MIRA INFORM REPORT

Report Date :

29.11.2011

IDENTIFICATION DETAILS

Name :	TATA AIG LIFE INSURANCE COMPANY LIMITED
Registered Office :	Delphi, B Wing, 2^nd Floor, Orchard Avenue, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.08.2000
Com. Reg. No.:	11-128403
Capital Investment / Paid-up Capital :	Rs. 19535.000 millions
CIN No.: [Company Identification No.]	U66010MH2000PLC128403
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07312E
Legal Form :	A closely held public limited liability company.
Line of Business :	Offering Life and General Insurance.
No. of Employees :	5798 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 16000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a joint venture between Tata Sons and AIA Group Limited. It is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 :	Mr. Brahmanand
Designation :	Account Executive
Date :	26.12.2011

LOCATIONS

Registered Office / Corporate Office :	Delphi, B Wing, 2^nd Floor, Orchard Avenue, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-66516061 / 66479000
Fax No.:	91-22-66550751 / 67024123
E-Mail :	suresh.mahalingam@tata-aig.com

DIRECTORS

AS ON 22.07.2011

Name :

Mr. Farrokh K. Kavarana

Designation :

Chairman

Address :

CCI Chambers, 5^th Floor, dinshaw Vaccha Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

17.03.1944

Date of Appointment :

31.01.2001

Din No.:

00027689

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	1/4/1975	1/4/1975	-	Active	NO
2	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	20/02/1979	20/02/1979	-	Active	NO
3	U99999MH1917PLC000478	TATA SONS LIMITED	Director	1/2/1991	1/2/1991	-	Active	NO
4	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Nominee director	27/01/1993	27/01/1993	31/03/2009	Active	NO
5	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	15/06/1994	15/06/1994	-	Active	NO
6	U91110MH1999NPL122154	CENTRE FOR PROMOTION OF ENTREPRENURSHIP	Director	11/10/1999	11/10/1999	-	Active	NO
7	U85110MH2000PLC128425	TATA AIG GENERAL INSURANCE COMPANY LIMITED	Director	24/08/2000	24/08/2000	-	Active	NO
8	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Director	30/01/2001	30/01/2001	-	Active	NO
9	U24222KA1994PTC024968	AKZO NOBEL COATINGS INDIA PRIVATE LIMITED	Director	1/10/2001	1/10/2001	17/12/2010	Active	NO
10	U65990MH1994PLC077090	TATA ASSET MANAGEMENT LIMITED	Director	6/8/2009	29/03/2002	-	Active	NO
11	U64200MH2000PLC129407	SITEL INDIA LIMITED	Director	17/12/2002	17/12/2002	11/4/2007	Active	NO
12	U70100MH1990PTC057554	SIKA PROPERTIES PRIVATE LIMITED	Director	20/12/2002	20/12/2002	-	Active	NO
13	L24240MH1952PLC008951	TRENT LIMITED	Director	30/10/2006	1/11/2004	-	Active	NO
14	U74899DL1995PLC073520	TRENT BRANDS LIMITED	Director	28/09/2007	14/11/2006	28/04/2010	Active	NO
15	L65990MH1991PLC060670	TATA CAPITAL LIMITED	Director	17/07/2007	13/04/2007	-	Active	NO
16	U67100MH2010PLC210201	TATA CAPITAL FINANCIAL SERVICES LIMITED	Director	5/9/2011	26/03/2011	-	Active	NO

Name :

Mr. Ishaat R. Hussain

Designation :

Director

Address :

No. 222, 22^nd Floor, ‘B’ Wing, NCPA Residental Complex, Sir Dorab Tata Road, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

02.09.1947

Date of Appointment :

23.08.2000

Din No.:

00027891

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Nominee director	17/07/1989	17/07/1989	-	Active	NO
2	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	3/4/1998	3/4/1998	-	Active	NO
3	U99999MH1917PLC000478	TATA SONS LIMITED	Whole-time director	1/7/2009	24/11/1998	-	Active	NO
4	L29308MH1954PLC009371	VOLTAS LIMITED	Director	26/04/1999	26/04/1999	-	Active	NO
5	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	15/07/1999	15/07/1999	-	Active	NO
6	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Nominee director	29/09/1999	29/09/1999	-	Active	NO
7	U65991MH1995PLC087722	TATA TRUSTEE COMPANY LIMITED	Director	16/06/2000	16/06/2000	17/03/2011	Active	NO
8	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Director	23/08/2000	23/08/2000	-	Active	NO Bottom of Form
9	U85110MH2000PLC128425	TATA AIG GENERAL INSURANCE COMPANY LIMITED	Nominee director	24/08/2000	24/08/2000	-	Active	NO
10	L72200AP1975PLC001970	CMC LIMITED	Director	16/10/2001	16/10/2001	4/1/2010	Active	NO
11	L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	Director	1/7/2002	1/7/2002	26/06/2007	Active	NO
12	U72200TN2003PTC050510	SPEECH AND SOFTWARE TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	13/03/2003	13/03/2003	-	Active	NO
13	U92120MH2001PLC130365	TATA SKY LIMITED	Director	6/2/2004	6/2/2004	-	Active	NO
14	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	2/3/2005	2/3/2005	26/09/2011	Active	NO
15	U67120MH2005PLC155188	BSE LIMITED	Director	14/09/2007	9/11/2006	29/05/2010	Active	NO
16	L65990MH1991PLC060670	TATA CAPITAL LIMITED	Director	17/07/2007	13/04/2007	-	Active	NO
17	L99999MH1863PLC000002	BOMBAY BURMAH TRADING CORPORATION LIMITED	Director	30/05/2007	30/05/2007	14/01/2011	Active	NO
18	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	2/7/2010	5/1/2010	-	Active	NO
19	L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	Director	11/8/2010	1/6/2010	-	Active	NO
20	U72200DL2004PLC228400	VIOM NETWORKS LIMITED	Director	29/09/2011	18/03/2011	-	Active	NO
21	U63013DL2004PLC217305	GO AIRLINES (INDIA) LIMITED	Director	21/06/2011	21/06/2011	-	Active	NO

Name :

Mr. Pratip Sanjay Kar

Designation :

Director

Address :

1050/1, Survey Park, Kolkata – 700075, West Bengal, India

Date of Birth/Age :

23.12.1951

Date of Appointment :

14.01.2011

Name :

Mr. Phong Thanh Huynh

Designation :

Director

Address :

Flat C1, 78, Repulse Bay Rd, Repulse Bay HK, Hongkong, India

Date of Birth/Age :

22.05.1966

Date of Appointment :

21.02.2011

Name :

Mr. Jaanki Ballabh

Designation :

Director

Address :

Flat no. 605, versova, vinayak, CHS, Near Versova Telephone Exchange, versova Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

24.10.1942

Date of Appointment :

20.04.2007

Din No.:

00011206

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65991MH2002GOI137868	UTI TRUSTEE COMPANY PRIVATE LIMITED	Director	13/01/2006	13/01/2006	-	Active	NO
2	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Director	8/8/2007	20/04/2007	-	Active	NO
3	L65990MH1991PLC060670	TATA CAPITAL LIMITED	Director	17/06/2008	18/12/2007	-	Active	NO
4	U65993GJ2008PLC053818	GIFT COLLECTIVE INVESTMENT MANAGEMENT COMPANY LIMITED	Additional director	17/05/2008	17/05/2008	4/6/2009	Active	NO
5	L74899DL1989PLC034594	NUCLEUS SOFTWARE EXPORTS LIMITED	Director	8/7/2009	15/11/2008	-	Active	NO
6	U67190MH2008PLC187552	TATA CAPITAL HOUSING FINANCE LIMITED	Director	30/08/2011	25/03/2011	-	Active	NO
7	U67100MH2010PLC210201	TATA CAPITAL FINANCIAL SERVICES LIMITED	Director	5/9/2011	26/03/2011	-	Active	NO

Name :

Mr. Suresh Mahalingam

Designation :

Managing Director

Address :

8A, Godrej Waldorf, Opposite Millat Nagar, near Samarth Ashish, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

17.02.1962

Date of Appointment :

01.06.2009

Din No.:

01781730

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U92142MH2008NPL186398	PRATISHRUTI FOUNDATION	Director	2/9/2008	2/9/2008	-	Active	YES
2	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Managing director	1/8/2009	1/6/2009	-	Active	NO
3	U67100MH2007PTC173664	Financial Planning Corporation India Private Limited.	Director	23/09/2010	23/11/2009	-	Active	NO
4	U91990MH2005NPL150661	FINANCIAL PLANNING STANDARDS BOARD INDIA	Director	1/4/2011	1/4/2011	-	Active	NO

Name :

Mr. Homi Rustam Khusrokhan

Designation :

Additional Director

Address :

No. 10, Mayfair house, 4^th Floor, Little Gibbs Road, Malabar hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.12.1943

Date of Appointment :

14.10.2009

Din No.:

00005085

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U83000MH1926PLC001231	THE ANGLO SCOTTISH EDUCATION SOCIETY	Director	26/09/1995	26/09/1995	-	Active	NO
2	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	24/03/2003	24/03/2003	-	Active	NO
3	U24117KA2005PLC036126	ADVINUS THERAPEUTICS LIMITED	Director	30/04/2005	30/04/2005	-	Active	NO
4	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Managing director	16/10/2006	16/10/2006	14/12/2008	Active	NO
5	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	22/01/2007	22/01/2007	12/9/2008	Active	NO
6	U01403DL2007PTC160357	KHET-SE AGRIPRODUCE INDIA PRIVATE LIMITED	Director	9/3/2007	9/3/2007	-	Active	NO
7	U35112MH1994PLC081331	SAMSON MARITIME LIMITED	Director	15/09/2009	29/04/2009	-	Active	NO
8	L99999MH1948PLC006199	FULFORD (INDIA) LIMITED	Director	26/04/2010	27/07/2009	-	Active	NO
9	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Director	16/09/2010	14/10/2009	-	Active	NO
10	U73100PN2007PTC130929	NOVALEAD PHARMA PRIVATE LIMITED	Director	29/09/2010	24/12/2009	-	Active	NO
11	L65190GJ1994PLC021012	ICICI BANK LIMITED	Director	28/06/2010	21/01/2010	-	Active	NO
12	U65992MH2003PTC139955	LIC NOMURA MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED	Director	13/09/2011	18/01/2011	-	Active	NO
13	U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY.	Director	15/04/2011	15/04/2011	-	Active	NO

Name :

Mr. Kishor Anant chaukar

Designation :

Additional Director

Address :

72, A, NCPA Apartment, 7^th Floor, Dorabji tata Road, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

01.08.1947

Date of Appointment :

14.10.2009

Din No.:

00033830

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Managing director	15/10/2008	15/10/1998	-	Active	NO
2	U85110KA1989PLC013224	TATA ADVANCED MATERIALS LIMITED	Director	14/01/1999	14/01/1999	24/09/2010	Active	NO
3	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Nominee director	25/02/1999	25/02/1999	-	Active	NO
4	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	30/03/1999	30/03/1999	-	Active	NO
5	U64200MH2000PLC129407	SITEL INDIA LIMITED	Director	20/12/2000	20/12/2000	11/4/2007	Active	NO
6	L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	Director	1/7/2002	1/7/2002	-	Active	NO
7	U67190MH2002PLC137798	IDFC PRIVATE EQUITY COMPANY LIMITED	Director	17/09/2003	17/09/2003	-	Active	NO
8	L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	Director	9/6/2004	9/6/2004	-	Active	NO
9	U64200AP1995PLC044060	TATA BUSINESS SUPPORT SERVICES LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
10	U11100MH1993PLC134095	TATA PETRODYNE LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
11	U91110GJ2000NPL037902	GIVE FOUNDATION	Director	30/07/2005	30/07/2005	-	Active	NO
12	U67120MH1985PLC037369	TSR DARASHAW LIMITED	Director	29/09/2006	20/10/2005	-	Active	NO
13	U24117KA2005PLC036126	ADVINUS THERAPEUTICS LIMITED	Director	10/8/2007	8/11/2006	-	Active	NO
14	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Nominee director	27/06/2008	17/06/2007	-	Active	NO
15	U93090MH2007PLC173035	TATA INDUSTRIAL SERVICES LIMITED	Director	19/09/2008	5/12/2007	13/09/2010	Active	NO
16	U34300PN1997PLC015436	TATA YAZAKI AUTOCOMP LIMITED	Director	23/09/2009	9/1/2009	-	Active	NO
17	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	13/08/2009	24/03/2009	-	Active	NO
18	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Director	16/09/2010	14/10/2009	-	Active	NO
19	U93090MH2010NPL208544	BHAVISHYA ALLIANCE CHILD NUTRITION INITIATIVES	Director	3/10/2010	3/10/2010	-	Active	NO
20	U65991MH1995PLC087722	TATA TRUSTEE COMPANY LIMITED	Additional director	10/6/2011	10/6/2011	-	Active	NO

Name :

Mr. Simeon Preston

Designation :

Director

Address :

3, Cornwalla Road, Singapore – 119665, India

Date of Birth/Age :

15.04.1970

Date of Appointment :

11.05.2011

Name :

Mr. Swaminathan Iyer Mr. Sankara Narananan Iyer

Designation :

Secretary

Address :

Flat No.302, 3^rd Floor, Cascade, B Wing, Vasant Oscar, LBS Marg, Mulund (West), Mumbai – 400080, India

Date of Birth/Age :

15.10.1967

Date of Appointment :

20.12.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.07.2011

Names of Shareholders	No. of Shares
Tata sons Limited, Maharashtra	1445589400
Tata Sons Limited,Jt. Ishaar Hussain, Maharashtra	100
Tata Sons Limited, Jt. E. N. Kapacha Maharashtra	100
Tata Sons Limited, Jt. F. N. Subedar Maharashtra	100
Tata Sons Limited, Jt. Manoj Kumar C.V. Maharashtra	100
American International Assurance Company (Bermuda ) Limited, Bermuda	507910000
Tata Sons Limited, Jt. Ferrokh Kavarana, Maharashtra	100
Tata sons Limited, Jt. Kersi Bhagat, Maharashtra	100
Total	1953500000

AS ON 22.07.2011

Category	Percentage
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
Bodies corporate	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Offering Life and General Insurance.

GENERAL INFORMATION

No. of Employees :	5798 (Approximately)
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Kalayaniwalla and Mistry Chartered Accountant
Address :	Kalapataru Heritage, 127, mahatma Gandhi Road, fort, Mumbai – 400001, Maharashtra, India
Name :	A.F. Ferguson Associates Chartered Accountant
Address :	12, Dr. Annie Besent Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Joint Venture :	Tata Sons And AIA Group Limited (AIA)
Holding Company :	Tata Sons Limited U99999MH1917PLC00478

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000000	Equity Shares	Rs.10/- each	Rs.25000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1953500000	Equity Shares	Rs.10/- each	Rs.19535.000 Millions

Note : Share Capital amounting to Rs. 14455.900 millions (previous year Rs. 14211.700 millions) is held by Tata Sons Limited, the holding company, including Joint holding with its nominees.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		19535.000	19205.000	15195.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(15580.693)	(16098.612)	(12098.489)
5] Credit / (Debit) Fair Value Change Account		0.341	0.000	0.000
NETWORTH		3954.648	3106.388	3096.511
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Policyholders Fund		121886.912	90863.500	46675.832
TOTAL		125841.560	93969.888	49772.343
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		492.942	917.758	1416.784
Capital work-in-progress		18.557	165.033	141.106
INVESTMENT		126581.056	94555.127	49105.433
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	1397.443	1356.909	1955.019
	Other Current Assets	1989.318	1729.911	1749.321
	Loans & Advances	1184.466	780.364	596.710
Total Current Assets		4571.227	3867.184	4301.050
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2081.681	2183.947	2297.651
	Other Current Liabilities	3676.958	3276.498	2799.469
	Provisions	63.583	74.769	94.910
Total Current Liabilities		5822.222	5535.214	5192.030
Net Current Assets		(1250.995)	(1668.030)	(890.980)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		125841.560	93969.888	49772.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	39728.662	34815.564	27345.586
		Other Income	10531.478	25992.300	0.000
		TOTAL (A)	50260.140	60807.864	27345.586
Less	EXPENSES
		Salaries, wages and bonus	4126.858	4375.109	4171.200
		Managerial remuneration	25.831	21.888	15.000
		Payment to auditors	3.496	3.590	3.597
		Other Expenditure	44879.911	59533.184	28063.668
		TOTAL (B)	49036.096	63933.771	32253.465
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1224.044	(3125.907)	(4907.879)
Less	FINANCIAL EXPENSES (D)		70.072	70.032	98.272
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1153.972	(3195.939)	(5006.151)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		636.053	804.184	646.230
	PROFIT BEFORE TAX (E-F) (G)		517.919	(4000.123)	(5652.381)
Less	TAX (I)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-I) (J)		517.919	(4000.123)	(5652.381)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(15580.693)	(16098.612)	(12098.489)
	BALANCE CARRIED TO THE B/S		(16098.612)	(12098.489)	(6446.108)
	Earnings Per Share (Rs.)		0.27	(2.48)	(4.65)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.03	(6.57)	(20.67)
Net Profit Margin (PBT/Sales)	(%)	1.30	(11.48)	(20.67)
Return on Total Assets (PBT/Total Assets}	(%)	10.22	(83.59)	(98.08)
Return on Investment (ROI) (PBT/Networth)		0.13	(1.28)	(1.82)
Debt Equity Ratio (Total Liability/Networth)		1.47	1.78	1.67
Current Ratio (Current Asset/Current Liability)		0.78	0.69	0.82

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions )

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	2081.681	2183.947	2297.651

Note :

The registered office address of the company has been shifted from Peninsula Towers, 6^th Floor, Peninsula corporate Park, Ganpatrao, Kadam Marg, Lower Parel, Mumbai 400013, Maharashtra, India to present w.e.f. 14.03.2010

INDUSTRY OVERVIEW

The year 2010-11 saw a transition and adaption to the new regime of doing business consequent to regulatory changes introduced during the year. The life insurance industry grew by 15% in terms of new business premium income after witnessing a 26% growth in 2009-10. Private players' growth was subdued at 2.5% over previous year as compared to the 12% growth experienced in FY 2009-10. This phenomenon was largely due to a depressed second half as the private industry experienced a decline post the new regulatory norms on commission caps, caps on surrender charges and minimum guarantee return for pension products coming into effect. Group business contributed to 23% of the total new business premiums as compared to 18% in 2009-10. Focus has shifted from Investment Linked to Traditional plans as expected. The year also saw larger mix of single premium products being sold with a contribution of nearly 30% of the new business premiums as compared to 10% in 2009-10.

The Company closed the year with new business premiums of Rs. 1,3320.000 millions which was almost in line with previous year. The Company's new business premium market share amongst private players was 3,4% in line with previous year. Total Premium grew by 13%. Group business contributed to 16% of the total new business premiums as compared to 14% in 2009-10. Single Premium contributed to nearly 17% of the new business premiums as compared to 4% in 2009-10.

Life Insurance industry is undergoing a transition - from scalability to sustainability phase - accelerated by the far reaching changes with implementation of the revised unit linked guidelines and other regulatory recommendations. The growth potential however remains encouraging - penetration levels are still low, there exists a significant growth opportunity at current savings rate, economic growth will push household incomes higher while life expectancy creates opportunities in pensions, there is a positive shift in the demographic transition.

Medium term growth story of the industry is expected to be in line with GDP growth. With the changing regulatory landscape. emphasis in the coming years will intensify towards driving productivity improvements, capital efficiency and profitability - higher persistency and improved productivities will be key aspects to achieve these objectives. Expense management discipline will continue to be an important agenda and costs of distribution need to be managed frugally.

CORPORATE AGENTS AND BROKERS

The relationship with United Bank of India has been successfully renewed till 2014. Additionally your Company has tie-ups with Orissa State Cooperative Bank Limited. in the Bancassurance space. The Company has been successful in entering into partnerships with the top 3 Insurance brokers in the country and has also entered into 6 new Group Life tie-ups during this year continuing its focus on new alliances to drive profitable growth. The company continues to be a leading player in the Broking space with significant share of business amongst the top 10 Insurance broking companies in the country. The company has tie-ups with 98 partners in the Corporate Agency and Broking segment.

Some of the key initiatives undertaken during the year to improve the efficiencies around distribution include:

Simplification of licensing process to sustain candidate's interest levels (standard calendar, effective communication, batch management).

Structured engagement to foster Agency Development through a rigorous plan for the first 90 days of an Agent aided with predefined milestones.

Improve Agent activation by adopting a focused and segmented approach in building a sustainable & progressive agency distribution force.

Predominantly focus on alternate channel players with established distribution network (branches) with highly productive sales teams and large and established customer base.

Build a competitive advantage in broking space by sustained delivery of key success factors. Aggressive pursuit of banks NBFCs building up significant and high quality retail asset portfolio in the Group Life space. Explore opportunity on liability base through new to market group endowment products.

RURAL AND SOCIAL SECT- WIGATIONS

Under the IRDA (Obligations of Insurers to Rural Social Sectors) Regulations, 2000, an insurer is required to meet the prescribed obligations pertaining to rural and social sectors. The Company has covered over 66,137 individual lives in the social sector as against the requirement of 55,000 lives. It has also written individual policies at 27.51% of the Company's policies in the rural sector as against the regulatory requirement of 20%

OPERATIONS AND SYSTEMS

· During the year various initiatives were undertaken to enhance customer engagement, improve levels of customer service and to ensure adequate support to business. Some of the initiatives towards this include: -

· Implementation of Customer Portal: Launched a customer portal to enable customers to view their policy details online, at their convenience. In addition, customers can also make service requests online.

· IVR Implementation: Introduced an Interactive Voice Response system for the Inbound call centre thus providing customers with self service capabilities and improved service through lower wait time and lower abandonment rates.

· Web Sales: Introduced the option for customer to buy approved products through the Company's website. Online purchases provide customers the benefit of purchasing policies at a lower premium than through traditional channels and also provides them the flexibility of purchasing policies at their convenience.

· Additional helpline number: An additional 24 hour help line number was introduced to enable customers to contact our inbound call center from any telecom service provider. The customer will incur only local calt charges, irrespective of the location from which they call. The existing toll free line was accessible only from BSNL and MTNL phones.

· Customer engagement program: A new program has been initiated to keep the Company's customers engaged by updating them about various new programs/initiatives undertaken by the company through mails and SMS's.

· Revamp of the Company's Website: The Company's website has been completely revamped to provide it with a better look and feel and to enhance consumer experience through ease of navigation. The restructured website also provides customers tools for product selection and premium calculation to enable them to take an informed decision on buying Company's products.

· Dream IT project Hosting of messaging, Active Directory and Internet services was moved to the Company's data center in India from Hong Kong , providing substantial cost benefits and improved service delivery.

FIXED ASSETS :

• Goodwill
• Intangible – Computer Software
• Freehold Land
• Leasehold Improvements
• Buildings
• Furniture, Fixtures and Fittings
• Information Technology Equipments
• Vehicles
• Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 53.21
UK Pound	1	Rs. 83.31
Euro	1	Rs. 69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	MO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.