|
|
|
MIRA INFORM REPORT
|
Report No. : |
507214 |
|
Report Date : |
07.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SBI GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
“Natraj” 101, 201 and 301, Junction of Western Express, Highway and
Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra |
|
Tel. No.: |
91- 22-42412070 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
24.02.2009 |
|
|
|
|
Com. Reg. No.: |
11-190546 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2155.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2009PLC190546 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAMCS8857L |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAMCS8857L1ZC |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of
General Insurance
(Registered Activity) |
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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)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of State Bank India (SBI), it is an established company incorporated in the year 2009. The company offers a complete suite of products ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering and Liability Insurance in the commercial space. It operates from 111 branches pan India and 77 insurance products approved by IRDAI as on 31st March 2017. For the financial year 2017, the company reported a healthy net profit for the first time since its inception. Rating takes into consideration strong financial profile of the company marked by healthy networth base. Further, rating derives 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 distribution network among the customers. However, rating strengths are partially offset by significant increase in exposure to crop insurance business which is vulnerable to the vagaries of climate change and competitive pressure from public and private sector players. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Claims paying ability = iAAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
07.09.2017 |
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
31-03-2018.
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 07.05.2018
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 BY
Management non-cooperative (Tel No.:91-22-42412070 / 71)
LOCATIONS
|
Registered
Office/Corporate : |
“Natraj” 101, 201 and 301, Junction of Western Express, Highway and
Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91- 22-42412070 |
|
Fax No.: |
91- 22-42412070 |
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E-Mail : |
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|
Website : |
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|
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Branch Office: |
Located at:
|
DIRECTORS
As on 31.03.2017
|
Name : |
Pushan Mahapatra |
|
Designation : |
Managing Director |
|
Address : |
M-34, H.B. Colony, Jayadev Nagar, Lewis Road, Bhubaneshwar – 751002, Odisha, India |
|
Date of Appointment : |
01.01.2016 |
|
DIN No.: |
07307428 |
|
|
|
|
Name : |
Damodarannair Sundaram |
|
Designation : |
Director |
|
Address : |
Flat No.1901, Tower-A, Beaumonde Appasaheb Marathe Marg, Prabhadevi Mumbai- 400025, Maharashtra, India |
|
Date of Appointment : |
12.12.2014 |
|
DIN No.: |
00016304 |
|
|
|
|
Name : |
Parveen Kumar Gupta |
|
Designation : |
Nominee Director |
|
Address : |
7f, B1, Building, Harbour Heights, Na Sawant Marg, Colaba, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
22.03.2018 |
|
DIN No.: |
02895343 |
|
|
|
|
Name : |
Mr. Mehender Kumar Garg |
|
Designation : |
Director |
|
Address : |
401/5, Vipul Belmonet, Golf Course Raod, Gurugram – 122002, Haryana, India |
|
Date of Birth/Age : |
10.05.1953 |
|
Qualification: |
Chartered Accountant / Fiii |
|
Date of Appointment : |
21.04.2010 |
|
DIN No.: |
00081454 |
|
|
|
|
Name : |
Mr. Ashok Purushottam Pradhan |
|
Designation : |
Director |
|
Address : |
1301, C Wing, Synchronincity, Nahar Amrit Shakti Road, Chandivali, Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1941 |
|
Qualification: |
M.Com, LL. B, CAIIB, Diploma In Management Accounting |
|
Date of Appointment : |
21.04.2010 |
|
DIN No.: |
00136805 |
|
|
|
|
Name : |
Rajnish Kumar |
|
Designation : |
Nominee Director |
|
Address : |
12c Madhuban, Opposite Y B Chavan Centre, Nariman Point, Mumbai -400021 , Maharashtra, India |
|
Date of Appointment : |
26.04.2016 |
|
DIN No.: |
05328267 |
|
|
|
|
Name : |
Duncan Victor Brain |
|
Designation : |
Nominee Director |
|
Address : |
House No 2, Leonie Hill Road 17-02, Leonie Condotel Singapore 239192 Sg |
|
Date of Appointment : |
26.10.2013 |
|
DIN No.: |
06715827 |
|
|
|
|
Name : |
Dinesh Kumar Khara |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. D-5, Kinellan Tower 100A, Nepean Sea Road, Mumbai- 400006, Maharashtra, India |
|
Date of Appointment : |
21.10.2016 |
|
DIN No.: |
06737041 |
|
|
|
|
Name : |
Smeeta Harsha Bhatkal |
|
Designation : |
Director |
|
Address : |
N-5,Prathamesh, Off Veer Savarkar Marg, Prabhadevi Mumbai- 400025 , Maharashtra, India |
|
Date of Appointment : |
07.01.2018 |
|
DIN No.: |
07363916 |
|
|
|
|
Name : |
Alp Muharrem Altun |
|
Designation : |
Nominee Director |
|
Address : |
3 Leedon Heights D'leedon, # 24-05 Singapore 267951 Sg |
|
Date of Appointment : |
08.12.2016 |
|
DIN No.: |
07632171 |
KEY EXECUTIVES
|
Name : |
Mr. Mehendra Kumar Tripathi |
|
Designation : |
Company Secretary |
|
Address : |
702, Tapovan B-1, Off Westeren Express Highway Malad (East), Mumbai- 400097, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1974 |
|
Date of Appointment : |
21.12.2009 |
|
PAN No.: |
ACSPT6389F |
|
|
|
|
Name : |
Rikhil Kiranbhai Shah |
|
Designation : |
Chief Finance Officer |
|
Address : |
C-1110, Raj Residency-2, Mahavir Nagar, Kandivali West, Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
08.12.2015 |
|
PAN No.: |
ANXPS3839B |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
State Bank of India, India |
|
159469950 |
|
IAG International Pty. Limited, Australia |
|
56030000 |
|
Rajiv Kumar Saxena |
|
10 |
|
Dinesh Kumar Khara |
|
10 |
|
Ravi Nandan Sahay |
|
10 |
|
Vijay Kumar Monga |
|
10 |
|
Pushan Umakant Mahapatra |
|
10 |
|
Total |
|
215500000 |
Equity Share Break up (Percentage of Total Equity)
As on 15.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
0.0000232 |
|
Promoters (Body corporate) |
99.9999768 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of
General Insurance
(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 : |
Information denied by the management |
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Bankers : |
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Auditors 1: |
|
|
Name : |
J. Singh and Associates Chartered Accountants |
|
Address : |
505/506/507,Hub Town Viva, Western Express Highway, Shankarwadi,
Andheri (East), Mumbai - 400060, Maharashtra, India |
|
PAN No.: |
AADFJ9230E |
|
|
|
|
Auditors 2: |
|
|
Name : |
SARC and Associate Chartered Accountants |
|
Address : |
B-1202 and 1203, Venus Tower, 12th Floor, Azad Nagar, Veera Desai
Road, Andheri (West), Mumbai, Maharashtra, India |
|
PAN No.: |
ABXFS0432N |
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|
|
|
Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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Holding Entity: |
|
CAPITAL STRUCTURE
As on 15.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
INR 10/- each |
INR 20000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
215500000 |
Equity Shares |
INR 10/- each |
INR 2155.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
Share Capital |
2155.000 |
2030.000 |
2030.000 |
|
Reserves and Surplus |
13326.000 |
11201.000 |
11201.000 |
|
Fair Value Change Account - Shareholders |
(8.263) |
(40.059) |
1.620 |
|
Fair Value Change Account - Policyholders |
0.000 |
0.000 |
0.000 |
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
Total |
15472.737 |
13190.941 |
13232.620 |
|
APPLICATION OF
FUNDS |
|
|
|
|
Investments - Shareholders |
8461.812 |
5190.802 |
26677.456 |
|
Investments - Policyholders |
35194.204 |
27815.261 |
0.000 |
|
Loans |
0.000 |
0.000 |
0.000 |
|
Fixed Assets |
373.414 |
530.878 |
837.916 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash and Bank Balances |
340.347 |
573.819 |
585.204 |
|
Advances and Other Assets |
3098.364 |
2122.832 |
1425.185 |
|
|
|
|
|
|
Sub-total (A) |
3438.711 |
2696.651 |
2010.389 |
|
|
|
|
|
|
Current Liabilities |
19756.707 |
13888.686 |
9871.064 |
|
Provisions |
16733.492 |
15175.322 |
11242.450 |
|
Sub-total (B) |
36490.199 |
29064.008 |
21113.514 |
|
Net Current Assets
(C) = (A - B) |
(33051.488) |
(26367.357) |
(19103.125) |
|
Miscellaneous Expenditure (to the extent not written off or adjusted) |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit and Loss Account |
4494.795 |
6021.357 |
4820.373 |
|
Total |
15472.737 |
13190.941 |
13232.620 |
|
Contingent Liabilities |
8.604 |
53.598 |
54.233 |
PROFIT
& LOSS ACCOUNT
REVENUE ACCOUNT FOR THE YEAR ENDED
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Premiums
earned (Net) |
|
14764.243 |
12068.912 |
|
Profit/
Loss on sale/redemption of
Investments(Net) |
|
229.443 |
149.837 |
|
Others |
|
|
|
|
Interest
Income-Terrorism Pool/ Decline pool |
|
7.318 |
4.196 |
|
Interest,
Dividend & Rent – Gross |
|
2375.860 |
1810.519 |
|
Total A |
|
17376.864 |
14033.464 |
|
Claims
Incurred (Net) |
|
11075.225 |
10012.697 |
|
Commission
(Net) |
|
211.296 |
955.925 |
|
Operating
Expenses related to Insurance
Business |
|
4989.157 |
4934.750 |
|
Premium Deficiency Reserve |
|
- |
- |
|
Total
B |
|
16275.678 |
15903.372 |
|
Operating Profit/(Loss) [C=(A-B)] |
|
1101.186 |
(1869.908) |
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders’ Account |
|
1101.186 |
(1869.908) |
|
Transfer to Catastrophe Reserve |
|
- |
- |
|
Transfer to Other Reserves |
|
- |
- |
|
Total
C |
|
1101.186 |
(1869.908) |
|
1) As required by Section 40C( 2 ) of the Insurance Act, 1938, we hereby certify that on the basis of information and explanation given to us, all expenses of management, incurred by the Company, in respect of general insurance business have been fully debited in the Revenue Account as expenses. 2) As required by Expenses of Management Regulations, 2016 issued by the IRDAI, Operating expenses are allocated/apportioned as per Board approved policy on allocation and apportionment of expenses of management The Schedules referred to above form an integral part of the Financial Statements |
|||
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
OPERATING
PROFIT/(LOSS) |
|
|
|
|
a) Fire Insurance |
1747.870 |
(360.656) |
154.246 |
|
b) Marine Insurance |
(30.364) |
(59.022) |
(73.016) |
|
c) Miscellaneous Insurance |
(616.320) |
(1450.230) |
(1775.494) |
|
|
|
|
|
|
INCOME FROM
INVESTMENTS |
|
|
|
|
a) Interest, Dividend and Rent - Gross |
743.234 |
619.101 |
538.749 |
|
b) Profit on sale of Investments |
72.194 |
56.776 |
103.252 |
|
Less: Loss on sale of investments |
(0.418) |
(5.600) |
0.000 |
|
OTHER INCOME
(Miscellaneous Income) |
23.615 |
2.677 |
0.762 |
|
Profit and Loss
on sale of Assets |
0.521 |
(1.489) |
3.943 |
|
|
|
|
|
|
TOTAL (A) |
1940.332 |
(1198.443) |
(1047.558) |
|
|
|
|
|
|
PROVISIONS
(Other than taxation) |
|
|
|
|
For diminution in the value of investments |
3.763 |
0.000 |
0.000 |
|
For doubtful debts |
0.000 |
0.000 |
0.000 |
|
Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
Expenses other than those related to Insurance Business |
0.000 |
0.000 |
0.000 |
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Share Issue Expenses |
2.250 |
0.000 |
4.200 |
|
Director's Fees |
1.570 |
1.315 |
0.640 |
|
Others |
0.029 |
1.226 |
0.879 |
|
Expenses of Management Regulatory Adjustments |
406.158 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL (B) |
413.770 |
2.541 |
5.719 |
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
1526.562 |
(1200.984) |
(1053.277) |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
Current Tax |
0.000 |
0.000 |
0.000 |
|
Fringe Benefit Tax |
0.000 |
0.000 |
0.000 |
|
Excess provision written back |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss) after tax |
1526.562 |
(1200.984) |
(1053.277) |
|
|
|
|
|
|
Appropriations |
|
|
|
|
Balance of profit/ (loss) brought forward |
(6021.357) |
(4820.373) |
(3767.096) |
|
Balance carried forward to Balance Sheet |
(4494.795) |
(6021.357) |
(4820.373) |
|
Basic Earnings per share (Not Annualised) |
7.21 |
(5.92) |
(5.39) |
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 flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
5084.595 |
4289.355 |
5077.224 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
The Company was incorporated on February 24, 2009 as a public limited company under the Indian Companies Act, 1956 (‘the Act’) and is currently a 74:26 joint venture between State Bank of India (SBI) and IAG International Pty Limited, a subsidiary of Insurance Australia Group Limited respectively. The Company is registered with Insurance Regulatory and Development Authority of India (‘IRDAI’) with certificate of registration No. 144 dated 15th December 2009 and is in the business of General Insurance in India. The Certificate of Registration granted by the Insurance Regulatory and Development Authority of India (“IRDAI”) to enable the Company to transact General Insurance business continues to stand valid as on March 31, 2017 and the same has been renewed for the year 2017-2018.
GENERAL INSURANCE
INDUSTRY
The General Insurance industry premium in FY 2016-17 was INR 1276310.000 million (Provisional & Unaudited) as against INR 963760.000 million in the FY 2015-16, thus showing a growth of 32.43% in FY 2016-17 as against 13.8% growth in FY 2015-16. The Industry has almost doubled its growth rate and shown more than 20% growth for first time in five years, primarily due to the significant growth in Crop Insurance. The estimated General Insurance Penetration (Premium / GDP) continues to be low at 0.70%. The Indian General Insurance Industry now constitutes of 30 players (18 private General Insurers, 4 PSU General Insurers, 6 Standalone Health Insurers, and 2 Specialized Insurers) as of 31st March 2017.
The market share of the four PSU insurers decreased from 49.5% in FY 2015-16 to 46.8% whereas the share of Private insurers increased from 41.2% to 42.1% in FY 2016-17. In comparison, the Standalone Health Insurers have increased their market share to 4.6% in FY 2016-17 from 4.3% in FY 2015-16. Among the PSUs, New India Assurance continues to have the highest market share of 14.96% and among the Private insurers, the highest market share was that of ICICI Lombard at 8.40%. Motor remains the dominant line of business with 39.4% share followed by Health insurance at 24.1%, Crop at 16.1% (mainly due to growth of 288% in FY 2016-17) and Fire at 7.5%. The share of all other lines of business is in single digits (approximately 1-3%) except ‘Others’ which includes all Miscellaneous lines of business (excluding Crop) and stands at approximately 4.2%. In the last 6 years, the Motor business share has stayed more than 40% whereas slightly below 40% for FY 2016-17. The share of Health has steadily increased from 13% in FY 2006-07 to 24.1% in FY 2016-17.
SUMMARY OF OPERATIONS
Business operations
& Company Performance
SBI General Insurance completed its 8th year of operations, with 111 branches pan India and 77 insurance products approved by IRDAI as on 31st March 2017.
In FY2016-17, SBI General achieved a GDPI (Gross Direct Premium Income) of INR 26070.000 million as against INR 20410.000 million during the FY 2015-16, representing growth of 27.7% compared to the industry growth of 32.4% including Crop Insurance business. The growth for SBI General for FY 2016-17 excluding Crop Insurance was 18.6% against industry growth of 17.5% in FY 2016-17.
In terms of market ranking in the Industry, SBI General is at 8th among private insurers and at 14th in the industry in FY 2016-17. SBI General market share in FY 2016-17 was at 4.9% against 5.1% in FY 2015-16. The slight change was due to significant growth by other players in Crop insurance. In the GI Industry, the company’s market share was 2% as compared to 2.1% last year.
SBI General occupies 3rd position in Personal Accident Insurance (PAI) and 6th position in “Fire” Lines of Business (LOB) at an overall industry level and 2nd position among private players in both LOBs. Share of health business increased from 11% to 14.3% for SBI General and this has translated to a growth of 73% YOY against Industry growth of 23.8%. Health Insurance ranking improved to 13th from 17th at an overall industry level.
With a focus on break even, the Organization strategies had been defined to target profitable growth and efficient expenses management which resulted in profits for the first time in FY 2016-17. The Company have tied up with a total of 65 BCs and NBFC as well as 3 cooperative banks and a small finance bank to increase their footprints
INDEX
OF CHARGES: NO CHARGES EXISTS FOR COMPANY
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Statutory demands/liabilities in dispute, not provided for, in respect of Income Tax |
0.670 |
45.549 |
|
Others (Expenses not recognised, to the extent disputed) |
7.934 |
7.934 |
FIXED ASSETS
- Goodwill
- Land-Freehold
- Leasehold
Improvements
- Buildings
- Furniture and
Fittings
- Information
Technology Equipment
- Vehicles
- Office
Equipment
- Work in
progress
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 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 66.66 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 80.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
RUB |
|
|
|
|
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 |
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.