Name : |
Zarin Daruwala |
|
Designation : |
Director |
|
Qualification : |
A.C.A, A.C.S |
|
DIN No.: |
00034655 |
|
|
|
|
Name : |
Mr. N.S. Kannan |
|
Designation : |
Director |
|
Qualification : |
B.E. (Hon), PGDM, IIM, Bangalore, CFA |
|
DIN No.: |
00066009 |
|
|
|
|
Name : |
Mr. S. Mukherji |
|
Designation : |
Director |
|
Qualification : |
B.A. (Eco.), M.Sc Economics (London School of Economics), MMS |
|
DIN No.: |
00057492 |
|
|
|
|
Name : |
Mr. Chandran Ratnaswami |
|
Designation : |
Director |
|
Qualification : |
B.E. (Civil), MBA. |
|
DIN No.: |
00109215 |
|
|
|
|
Name : |
Mr. M.K. Sharma |
|
Designation : |
Director |
|
Qualification : |
B.A., LL.B, Diploma in Personnel Management |
|
DIN No.: |
00327684 |
|
|
|
|
Name : |
Mr. H. N. Sinor |
|
Designation : |
Director (Upto April 18, 2014) |
|
Qualification : |
B.Com, LL.B |
|
DIN No.: |
00074905 |
|
|
|
|
Name : |
Mr. Bhargav Dasgupta |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Qualification : |
PGDM, IIM Bangalore, B.E. (Mechanical) |
|
DIN No.: |
00047728 |
|
|
|
|
Name : |
Mr. Alok Kumar Agarwal |
|
Designation : |
Executive Director (w.e.f. January 19, 2011) |
|
Qualification : |
B.E. (Chemical) PGDM, (IIM Calcutta) |
|
DIN No.: |
03434304 |
|
|
|
|
Name : |
Mr. Neelesh Garg |
|
Designation : |
Executive Director (w.e.f. January 19, 2011) |
|
Qualification : |
PGDM, IIM Bangalore |
|
DIN No.: |
03435242 |
KEY EXECUTIVES
|
Board Governance
Committee : |
v M.K. Sharma (Chairman) v Chanda Kochhar v Chandran Ratnaswami v
H. N. Sinor (Upto April 18,
2014) v
Mr. Dileep Choksi |
|
|
|
|
Investment
Committee : |
v Chandran Ratnaswami (Chairman) v N.S. Kannan (Director) v Bhargav Dasgupta v Manalur Sandilya v S. Gopalakrishnan v Gopal Balachandran |
|
|
|
|
Audit Committee
: |
v Dileep Choksi (Chairman) v R. Athappan v S. Mukherji v
H. N. Sinor (Upto April 18, 2014) v M. K. Sharma (w.e.f. April 18, 2014) v Ashvin Parekh (w.e.f. April 18, 2014) |
|
|
|
|
Risk Management
Committee : |
v S. Mukherji (Chairman) v R. Athappan v H. N. Sinor (Upto April 18,
2014) v Ashvin
Parekh (w.e.f. April 18, 2014) v
Bhargav Dasgupta |
|
|
|
|
Policyholder
Protection Committee : |
v M.K. Sharma (Chairman) v S. Mukherji v Chandran Ratnaswami v
Bhargav Dasgupta |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Promoters |
|
|
|
- Indian |
325883744 |
73.22 |
|
- Foreign |
114499002 |
25.73 |
|
Others - Employees |
4672770 |
1.05 |
|
|
|
|
|
Total |
445055516 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services. |
|
|
|
|
Services : |
General Insurance |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
ICICI Bank Limited |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Khandelwal Jain and Company Chartered Accountants |
|
|
|
|
Name 2: |
Chaturvedi and Company Chartered Accountants |
|
|
|
|
Holding Company : |
¨ ICICI Bank Limited |
|
|
|
|
Fellow Subsidiary :
|
¨ ICICI Bank UK PLC ¨ ICICI Eco-net Internet and Technology Fund ¨ ICICI Emerging Sectors Fund ¨ ICICI Equity Fund ¨ ICICI Strategic Investments Fund ¨ ICICI Home Finance Company Limited ¨ ICICI Prudential Asset Management Company Limited ¨ ICICI Prudential Life Insurance Company Limited ¨ ICICI Securities Limited ¨ ICICI Securities Primary Dealership Limited ¨ ICICI Strategic Investments Fund ¨ ICICI Strategic Investments Fund |
|
|
|
|
Venturer in Joint
Venture : |
¨ FAL Corporation (Affiliate of Fairfax Financial Holdings Limited) |
CAPITAL STRUCTURE
As on 31.03.2014
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 |
|
|
|
|
|
|
445055516 |
Equity Shares |
Rs.10/- each |
Rs.4450.555 Millions |
|
|
|
|
|
NOTE: Of the above, 325,883,744 shares are held by the holding company, ICICI Bank Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
4450.555 |
4370.152 |
4365.839 |
|
|
2] Share Application Money (Pending Allotment) |
3.069 |
1004.353 |
1.882 |
|
|
3] Reserves & Surplus |
19360.366 |
14216.414 |
14201.514 |
|
|
4] (Accumulated Losses) |
0.000 |
(929.000) |
(3986.753) |
|
|
5] Fair value change account |
1134.613 |
690.462 |
495.909 |
|
|
NETWORTH |
24948.603 |
19352.381 |
15078.391 |
|
|
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 |
24948.603 |
19352.381 |
15078.391 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
FIXED ASSETS [Net Block] |
3894.946 |
4004.329 |
3995.973 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
93089.768 |
78125.187 |
60336.193 |
|
|
DEFERRED TAX ASSETS |
413.896 |
502.710 |
261.721 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
1619.661
|
2696.152
|
4257.374
|
|
|
Other Current Assets |
|
|
|
|
|
Loans & Advances |
36430.522
|
33358.591
|
36400.293
|
|
Total
Current Assets |
38050.183
|
36054.743
|
40657.667
|
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2616.761 |
1922.238 |
1841.090 |
|
|
Other Current Liabilities |
84660.831
|
75537.712
|
68265.045
|
|
|
Provisions |
23222.598
|
21874.638
|
20067.028
|
|
Total
Current Liabilities |
110500.190
|
99334.588
|
90173.163
|
|
|
Net Current Assets |
(72450.007)
|
(63279.845)
|
(49515.496)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24948.603 |
19352.381 |
15078.391 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
1. OPERATING PROFIT/(LOSS) |
|
|
|
|
(a) Fire
Insurance |
485.376 |
(37.439) |
(236.023) |
|
(b) Marine
Insurance |
(417.207) |
(207.858) |
(209.368) |
|
(c)
Miscellaneous Insurance |
4206.570 |
2966.385 |
(4223.486) |
|
|
|
|
|
|
2. INCOME FROM
INVESTMENTS |
|
|
|
|
(a) Interest
/Dividend & Rent – Gross |
1129.758 |
1004.751 |
872.639 |
|
(b) Profit on
sale/redemption of investments |
340.515 |
150.991 |
179.494 |
|
Less : loss on
sale/redemption of investments |
(101.841) |
(38.588) |
(50.551) |
|
|
|
|
|
|
3. OTHER INCOME |
|
|
|
|
(a) Interest
income on tax refund |
49.799 |
9.159 |
32.381 |
|
(b) Profit on
sale/discard of fixed assets |
1.372 |
14.336 |
15.467 |
|
(c) Recovery
of bad debts written off |
23.419 |
-- |
-- |
|
TOTAL (A) |
5717.761 |
3861.737 |
(3619.447) |
|
|
|
|
|
|
4. PROVISIONS
(OTHER THAN TAXATION) |
|
|
|
|
(a) For
diminution in the value of investments |
85.291 |
21.090 |
0.000 |
|
(b) For doubtful
debts |
(161.042) |
541.920 |
279.591 |
|
(c) For
recoverable under reinsurance contracts |
(122.412) |
235.277 |
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 |
10.080 |
9.736 |
10.098 |
|
(ii) Managerial
remuneration |
41.324 |
16.073 |
9.206 |
|
(iii) Directors’
fees |
0.600 |
0.692 |
0.660 |
|
(b) Bad debts
written off |
637.026 |
196.681 |
0.735 |
|
(c) Loss on
sale/discard of fixed assets |
24.021 |
23.504 |
32.405 |
|
(d) Penalty |
0.500 |
0.000 |
0.500 |
|
TOTAL (B) |
515.388 |
1044.973 |
333.195 |
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
5202.373 |
2816.764 |
(3952.145) |
|
PROVISION FOR TAXATION: |
|
|
|
|
(a) Current tax
/MAT payable |
892.765 |
582.004 |
0.000 |
|
Tax for earlier
year- MAT |
(892.765) |
(582.004) |
0.000 |
|
Less : MAT
credit entitlement |
88.814 |
(240.989) |
0.000 |
|
(b) Deferred tax
(Income) / Expense |
0.000 |
0.000 |
211.147 |
|
(c) Fringe
benefit tax |
0.000 |
0.000 |
0.000 |
|
PROFIT / (LOSS)
AFTER TAX |
5113.559 |
3057.753 |
(4163.292) |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
(a) Interim
dividends paid during the year |
0.000 |
0.000 |
0.000 |
|
(b) Proposed
final dividend |
0.000 |
0.000 |
0.000 |
|
(c) Dividend distribution
tax |
0.000 |
0.000 |
0.000 |
|
(d) Transfer to
General Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
BALANCE OF PROFIT / (LOSS) BROUGHT FORWARD FROM
LAST YEAR |
(929.000) |
(3986.753) |
176.539 |
|
|
|
|
|
|
BALANCE CARRIED FORWARD TO BALANCE SHEET |
4184.574 |
(929.000) |
(3986.753) |
|
|
|
|
|
|
Earnings Per Share (Rs.) |
|
|
|
|
- Basic |
11.50 |
7.00 |
(9.56) |
|
- Diluted |
11.50 |
6.91 |
(9.56) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.40
|
7.03 |
(8.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.14 |
(0.26) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.34
|
0.36 |
0.45 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4365.839 |
4370.152 |
4450.555 |
|
Reserves & Surplus |
14201.514 |
14216.414 |
19360.366 |
|
Share Application Money (Pending
Allotment) |
1.882 |
1004.353 |
3.069 |
|
Fair value change account |
495.909 |
690.462 |
1134.613 |
|
(Accumulated Losses) |
-3986.753 |
-929.000 |
0.000 |
|
Net
worth |
15078.391 |
19352.381 |
24948.603 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current Maturities
of Long Term Debts is 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 |
|
|
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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
No |
|
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 |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No.:- ITXAL/468/2013 Filing Date:- 18.03.2013 Reg. No.:-
ITXA/878/213 Reg. Date:- 20.04.2013 |
|
Petitioner: COMMISSIONER OF INCOME TAX – 10 Respondent: ICICI LOMBARD GENERAL INSURANCE
COMPANY LIMITED Petn. Adv : PADMA DIVAKAR (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEAL Last Date: 10.03.2014
Stage: FOR DIRECTION Coram: ACCORDING TO SITTING LIST
ACCORDING TO SITTING LIST |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
INDEX OF CHARGES
No Charges Exits for the Company.
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, 2015.
APPROPRIATIONS
The profit after tax for the year ended March 31, 2014 is Rs. 5.11 billion. The profit available for appropriation is Rs. 4.18 billion after taking into account the balance of loss of Rs. 0.93 billion brought forward from the previous year. The Directors have not recommended any dividend for the year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Partly-paid up investments |
-- |
-- |
|
Claims, other than those under policies, not acknowledged as debt |
-- |
-- |
|
Underwriting commitments outstanding |
NA |
NA |
|
Guarantees given by or on behalf of the Company |
-- |
-- |
|
Statutory demands/liabilities in dispute, not provided for |
1103.216 |
548.338 |
|
Reinsurance obligations to the extent not provided for in accounts |
-- |
-- |
|
Others |
-- |
-- |
NOTE:
The Company has disputed the demand raised by Income Tax Authorities of Rs. 1029.672 millions (previous year: Rs.474.794 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 Income Tax demand related to Assessment Year 2003-04 and 2004-05, in respect of which the Company has received favourable appellate order, which is pending for effect to be given by the assessing Authority.
FIXED ASSETS
œ Goodwill
œ Computer Software
œ Land-Freehold
œ Leasehold Property
œ Buildings Furniture and Fittings
œ Information Technology Equipment
œ Vehicles
œ 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 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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
80 |
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.