MIRA INFORM REPORT
|
Report No. : |
356479 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA AIG GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
15th Floor, Tower A, Peninsula Business Park, G K Marg,
Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-66699761 / 66699701 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128425 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5050.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110MH2000PLC128425 |
|
|
|
|
IEC No.: |
Not Applicable (As claimed by company management that company does not export and import) |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT07207E |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Insurance Services and Loan Services for Education, Home and
Business. (From Indirect Sources) |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an indo-US Joint Venture between Tata Group, India’s
premier industrial house and American International Group, Inc, USA As per registrar of companies the date of balance sheet (i.e.
financial filed) is shown as 31.03.2015 but documents related to same for the
financial year ending 2015 is not available from any other sources. The rating takes into consideration strong financial risk profile of
the company marked by debt free capital structure along with strong networth base
in FY14. Further, the company has reported decent increase in its revenue
base along with decent profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In view of strong holding by reputed and well-established “TATA
GROUP”, the company can be considered for normal business dealings with 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-22-66699761)
LOCATIONS
|
Registered Office : |
15th Floor, Tower A, Peninsula Business Park, G K Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66699761 / 66699701 |
|
Fax No.: |
91-22-66546464 / 67762270 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Customer Services and Claims Address : |
A-501, 5th Floor, Building No. 4, Infinity Park, Dindoshi,
Malad (East), Mumbai – 400 097, Maharashtra, India |
|
|
|
|
Branches : |
Located At: ·
·
Chennai ·
·
Kolkata ·
·
·
Pune |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Neelesh Garg |
|
Designation : |
Managing director |
|
Address : |
Flat No.907/908, Tower C, Ashok Towers, Parel, Mumbai -
400012, Maharashtra, India |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
03435242 |
|
|
|
|
Name : |
Mr. Farokh Nariman Subedar |
|
Designation : |
Additional Director |
|
Address : |
1, |
|
Date of Birth/Age : |
24.09.1955 |
|
Date of Appointment : |
26.10.2009 |
|
DIN No.: |
00028428 |
|
|
|
|
Name : |
Jankiballabh |
|
Designation : |
Director |
|
Address : |
Flat No.605, Versova Vinayak Chs, Near Versova, Telephone
Exchange, Versova, Andheri West, Mumbai - 400053, Maharashtra, India |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00011206 |
|
|
|
|
Name : |
Mr. Brajdas Shyamdas Banerjee |
|
Designation : |
Director |
|
Address : |
J-503, Satellite Garden II, |
|
Date of Birth/Age : |
14.10.1941 |
|
Date of Appointment : |
26.03.2009 |
|
DIN No.: |
00064354 |
|
|
|
|
Name : |
Seraina Maag |
|
Designation : |
Director |
|
Address : |
13B, West Heath Road, London, Nw3, 7uu, London, Na, United
Kingdom |
|
Date of Appointment : |
01.09.2014 |
|
DIN No.: |
06945478 |
|
|
|
|
Name : |
Mr. Madhusudan Vasudevan Kannan |
|
Designation : |
Director |
|
Address : |
502, Suraj Prakash CHS, 86 S Ghanekar Marg, Prabhadevi,
Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
01.09.2014 |
|
DIN No.: |
02647756 |
|
|
|
|
Name : |
Michael Schnedler Jensen |
|
Designation : |
Director |
|
Address : |
Arabian Ranches, Saheel 1, Villa 32, Dubai, UAE, Dubai,
Na, United Arab Emirates |
|
Date of Appointment : |
05.12.2014 |
|
DIN No.: |
07015605 |
|
|
|
|
Name : |
Ishaat Hussain |
|
Designation : |
Nominee director |
|
Address : |
222-A NCPA Apartments, Nariman Point, Mumbai - 400021,
Maharashtra, India |
|
Date of Birth/Age : |
02.09.1947 |
|
Date of Appointment : |
24.08.2000 |
|
DIN No.: |
00027891 |
KEY EXECUTIVES
|
Name : |
Kurush Jal Daruwalla |
|
Designation : |
Secretary |
|
Address : |
A Wassiamal Building 387 Grant Road, Mumbai, 400007,
Maharashtra, India |
|
Date of Birth/Age : |
07.03.1960 |
|
Date of Appointment : |
01.12.2000 |
|
PAN No: |
AFNPD1987K |
|
|
|
|
Name : |
Mr. Miranjit Manoj Mukherjee |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat 21 - 22, Shiva Building, 22 Turner Road, Bandra West,
Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
22.11.1964 |
|
Date of Appointment : |
22.04.2010 |
|
PAN No: |
AHSPM6610P |
|
|
|
|
Name : |
Neelesh Sohan Lal Garg |
|
Designation : |
Chief executive Officer |
|
Address : |
Flat No.907/908, Tower C, Ashok Towers, S S Rao Marg,
Parel, Mumbai - 400012, Maharashtra, India |
|
Date of Appointment : |
01.10.2015 |
|
PAN No: |
AANPG3669E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Shareholders |
No. of Shares |
|
Tata Sons Limited, |
100 |
|
Tata Sons Limited, |
100 |
|
Tata Sons Limited, India Jointly with Farokh N Subedar |
100 |
|
Tata Sons Limited, |
100 |
|
AIG MEA Investments And Services Inc |
131300000 |
|
Tata Sons Limited, |
373699400 |
|
Tata Sons Limited, |
100 |
|
Tata Sons Limited, |
100 |
|
|
|
|
Total |
505000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 06.08.2014
|
Category |
Percentage |
|
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 |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services and Loan Services for Education, Home and
Business. (From Indirect Sources) |
|
|
|
|
Services : |
·
Business Loan Services ·
Insurance Services ·
Education Loan Services ·
Loan Services ·
Home Loan Services |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountant |
|
Address : |
Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFK7554R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
RELATED PARTIES : |
DETAILS FILE
ATTACHED. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.10/- each |
Rs.7500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
505000000 |
Equity Shares |
Rs.10/- each |
Rs.5050.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
5050.000 |
5050.000 |
4500.000 |
||
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves
& Surplus |
2213.074 |
1181.044 |
127.448 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Fair Value
Change Account |
141.271 |
(31.623) |
(134.903) |
|
|
NETWORTH |
7404.345 |
6199.421 |
4492.545 |
|
|
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 |
7404.345 |
6199.421 |
4492.545 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
915.154 |
923.010 |
298.616 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
28107.632 |
24352.076 |
18868.741 |
|
|
DEFERREX TAX ASSETS |
39.177 |
24.771 |
283.595 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000
|
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000
|
|
|
Cash & Bank Balances |
1247.955 |
1515.503 |
1071.891
|
|
|
Other Current Assets |
0.000 |
0.000 |
0.000
|
|
|
Loans & Advances |
3566.699 |
3024.666 |
2138.972
|
|
Total
Current Assets |
4814.654 |
4540.169 |
3210.863
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
849.941 |
620.028 |
527.986
|
|
|
Other Current Liabilities |
16588.823 |
15150.686 |
10919.558
|
|
|
Provisions |
9033.508 |
7869.891 |
6721.726
|
|
Total
Current Liabilities |
26472.272
|
23640.605
|
18169.270
|
|
|
Net Current Assets |
(21657.618) |
(19100.436) |
(14958.407)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7404.345 |
6199.421 |
4492.545 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Profit/ Loss |
1648.532 |
880.670 |
(764.130) |
|
|
|
Income From Investment |
724.577 |
553.262 |
317.664 |
|
|
|
Other Income |
39.050 |
80.268 |
79.182 |
|
|
|
TOTAL |
2412.159 |
1514.200 |
(367.284) |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Provisions for (Other than taxation) |
3.915 |
17.658 |
13.150 |
|
|
|
Other Expenses |
19.034 |
1.534 |
70.113 |
|
|
|
TOTAL |
22.949 |
19.192 |
83.263 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
2389.210 |
1495.008 |
(450.547) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
766.355 |
441.412 |
(164.727) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
1622.855 |
1053.596 |
(285.820) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1029.807 |
(23.789) |
262.031 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividends paid during the year |
505.000 |
0.000 |
0.000 |
|
|
|
Proposed final dividend |
85.825 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2061.837 |
1029.807 |
(23.789) |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
3.21 |
2.14 |
(0.75) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from operations activities |
(1.617) |
(4.239) |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.07 |
0.05 |
(0.02) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.24 |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.18 |
0.19 |
0.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs. In
Million |
Rs.
In Million |
|
Share Capital |
4500.000 |
5050.000 |
5050.000 |
|
Reserves & Surplus |
127.448 |
1181.044 |
2213.074 |
|
Fair Value Change Account |
(134.903) |
(31.623) |
141.271 |
|
Net
worth |
4492.545 |
6199.421 |
7404.345 |
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
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 Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
(367.284) |
1514.200 |
2412.159 |
|
|
|
(512.270) |
59.303 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
(367.284) |
1514.200 |
2412.159 |
|
Profit |
(285.820) |
1053.596 |
1622.855 |
|
|
77.82% |
69.58% |
67.28% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
LITIGATION
DETAILS:
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
24/09/2014 |
|||||||
|
Lodging No.:- |
CEXAL/314/2014 |
Filing Date:- |
24/09/2014 |
Reg. No.:- |
CEXA/225/2014 |
Reg. Date:- |
28/10/2014 |
|
|
Petitioner:- |
COMMISSIONER, SERVICE TAX, MUMBAI- II |
|
Respondent:- |
M/S TATA AIG LIFE INSURANCE COMPANY LTD. |
|
|
|
Resp.Adv.:- |
PDS LEGAL (826) |
|
|
INDUSTRY OVERVIEW
The financial year 2013-14 saw a slow down in the economy. The Gross Domestic Product (GDP) is expected to show a growth of 4.9% for the current financial year as compared to 5% in the previous year. The impact of the slow down over two consecutive years was felt by the general insurance industry and their Company. The General Insurance Industry grew by 12% with the Gross Direct Premium Income rising from Rs. 690740.000 Million in the financial year 2012-13 to Rs. 775430.000 Million in the current year. The market share of private insurers (including mono-line health insurers) increased marginally from 45.9% in the previous year ended 31 5t March 2013 to 47.0% for the year ended 31 51 March 2014. The Company's market share of India's general insurance market stood at 3.3% and amongst the general insurance companies in the private sector stood at 7%.
OPERATIONAL REVIEW
The Gross Premium Written of Rs. 24560.000 Million in the year represents a 11% increase over the 2012-13 Gross Premium Written of Rs. 22140.000 Million. The Net premium written for the year was Rs.17320.000 Million compared to Rs. 15060.0000 Million in the previous year. The increase of 15% was on account of the increase in business, change in business mix and higher retentions. The total incurred claims for the year stood at Rs. 11400.000 Million as against Rs. 9690.000 Million in the previous year. Loss ratio for the company stood at 68% against 70% in FY 2012-13. The loss ratios were impacted by change in business mix, higher losses on account of retrocession from the declined pool and effect of a weakening currency. The Company's focus on quality underwriting held it in good stead. It also ensured that the quality of the Company's portfolio remained one of the best amongst the general insurance companies. The Company generated a 60% growth in profits before tax of Rs 2390.0000 Million as compared to Rs 1500.000 Million in FY 2012-2013.
FIXED ASSETS:
·
Land – Freehold
·
Leasehold Improvements
·
Buildings
·
Furniture and Fittings
·
Information Technology Equipment
·
Vehicles
·
Office Equipment
·
Others
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.66.30 |
|
UK Pound |
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
58 |
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.