MIRA INFORM REPORT

Report No. :	485474
Report Date :	15.01.2018

IDENTIFICATION DETAILS

Name :	SBM BANK (MAURITIUS) LIMITED
Principal place of business in India / Indian Branch Office:	101, 1st Floor, Raheja Centre, Free Press Journal Road, Nariman Point, Mumbai - 400021, Maharashtra
Tel. No.:	91-22-22842965
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	01.11.1994
Capital Investment / Paid-up Capital :	INR 4769.584 Million
FCRN No.:	F03964
IEC No.:	Not Divulged
GSTIN:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Branch Office of Foreign Registered Bank
Line of Business :	Banking activities (Registered Activity)
No. of Employees :	15 (Approximately) (As per site visit)

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a branch office of foreign registered bank and it is having good track. Bank was started in the year 1994, SBM opened its first overseas branch in Mumbai, India. SBM together with its subsidiary businesses in Kenya, Mauritius, Madagascar and India, is known as SBM Group. The stock of the group is listed on the Stock Exchange of Mauritius and is owned by nearly 17,000 domestic and International shareholders. As per available financials of Indian Operations in 2017, the general financial position of the bank seems to be sound and healthy. However, bank has marginal declined in its operational performance during FY17 and marked by losses. Further, rating also derives strength from its established track records of business operation, extensive experienced of the management and support received from its holding entity. Trade relations are fair. Business is active. Payments are regular. In view of the aforesaid, the bank can be considered good for business dealings at usual trade terms and conditions. Note: Site visit was conducted at the address which you have provided. Our executive has successfully traced the bank on the given address. At the premises our executive met to Mr. Harsh (Designation Not Divulged). As per our executive observation, location of the bank is easy to find. Landmark was near Nariman Point. It is 15 storey building and bank is situated on 1st floor. Locality appears to be commercial. Area seems to be upmarket. 15 (approximately) employees were sighted into premises. Name board of the bank was sighted at the given address.

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 31-03-2016.

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 13.01.2017

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 DENIED BY

Name :	Mr. Rahul
Designation :	Not Divulged
Contact No.:	91-22-43028888
Date :	13.01.2018

Tel No.:91-22-43028888 (Ringing)

LOCATIONS

Registered / or Principal Office / Corporate Office :	1 Queen, Elizabeth II Avenue, Port Louis, Mauritius
Tel. No.:	(230) 202 1111
Fax No.:	(230) 202 1234
E-Mail :	sbm@sbm.intnet.mu
Website:	www.sbmonline.com www.sbmgroup.mu
Principal place of business in India / Indian Branch Office:	101, 1st Floor, Raheja Centre, Free Press Journal Road, Nariman Point, Mumbai - 400021, Maharashtra
Tel. No.:	91-22-22842965 / 43028888 / 22846560
Fax No.:	91-22-22842966
E-Mail :	suvalaxmi.c@sbm-india.com
Locality:	Commercial
Chennai Office:	Prince Arcade , 4^th Floor, 22A Cathedral Road, Chennai – 600086, Tamilnadu, India
Hyderabad Office:	TSR Towers, Rajbhavan Road, Somajiguda, Hyderabad – 500082, Telangana, India

DIRECTORS

Name :	Kee Chong Li Kwong Wing, G.O.S.K
Designation :	Chairman
Name :	Azim Fakhruddin Currimjee
Designation :	Independent Non-Executive Director
Name :	Maxime Hardy
Designation :	Independent Non-Executive Director
Name :	Medha Gunputh
Designation :	Non-Executive Director
Name :	Ramprakash Maunthrooa
Designation :	Independent Non-Executive Director
Name :	Roodesh Muttylall
Designation :	Independent Non-Executive Director
Name :	Subhas Thecka
Designation :	Independent Non-Executive Director
Name :	Vidianand Lutchmeeparsad
Designation :	Independent Non-Executive Director
Name :	Nayen Koomar Ballah
Designation :	Chairman Of
Name :	Raj Dussoye
Designation :	Chief Executive
Name :	Ishwar Anoopum Gaya
Designation :	Independent Non-Executive Director
Name :	Mahmadally Burkutoola
Designation :	Independent Non-Executive Director
Name :	Michel Arnaud Moothoosamy
Designation :	Independent Non-Executive Director
Name :	Philip Ah-Chuen
Designation :	Independent Non-Executive Director
Name :	Rajakrishna Chellapermal
Designation :	Independent Non-Executive Director
Name :	Rishikesh Hurdoyal
Designation :	Independent Non-Executive Director

KEY EXECUTIVES

Name :	Suvalaxmi Chakraborty
Designation:	Chief Executive Officer
Date of Appointment :	06.08.2010
PAN No.:	AADPC2775K
Name :	C Vasudevan
Date of Appointment :	04.07.2015
PAN No.:	ACRPC8041Q
Name :	Mr. Harsh Bhuvnesh Vaidya
Date of Appointment :	20.03.2017
PAN No.:	AJSPV5362K

BUSINESS DETAILS

Line of Business :	Banking activities (Registered Activity)
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

15 (Approximately) (As per site visit)

Bankers :

Banker Name :	Reserve Bank of India
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name:	S.R Batliboi and Associates LLP Chartered Accountant
Address:	Mumbai, Maharashtra, India
Membership No.:	121411
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2017

Capital:

INR 4769.584 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

INCORPORATED IN THE REPUBLIC OF MAURITIUS WITH LIMITED LIABILITY

INDIAN OPERATIONS

	31.03.2017	31.03.2016	31.03.2015
CAPITAL AND LIABILITIES
Capital	4769.584	4769.584	4769.584
Reserves and Surplus	47.178	395.660	827.512
Deposits	12182.546	9706.462	7649.688
Borrowings	0.000	199.856	887.193
Other Liabilities and Provisions	608.997	745.162	643.969
TOTAL	17608.305	15816.724	14777.946
ASSETS
Cash and Balance with Reserve Bank of India	262.363	296.939	394.016
Balance with banks and money at call and short notice	4379.321	807.334	723.173
Investments	4304.613	7003.561	5477.012
Advances	7309.180	6280.738	6613.942
Fixed Assets	294.584	301.618	696.314
Other Assets	1058.244	1126.534	873.489
TOTAL	17608.305	15816.724	14777.946
Contingent Liabilities	11911.596	10396.596	18410.018
Bill of Collection	1774.742	2697.428	2551.828

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Interest carried	1066.641	1290.055	1467.108
	Other Income	115.286	140.470	54.763
	TOTAL	1181.927	1430.525	1521.871
Less	EXPENSES
	Interest expended	746.996	830.639	945.522
	Operating Expenses	245.192	384.367	162.551
	Provision and contingencies	534.406	644.817	397.529
	TOTAL	1526.594	1859.823	1505.602
	NET PROFIT/ (LOSS) FOR THE YEAR	(344.667)	(429.298)	16.269
	PROFIT/ (LOSS) BROUGHT FORWARD	(492.385)	(63.087)	(75.288)
Less	APPROPRIATIONS
	Transfer to Capital Reserve	0.000	0.000	4.068
	Total	0.000	0.000	4.068
	BALANCE CARRIED OVER TO BALANCE SHEET	(837.052)	(492.385)	(63.087)

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Capital	4769.584	4769.584	4769.584
Reserves & Surplus	827.512	395.660	47.178
Net worth	5597.096	5165.244	4816.762
Borrowings	887.193	199.856	0.000
Total borrowings	887.193	199.856	0.000
Debt/Equity ratio	0.186	0.042	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Total Income	1521.871	1430.525	1181.927
		(6.002	(17.378)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Total Income	1521.871	1430.525	1181.927
Net Profit/ (Loss) For The Year	16.269	(429.298)	(344.667)
	1.07%	(30.01)%	(29.16)%

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	Yes
5]	Buyer visit details	Yes
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	No
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 (As per site visit)	Yes
17]	Details of sister concerns	No
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	No
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

OBSERVATION POINTS

Name of Company :	SBM BANK (MAURITIUS) LIMITED
Address :	101, 1st Floor, Raheja Centre, Free Press Journal Road, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel No.:	91-22-43028888
Person to whom we met:	Mr. Harsh (Designation Not Divulged)
Name Board:	Sighted
Location:	Easy
Landmark (If Any):	Nariman Point
Total Floors of the building:	15
Subject situated on:	1^st Floor
Locality:	Commercial
Area:	Upmarket
No. of Employees seen at Premises :	15
Visibility of Items:	Telephone Computers Air Conditioner Office Equipment
Proof of visit:	Photograph

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 63.39
UK Pound	1	INR 85.74
Euro	1	INR 76.25

INFORMATION DETAILS

Information Gathered by :	SHA
Analysis Done by :	PSD
Report Prepared by :	RKI

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	NO
--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.