MIRA INFORM REPORT
|
Report No. : |
328272 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Reliance Centre 19, Walchan and Hirachand Marg, Ballard Estate,
Mumbai-400001, Maharashtra |
|
Tel. No.: |
91-22-30479600 / 30327000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
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Date of
Incorporation : |
17.08.2000 |
|
|
|
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Com. Reg. No.: |
11-128300 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 1227.750 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U66603MH2000PLC128300 |
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|
|
IEC No.: |
Not Available |
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|
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing General Insurance Service. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist (IRDAI) |
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|
Comments : |
Reliance General Insurance company Limited is an Indian insurance company,
a part of Reliance Capital Limited headed by “Reliance Anil Dhiruhai Ambani
Group”. Subject is an established company and it is having satisfactory track
record. During FY 2014, the company have achieved fair amount of turnover and reported
minimal profit from its business activities. Rating take into consideration decent net worth base of the company
and strong financial as well as managerial support received from its group
companies. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. In view of “Reliance Group” backed by strong financial and managerial
support from its group company, the company can be considered for business
dealings with some cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management Non-cooperative (91-22-30479600)
LOCATIONS
|
Registered Office : |
Reliance Centre 19, Walchan and Hirachand Marg, Ballard Estate,
Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-30479600 / 30327000 |
|
Fax No.: |
91-22-30479650 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Rajendra Prabhakar Chitale |
|
Designation : |
Director |
|
Address : |
131B, Tanna Residency, Bay View 392, V.S. Marg, Prabhadevi,
Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1961 |
|
Date of Appointment : |
12.06.2006 |
|
DIN No.: |
00015986 |
|
|
|
|
Name : |
Mr. Soumen Ghosh |
|
Designation : |
Director |
|
Address : |
1501, Lodha Aria, 6/207, Tokersey Jiv Raj Road, Sewree, Mumbai-400015,
Maharashtra, India |
|
Date of Birth/Age : |
08.06.1959 |
|
Qualification : |
Chartered Accountant, ICWAI |
|
Date of Appointment : |
21.04.2008 |
|
DIN No.: |
01262099 |
|
|
|
|
Name : |
Mr. Rakesh Jain |
|
Designation : |
Whole-time director |
|
Address : |
B-701, Velentine, Apartment, Pimpli Pada, Malad (East), Mumbai-400097,
Maharashtra, India |
|
Date of Birth/Age : |
17.08.1970 |
|
Qualification : |
Chartered Accountant, ICWAI |
|
Date of Appointment : |
20.10.2011 |
|
DIN No.: |
03645324 |
|
|
|
|
Name : |
Mr. Haris Ansari |
|
Designation : |
Director |
|
Address : |
Flat No.503, Serin Nyati Enclave, Nyati Enclave, Nyati Couty, Mohammadwadi,
Pune-411028, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1939 |
|
Qualification : |
Post Graduate in Science |
|
Date of Appointment : |
08.05.2012 |
|
DIN No.: |
02155529 |
KEY EXECUTIVES
|
Name : |
Mr. Mohan Bhalchandra Khandekar |
|
Designation : |
Secretary |
|
Address : |
F503, Gokul Horizon, Thakur Village, Kandivali (East), Mumbai-400101,
Maharashtra, India |
|
Date of Birth/Age : |
02.05.1965 |
|
Date of Appointment : |
20.10.2005 |
|
PAN No.: |
AAFPK1139F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Capital Limited |
|
122110655 |
|
Reliance Capital Limited jointly with Yogesh Deshpande |
|
1 |
|
Reliance Capital Limited jointly with Madan Chaturvedi |
|
1 |
|
Reliance Capital Limited jointly with Atul Kumar Tandon |
|
1 |
|
Reliance Capital Limited jointly with Parul Jain |
|
1 |
|
Reliance Capital Limited jointly with Kannan Chettiar |
|
1 |
|
Reliance General Insurance Employees Benefit Trust |
|
664300 |
|
|
|
|
|
Total |
|
122774960 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
96.50 |
|
Others |
3.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing General Insurance Service. |
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|
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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Imports : |
Not Divulged |
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Terms : |
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 : |
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Financial Institution : |
J.P. Morgan Europe Limited, 25 Bank Street, Canary Wharf, London, - E145 JP, United, King Dom |
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Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
B2, 402B, Marathon Innova, Off. Ganpatrao Kadam Marg, Lower Parel,
Mumbai – 400013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AASFS9578D |
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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|
|
|
Holding Company : |
Reliance Capital Limited CIN No.: L65910MH1986PLC165645 |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122,774,960 |
Equity Shares |
Rs.10/- each |
Rs. 1227.750
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Sources of funds |
|
|
|
|
Share Capital |
1227.750 |
1227.750 |
1211.933 |
|
Reserves and Surplus |
16242.881 |
16242.881 |
14708.698 |
|
Fair Value Change Account |
6.955 |
(53.002) |
(75.646) |
|
Borrowings |
-- |
-- |
-- |
|
Total |
17477.586 |
17417.629 |
15844.985 |
|
|
|
|
|
|
Application of
funds |
|
|
|
|
Investments |
38427.155 |
32524.961 |
27021.327 |
|
Loans |
46.315 |
299.424 |
300.627 |
|
Fixed Assets |
265.990 |
250.407 |
251.205 |
|
Deferred Tax |
372.735 |
372.735 |
372.735 |
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
644.135 |
545.783 |
621.031 |
|
Advances and Other Assets |
9122.566 |
9475.344 |
2182.970 |
|
Sub-Total (A) |
9766.701 |
10021.127 |
2804.001 |
|
Sundry Creditor |
|
|
|
|
Other Current Liabilities |
31295.618 |
27795.034 |
17549.673 |
|
Provisions |
9099.491 |
7890.617 |
6062.171 |
|
Sub-Total (B) |
40395.109 |
35685.651 |
23611.844 |
|
Net Current Assets
(C = A - B) |
(30628.408) |
(25664.524) |
(20807.843) |
|
Miscellaneous Expenditure (to the extent not written off or adjusted |
-- |
-- |
-- |
|
Debit Balance in Profit & Loss Account |
8993.799 |
9634.626 |
8706.934 |
|
Total |
17477.586 |
17417.629 |
15844.985 |
PROFIT
& LOSS ACCOUNT
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Operating Profit /
(Loss) transferred from Revenue Account |
|
|
|
|
a. Fire Insurance |
228.879 |
230.007 |
57.986 |
|
b. Marine Insurance |
(5.958) |
(63.275) |
(2.705) |
|
c. Miscellaneous Insurance |
(456.605 |
(1608.933) |
(3900.095) |
|
|
(233.684) |
(1442.201) |
(3844.814) |
|
Income from
Investments |
|
|
|
|
Interest, Dividend & Rent - Gross |
822.343 |
731.028 |
554.475 |
|
Profit on sale/redemption of investments |
75.346 |
103.283 |
76.840 |
|
Less: Loss on sale/redemption of investment |
(23.603) |
(34.083) |
(3.136) |
|
|
874.086 |
800.228 |
628.179 |
|
Other Income |
|
|
|
|
Profit on sale of fixed assets |
(3.132) |
(10.031) |
(6.070) |
|
Miscellaneous Income |
17.936 |
38.751 |
25.462 |
|
Excess Provision Written Back |
43.499 |
0.000 |
0.000 |
|
|
58.303 |
28.720 |
19.392 |
|
TOTAL (A) |
698.705 |
(613.253) |
(3197.243) |
|
Provisions (Other
than Taxation) |
|
|
|
|
(a) For diminution in the value of investment |
-- |
-- |
-- |
|
(b) For doubtful debts |
34.085 |
(305.106) |
(170.506) |
|
(c) Others (Refer schedule 17 note 19) |
-- |
-- |
-- |
|
Provision related to control account |
-- |
-- |
58.824 |
|
Risk reserve |
-- |
-- |
(100.000) |
|
Standard Assets |
(1.017) |
(1.203) |
-- |
|
|
33.068 |
(306.309) |
(211.682) |
|
Other Expenses |
|
|
|
|
Expenses other than those related to Insurance Business |
24.810 |
(8.130) |
(7.068) |
|
Exchange Gain / (loss) |
-- |
-- |
-- |
|
TOTAL (B) |
57.878 |
(314.439) |
(218.750) |
|
Profit / (Loss)
Before Tax |
640.827 |
(927.692) |
(3415.993) |
|
Provision for
Taxation |
|
|
|
|
Current Tax |
-- |
-- |
-- |
|
Deferred Tax (Refer schedule 17 note 12) |
-- |
-- |
(16.000) |
|
Fringe Benefit Tax |
-- |
-- |
-- |
|
Income Tax earlier year tax |
-- |
-- |
-- |
|
Net Profit /(Loss)
After Tax |
640.827 |
(927.692) |
(3431.993) |
|
Appropriations: |
|
|
|
|
(a) Interim dividends paid during the year |
-- |
-- |
-- |
|
(b) Proposed final dividend |
-- |
-- |
-- |
|
(c) Dividend Distribution Tax |
-- |
-- |
-- |
|
(d) Transfer to any reserve or other accounts (to be specified): |
-- |
-- |
-- |
|
Profit / (Loss)
After appropriations |
640.827 |
(927.692) |
(3431.993) |
|
Balance of Profit /
Loss brought forward from last year |
(9634.626) |
(8706.934) |
(5274.941) |
|
Balance carried
forward to Balance Sheet |
(8993.799) |
(9634.626) |
(8706.934) |
|
Significant Accounting Policies and Notes to Financial |
|
|
|
|
Statements (Refer Schedule 16 & 17). |
|
|
|
|
Basic & Diluted
Earning Per Share |
5.22 |
(7.61) |
(29.24) |
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 |
3.030 |
1.858 |
(46.745) |
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 |
1211.933 |
1227.750 |
1227.750 |
|
Reserves & Surplus |
14708.698 |
16242.881 |
16242.881 |
|
Fair Value Change Account |
(75.646) |
(53.002) |
6.955 |
|
Net
worth |
15844.985 |
17417.629 |
17477.586 |
|
|
|
|
|
|
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 |
(3197.243) |
(613.253) |
698.705 |
|
|
|
(80.819) |
(213.934) |
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 |
(3197.243) |
(613.253) |
698.705 |
|
Profit |
(3415.993) |
(927.692) |
640.827 |
|
|
106.84% |
151.27% |
91.72% |
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 |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
In
the matter of Reliance General Insurance company Limited Based on the
reply to Show Cause Notice dated 03.12.2014 and submissions made during
Personal Hearing Chaired by Sh. M. Ramaprasad, Member (Non-Life), IRDAI,
on 26.03.2015 at 11.30 AM at the office of Insurance Regulatory and
Development Authority of India, 3rd Floor, Parishrama Bhavan,
Basheerbagh, Hyderabad, 500004. The Insurance
Regulatory and Development Authority of India (hereinafter, referred to as
‘the Authority’) carried out an onsite inspection of Reliance General
Insurance Company Limited having registered office at 570, Rectifier
House, Naigaum Cross Road, Wadala (W) Mumbai 400 031, referred to as Insurer,
from 16th July 2014 to 17th July, 2014. The Authority
forwarded the inspection report to the Insurer vide letter dated
4th September, 2014 seeking their comments on the same. The Insurer
responded to the observations as contained in the inspection report vide
their communication dated 20th September, 2014. On examining the
submissions made by the Insurer it was observed that the Insurer has not
complied with the provisions of the IRDA regulations and the guidelines
framed there under. On the observed deficiencies, in the functioning of the
Insurer a Show Cause Notice was issued on 03.12.2014 which was replied by the
Insurer vide their communication number RGICL/IRDA/59/2014-15 dated
24.12.2014 with a request for personal hearing. Accordingly a
personal hearing was held on 26.03.2015 under the Chairmanship of the Member
(Non-Life), IRDAI, Sh. M. Ramaprasad. The personal hearing was attended by
Sh. Rakesh Jain, Executive Director & CEO, Sh. Hemant Jain, CFO, Sh.
Anand Singhi, Head Services of Reliance General Insurance Company Limited. On
behalf of the Authority Sh. Lalit Kumar, FA and HoD (Enforcement), Smt.
Yegnapriya Bharath, JD (Health), Sh. P. K. Maiti, JD (Enforcement) and
Smt. Jyoti Vaidya, DD (Enforcement) were present in the personal hearing. The submissions
made by Reliance General Insurance Company Limitedin their written reply to
the Show Cause Notice and also those made during the course of the personal
hearing along with written submissions made thereafter (dated 27.03.2015),
were taken into account. The explanation offered by the Insurer to various
charges as regards violation/non-compliance as indicated in the Show Cause
Notice and the decisions thereon are as follows: Charge No. 1: Concern/Violation:It
is a violation of Regulation 11 of IRDA (Health Insurance) Regulations, 2013
and Guidelines of Standardization in health insurance, IRDA/HLT/CIR/03 dated
20.02.2013 (Agreement- insurer, TPA & Network provider) for not making
direct payments to the Network provider and to the policyholders by
integrating their banking system platform with the network provider or the
insured. Submissions made
by the Insurer: Now wherever
there are no float payments, the payments are made to TPAs against a net of
claims and no advance float is being enjoyed by TPAs. Decision: The regulation 11 of
the IRDA ( Health Insurance ) Regulation 2013, provides for payment to the
Network providers and settlement of claims of policyholders and according to
which the insurers shall make direct payments to the network provider and to
the policyholder by integrating their banking system platform with the
network provider or the insured and where the insured desires to be
reimbursed by cheque or demand draft the same shall be allowed by the
insurer. The implication of this regulation is to ensure that the TPA is not
allowed to settle claims on behalf of the insurer and to discontinue the
system of maintaining a float/corpus fund with the TPA for any purpose. From
the submissions made by the insurer it is evident that the amount against the
claims to be paid to the network providers/policyholders is still routed
through the TPAs. The insurer can directly transfer funds through electronic
means to the network providers/policyholders. The intent or the purpose of
following the practice of routing claim amounts through TPAs has not been
made clear. This is a clear violation of the above-referred regulation. Thus,
the Authority in exercise of its powers under section 102(b) imposes a
penalty of Rs. 5 Lakh on the insurer. Charge No.
2: Concern/Violation: It was mentioned that the insurer provided
the list of 30 network providers with whom tripartite agreement has been
entered. In this regard, the insurers vide e- mail dated 28th June, 2014
informed IRDA that the process of finalization of the tripartite agreement will
take some more time. It is a violation
of Regulation 10 of IRDA (Health Insurance) Regulations, 2013 and Guidelines
of Standardization in health insurance, IRDA/HLT/CIR/03 dated 20.02.2013
which states that Insurance Companies may offer policies providing cashless
services to the policyholders provided the agreement is entered between
insurers, network providers/TPAs. Submissions made
by the Insurer: Decision: In view of
submissions made by the Insurer, the Authority is not pressing the charges.
However, the insurer is directed to ensure that all such agreements are
finalized within the next three months and submit a status report. Charge No. 3: Concern/Violation: It
was observed that the insurer has Login IDs available for five TPA’s namely
Paramount Health Services (TPA) Pvt Ltd, Family Health Plan (TPA) Ltd,
Mediassist India Pvt Ltd, Dedicated Healthcare Services (India) Pvt Ltd and
Unitedhealthcare Parekh TPA Pvt Ltd out of 17 TPAs. However, Document
Management System (D.M.S.) access is available only with Paramount Health
Services (TPA) Pvt Ltd System. It was informed by the insurer that the DMS
provided by PHS (TPA) is not used at present due to technical reasons. Submissions made by the
Insurer: SoP is used by all the TPAs engaged by the
insurer and all transactions such as claims settlements, repudiation etc. are
routed through the system. Decision: In view of submissions made by
the Insurer, the Authority is not pressing the charges. The penalty amount of Rs.
5 Lakh shall be paid thorugh Demand Draft drawn in favour of Insurance
Regulatory and Development Authority payable at Hyderabad within
15 days from the receipt of this letter. The Demand Draft is required to be
forwarded to Sh. Lalit Kumar, FA and HoD (Enforcement). The insurer is required
to ensure compliance with the above directions under information to the
Authority. M.Ramaprasad Member
(Non-Life) |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10542005 |
15/12/2014 |
2,307,611,602.40 |
J.P. Morgan Europe Limited |
25 Bank street,
Canary Wharf, London, - E145JP, |
C39274634 |
*Date of charge modification
FIXED ASSETS
- Furniture and Fittings
- Leasehold Improvements
- Information Technology Equipment
- Intangible Asset (Computer Software)
- Vehicles
- Office Equipment
- Plant and Machinery
- Capital WIP
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.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
JYTK/ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.