MIRA INFORM REPORT
|
Report No. : |
314207 |
|
Report Date : |
24.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA
INSURANCE BROKERS LIMITED (w.e.f. 22.04.2004) |
|
|
|
|
Formerly Known
As : |
MAHIPAR INVESTMENTS PRIVATE LIMITED |
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Registered
Office : |
Mahindra
Towers, Worli, Mumbai – 400 018, Maharashtra, India |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.02.1987 |
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Com. Reg. No.: |
11-042609 |
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Capital
Investment / Paid-up Capital : |
Rs.25.773 million |
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|
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|
CIN No.: [Company Identification
No.] |
U65990MH1987PLC042609 |
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|
IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCM0839M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in providing insurance auxiliary services. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
subsidiary of Mahindra and Mahindra Financial Services Limited. It is an
established company having excellent track record. Financial position
of the company is sound. Fundamentals of the company are strong and healthy. Directors are
reported to be well experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payment terms are reported to be regular
and as per commitment. The company can
be considered good for 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
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-66423800)
LOCATIONS
|
Registered Office : |
Mahindra
Towers, Worli, Mumbai – 400 018, Maharashtra, India |
|
Tel. No. : |
91-22-66423800 |
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Fax No. : |
91-22-24915894 |
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E-Mail : |
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Website : |
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Corporate Office : |
Ground Floor, Sadhana
House, Behind Mahindra Towers, 570, P.B. Marg, Worli, Mumbai – 400 018., Maharashtra, India |
DIRECTORS
AS ON 14.07.2014
|
Name : |
Mr. Rajeev Bidyanand Dubey |
|
Designation : |
Director |
|
Address : |
1701,
Mahindra Heights, 96, Tardeo Road, Mumbai – 400 034, Maharashtra, India |
|
Date of Birth/Age : |
03.04.1954 |
|
Date of Appointment : |
03.08.2004 |
|
DIN No. : |
00104817 |
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|
Name : |
Mr. Uday Yeshwant Phadke |
|
Designation : |
Director |
|
Address : |
1102,
FLR 11, Harimangal Manor, Telang Road, Matunga (East), Mumbai – 400 019,
Maharashtra, India |
|
Date of Birth/Age : |
19.11.1950 |
|
Date of Appointment : |
20.01.2009 |
|
DIN No. : |
00030191 |
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|
|
|
Name : |
Dr. Jaideep Ravindra Devare |
|
Designation : |
Managing Director |
|
Address : |
149-B,
Powani Sadan, Hindu Colony, Dadar, Mumbai – 400 014, Maharashtra, India |
|
Date of Birth/Age : |
15.02.1968 |
|
Qualification : |
Ph.D. in Management (Thesis on Insurance industry
in India), Master of Management studies (MMS) (Finance), Bachelor of
Engineering (B.E.) Honors, (Production) |
|
Experience : |
23 Years |
|
Date of Appointment : |
01.08.2009 |
|
DIN No. : |
00009112 |
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PAN No.: |
AESPD1651A |
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|
|
Name : |
Mr. Ramesh Ganesh Iyer |
|
Designation : |
Director |
|
Address : |
A-801/802,
8th Floor, Oberoi Gardens, Western Express Highway, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1958 |
|
Date of Appointment : |
06.09.2002 |
|
DIN No. : |
00220759 |
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|
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|
Name : |
Mr. Ravi Venkatraman |
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Designation : |
Director |
|
Address : |
A-4,
Samrat, Andheri Kurla Road, Andheri (East), Mumbai – 400 069, Maharashtra,
India |
|
Date of Birth/Age : |
02.07.1959 |
|
Date of Appointment : |
06.09.2002 |
|
DIN No. : |
00307328 |
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|
|
|
Name : |
Mr. Hemant Sikka |
|
Designation : |
Director |
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Address : |
9-A,
1405/06, 14th Floor, Whispering Palms Exclusive, Lokhandwala Township,
Akurli Road, Kandivili (East), Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
04.10.1968 |
|
Date of Appointment : |
23.10.2006 |
|
DIN No. : |
00922281 |
KEY EXECUTIVES
|
Name : |
Mr. Kumar R. Pherwani |
|
Designation : |
Principal Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and
Mahindra Financial Services Limited, India |
|
2190692 |
|
Inclusion Resources Private Limited, Singapore |
|
386598 |
|
Mahindra and
Mahindra Financial Services Limited jointly with V. Ravi |
|
5 |
|
Mahindra and
Mahindra Financial Services Limited jointly with Ramesh Iyer |
|
5 |
|
Mahindra and
Mahindra Financial Services Limited jointly with Rajeev Dubey |
|
5 |
|
Mahindra and
Mahindra Financial Services Limited jointly with Bharat Doshi |
|
5 |
|
Mahindra and
Mahindra Financial Services Limited jointly with Jaideep Devare |
|
5 |
|
Mahindra and Mahindra
Financial Services Limited jointly with S. Durgashankar |
|
5 |
|
Total |
|
2577320 |
AS ON 14.07.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings [(Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others] |
15.00 |
|
Bodies corporate |
85.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing insurance auxiliary services. |
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Products/ Services : |
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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
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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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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B. K. Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra, India |
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PAN
No.: |
AAAFB0265E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Companies : |
Mahindra and Mahindra Financial
Services Limited, India (CIN No.: L65921MH1991PLC059642) Mahindra and Mahindra
Limited* * Mahindra Insurance
Brokers Limited is a 85% subsidiary of Mahindra and Mahindra Financial
Services Limited, which in turn is a subsidiary of Mahindra and Mahindra
Limited. |
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Fellow Subsidiary Companies : |
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CAPITAL STRUCTURE
AS ON 14.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2577320 |
Equity Shares |
Rs.10/- each |
Rs.25.773 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
25.773 |
25.773 |
25.000 |
|
(b) Reserves & Surplus |
1303.533 |
913.721 |
526.537 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1329.306 |
939.494 |
551.537 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
20.220 |
28.904 |
10.469 |
|
(c) Other
current liabilities |
11.157 |
10.619 |
9.069 |
|
(d) Short-term
provisions |
89.953 |
41.965 |
76.467 |
|
Total Current
Liabilities (4) |
121.330 |
81.488 |
96.005 |
|
|
|
|
|
|
TOTAL |
1450.636 |
1020.982 |
647.542 |
|
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|
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|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
19.173 |
19.097 |
16.685 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
270.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.171 |
0.448 |
0.311 |
|
(d) Long-term Loan and Advances |
87.622 |
94.509 |
38.524 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
377.966 |
114.054 |
55.520 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
122.593 |
86.740 |
63.816 |
|
(d) Cash
and cash equivalents |
66.530 |
142.036 |
69.897 |
|
(e)
Short-term loans and advances |
834.207 |
651.755 |
434.436 |
|
(f) Other
current assets |
49.340 |
26.397 |
23.873 |
|
Total Current
Assets |
1072.670 |
906.928 |
592.022 |
|
|
|
|
|
|
TOTAL |
1450.636 |
1020.982 |
647.542 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1013.839 |
800.075 |
425.172 |
|
|
|
Other Income |
97.914 |
62.920 |
40.289 |
|
|
|
TOTAL |
1111.753 |
862.995 |
465.461 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
305.201 |
225.310 |
185.323 |
|
|
|
Other expenses |
165.400 |
122.426 |
76.256 |
|
|
|
TOTAL |
470.601 |
347.736 |
261.579 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
642.152 |
515.259 |
203.882 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
641.152 |
515.259 |
203.882 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.521 |
3.331 |
2.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
637.631 |
511.928 |
201.392 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
217.665 |
167.463 |
66.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
419.966 |
344.465 |
135.056 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
673.927 |
480.693 |
402.812 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
42.000 |
35.000 |
13.600 |
|
|
|
Dividend on Equity Shares (Proposed) |
25.773 |
0.000 |
37.500 |
|
|
|
Tax on Dividend (Proposed) |
4.380 |
0.000 |
6.075 |
|
|
|
Dividend on Equity Shares (Interim) |
0.000 |
100.000 |
0.000 |
|
|
|
Tax on Dividend (Interim) |
0.000 |
16.231 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1021.740 |
673.927 |
480.693 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
23.034 |
6.448 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
162.95 |
137.74 |
54.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
41.42 |
43.05 |
31.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
63.34 |
64.40 |
47.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
54.06 |
50.16 |
31.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48 |
0.54 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.84 |
11.13 |
6.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
25.000 |
25.773 |
25.773 |
|
Reserves & Surplus |
526.537 |
913.721 |
1303.533 |
|
Net worth |
551.537 |
939.494 |
1329.306 |
|
|
|
|
|
|
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 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operations |
425.172 |
800.075 |
1013.839 |
|
|
|
88.177 |
26.718 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operations |
425.172 |
800.075 |
1013.839 |
|
Profit |
135.056 |
344.465 |
419.966 |
|
|
31.77% |
43.05% |
41.42% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS
The year ended 31st March, 2014 marked the 10th
year of successful insurance broking operations of the Company. In this journey
of 10 years, the Company has been able to service over 4 million insurance
cases, largely in the rural and semi-urban markets in India. The Company has
been able to reach the benefit of insurance to over 100000 villages across
India. The Company endeavors to further increase insurance penetration in rural
India as well as become a significant player in global insurance markets.
In March 2014, the Company crossed the 1 million mark in terms of
insurance cases serviced, with a total of 1068577 cases for both Life and
Non-Life Retail business. The customized Life insurance cover ‘Mahindra Loan
Suraksha’ (MLS) continued to receive an encouraging response and grew by 16%
from 440553 lives covered with a Sum Assured of Rs.117982.000 million in the
financial year 2012-13 to 509864 lives covered with a Sum Assured of
Rs.143935.000 million in the financial year 2013-14, with a substantial portion
being covered in the rural markets.
The Company achieved a growth of 33% in Net Premium generated for the
Corporate and Retail business lines, increasing from Rs.5538.000 million (Gross
Premium Rs.6198.000 million) in the financial year 2012-13 to Rs.7384.000
million (Gross Premium Rs.8252.000 million) in the financial year 2013-14. The
Income increased by 29% from Rs.863.000 million in the financial year 2012-13
to Rs.1112.000 million in the financial year 2013-14. The Profit before Tax
increased by 25% from Rs.512.000 million to Rs.638.000 million, and the Profit
after Tax increased by 22% from Rs.345.000 million to Rs.420.000 million during
the same period.
During the year, the Company was awarded the ‘Insurance Broker of the
Year’ Award by ABP News in February 2014. This award, amongst other parameters,
lays an emphasis on how the particular broker has performed in the underserved
markets in India.
OUTLOOK FOR THE
CURRENT YEAR
During the last financial year, the Non-Life insurance industry is estimated
to have grown by 12% and Life insurance industry estimated to register an
increase of 12%. The Non-Life insurance industry is expected to continue their
growth trend, albeit at a reduced rate due to macro-economic changes in the
economy. The Company will continue to explore opportunities for expanding its
customer base in the Commercial and Retail segments.
The Company will increase its thrust on the Reinsurance Broking business
and expand its domestic and international customer base.
INDEX OF CHARGES
No Charges Exist for Company.
FIXED ASSETS
·
Vehicles
·
Furniture and Fixtures
·
Office Equipment
·
Computers
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.62.29 |
|
|
1 |
Rs.93.02 |
|
Euro |
1 |
Rs.67.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
-- PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
75 |
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.