MIRA
INFORM REPORT
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Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
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Name : |
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED (w.e.f 06.07.2004) |
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Formerly Known
As : |
OM KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED |
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Registered
Office : |
4th Floor, Vinaya Bhavya Complex, 159A, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.08.2000 |
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Com. Reg. No.: |
11-128503 |
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Capital
Investment / Paid-up Capital : |
Rs. 5102.902 Millions |
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CIN No.: [Company Identification
No.] |
U66030MH2000PLC128503 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO02128A |
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PAN No.: [Permanent Account No.] |
AAACO3983B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Life Insurance and Annuity. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 22490000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There
appears some accumulated losses recorded by the company. However, trade
relations are reported as fair. Directors are reported to be experienced and respectable
businessmen. Business is active. Payments are reported to be usually correct
and as per commitments. In view of strong promoters the company can be considered normal for
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.
INFORMATION DECLINED BY
Management Non Co-operative
LOCATIONS
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Registered Office : |
4th Floor, Vinaya Bhavya Complex, 159A, |
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Tel. No.: |
91-22-66215999/65993626 |
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Fax No.: |
91-22-66215757 / 66215858 /66726254 |
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E-Mail : |
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Website : |
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Back Office : |
Kotak Infinity, Building No. 21, |
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Toll Free No.: |
1800 209 8800 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Uday Kotak |
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Designation : |
Chairman |
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Address : |
62, NCPA Apartment, Nariman Point, Mumbai – 400021, |
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Date of Birth/Age : |
15.03.1959 |
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Date of Appointment : |
31.08.2000 |
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DIN No.: |
00007467 |
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Name : |
Mr. Murlidhar Gangadharan |
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Designation : |
Managing Director |
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Address : |
12, Gayathri, 160, |
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Date of Birth/Age : |
27.07.1960 |
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Date of Appointment : |
22.06.2011 |
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DIN No.: |
03601196 |
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Name : |
Mrs. Sobha Singh Rajaram Thakur |
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Designation : |
Director |
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Address : |
1161, Abdul Court, Flat No. 20, 7th Floor, Suryavanshi Marg,
Dadar, Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
26.08.1929 |
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Date of Appointment : |
17.08.2001 |
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DIN No.: |
00001466 |
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Name : |
Mr. Dipak Brijmohandas Gupta |
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Designation : |
Director |
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Address : |
Flat No. 32, A – Wing, Tanna Residency, 392, Veer Savarkar Marg, |
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Date of Birth/Age : |
13.02.1961 |
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Date of Appointment : |
31.08.2000 |
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DIN No.: |
00004771 |
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Name : |
Mr. Guarang Balkrishna Shah |
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Designation : |
Managing Director |
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Address : |
1502, |
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Date of Birth/Age : |
25.10.1961 |
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Date of Appointment : |
01.05.2010 |
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DIN No.: |
00016660 |
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Name : |
Mr. Vinneet Nayyar |
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Designation : |
Director |
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Address : |
5A, Friend Colony West, |
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Date of Birth/Age : |
30.11.1938 |
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Date of Appointment : |
17.08.2001 |
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DIN No.: |
00018243 |
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Name : |
Mr. Shivaji Salil Kumar Dam |
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Designation : |
Director |
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Address : |
Eastern Suburb CHS Limited, Bungalow No. 12, Gulab Park, Next to
Basant Theatre, Chembur, Mumbai – 400074, Maharashtra, India |
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Date of Birth/Age : |
08.02.1957 |
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Date of Appointment : |
31.08.2000 |
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DIN No.: |
00032568 |
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Name : |
Mr. Prakash Krishnaji Apte |
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Designation : |
Director |
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Address : |
803, Wing B, |
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Date of Birth/Age : |
06.05.1954 |
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Date of Appointment : |
28.05.2011 |
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DIN No.: |
00196106 |
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Name : |
Mr. Shailesh Devchand |
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Designation : |
Director |
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Address : |
290, |
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Date of Birth/Age : |
15.02.1972 |
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Date of Appointment : |
09.02.2011 |
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DIN No.: |
03456041 |
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Name : |
Mr. Ralph Tendai Mupita |
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Designation : |
Director |
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Address : |
105, |
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Date of Birth/Age : |
11.04.1972 |
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Date of Appointment : |
01.05.2011 |
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DIN No.: |
03533039 |
KEY EXECUTIVES
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Name : |
Mr. Mahesh Kumar Radhakrishnan |
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Designation : |
Secretary |
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Address : |
B-11, Tarangan, |
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Date of Birth/Age : |
21.06.1971 |
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Date of Appointment : |
06.06.2011 |
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Pan No.: |
ADCPM7858F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
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Kotak Mahindra Bank Limited, |
|
260247974 |
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Old Mutual Plc. |
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132675452 |
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Uday Kotak Jointly with Kotak Mahindra Bank Limited, |
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10 |
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C. Jayaram Jointly with Kotak Mahindra Bank Limited, |
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10 |
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Dipak Gupta Jointly with Kotak Mahindra Bank Limited |
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10 |
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K.V.S. Manian Jointly with Kotak Mahindra Bank Limited |
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10 |
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Jasmin Bhatt Jointly with Kotak Mahindra Bank Limited |
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10 |
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Kotak Mahindra Prime Limited, |
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54000000 |
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Kotak Mahindra Capital Company Limited, |
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63366753 |
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T.V. Raghunath Jointly with Kotak Mahindra Bank Limited, |
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10 |
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Gaurang Shah (Jointly With Kotak Mahindra Bank Limited) |
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10 |
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TOTAL |
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510290249 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
26.00 |
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Bodies corporate |
23.00 |
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Nationalized
or other banks |
51.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Life Insurance and Annuity. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Kotak Mahindra Bank Limited HDFC Bank Limited Deutsche Bank AG |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
M.P. Chitale and Company Chartered Accountant |
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Address : |
Hammam House, ambalal Doshi Marg, Mumbai – 400001, |
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Name 2 : |
S.R. Batliboi and Company Chartered Accountant |
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Address : |
22, Camac Street, 3rd Floor, Kolkata – 700016, West |
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Holding Company: |
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Joint Venture: |
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Fellow Subsidiaries: |
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Entities managed by
Fellow Subsidiaries: |
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Enterprises in
which key management personnel have significant influence: |
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Enterprises in which
relatives of key management personnel have significant influence: |
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CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
625000000 |
Equity Shares |
Rs.10/- each |
Rs.6250.000 Millions |
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Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
510290249 |
Equity Shares |
Rs.10/- each |
Rs.5102.902
Millions |
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Called up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
510290249 |
Equity Shares |
Rs.10/- each |
Rs.5102.902
Millions |
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Note:
(a) Of the above, 260,248,044 (2010 – 260,248,044) Equity Shares of Rs. 10 each fully paid up are held by Kotak Mahindra Bank Limited, the holding company and its nominees, 54,000,000 (2010-54,000,000) and 63,366,753 (2010-63,366,753) fully paid-up Equity Shares of Rs. 10 each are held by Kotak Mahindra Prime Limited and Kotak Mahindra Capital Company Limited respectively, which are subsidiaries of Kotak Mahindra Bank Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Shareholders’ Funds: |
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Share Capital |
5102.902 |
5102.902 |
5102.902 |
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Reserves and Surplus |
520.363 |
520.363 |
520.363 |
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Credit/[Debit] Fair Value Change Account |
0.000 |
0.000 |
0.000 |
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Sub-Total |
5623.265 |
5623.265 |
5623.265 |
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Borrowings |
0.000 |
0.000 |
0.000 |
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Policyholders’ Funds: |
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Credit/[Debit] Fair Value Change Account |
61.313 |
49.810 |
0.000 |
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Policy Liabilities |
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- Participating |
6542.365 |
5354.202 |
4596.018 |
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- Non-participating |
1923.516 |
1094.841 |
709.480 |
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- Annuities Participating |
520.136 |
422.748 |
360.032 |
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- Annuities Unit-Linked Non-Participating |
91.307 |
66.037 |
44.181 |
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- Unit-Linked Non-Participating |
2494.138 |
2298.959 |
1361.127 |
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Insurance Reserves |
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- Participating |
2.926 |
14.110 |
0.000 |
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- Non-participating |
0.000 |
0.000 |
0.000 |
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- Annuities Participating |
39.294 |
38.723 |
37.981 |
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- Annuities Unit-Linked Non-Participating |
0.000 |
0.000 |
0.000 |
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- Unit-Linked Non-Participating |
0.000 |
0.000 |
0.000 |
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Linked Liabilities |
64075.455 |
48376.701 |
30419.252 |
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Fair Value Change |
3750.715 |
4025.871 |
(1193.433) |
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Total Provision for Linked Liabilities |
67826.170 |
52402.572 |
29222.819 |
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Sub-Total |
79501.165 |
61742.002 |
36331.638 |
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Fund For Discounted Policies |
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- Discounted on account of non payment of premium |
0.009 |
0.000 |
0.000 |
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Funds for Future Appropriation:-Linked Liabilities |
2037.320 |
2055.916 |
1085.152 |
|
Others |
1.009 |
1.009 |
1.009 |
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Total |
87162.768 |
69422.192 |
43041.064 |
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APPLICATION OF
FUNDS |
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|
Investments |
|
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|
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– Shareholders |
3222.635 |
2491.819 |
2823.103 |
|
– Policyholders’ |
12836.740 |
10147.431 |
6277.699 |
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Assets Held to Cover Linked Liabilities |
69863.499 |
54458.488 |
30307.971 |
|
Loans |
57.742 |
52.194 |
58.251 |
|
Fixed Assets |
438.489 |
559.925 |
568.966 |
|
Current Assets |
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|
|
|
Cash and Bank Balances |
1047.305 |
912.970 |
1282.719 |
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Advances and Other Assets |
992.315 |
1062.771 |
939.215 |
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Sub-Total (A) |
2039.619 |
1975.741 |
2221.934 |
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Sundry Creditors |
52.616 |
126.593 |
70.583 |
|
Other Current Liabilities |
2579.166 |
2516.615 |
2249.851 |
|
Provisions |
190.604 |
171.373 |
139.847 |
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|
|
|
|
Sub-Total (B) |
2800.386 |
2814.581 |
2460.281 |
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Net Current
Assets (C) = (A-B) |
(782.767) |
(838.840) |
(238.347) |
|
Miscellaneous Expenditure (To the extent not written off or adjusted) |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit and Loss Account (Shareholders’ Account) |
1526.430 |
2551.175 |
3243.421 |
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|
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|
|
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Total |
87162.768 |
69422.192 |
43041.064 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
|
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|
|
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Amount transferred from policyholders account (Technical Account) |
895.051 |
708.478 |
202.069 |
|
|
Income From Investments |
|
|
|
|
|
Interest, Dividends and Rent Gross- Net of amortization |
218.632 |
176.108 |
209.619 |
|
|
Profit on sale/ redemption of investments |
7.619 |
28.171 |
117.595 |
|
|
(Loss on sale/ redemption of investments) |
(0.062) |
(0.013) |
(64.174) |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
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|
|
|
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TOTAL (A) |
1121.240 |
912.744 |
465.109 |
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|
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|
Expenses other than those directly related to the insurance business |
8.260 |
43.538 |
20.418 |
|
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Contribution to the Policyholders Fund |
88.235 |
176.960 |
301.290 |
|
|
|
|
|
|
|
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TOTAL (B) |
96.495 |
220.498 |
321.708 |
|
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|
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|
Profit before
tax |
1024.745 |
692.246 |
143.401 |
|
|
Provision for taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit after tax |
1024.745 |
692.246 |
143.401 |
|
|
|
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Appropriations |
|
|
|
|
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Balance at the beginning of the year |
(2551.175) |
(3243.421) |
(3386.822) |
|
|
Loss carried to the Balance Sheet |
(1526.430) |
(2551.175) |
(3243.421) |
|
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|
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|
Earnings Per
Share (Basic and Diluted) |
2.01 |
1.36 |
0.29 |
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 |
52.616 |
126.593 |
70.583 |
BACKGROUND
Subject was incorporated on August 31, 2000 as a Company under
the Companies Act, 1956 to undertake and carry on the business of life
insurance and annuity. The Company obtained a license from the Insurance
Regulatory and Development Authority (‘IRDA’) dated January 10, 2001 for
carrying on the business of life insurance and annuity. The license has been
renewed regularly and is in force as at March 31, 2011.
FINANCIAL RESULTS
The Directors have declared an addition to the Policyholders’
Accumulation Account to give a return of 7% (2010 – 6.75%) to participating
life policyholders and 8% (2010 – 8%) to annuity participating policyholders
for the year ended 31st March 2011. A reversionary bonus of 2% (2010 -2%) has
been declared on products eligible for reversionary bonus.
BUSINESS AND
DISTRIBUTION CHANNELS
The last fiscal was a landmark year for Life Insurance
Industry. The regulatory landscape underwent a significant transformation with
IRDA announcing a number of Regulations like Cap on charges on ULIP’s, etc.
which required a relook at the fundamentals of distribution and align rapidly.
The new reality required the Company to launch new products successfully,
optimize the product mix and pursue greater distribution efficiencies. The
Company’s Life Advisors and the distribution team were successful in achieving
the same within a short span of time. The new products launched by the Company
especially Kotak Ace Investment, Kotak Wealth Insurance, Kotak Single Invest
Advantage and Kotak Assured Income Plan were received well by the customers and
Life Advisors.
A. Tied agency
Tied Agency was successful in reducing its costs and having a
judicious mix of savings, investments and protection products. The Company has
always been focused on distribution efficiency and will ensure that it remains
a key deliverable for Tied Agency in next fiscal as well. Investment in
training Life Advisors and the sales hierarchy will be stepped up to ensure
that the distribution is equipped to meet customers’ expectations.
B. Alternate channels
The Alternate Channels consists of three major divisions.
Bancassurance – Kotak Mahindra Bank continues to have
significant share of Alternate channels business with gross new business premium
contributing 28% of total business in FY 2010 - 11. Besides Kotak Mahindra
Bank, they have corporate agency tie ups with cooperative and commercial banks
that also contribute to the premium income.
Corporate Agency – The Company also has tie ups with 19
corporate agents, other than those under the banc assurance model.
Strengthening and growing these relationships will continue to be a major focus
in FY 2011 -12.
Brokers – The Company has tie ups with major brokers and has
significant market share of business done by brokers in the industry. The
Company will aim at maintaining its strong positioning in this segment in FY
2011-12.
C. Group insurance
The Company’s Group Business continues to perform exceedingly
well year-on-year. The Company provides a range of products from Term
Insurance, Gratuity and Superannuation Schemes to cater to its group clientele.
Strong relationships within the Kotak Group and with other IRDA licensed
Insurance Brokers have resulted in generation of significant business in this
segment. The Company generated a premium income of Rs.
2880.000 Millions (FY 2010 ` 221 crores) from the group insurance
business representing a growth of 30 % over FY 2009 - 10.
INDUSTRY SCENARIO
The new ULIP regulations that came into force in September 2010
changed the face of life insurance business with customer centricity and
efficiency becoming the industry’s new buzzwords. New regulations have
significantly enhanced the appeal of insurance products. Focus is on enhancing
efficiencies and productivity of delivery channels. Significant proportion of
insurance is still sold through individual agents and there is renewed vigour
to manage this channel effectively to ensure persistency. In the new environment
focus of insurers has shifted from large-scale expansion to sustained value
creation and efficient use of capital. Special emphasis is now placed on cost
management.
CONTINGENT
LIABILITY
|
Particular |
As on 31.03.2011 (Rs. in
Millions) |
As on 31.03.2010 (Rs. in
Millions) |
|
Guarantees given by or on behalf of the Company |
0.000 |
1.388 |
|
Statutory demands/ liabilities in dispute, not provided for (Income Tax) |
77.449 |
0.000 |
|
Others – Insurance claims in appeal net of provision (Gross value of claims Rs 67.620 millions (2009 – Rs 20.570 millions), out of which reinsured Rs 32.113 millions (2009 - Rs 1.638
millions) and provision Rs 10.852 millions (2009 Rs 7.702 millions) ) |
56.524 |
24.655 |
|
Total |
133.973 |
26.043 |
Fixed Assets:
- Goodwill
- Intangible –
Software
- Land –
Freehold
- Leasehold
Property
- Buildings
- Furniture and
Fittings
- Information
Technology Equipments
- Vehicles
- Office
Equipments
BOARD OF DIRECTORS
MR. UDAY KOTAK - NON-EXECUTIVE
CHAIRMAN
Mr. Uday Kotak, B.Com, MMS (Masters in Management Studies),
aged 52 years, is the Non Executive Chairman of the Company. Over the past 25 years,
he has built a team of professionals who have been given independent charge of various
businesses in Kotak Mahindra Group. He was responsible for starting
the Kotak Mahindra Group as a start-up venture in a limited range of activities
and then building it up into a full financial services group, many of the
constituents of which are among the leading players in their respective fields.
He is a Member on the Board of Governors of Indian Council for Research on
International Economic Relations (ICRIER) and Governing Member of the Mahindra
United World College of India.
He is on the Board of the following companies:
Kotak Mahindra Bank Limited
Kotak Forex Brokerage Limited
Kotak Mahindra Prime Limited
Kotak Mahindra Asset Management Company Limited
Kotak Mahindra Capital Company Limited
Kotak Securities Limited
MR. SHAILESH DEVCHAND
- NON EXECUTIVE DIRECTOR
Shailesh Devchand (B. Sc., F.I.A), a South African of Indian
origin, is by profession a qualified Actuary through the
His earlier experience includes group employee benefits, Life
and group product development, valuation and reserving sign offs, corporate
strategy and business development as well as distribution channel development
and economics. Shailesh joined Old Mutual Group on his return to
MR. S. S. THAKUR -
INDEPENDENT DIRECTOR
Mr. S. S. Thakur has held important positions in his long
professional career in the field of banking and foreign exchange. He was the
Controller of Foreign Exchange, Reserve Bank of India, Chairman of HDFC Bank
and Senior Advisor of United Nations Development Programme (UNDP). He served
the Reserve Bank of
Mr. Thakur has extensive experience of central banking
functions covering, among others, management of foreign exchange, exchange rate
and external debt, regulation and monitoring of external trade financing,
foreign technical collaboration, foreign equity investment and exchange market
development. As the Controller of Foreign Exchange, Mr. Thakur was instrumental
in initiating various exchange control reforms and relaxations. He was also
associated with formulation of policies for promoting foreign investment in
In his capacity as the Senior UN Adviser and Adviser to the
Governor, Bank of Zambia, Mr. Thakur played a key role in designing and
implementing market-oriented monetary, foreign exchange, banking, exchange
rate, external debt and trade related policies as part of
Mr. Thakur was the founder Chairman of HDFC Bank, a highly
reputed private – sector commercial bank promoted by Housing Development
Finance Corporation (HDFC). He was associated with HDFC Bank as its Chairman
for about seven years (1994-2000) and played a key role in formulating policies
and business strategies to achieve high standards and best practices in terms
of product offerings and service levels. During this period the bank achieved
excellent growth in business volumes and revenue earnings and earned a high
reputation for efficient business dealings. It has received several awards from
leading domestic as well as prestigious international publications like
Euromoney and Finance Asia as the “Best Domestic Bank in
Mr. Thakur has extensive exposure in capital market related
areas. He has worked as a Public Interest Director on the Governing Board of
Bombay Stock Exchange for five years and was the Chairman of Central Depository
Services (India) Limited for over nine years. Currently, he is a Public
Interest Director on the Board of MCX Stock Exchange and is also an Independent
Director on the Boards of several other companies.
Mr. Thakur is the Chairman of Audit Committee of the Company.
MS. PALLAVI SHROFF-
INDEPENDENT DIRECTOR
Mrs. Pallavi S. Shroff, B.A. (Hons.)-Economics/ LLB./
Masters-Marketing Services, aged 54 years, is the lead litigation partner at
Amarchand and Mangaldas and Suresh A. Shroff and Co., Advocates and Solicitors,
New Delhi. She manages corporate commercial litigation as well as arbitration.
Mrs. Shroff also heads the competition law practice at Amarchand Mangaldas,
which is one of the leading full-service law firms in
In thirty years as a leading litigation practitioner, she has
been recognized by international publications for her ‘leading practice in
dispute resolution and litigation’ (Asia Legal 500) and is also rated as one of
three leading practitioners involved with arbitration (Who’s Who of Commercial Arbitrators,
2004). She has been closely involved with some of the largest and most
challenging corporate, commercial & infrastructure litigation and
arbitration in
She is on the Board of the following companies
Abhishek Industries Limited
Maruti Suzuki India Limited
PTL Enterprises Limited
Artemis Health Sciences Limited
Artemis Medicare Services Limited
Juniper Hotels Private Limited.
She is a member of the Audit Committee of Maruti Suzuki India
Ltd. and Juniper Hotels Private Limited.
MR. VINEET NAYYAR -
INDEPENDENT DIRECTOR
Mr. Vineet Nayyar is the Vice Chairman, MD and CEO of Tech
Mahindra Limited and the Chairman of Satyam Computer Services Limited.
An accomplished leader, he has led several organizations across
industries, created high performance teams and successful businesses. In a
career spanning over 50 years, he worked with the Government of India,
international multilateral agencies and corporate sector (both public and
private). He started his career with the Indian Administrative Service and
while in Government of India, he held series of senior positions including that
of District Magistrate, Secretary - Agriculture and Rural Development for the
Government of Haryana and Director, Department of Economic Affairs, Government
of India. He worked with the World Bank for over 10 years in a series of senior
assignments, including successively being the Chief for the Energy,
Infrastructure and the Finance Divisions for
He was also the founder and CEO of HCL Perot Systems. He holds
a Masters’ degree in Development Economics from Williams College,
Massachusetts.
Mr. Nayyar is also a Director on the Boards of Great Eastern
Shipping Company Limited, CanvasM Technologies Limited, Mahindra Holidays and
Resorts India Limited, Mahindra Logisoft Business Solutions Limited, and
Greatship (India) Limited. Mr. Nayyar is a Trustee of Charitable Social Welfare
Foundation, which cares for the needs of education of under-privileged
children. This Foundation is closely associated with 12 renowned NGOs, which
supports by way of providing grants empowering around 7000 students.
MR. SHIVAJI DAM -
INDEPENDENT DIRECTOR
Mr. Shivaji Dam, B.Com, AICWA, ACA, ACS, aged 54 years, has a strong
accounting and cost accounting back ground with over 27 years experience of
which 19 years have been with the Kotak Group. He has experience in fields such
as Corporate Finance, Proprietary Investments, Investment Banking and operating
management within the Kotak Group. He is one of the founding Directors of the
Company. He led the Kotak group into the life insurance business and was
Managing Director of the Company for four years.
He is member of the Audit Committee and Chairman of the Banking
Committee and Policyholders Protection Committee of the Company.
Mr. Shivaji Dam is also on the Board of Kotak Mahindra
Trusteeship Services Limited and Kotak Mahindra Pension Fund Limited.
MR. PANKAJ DESAI -
MANAGING DIRECTOR
Mr. Pankaj Desai, aged 49 years, B.Com, CA, has over 25 years
experience in the field of Corporate Finance, Retail Finance and Insurance.
Mr. Pankaj Desai joined the Kotak Group in 1999 as Vice
President - Kotak Mahindra Finance Limited and since then has had many
responsibilities within the Group. Prior to joining Kotak Life Insurance, he
was heading the Retail Assets business at Kotak Mahindra Bank Limited where he
was responsible for verticals like Car Finance, Personal Loans, Home Finance
and Business Banking. He was also heading Kotak Mahindra Primus Limited; a
joint venture of Kotak Mahindra with Ford Credit and one of the most profitable
Automobile financing Companies. His varied exposure at senior positions over
the past 25 years has given him considerable experience and management
expertise. In his capacity, he manages overall business growth and drives the
strategic vision of the Company.
He is a member of the Policyholders’ Protection Committee,
Investment committee and Chairman of Asset Liability Management Committee of
the Company
MR. DIPAK GUPTA- NON
EXECUTIVE DIRECTOR
Mr. Dipak Gupta, B.E. (Electronics), PGDM-IIM, Ahmedabad, aged
50 years, is a Non- Executive Director of the Company and has over 25 years of
experience in the financial services sector, 19 years of which have been with
the Kotak Group. He is responsible for Group HR, Admin, Infra, Operations and
IT. He is also responsible for Asset Reconstruction Business of the Bank
Mr. Dipak Gupta is the Chairman of Investment Committee and a
member of the Audit Committee of the Company.
Mr. Dipak Gupta was responsible for leading the Kotak Group’s
initiatives into the banking arena. Prior to joining the Kotak Group, he was
with A. F. Ferguson and Company for approximately six years. He is on the Board
of the following companies:
Kotak Mahindra Bank Limited
Kotak Mahindra Prime Limited
Kotak Forex Brokerage Limited
Kotak Mahindra Capital Company Limited
Kotak Mahindra Investments Limited
MR. GAURANG SHAH- NON
EXECUTIVE DIRECTOR
Mr. Gaurang Shah is the Group Head – Asset Management and Life
Insurance at Kotak Mahindra Group and is responsible for Domestic and
International Asset Management and Life Insurance businesses of the Group. He
took over this assignment on May 1, 2010.
In his immediate prior assignment, he was the Managing Director
of Kotak Mahindra Old Mutual Life Insurance Limited.
Mr. Shah has over 27 years of rich and varied experience
primarily in the Financial Services sector, several of which are in the Kotak
Mahindra Group.
He has held several positions of high responsibility over the
years, including, inter alia, the Head of Retail Assets at Kotak Mahindra Bank.
He was also closely associated with Kotak Mahindra Primus (a joint venture
between Kotak Mahindra Group and Ford Credit International), among
Mr. Shah is a Chartered Accountant and Cost Accountant.
Mr. Shah is member of Investment Committee, Asset Liability
Committee and Chairman of Risk Management Committee of the Company.
MR. CRISPIN SONN- NON
EXECUTIVE DIRECTOR (UPTO APRIL 30, 2011)
Holds a B.A. in Social Sciences and Humanity and Honours Degree
in Business and Administration He was CEO of Africa Group, which he confounded
with his father, Franklin, and others. Previously, he worked in the IT industry
as chairman of SourceCom. He was also national market development manager of
Prestasi Brokers, founder of Cominex SA and co-founder of New SA Fishing
Enterprises. He is also a member of the council of the
The Other Directorships/Memberships held by him are as follows:
• Capespan (Pty) Limited
• FoodBank SA
• Foodbank Foundation
• Masisizane
• Old Mutual Foundation
•
• Frontier Minerals
MR. PRAKASH APTE -
INDEPENDENT DIRECTOR (W.E.F – MAY 28, 2011)
Mr. Prakash Apte, B.E. (Mechanical), aged 57 years, is presently
the Chairman of Syngenta India Limited, one of the leading agri business
companies in
During more than 15 years of very successful leadership
experience in agri business, he has gained varied knowledge in various aspects
of Indian Agri Sector and has been involved with many initiatives for
technology, knowledge and skills up gradation in this sector, which is so vital
for
RALPH MUPITA - NON
EXECUTIVE DIRECTOR (W.E.F – MAY 01, 2011)
An engineer by training, (B.Sc. Eng. Hons.), Ralph obtained a
Masters of Business Administration (MBA) from the
Ralph joined Old Mutual in 2001. Within Old Mutual’s Individual
Life business, he managed the transformation programme that formed the base of
developing the new generation products and servicing, before his promotion to
Managing Director of Old Mutual Unit Trusts in 2004.
Ralph became the group’s Strategy Director in 2006 and led the
development of several new businesses within OMSA as Director of New Ventures.
A key new business that Ralph led was setting up the South African based
lending business Old Mutual Finance – focused on lending solutions to mass
market customers.
In 2008, Ralph was then appointed as the Managing Director -
Retail to drive the growth of Old Mutual in the affluent segment which includes
the 10 Kotak Mahindra Old Mutual Life Insurance Limited distribution of its
solutions through the tied adviser force, broker networks, independent and bank
channels.
On April 01, 2011, Ralph was appointed as the Chief Executive
Officer for Old Mutual Emerging Markets: Life and Savings. The focus of this
role is to drive growth of our life and savings businesses in
Ralph is a director of the main Emerging Markets board –
OMLACSA. He also serves on various subsidiary boards. Outside of Old Mutual he
is a board member of the
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.52.68 |
|
|
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
44 |
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.