MIRA
INFORM REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.07.2000 |
|
|
|
|
Com. Reg. No.: |
11-127837 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.14281.429 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2000PLC127837 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Life Insurance and Pension Services |
|
|
|
|
No. of Employees
: |
6000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 190000000 |
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|
|
|
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 ICICI Bank and Prudential of UK. It is a well established and reputed company having fine track. Financial
position of the company appears to be sound. Fundamentals are strong and
healthy. Trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per commitments. 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
|
Registered Office : |
|
|
Tel. No.: |
91-22-66621600/ 56621788 |
|
Fax No.: |
91-22-24376956/ 56622029 |
|
E-Mail : |
cl.baradhwaj@iciciprulife.com
/ wecoveryou@iciciprulife.com
/ ami.badani@iciciprulife.com
/ sanaulla.khan@iciciprulife.com
|
|
Website : |
DIRECTORS
As on 09.09.2010
|
Name : |
Mrs. Chanda Deepak Kochhar |
|
Designation : |
Director |
|
Address : |
CCI Chambers, Flat No.45, 5th Floor, |
|
Date of Birth/Age : |
11.11.1961 |
|
Date of Appointment : |
28.05.2002 |
|
Other Directorship : |
ICICI Bank Limited |
|
|
|
|
Name : |
Mr. Ramkumar Krishnaswamy |
|
Designation : |
Director |
|
Address : |
101, |
|
Date of Birth/Age : |
08.08.1961 |
|
Date of Appointment : |
13.10.2008 |
|
|
|
|
Name : |
Mr. Kannan Shrinivasa Narayanan |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No.204, Tower B, Kalpataru Horrizon, S K Ahire Marg, Worli,
Mumbai – 400018, |
|
Date of Birth/Age : |
30.06.1965 |
|
Date of Appointment : |
01.05.2009 |
|
|
|
|
Name : |
Mr. Barry Lee Stowe |
|
Designation : |
Director |
|
Address : |
11/F, |
|
Date of Birth/Age : |
27.11.1957 |
|
Date of Appointment : |
06.11.2006 |
|
Other Directorship : |
ICICI Prudential Asset Management Company Limited |
|
|
|
|
Name : |
Mr. Adrian Thomas O’Connor |
|
Designation : |
Director |
|
Address : |
12B, |
|
Date of Birth/Age : |
29.12.1958 |
|
Date of Appointment : |
23.07.2008 |
|
|
|
|
Name : |
Mr. Keki Bomi Dadiseth |
|
Designation : |
Director |
|
Address : |
8 A, Mane K Building L D Ruparel Marg, Malabar, Mumbai – 400006, |
|
Date of Birth/Age : |
20.12.1945 |
|
Date of Appointment : |
26.04.2006 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Prof. Marti G. Subrahmanyam |
|
Designation : |
Director |
|
Address : |
70, |
|
Date of Birth/Age : |
23.08.1946 |
|
Date of Appointment : |
26.07.2007 |
|
Other Directorship : |
ICICI Bank Limited |
|
|
|
|
Name : |
Mr. Rama Ashoke Bijapurkar |
|
Designation : |
Additional Director |
|
Address : |
8, C-D Mona |
|
Date of Birth/Age : |
12.02.1957 |
|
Date of Appointment : |
17.01.2008 |
|
Email : |
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|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Kumar Vinod Chand Dewan Dhall |
|
Designation : |
Director |
|
Address : |
Dewan Manohar House, B-88, Sector 51, Noida – 201301, Uttar Pradesh |
|
Date of Birth/Age : |
20.02.1944 |
|
Date of Appointment : |
05.03.2009 |
|
|
|
|
Name : |
Mr. Vaidyanathan Vembu |
|
Designation : |
Director |
|
Address : |
Flat No.1602, Tower B, Beaumonde, Prabhadevi – 400025, Mumbai,
maharashtra, |
|
Date of Birth/Age : |
02.01.1968 |
|
Date of Appointment : |
01.05.2009 |
|
|
|
|
Name : |
Mr. Sandeep Suraj Bakshi |
|
Designation : |
Director |
|
Address : |
B4, Tanna Residency, |
|
Date of Birth/Age : |
28.05.1960 |
|
Date of Appointment : |
01.08.2010 |
|
|
|
|
Name : |
Mr. Puneet, Kulbhushan Nanda |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No.11, |
|
Date of Birth/Age : |
05.02.1969 |
|
Date of Appointment : |
01.08.2010 |
|
|
|
|
Name : |
Mr. Madhivanan Balakrishnan |
|
Designation : |
Director |
|
Address : |
1305, 13th Floor, Ashok Tower, Dr. S S Rao Road, Parel,
Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
07.06.1969 |
|
Date of Appointment : |
01.08.2010 |
|
|
|
|
Name : |
Mr. Sanaulla Khan Mohammed |
|
Designation : |
Director |
|
Address : |
201, |
|
Date of Birth/Age : |
13.07.1970 |
|
Date of Appointment : |
15.12.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Batra |
|
Designation : |
Company Secretary |
|
Address : |
B/105 |
|
Date of Birth/Age : |
14.01.1966 |
|
Date of Appointment : |
23.11.2000 |
|
|
|
|
Name : |
Mr. C. L. Baradhwaj |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Anita Pai |
|
Designation : |
Executive Vice President – Customer Service and Technology |
|
|
|
|
Name : |
Mr. Dr. Avijit Chatterjee |
|
Designation : |
Appointed Actuary |
|
|
|
|
Name : |
Mr. Puneet Nanda |
|
Designation : |
Executive Vice President – Chief Investment Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2010
|
Srinivasan G Iyengar |
377 |
|
Ajay Chowdhary |
4500 |
|
Toshit Kumar |
8625 |
|
H Vinod |
3750 |
|
Hora Rahul |
26250 |
|
Pisupati Chaya |
26625 |
|
Rao Ashish Ravindra |
10000 |
|
Sahay Shuchika |
4300 |
|
Saneja Amit |
10500 |
|
Sivaram Maganty |
7687 |
|
Varshney Jatin Ramjilal |
14250 |
|
Gopalakrishnan Jayan |
1800 |
|
Gupta Purnajit |
4800 |
|
Iyer Venkatachalam |
15000 |
|
Jain Akash |
6000 |
|
Radhakrishnan Meera |
7800 |
|
Saxena Amey |
30625 |
|
Mohammed Ibrahim |
50 |
|
Vineet Bhatia |
1250 |
|
Yogesh Gupta |
2250 |
|
|
1250 |
|
Hemant Gala |
6600 |
|
Arun Nair |
5600 |
|
Anup Velamuri Rau |
6875 |
|
Chhaya Pisupati |
12000 |
|
Jayan Gopalakrishnan |
3600 |
|
Meera Radhakrishnan |
1800 |
|
Chhaya Pisupati |
8000 |
|
Meera Radhakrishnan |
1000 |
|
Sameer Anil Joshi |
7500 |
|
Anil Agrawal |
1800 |
|
Leena Sachin Shenoy |
1000 |
|
Meera Radhakrishnan |
1350 |
|
Sameer Anil Joshi |
5625 |
|
|
ICICI Bank Limited, Mumbai |
1055310900 |
|
|
Runa Saha |
4105 |
|
|
Richard Arnold Desouza |
9000 |
|
|
Sanjeev Suman |
5752 |
|
|
Sunit Madan |
20146 |
|
|
Amish Manikant Banker |
33103 |
|
|
Sujeet Pralhad Kothare |
14 |
|
|
Ajay Narang |
350 |
|
|
Jabeen Zafar Vasi |
27087 |
|
|
Anita Pai |
127500 |
|
|
Mukesh Dhawan |
65000 |
|
|
Vedika Shrikant Thorat |
4500 |
|
|
Nitin Puri |
4,000 |
|
|
Jomy John |
11900 |
|
|
Parvathi Viswanath |
3000 |
|
|
Sumeet Sahni |
15625 |
|
|
Sitesh Prasad |
7500 |
|
|
Anshu Morarka |
159 |
|
|
Bhat Sudhan Rajaram |
10875 |
|
|
V |
21200 |
|
|
Manoj Nambiar |
2500 |
|
|
Narendra Vinayak Ganpule |
3600 |
|
|
Dipasree Ganguly |
7500 |
|
|
Sanjay Radhakrishnan |
17250 |
|
|
Shuba Rao Mayya |
75000 |
|
|
Jayant Doegar |
17000 |
|
|
Satishwar Balakrishnan |
6550 |
|
|
Richeek Maitra |
6000 |
|
|
Ramandeep Singh Sahni |
6000 |
|
|
Sandeep Batra |
77500 |
|
|
Sangramjit Sarangi |
30000 |
|
|
Anuj Varma |
5400 |
|
|
Srikant Venkata Satya Vatturi |
790 |
|
|
Tarun Chugh |
3000 |
|
|
Rishi Srivastava |
15625 |
|
|
Vikash Khanna |
11400 |
|
|
Sachin Padmakar Joglekar |
19500 |
|
|
Bhawani Singh Pathania |
8625 |
|
|
Vikas Gupta |
1800 |
|
|
Pankaj Jain |
125187 |
|
|
Sarang Govind Gokhale |
21350 |
|
|
Kalpana Bharat Sampat |
115000 |
|
|
M Srinivas |
31200 |
|
|
Mohit Shailendra Sharma |
14375 |
|
|
Prince Sethi |
14500 |
|
|
Ashwini Kiran Pai |
11400 |
|
|
|
20250 |
|
|
Siddharth Kapoor |
8625 |
|
|
Nand Kishore Anand |
10000 |
|
|
Poonam Bhardwaj |
65000 |
|
|
Rahul Chawla |
28700 |
|
|
Niraj Shah |
3750 |
|
|
Vinu Jacob Vilayil |
50 |
|
|
Shehzad Mahendi Hooda |
7550 |
|
|
Jeelani Basha Shiekhakbar |
50 |
|
|
Ajaykumar Patel |
19525 |
|
|
Rohit Malik |
23750 |
|
|
Sumit Mohindra |
18750 |
|
|
Vivek Lakhotia |
6750 |
|
|
Anish Anand Singh |
14375 |
|
|
Biplab Ghosh |
50 |
|
|
Mohit Rochlani |
4637 |
|
|
V Rajagopalan |
1000 |
|
|
Rahul Belwalkar |
10000 |
|
|
Santosh S Ranade |
11375 |
|
|
Vinod Sharma |
2800 |
|
|
Pradeep Malhotra |
4309 |
|
|
Samir Vora |
7600 |
|
|
Manish V Shah |
12250 |
|
|
Danish Shafakat Bhagat |
16700 |
|
|
Pulak Sharma |
16562 |
|
|
Dushyant Mishra |
20500 |
|
|
Gurmeet Singh Bhatia |
8625 |
|
|
Kamlesh Leelaram Manuja |
923 |
|
|
Anita Ravindra Rao |
49 |
|
|
Sourav Sarkar |
25688 |
|
|
Jagdeep Reddy Malla |
45000 |
|
|
Shruti Dhupia |
130 |
|
|
Indranil Chanda |
100 |
|
|
Vaibhav Vasudeo Vaidya |
2000 |
|
|
Nikhit Fernandes |
3250 |
|
|
Gayatri Ramaswamy |
25155 |
|
|
Samir Malik |
3125 |
|
|
Monney Krishan Bhatia |
2600 |
|
|
Prashant Sudhakar Hampihallikar |
1000 |
|
|
Rajesh Kumar Singhi |
2500 |
|
|
Neeraj Chandramohan Vetkar |
900 |
|
|
Mukta Anand Karandikar |
1100 |
|
|
Roshan Justhin Rodrigues |
750 |
|
|
Ajay Kumar Kukreja |
1875 |
|
|
Shekhar Datta |
844 |
|
|
Pramod Hari Lele |
15000 |
|
|
Gautam Vijh |
3125 |
|
|
Ramandeep Singh Sawhney |
1500 |
|
|
Varma Meharji D S C |
1000 |
|
|
Abhimanyu Mishra |
1500 |
|
|
Mohit Bahuguna |
7250 |
|
|
Amit Banerjee |
3000 |
|
|
Rajiv Malhan |
2250 |
|
|
Ravindra Kumar B H |
900 |
|
|
Sameer Ramesh Gautam |
1000 |
|
|
|
3000 |
|
|
Rajat Rana |
6100 |
|
|
Rakesh Sikka |
2000 |
|
|
Praveen Paladugu |
4500 |
|
|
Pankaj Sharma |
101875 |
|
|
Sridhar Dayakaran |
12500 |
|
|
Charanjit Singh |
53625 |
|
|
Ajay Maheshwari |
2000 |
|
|
R Manikandan |
2000 |
|
|
Abhishek Rathi |
4206 |
|
|
Aparna Dilip Gangal |
2700 |
|
|
Prabhakar Shetty Karkala |
1000 |
|
|
Sushant Rajput |
6750 |
|
|
Ritesh Vermani |
1500 |
|
|
Vikram Kumar |
1000 |
|
|
Harpreet Singh |
2000 |
|
|
Ananth M Kulkarni |
2685 |
|
|
Joyoti Banerji |
3100 |
|
|
Preeti Bhagwandas Sancheti |
2000 |
|
|
Vijay Kumar C M |
500 |
|
|
Poonam Matani |
2000 |
|
|
Srinivas Chakravarti R |
4500 |
|
|
Hemant Manilal Gala |
1800 |
|
|
Shailesh Vilas Kelkar |
2700 |
|
|
Cabrini Bagwalla |
2000 |
|
|
Aparna Verma |
3000 |
|
|
Anupam Kaul |
11625 |
|
|
Dev Veerachamy |
3000 |
|
|
Vivek N Iyer |
7500 |
|
|
Ambrish Sinha |
2250 |
|
|
Edith Jeberson |
2000 |
|
|
Thomas Priyamvada |
3000 |
|
|
Arpita Nanoti |
1000 |
|
|
Sheetal Shitanshu Vora |
7000 |
|
|
Manish Ghiya |
928 |
|
|
Anuradha Hoovina Kamath |
6000 |
|
|
Bhavi Dilip Ajmera |
500 |
|
|
Ataali Shaikh |
1277 |
|
|
Kailash Mittal |
1800 |
|
|
Amit Mimani |
5 |
|
|
Jasjit Singh Makol |
5 |
|
|
Prudential Corporation Holdings Limited, |
370784884 |
|
|
Anita Ravindra Rao |
1800 |
|
|
Pradeep Malhotra |
6 |
|
|
Pulak Sharma |
1 |
|
|
ICICI Bank Limited, Mumbai |
7 |
|
|
|
|
|
|
Total |
1428142883 |
|
As on 09.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
25.96 |
|
Other top Fifty Shareholder (Other than Listed above) |
|
0.10 |
|
Others |
|
0.04 |
|
Total |
|
100.00 |
List of Allottees as on 22.09.2010
|
Names of Allottees |
|
No. of Shares Allotted |
|
Maruti Naik |
|
13125 |
|
Sanjay Nandwani |
|
2000 |
|
Anupam Kaul |
|
5312 |
|
Richeek Maitra |
|
4000 |
|
Dayakaran Sridhar |
|
2500 |
|
Srinivas Revanur |
|
2250 |
|
Jatin Varshney |
|
17750 |
|
Sameer Kwatra |
|
20000 |
|
Jayan Gopalakrishnan |
|
2700 |
|
Srikant V V S |
|
9200 |
|
Pankaj Sharma |
|
10000 |
|
Amar Joshi |
|
32250 |
|
Jai B |
|
4050 |
|
Leena Shenoy |
|
1000 |
|
Eapen J C |
|
3500 |
|
Manu Monga |
|
13437 |
|
Jitendra Arora |
|
10000 |
|
Total |
|
153074 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance and Pension Services |
GENERAL INFORMATION
|
No. of Employees : |
6000 (Approximately) |
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Bankers : |
ICICI Bank Limited |
|||||||||||||||||||||
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Facilities: |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountant |
|
Engineering Centre, 6th Floor, |
|
|
|
|
|
Name : |
BRS and Company Chartered Accountant |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
parel, Mumbai – 40013, Maharashtra, India |
|
|
|
|
Holding Company : |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1428142900 |
Equity Shares |
Rs.10/- each |
Rs.14281.429 Millions |
(Of the total share capital, 1,055,162,900 shares (Previous Year:
1,055,162,900) of Rs.10 each are held by the holding company, ICICI Bank
Limited and its nominees.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
SOURCES
OF FUNDS |
|
|
|
|
SHAREHOLDERS FUND: |
|
|
|
|
Share Capital |
14281.429 |
14272.573 |
14011.137 |
|
Share Application Money |
1.067 |
2.282 |
1.104 |
|
Employees stock option outstanding |
0.897 |
8.495 |
19.161 |
|
Reserves & Surplus |
33588.365 |
33529.185 |
23722.895 |
|
Fair value change Account – Net |
(9.604) |
(1.461) |
9.819 |
|
|
|
|
|
|
Sub – Total |
47862.154 |
47811.074 |
37754.297 |
|
|
|
|
|
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
POLICYHOLDERS
FUND |
|
|
|
|
Fair value change Account – Net |
2493.446 |
213.161 |
1775.187 |
|
Revaluation Reserve – Investment Property |
668.879 |
316.319 |
316.319 |
|
Policy Liabilities |
35893.280 |
29987.086 |
23545.894 |
|
Provision for linked liability |
503761.001 |
280548.906 |
244568.182 |
|
Sub – Total |
542816.605 |
311065.472 |
270205.582 |
|
Funds for future
appropriations |
|
|
|
|
Linked |
10931.566 |
5590.611 |
4093.352 |
|
Non Linked |
1392.600 |
1582.726 |
1285.155 |
|
|
|
|
|
|
TOTAL |
603002.925 |
366049.883 |
313338.386 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
|
Shareholders |
12850.338 |
6620.077 |
2110.191 |
|
Policy Holders |
44565.701 |
34164.141 |
34493.049 |
|
Asset held to cover linked liabilities |
514692.566 |
286139.517 |
248661.534 |
|
Loans |
116.048 |
196.046 |
37.935 |
|
Fixed Assets |
2634.004
|
3312.117
|
3277.369 |
|
Deferred Tax Assets |
2955.164
|
3180.774
|
2170.774 |
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balance |
3054.023 |
3558.761 |
6165.080 |
|
Advances and Other assets |
2966.016 |
3615.504 |
4546.582 |
|
Sub – Total (A) |
6020.039 |
7174.265 |
10711.662 |
|
|
|
|
|
|
Sundry Creditors |
267.067 |
173.949 |
205.132 |
|
Other Current Liabilities |
15449.951 |
11129.764 |
15876.741 |
|
Provisions |
298.835 |
1197.944 |
2009.862 |
|
|
|
|
|
|
Sub – Total
(B) |
16015.853 |
12501.657 |
18091.735 |
|
Net Current Assets
(C) = (A-B) |
(9995.814) |
(5327.392) |
(7380.073) |
|
|
|
|
|
|
Miscellaneous expenditure |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit and Loss Account |
35184.918 |
37764.603 |
29967.607 |
|
|
|
|
|
|
TOTAL |
603002.925 |
366049.883 |
313338.386 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Amount transfer from Policyholders account (Technical account) |
2571.204 |
334.440 |
21.168 |
|
|
|
|
|
|
Income from investments |
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
223.290 |
256.924 |
117.134 |
|
(b) Profit on sale/redemption of investments |
94.047 |
120.860 |
535.320 |
|
(c) Loss on sale/redemption of investments |
(4.937) |
(25.060) |
(29.892) |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total |
2883.604 |
687.164 |
643.730 |
|
Expenses other than those directly related
to the insurance business Bad debts written off |
78.309 |
8.472 |
11.632 |
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
Amounts transferred to policyholders account
(Technical account) |
0.000 |
9485.688 |
16063.495 |
|
Provisions (other than taxation) |
|
|
|
|
(a) For diminution in value of investments
(net) |
0.000 |
0.000 |
0.000 |
|
(b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
Total |
78.309 |
9494.160 |
16075.127 |
|
|
|
|
|
|
(Less) Before Tax |
2805.295 |
(8806.996) |
(15431.397) |
|
Provision for Taxation |
|
|
|
|
Differed Tax |
(225.610) |
1010.000 |
1480.770 |
|
Profit / (Loss) after tax |
2579.685 |
(7796.996) |
(13950.627) |
|
|
|
|
|
|
Appropriation |
|
|
|
|
(a) Balance of the beginning for the year |
37764.603 |
(29967.607) |
(16016.980) |
|
(b) Interim dividends paid during the year |
0.000 |
0.000 |
0.000 |
|
(c) Proposed final dividend |
0.000 |
0.000 |
0.000 |
|
(d) Dividend distribution Tax |
0.000 |
0.000 |
0.000 |
|
(c) Transfer to reserve / other income |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) carried to Balance Sheet |
(35184.918) |
(37764.603) |
(29967.607) |
|
|
|
|
|
|
Earning Per shares (Rs.) |
1.81 |
(5.50) |
(10.28) |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
267.067 |
173.949 |
205.132 |
Background
Subject (`the Company’) a joint venture between ICICI Bank Limited and
Prudential Corporation Plc was incorporated on July 20, 2000 as a company under
the Companies Act, 1956 (`the Act’). The Company is licensed by the Insurance
Regulatory and Development Authority (`IRDA’) for carrying life insurance
business in
The Company carries on business in the areas of life, pensions and
health insurance. This business spans across individual and group products and
covers participating, non-participating and unit linked lines of businesses.
Riders covering additional benefits are offered under these products. These
products are distributed through individual agents, corporate agents, banks,
brokers and the company’s proprietary sales force.
Fixed Assets:
- Buildings
- Leasehold improvements
- Communication networks and servers
- Computers and peripheral equipments
- Office Equipment
- Furniture and Fixtures
- Motor
Vehicles
- Office
Buildings on
NEW RELEASE:
March 14, 2011
With the Insurance Regulatory and Development
Authority (Irda) bringing in reforms and the government laying emphasis on
protection in its direct taxes code proposal, how do you summarize the action
that the life insurance industry has witnessed in recent years?
I see the changes as positives. The regulator has nudged the industry to
focus more on protection and even the tax proposals directionally lead us
towards protection. We have focused on investments but that strength even the
mutual fund industry has. Protection is our strength and only we can provide
it. Now the industry will focus more on protection and claims. Till now people
didn’t look at the claims side of the business but now with increase in
protection, claims will be tracked closely. In fact, online term plans have
already become popular. The sale of online term plans is self-driven and not
pushed. In times to come, term and health plans will become pull products.
Online term plans have been received rather well.
But having online term plans also means strict underwriting and more care like
medical tests. Will this impact the premiums?
The market for term plans is still largely untapped and we believe that its
popularity is set to increase. Having said this, as more consumers buy term plans,
the risk that an insurer takes will get enhanced significantly, which means
greater emphasis on medical tests and underwriting processes. This will
eventually lead to increase in the premiums of the protection element of
insurance products. Term plans will become marginally expensive but that will
not hamper its growth.
Irda is also focusing on robust distribution.
Costs have been contained. Does this put pressure on capital?
In the light of current regulation, we either cut costs or tighten the belt.
Agents need to sell more and the focus now needs to be on technology to reduce
costs. The current set of regulation will remove the toxicity in distribution.
Initially, the focus was on first-year premium, but now renewal premium has
become just as attractive. Now regular premiums are also like single premiums
since the costs are staggered equally. There is a long-term incentive for
agents and they need to look at renewals just as excitedly.
The focus has shifted to the online channel. Do
you see more use of technology?
Absolutely. In fact in two years from now things will be very different.
Even now we design products keeping the distribution channel in mind. But
increasingly, we are looking to make products online friendly as well. Right
now the use of technology is minimal which leaves us huge room to improve and
use technology. This will bring down costs and will make products simpler.
You said that the focus will now be on protection
plans. Does that mean you will no longer focus on investments?
If you see real returns, unit-linked insurance plans, with the protection
cover they now offer, are attractive products in the long term. Investment will
continue to be our focus but protection will be the core. So now you will see
protection plans and health plans at the core wrapped around with investment
products.
In terms of product suite, will we see any kind of
polarization? For example, in mature markets insurer A is famous for pension
plans and insurer B is famous for child plans.
In our opinion, the investment skill and the ability to understand the
quantum of insurance protection are two skills that will be a common
denominator for all the insurers. However, we believe that the distribution
process will get polarized. While there may not be much difference in products,
the difference will come in the channel strategy employed. It is likely that an
insurer having a multi-channel distribution model will find that there is a
distinct product or category focus emerging across distribution
channels—agency, brokers and bancassurance—each selling a different suite or
category of products.
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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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.