MIRA INFORM REPORT
|
Report No. : |
332343 |
|
Report Date : |
16.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
CIGNATTK HEALTH INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
10th Floor, Commerz International Business Park, Oberoi Garden City,
Goregaon (East), Mumbai – 400063, Maharashtra |
|
Tel. No.: |
91-22-67103600/ 61703600 |
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|
|
|
Country : |
India |
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|
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
12.03.2012 |
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|
|
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Com. Reg. No.: |
11-227948 |
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Capital
Investment / Paid-up Capital : |
Rs. 1000.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2012PLC227948 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AAECC7904J |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in Health Insurance Business. |
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|
|
|
No. of Employees
: |
185 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between U.S. based “Global Health Service
Leader, Cigna Corporation and Indian Conglomerate TTK Group”. Even though, the company was incorporated as on March 12, 2012, it has
officially commenced its commercial operations on February 24, 2014. Management remains non-cooperative. It is an established company possessing a decent capital base and
comfortable capital structure characterized by zero debt. Moreover,
management has reported a miniscule income from it’s a month of operations
during FY14. However, trade relations are improving. Business is active. Payment
terms are reported as slow but correct. In view of strong and experienced percentage, the company can be
considered for business dealings with caution and we recommend customary
monitoring of its commercial operations. |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-61703600]
LOCATIONS
|
Registered/ Corporate Office : |
10th Floor, Commerz International Business Park, Oberoi Garden City,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-67103600/ 61703600 |
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Fax No.: |
91-22-67103689 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at: · New Delhi · Mumbai · Kolkata · Chennai · Bangalore · Hyderabad · Coimbatore · Cochin · Ahmedabad · Chandigarh · Pune |
DIRECTORS
AS ON 01.09.2014
|
Name : |
Mr. Sandeep Arunbhai Patel |
|
Designation : |
Managing director |
|
Address : |
Flat No. 1201, 12th Floor, Nair House, 14A Road, Ahinsa Marg and 14B Road, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1966 |
|
Qualification : |
Bachelors of Science – Actuarial Science |
|
Experience : |
21 Years |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
03210271 |
|
|
|
|
Name : |
Mr. Raghunathan Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
91/1 (Old), 146 (New), Santhome High Road, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
08.07.1952 |
|
Qualification : |
Bachelor of Commerce |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
00043455 |
|
|
|
|
Name : |
Mr. Jagannathan Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
No.6, Brunton Cross Road, Museum Road, Ashok Nagar, Bangalore - 560025, Karnataka, India |
|
Date of Birth/Age : |
13.05.1948 |
|
Qualification : |
Mechanical Engineer and M.S. [Operations Research] |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
00191522 |
|
|
|
|
Name : |
Mr. Hemant Kaul |
|
Designation : |
Director |
|
Address : |
801/802, Satellite Towers, Koregaon Park Annex, Pune - 411036, Maharashtra, India |
|
Date of Birth/Age : |
23.02.1956 |
|
Qualification : |
B. Sc [Hons.] and MBA |
|
Date of Appointment : |
28.03.2014 |
|
DIN No.: |
00551588 |
|
|
|
|
Name : |
Mr. Narottam Puri |
|
Designation : |
Director |
|
Address : |
14, August Kranti Marg, Anand Lok, New Delhi – 110049, India |
|
Date of Birth/Age : |
30.09.1947 |
|
Qualification : |
MBBS, MS, FICS, FIAMS ADHA |
|
Date of Appointment : |
28.03.2014 |
|
DIN No.: |
01077709 |
|
|
|
|
Name : |
Mr. Jason Dominic Sadler |
|
Designation : |
Director |
|
Address : |
Flat A 17/F, BLK T1, One Silversea,, 18 Hoi Fai Road, Tai Kok Tsui, Kowloon, Hong Kong |
|
Date of Birth/Age : |
16.05.1968 |
|
Qualification : |
Chartered Institute of Management Accounts [ACMA] and BA Business Studies.
|
|
Date of Appointment : |
09.01.2013 |
|
DIN No.: |
06440304 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Amrit Raj |
|
Designation : |
Secretary |
|
Address : |
Flat No.12, Chaitanya CHS, Tejpal Scheme No 2, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Birth/Age : |
28.07.1981 |
|
Date of Appointment : |
14.11.2013 |
|
PAN No.: |
AHQPA4654D |
|
|
|
|
Name : |
Mr. Aloke Gupta |
|
Designation : |
Senior Vice President – Strategy |
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|
Name : |
Mr. Dhiraj Goel |
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Designation : |
Appointed Actuary |
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|
Name : |
Mrs. Reena Tyagi |
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Designation : |
Head HR |
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|
Name : |
Mr. Amit Sirsikar |
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Designation : |
Head – Retail Business |
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|
Name : |
Ms. Jyoti Punja |
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Designation : |
Chief Operating Officer |
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|
Name : |
Mr. Gaurav Rajput |
|
Designation : |
Chief Marketing |
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|
Name : |
Mr. Vivek Mathur |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 01.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Jagannathan Thattai Thiruvallur |
|
1 |
|
Raghunathan Thattai Thiruvallur |
|
1 |
|
Latha Jagannathan Thiruvallur |
|
1 |
|
Bhavu Raghunathan Thiruvallur |
|
1 |
|
Lakshman Jagannathan Thiruvallur |
|
1 |
|
Sriram Raghunathan Thiruvallur |
|
1 |
|
TTK Partners LLP, India |
|
128999994 |
|
Cigna Holdings Overseas Inc. |
|
45324323 |
|
|
|
|
|
Total |
|
174324323 |
AS ON 01.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Health Insurance Business. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
185 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditor 1 : |
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|
Name : |
S. Viswanathan Chartered Accountants |
|
Address : |
17, Bishop Wallers Avenue (West), Mylapore, Chennai – 600004,
Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFV0367K |
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|
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Auditor 2 : |
|
|
Name : |
N.M. Raiji and Company Chartered Accountants |
|
Address : |
Universal Insurance Building, 6th Floor, Sir P.M. Road, Mumbai –
400001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFN4217G |
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Joint Venture : |
· TTK Partners LLP [74%] · Cigna Holdings Overseas Inc. [26%] |
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Associates : |
· TTK and Company · Cigna Health Solutions India Limited · Cigna International Services |
CAPITAL STRUCTURE
AFTER 01.09.2014
Authorised Capital : Rs. 3000.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 2000.000
Million
AS ON 01.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
174,324,323 |
Equity Shares |
Rs. 10/- each |
Rs. 1743.243 Millions |
|
|
|
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|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
PATTERN OF SHAREHOLDING
[As certified by the Management]
|
Shareholders |
31.03.2014 |
|
|
|
Number of Shares |
% of Holding |
|
Promoters |
|
|
|
-
Indian |
74,000,000 |
74 |
|
-
Foreign |
26,000,000 |
26 |
|
|
|
|
|
Others |
-- |
-- |
|
|
|
|
|
Total |
100,000,000 |
100 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SR. NO. |
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
SOURCES OF FUNDS |
|
|
|
1 |
Share Capital |
1000.000 |
100.500 |
|
|
|
|
|
|
2 |
Reserves and Surplus |
450.980 |
0.000 |
|
|
|
|
|
|
3 |
Fair Value change account |
0.000 |
0.000 |
|
|
|
|
|
|
4 |
Borrowings |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
1450.980 |
100.500 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
1 |
Investments |
734.859 |
0.000 |
|
|
|
|
|
|
2 |
Loans |
0.000 |
0.000 |
|
|
|
|
|
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3 |
Fixed Assets |
0.396 |
0.000 |
|
|
|
|
|
|
4 |
Deferred Tax Assets |
0.000 |
0.000 |
|
|
|
|
|
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5 |
CURRENT ASSETS |
|
|
|
|
Cash and bank balances |
916.613 |
0.500 |
|
|
|
|
|
|
|
Advances and Other Assets |
103.792 |
98.850 |
|
|
|
|
|
|
|
Sub-total [A] |
1020.405 |
99.350 |
|
|
|
|
|
|
6 |
Current liabilities |
901.650 |
0.236 |
|
|
|
|
|
|
7 |
Provisions |
7.574 |
0.000 |
|
|
|
|
|
|
|
Sub-total [B] |
909.224 |
0.236 |
|
|
|
|
|
|
|
NET CURRENT
ASSETS [C] [A - B] |
111.181 |
99.114 |
|
|
|
|
|
|
8 |
Miscellaneous Expenditure [to the extent not written off or adjusted] |
0.000 |
0.000 |
|
|
|
|
|
|
9 |
Debit Balance in Profit and Loss Account |
604.544 |
1.386 |
|
|
|
|
|
|
|
TOTAL |
1450.980 |
100.500 |
REVENUE
ACCOUNT FOR THE YEAR ENDED MARCH 31, 2014
|
SR. NO. |
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
1 |
Premiums Earned [Net] |
0.124 |
0.000 |
|
|
|
|
|
|
2 |
Profit/ (Loss) on sale/ redemption of Investments |
0.000 |
0.000 |
|
|
|
|
|
|
3 |
Others |
0.000 |
0.000 |
|
|
|
|
|
|
4 |
Interest, Dividend and Rent – Gross |
0.017 |
0.000 |
|
|
|
|
|
|
|
TOTAL [A] |
0.141 |
0.000 |
|
|
|
|
|
|
1 |
Claims incurred [Net] |
0.074 |
0.000 |
|
|
|
|
|
|
2 |
Commission |
0.306 |
0.000 |
|
|
|
|
|
|
3 |
Operating Expenses related to Insurance Business |
627.157 |
0.000 |
|
|
|
|
|
|
|
TOTAL [B] |
627.537 |
0.000 |
|
|
|
|
|
|
|
Operating
Profit/ (Loss) from Fire/ Marine/ Miscellaneous Business [A - B] |
(627.396) |
0.000 |
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders Account |
(627.396) |
0.000 |
|
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
|
|
Other Investments |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL [C] |
(627.396) |
0.000 |
PROFIT
& LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2014
|
SR. NO. |
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
1 |
OPERATING
PROFIT/ (LOSS) |
|
|
|
|
Fire Insurance |
0.000 |
0.000 |
|
|
Marine Insurance |
0.000 |
0.000 |
|
|
Miscellaneous Insurance |
(627.396) |
0.000 |
|
|
|
|
|
|
2 |
INCOME FROM
INVESTMENTS |
|
|
|
|
Interest, Dividend and Rent – Gross |
39.863 |
0.000 |
|
|
Profit on sale of Investments |
0.000 |
0.000 |
|
|
Less: Loss on sale of Investments |
0.000 |
0.000 |
|
|
|
|
|
|
3 |
OTHER INCOME |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL [A] |
(587.533) |
0.000 |
|
|
|
|
|
|
4 |
PROVISIONS
[Other than taxation] |
|
|
|
|
For diminution in the value of Investments |
0.000 |
0.000 |
|
|
For doubtful debts |
0.000 |
0.000 |
|
|
Others |
0.000 |
0.000 |
|
|
|
|
|
|
5 |
OTHER EXPENSES |
|
|
|
|
Expenses other than those related to Insurance Business |
15.625 |
1.386 |
|
|
Bad Debts written off |
0.000 |
0.000 |
|
|
Others |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL [B] |
15.625 |
1.386 |
|
|
|
|
|
|
|
Profit/ (Loss) before Tax |
(603.158) |
(1.386) |
|
|
|
|
|
|
|
Provision for Taxation |
0.000 |
0.000 |
|
|
|
|
|
|
|
Profit/ (Loss)
after Tax |
(603.158) |
(1.386) |
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Interim dividends paid during the year |
0.000 |
0.000 |
|
|
Proposed final dividend |
0.000 |
0.000 |
|
|
Transfer to any Reserves or Other Accounts |
0.000 |
0.000 |
|
|
|
|
|
|
|
Balance of Profit/ (Loss) brought forward from previous period |
(1.386) |
0.000 |
|
|
|
|
|
|
|
Balance carried
forward to Balance Sheet |
(604.544) |
(1.386) |
|
|
|
|
|
|
|
Earnings/ (Loss)
per share |
(10.40) |
(1.84) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
|
NA |
NA |
|
|
|
|
|
|
Net Cash flow from operating activities |
|
(426.707) |
(100.000) |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
BACKGROUND
Subject was incorporated on 12th March 2012 as a company under
the Companies Act 1956. The Company received the license to commence business
from the Insurance Regulatory and Development Authority [IRDA] on 13th
November 2013 to transact and underwrite health Insurance business under the
miscellaneous segment in India.
The Company is a joint venture between TTK Partners LLP [74%] and Cigna
Holdings Overseas Inc. [26%].
BRIEF OVERVIEW
The Company, CignaTTK Health Insurance Company Limited, was incorporated
on 12th March 2012. The
Company has obtained the Certificate of Registration bearing No. 151 from the Insurance Regulatory and
Development Authority (IRDA), Hyderabad on 13 November 2013 to
carry on business of General (Health) Insurance in India.
IRDA has renewed the Company's Certificate of Registration to carry on the business of
General (Health) Insurance for the Financial Year 2014-15 and has also approved first product of the Company on 14Ih February 2014.
The Company's mission is to improve the health, well-being and sense of
security of the people it serve.
PRODUCTS
IRDA has approved the first product of your Company on 14th February 2014 pursuant to which the Company has
recently started its commercial operations.
The Company is keen on spotting the emerging trends in the insurance
market and capitalizes on these to the ultimate benefit of the customers.
Keeping in mind the growing sophistication of the Indian consumers and in the
face of the competitive environment, the Company has designed the Product to
ensure that it meets the needs of the various customer segments. The Company
has conducted need based analysis of the market as well as identified
preferential drivers for buying insurance products, all of which has been used
to define the CignaTTK ProHealth Insurance Product.
The Product has been very well received in the market and within a short
span of time has been able to compete well with the existing products. The
product offers a Sum Insured range from 2.5 Lakh to 100 Lakh under 4 Plans
viz. ProHealth Protect. ProHealth Plus, ProHealth Preferred and ProHealth
Premier. The Plans also offer unique benefits towards Worldwide Cover, Health
Maintenance Benefits, Maternity Expenses, Restoration Benefits and a Healthy
Reward Program that encourages customers to stay healthy.
The Company has filed some innovative product impositions including a
Global Benefit Cover with the regulator and will continue to file more products
in the near and long term to enhance the overall product portfolio.
UNDERWRITING AND
OPERATIONS
The Company has ensured that at the outset of the business the
Underwriting Approach is clearly defined towards defining and following the
right risk management principles.
The Underwriting Principles are designed to ensure that they measure and
monitor the volatility of the portfolios from time to time, define and
consistently operate with walk-away positions for portfolios with respect to
Risk Selection, Policy Coverage and Pricing.
The Company has also invested in developing technical capabilities and
ensured that underwriting staff have the necessary knowledge, skills and
experience to carry out their duties. The Company has ensured that the risk
management and underwriting process is managed with minimal manual
intervention. An online underwriting tool has been Implemented which is used
for all portfolios, providing technical underwriting and policy coverage
guidance and instructions, along with risk retention frameworks and pricing
expectations / rules. Reporting and monitoring tools will exist to support an
understanding of all portfolios and allow early mitigation of underwriting
risks if identified.
The overall underwriting process is governed by effective and efficient governance
which lays down a program of underwriting audits and reviews to govern all
aspects of the underwriting operations.
FIXED ASSETS:
· Software
· Furniture and Fittings
· IT Equipment
· Vehicles
· Office Equipment
PRESS RELEASES
CIGNATTK HEALTH INSURANCE FORMS DISTRIBUTION TIE-UP WITH ADITYA BIRLA
MONEY GROUP
CignaTTK - 13
October 2014
Mumbai, 9th October, 2014: CignaTTK Health
Insurance a joint venture between U.S. based global health service leader,
Cigna Corporation (NYSE:CI), and Indian conglomerate TTK Group, today announced
a distribution tie-up with Aditya Birla Money Insurance Advisory Services Ltd,
wholly owned subsidiary of Aditya Birla Money Mart Limited, part of the
Aditya Birla Group.
The two entities have got into a corporate agency partnership to provide
comprehensive health insurance solution to consumers.
Announcing the partnership, Mr. Sandeep Patel, Managing Director and
CEO, CignaTTK Health Insurance Company Limited said, “We are delighted to partner with Aditya Birla Money, to provide
innovative health insurance solutions to consumers across the country. Our
partnership with Aditya Birla Money has built on common values we share, of
customer focus, transparency and innovation. We are self-assured that together
we will provide a strong and compelling health and wellness value proposition
to our consumers along with enhanced customer service.”
Speaking on this occasion, Mr. Sudhakar Ramasubramanian, CEO, Aditya
Birla Money Mart Limited said, “This partnership with CignaTTK helps us to add health insurance option
to our robust and growing suite of comprehensive financial services offerings
for our customers.”
CignaTTK, will offer ProHealth, its flagship health insurance product to
its customer. The product is designed aiming to address multiple customer
requirements through its 4 plan options with an add-on Critical Illness cover.
The sum insurance ranges from 2.5 Lac to 100 Lac. ProHealth plan has unique
built in, health and wellness benefits, such as worldwide emergency cover, health
maintenance benefits and health rewards incentives, for healthy living.
“We would leverage Aditya Birla
Money’s pan India presence to reach out to larger customer base and drive our
message of Health and wellness” added, Mr. Patel.
About CignaTTK Health
Insurance Company Limited
CignaTTK Health Insurance Company Limited is a joint venture between the
U.S. based global health service leader, Cigna Corporation and Indian
conglomerate TTK Group. Cigna Corporation (NYSE:CI) maintains sales capability
in 31 countries and jurisdictions and has more than 80 million customer
relationships throughout the world. TTK is widely recognized across India with
a reputation built across eight decades for quality consumer products and
services.
CignaTTK is a stand-alone health insurance company having a pan India
presence, headquartered in Mumbai. CignaTTK will offer differentiated health
insurance solutions including health and wellness programs that support
customers in making lifestyle changes and managing chronic medical conditions.
About Aditya Birla Money
Aditya Birla Money is a single brand offering the combined products and
services of Aditya Birla Money Limited, Aditya Birla Money Mart Limited and
Aditya Birla Money Insurance Advisory Limited, wholly owned subsidiary of
Aditya Birla Money Mart Limited.
Aditya Birla Money Limited is a broking and distribution player,
offering Equity and Derivative trading through NSE and BSE and Currency
derivative on MCX-SX. It is registered as Depository Participant with both NSDL
and CDSL and also provides commodity trading on MCX and NCDEX through its
subsidiary company.
Aditya Birla Money Mart Limited is a wealth management and distribution
player, offering third party products like company deposits, mutual funds,
structured products, alternate investments, property services and has a premier
wealth management service arm to cater to HNI customers.
Aditya Birla Money Insurance Advisory Ltd is a wholly owned subsidiary
of Aditya Birla Money Mart Ltd and is in the distribution of Insurance products
as Corporate Agent.
These offerings are delivered through a strong pan India distribution
network of about 1000 own and franchisee branches, a robust online and offline
model with a strong technology backbone to a large customer base, in excess of
4 lakhs.
CIGNA TTK HEALTH INSURANCE EXPANDS IN 5 MORE CITIES
CignaTTK - 08
September 2014
Mumbai, 3rd September, 2014: Cigna TTK Health
Insurance a joint venture between U.S. based global health service leader, Cigna
Corporation (NYSE:CI), and Indian conglomerate TTK Group, today announced the
launch of its branches in Ahmedabad, Chandigarh, Coimbatore, Cochin and Pune,
as a part of its expansion plan.
At present Cigna TTK Health Insurance has its presence in Mumbai, Delhi,
Calcutta, Chennai and Bangalore.
This was announced by Mr. Sandeep Patel, CEO and Managing Director,
Cigna TTK Health Insurance Company Limited. “We are delighted to bring Cigna
TTK’s products to the citizens of Ahmedabad, Chandigarh, Coimbatore, Cochin and
Pune. Cigna TTK’s focus is to encourage customers to stay healthy and live life
to the fullest. We do that by delivering products and services that will help
increase awareness and assist customers to lead healthier lifestyles. Given the
continued rise in medical costs in India, coupled with a parallel increase in
lifestyle related diseases, there is an need to upscale health insurance
penetration in the country. We are committed to providing affordable and
innovative health insurance solutions to meet our customer’s daily health
challenges without compromising on quality customer service.”
Launched in February 2014, Cigna TTK has already built a strong
reputation in launching innovative products and services aimed towards specific
individual and family health needs, with processes that are easy to experience.
The company has also launched the ProActiv Living program that will
enable customers to stay healthy through online wellness programs specially
designed around their health needs.
“We envisage huge potential from these important markets and I’m
confident that with our unique combination of health products, wellness
solutions and customer focused services we will be successful in increasing
health insurance penetration in the country,” He added.
About CignaTTK Health
Insurance Company Limited
Cigna TTK Health Insurance Company Limited is a joint venture between
the U.S. based global health service leader, Cigna Corporation and Indian
conglomerate TTK Group. Cigna Corporation (NYSE:CI) maintains sales capability
in 31 countries and jurisdictions and has more than 80 million customer
relationships throughout the world. TTK is widely recognized across India with
a reputation built across eight decades for quality consumer products and
services.
Cigna TTK is a stand-alone health insurance company having a pan India
presence, headquartered in Mumbai. Cigna TTK will offer differentiated health
insurance solutions including health and wellness programs that support
customers in making lifestyle changes and managing chronic medical conditions.
CIGNA TTK HEALTH INSURANCE LAUNCHES PROHEALTH
CignaTTK - 27
March 2014
· Cigna TTK launches an Individual and Family Health Insurance Plan - ProHealth
· A unique health insurance plan with Rewards Program and Health Maintenance Benefits
· Provides emergency health cover across the world
· 100 per-cent restoration of sum insured when the Sum Insured is insufficient for a new claim
· Sum Insured ranges from Rs. 0.250 Million up to Rs. 10.000 Million
· ProHealth offers 4 plans and multiple customization options to cater to different segments
Mumbai, 26 March
2014: Cigna TTK Health Insurance a joint venture between U.S. based global
health service leader, Cigna Corporation (NYSE:CI), and Indian conglomerate TTK
Group, today announced the launch of a health insurance product
“ProHealth” with an add-on Critical Illness option.
Announcing the launch, Mr. Sandeep Patel, CEO and Managing Director,
CignaTTK Health Insurance Company Limited said “We strongly believe that
different consumers have different requirements, hence we have developed
ProHealth to be flexible to consumer’s unique needs. The product has four
variants and multiple customization options to cater to all consumer segments.
Also at Cigna TTK our focus is on Health & Wellness, hence we have
introduced unique benefits such as healthy rewards and health maintenance
benefits to encourage consumers to stay healthy. In addition our Healthy life
service solution ProLife, provides consumers with online programs to live a
healthier lifestyle.”
ProHealth offers immediate benefit to the policy holder through Cigna
TTK Health Maintenance Benefits that will cover the cost for diagnostic tests, drugs
and doctor’s fees prescribed by the physician for minor ailments. In addition,
Cigna TTK facilitates a Healthy Reward Program that allows its customers to
earn reward points on the premium paid and accrue additional points by opting
for Cigna TTK’s ProLife - an online wellness program.
One of the significant features of this product is that it offers
world-wide emergency health cover to the policy holder. Through this facility,
a customer is covered for health emergencies anywhere across the world.
The plan has a Smart Restoration feature that has been designed in a
consumer friendly way that restores the entire sum insured, in case the balance
is insufficient for the subsequent claims, within the same year.
“A strong service proposition is vital to complement a feature rich
product. Therefore at Cigna TTK we have clinically trained service
representatives to handle customer queries and industry leading turnaround
times to help customers when they need us the most during illness or health”
added Mr. Patel.
ProHealth will offer customers to avail sum insurance ranging from Rs.
0.250 Million to 10.000 Millions. Developed after extensive research, ProHealth
aims to address multiple customer requirements through 4 plan options -
ProHealth Protect, ProHealth Plus, ProHealth Preferred and ProHealth Premier.
The plan also allows ProHealth Protect, Plus and Preferred customers to opt for
an add-on Critical Illness cover.
As a part of this plan, the insured is eligible for maternity and new
born baby coverage. In addition, there are value added features such Expert
medical opinion on critical Illnesses, Deductible Plans for Consumers with
existing Health Cover or those who can afford to pay the initial claim amount.
Tax Benefits are offered as a part of ProHealth plan along with standard
features such as In-Patient, pre and post hospitalization, Ambulance expenses
and Donor Expenses.
About CignaTTK
Health Insurance Company Limited
Cigna TTK Health Insurance Company Limited is a joint venture between
the U.S. based global health service leader, Cigna Corporation and Indian
conglomerate TTK Group. Cigna Corporation (NYSE:CI) maintains sales capability
in 31 countries and jurisdictions and has more than 80 million customer
relationships throughout the world. TTK is widely recognized across India with
a reputation built across eight decades for quality consumer products and
services.
Cigna TTK is a stand-alone health insurance company having a pan India
presence, headquartered in Mumbai. Cigna TTK will offer differentiated health
insurance solutions including health and wellness programs that support
customers in making lifestyle changes and managing chronic medical conditions.
CIGNA TTK HEALTH INSURANCE LAUNCHES BUSINESS OPERATIONS IN INDIA
CignaTTK - 25
February 2014
· Cigna TTK is a joint venture between U.S. based Cigna Corporation and TTK Group
· Cigna TTK Health Insurance to operate as a standalone health insurer
· Aim to promote a healthier lifestyle through Health and Wellness solutions
· Launch with a multi-channel, country wide distribution model
· Focus on hiring high quality talent with an emphasis on technology and customer centricity
Mumbai, 25th February 2014: Cigna
TTK Health Insurance a joint venture between U.S. based global health service leader,
Cigna Corporation (NYSE:CI), and Indian conglomerate TTK Group, announced the
launch of its operations in India, today.
Speaking at the occasion Mr. T.T.
Jagannathan, Chairman of the TTK Group of Companies said, “We’re delighted to partner with
Cigna. It is our commitment to provide quality products and services to our
customers. TTK group upholds ‘Transparency, Trust and Knowledge’ in all aspects
of our business. Through our partnership with Cigna, we now intend to deliver
health insurance solutions that keep the customer at the heart of everything we
do.”
Announcing the launch, Mr.
Sandeep Patel, CEO and Managing Director, CignaTTK Health Insurance Company
Limitedsaid “Cigna TTK’s focus is to encourage customers to stay healthy and
live life to the fullest. We will do that by delivering products and services
that will educate and assist customers to lead healthier lifestyles. Given the
continued rise in medical costs in India, coupled with a parallel increase in
lifestyle related diseases, there is an need to upscale health insurance
penetration in the country. We are committed to providing affordable and
innovative health insurance solutions to meet our customer’s daily health
challenges without compromising on quality customer service.”
Mr. Jason Sadler, President, Cigna Global Individual said, “Cigna is one of the leading
health service companies in the world and operates in more than 31 countries.
With more than 80 million customer relationships worldwide, we pride ourselves
on our ability to provide products and services aligned with customer
expectations of solutions that are easy to access, use, and deliver on their
promise. We are delighted to partner with the TTK Group and look forward to
bringing to Indian customers innovative health and wellness solutions.”
Cigna TTK has undertaken extensive consumer research to understand the needs of
Indian consumers. As a result of this research, Cigna TTK has the insights
needed to develop and launch innovative products and services aimed towards
specific individual and family health needs, with processes that are easy to
experience. The company will focus on various proactive measures to inspire,
motivate and incentivize a customer to stay in good health.
“Leveraging the strengths of TTK’s strong local market expertise with Cigna’s
expertise in developing innovative products and services will help Cigna TTK
meet the needs of consumers, who are progressively realizing the importance of
health insurance.” added, Mr. Patel.
About CignaTTK Health Insurance Company
Limited
CignaTTK
Health Insurance Company Limited is a joint venture between the U.S. based
global health service leader, Cigna Corporation and Indian conglomerate TTK
Group. Cigna Corporation (NYSE:CI) maintains sales capability in 31 countries
and jurisdictions and has more than 80 million customer relationships
throughout the world. TTK is widely recognized across India with a reputation
built across eight decades for quality consumer products and services.
Cigna TTK is a stand-alone health insurance company having a pan India
presence, headquartered in Mumbai. Cigna TTK will offer differentiated health
insurance solutions including health and wellness programs that support
customers in making lifestyle changes and managing chronic medical conditions.
CIGNA TTK HEALTH INSURANCE SECURES LICENSE FROM IRDA, TO SHORTLY
COMMENCE INDIA OPERATIONS
CignaTTK - 05
December 2013
Mumbai, 18th
November 2013
Cigna TTK Health Insurance Company Limited, a joint venture between the
U.S. based global health service leader, Cigna Corporation, and Indian
conglomerate TTK Group, has received the regulatory - license from the
Insurance Regulatory and Development Authority (IRDA) on 13th November, 2013
and is set to commence its operations soon.
Announcing this development, Mr. Sandeep Patel, Managing Director &
CEO, Cigna TTK Health Insurance said, "We are happy to announce that
we have received the regulatory approval from IRDA to commence operations in
India. We would like to thank the IRDA for its support throughout the licensing
process.
“We are truly excited to mark our presence here and bring to life Cigna
TTK Health Insurance’s mission to improve the health, well-being and sense of
security of the people we serve. We will strongly leverage Cigna’s global
health services experience and expertise, and the trust, credibility and
experience of the TTK group to offer an innovative suite of products backed by
an enhanced customer experience. To support this, we have extensively invested
in state-of-the-art technology, to give customers and distributors a completely
hassle-free and personal experience."
Cigna TTK Health Insurance is a stand-alone health insurance company,
headquartered in Mumbai and will look to roll out a pan India presence.
About Cigna TTK
Health Insurance Company Limited
U.S. health service giant Cigna Corporation, and Indian conglomerate TTK
Group have entered into a joint venture to sell health insurance products in
India. Cigna TTK Health Insurance Company Limited (Cigna TTK) has been
incorporated and is based in Mumbai.
About Cigna
Corporation:
Cigna Corporation (NYSE: CI) is a global health service company
dedicated to helping the people we serve improve their health, well-being and sense
of security. All products and services are provided exclusively by or through
operating subsidiaries of Cigna Corporation, including Connecticut General Life
Insurance Company, Cigna Health and Life Insurance Company, Life Insurance
Company of North America and Cigna Life Insurance Company of New York. Such
products and services include an integrated suite of health services, such as
medical, dental, behavioural health, pharmacy, vision, supplemental benefits,
and other related products including group life, accident and disability
insurance. Cigna maintains sales capability in 30 countries and jurisdictions,
and has more than 80 million customer relationships throughout the world.
CIGNA AND TTK LEADERS OUTLINE DETAILS OF NEW JOINT VENTURE TO SELL HEALTH
INSURANCE ACROSS INDIA
Cigna and TTK
Leaders Outline Details of New JV MUMBAI, India - 17 January 2012
Global health service company, Cigna Corporation, and TTK Group, the
Indian conglomerate, today announced that their joint venture to sell health
insurance products across India will be named Cigna TTK Health Insurance and
will be headquartered in Mumbai. Sandeep Patel, Managing Director of Cigna
Health Solutions India Pvt. Ltd., a wholly owned Cigna subsidiary, has been
named chief executive officer of the joint venture.
An important business hub in India and a center of commerce for the
insurance sector, Mumbai was chosen as the corporate headquarters and offers a
very strong pool of talented local professionals.
Patel will be responsible for managing all aspects of the joint
venture’s emerging business, including developing and deploying a suite of
innovative products and services, including: individual private medical
insurance; supplemental health and accident products; and health benefits for
expatriates. Since joining Cigna in 1998, Patel has served in several
leadership roles and functions including the expansion and management of
Cigna’s business in the Middle East region.
Cigna TTK Health Insurance will focus on insurance and related services
in the health sector, one of the fastest growing segments of the Indian
economy. Pending approval by India’s regulatory authorities, the joint venture
is expected to begin operations in early 2013 and will build its workforce
locally.
With 1.2 billion people – one-sixth of the world’s total population –
India is experiencing major public health changes and challenges marked by an
increase in chronic conditions and lifestyle diseases such as diabetes and
hypertension, mirroring worldwide trends. Health care spending is expected to
grow significantly over the next decade, driving the need for developing and
leveraging successful health management programs and systems.
Cigna and TTK said their joint venture will offer a new and innovative
approach to India’s health service marketplace by offering consumers a
portfolio of innovative products that help support and improve health and
well-being with high-quality care. “We have proven expertise in offering
solutions that seek to improve customers’ health while managing cost,” said
Cigna Chief Executive Officer David Cordani.
Essential to the joint venture’s success is the consumer and market
experience of TTK. “We recognize the value of TTK’s deep insights into the
Indian consumer’s interests and needs as well as their ability to reach these
consumers across the country,” Cordani said.
T. T. Jagannathan, Chairman of the TTK Group, said, “We are very pleased
to partner with Cigna and continue to deepen our relationship with the
consumers of India. With its extensive global healthcare expertise, Cigna has
demonstrated a keen interest in India and the health and well-being of its
citizens.”
As the joint venture’s new chief executive officer, Patel, has spent
several years working in the United States and internationally for Cigna. “I am
excited to be here in India to lead this important new joint venture that is
certain to benefit so many consumers,” Patel said.
Cigna is the first U.S. insurer to apply for entry into India as part of
a stand-alone joint venture health insurance company. Cigna and TTK have sought
approval from India’s Insurance Regulatory and Development Authority (IRDA) and
plan to submit a comprehensive filing early this year. Full license to operate
is not expected until 2013.
CIGNA AND TTK ANNOUNCE JOINT VENTURE TO OFFER HEALTH INSURANCE ACROSS
INDIA
BLOOMFIELD, Conn.
& MUMBAI, India - 21 November 2011
Global health service company Cigna and TTK Group, the Indian
conglomerate, today announced they have signed a joint-venture agreement to
sell a range of health, wellness and insurance products across India, making
Cigna the first U.S. insurer to apply for entry into India as part of a
stand-alone joint venture health insurance company.
Cigna and TTK have begun the process of seeking approval from India’s
Insurance Regulatory and Development Authority and plan to submit a
comprehensive filing early next year. Full license to operate would not be
expected until 2013. Financial terms of the agreement were not disclosed.
“We are thrilled to have signed a partnership agreement with TTK,” said
William L. Atwell, president of Cigna International. “With more than 80 years
of customer experience, TTK brings a strong brand, local market knowledge and
proven strategies for distribution. Coupled with Cigna‘s broad portfolio of
products and expertise in direct marketing, we can help meet the needs of the
Indian market in an entirely new way. Together, we will be a powerful
combination.”
Family-owned and operated, TTK, founded in 1928 and headquartered in
Chennai and Bangalore, operates multiple businesses that sell everything from
cookware to pharmaceuticals with their key businesses growing at more than 30
percent year over year. TTK reaches a vast majority of Indian households with
its wide range of products and services touching day to day life. On average, a
TTK product is sold every five seconds in India.
“TTK is very pleased to be working with Cigna,” said TT Jagannathan,
chairman of TTK Group. “Cigna has proven capabilities to improve the health and
wellness of consumers, and we share with Cigna a deep commitment to serving the
people of India.”
Health care is the fastest growing sector of the Indian economy. With
1.2 billion people – one-sixth of the world’s total population – India is
experiencing an increase in chronic conditions and lifestyle diseases such as
diabetes and hypertension, mirroring worldwide trends. Health care spending is
expected to grow significantly over the next decade, giving rise to interest in
leveraging successful health management programs and systems. Cigna offers
differentiated health insurance solutions, including health and wellness
programs that support customers in making lifestyle changes and managing
chronic medical conditions.
“Entry into India is an exciting new chapter for Cigna International, as
we have the innovative solutions to help the Indian consumer meet these
important health challenges,” Atwell said. “We are committed to improving
access and quality of care while reducing costs.”
Cigna also expects to leverage its strong direct-to-consumer marketing
capabilities, which include a combination of telemarketing, online and direct
response television. Combined with TTK’s pan-India retail reach, products will
be marketed across geographies and customer segments, including those in rural
areas.
About CIGNA
Cigna Corporation (NYSE: CI) is a global health service company
dedicated to helping people improve their health, well-being and sense of
security. All products and services are provided exclusively through operating
subsidiaries of Cigna Corporation, including Connecticut General Life Insurance
Company, Cigna Health and Life Insurance Company, Life Insurance Company of
North America and Cigna Life Insurance Company of New York. Such products and
services include an integrated suite of health services, such as medical,
dental, behavioral health, pharmacy and vision care benefits, and other related
products including group life, accident and disability insurance. Cigna
maintains sales capability in 30 countries and jurisdictions, and has
approximately 70 million customer relationships throughout the world.
About TTK
TTK is widely recognized across India with a reputation built across
eight decades for quality consumer products and services, the three letters in
‘TTK’ represents the corporate philosophy of the Group – Trust, Transparency
and Knowledge. TTK’s various operations include manufacturing and marketing of
kitchenware, fast moving consumer goods, pharmaceuticals, contraceptive
devices, bio-medical devices, food products, maps and atlases, and other
services. The company’s multiple businesses sell brands that are household
names including Prestige, Woodwards, Eva, Kohinoor, Durex, Scholl, Fryums etc.
TTK has its roots in India but reaches every continent in the globe with its
wide range of products. The flagship company of the group, TTK Prestige, has
won several awards including the India’s “Best SME Company for the year 2010”
presented by the Prime Minister of India. TTK Prestige has earned a spot in
FORBES ASIA’s list of “Best under a Billion” companies.
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 records 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. 63.38 |
|
|
1 |
Rs. 99.13 |
|
Euro |
1 |
Rs. 69.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.