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MIRA INFORM REPORT
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Report No. : |
516283 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
ICICI FOUNDATION FOR INCLUSIVE GROWTH |
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Registered
Office : |
1 Cenotaph Road, Teynampet, Chennai - 600018, Tamilnadu |
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Tel. No.: |
91-22-26531414 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
2008 |
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Capital
Investment / Paid-up Capital : |
INR 305.213 Million |
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CIN No.: [Company Identification
No.] |
Not Available |
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IEC No.: |
Not Applicable (As informed by the management that firm
does not have export and import) |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Foundation |
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Line of Business
: |
Providing Health Care, Elementary, Education, Still Development and
Sustainable Livelihoods and Financial Services. [From Indirect Sources] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
ICICI Foundation For Inclusive Growth (ICICI Foundation) was founded by the ICICI Group in 2008. ICICI Foundation works on high impact projects that are sustainable and scalable with pre-defined exits of its initiatives and adopts a direct intervention model for skill development. It is engaged in providing Health Care, Elementary, Education Still Developments and Sustainable Live hoods and financial services. For the financial year 2017, the subject has reported decline in its revenue as compared to previous year and has incurred operational losses. Rating takes into consideration strong financial profile of the subject marked by adequate networth base along with sound liquidity position.
Rating also takes into account the financial flexibility enjoyed by the subject by virtue of being part of the “ICICI Group”. Business is active. Payment seems to be regular. In view of aforesaid, the foundation can be considered for business dealings at usual trade terms and conditions. Note: Correct name of the subject is “ICICI Foundation for Inclusive Growth”. |
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
31-03-2018.
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 22.06.2018.
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 DENIED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-26531414)
Given number is incorrect number i.e. Tel. No.: 91-22-2653144 (Correct number is Tel. No.: 91-22-26531414)
LOCATIONS
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Registered Office : |
1 Cenotaph Road, Teynampet, Chennai - 600018, Tamilnadu, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
ICICI Bank Towers, Bandra – Kurla Complex, Mumbai – 400051,
Maharashtra, India |
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Tel. No.: |
91-22-26531414 |
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Fax No.: |
91-22-26531511 |
MEMBERS
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Name : |
Ms. Chanda Kochhar |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. Sandeep Bakhshi |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. N. S. Kannan |
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Designation : |
Executive Director |
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Name : |
Mr. Bhargav Dasgupta |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. Anup Bagchi |
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Designation : |
Executive Director |
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Name : |
Mr. Saurabh Singh |
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Designation : |
Senior General Manager |
KEY EXECUTIVES
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Senior Management |
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Name : |
Mr. Saurabh Singh |
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Designation : |
President, ICICI Foundation for Inclusive Growth and Senior General Manager, ICICI Bank |
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Name : |
Mr Chinmay Sengupta |
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Designation : |
Chief Operating Officer, ICICI Foundation for Inclusive Growth |
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Name : |
Mr. Ajay Kumar |
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Designation : |
Vice President & Head- Operations, ICICI Academy for Skills, ICICI Foundation for Inclusive Growth |
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Name : |
Mr. Vineet Rungta |
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Designation : |
Vice President, Sustainable Livelihood, ICICI Foundation for Inclusive Growth |
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Name : |
Mr. Sanjay Choudhary |
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Designation : |
Vice President, ICICI Foundation for Inclusive Growth |
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Governing Council |
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Name : |
Mrs. Chanda Kochha |
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Designation : |
Chairperson of the Governing Council, ICICI Foundation for Inclusive Growth and Managing Director & CEO, ICICI Bank |
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Name : |
Mr. Sandeep Bakhshi |
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Designation : |
Managing Director and CEO, ICICI Prudential Life Insurance |
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Name : |
Mr. N. S. Kannan |
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Designation : |
Executive Director, ICICI Bank Limited |
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Name : |
Mr. Bhargav Dasgupta |
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Designation : |
Managing Director and CEO, ICICI Lombard General Insurance |
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Name : |
Mr. Anup Bagchi |
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Designation : |
Executive Director, ICICI Bank |
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Name : |
Mr. Saurabh Singh |
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Designation : |
President, ICICI Foundation for Inclusive Growth and Senior General Manager, ICICI Bank |
BUSINESS DETAILS
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Line of Business : |
Providing Health Care, Elementary, Education, Still Development and
Sustainable Livelihoods and Financial Services. [From Indirect Sources] |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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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 denied by the management |
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Bankers : |
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Auditors : |
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Name : |
Khandelwal Jain and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Settlor: |
ICICI Bank Limited |
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Trustee: |
ICICI Trusteeship Services Limited |
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Group Company of
the Settlor: |
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FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
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Trustees’ funds |
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Corpus fund |
305.213 |
223.417 |
155.303 |
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Total |
305.213 |
223.417 |
155.303 |
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APPLICATION OF
FUNDS: |
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Fixed assets |
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Gross block |
211.097 |
172.009 |
69.655 |
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Less: Accumulated depreciation |
78.278 |
41.434 |
14.687 |
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Net block |
132.819 |
130.574 |
54.968 |
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Capital Work-in-
Progress |
0.000 |
0.000 |
0.000 |
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Current assets,
loans and advances: |
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a) Cash and bank balances |
94.167 |
29.813 |
64.431 |
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b) Loans and advances |
120.423 |
92.731 |
70.520 |
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214.590 |
122.543 |
134.951 |
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Less : Current
liabilities and provisions |
42.196 |
29.700 |
34.615 |
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Net current assets |
172.394 |
92.843 |
100.335 |
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TOTAL |
305.213 |
223.417 |
155.303 |
PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
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INCOME |
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Interest Income |
2.472 |
2.732 |
3.361 |
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Miscellaneous Income |
3.494 |
0.100 |
0.008 |
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Total |
5.966 |
2.832 |
3.369 |
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EXPENDITURE |
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Application of funds towards object of the trust |
831.415 |
743.883 |
523.281 |
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Administrative expenses |
31.859 |
25.724 |
25.653 |
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Depreciation |
36.844 |
26.750 |
7.824 |
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Total |
900.118 |
796.357 |
556.758 |
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Surplus / (Deficit)
before tax |
(894.152) |
(793.525) |
(553.389) |
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Provision for taxation |
0.000 |
0.000 |
0.000 |
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Surplus / (Deficit)
after tax |
(894.152) |
(793.525) |
(553.389) |
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Balance brought forward from previous year |
0.000 |
0.000 |
0.000 |
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Deficit transferred
to Corpus Funds |
(894.152) |
(793.525) |
(553.389) |
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check list by
info agents |
Available in Report
(Yes/No) |
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1 |
Year of establishment |
Yes |
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2 |
Constitution of the entity -Incorporation
details |
Yes |
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3 |
Locality of the entity |
Yes |
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4 |
Premises details |
No |
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5 |
Buyer visit details |
-- |
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6 |
Contact numbers |
Yes |
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7 |
Name of the person contacted |
No |
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8 |
Designation of contact person |
No |
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9 |
Promoter’s background |
No |
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10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
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11 |
Pan Card No. of Proprietor / Partners |
No |
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12 |
Voter Id Card No. of Proprietor / Partners |
No |
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13 |
Type of business |
Yes |
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14 |
Line of Business |
Yes |
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15 |
Export/import details (if applicable) |
No |
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16 |
No. of employees |
No |
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17 |
Details of sister concerns |
Yes |
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18 |
Major suppliers |
No |
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19 |
Major customers |
No |
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20 |
Banking Details |
Yes |
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21 |
Banking facility details |
No |
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22 |
Conduct of the banking account |
-- |
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23 |
Financials, if provided |
Yes |
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24 |
Capital in the business |
Yes |
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25 |
Last accounts filed at ROC, if applicable |
No |
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26 |
Turnover of firm for last three years |
Yes |
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27 |
Reasons for variation <> 20% |
-- |
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28 |
Estimation for coming financial year |
No |
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29 |
Profitability for last three years |
Yes |
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30 |
Major shareholders, if available |
No |
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31 |
External Agency Rating, if available |
No |
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32 |
Litigations that the firm/promoter
involved in |
-- |
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33 |
Market information |
-- |
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34 |
Payments terms |
No |
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35 |
Negative Reporting by Auditors in the Annual
Report |
No |
OVERVIEW
The ICICI Foundation for Inclusive Growth (the Foundation) has been setup as a public charitable trust established under the Indian Trust Act, 1882 on 04-01-2008 at Chennai. The trust is represented by ICICI Trusteeship Services Ltd. acting in its capacity as trustee and ICICI Bank Limited as the Settlor. The object of the foundation is inter alia, catalysing and accelerating social and economic inclusion through empowerment of poor for participating in and to benefit from the Indian growth process through integrated action in the fields of primary health, elementary education, financial inclusion, skill development and sustainable livelihood and rural development.
VISION AND MISSION
To be a leading institution for the promotion of inclusive growth in India by contributing to the key enablers required for widespread participation in economic opportunities in the country.
To promote inclusive growth in India through focused initiatives in the identified areas including primary healthcare, elementary education, skill development and sustainable livelihood, financial inclusion and rural development.
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 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 64.10 |
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|
1 |
INR 82.62 |
|
Euro |
1 |
INR 75.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
BHG |
SCORE FACTORS
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.