MIRA
INFORM REPORT
|
Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAX LIFE INSURANCE COMPANY LIMITED (w.e.f. 06.07.2012) |
|
|
|
|
Formerly Known
As : |
MAX
NEW YORK LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Max House, 1 Jha Marg, Okhla, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.07.2000 |
|
|
|
|
Com. Reg. No.: |
55-106723 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 19446.912 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL2000PLC106723 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
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 : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a joint venture between Max Indi Limited and Mitsui
Sumitomo Insurance Company Limited. It is established company having satisfactory track. There seems huge accumulated loss recorded by the company. However
capital base of the company seems to be strong. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong joint venture partners, the company can be
considered for business dealings a 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue
guidance. COO Rao says attrition still an area of concern and it would take a
few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had illfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
Not Divulged
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 Co-operative (91-11-26933610)
LOCATIONS
|
Registered Office : |
Max House, 1 Jha Marg, Okhla, New Delhi - 110020, India |
|
Tel. No.: |
91-124-4121500 |
|
Fax No.: |
91-124-2561764 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Home Office : |
3rd, 11th and 12th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-4121500 |
DIRECTORS
As on 14.05.2014
|
Name : |
Mr. Analjit SINGH |
|
Designation : |
Director |
|
Address : |
15, Araungzeb Road, New Delhi – 110011, India |
|
Date of Birth/Age : |
11.01.1934 |
|
Date of Appointment : |
11.07.2000 |
|
DIN No.: |
00029641 |
|
|
|
|
Name : |
Mr. Anuroop Singh |
|
Designation : |
Director |
|
Address : |
W-74 Greater Kailash New Delhi – 110048, India |
|
Date of Birth/Age : |
09.09.1953 |
|
Date of Appointment : |
24.02.2004 |
|
DIN No.: |
00078812 |
|
|
|
|
Name : |
Mr. Rajesh Sud |
|
Designation : |
Managing Director |
|
Address : |
E-801,Central Park -1,Sector 42 Sector Road, Gurgaon-
122001, Haryana, India |
|
Date of Birth/Age : |
13.11.1969 |
|
Date of Appointment : |
01.11.2008 |
|
DIN No.: |
02395182 |
|
|
|
|
Name : |
Mr. Rajit Mehta |
|
Designation : |
Director |
|
Address : |
B-2/18, DLF Phase-1, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
21.04.1962 |
|
Date of Appointment : |
31.03.2014 |
|
DIN No.: |
01604819 |
|
|
|
|
Name : |
Mr. Marielie Theron |
|
Designation : |
Director |
|
Address : |
Erlenstrasse 18, Wollerau, Switzerland 8832 |
|
Date of Birth/Age : |
14.09.1961 |
|
Date of Appointment : |
05.05.2009 |
|
DIN No.: |
02667356 |
|
|
|
|
Name : |
Mr. Rahuk Khosla |
|
Designation : |
Director |
|
Address : |
58, Coronative Drive, Singapore 269604 |
|
Date of Birth/Age : |
29.08.1959 |
|
Date of Appointment : |
01.02.2012 |
|
DIN No.: |
03597562 |
|
|
|
|
Name : |
Mr. Toshinari Tokoi |
|
Designation : |
Director |
|
Address : |
1-22-26-703, Sendagi, Bukto-KU, Tokyo – 1130022, Japan |
|
Date of Birth/Age : |
21.09.1956 |
|
Date of Appointment : |
27.06.2012 |
|
DIN No.: |
05304528 |
|
|
|
|
Name : |
Mr. Hideaki Nomura |
|
Designation : |
Director |
|
Address : |
208 Court Megro Higashigaoka, 2-14-9, Higashigaoka,,
Meguro-Ku, Tokyo - 1520021, Japan |
|
Date of Birth/Age : |
26.04.1963 |
|
Date of Appointment : |
27.06.2012 |
|
DIN No.: |
05304525 |
|
|
|
|
Name : |
Mr. John Charles Poole |
|
Designation : |
Director |
|
Address : |
1, Stuart Street, Edge Hill, Queensland, 4870, Australia 4870 |
|
Date of Birth/Age : |
08.08.1947 |
|
Date of Appointment : |
31.07.2012 |
|
DIN No.: |
05303908 |
|
|
|
|
Name : |
Mr. Rajesh Khanna |
|
Designation : |
Director |
|
Address : |
Flat No.4201, 42nd Floor, Imperial Tower No. 1, Mp Mill
Compound Tardeo, Mumbai – 400034, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1965 |
|
Date of Appointment : |
31.07.2012 |
|
DIN No.: |
00032562 |
|
|
|
|
Name : |
Mr. Kummamuri Narasimha Murthy |
|
Designation : |
Director |
|
Address : |
H No.1-2-593/29, Gaganmahal Colony, Domalguda, Hyderabad – 500029,
Andhra Pradesh, India |
|
Date of Birth/Age : |
13.08.1957 |
|
Date of Appointment : |
23.08.2013 |
|
DIN No.: |
00023046 |
|
|
|
|
Name : |
Mr. Dinesh Kumar Mittal |
|
Designation : |
Director |
|
Address : |
B71, Sector 44, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
25.01.1953 |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
00040000 |
KEY EXECUTIVES
|
Name : |
Mr. Rajat Bajaj |
|
Designation : |
Secretary |
|
Address : |
H. No.97, First Floor, Pocket 22, Sector 24, Rohni Delhi – 110085,
India |
|
Date of Birth/Age : |
21.10.1979 |
|
Date of Appointment : |
01.11.2013 |
|
Pan No.: |
AJDPB2108E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.05.2014
|
Names of Shareholders |
|
No. of Shares |
|
Analit Singh |
|
10 |
|
Max India Limited, India |
|
1381620944 |
|
Mitsui Sumitomo Insurance Company Limited, Japan |
|
505619720 |
|
Axis Rank Limited, India |
|
57450000 |
|
Rajit Mehta |
|
10 |
|
Prashant Tripathy Held as a Nominee of Max India Limited, India |
|
10 |
|
Sujatha Ratnam Held as a Nominee of Max India Limited, India |
|
10 |
|
CV Raghu Held as a Nominee of Max India Limited, India |
|
10 |
|
V Krishnan Held as a Nominee of Max India Limited, India |
|
10 |
|
Mohit Talwar Held as a Nominee of Max India Limited, India |
|
10 |
|
Raman Garg |
|
500 |
|
Total |
|
1944691234 |
As on 14.05.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Nationalized or other banks |
2.95 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
26.00 |
|
Bodies corporate |
71.05 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
||||||||||||||||||||||
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||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||
|
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|
||||||||||||||||||||||
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Fraser and Ross Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore –
560025, Karnataka, India |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276012 |
|
PAN No.: |
AAAFF0644F |
|
|
|
|
Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 14.05.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,944,691,234 |
Equity Shares |
Rs.10/- each |
Rs.19446.912 Millions |
|
|
|
|
|
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 |
|
|
|
|
Share Capital |
19446.912 |
19446.912 |
19446.912 |
|
Employee Stock Option Plan Outstanding |
0.000 |
0.000 |
758.122 |
|
Reserves & Surplus |
1822.667 |
1822.667 |
1822.667 |
|
Credit (Debit) Fair Value Change Account |
210.486 |
27.239 |
19.487 |
|
SUB TOTAL |
21480.065 |
21296.818 |
22047.188 |
|
|
|
|
|
|
BORROWING |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
POLICYHOLDERS FUNDS |
|
|
|
|
Credit (Debit) Fair Value Change Account |
611.567 |
(164.287) |
14.441 |
|
Policy Liabilities |
102178.091 |
72504.849 |
48227.364 |
|
Provision for Linked Liabilities |
113303.822 |
104546.861 |
98656.634 |
|
Discontinued on Account of Non Payment of Premium |
1041.332 |
381.806 |
0.000 |
|
|
|
|
|
|
SUB TOTAL |
217134.812 |
177269.229 |
146898.439 |
|
|
|
|
|
|
FUND FOR FUTURE APPROPRIATIONS |
9986.381 |
6787.233 |
4244.106 |
|
|
|
|
|
|
TOTAL |
248601.258 |
205353.280 |
173189.733 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
Shareholders |
27750.928 |
27110.541 |
21842.146 |
|
Policyholders |
106101.780 |
72921376 |
51611.801 |
|
Assets Held To Cover Linked Liabilities |
113.304 |
104546.861 |
98656.6434 |
|
Loans |
416.843 |
296.098 |
154.655 |
|
Fixed Assets |
1179.566 |
1256.908 |
1199.399 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash and Bank Balance |
3081.959 |
3079.616 |
2603.969 |
|
Advanced and Other Assets |
8775.430 |
7617.958 |
5717.078 |
|
SUB TOTAL (A) |
11857.389
|
10697.574
|
8321.047
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
SUNDRY CREDITORS |
11336.603 |
11885.396 |
12981.073 |
|
PROVISIONS |
1889.294 |
2072.309 |
59.884 |
|
SUB TOTAL (B) |
13225.897 |
13957.705 |
13040.957 |
|
|
|
|
|
|
NET CURRENT
ASSETS (C) (A-B) |
(1368.508) |
(3260.131) |
(4719.910) |
|
MISCELLANEOUS
EXPENDITURE |
0.000 |
0.000 |
703.257 |
|
|
|
|
|
|
DEBIT BALANCE IN
PROFIT AND LOSS ACCOUNT |
1216.736 |
2481.627 |
3697.751 |
|
|
|
|
|
|
TOTAL |
248.601.258 |
205353.280 |
173189.733 |
PROFIT & LOSS
ACCOUNT
(NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Balance brought
forward from the Policyholders’ Account |
2944.034 |
3022.592 |
411.677 |
|
|
|
|
|
|
Income from Investments |
|
|
|
|
(a) Interest, Dividends & Rent - Gross |
2195.625 |
1923.644 |
1286.476 |
|
(b) Profit on sale/redemption of investments |
310.715 |
184.542 |
150.552 |
|
(c) (Loss on sale/redemption of investments) |
(97.655) |
(9.895) |
(2.429) |
|
(d) Transfer / Gain on revaluation/ chance in fair value |
(3.449) |
0.000 |
0.000 |
|
(e) Amortisation of discount (premium) |
9.730 |
95.149 |
63.687 |
|
Other Income (To be specified) |
0.341 |
0.391 |
144.208 |
|
|
|
|
|
|
TOTAL (A) |
5359.341 |
5216.423 |
5756.171 |
|
|
|
|
|
|
Expenses other
than those directly related to the insurance business |
|
|
|
|
Employee
remuneration and welfare benefits |
134.165 |
81.139 |
49.000 |
|
Filing feeds |
0.000 |
0.000 |
0.000 |
|
Donations |
30.000 |
20.000 |
105.000 |
|
Others |
|
|
|
|
-
Interest and bank charges |
1.939 |
1.875 |
1.837 |
|
-
Advertisement and Publicity |
0.000 |
0.00 |
840.534 |
|
-
Travel, conversances and vehicle running expenses
|
0.000 |
9.263 |
14.115 |
|
-
Consultancy charges |
30.000 |
0.000 |
53.455 |
|
-
Transition costs |
0.000 |
337.451 |
0.000 |
|
-
Other miscellaneous expenses |
1.407 |
0.500 |
0.000 |
|
Contribution to the Policyholders account (Technical Account ) |
131.100 |
12.298 |
93.861 |
|
|
|
|
|
|
TOTAL (B) |
328.611 |
462.526 |
1157.842 |
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
5030.730 |
4753.897 |
4598.329 |
|
|
|
|
|
|
PROVISION FOR TAXATION |
671.579 |
519.429 |
0.000 |
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX |
4359.151 |
4234.468 |
4598.329 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
(a) Brought
forward Reserve/Surplus from the Balance Sheet |
(2693.344) |
(3697.751) |
(8296.839) |
|
(b) Dividends paid during the year |
1283.496 |
997.1793 |
0.000 |
|
(c) Proposed final dividend |
1361.284 |
1594.647 |
0.000 |
|
(d) Dividend Distribution on Tax |
449.480 |
431.904 |
0.000 |
|
(e) Transfer to General Reserve |
218.556 |
211.717 |
0.000 |
|
|
|
|
|
|
PROFIT CARRIED FORWARD TO THE BALANCE SHEET |
(1647.009) |
(2693.344) |
(3697.751) |
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.24 |
2.18 |
2.46 |
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 |
19446.912 |
19446.912 |
19446.912 |
|
Reserves & Surplus |
1822.667 |
1822.667 |
1822.667 |
|
Net worth |
21269.579 |
21269.579 |
21269.579 |
|
|
|
|
|
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5756.171 |
5216.423 |
5359.341 |
|
|
|
(9.377) |
2.740 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5756.171 |
5216.423 |
5359.341 |
|
Profit |
4598.329 |
4234.468 |
4359.151 |
|
|
79.89% |
81.18% |
81.34% |
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 |
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 |
---------------------- |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
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.61.78 |
|
|
1 |
Rs.96.78 |
|
Euro |
1 |
Rs.76.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.