. MIRA INFORM REPORT
|
Report Date : |
24.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SBI GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
“Natraj” 101, 201 and 301, Junction of Western Express, Highway and
Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.02.2009 |
|
|
|
|
Com. Reg. No.: |
11-190546 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2009PLC190546 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS63121C |
|
|
|
|
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 : |
A (60) |
|
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 |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between the State Bank of India and
Insurance Australia Group (IAG). It is an established company having fine track record. Networth of the
company appears to be strong. The market by loss incurred during 2013, accumulated losses appears to
be increasing. However, in a short span, the subject has emerged as one of the few
general insurance companies in India to have a dedicated SME team catering
exclusively to the needs of SME segment. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. In view of strong holding, the company can be considered for any
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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Claims Paying Ability “iAAA” |
|
Rating Explanation |
Highest claims paying ability. Indicates
fundamentally strong position. Prospect of meeting policyholder obligations
is the best. |
|
Date |
September, 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 BY
|
Name : |
Mr. Nagesh |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-8884600580 |
|
Date : |
20.01.2014 |
LOCATIONS
|
Registered/
Corporate Office : |
Natraj 101, 201 and 301, Junction of Western Express, Highway and
Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-42412070 |
|
Mobile No.: |
91-8884600580 (Mr. Nagesh) |
|
Fax No.: |
91-22-42412071 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 13.08.2013)
|
Name : |
Mr. Pratip Chaudhari |
|
Designation : |
Nominee Director |
|
Address : |
Dunedin, 100 – A Napean Sea Raod, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1953 |
|
Date of Appointment : |
21.04.2012 |
|
DIN No.: |
00915201 |
|
|
|
|
Name : |
Mr. Michael John Wilkins |
|
Designation : |
Nominee Director |
|
Address : |
8 Wonga Wonga ST Turramurra NSW 2074 NSW |
|
Date of Birth/Age : |
20.10.1956 |
|
Qualification: |
B.Com, MBA, DLI, FCA |
|
Date of Appointment : |
21.07.2010 |
|
DIN No.: |
02887974 |
|
|
|
|
Name : |
Mr. Justin Paul Breheny |
|
Designation : |
Nominee Director |
|
Address : |
#01-01-9, Nassim Road, Sigapore |
|
Date of Birth/Age : |
24.09.1956 |
|
Qualification: |
BEc, CPA, F Fin |
|
Date of Appointment : |
21.12.2009 |
|
DIN No.: |
02888020 |
|
|
|
|
Name : |
Mr. Mehender Kumar Garg |
|
Designation : |
Director |
|
Address : |
401/5, Vipul Belmonet, Golf Course Raod, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
10.05.1953 |
|
Qualification: |
Chartered Accountant / FIII |
|
Date of Appointment : |
21.04.2010 |
|
DIN No.: |
00081454 |
|
|
|
|
Name : |
Mr. Ashok Purushottam Pradhan |
|
Designation : |
Director |
|
Address : |
1301, C Wing, Synchronincity, Nahar Amrit Shakti Road, Chandivali,
Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1941 |
|
Qualification: |
M.Com, LL. B, CAIIB, Diploma in Management Accounting |
|
Date of Appointment : |
21.04.2010 |
|
DIN No.: |
00136805 |
|
|
|
|
Name : |
Mr. Srinivasan Vishvanathan |
|
Designation : |
Nominee Director |
|
Address : |
11-C, Kinellan Towers, 100-A, Napean Sea Road, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
30.04.1954 |
|
Date of Appointment : |
10.07.2013 |
|
DIN No.: |
02255828 |
|
|
|
|
Name : |
Mr. Aravamudan Krishna Kumar |
|
Designation : |
Nominee Director |
|
Address : |
D/11, Kinellan Towers, 100-A, Napean Sea Road, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
18.11.1954 |
|
Date of Appointment : |
14.12.2012 |
|
DIN No.: |
00871792 |
|
|
|
|
Name : |
Mr. Bhaskar Jyoti Sarma |
|
Designation : |
Managing director |
|
Address : |
Flat No.9C, Kinellan Tower, Napean Sea Road, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
16.12.1955 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05282550 |
|
|
|
|
Name : |
Mr. Arundhati Bhattacharya |
|
Designation : |
Nominee Director |
|
Address : |
D-7, Kinellan Tower, 100A, J. M. Mehta Marg, Walkeshwar, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
18.03.1956 |
|
Date of Appointment : |
26.10.2013 |
|
DIN No.: |
02011213 |
KEY EXECUTIVES
|
Name : |
Mr. Nagesh |
|
Designation : |
Accounts Head |
|
|
|
|
Name : |
Mr. Mehendra Kumar Tripathi |
|
Designation : |
Secretary |
|
Address : |
405 C Wing Vasant Smruti, 90 Feet Road, Opp. St Lawrence School,
Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1974 |
|
Date of Appointment : |
21.12.2009 |
|
PAN No.: |
ACSPT6389F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 13.08.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
State Bank of India, Kolkata, West Bengal, India |
|
110999950 |
|
IAG International Pty. Limited, Australia |
|
39000000 |
|
Bhaskar Jyoti Sharma |
|
10 |
|
P. K. Sanyal |
|
10 |
|
Rajeev Nandan Mehra |
|
10 |
|
S. Vishvanathan |
|
10 |
|
Purna Chandra Jena |
|
10 |
|
|
|
|
|
Total |
|
150000000 |
(AS ON 19.08.2013)
|
Names of Allottees |
|
No. of Shares
(Allottees) |
|
|
|
|
|
IAG International Pty Limited, Australia |
|
6500000 |
|
State Bank of India, India |
|
18500000 |
|
|
|
|
|
Total |
|
25000000 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Bodies corporate |
|
74.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. Bafna and Company Chartered Accountants |
|
Address 1: |
UG - 283, The Mall, L. B. S Marg, Bhandup (West), Mumbai – 400078,
Maharashtra, India |
|
Address 2: |
K-2, Keshav Path, C-Scheme, Jaipur – 302001, Rajasthan, India |
|
PAN No.: |
AAGFA3909A |
|
Tel No.: |
91-141-2372572/2373873 |
|
|
|
|
Name : |
Singrodia Goyal and Company Chartered Accountants |
|
Address : |
4A, Kaledonia - HDIL, 2nd Floor, Sahar Road, Near Andheri Station,
Andheri (East), Mumbai – 400069, Maharashtra, India |
|
PAN No.: |
AAAFS7106D |
|
Tel No.: |
91-22-66256363 |
|
|
|
|
Holding Company : |
· State Bank of India |
CAPITAL STRUCTURE
(AS ON 13.08.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs.1750.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 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 |
1500.000 |
1500.000 |
1500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5031.000 |
5031.000 |
5031.000 |
|
|
4] (Accumulated Losses) |
(2783.230) |
(1331.609) |
0.000 |
|
|
5] Fair Value Changes Account |
(1.778) |
0.478 |
(378.134) |
|
|
NETWORTH |
3745.992 |
5199.869 |
6152.874 |
|
|
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 |
3745.992 |
5199.869 |
6152.874 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
972.070 |
686.769 |
771.292 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
8843.502 |
6291.610 |
5375.390 |
|
|
DEFERREX TAX ASSETS |
0.0000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
1518.043
|
661.682
|
713.646 |
|
|
Other Current Assets |
511.438
|
50.462
|
48.888 |
|
|
Loans & Advances |
0.000
|
351.815
|
255.971 |
|
Total
Current Assets |
2029.481
|
1063.959
|
1018.505 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
618.583
|
609.566
|
|
|
Other Current Liabilities |
|
817.297
|
260.228 |
|
|
Provisions |
4687.853
|
1406.589
|
142.519 |
|
Total
Current Liabilities |
8099.061
|
2842.469
|
1012.313 |
|
|
Net Current Assets |
(6069.580)
|
(1778.510)
|
6.192 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3745.992 |
5199.869 |
6152.874 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
1 |
OPERATING
PROFIT/(LOSS) |
|
|
|
|
|
a) Fire Insurance |
(719.172) |
(846.192) |
(396.588) |
|
|
b) Marine Insurance |
(17.280) |
(13.785) |
(4.570) |
|
|
c) Miscellaneous Insurance |
(1092.735) |
(568.197) |
(370.398) |
|
|
|
|
|
|
|
2 |
INCOME FROM
INVESTMENTS |
|
|
|
|
|
a) Interest, Dividend and Rent - Gross |
358.490 |
453.903 |
501.786 |
|
|
b) Profit on sale of Investments |
33.125 |
16.549 |
2.172 |
|
|
|
|
|
|
|
3 |
OTHER INCOME
(Miscellaneous Income) |
1.348 |
4.405 |
0.739 |
|
|
|
|
|
|
|
|
Profit and Loss
on sale of Assets |
0.015 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL
(A) |
(1436.209) |
(953.317) |
(266.859) |
|
|
|
|
|
|
|
4 |
OTHERS |
|
|
|
|
|
Share Issue Expenses |
14.398 |
0.000 |
0.000 |
|
|
Preliminary Expenses Written off |
0.000 |
0.000 |
0.000 |
|
|
Others |
1.014 |
1.247 |
1.341 |
|
|
|
|
|
|
|
|
TOTAL
(B) |
15.412 |
1.247 |
1.341 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(1451.621) |
(954.564) |
(268.200) |
|
|
|
|
|
|
|
|
PROVISION FOR
TAXATION |
|
|
|
|
|
Current Tax |
0.000 |
0.000 |
0.000 |
|
|
Fringe Benefit Tax |
0.000 |
0.000 |
0.000 |
|
|
Transfer to any
Reserves or Other Accounts (to be specified)Excess provision written back |
0.000 |
1.089 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(1451.621) |
(953.475) |
(268.200) |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(1331.609) |
(378.134) |
(109.934) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2783.230) |
(1331.609) |
(378.134) |
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(9.68) |
(6.36) |
(1.79) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.25 |
0.37
|
1.01 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
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 |
Yes |
CHARGES
|
Entity |
Competent
Authority |
Regulatory
Charges |
Regulatory
Action(s)/ Date of Order |
|
|
|
|
|
|
SBI General Insurance Company Limited |
IRDA |
Did not comply with obligatory target in terms of minimum premium to be
underwritten in respect of standalone commercial vehicles motor third party
insurance |
Imposed penalty Rs.02.500 Million 11.09.2013 |
NOTE:
The Registered office of the company has
been shifted from Corporate Centre, State Bank Bhavan, Madame Came Road, Mumbai
– 400021, Maharashtra, India to the present address w.e.f.07.11.2011
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
PRESS RELEASE
SBI GENERAL INSURANCE WINS TECHNOLOGY
MATURITY AWARD FOR 2013
02 July, 2013
India, July 2 -- SBI General Insurance Company Limited, a joint venture between the State Bank of India and Insurance Australia Group (IAG) has won the Technology Maturity Award for 2013 organized by Fintelekt, a media group focused on Banking and Insurance.
SBI General Insurance received the award based on an IT solution which provides
integrated customer information to employees. The solution has resulted in
increased customer satisfaction, reduced costs and differentiation in a
competitive marketplace. To support the solution the company has also run an
intensive customer data quality program and has significantly improved data
quality scores.
BJ Sarma, MD&CEO, SBI General Insurance said, "We are delighted
to receive the award. Superior customer experience is a key part of our
strategy and this technology solution goes a long way in providing that
experience. It demonstrates our commitment to make a major difference in the
general insurance market."
He further added, "We believe positive customer experience can be a
disruptor in the industry and lead to much greater acceptance of general
insurance products. We have several other initiatives lined up to enhance the
customer experience. Along with technology, we will always be committed to
serving our customers. Our people's commitment and hard work in the journey so
far has made this possible."
SBI GENERAL INSURANCE PREMIUM INCOME SOARS BY 481
PER CENT
April 30, 2012
Mumbai: SBI General Insurance posted a whopping 481.45 per cent growth in premium
income at Rs2501.400 Millions during FY12, the first full year of operation for
the company, according to a press release issued here.
The general
insurance arm of State Bank of India had collected a total premium of only
Rs.430.200 Millions in FY11.
"The year
2011-12 was the first full year of operation for SBI General Insurance with a
larger suite of products. We were able to establish a strong foundation across
retail, corporate and SME business segments as well as across various product
lines like fire, engineering, aviation, home insurance and motor insurance
during the past year," SBI General Insurance Managing Director and CEO R R
Belle said.
"We plan to
further expand our foot print across SBI and its associate banks which will
give us additional 5,000 customer touch points. We will also be expanding our
branch network adding another 25-30 branches in tier II and III towns this
year," he said.
The company will
also focus on establishing its health products, grow motor insurance and
consolidate the SME business during the year, he added.
SBI General which
issued 2.67 lakh policies last year currently operates out of 25 locations
pan-India and generates 52 per cent of its business from the retail segment.
The corporate
segment makes up for nearly 35 per cent of its business, while SMEs account for
13 per cent.
SME segment poses
a stiff challenge for General Insurers as the industry is still trying to evolve
a viable model to serve the segment, Belle said.
Since last year,
the company has rapidly expanded its foot print to cover many rural areas and
the rural sector accounted for 16 per cent of its premium income amounting to
Rs.400.000 Millions during the last financial year.
SBI General
Insurance Company Limited is a joint venture between the State Bank of India
and Insurance Australia Group (IAG), Australia's leading general insurance
provider.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.101.98 |
|
Euro |
1 |
Rs.83.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.