MIRA INFORM REPORT

 

 

Report No. :

494635

Report Date :

28.02.2018

 

 

 

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) :

31.03.2017

 

 

Date of Incorporation :

27.10.2005

 

 

Com. Reg. No.:

11-157108

 

 

Capital Investment / Paid-up Capital :

INR 24062.010 Million

 

 

CIN No.:

[Company Identification No.]

U66010MH2005PLC157108

 

 

IEC No.:

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

 

 

GST No.:

27AACCB7227P1Z9

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCB7227P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged into Life Insurance Business. (Registered Activity)

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 74770000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2005. First America Securities Private Limited holds 51% stake in the holding company and remaining 49% is held by AXA India holding.

 

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

 

The company has around 124 branches and 16000 trained advisors across the nation.

 

The company has incurred losses from its operational since last few couple of financial years.

 

However, it has reported a satisfactory growth in its revenue base along with strong networth.

 

Rating takes into account the strong financial and management support which company receives from group.

 

Business is active. Payment seems 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.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Subordinate debt programme = AA-

Rating Explanation

High degree of safety and very low credit risk

Date

22.08.2017

 

 

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 31-03-2016.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 28.02.2018.

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE [TEL. NO.: 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

 

 

Branch Offices :

Located at:

 

Eluru

Bhojpur

Bhavnagar

Faridabad

Jamshedpur

Kurnool

Chhapra

Gandhidham

Gurgaon

Lohardagga

Guntur

Muzaffarpur

Jamnagar

Karnal

Ramgarh

Nellore

Patna

Junagadh

Panipat

Ranchi

Tirupati

Bhilainagar

Mehsana

Rewari

Bangalore

Rajahmundry

Bilaspur

Navsari

Rohtak

Belgaum

Vijayawada

Raipur

Rajkot

Yamunagar

Davnagere

Visakhapatnam

New Delhi

Surat

Shimla

Hubli

Dibrugarh

Panjim

Vadodara

Jammu

Mangalore

Guwahati

Ahmedbad

Vapi

Dhanbad

Mysore 

Silchar

Anand

Ambala

Hazaribagh

Alappuzha

Calicut

Trivandrum

Ujjain

Nagpur 

Bhubaneswar

Kochi

Bhopal

Ahmadnagar

Nashik

Cuttack

Kollam

Indore

Aurangabad

Pune

Rourkella

Kottayam

Chindwara

Chandrapur

Sangli

Sambalpur

Palakkad

Jabalpur 

Kolhapur

Solapur

Amritsar

Thrissur

Rewa

Mumbai

Balasore

Bhatinda

Hoshiarpur

Pathankot 

Alwar

Udaipur

Karur

Jalandhar

Patiala

Jaipur

Chennai

Madurai

Ludhiana

Ajmer

Jodhpur

Coimbatore

Pondicherry

Moga

Bhilwara

Kota

Erode

Trichy

Salem

Vellore

 

 

 

 

 

DIRECTORS

 

AS ON: 31.03.2017

 

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 :

4, Pearl Lane, DLF Chattarpur Farms, New Delhi – 110074, 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. Soumen Ghosh

Designation :

Additional Director

Address :

1501 Lodha Aria 6/207, Tokersey Jivraj Road, Sewree, Mumbai – 400015, Maharashtra, India

Date of Appointment :

11.05.2017

DIN No.:

01262099

 

 

Name :

Doina Palici Chehab

Designation :

Alternate Director

Address :

Apartment No.302, No. 11, Purva Grande Lavelle Road, Bangalore - 560001, Karnataka, India

Date of Appointment :

17.08.2017

DIN No.:

03264889

 

 

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

Qualification :

Master of Business Administration, Postgraduate Degree in Actuarial Science, Degree and Master in Administration and Management and McGill University Montreal. 

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

Qualification :

Bachelor of Commerce, Bachelor of Law (General)

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

Qualification :

IAF Actuary, ESSEC Business School and French Baccalaureate

Date of Appointment :

01.03.2015

DIN No.:

06609124

 

 

Name :

Jean Paul Dominique Louis Drouffe

Designation :

Director

Address :

15 Avenue Alexandre III, 78600 Maisons-Laffitte, Maisons Laffitte 78600 FR

Qualification :
  • Ecole Polytechnique (Sep 1994-July 1997)- Majored in Economics and Applied Mathematics ENSAE (September 1997-August 1999)
  • Majored in Economics, Insurance, Finance and Statistics
  • Qualified actuary – French Institute IAF (December 1999)

Date of Appointment :

06.01.2016

DIN No.:

07373856

 

 

Name :

Mr. Harjeet Singh Kohli

Designation :

Additional Director

Address :

A5 805, Sahara Grace Sector 28, M.G. Road, Gurugram -  122001, Haryana, India

Date of Appointment :

29.08.2016

DIN No.:

07575784

 

 

Name :

Mr. Vikas Seth

Designation :

Managing Director

Address :

Flat No. 1103, B-Wing, Chaitanya Towers, Appasaheb marathe Marg , Prabhade, Mumbai - 400025, Maharashtra, India

Date of Appointment :

22.11.2017

DIN No.:

07946734

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajeev Nand Kumar

Designation :

Chief Executive Officer

Address :

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

Date of Appointment :

05.05.2015

PAN No.:

ALTPK5336R

 

 

Name :

Mr. Vinod Bendict Dsouza

Designation :

Company Secretary

Address :

2 D/301, N.G. Royal Park Chs., Opp. Nitco Tiles, Kanjurmarg East, Bhandup East, Mumbai 400042, Maharashtra, India

Date of Appointment :

01.10.2017

PAN No.:

AGIPD6840P

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 31.03.2017

 

Names of Shareholders

 

No. of Shares

 

Bharti Life Private Limited (previously known as First American Securities Private Limited)

 

1227162493

Axa India Holdings

 

1179038478

Alok Roongta (Nominee on behalf of Bharti Life Private Limited previously known as First American Securities Private Limited as on 31.03.2017)

 

1

Vinod D’Souza (Nominee on behalf of Bharti Life Private Limited previously known as First American Securities Private Limited as on 31.03.2017)

 

1

Nilesh Kothari (Nominee on behalf of Bharti Life Private Limited previously known as First American Securities Private Limited as on 31.03.2017)

 

1

Manoj Jaju (Nominee on behalf of Bharti Life Private Limited previously known as First American Securities Private Limited as on 31.03.2017)

 

1

Vidya Raman (Nominee on behalf of Bharti Life Private Limited previously known as First American Securities Private Limited as on 31.03.2017)

 

1

 

 

 

Total

 

 

2406200976

 

 

AS ON: 13.07.2017

 

Equity Share Breakup

Percentage of Holding

Category

 

Promoters (Body corporate)

49.00

Promoters (Others - Private Limited Company)

51.00

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into Life Insurance Business. (Registered Activity)

 

 

Products :

ITC Code No.

 

Product Descriptions

99713111

Life Insurance

 

 

Brand Names :

“Bharti AXA Life”

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

Customers :

 

Reference:

Not Divulged

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

 

Bank Name:

Not Divulged

Branch:

--

Person Name (with Designation):

--

Contact Number:

--

Name of Account Holder:

--

Account Number:

--

Account Since (Date/ Year of A/c Opening):

--

Average Balance Maintained (Optional):

--

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

--

Account Operation:

--

Remarks:

--

 

Auditors 1 :

 

Name :

M. P. Chitale and Company

Chartered Accountants

Address :

Hamam House, Ambalal Doshi Marg, Fort, Mumbai - 400001, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAFM2282Q

 

 

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 :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

Bharti Life Private Limited (formerly known as First American Securities Private Limited) [U67120DL1996PTC293113]

 

 

Associate Companies :

·         Bharti Enterprises Limited (BEL) [U74993DL2007PLC163757]

·         Bharti Overseas Private Limited (BOPL) [U72300DL2005PTC142767]

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000000

Equity Shares

INR 10/- each

INR 30000.000 Million

 

 

 

 

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2448293035

Equity Shares

INR 10/- each

INR 24482.930 Million

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2406200976

Equity Shares

INR 10/- each

INR 24062.010 Million

 

 

 

 

 

PATTERN OF SHAREHOLDING

 

Particulars

31.03.2017

 

Number of Shares

% of Holding

Promoters

 

 

Indian

 

 

Bharti Insurance Holdings Private Limited and its representatives

--

--

First American securities Private Limited

1227162498

51.00

Foreign

 

 

AXA India Holding (Mauritius)

1179038478

49.00

 

 

 

Total

 

2406200976

100.00

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

SHAREHOLDERS FUNDS

 

 

 

Share Capital

24062.010

22862.010

21157.010

Share Application Money Pending Allotment

0.000

0.000

0.000

Reserves & Surplus

2074.442

2074.442

2059.442

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

32.916

(5.979)

61.864

Sub Total

26169.368

24930.473

23278.316

 

 

 

 

Borrowings

0.000

0.000

0.000

 

 

 

 

Policyholders' Funds:

 

 

 

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

143.002

(121.633)

155.361

Policy Liabilities

22276.591

14216.411

8820.612

Insurance Reserves

0.000

0.000

0.000

Provision for Linked Liabilities

12116.429

12742.039

17371.085

Sub-Total

34536.022

26836.817

26347.058

 

 

 

 

Funds for Future Appropriations

12.554

9.135

6.647

Discontinuance Fund on account of non-payment of premium

818.481

1510.141

1717.406

Discontinuance Fund others

0.000

0.000

0.000

 

 

 

 

TOTAL

61536.425

53286.565

51349.427

 

 

 

 

APPLICATION OF FUNDS

 

 

 

Investments

 

 

 

Shareholders'

2189.251

2719.125

1659.928

Policyholders'

22314.257

13666.878

9091.238

Assets Held to Cover Linked Liabilities*

12934.910

14252.180

19088.491

Loans

17.135

6.654

1.788

Fixed Assets
128.601
117.632
155.873

 
 
 
 

Current Assets
 
 
 

Cash and Bank Balances
1136.726
867.504
670.894

Advances and Other Assets

2553.102
1825.743
1476.891

Control Account

0.000
0.000
0.000

Sub-Total (A)

3689.828

2693.247

2147.785

 

 

 

 

Current Liabilities

 

 

 

Other Liabilities

3390.645

2635.981

2157.652

Provisions

150.290

126.955

117.007

Sub-Total (B)

3540.943

2762.936

2274.659

 

 

 

 

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

(to the extent not Witten off or adjusted)

148.886

(69.689)

(126.874)

 

 

 

 

Debit Balance of Profit and Loss Account

23802.386

22593.784

21478.983

 

 

 

 

TOTAL

61536.425

53286.565

51349.427

 

 

POLICYHOLDERS ACCOUNT (TECHNICAL ACCOUNT)

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Premium Earned Net

 

 

 

a)     Premium

13965.021

12083.342

10533.170

b)    Reinsurance ceded

(220.346)

(188.927)

(152.844)

c)     Reinsurance accepted

0.000

0.000

0.000

Sub Total

13744.675

11894.415

10380.326

 

 

 

 

Income from investment

 

 

 
  1. Interest, dividend and rent - net of amortisation

1780.067

1353.237

1037.146
  1. Profit on sales/ redemption of investments

2420.461

2485.180

3734.563
  1. (Loss on sales / redemption of investment)

(412.652)

(353.791)

(144.825)
  1. Transfer / gain on revaluation/ change in fair value

707.469

(2892.622)

1916.882

 

 

 

 

Other income

 

 

 

a)     Contribution from shareholders Account  

678.081

688.561

745.635

b)    Foreign exchange gain (net)

0.538

(5.778)

(0.950)

c)     Interest income on bank balance

0.908

1.843

0.504

d)    Other 

30.635

16.190

4.931

Total (A)

18950.182

13187.235

17674.212

 

 

 

 
  1. Commission

1002.809

832.480

695.948
  1. Operating Expenses

4000.903

6104.173

5467.402
  1. Service tax on charges  

52.067

0.000

0.000
  1. Provision for doubt full debts

2.473

18.082

0.936
  1. Bad debts written of

5.505

1.636

1.135
  1. Provision for tax

0.000

0.000

0.000

Total (B)

5063.757

6956.371

6165.421

 

 

 

 

Benefit paid (Net)

5681.274

6253.506

6628.723

 

 

 

 

Interim bonus paid

0.000

0.000

0.000

 

 

 

 

Change in valuation of liabilities in respect of life policies  

 

 

 

a) Gross

6613.977

858.923

5656.539

b) Amount in reinsurance

128.934

(299.436)

(192.629)

Total (C)

12424.185

6812.993

12092.633

 

 

 

 

Surplus/(Deficit) (D) (A-B-C)

1462.240

(582.129)

(583.842)

 

 

 

 

Appropriation

 

 

 

Transfer Shareholder Account

1458.821

(584.616)

(590.489)

Transfer to other reserves

0.000

0.000

0.000

Balance funds for future appropriations

3.419

2.487

6.647

Non-participating policyholders unallocated surplus

0.000

0.000

0.000

TOTAL (E)

1462.240

(582.129)

(583.842)

 

 

 

 

The breakup of total surplus is as under

 

 

 

Interim bonus paid

0.000

0.000

0.000

Allocation of bonus be policy holder

454.952

301.805

145.229

Total Surplus

454.952

301.805

145.229

 

 

PROFIT & LOSS ACCOUNT

SHAREHOLDER’S ACCOUNT (NON TECHNICAL ACCOUNT)

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Amounts transferred from Policyholders' Account (Technical Account)

1458.821

(584.616)

(590.489)

income from investments

 

 

 

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

187.271

154.096

126.852

(b) Profit on Sale/Redemption of Investments

48.167

49.944

37.451

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

(20.864)

(1.988)

(3.554)

Other Income

0.000

0.000

0.000

Total (A)

1673.395

(382.564)

(429.740)

 

 

 

 

Expense other than those directly related to the insurance business

2203.916

43.676

30.681

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

0.000

0.000

0.000

(c) Others

0.000

0.000

0.000

Contribution to the Policyholders Account (Technical Account)

678.081

688.561

745.635

Total(B)

2881.997

732.237

776.316

 

 

 

 

Profit/ (Loss) before Taxation

(1208.602)

(1114.801)

(1206.056)

Provision for Taxation

0.000

0.000

0.000

Profit / (Loss) after Taxation

(1208.602)

(1114.801)

(1206.056)

Appropriations

 

 

 

(a) Balance at the beginning of the period

(22593.784)

(21478.983)

(20272.927)

(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

(23802.386)

(22593.784)

(21478.983)

 

 

 

 

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

(0.52)

(0.51)

(0.59)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net Cash flow from Operating Activities

714.563

(981.855)

(2305.518)

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

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 EXISTS FOR COMPANY

 

 

FIXED ASSETS:

 

·         Software

·         Leasehold improvements

·         Furniture and Fittings

·         Information Technology

·         Vehicles

·         Office Equipment

·         Communication 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 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

INR

US Dollar

1

INR 64.85

UK Pound

1

INR 90.58

Euro

1

INR 79.97

                                         

 

                                                                 INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

NYT

 

 

Report Prepared by :

ARC

           

SCORE FACTORS

 

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

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.