MIRA INFORM REPORT
|
Report No. : |
305522 |
|
Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
HDFC ERGO GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, 165-166, Backbay Reclamation, H.T. Parekh Marg,
Churchgate, Mumbai – 400020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.02.2002 |
|
|
|
|
Com. Reg. No.: |
11-134869 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5292.843 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2002PLC134869 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of underwriting general insurance
policies and has launched general insurance products in Motor, Home, Accident
and Health, Weather, Commercial and Specialty business lines. |
|
|
|
|
No. of Employees
: |
1837 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established limited company having excellent. As per available information from financials of year 2013-2014 there
is increase in profits of the company. The company is able to manage its
operations very well. Trade relations are fair. Business is active. Payment are reported to
be regular and as per commitment. The company can be considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Highest Claims Paying Ability =
“iAAA” |
|
Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
March 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-cooperative (Tel No.: 91-22-66383600)
LOCATIONS
|
Registered/ Corporate Office : |
1st Floor, 165-166, Backbay Reclamation, H.T. Parekh Marg,
Churchgate, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
|
|
|
Customer Service Address : |
6th Floor, Leela Business Park, Andheri Kurla Road, Andheri
(East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-66383600 |
|
Fax No.: |
91-22-66383699 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Deepak S. Parekh |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Keki M. Mistry |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Renu Sud Karnad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Andreas Kleiner |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mark Lammerskitten |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Jagdish Khattar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bernhard Steinruecke |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mukesh Kumar |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Ritesh Kumar |
|
Designation : |
Managing Director and Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Finance Corporation Limited |
390732250 |
73.82 |
|
Foreign: ERGO International AG |
137228000 |
25.93 |
|
Others: Employees |
1324000 |
0.25 |
|
|
|
|
|
Total |
529284250 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of underwriting general insurance
policies and has launched general insurance products in Motor, Home, Accident
and Health, Weather, Commercial and Specialty business lines. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||
|
|
|
||||||||||||
|
Customers : |
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
1837 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
|
|
|
|
Auditors : |
|
|
Name 1 : |
G.M. Kapadia and Company Chartered Accountants |
|
|
|
|
Name 2 : |
A.F. Ferguson Associates Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding
Company : |
Housing Development Finance Corporation Limited (HDFC Limited) |
|
|
|
|
Fellow Subsidiaries
: |
|
|
|
|
|
Entities over which
control is exercised : |
HDFC Investment Trust |
CAPITAL STRUCTURE
AS ON 27.07.2014
Authorised Capital : Rs. 6000.000 Millions
Issued, Subscribed & Paid-up Capital : 5386.203
Millions
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000000 |
Equity Shares |
Rs. 10/- each |
Rs. 6000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
529284250 |
Equity Shares |
Rs. 10/-
each |
Rs. 5292.843
Millions |
|
|
|
|
|
Of the above, 390,732,250 (Previous year 390,640,750) Equity Shares of Rs. 10/- each are held by Housing Development Finance Corporation Limited, the Holding Company.
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 |
5292.843 |
5285.490 |
5230.000 |
|
|
2] Reserves & Surplus |
3531.969 |
2772.000 |
2520.000 |
|
|
3] Fair Value Change Account |
7.708 |
(5.074) |
(2.707) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8832.520 |
8052.416 |
7747.293 |
|
|
|
|
|
|
|
|
TOTAL BORROWING |
0.614 |
1.692 |
3.129 |
|
|
DEFERRED TAX LIABILITIES |
158.220 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8991.354 |
8054.108 |
7750.422 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1613.986 |
1112.214 |
997.103 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
31431.308 |
26956.987 |
18877.613 |
|
|
DEFERRED TAX ASSETS |
0.000 |
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 |
2538.977
|
1791.773 |
1968.106 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4241.790
|
2785.066 |
1966.075 |
|
Total
Current Assets |
6780.767
|
4576.839 |
3934.181 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
19623.107
|
16088.308 |
11391.876 |
|
|
Provisions |
11211.600
|
9391.405 |
7099.305 |
|
Total
Current Liabilities |
30834.707
|
25479.713 |
18491.181 |
|
|
Net Current Assets |
(24053.940)
|
(20902.874) |
(14577.000) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
887.781 |
2432.706 |
|
|
|
|
|
|
|
|
TOTAL |
8991.354 |
8054.108 |
7750.422 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
OPERATING
PROFIT/(LOSS) |
|
|
|
|
|
|
Fire Insurance |
573.424 |
274.162 |
166.170 |
|
|
|
Marine Insurance |
(210.979) |
(64.464) |
(126.366) |
|
|
|
Miscellaneous Insurance |
1155.642 |
1062.387 |
(823.222) |
|
|
|
|
TOTAL |
1518.087 |
1272.085 |
(783.418) |
|
|
|
|
|
|
|
|
|
INCOME FROM
INVESTMENTS |
|
|
|
|
|
|
Interest, Dividend and Rent – Gross
|
705.606 |
531.524 |
369.806 |
|
|
|
Profit on sale of investments |
30.404 |
19.468 |
30.212 |
|
|
|
Less: Loss on sale of investments |
0.000 |
0.000 |
0.000 |
|
|
|
Accretion/(Amortisation) of Debt Securities |
12.237 |
11.242 |
(4.168) |
|
|
|
|
TOTAL |
748.247 |
562.234 |
395.850 |
|
|
|
|
|
|
|
|
|
OTHER
INCOME |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL (A) |
2266.334 |
1834.319 |
(387.568) |
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
|
|
Expenses other than those related to insurance business Employees
related remuneration and welfare benefits |
21.324 |
14.185 |
9.321 |
|
|
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
|
|
Wealth Tax and Others |
1.890 |
0.942 |
0.069 |
|
|
|
TOTAL (B) |
23.214 |
15.127 |
9.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
2243.120 |
1819.192 |
(396.958) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
289.052 |
274.267 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1954.068 |
1544.925 |
(396.958) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividends paid during the year |
264.642 |
0.000 |
0.000 |
|
|
|
Dividend distribution tax |
44.976 |
0.000 |
|
|
|
|
Balance of Loss brought forward from
previous year |
(887.781) |
(2432.706) |
(2035.748) |
|
|
BALANCE CARRIED
TO THE B/S |
756.669 |
(887.781) |
(2432.706) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
(Basic) |
3.70 |
2.95 |
(0.79) |
|
|
|
(Diluted) |
3.66 |
2.92 |
(0.79) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
86.22
|
84.22 |
102.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.72
|
31.98 |
(8.05) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.23 |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.22
|
0.18 |
0.21 |
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 |
5230.000 |
5285.490 |
5292.843 |
|
Reserves & Surplus |
2520.000 |
2772.000 |
3531.969 |
|
Fair value change account |
-2.707 |
-5.074 |
7.708 |
|
Net
worth |
7750.000 |
8057.490 |
8824.812 |
|
|
|
|
|
|
Total
borrowings |
0.614 |
1.692 |
3.129 |
|
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) |
|
Total Income |
-387.568 |
1834.319 |
2266.334 |
|
|
|
-573.290 |
23.552 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
-387.568 |
1834.319 |
2266.334 |
|
Profit |
-396.958 |
1544.925 |
1954.068 |
|
|
102.42% |
84.22% |
86.22% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT MATURITY LONG TERM DEBT DETAILS ARE NOT ALLOWED.
|
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 |
No |
|
8] |
No.
of employees |
Yes |
|
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 |
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 |
Yes |
|
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 |
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 |
PERFORMANCE
The gross written premiums of the Company rose by 19.6%, from Rs. 25081.000 Milions to Rs. 30003.000 Millions. The Company achieved a Profit before Tax of Rs. 2243.000 Millions (PY: Rs. 1819.000 Millions). The Profit after Tax for the year is Rs. 1954.000 Millions as against profit of Rs. 1545.000 Millions in the previous year. The net earned premium increased to Rs. 15849.000 Millions from Rs. 12426.000 Millions in the previous year.
AWARDS AND
RECOGNITIONS
In recognition of its efforts to provide superior customer service, streamlining systems and processes, and to develop the Company’s human resources, the Company has received the following awards and recognitions.
ISO CERTIFICATION
HDFC ERGO has been awarded the ISO 9001:2008 certification for its processes relating to Operations and Services, Customer Experience Management and Claims Management functions of the Company.
This certification validates HDFC ERGO’s conformity with internationally established standards for quality systems and assurance in Operations, Claim processing and Customer Service. The certification is a validation of the controls that have been built in place to ensure that the needs and expectations of customers are met. This certification ensures that the Company’s products and services are the most compliant with the existing market standards and requirements.
PERFORMANCE REVIEW
The gross written premiums of the Company increased from Rs. 25080.000 Millions to Rs. 30003.000 Millions, including motor decline risk pool thus growing by 19.6%. The market share of the Company increased from 3.8% to 4.0% and maintained its 4th position among private players. The Company achieved a profit after tax of ` 195.6 crore up from Rs. 1545.000 Millions last year, which is an increase of 26.6%. This was achieved in spite of decline pool losses of Rs. 3680.000 Millions from IMTPDRIP.
BUSINESS AND
OPERATIONAL REVIEW
The Company opened 27 new offices in 17 new locations. These offices were opened in line with its focus to cater to newer locations and also increase business in retail lines.
In line with the Company’s strategy the product mix underwent change in motor, A and H and corporate Line of Businesses at 34% (PY: 32%), 32% (PY: 32%), and 34% (PY: 36%). The Company achieved 4th highest Motor OD monthly accretion, thus improving its overall motor OD rank from 10 in FY13 to 8 in FY14.
The Company saw a continued increase in its agency and rural business. The Company also revamped its website and launched new motor, health and property products, in line with the focus to service customers better.
BACKGROUND
HDFC ERGO General Insurance Company Limited (“the Company”) was incorporated on February 8, 2002 as a
Company under the Companies Act, 1956 (“the Act”). As on March 31, 2014, Housing Development Finance Corporation Limited holds 73.82% and ERGO International AG holds 25.93% of paid up capital of the Company respectively. The Company is registered with the Insurance Regulatory and Development Authority (“IRDA”) and continues to be in the business of underwriting general insurance policies and has launched general insurance products in Motor, Home, Accident and Health, Weather, Commercial and Specialty business lines.
The IRDA has renewed the Company’s Certificate of Registration to sell general insurance products in India for the year 2014-15 vide its Certificate of Renewal of Registration dated February 25, 2014. The renewed registration is with effect from April 1, 2014 and is valid up to March 31, 2015.
INDEX OF CHARGES
NO CHARGES EXIST FOR THE COMPANY.
FIXED ASSETS
- Leasehold
Property
- Building
- Furniture and
Fittings
- Vehicles
- Office
Equipment
- Goodwill
PRESS RELEASE
HDFC ERGO GENERAL INSURANCE COMPANY INKS DISTRIBUTION PACT WITH
DEUTSCHE BANK
MUMBAI: HDFC Ergo General Insurance Company today said it has entered into a distribution agreement with Deutsche Bank.
Under the partnership, the leading German lender will distribute HDFC Ergo's non-life insurance products through its 17 branches spread across 16 Indian cities.
The private sector non-life insurance firm will offer a bouquet of products related to motor, travel, commercial, home, personal accident and critical illness to Deutsche Bank customers.
"We have got a very big payroll customer base and a very big business banking customer base in the country, numbering 82,000. We will be focusing on motor insurance for our salaried class customers under the tie-up numbering 36,000 and will try to sell other non-life products through business banking," Deutsche Bank Head, deposits and wealth management for private and business clients, Japjit Bedi said.
Through this tie-up, we are looking at underwriting premium to the tune of Rs 8 crore per annum, he added.
Deutsche Bank already has a distribution tie-up with private sector life insurer Birla Sun Life.
"We are underwriting premiums to the tune of Rs 250.000 Millions per annum by sale of life insurance products to our customers through this tie-up," Singh said.
"This alliance (with HDFC Ergo) is an important milestone for us as bancassurance is a key element of our growth strategy. It is our endeavour to continuously innovate and make our products widely available," HDFC Ergo Managing Director and CEO Ritesh Kumar said.
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. 61.49 |
|
|
1 |
Rs. 93.12 |
|
Euro |
1 |
Rs. 69.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.