MIRA
INFORM REPORT
|
Report Date : |
29.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SBI LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
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|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.10.2000 |
|
|
|
|
Com. Reg. No.: |
11-129113 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10000.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2000PLC129113 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27599F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS2530P |
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|
Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
Providing of Insurance Services. |
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|
|
|
No. of Employees
: |
7292 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between State Bank of Subject is an established company having fine track.
Fundamentals are strong. Promoters of the subject are strong and reliable. Trade
relations are fair. Payments are regular and as per commitments. Subject can be considered good for any normal business dealings. It can be regarded as a promising business partner in medium to long
term. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Ms. Deepa |
|
Designation : |
Operator |
|
Contact No.: |
91-22-66392000 |
|
Date : |
27.08.2011 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-61911000 |
|
Fax No.: |
91-22-61910012 |
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E-Mail : |
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|
Head Office : |
Central Processing Centre, Kapas Bhavan, Plot
3A, Sector -10, CBD Belapur, Navi Mumbai – 400614, Mumbai, India |
|
Tel. No.: |
91-22- 66456210 |
|
E-Mail : |
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|
|
|
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Corporate Office : |
2nd
Floor, |
|
Tel. No.: |
91-22-66392000 |
|
Fax No.: |
91-22-66392099 |
DIRECTORS
As on 20.07.2011
|
Name : |
Mr. Pratip Chaudhuri |
|
Designation : |
Chairman Cum Director |
|
Address : |
|
|
Date of Birth/Age : |
12.09.1953 |
|
Date of Appointment : |
07.04.2011 |
|
Din No.: |
00915201 |
|
|
|
|
Name : |
Mr. R Sridharan |
|
Designation : |
Nominee Director |
|
Address : |
D-2 |
|
Date of Birth/Age : |
01.07.1951 |
|
Date of Appointment : |
26.04.2008 |
|
Din No.: |
00868787 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. Aravamudan Krishna Kumar |
|
Designation : |
Nominee Director |
|
Address : |
D-1, |
|
Date of Birth/Age : |
18.11.1954 |
|
Date of Appointment : |
04.05.2011 |
|
Din No.: |
00871792 |
|
|
|
|
Name : |
Mr. Gerard Yues Binet |
|
Designation : |
Director |
|
Address : |
19, Route De La Passerelle Le Vesinet – 781130, |
|
Date of Birth/Age : |
30.04.1953 |
|
Date of Appointment : |
14.06.2001 |
|
Din No.: |
00066024 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Anugraha No.23 (Old No.2), |
|
Date of Birth/Age : |
31.08.1958 |
|
Date of Appointment : |
05.03.2002 |
|
Din No.: |
00185931 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Ms. Chitra Ramkrishna |
|
Designation : |
Director |
|
Address : |
601, NEAT House, |
|
Date of Birth/Age : |
14.04.1963 |
|
Date of Appointment : |
21.10.2005 |
|
Din No.: |
00062654 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. Eric Lombard |
|
Designation : |
Director |
|
Address : |
Mr Alfred Charles Lombard, 10 Rue Garanciere, |
|
Date of Birth/Age : |
16.05.1958 |
|
Date of Appointment : |
22.07.2006 |
|
Din No.: |
01744379 |
|
|
|
|
Name : |
Mr. Shyamal Acharya |
|
Designation : |
Nominee Director |
|
Address : |
13 A, B2, Harbour Height PO, Opposite INS Gunjali, N A Sawant Marg,
Colaba, Mumbai-400005, |
|
Date of Birth/Age : |
26.08.1954 |
|
Date of Appointment : |
05.07.2011 |
|
Din No.: |
03568347 |
|
|
|
|
Name : |
Mr. Mahadev Nagendra Rao |
|
Designation : |
Managing Director |
|
Address : |
2B, Bank House, Unit II, Bhubaneswar-751009, |
|
Date of Birth/Age : |
17.08.1952 |
|
Date of Appointment : |
01.08.2009 |
|
Din No.: |
01296161 |
|
|
|
|
Name : |
Mr. Vincent Jerome Joseph Jules Sussfeld |
|
Designation : |
Alternate Director |
|
Address : |
36 RUE, Godot De Mauroy-75009, |
|
Date of Birth/Age : |
02.07.1972 |
|
Date of Appointment : |
27.10.2009 |
|
Din No.: |
02830415 |
|
|
|
|
Name : |
Mr. Geoffroy Marie Louis De Lassus Saint Genies |
|
Designation : |
Alternate Director |
|
Address : |
Gandhi House, Flat No. 5, 2nd Floor, |
|
Date of Birth/Age : |
08.03.1953 |
|
Date of Appointment : |
17.01.2009 |
|
Din No.: |
02494261 |
|
|
|
|
Name : |
Mr. O P Bhatt |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
07.03.1951 |
|
Date of Appointment : |
01.07.2006 |
|
Date of Ceasing: |
31.03.2011 |
|
Din No.: |
00548091 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. Diwakar Gupta |
|
Designation : |
Nominee Director |
|
Address : |
9, Officers Colony, Patiala-147001, |
|
Date of Birth/Age : |
25.07.1953 |
|
Date of Appointment : |
01.05.2010 |
|
Date of Ceasing: |
04.05.2011 |
|
Din No.: |
01274552 |
|
Other Directorship: |
|
KEY EXECUTIVES
|
Name : |
Ms. Manju Anand |
|
Designation : |
Company Secretary |
|
Address : |
A-4/1, Old Best Colony, Sahajeevan CHS, Goregaon (W), Mumbai-400104, |
|
Date of Birth/Age : |
13.04.1977 |
|
Date of Appointment : |
17.12.2007 |
|
Din No. or Income-Tax Pan: |
ACVPN8727J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
State Bank of |
|
739999994 |
|
BNP Paribas Cardif S.A., France |
|
260000000 |
|
Shyamal Acharya |
|
2 |
|
Mahadev Nagendra Rao |
|
1 |
|
Dinesh Kumar Khara |
|
1 |
|
Srikant Hota |
|
1 |
|
B |
|
1 |
|
|
|
|
|
Total |
|
1000000000 |
As on 20.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Government
Companies |
|
74.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing of Insurance Services. |
GENERAL INFORMATION
|
No. of Employees : |
7292 [Approximately] |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ummed Jain and Company Chartered Accountant |
|
Address : |
R-15, Yudhisther Marg, C-Scheme, Jaipur-302005, |
|
|
|
|
Holding Company: |
State Bank of |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
10000.000 |
10000.000 |
10000.000 |
10000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6212.183 |
2548.743 |
0.000 |
47.262 |
|
|
4] Credit/(Debit) Fair Value Change Account |
84.833 |
103.553 |
0.043 |
20.459 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
(215.833) |
0.000 |
|
|
SUB TOTAL |
16297.016 |
12652.296 |
9784.210 |
10067.721 |
|
|
|
|
|
|
|
|
|
BORROWING |
|
|
|
|
|
|
|
|
|
|
|
|
|
POLICYHOLDERS' FUNDS |
0.000 |
0.000 |
0.000 |
90023.320 |
|
|
Credit / Debit Fair Value Change Account |
526.402 |
1219.654 |
15.964 |
0.000 |
|
|
Policy Liabilities |
133143.913 |
96686.230 |
62421.563 |
0.000 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Linked Liabilities |
223259.075 |
147694.689 |
75061.712 |
0.000 |
|
|
Add: Fair Value Change (Linked) |
21629.525 |
22932.158 |
(7333.304) |
0.000 |
|
|
Total Linked Liabilities |
244888.600 |
170626.847 |
67728.408 |
0.000 |
|
|
|
|
|
|
|
|
|
Funds for Future Appropriation -: Linked |
402.177 |
246.204 |
81.176 |
7.719 |
|
|
Funds for Future Appropriation -: Others |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
395258.108 |
281431.231 |
140031.321 |
100098.760 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2831.553 |
2326.988 |
699.848 |
448.849 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
|
Shareholders' |
9650.782 |
7283.028 |
9353.726 |
10058.618 |
|
|
Policyholders' |
146687.042 |
108875.135 |
68283.469 |
38575.116 |
|
|
|
|
|
|
|
|
|
Assets Held to Cover Linked Liabilities |
245290.776 |
170873.050 |
67809.584 |
52852.953 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Cash & Bank Balances |
2656.610
|
3218.936 |
1280.590 |
1168.998 |
|
|
Advances and Other Assets |
5325.440
|
3219.745 |
2772.816 |
1674.308 |
|
Total
Current Assets |
7982.050
|
6438.681 |
4053.406 |
2843.306 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
2478.841
|
2367.856 |
1974.287 |
1928.846 |
|
|
Other Current Liabilities |
14586.317
|
11936.064 |
8096.927 |
2499.799 |
|
|
Provisions |
118.937
|
61.731 |
97.498 |
251.437 |
|
Total
Current Liabilities |
17184.095
|
14365.651 |
10168.712 |
4680.082 |
|
|
Net Current Assets |
(9202.045)
|
(7926.970) |
(6115.306) |
(1836.776) |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
395258.108 |
281431.231 |
140031.321 |
100098.760 |
|
PERFORMANCE FOR FINANCIAL
YEAR 2010-11
|
Particular |
As on 31.03.2011 (Rs. in
Millions) |
|
Premium Income |
|
|
New Business Premium |
75723.919 |
|
Renewal Premium |
53392.510 |
|
Profit / Loss Before Taxation |
3945.140 |
|
Provision For Taxation |
281.700 |
|
Profit / Loss After Taxation |
3663.440 |
|
Sum Assured in Force (New Business) |
|
|
Basic Policy |
591797.985 |
|
Total (Basic + Rider) |
648377.534 |
|
Annualized Premium Equivalent (APE) |
37939.905 |
|
Assets Held |
401628.600 |
|
Expense Ratio |
6.9% |
|
Number of New Policies (In 000s) |
940 |
|
Sales and Distribution Strength |
|
|
Geographical Spread |
|
|
Number of Offices |
629 |
|
Numbers of Employees |
7292 |
|
Numbers of Agents and CIFs (In 000s) |
100 |
|
Persistency Ratio (For 13th
Month) |
69% |
REVENUE ACCOUNT
FOR THE YEAR ENDED MARCH 31, 2010
Policy
Holder's Account (Technical Account)
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
Premiums earned
- Net |
|
|
|
|
|
|
(a) Premium |
101040.265 |
72121.032 |
56221.372 |
|
|
|
(b) (Reinsurance ceded) |
(235.452) |
(91.147) |
(109.325) |
|
|
|
Total |
100804.813 |
72029.885 |
56112.047 |
|
|
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
|
(a) Interest, Dividends & Rent - Net of Amortization |
7724.772 |
5274.485 |
2417.463 |
|
|
|
(Gross for year ended March, 2010 Rs.7263.197 millions, previous year
ended March 2009 Rs.4896.964 millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Profit on sale / redemption of investments |
25499.176 |
3674.669 |
4821.924 |
|
|
|
|
|
|
|
|
|
|
(c) (Loss on sale / redemption of investments) |
(4242.781) |
(19633.838) |
(675.907) |
|
|
|
|
|
|
|
|
|
|
(d) Transfer /Gain on revaluation / change in Fair value* |
30265.462 |
(6261.877) |
1531.030 |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
(a) Contribution from the Shareholders' A/c |
0.000 |
1581.957 |
997.464 |
|
|
|
(b) Others |
0.000 |
0.000 |
0.000 |
|
|
|
- Miscellaneous Income |
492.347 |
40.347 |
25.268 |
|
|
|
|
|
|
|
|
|
|
Total (A) |
160543.789 |
56699.629 |
6055.181 |
|
|
|
|
|
|
|
|
|
|
Commission |
7582.488 |
4678.841 |
4053.797 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses related to Insurance Business |
6609.005 |
6205.029 |
4469.373 |
|
|
|
Provision for
Tax |
|
|
|
|
|
|
(a) Income Tax |
102.210 |
0.000 |
196.500 |
|
|
|
(b) Adjustment related to previous years |
(2.078) |
(118.400) |
0.000 |
|
|
|
(c) Fringe Benefit Tax |
0.000 |
37.393 |
33.804 |
|
|
|
|
|
|
|
|
|
|
Provisions
(other than taxation) |
|
|
|
|
|
|
(a) For diminution in the value of investments (net) |
(1367.899) |
663.391 |
752.275 |
|
|
|
|
|
|
|
|
|
|
Total (B) |
12923.726 |
11466.255 |
9505.749 |
|
|
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
8514.400 |
3967.509 |
3508.480 |
|
|
|
|
|
|
|
|
|
|
Change in
valuation of liability against life policies |
|
|
|
|
|
|
(a) Gross * * |
137172.096 |
40237.953 |
48408.671 |
|
|
|
(b) (Amount ceded in Re-insurance) |
(8.990) |
(56.637) |
(71.285) |
|
|
|
|
|
|
|
|
|
|
Total (C) |
145677.506 |
44148.825 |
51845.866 |
|
|
|
|
|
|
|
|
|
|
SURPLUS/
(DEFICIT ) (D) = (A) - (B) - (C) |
1942.557 |
1084.550 |
815.613 |
|
|
|
|
|
|
|
|
|
|
Balance of
previous year |
81.176 |
7.719 |
0.000 |
|
|
|
Balance available for appropriation |
2023.733 |
1092.268 |
815.613 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Shareholders' Account |
1777.529 |
1011.092 |
807.894 |
|
|
|
Balance being Funds for Future Appropriations |
246.204 |
81.176 |
7.719 |
|
|
Total (D) |
2023.733 |
1092.268 |
815.613 |
|
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2010
Shareholders'
Account (Non-technical Account)
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
Surplus/ (Deficit) from Policyholders Accounts |
1777.529 |
1011.093 |
807.894 |
|
|
|
Income from Investments |
|
|
|
|
|
|
(a) Interest, Dividend & Rent - Net of Amortization |
606.462 |
678.675 |
420.830 |
|
|
|
(Gross for year ended March, 2010 Rs.586.095 millions, previous year ended
March 2009 Rs.682.215 millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Profit on sale / redemption of investments |
269.658 |
128.385 |
389.239 |
|
|
|
|
|
|
|
|
|
|
(c) (Loss on sale / redemption of investments) |
(354.795) |
(198.668) |
(72.892) |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL (A) |
2298.854 |
1619.485 |
1545.262 |
|
|
|
|
|
|
|
|
|
|
Expenses other
than those directly related to the insurance |
|
|
|
|
|
|
(a) Rates and Taxes |
0.054 |
0.984 |
0.741 |
|
|
|
(b) Directors' Sitting Fees |
0.118 |
0.195 |
0.143 |
|
|
|
(c) Board Meeting Related Expenses |
3.484 |
2.973 |
2.887 |
|
|
|
(d) Other Expenses |
0.224 |
0.743 |
0.508 |
|
|
|
(e) Stamp duty on issue of shares |
0.000 |
0.000 |
5.000 |
|
|
|
|
|
|
|
|
|
|
Provisions
(Other than taxation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Contribution to the Policyholders' Fund |
0.000 |
1581.957 |
997.464 |
|
|
|
(b) For diminution in the value of investment (net) |
(479.938) |
299.026 |
190.979 |
|
|
|
|
|
|
|
|
|
|
Total (B) |
(476.060) |
1885.878 |
1197.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
2774.914 |
(266.393) |
347.543 |
|
|
|
Provision for Taxation |
|
|
|
|
|
|
(a) Income Tax |
10.337 |
0.000 |
3.500 |
|
|
|
(b) Adjustment related to previous years |
0.000 |
(3.500) |
0.000 |
|
|
|
(c) Fringe Benefit Tax |
0.000 |
0.202 |
0.196 |
|
|
|
PROFIT / (LOSS)
AFTER TAX |
2764.577 |
(263.095) |
(343.846) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
(a) Balance at the beginning of the period/year |
(215.833) |
47.262 |
(296.584) |
|
|
Profit / (Loss) carried to the Balance Sheet |
2548.743 |
(215.833) |
47.262 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.76 |
(0.26) |
(0.59) |
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
2478.841
|
2367.856 |
1974.287 |
FINANCIAL
PERFORMANCE:
- A growth of
28% in gross premium to Rs.129120.000 Millions in the financial year 2010-11 from
Rs.101040.000 Millions in the
financial year 2009-10.
- A growth of 40%
in Assets under Management (AUM) to Rs.401630.000 Millions in the financial year 2010-11 as against
Rs.287030.000 Millions in the
financial year 2009-10.
The total New Business Premium (NBP) amounted to Rs.75723.900 Millions
showing Y-o-Y growth of 6.6%. While Retail Agency and Institutional Alliances
channels together contributed Rs.27500.000 Millions to NBP, Bancassurance
contributed Rs.25230.000 Millions and Corporate Solutions contributed
Rs.22990.000 Millions. The Renewal Premium collections from various
distribution channels amounted to Rs.53390.000 Millions showing Y-o-Y growth of
77.9%
The Company focused on expansion through quality recruitment and opening
up of new branches. As at March 31, 2011, the Company has 629 offices, 79,628
Insurance Advisors (IAs) and 20,240 Certified Insurance Facilitators (CIFs)
across the country as against corresponding figures of 494 offices 65,534 IAs
and 17,736 CIFs respectively as on March 31, 2010.
AWARDS AND
RECOGNITIONS:
- Bloomberg UTV
Financial Leadership Award, 2011 - Life Insurer of the Year
- NDTV Profit
Business Leadership Award 2010, for organizational excellence
- Gold Shield
by Institute of Chartered Accountants of India (ICAI) for Excellence in
Financial Reporting for the year 2009-10.
- Topped the
global rankings for having the maximum number of MDRT members for the
second consecutive year.
- The ICS
Quality Champion Award 2010 for Continual Quality Improvement
- Best Life
Insurer 2010 - 'Runner Up' by Outlook Money
- Appraised at
Maturity level 3 of Capability Maturity Model Integration (CMMI) Version
1.2 for its ISG Division
- ICRA has
reaffirmed its iAAA rating to SBI Life, indicating highest claims paying
ability and meeting policyholders obligations
- CRISIL has
reaffirmed its highest financial rating AAA/Stable to SBI Life
- Retaining of
ISO 9001:2000 certifications
INFORMATION
TECHNOLOGY:
INFRASTRUCTURE
During the year, various technological changes in IT Infrastructure were
made, which resulted in significant improvement in enhancing communication
between various offices. This has led to greater reliability, security and
availability of applications between branches, Head Office (HO), Central
Processing Center (CPC) and Disaster Recovery (DR) site such as:
- Critical
applications in CPC and DR site supported by high end storage system. This
has resulted in improving the application performance, reducing the backup
time, reducing day end and month end operation time, thereby increasing
system availability to users.
- Infrastructure
roll-out at HO Natraj (new office) with over 120 KM of LAN cabling.
- Dealing room
supported by an integrated dealing solution with terminals that provides
an integrated view of live trading terminal, video and dealing system.
This has improved the efficiency of dealers.
- Video
conferencing between ROs, HO and CPC is now established using multi
conferencing system
They are making continuous efforts to make our IT system even more
secure and process driven. As part of this, our IT operation at CPC consisting
of data center, Network and messaging, Production support and Policy Management
System is ISO 27001 Certified.
OUTLOOK:
The life insurance industry is expected to grow at 10-15% during the
financial year 2011-12. With regulatory changes the product mix will see a
shift towards traditional policies.
Renewal premiums are expected to be major profit drivers this financial
year and would attract a lot of focus. Companies would be concentrating on improving
persistency and efficiency for better profit margins. Among the further changes
this year a considerable outsourcing of non core business is expected.
Increased customer satisfaction, innovation and customer contact points
will be key areas of focus. To better support sales activity SBI Life has
already opened 135 branches and expects to add 80 more this year.
Fixed Assets:
·
Goodwill
·
Intangibles - Software
·
Land-Freehold
·
Furniture and Fittings
·
Information Technology Equipment
·
Leasehold Property
·
Buildings
·
Vehicles
·
Office Equipment
·
Leasehold Improvements
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
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 |
|
TOTAL |
|
75 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.