MIRA INFORM REPORT
|
Report No. : |
331281 |
|
Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
IDBI FEDERAL
LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Formerly Known
As : |
IDBI FORTIS LIFE INSURANCE
COMPANY LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Tradeview Building, Oasis Complex Kamala City, Pandurang Budhkar Marg, Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-24908109 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.01.2007 |
|
|
|
|
Com. Reg. No.: |
11-167164 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7996.736 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2007PLC167164 |
|
|
|
|
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 provides wealth
management, protection and retirement solutions. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 : |
Clear |
|
|
|
|
Comments : |
Subject is a well-built company came into existence in the year 2007. It
has a good track record. For the financial year ended 2014, the company possesses upstanding
operational activity and it has achieved fine sales turnover and the
profitability margin is 25.4%. Ratings also takes into consideration the growing business operations
and strong balance sheet of the company having adequate networth and zero
debt balance sheet profile. Trade relations are reported as fair. Business is active. Payment
terms results to be regular and as per commitment. In the view of good market position and healthy financial base, 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
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
31-03-2013.
INFORMATION DENIED
Management non co-operative (91-22-24908109)
LOCATIONS
|
Registered Office : |
1st Floor, Tradeview Building, Oasis Complex Kamala City, Pandurang Budhkar Marg, Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-24908109 |
|
Fax No.: |
91-22-24941016 |
|
E-Mail : |
|
|
Website : |
|
DIRECTORS
As on 25.09.2014
|
Name : |
Mr. Santhanakrishnan Sankaran |
|
Designation : |
Director |
|
Address : |
24, Unnamalai Ammal Street, T. Nagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth/Age : |
01.11.1950 |
|
Date of Appointment : |
10.06.2008 |
|
DIN No.: |
00032049 |
|
|
|
|
Name : |
Coremans Andre Lodewijk Filip |
|
Designation : |
Director |
|
Address : |
8h Headland Road, Repulse Bay, Hong Kong, 852000, Hong Kong |
|
Date of Birth/Age : |
07.07.1964 |
|
Date of Appointment : |
20.09.2011 |
|
DIN No.: |
03178684 |
|
|
|
|
Name : |
Mr. Kumar Muthukrishna Suresh |
|
Designation : |
Director |
|
Address : |
H.H. Sh. Hamdan Bin Rashid Villa, 352/26b Jumeirah, Area, N.R. Arenco Villas, Villa-05 (76), Dubai, 2923, United Arab Emirates |
|
Date of Birth/Age : |
08.07.1950 |
|
Date of Appointment : |
20.09.2012 |
|
DIN No.: |
00494479 |
|
|
|
|
Name : |
Mr. Mukkur Srinivasan Raghavn |
|
Designation : |
Director |
|
Address : |
Flat No. 151/152, Jolly Maker Apartment-II, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1955 |
|
Date of Appointment : |
25.09.2014 |
|
DIN No.: |
05236790 |
|
|
|
|
Name : |
Mr. Shyam Srinivasan |
|
Designation : |
Director |
|
Address : |
101,Nagarjuna Apts, 36 Raman St, T Nagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth/Age : |
02.02.1962 |
|
Date of Appointment : |
25.09.2014 |
|
DIN No.: |
02274773 |
|
|
|
|
Name : |
Philippe Pol Arthur Jacques Latour |
|
Designation : |
Director |
|
Address : |
Flat B, 16/F, Block 1, Grand Garden, 61 South Bay Road, Repluse Bay, Hongkong, Na, , Hong Kong |
|
Date of Birth/Age : |
20.08.1959 |
|
Date of Appointment : |
25.09.2014 |
|
DIN No.: |
06949874 |
|
|
|
|
Name : |
Mr. Mahadev Nagendra Rao |
|
Designation : |
Director |
|
Address : |
2b, Bank House, Unit-Ii, Bhubaneswar - 751009, Orissa, India |
|
Date of Birth/Age : |
17.08.1952 |
|
Date of Appointment : |
25.09.2014 |
|
DIN No.: |
01296161 |
|
|
|
|
Name : |
Mr. Bhagyam Ramani |
|
Designation : |
Director |
|
Address : |
501, Anand Co-Operative Housing Society, Juhu Versova Link Road, Andheri (W),, Mumbai - 400058, Maharashtra, INDIA |
|
Date of Birth/Age : |
09.01.1952 |
|
Date of Appointment : |
25.09.2015 |
|
DIN No.: |
00107097 |
|
|
|
|
Name : |
Mr. Balasubramanian Jayaraman |
|
Designation : |
Director |
|
Address : |
No.4, Apoorva, 6-3-862/3, Sadat Manzil, Ameerpet, Hyderabad, 500016, Andhra Pradesh, India |
|
Date of Birth/Age : |
27.03.1950 |
|
Date of Appointment : |
25.09.2014 |
|
DIN No.: |
01525552 |
|
|
|
|
Name : |
Mr. Vighnesh Ashok Shahane |
|
Designation : |
Whole-Time Director |
|
Address : |
502 Ayesha Manor, Almeida Park Bandra West, Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
12.12.1969 |
|
Date of Appointment : |
25.09.2014 |
|
DIN No.: |
06800850 |
|
|
|
|
Name : |
Gary Lee Crist |
|
Designation : |
Alternate Director |
|
Address : |
8 Peak Gardens 20 Mount Austin Rd Hong Kong Sar, Hongkong, 000000, China |
|
Date of Birth/Age : |
27.07.1957 |
|
Date of Appointment : |
28.07.2014 |
|
DIN No.: |
00942109 |
|
|
|
|
Name : |
Mr. Srinivasan Kothandaraman Vaidyanathan Srinivasan |
|
Designation : |
Additional Director |
|
Address : |
1101, Raheja Majestic, Near Star City,, Matunga- West, Mumbai - 400016, Maharashtra, India |
|
Date of Appointment : |
28.05.2015 |
|
DIN No.: |
02564527 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Ajgaonkar |
|
Designation : |
Secretary |
|
Address : |
301 Avanish Heights 13 Saraswat Colony, Jogeshwari East, Mumbai - 400060, Maharashtra, INDIA |
|
Date of Birth/Age : |
26.06.1970 |
|
Date of Appointment : |
07.01.2012 |
|
PAN No.: |
AAAPA5717C |
|
|
|
|
Name : |
Mr. Kedar Anant Patki |
|
Designation : |
Chief Executive Officer |
|
Address : |
A2-604 Dsk Madhuban, Andheri Kurla Road, Andheri East, Mumbai - 400072, Maharashtra, India |
|
Date of Appointment : |
01.08.2014 |
|
PAN No.: |
ABGPP3218E |
MAJOR SHAREHOLDERS
As on 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
IDBI Bank Limited |
|
383999995 |
|
The Federal Bank Limited |
|
208000000 |
|
Ageas
Insurance International N.V. |
|
208000000 |
|
Deepak Gupta Jointly with IDBI Bank Limited |
|
1 |
|
Ravindranath Babu Jointly with IDBI Bank Limited |
|
1 |
|
Madhav Vasant Phadke Jointly with IDBI Bank Limited |
|
1 |
|
Girish Joshi Jointly with IDBI Bank Limited |
|
1 |
|
Raj Kumar Bansal Jointly with IDBI Bank Limited |
|
1 |
|
Total |
|
800000000 |
As on 25.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Nationalized or
other banks |
74.00 |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides wealth
management, protection and retirement solutions. |
|
|
|
|
Products : |
Not Available |
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|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
|
|
Terms : |
|
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Selling : |
Not Divulged |
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|
|
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
S. P. Chopra and Company Chartered Accountants |
|
Address : |
31-F, Connaught Place, New Delhi – 110001, India |
|
PAN No.: |
AACFS2450C |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
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|
Companies having
substantial interest : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000000 |
Equity Shares |
Rs.10/- each |
Rs.25000.000 Million |
Issued and Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000000 |
Equity Shares |
Rs.10/- each |
Rs.8000.000
Million |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000000 |
Equity Shares |
Rs.10/- each |
Rs.8000.000
Million |
|
|
Less : Preliminary expenses ( to the extent not written off or adjusted ) |
|
Rs.3.264
Million |
|
|
Total |
|
Rs.7996.736 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 |
|
|
|
|
Share Capital |
7996.736 |
7995.649 |
7994.561 |
|
Reserves and Surplus |
0.000 |
0.000 |
0.000 |
|
Credit / (Debit) Fair value change account |
0.000 |
0.969 |
0.237 |
|
Sub-Total (A) |
7996.736 |
7996.618 |
7994.798 |
|
|
|
|
|
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
Sub-Total (B) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
POLICYHOLDERS’
FUNDS |
|
|
|
|
Credit / (Debit) Fair value change account |
11.017 |
(1.635) |
(3.678) |
|
Policy liabilities |
14158.884 |
9175.160 |
5054.444 |
|
Insurance reserves |
0.000 |
0.000 |
0.000 |
|
Provision for linked liabilities |
16358.452 |
16709.694 |
16601.532 |
|
Funds for discontinued policies |
|
|
|
|
Discontinued on account of non-payment of premium |
227.345 |
106.772 |
33.878 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Sub-Total (C) |
30755.698 |
25989.991 |
21686.176 |
|
|
|
|
|
|
Funds for future appropriation |
0.000 |
0.000 |
0.000 |
|
TOTAL (D) = (A) + (B) + (C) |
38752.434 |
33986.609 |
29680.974 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
Investments |
|
|
|
|
Shareholders’ |
2843.320 |
2237.647 |
3026.830 |
|
Policyholders’ |
14465.072 |
9710.071 |
4960.909 |
|
Assets held to cover linked liabilities |
16585.797 |
16816.466 |
16635.410 |
|
Loans |
0.000 |
0.000 |
0.000 |
|
Fixed assets |
104.222 |
136.987 |
172.841 |
|
Sub-Total (E) |
33998.411 |
28901.171 |
24795.990 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash and bank balances |
926.324
|
999.287 |
795.318 |
|
Advances and other assets |
1994.617
|
1637.296 |
1142.639 |
|
|
|
|
|
|
Sub-Total (F) |
2920.941
|
2636.583 |
1937.957 |
|
Current liabilities |
1565.694
|
1747.056 |
1358.602 |
|
Provisions |
31.162
|
35.205 |
17.919 |
|
Sub-Total (G) |
1596.856
|
1782.261 |
1376.521 |
|
|
|
|
|
|
Net Current Assets/(Liabilities) (H) = (F) – (G) |
1324.085
|
854.322 |
561.436 |
|
Miscellaneous expenditure (to the extent not written off or adjusted) |
0.000
|
0.000 |
0.000 |
|
Debit balance in Profit and Loss Account (Shareholders’ account) |
3429.938
|
4231.116 |
4323.548 |
|
Sub-Total (I) |
3429.938
|
4231.116 |
4323.548 |
|
TOTAL (J) = (E) + (H) + (I) |
38752.434
|
33986.609 |
29680.974 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Amounts transferred from the Policyholders' Account (Technical Account) |
960.742 |
816.086 |
286.306 |
|
|
Income from investments |
|
|
|
|
|
a) Interest, dividends & rent – gross |
194.924 |
176.685 |
170.394 |
|
|
b) Profit on sale/redemption of investments |
4.264 |
17.691 |
15.706 |
|
|
c) (Loss on sale/ redemption of investments) |
(0.692) |
(5.422) |
(60.748) |
|
|
d) Amortisation of (premium) / discount on investments (net) |
83.173 |
71.118 |
126.985 |
|
|
Other Income |
|
|
|
|
|
a) Miscellaneous Income |
0.667 |
0.452 |
2.349 |
|
|
Total (A) |
1243.078 |
1076.610 |
540.992 |
|
|
|
|
|
|
|
|
Expense other than those directly related to the insurance business |
17.507 |
17.240 |
15.281 |
|
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
|
Amount transferred to the Policyholders' Account (Technical Account) |
425.047 |
966.841 |
1224.189 |
|
|
Provision for tax - Fringe Benefits Tax / Wealth tax |
(0.654) |
0.097 |
0.138 |
|
|
Provisions (other than taxation) |
|
|
|
|
|
a) For diminution in the value of investments (net) |
0.000 |
0.000 |
0.000 |
|
|
b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
c) Others |
0.000 |
0.000 |
0.000 |
|
|
Total (B) |
441.900 |
984.178 |
1239.608 |
|
|
|
|
|
|
|
|
Profit/(Loss)
before tax = (A) - (B) |
801.178 |
92.432 |
(698.616) |
|
|
|
|
|
|
|
|
Provision for taxation - Income Tax |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) after
tax |
801.178 |
92.432 |
(698.616) |
|
|
|
|
|
|
|
|
Appropriations |
|
|
|
|
|
a) Balance at the beginning of the year |
(4231.116) |
(4323.548) |
(3624.932) |
|
|
b) Interim dividends paid during the year |
0.000 |
0.000 |
0.000 |
|
|
c) Proposed final dividend |
0.000 |
0.000 |
0.000 |
|
|
d) Dividend distribution tax |
0.000 |
0.000 |
0.000 |
|
|
e) Transfer to reserves/other accounts |
0.000 |
0.000 |
0.000 |
|
|
Profit / (Loss) carried to the Balance Sheet |
(3429.938) |
(4231.116) |
(4323.548) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.00 |
0.12 |
(0.90) |
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 operating activities |
1885.517 |
2246.556 |
3801.204 |
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 |
7994.561 |
7995.649 |
7996.736 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net worth |
7994.561 |
7995.649 |
7996.736 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
540.992 |
1076.610 |
1243.078 |
|
|
|
99.007 |
15.462 |
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 |
540.992 |
1076.610 |
1243.078 |
|
Profit |
(698.616) |
92.432 |
801.178 |
|
|
(129.14%) |
8.59% |
64.45% |
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 |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
Subject a joint venture between IDBI Bank Limited (IDBI), Ageas Insurance International N.V. and The Federal Bank Limited was incorporated on January 22, 2007 as a company under the Companies Act, 1956 (‘the Act’). The Company is licensed by the Insurance Regulatory and Development Authority (‘IRDA’) for carrying life insurance business in India.
The Company’s life insurance business comprises individual life and pension and group life, including participating, non-participating, health and linked segments. Some of these policies have riders attached to them such as Accident and Disability Benefit and Critical Illness. These products are distributed through individual agents, corporate agents, banks, brokers, online and Company’s sales force.
BUSINESS
IDBI Federal Life Insurance
Company Limited provides wealth management, protection, and retirement solutions
in India. Its products include Childsurance, a savings protection insurance
plan; Group Microsurance Plan, which provides life insurance cover to groups,
such as micro finance institutions, self help groups, and NGOs; Incomesurance,
a guaranteed money back insurance plan; Lifesurance, a savings insurance plan;
Loansurance and Termsurance, the group insurance plan; and Wealthsurance
Suvidha, a growth insurance plan.
The company offers its products and services through a network of partner bank branches of IDBI Bank and Federal Bank, and a network of advisors and partners. IDBI Federal Life Insurance Company Limited was formerly known as IDBI Fortis Life Insurance Company Limited and changed its name to IDBI Federal Life Insurance Company Limited in August 2010. The company was incorporated in 2007 and is based in Mumbai, India.
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 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.63.56 |
|
|
1 |
Rs.98.22 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.