MIRA INFORM REPORT

 

 

Report No. :

350103

Report Date :

17.11.2015

 

 IDENTIFICATION DETAILS

 

Name :

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

 

 

Registered Office :

Unit 601 and 602, 6th Floor, Raheja Titanium House, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra

Tel. No.:

91-22-40306300

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

27.10.2005

 

 

Com. Reg. No.:

11-157108

 

 

Capital Investment / Paid-up Capital :

Rs. 21157.010 Million

 

 

CIN No.:

[Company Identification No.]

U66010MH2005PLC157108

 

 

IEC No.:

Not Applicable (Note:- As claimed by company management chat company does not export and import)

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB15728G

 

 

PAN No.:

[Permanent Account No.]

AACCB7227P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of Life Insurance and is in-force

 

 

No. of Employees :

Information denied by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

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

 

 

Litigation :

Clear

 

 

Comments :

Subject is Joint venture of Bharti Insurances Holding Private Limited, First American Securities Private Limited and Foreign Entity AXA Group. It is established company and having satisfactory track record.

 

Bharti AXA Life is a life Insurance player, offers a range of innovative products and services that cater to specific insurance and wealth management needs of customers.

 

The company has incurred losses from its operational since last few couple of financial years, however has shown decent increase in its revenue base along with strong networth.

 

However, rating takes in account the strong financial and management support which company received from its joint venture entities.

 

Trade relation are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of strong support from its joint venture entities, the company can be considered for the business dealings with usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

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 31-03-2015.

 

 

INFORMATION DENIED

 

Reception (91-22-40306300)

 

 

LOCATIONS

 

Registered/ Head Office :

Unit 601 and 602, 6th Floor, Raheja Titanium House, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India

Tel. No.:

91-22-40306300

Fax No.:

91-22-40306347

E-Mail :

compliance@bharti-axalife.com

Website :

http://www.bharti-axalife.com

 

 

Branches :

Located at :

 

Agra

Ahmadnagar

Ajmer

Alappuzha

Aligarh

Allahabad

Amravati

Amritsar

Asansol

Aurangabad

Bangalore

Burdwan

Bareilly

Belgaum

Bhatinda

Bhavnagar

Bhilainagar

Bhilwara

Bhopal

Bhubaneshwar

Calicut

Chandigarh

Chennai

Cochin

Coimbatore

Cuttack

Davangere

Derhradun

Delhi

Dhanbad

Faridabad

Ghazibabad

Goa

Gorakhpur

Guntur

Gurgaon

Guwahati

Gwalior

Haldwani

Hazaribagh

Hyderabad

Indore

Jabalpur

Jaipur

Jalandhar

Jammu

Jamanagar

Jamshedpur

Junagadh

Kannur

Kanpur

Karnal

Karur

Kharagpur

Kolhapur

Kolkata

Kollam

Kottayam

Kurnool

Lucknow

Ludhiana

Madurai

Mangalore

Meerut

Mehsana

Moga

Moradabad

Mumbai

Muzaffarpur

Mysore

Nagercoil

Nagpur

Nanded

Nasik

Navsari

Noida

Pallakad

Panipat

Patiala

Patna

Raipur

Rajahmundry

Rajkot

Ranchi

Rohtak

Roorkee

Rourkela

Salem

Sambalpur

Sangli

Shimla

Sholapur

Silchar

Surat

Thrissur

Tirupati

Trichy

Trivandrum

Udaipur

Udipi

Ujjain

Vadodara

Varanasi

Vellore

Vijaywada

Vizag

Warangal

Yamunanagar

 

 

DIRECTORS

 

AS ON 06.06.2014

 

Name :

Mr. Sandeep Ghosh

Designation :

Managing Director

Address :

1302, PETIT Towers, August Kranti Marg, Kemps Corner, Mumbai - 400036, Maharashtra, India

Date of Birth/Age :

14.10.1968

Qualification :

Master’s in Business Administration (Marketing and Strategy) Bachelor of Commerce (Accountancy and Financial Management)

Date of Appointment :

09.06.2011

DIN No.:

01448091

 

 

Name :

Mr. Jitender Balakrishnan

Designation :

Director

Address :

208, Tower - 2 Casa Grande, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India

Date of Birth/Age :

08.05.1949

Qualification :

B.E.(Mech.) NIT, Madras University & Post Graduate Diploma in Industrial Management, Bombay University

Date of Appointment :

01.06.2010

DIN No.:

00028320

 

 

Name :

Mr. Akhil Kumar Gupta

Designation :

Director

Address :

B-27, Maharani Bagh, New Delhi, India

Date of Birth/Age :

22.12.1995

Qualification :

Chartered Accountant

Date of Appointment :

27.10.2005

DIN No.:

00028728

 

 

Name :

Mr. Rakesh Bharti Mittal

Designation :

Director appointed in casual vacancy

Address :

E-26 Vasant Marg, Visant Vihar, New Delhi - 110057, India

Date of Birth/Age :

18.09.1955

Qualification :

Electronics Engineering from YMCA Institute of Engineering

Date of Appointment :

10.09.2009

DIN No.:

00042494

 

 

Name :

Mr. Bharat Sumant Raut

Designation :

Director

Address :

8, French bridge, (Haldankar Bridge), Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

31.08.1949

Qualification :

B.Com, LLB. Chartered Accountant

Date of Appointment :

31.03.2010

DIN No.:

00066080

 

 

Name :

Mr. Bharat Garg

Designation :

Director

Address :

No. 10, Nizamuddin East, New Delhi – 110013, India

Date of Birth/Age :

27.08.1949

Date of Appointment :

12.01.2013

DIN No.:

00084182

 

 

Name :

Mr. Jean Louis Christian M Laurent Josi

Designation :

Director

Address :

Suite 1601, 16th Floor, Pacific Place Apartment, 8 Queensway, Hong Kong, NA, Hong Kong

Date of Appointment :

01.03.2015

DIN No.:

07101738

 

 

Name :

Mr. Uma Ajay Relan

Designation :

Director

Address :

910A, The Aralias DLF Golf Links DLF Golf Course, DLF Phase 5, Galleria DFL IV S.O, Gurgaon - 122009, Haryana, India

Date of Appointment :

10.02.2015

DIN No.:

07087902

 

 

Name :

Mr. Amelie Marie Breitburd Nee Belge

Designation :

Director

Address :

42 Rue De La Pompe, Paris, 75116, France

Date of Appointment :

01.03.2015

DIN No.:

06609124

 

 

Name :

Mr. Benoit Michel Claveranne

Designation :

Additional Director

Address :

32 Rue la Boetie, Paris, 75008, France

Date of Birth/Age :

02.03.1975

Date of Appointment :

13.02.2014

DIN No.:

06782593

 

 

Name :

Mr. Rahul Bhatnagar

Designation :

Additional Director

Address :

10, Chitra Vihar, Delhi-110092, India

Date of Appointment :

27.08.2015

DIN No.:

07268064

 

 

KEY EXECUTIVES

 

Name :

Mr. Conjeevaram Lakshminarasimhan Baradhwaj

Designation :

Secretary

Address :

A 104, Anmol, Off. S. V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

19.03.1975

Date of Appointment :

20.10.2008

PAN No.:

AACPB6389B

 

 

Name :

Mr. Rajeev Nand Kumar

Designation :

Chief Executive Offcier

Address :

A 202, Safal Twins Chs, Off Saras Baug Deonar, Chembur, Mumbai-400088, Maharashtra, India

Date of Appointment :

05.05.2015

PAN No.:

ALTPK5336R

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

LIST OF ALLOTTEES

 

As on: 29.05.2015

 

Names of Shareholders

No. of Shares

Bharti Insurance Holdings Private Limited

19400000

First American Securities Private Limited

18322233

Axa India Holdings

10777767

Total

48500000

 

 

As on: 25.02.2015

 

Names of Shareholders

No. of Shares

Bharti Insurance Holdings Private Limited

11400000

First American Securities Private Limited

10766673

Axa India Holdings

6333327

Total

28500000

 

 

As on: 30.09.2014

 

Names of Shareholders

No. of Shares

Bharti Insurance Holdings Private Limited

11400000

First American Securities Private Limited

10766673

Axa India Holdings

6333327

Total

28500000

 

 

As on: 30.06.2014

 

Names of Shareholders

No. of Shares

Bharti Insurance Holdings Private Limited

13400000

First American Securities Private Limited

12655563

Axa India Holdings

7444437

Total

33500000

 

 

AS ON 06.06.2014

 

Names of Shareholders

 

No. of Shares

Sunil Bharti Mittal

1

Rakesh Bharti Mittal

1

Alok Roongta

1

Vinod Dsouza

1

Nilesh Kothari

1

Monoj Jaju

1

Bharti Insurance Holdings Private Limited

19400000

First American Securities Private Limited

18322233

Axa India Holdings

10777767

 

 

Total

1978200976

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 06.06.2014

 

Category

Percentage

Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]

22.22

Bodies corporate

77.78

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of Life Insurance and is in-force

 

 

Products :

---

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name :

Aurangabad District Central Co­operative Bank Limited

Branch :

Not Divulged

Person Name (With Designation) :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

  • Parbhani District Central Co­operative Bank Limited

 

 

 

Auditors 1:

 

Name :

Kalyaniwalla and Mistry

Chartered Accountants

Address :

Kalpataru Heritage, 5th Floor, 127, M. G. Road, Fort, Mumbai- 400001, Maharashtra, India

Tel No.:

91-22-61587200

Fax No.:

91-22-22673964

PAN:

AAAFK7554R

 

 

Auditors 2:

 

Name :

CNK and Associates LLP

Chartered Accountant

Address :

501 - 502, Narain Chambers, M.G. Road, Vile Parle (East), Mumbai- 400057, Maharashtra, India

Tel No.:

91-22-64577600/01/02

PAN No. :

AACFC8587E

 

 

Memberships :

---

 

 

Collaborators :

---

 

 

Enterprises where control Exist

Bharti Insurance Holdings Private Limited

 

 

Joint Venture :

·         Bharti Insurance Holdings Private Limited

·         First American Securities Private Limited

·         AXA India Holdings (Mauritius)

 

 

Associate Companies with whom the Company had done transactions :

·         Bharti Airtel Limited

·         AXA Asia

·         AXA Business Services Private Limited

·         AXA Technology Services (India) Private Limited

·         BOI AXA Investment Managers Private Limited

·         Bharti AXA General Insurance Company Limited

·         Bharti Enterprises Limited

·         AXA University

·         PT AXA Services Indonesia

·         GIE AXA Ploe 3 Prostrations

·         Bharti Foundation

·         AXA SA

·         Nxtra Data Limited

·         AXA Financial Indonesia

 

 

CAPITAL STRUCTURE

 

After As on: 04.06.2015:

 

Authorised Capital: Rs. 30000.000 Million

 

Issued, Subscribed & Paid-up Capital: Rs. 21642.010 Million

 

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000000

Equity Shares

Rs.10/- each

Rs. 30000.0000 Million

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2115700976

Equity Shares

Rs.10/- each

Rs 21157.010 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

SHAREHOLDERS FUNDS

 

 

 

Share Capital

21157.010

19782.010

18072.010

Share Application Money Pending Allotment

0.000

0.000

0.000

Reserves & Surplus

2059.442

1984.442

1924.442

Credit/ (Debit) Fair Value Change Account (Net)

61.864

(2.490)

(11.476)

Sub Total

23278.310

21764.022

19984.976

Borrowings

0.000

0.000

0.000

Policyholders' Funds:

 

 

 

Credit/(Debit) Fair Value Change Account (Net)

155.361

(23.723)

(26.227)

Policy Liabilities

8820.612

4626.921

2131.311

Insurance Reserves

0.000

0.000

0.000

Provision for Linked Liabilities

17371.085

16727.431

17157.059

Sub-Total

26347.058

21330.629

19262.143

Funds for Future Appropriations

6.647

0.000

0.000

Discontinuance Fund on account of non-payment of premium

1717.406

1090.842

443.664

Discontinuance Fund others

0.000

0.000

0.000

Total

51349.427

44185.493

39690.783

 

 

 

 

APPLICATION OF FUNDS

 

 

 

Investments

 

 

 

Shareholders'

1659.928

1483.729

1205.787

Policyholders'

9091.238

4850.796

2096.585

Assets Held to Cover Linked Liabilities*

19088.491

17818.273

17600.723

Loans

1.788

0.000

0.000

Fixed Assets
155.873
102.863
93.015

 
 
 
 

Current Assets
 
 
 

Cash and Bank Balances
670.894
692.082
369.838

Advances and Other Assets

1476.891
1127.115
1119.324

Sub-Total (A)

2147.785

1819.197

1489.162

 

 

 

 

Current Liabilities

 

 

 

Other Liabilities

2157.652

2053.260

1385.588

Provisions

117.007

109.032

84.794

Sub-Total (B)

2274.659

2162.291

1470.382

Net Current Assets (C) = (A - B)

(126.874)

(343.095)

18.780

(to the extent not Witten off or adjusted)

 

 

 

Debit Balance of Profit and Loss Account

21478.983

20272.927

18675.893

Total

21349.427

44185.493

39690.783

 

 

 

PROFIT & LOSS ACCOUNT (TECHNICAL ACCOUNT)

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Premium Earneds Net

 

 

 

a)     Premium

10533.170

8726.545

7445.215

b)    Reinsurance ceded

(152.841)

(114.765)

(76.520)

c)     Reinsurance accepted

0.000

0.000

0.000

Sub Total

10380.329

8611.580

7368.695

 

 

 

 

Income from investment

 

 

 
  1. Interest, dividend and rent

1037.146

765.235

543.585
  1. Profit on sales

2734.583

1812.703

1173.035
  1. Loss on sales

(144.825)

(671.269)

(800.095)
  1. Transfer / gain on revaluation

 

1500.386

787.358
  1. Appropriation

0.000

0.000

0.000

 

 

 

 

Other income

 

 

 

a)     Contribution from shareholder

745.635

1620.612

1401.725

b)    Foreign exchange gain

(0.900)

(9.107)

(20.522)

c)     Interest income bank balance

0.500

0.333

0.394

d)    Other 

4.931

28.835

16.023

Total (A)

17874.222

13459.508

10470.198

 

 

 

 
  1. Commission

608.935

494.082

354.975
  1. Operating Expenses

5467.402

5342.894

4285.767
  1. Provision for doubt full debts

0.936

4.241

4.825
  1. Bad debts written of

1.135

1.261

0.000
  1. Provision for tax

0.000

0.000

0.000

Total (B)

6165.321

5847.478

4646.567

 

 

 

 

Benefit  (Net)

5628.723

4986.446

3225.195

Change in facility in respect of life facilities

 

 

 

e)     Gross

5656.539

2885.789

2531.045

f)     Amount in reinsurance

(192.629)

(172.629)

(44.736)

Total (C)

12092.632

7699.464

5711.504

 

 

 

 

Surplus (D)

(583.842)

(87.494)

112.127

 

 

 

 

Appropriation

 

 

 

Transfer shareholder account

(590.489)

(87.434)

112.127

Balance funds for futures appropriation

6.647

0.000

0.000

TOTAL (E)

583.842)

87.434

112.127

 

 

 

 

The breakup of total surplus is as under

 

 

 

Interim bonus paid

0.000

0.000

0.000

Allocation of bonus be policy holder

145.229

68.879

21.829

Total

145.229

68.879

21.829

 

 

PROFIT & LOSS ACCOUNT (NON TECHNICAL ACCOUNT)

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Amounts transferred from Policyholders' Account (Technical Account)

(590.409)

(87.434)

112.127

income from investments

 

 

 

(a) Interest, Dividends and Rent - Net of amortization (The above includes income accretion of Rs. 20.025 Million, Previous year Rs. 37.289 Million

126.852

105.089

109.325

(b) Profit on Sale/Redemption of Investments

37.451

37.933

29.389

(c) (Loss on Sale/ Redemption of Investments)

(3.854)

(9.587)

(2.084)

Other Income

0.000

0.000

0.000

Total (A)

(429.740)

46.001

248.757

Expense other than those directly related to the insurance business

30.681

22.423

39.934

Bad debts written off

0.000

0.000

0.000

Provisions (Other than Taxation)

0.000

0.000

0.000

(a) For Diminution in the value of investments (net)

0.000

0.000

0.000

(b) Provision for Doubtful Debts

 

 

 

(c) Others

 

 

 

Contribution to the Policyholders Account (Technical Account)

745.635

1620.612

1401.725

Total(B)

776.316

1643.035

1441.659

Profit/ (Loss) before Taxation

(1206.056)

(1597.034)

(1192.902)

Provision for Taxation

0.000

0.000

0.000

Profit / (Loss) after Taxation

(1206.056)

(1597.034)

(1192.902)

Appropriations

 

 

 

(a) Balance at the beginning of the period

(20272.927)

(18675.893)

(17482.991)

(b) Interim dividends paid during the period

0.000

0.000

0.000

(c) Proposed Final Dividend

0.000

0.000

0.000

(d) Dividend Distribution on Tax

0.000

0.000

0.000

(e) Transfer to Reserves/Other Accounts

0.000

0.000

0.000

Profit/ (Loss) carried to the Balance Sheet

(21978.983)

(20.272.927)

(18675.893)

Earnings Per Share  (Face Value Rs. 10 per share) Basic and Diluted

(0.59)

(0.84)

(0.68)

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net Cash flows from operating activities

NA

NA

NA

 

 

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

---

33

Market information

---

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE:

 

The registered address of the company has been shifted from 704-706, 7th Floor, Embassy Center, Nariman Point, Mumbai – 400021, Maharashtra, India w.e.f. 16.05.2006

 

 

BACKGRPOUND:

 

The company was incorporated on 27 October, 2005 as a company under the erstwhile companies Act, 1956 to undertake and carry on the business of Life Insurance. The company has obtained a license from the Insurance Regulatory and Development Authority of India on 14 July, 2006 for carrying on the business of Life Insurance and is in-force. The company commenced its commercial activities on 22 August, 2006.

 

The company’s life insurance companies of individual life business comprising of participating, non-participating, unit-linked Insurance products, pension products and group life non-participating business.

 

 

NO CHARGES EXIST FOR COMPANY

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

Partly paid - up investments

0.000

--

Claims,   other  than   against   policies, not acknowledged as debts by the Company

0.098

1.296

Underwriting commitments outstanding

0.000

--

Guarantees given by or on behalf of the Company

0.000

--

Statutory demands/ liabilities in dispute, not provided for

142.354

5.140

Reinsurance obligations to the extent not provided for in accounts

0.000

--

Insurance claims disputed by the Company, to the extent not provided/ reserved

94.049

64.371

Total

238.501

72.790

 

 

FIXED ASSETS:

 

·         Software

·         Leasehold improvements

·         Furniture and Fittings

·         Information Technology

·         Equipments

·         Vehicles

·         Office Equipment

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.17

UK Pound

1

Rs.100.66

Euro

1

Rs.70.97

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KNL

 

 

Report Prepared by :

MTN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.