MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED
Registered Office :	3^rd Floor (West Wing), Star House, C-5, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.09.2007
Com. Reg. No.:	11-174472
Capital Investment / Paid-up Capital :	Rs.2500.000 Millions
CIN No.: [Company Identification No.]	u66010MH2007PLC174472
TAN No.: [Tax Deduction & Collection Account No.]	mums58859d
PAN No.: [Permanent Account No.]	aalcs3949Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Life insurance Business.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 14000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Bank of India, Union Bank of India and Dai-Ichi Mutual Life Insurance Company, Japan. It is an established company having satisfactory track. 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

Name :	Mr. Rajan
Designation :	Accountant
Contact No.:	91-22-39546200
Date :	22.11.2011

LOCATIONS

Registered Office :	3rd Floor (West Wing), Star House, C-5, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-39546200 / 66684571 / 66684593
Fax No.:	91-22-66684591
E-Mail :	saikumarg@gmail.com brijendra.rana@bankofindia.com ceo.sahayk@staruniondai-ichilife.com jagatputra@yahoo.co.in bvsrana@bankofindia.co.in ceo@sudlife.in radhakrishna.n@sudlife.in customercare@sudlife.in deepa.nair@sudlife.in
Website :	http://www.sudlife.in
Corporate Office :	11th Floor, Raghuleela Arcade, IT Park, Sector 30 A, Opposite Vashi Railway Station, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-39546300
E-Mail :	customercare@sudlife.in
Regional Office :	Located At: Chennai New Delhi Mumbai Bangalore Hyderabad Ludhiana Guwahati Bhopal Chandigarh Jaipur Ahmedabad Lucknow Patna Ranchi Ernakulam Nagpur Kolkata Varanasi

DIRECTORS

AS ON 26.09.2011

Name :

Mr. Prabhakar Ananth Banavar

Designation :

Director

Address :

3 A, Shanaz, Nepean Sea Raod, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

04.08.19533

Date of Appointment :

27.10.2008

Din No.:

02101808

Other Directorship:

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	U65991MH1992GOI069414	BARODA PIONEER ASSET MANAGEMENT COMPANY LIMITED	Director	23-09-08	24-01-08	23-10-08	Active	NO
2	U67120MH1997PLC112443	CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED	Nominee director	18-03-08	18-03-08	04-11-08	Active	NO
3	U65990MH2001PLC131804	THE CLEARING CORPORATION OF INDIA LIMITED	Director	30-05-08	30-04-08	17-10-08	Active	NO
4	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	30-09-09	23-10-08	-	Active	NO
5	U65990MH1989GOI053462	BOI SHAREHOLDING LIMITED	Director	30-12-08	30-12-08	-	Active	NO
6	U67100MH2003GOI143291	ASREC (INDIA) LIMITED	Nominee director	02-04-09	02-04-09	-	Active	NO

Name :

Mr. Subhash Sheoratan Mundra

Designation :

Director

Address :

154, A Sealord Apartments, 117, Cuffe Parade, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

18.07.1954

Date of Appointment :

24.09.2010

Din No.:

00979731

Other Directorship:

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	U74140MH1982PLC026933	MITCON CONSULTANCY AND ENGINEERING SERVICES LIMITED	Nominee director	04-09-06	04-09-06	24-09-07	Active	NO
2	U65991MH1992GOI069414	BARODA PIONEER ASSET MANAGEMENT COMPANY LIMITED	Director	08-09-07	04-07-07	17-01-08	Active	NO
3	U65990MH2001PLC131804	THE CLEARING CORPORATION OF INDIA LIMITED	Nominee director	17-08-07	17-08-07	01-01-08	Active	NO
4	U67120MH1997PLC112443	CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED	Nominee director	28-09-07	28-09-07	25-01-08	Active	NO
5	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	26-09-11	24-09-10	-	Active	NO
6	U74990MH2008NPL189067	NATIONAL PAYMENTS CORPORATION OF INDIA	Nominee director	22-08-11	27-09-10	-	Active	NO

Name :

Mr. Polur Narasu Ramaswami

Designation :

Director

Address :

B-12 Diamond Court, 40 Nepean Sea Road, Laxmibai Jagmohandas Marg, Mumbai – 400 036, Maharashtra, India

Date of Birth/Age :

15.10.1951

Date of Appointment :

30.03.2009

Din No.:

02465869

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	09-09-10	30-03-09	Active	NO
2	U74990MH2010PTC209208	CORDEX INDIA PRIVATE LIMITED	Additional director	08-12-10	08-12-10	Active	NO

Name :

Mr. Rakesh Vishwamitter Sethi

Designation :

Director

Address :

B 33, Nandanvan, Vishnubagh S.V. Road, Andheri (West), Mumbai-400058, Maharashtra, India

Date of Birth/Age :

28.06.1956

Date of Appointment :

09.09.2011

Din No.:

03567831

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	26-09-11	09-08-11	Active	NO

Name :

Mr. Masaki Hideto

Designation :

Director

Address :

403, 21 15, 2 Chome, Abiko City, Chiba Prefecture, Abiko-2701167

Date of Birth/Age :

25.03.1951

Date of Appointment :

14.09.2009

Din No.:

02723394

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	30-09-09	14-09-09	Active Bottom of Form	NO

Name :

Mr. Shimogama Koji

Designation :

Director

Address :

2, Kaminishiyama, Machi 5 Nagasaki City, Nagasaki Prefecture, Nagasaki, Japan

Date of Birth/Age :

24.02.1957

Date of Appointment :

23.03.2010

Din No.:

02972199

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	09-09-10	23-03-10	Active	NO

Name :

Mr. Kamalji Sahay

Designation :

Director

Address :

A 402, Tulsi Apartments, Plot No.133/134, Sector 28, Vashi, Navi Mumbai-400705, Maharashtra, India

Date of Birth/Age :

27.07.1952

Date of Appointment :

21.07.2008

Din No.:

01683762

Other Directorship:

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	L29211PB1970PLC002942	PUNJAB TRACTORS LIMITED	Director	22-09-07	14-07-07	30-07-08	Amalgamated	NO
2	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Managing director	15-05-11	21-07-08	-	Active	NO

Name :

Mr. Atul Kumar Shukla

Designation :

Director

Address :

2310, 12 Samarth Aangan, Indradarshan Sector, Off Walawalkkar Marg, Oshiwara, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

20.04.1946

Date of Appointment :

27.04.2011

Din No.:

00121601

Other Directorship:

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	L74899DL1994PLC059839	ALMONDZ GLOBAL SECURITIES LIMITED	Director	30-09-06	11-08-06	-	Active	NO
2	U67110DL2006PLC155167	INDIABULLS ASSET RECONSTRUCTION COMPANY LIMITED	Additional director	21-02-07	21-02-07	12-04-07	Active	NO
3	U24239MH1989PLC052049	MACLEODS PHARMACEUTICALS LIMITED	Director	20-09-07	18-08-07	02-09-08	Active	NO
4	U45200AP2006PLC051999	DECCAN INFRASTRUCTURE AND LAND HOLDINGS LIMITED	Director	22-12-07	22-12-07	-	Active	NO
5	L63090GJ1993PLC019213	ASSOCIATED TRANSRAIL STRUCTURES LIMITED	Director	17-09-08	15-01-08	-	Amalgamated	NO
6	L36911MH1983PLC178299	HORIZON INFRASTRUCTURE LIMITED	Director	02-09-08	09-05-08	30-07-09	Active	NO
7	U74140MH2007PTC173971	INDIAVENTURE ADVISORS PRIVATE LIMITED	Director	30-03-09	30-03-09	-	Active	NO
8	U74990MH2009PLC193063	INDIA INFOLINE TRUSTEE COMPANY LIMITED	Director	05-06-09	05-06-09	-	Active	NO
9	L74999MH1922PLC000997	GAMMON INDIA LIMITED	Director	14-10-09	09-07-09	-	Active	NO
10	U85100MH2009PTC194868	SAA WELLNESS PRIVATE LIMITED	Director	12-08-09	12-08-09	-	Active	NO
11	U27106MH1985PLC169768	MITTAL CORP LIMITED	Director	30-09-10	23-11-09	-	Active	NO
12	U04010CT1995PLC010142	VANDANA VIDHYUT LIMITED	Director	25-06-10	22-03-10	01-02-11	Active	NO
13	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	26-09-11	27-04-11	-	Active	NO
14	U65990MH2011PTC217884	PHL CAPITAL PRIVATE LIMITED	Director appointed in casual vacancy	29-07-11	29-07-11	-	Active	NO
15	U99999MH1974PTC129493	PHL FINANCE PRIVATE LIMITED	Director appointed in casual vacancy	29-07-11	29-07-11	-	Active	NO

Name :

Mr. Chandran Thumparampil Nair

Designation :

Director

Address :

Flat 201, C Wing, Preeti CHS, Kanti Nagar, Off J.B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India

Date of Birth/Age :

15.01.1947

Date of Appointment :

27.04.2011

Din No.:

02689698

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U66000MH2009PLC191350	IDFC PENSION FUND MANAGEMENT COMPANY LIMITED	Director	15-06-10	29-04-09	Active	NO
2	U66020MH2009PLC189325	AXIS MUTUAL FUND TRUSTEE LIMITED	Director	26-04-10	27-06-09	Active	NO
3	L65191KL1931PLC000368	THE FEDERAL BANK LIMITED	Director	13-09-10	13-09-10	Active	NO
4	U65923MH2010PTC208754	MILESTONE HOME FINANCE COMPANY PRIVATE LIMITED	Additional director	25-01-11	25-01-11	Active	NO
5	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	26-09-11	27-04-11	Active	NO

Name :

Mr. Vishwanathan Mavila Nair

Designation :

Director

Date of Appointment :

09.08.2011

Din No.:

02284165

Other Directorship:

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	U65990MH1968GOI013983	AGRICULTURAL FINANCE CORPORATION LIMITED	Director	11-11-06	11-11-06	14-03-11	Active	NO
2	U91110MH1928GAP001391	INDIAN INSTITUTE OF BANKING AND FINANCE	Director	26-05-08	26-05-08	-	Active	NO
3	U67200MH1972GOI016133	GENERAL INSURANCE CORPORATION OF INDIA	Director	19-08-09	19-08-09	-	Active	NO
4	U65923MH2009PTC198201	UNION KBC ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Nominee director	26-03-10	26-03-10	-	Active	NO
5	U66010MH2007PLC174472	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED	Director	26-09-11	09-08-11	-	Active	NO
6	U72300MH2000PLC128359	CREDIT INFORMATION BUREAU (INDIA) LIMITED	Additional director	22-08-11	22-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Radhakrishna Nagaiah
Designation :	Company Secretary
Address :	NL 4, Building, No.1, Flat No.9, Sector No.11, Nerul, Navi Mumbai-400 706, Maharashtra, India
Date of Birth/Age :	20.05.12957
Date of Appointment :	09.01.2009
Pan No.:	AAXPN4035D
Name :	Mr. Pawan K Verma
Designation :	Chief Operating Officer
Name :	Mr. Kamalji Sahay
Designation :	Chief Executive Officer
Name :	Mr. Saurabh Mishra
Designation :	Chief Marketing and Distribution Officer
Name :	Mr. G. Saikumar
Designation :	Vice President [Finance Controller]
Name :	Mr. Kazuho Kumano
Designation :	Vice President [Financial Planning Analysis and Budgeting]
Name :	Mr. M. Nakamura
Designation :	Dy. Chief Executive Officer / Chief Financial Officer
Name :	Mr. G.V. Ramana
Designation :	Vice President [Distribution]
Name :	Mr. Sanjay Dhavalikar
Designation :	Vice President [Operations and Customer Service]
Name :	Mr. Y. Venkata Rao
Designation :	Vice President [Investment]

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
Bank of India, India	119999998
Union Bank of India, India	64999999
Rana Vir Singh Brijendra	1
The Dai-Ichi Mutual Life Insurance Company, Japan	64999999
Ramaswami Narasu Polur	1
Vivek Jayawant Mhatre	1
Nakamura Masakazu	1
Total	250000000

AS ON 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	26.00
Nationalized or other banks	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Life insurance Business.

GENERAL INFORMATION

No. of Employees :	Information denied by the management.
Bankers :	· Bank of India · Union Bank of India · Aryavrat Gramin Bank · Narmada Malwa Gramin Bank · Baitarani Gramya Bank · Kasha Gomti Samyut Gramin Bank · Rewa Sidhi Gramin Bank · Jharkhand Gramin Bank · Wainganga Krishna Gramin Bank

Banking Relations :	--
Auditors :
Name :	Mukund M. Chitale Chartered Accountants
Address :	205, Agarwal Shyamkamal A, Vile Parle (East), Mumbai-400057, Maharashtra, India
Pan No.:	AAAFM2030L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2500.000	2500.000	1500.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1700.000	1700.000	0.000
4] Credit/ Debit Fair Value Charge Account		(0.699)	4.793	1.722
5] (Accumulated Losses)		(693.479)	(410.566)	(196.527)
NETWORTH		3505.822	3794.227	1305.195
LOAN FUNDS
1] Credit/ Debit Fair Value Change Account		1.373	0.523	0.000
2] Policy Liability		2533.653	431.299	46.178
3] Surrendered Policies Fund Liabilities		5.011	0.000	0.000
4] Provision for Linked Liabilities		11736.908	4847.441	344.885
TOTAL BORROWING		14276.945	5279.263	391.063
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		17782.767	9073.490	1696.258
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		176.677	206.179	215.520
SHAREHOLDERS		3439.433	3536.867	1250.040
ASSETS HELD TO COVER INKED LIABILITIES		11736.956	4847.441	344.885
POLICYHOLDERS		2291.342	360.530	1.088
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	1322.448	1164.878	434.829
	Other Current Assets	497.627	297.741	37.630
	Loans & Advances	56.697	44.093	25.325
Total Current Assets		1876.772	1506.712	497.784
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	145.573	71.071	184.471
	Other Current Liabilities	1618.585	1294.931	426.228
	Provisions	1.243	18.237	2.360
Total Current Liabilities		1765.401	1384.239	613.059
Net Current Assets		111.371	122.473	(115.275)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
DEBIT BALANCE OF REVENUE ACCOUNT		26.988	0.000	0.000
TOTAL		17782.767	9073.490	1696.258

REVENUE ACCOUNT

POLICYHOLDERS ACCOUNT [TECHNICAL ACCOUNT]

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Premium Earned Net
Premium	9333.090	5303.724	501.929
Reinsurance Earned	(7.532)	(2.790)	(0.034)
Reinsurance Accepted	0.000	0.000	0.000
Income From Investment
Interest, Dividend and Rent (Net of Amortization)	319.658	73.120	0.098
Profit on Sale / Redemption of Investment	269.181	105.566	0.094
Loss on Sale / Redemption of Investment	(155.416)	(18.257)	0.000
Transfer / Gain on Revaluation / Charge in Fair Value	0.000	0.000	0.000
Unrealsed Gain / (Loss)	240.942	147.613	3.098
Appropriation and Expropriation	9.849	8.671	0.000
Other Income	0.000	0.000	0.000
Contribution from Shareholders Account	0.000	0.000	0.000
Fees and Charges	0.000	0.000	0.000
Miscellaneous Income	45.493	0.000	0.000
Total	10056.279	5616.647	505.185
Commission	401.869	392.844	67.619
Operating Expenses related to Insurance Business	1054.057	663.450	243.555
Provision for Doubtful Debts	0.000	0.000	0.000
Bad Debts Written Off	0.000	0.000	0.000
Provision for Tax (Fringe Benefit Tax)	0.000	0.000	0.152
Provision (Other than taxation)	0.000	0.000	0.000
For diminution in the value of Investment	0.000	0.000	0.000
Other	0.000	0.000	0.000
Total	1455.926	1056.802	311.326
Benefit Paid (Net)	70.061	13.190	0.000
Interim Bonus Paid	0.000	0.000	0.000
Change in valuation of liability in respect of life policies
Gross	2133.282	387.911	391.063
Amount ceded in Reinsurance	(28.138)	(2.790)	0.000
Amount accepted in Reinsurance	0.000	0.000	0.000
Transfer to Linked Funds	6889.466	4502.556	0.000
Total	9065.471	4900.874	391.063
Surplus (Deficits)	(466.124)	(340.529)	(197.206)
Appropriation
Transfer to shareholders accounts	(439.136)	(340.529)	(197.206)
Transfer to balance sheet	(26.988)	0.000	0.000
Balance being funds for future appropriation	0.000	0.000	0.000
Total	(466.124)	(340.529)	(197.206)
Details of Total Surplus
Interim Bonus Paid	0.000	0.000	0.000
Allocation of Bonus to Policyholders	0.000	0.000	0.000
Surplus Shown in Revenue Account	(466.124)	(340.529)	(197.206)
Total Surplus	(466.124)	(340.529)	(197.206)

PROFIT & LOSS ACCOUNT

SHAREHOLDERS ACCOUNT [NON-TECHNICAL ACCOUNT]

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Interest, Dividend and Rent – Gross	260.282	200.001	30.417
		Amounts Transferred from the Policyholders Account	(439.136)	(340.529)	(197.206)
		Profit on Sales/redemption of Investments	37.695	69.691	2.155
		Loss on Sale/redemption of Investments	(7.150)	(12.493)	(1.352)
		Other Income	5.411	0.000	0.000
		TOTAL	(142.898)	(83.330)	(165.986)
Less	EXPENSES
		Expense Other than those directly related to the Insurance Business	136.541	117.287	19.832
		TOTAL	136.541	117.287	19.832
	PROFIT / (LOSS) BEFORE TAX		(279.439)	(200.617)	(185.818)
Less	TAX		3.474	13.422	0.000
	PROFIT / (LOSS) AFTER TAX		(282.913)	(214.039)	(185.818)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(410.566)	(196.527)	(13.709)
	BALANCE CARRIED TO THE B/S		(693.479)	(410.566)	(196.527)
	Earnings / (Loss) Per Share (Rs.)		(1.13)	(0.96)	(3.27)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(197.98)	(197.98)	(111.95)
Return on Total Assets (PBT/Total Assets}	(%)	(13.61)	(11.71)	(26.05)
Return on Investment (ROI) (PBT/Networth)		(0.07)	(0.05)	(0.14)
Debt Equity Ratio (Total Liability/Networth)		4.58	1.76	0.77
Current Ratio (Current Asset/Current Liability)		1.06	1.09	0.81

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	145.573	71.071	184.471

BACKGROUND:

Subject ('the Company') a joint venture between Bank of India (48%), Union Bank of India (26%) and The Dai-Ichi Life Insurance Company Limited, Japan (26%) was incorporated on 25Ih September 2007 as a company under the Companies Act, 1956 ('the Act'). The Company is licensed by the Insurance Regulatory and Development Authority ('IRDA') on 26'h December 2008 for carrying on life insurance business in India.

The Company commenced Life Insurance Business w.e.f 9^th February 2009. The Company's life insurance business comprises individual life participating, non-participating Individual, Group business, Annuity and Unit Linked Individual Life and pension segments. Some of these policies have riders attached to them such as Accident and Disability Benefits, Critical Illness. These products are distributed through corporate agents. During the year the company has launched the Agency Channel on pilot basis for distribution of its products.

PERFORMANCE HIGHLIGHTS:

The Financial Year 2010-2011 was second year of full operations of the Company. The Total Premium Income (net of Service Tax) earned increased to Rs.9333.100 millions registering a growth of 75.97% over the previous year. Out of the Total Premium Income, the Renewal Premium Income amounted to Rs.1746.200 millions as against Rs.105.000 millions during the previous year. The New Business Premium Income registered a growth of 45.94%. The remarkable feature of the financial result of the year is the Group Business which wrote New Business of Rs.1685.200 millions (net of Service Tax) out of the Total Premium Income earned by the Company. The share d Non Linked Business increased to 28.42% as against 9.42% during the previous year in the Total New Business Premium Income (net of service tax). The operating Management Expenses continued to remain in control in as much as It was 17% during the year as against 20% in the previous year.

The Financial Year 2010-2011 was a year of continued growth for the Company. The Company earned Total Premium Income (net of Service Tax) of Rs.9333.100 millions of which Renewal Premium Income amounted to Rs.1746.200 millions. It wrote New Business (net of Service Tax) of Rs.7586.900 millions of which Single Premium Income was Rs.4149.000 millions (54.68% of New Business) as against New Business (net of service tax) of Rs.5198.700 millions and Single Premium Income of Rs. 2646.300 millions (50.90% of New Business) during the previous financial year and registered a growth of 45.94 % In New Business Income, The Regular Premium Income during the current financial year (increased to Rs.3437.900 millions in comparison to Rs.2552.400 millions during the previous year.

The current financial year was a remarkable year for the group new business. It garnered the total business of Rs.1685.200 millions (net of service tax) taking a big pie of 22.21% in the new business premium income for group business.

There was also a shift from linked to non linked businesses. The New Business Premium (net) earned from participating business constituted 4.34 %, non-participating 24.08% and linked business 71.58 % of total New Business Premium Income (net of service tax) In comparison to 3.50% of participating, 5.92% of non-participating and 90.58% of linked business during the previous financial par. The non participating life individual business generated net surplus of Rs.4.000 millions during the current year as against the surplus of Rs.2.000 millions during the previous year.

In addition to new business and Renewal income, the company earned Rs.6.842 millions (Rs.307.000 millions previous year) towards the interest income, dividend, profit on sale / redemption of investment of policyholders fund including unrealized gains / losses marked to market investment of ULIP Policyholder. The total income earned during the year was to the tune of Rs.10055.200 millions under the revenue account (Policyholder’s Account) as against Rs.5616.600 millions earned during the previous financial year.

The sum assured in force for the current year was Rs.78743.300 millions as against Rs.33239.400 millions for the previous year.

As against the total income earned of Rs.10055.200 millions under revenue account, the commission paid was Rs.401.900 millions (4.31% of premium) as against Rs.392.800 millions (7.41% of the premium) in the previous year. the reduction in omission was outcome of regulatory prescription providing cap on charges and withdrawal of pension products due to regulatory requirements of offering guaranteed returns on them and provision of compulsory annuitisation.

The operating expenses remained within control in as much as the total operating expenses amounted to Rs.1054.000 millions (11.30% of premium) as against Rs.663.400 millions (12.51% of premium) in the previous year. The benefits paid during the year amounted to Rs.70.800 millions and increase in the valuation was RS.8994.600 millions. the total outgo in the revenue account was Rs.10521.400 millions (Rs.5957.100 millions previous financial year) resulting into deficit of Rs.466.100 millions (Rs.340.500 millions previous year) in the revenue account constituting 4.63% of the total income earned (6.06% previous year.)

The shareholders fund amounting to Rs.3478.800 millions earned an income of Rs.296.200 millions and expenses in the account amounted to Rs.139.900 millions. it generated surpluses of Rs.156.300 millions which reduced the deficit of Rs.466.100 millions in policyholders account to Rs.309.800 millions. the accumulated losses in profit and loss account, however increased to Rs.720.400 millions (including deficit of participating segment of Rs.26.900 millions directly transferred to balance sheet) with carry forward losses of Rs.410.600 millions.

CONTINGENT LIABILITIES

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Statutory demand liabilities in dispute, not provided for	8.179*	0.076
Claims under policies not acknowledged as debts	8.995	0.300
Total	17.174	0.376

Note: * Include Rs.3.773 millions relating to AY 2009-10 for tax deducted at scarce payable for which appeal is pending before CIT (Appeals) and Rs.4.330 millions for AY 2010-11 for late deposit and short deduction of tax deducted of source for which revised return is filed with the income tax department.

FIXED ASSETS

· Land

· Buildings

· Furniture and Fixture

· Vehicles

· Office Equipment

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.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.