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|
|
MIRA
INFORM REPORT
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Report No. : |
494619 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
KOTAK MAHINDRA GENERAL INSURANCE COMPANY LIMITED (w.e.f.12.12.2015) |
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Formerly Known
As : |
KOTAK
MAHINDRA GENERAL INSURANCE LIMITED |
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Registered
Office : |
27 BKC, C27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra |
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Tel. No.: |
91-22-66056825/ 61660001 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.12.2014 |
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Com. Reg. No.: |
11-260291 |
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Capital
Investment / Paid-up Capital : |
INR 1350.000
Million |
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CIN No.: [Company Identification
No.] |
U66000MH2014PLC260291 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAFCK7016C |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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Service Tax No.: |
AAFCK7016CSD001 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAFCK7016C1ZT |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is in the
business of underwriting general insurance policies relating to fire and
miscellaneous segments. (Registered Activity) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 2579000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Kotak Mahindra General Insurance Company Limited is a 100% subsidiary of Kotak Mahindra Bank Limited (KMBL), the flagship company of the Kotak Group having diversified business profile covering commercial vehicle financing, consumer loans, corporate finance, and asset reconstruction. It was incorporated on December 20, 2014 and the company has received approval (R3) from the Insurance Regulatory and Development Authority of India (IRDAI) in November 18, 2015 to commence its general insurance business. The company issued its first policy on December 17, 2015. The company aims to cater to a wide range of customer segment & geographies offering an array of non-life insurance products like Motor, Health and others including 13 branches spread across India as on 31st December 2017. The company has been incurring losses since last two financial years. However, rating also takes into consideration strong market position, experienced management team and healthy capitalization. Further, the ratings draw strength from its strong operational and financial support from its holding company, its established market position, diversified business profile in banking and finance sector and decent brand recognition and distribution network among the customers. Trade relations are reported as fair. Business is active. Payments are seems to be regular. In view of strong holding support and its established market position, the company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
Not Available |
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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 03.03.2018
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.: 91-22-61660001)
LOCATIONS
|
Registered Office/ Branch
office 1 : |
27 BKC, C27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India |
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Tel. No.: |
91-22-66056825/ 61660001 |
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Fax No.: |
91-22-67132401 |
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E-Mail : |
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Website : |
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Correspondence
address/ Branch office 2 : |
8th Floor, Zone IV, Kotak Infinity, Building 21, Infinity IT Park, Off WEH, Gen. AK Vaidya Marg, Dindoshi, Malad (East), Mumbai – 400097, Maharashtra, India |
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Branch Offices : |
Also located at
: · Ahmedabad · Bangalore · Chandigarh · Chennai · Mumbai · Hyderabad · Indore · Kolkata · Lucknow ·
Mumbai |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Mahesh Balasubramanian |
|
Designation : |
Managing Director |
|
Address : |
501, Maurya Co-Operative HSG Society, Juhu Versova Link Road, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Appointment : |
17.01.2017 |
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PAN No.: |
AIGPB0250R |
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DIN No.: |
02089182 |
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|
|
|
Name : |
Mr. Gaurang Balkrishna Shah |
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Designation : |
Director |
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Address : |
1502, Crescent Heights, Forgett Street, Opposite Bhatia Hospital,
Mumbai - 400036, Maharashtra, India |
|
Date of Appointment : |
20.12.2014 |
|
DIN No.: |
00016660 |
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|
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Name : |
Mr. Dhananjay Nilkanth Date |
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Designation : |
Director |
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Address : |
Plot No. 3, Rakshak Society, Pune - 411027, Maharashtra, India |
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Date of Birth/Age : |
16.08.1956 |
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Date of Appointment : |
17.11.2015 |
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DIN No.: |
01030900 |
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|
|
|
Name : |
Mr. Murlidhar Gangadharan |
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Designation : |
Director |
|
Address : |
Flat No.12, Gayathri, 160, Central Avenue Road, Chembur, Mumbai -
400071, Maharashtra, India |
|
Date of Appointment : |
20.12.2014 |
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DIN No.: |
03601196 |
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|
|
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Name : |
Mr. Virat Sunil Diwanji |
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Designation : |
Director |
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Address : |
2B-23, Windermere, Off New Link Road, Oshiwara, Andheri (West), Mumbai
- 400053, Maharashtra, India |
|
Date of Appointment : |
20.12.2014 |
|
DIN No.: |
07021146 |
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|
|
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Name : |
Mr. Arun Kumar Agarwal |
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Designation : |
Director |
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Address : |
D-2301, Lloyd's Estate, Salt Pan Road, Wadala (East), Mumbai - 400037,
Maharashtra, India |
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Date of Birth/Age : |
20.11.1952 |
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Date of Appointment : |
30.09.2015 |
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DIN No.: |
07299000 |
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Name : |
Anu Ram Aggarwal |
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Designation : |
Director |
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Address : |
11, Toscano, Manuel Gonsalves Road, Bandra (West), Mumbai - 400050,
Maharashtra, India |
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Date of Birth/Age : |
31.03.1972 |
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Date of Appointment : |
30.09.2015 |
|
DIN No.: |
07301689 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Balasubramanian |
|
Designation : |
Chief Executive Officer |
|
Address : |
501, Maurya Co-Operative HSG Society, Juhu Versova Link Road, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Appointment : |
27.07.2015 |
|
PAN No.: |
AIGPB0250R |
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|
|
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Name : |
Mr. Yash Jaisinh Kotak |
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Designation : |
Chief Financial Officer |
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Address : |
203/A, Shalimar Apartments Tagore Road, Santacruz (West), Mumbai-400054, Maharashtra, India |
|
Date of Appointment : |
27.08.2015 |
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PAN No.: |
AGMPK2765L |
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|
|
|
Name : |
Ms. Priti Raju Rohira |
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Designation : |
Company Secretary |
|
Address : |
EC 40, B Wing, Flat No. 302, Shiv Kala CHS Limited, Evershine City, Vasai (East), Mumbai-401208, Maharashtra, India |
|
Date of Appointment : |
01.05.2016 |
|
PAN No.: |
ALMPR7433H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Kotak Mahindra Bank Limited, India |
|
134999994 |
|
Jaimin Bhatt as a nominee of Kotak Mahindra Bank Limited, India |
|
1 |
|
Paul Parambi as a nominee of Kotak Mahindra Bank Limited, India |
|
1 |
|
Gaurang Shah as a nominee of Kotak Mahindra Bank Limited |
|
1 |
|
Bina Chandarana as a nominee of Kotak Mahindra Bank Limited |
|
1 |
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Mahesh Balasubramanian as a nominee of Kotak Mahindra Bank Limited |
|
1 |
|
Chetan Desai as a nominee of Kotak Mahindra Bank Limited |
|
1 |
|
Total |
|
135000000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.06.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
0.00000444 |
|
Promoters (Banks) |
99.99999556 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the
business of underwriting general insurance policies relating to fire and
miscellaneous segments. (Registered Activity) |
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Products/
Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors 1 : |
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Name : |
V.C. Shah and Company Chartered Accountants |
|
Address : |
22, Rajgir Chambers, 3rd Floor, 12-14, Shahid Bhagat Singh Road,
Opposite Old Customs House, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-43440123 |
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Fax No.: |
91-22-22662667 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AADFV8088N |
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Auditors 2 : |
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|
Name : |
K.S. Aiyar and Company Chartered Accountants |
|
Address : |
F-7, Laxmi Mills, Shakti Mills Lane, Off Dr. E. Moses Road, Mahalaxmi,
Mumbai – 400011, Maharashtra, India |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFK6843P |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Kotak Mahindra Bank Limited CIN No.: L65110MH1985PLC038137 |
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Fellow Subsidiaries
: |
· Kotak Mahindra Prime Limited · Kotak Securities Limited · Kotak Mahindra Investments Limited · Kotak Mahindra Capital Company Limited · Kotak Mahindra Asset Management Company Limited · Kotak Mahindra Old Mutual Life Insurance Limited · Kotak Mahindra Trustee Company Limited · Kotak Investment Advisors Limited · Kotak Mahindra Trusteeship Services Limited · Kotak Forex Brokerage Limited · INC Vysya Financial Services Limited · Kotak Mahindra [International) Limited · Kotak Mahindra (UK) Limited · Kotak Mahindra Inc. · Kotak Mahindra Asset Management (Singapore) Pte. Limited · Kotak Mahindra Financial Services Limited · Kotak Mahindra Pension Fund Limited |
CAPITAL STRUCTURE
As on 28.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
INR 10/- each |
INR 1500.000 Million |
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135000000 |
Equity Shares |
INR 10/- each |
INR 1350.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Sources of Funds |
|
|
|
|
Share Capital |
1350.000 |
1350.000 |
10.500 |
|
Reserves & Surplus |
(447.200) |
(99.965) |
(2.674) |
|
Fair Value Change Account |
0.000 |
0.000 |
0.000 |
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
Total
|
902.800 |
1250.035 |
7.826 |
|
|
|
|
|
|
Application of
Funds |
|
|
|
|
Investments – Shareholders |
773.744 |
1103.331 |
0.000 |
|
Investments - Policyholders |
697.901 |
40.937 |
0.000 |
|
Loans |
0.000 |
0.000 |
0.000 |
|
Fixed Assets |
136.711 |
136.278 |
0.000 |
|
Deferred tax liabilities |
0.000 |
0.000 |
0.000 |
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
32.703 |
4.113 |
10.500 |
|
Advances and Other Assets |
96.485 |
100.804 |
0.130 |
|
Sub-Total (A) |
129.188 |
104.917 |
10.630 |
|
|
|
|
|
|
Current Liabilities |
353.386 |
98.385 |
2.804 |
|
Provisions |
481.358 |
37.043 |
0.000 |
|
Sub-Total (B) |
834.744 |
135.428 |
2.804 |
|
Net Current Assets
(C) = (A - B) |
(705.556) |
(30.511) |
7.826 |
|
|
|
|
|
|
TOTAL |
902.800 |
1250.035 |
7.826 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
Operating Profit/(Loss) |
|
|
|
|
|
(a) Fire Insurance |
15.599 |
0.000 |
0.000 |
|
|
(b) Marine Insurance |
0.000 |
0.000 |
0.000 |
|
|
(c) Miscellaneous Insurance |
(455.910) |
(160.545) |
0.000 |
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
(a) Interest, Dividend & Rent - Gross |
72.015 |
29.787 |
0.000 |
|
|
(b) Profit on sale/redemption of Investments |
31.383 |
30.961 |
0.000 |
|
|
Less: Loss on sale of investments |
(1.332) |
(0.023) |
0.000 |
|
|
|
|
|
|
|
|
Other Income |
0.042 |
2.529 |
0.000 |
|
|
TOTAL (A) |
(338.203) |
(97.291) |
0.000 |
|
|
|
|
|
|
|
|
Provisions (Other
than taxation) |
|
|
|
|
|
(a) For diminution in the value of Investments |
0.000 |
0.000 |
0.000 |
|
|
(b) For doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
(c) Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
(a) Expenses other than those related to Insurance Business |
0.000 |
0.000 |
2.674 |
|
|
- Employed related remuneration and welfare benefits |
9.032 |
0.000 |
0.000 |
|
|
(b) Bad debts written off |
0.000 |
0.000 |
0.000 |
|
|
(c) Others |
0.000 |
0.000 |
0.000 |
|
|
TOTAL (B) |
9.032 |
0.000 |
2.674 |
|
|
Profit / (Loss)
Before Tax |
(347.235) |
(97.291) |
(2.674) |
|
|
Provision for
Taxation |
|
|
|
|
|
Current Tax |
0.000 |
0.000 |
0.000 |
|
|
Deferred Tax |
0.000 |
0.000 |
0.000 |
|
|
Profit / (Loss)
After Tax |
(347.235) |
(97.291) |
(2.674) |
|
|
Profit available for appropriation |
(347.235) |
(97.291) |
(2.674) |
|
|
Appropriations |
|
|
|
|
|
(a) Interim dividends paid during the year |
0.000 |
0.000 |
0.000 |
|
|
(b) Proposed final dividend |
0.000 |
0.000 |
0.000 |
|
|
(c) Dividend distribution tax |
0.000 |
0.000 |
0.000 |
|
|
(d) Transfer to any Reserves or Other Accounts |
0.000 |
0.000 |
0.000 |
|
|
Balance of profit/(loss)
brought forward from previous period |
(99.965) |
(2.674) |
0.000 |
|
|
|
|
|
|
|
|
Balance carried
forward to Balance Sheet |
(447.200) |
(99.965) |
(2.674) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (INR) |
(2.57) |
(1.18) |
(51.46) |
REVENUE ACCOUNT FOR THE YEAR
ENDED
|
Particulars |
31.03.2017 |
31.03.2016 |
||||||
|
Fire |
Marine |
Misce llaneous |
Total |
Fire |
Marine |
Misce llaneous |
Total |
|
|
Premiums earned
(Net) |
14.261 |
0.000 |
314.312 |
328.573 |
0.000 |
0.000 |
0.605 |
0.605 |
|
Profit (Loss) on sale/redemption of Investments |
0.005 |
0.000 |
10.308 |
10.313 |
0.000 |
0.000 |
0.847 |
0.847 |
|
Others - Miscellaneous Income |
0.000 |
0.000 |
0.014 |
0.014 |
0.000 |
0.000 |
0.069 |
0.069 |
|
Interest, Dividend & Rent - Gross |
0.438 |
0.000 |
24.778 |
25.216 |
0.000 |
0.000 |
0.815 |
0.815 |
|
Total (A) |
14.704 |
0.000 |
349.412 |
364.116 |
0.000 |
0.000 |
2.336 |
2.336 |
|
|
|
|
|
|
|
|
|
|
|
Claims Incurred (Net) |
(0.379) |
0.000 |
240.523 |
240.144 |
0.000 |
0.000 |
2.103 |
2.103 |
|
Commission |
(0.690) |
0.000 |
37.545 |
36.855 |
0.000 |
0.000 |
2.100 |
2.100 |
|
Contribution to Solatium Fund |
0.000 |
0.000 |
0.246 |
0.246 |
0.000 |
0.000 |
0.012 |
0.012 |
|
Change in Premium Deficiency |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Operating Expenses related to Insurance Business |
0.174 |
0.000 |
527.008 |
527.182 |
0.000 |
0.000 |
158.666 |
158.666 |
|
Total (B) |
(0.895) |
0.000 |
805.322 |
804.427 |
0.000 |
0.000 |
162.881 |
162.881 |
|
Operating Profit(Loss) from Fire/Marine/Miscellaneous Business C- (A - B) |
15.599 |
0.000 |
(455.910) |
(440.311) |
0.000 |
0.000 |
0.000 |
0.000 |
|
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
Transfer to Shareholders' Account |
15.599 |
0.000 |
(455.910) |
(440.311) |
0.000 |
0.000 |
(160.545) |
(160.545) |
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Investments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Total (C) |
15.599 |
0.000 |
(455.910) |
(440.311) |
0.000 |
0.000 |
(160.545) |
(160.545) |
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 |
228.308 |
(81.889) |
0.000 |
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 |
Yes |
|
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 about two years
3 months |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last about two years 3
months |
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 |
BACKGROUND
The Company was incorporated on December 20, 2014 under Companies Act, 2013 as a 100% subsidiary of Kotak Mahindra Bank Limited. The Company received certificate of registration from Insurance Regulatory and Development Authority (IRDAI) on November 18, 2015 with registration no. 152 and subsequently commenced operations on December 17, 2015.The Company is in the business of underwriting general insurance policies relating to Fire and Miscellaneous segments.
INDUSTRY HIGHLIGHT
The general Insurance industry as a whole registered a growth of 30.2%, in which the private sector (excluding standalone health insurance companies) grew by 35.1%. The motor line of business grew by 19% and Health line of business (excluding standalone health insurance companies) grew by 28%.
The Company was able to grow its premium from INR 37.000 million to INR 848.000 million, however, the growth numbers are not comparable as the Company commenced operations on December 17, 2015.
DISTRIBUTION NETWORK
During its first full year of operations, the Company has significantly ramped up its bancassurance and multi distribution network through various intermediaries. The Company also started its own online buying portal to cater 10 a diverse segment of customers across geographies. The Company has been able to scale premium across digital and non-digital channels and collected direct premium of INR 820.500 Million, As the Company is in the initial years of operations, it incurred a loss of INR (347.000) million. However, the Company has been able to maintain its claim ratio and control its expenses through prudent underwriting principles and cost management. Going forward, the Company plans to focus on building the non- motor business while maintaining prudent business hygiene.
OPERATIONS
The company has rapidly scaled up its operational capabilities from issuing 2077 policies in April 2016 to 16832 policies in March 2017, thereby taking the total policies issued in FY16-17 to 101,058.
INDEX OF CHARGES NO CHARGES EXISTS FOR COMPANY
FIXED ASSETS
- Goodwill
- Land-Freehold
- Leasehold Improvements
- Buildings
- Furniture and Fillings
- IT Equipments
- Vehicles
- Office Equipment
- Others
- Intangibles - Software
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 65.23 |
|
UK Pound |
1 |
INR 79.50 |
|
Euro |
1 |
INR 89.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
JYTK |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.