|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SBI LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Natraj M.V. Road and Western Express Highway, Junction, Andheri
(East), Mumbai- 400069, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.10.2000 |
|
|
|
|
Com. Reg. No.: |
11-129113 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10000.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2000PLC129113/ U99999MH2000GOI129113 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27599F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS2530P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Providing of Insurance Services. |
|
|
|
|
No. of Employees
: |
7292 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between State Bank of Subject is an established company having fine track.
Fundamentals are strong. Promoters of the subject are strong and reliable. Trade
relations are fair. Payments are regular and as per commitments. Subject can be considered good for any normal business dealings. It can be regarded as a promising business partner in medium to long
term. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Over all company rating = AAA |
|
Rating Explanation |
Having highest degree of safety regarding
timely servicing of financial obligation it carry lowest credit risk. |
|
Date |
20.12.2011 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative
Contact No.: 91-22-66392000.
LOCATIONS
|
Registered/ Corporate Office 1: |
|
|
Tel. No.: |
91-22-61911000 |
|
Fax No.: |
91-22-61910012 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Central Processing Centre, Kapas Bhavan,
Plot 3A, Sector -10, CBD Belapur, Navi Mumbai – 400614, Mumbai, India |
|
Tel. No.: |
91-22- 66456210 |
|
E-Mail : |
|
|
|
|
|
Corporate Office 2: |
2nd
Floor, Turner Morrison Building, G. N. Vaidya Marg, Fort, Mumbai 400023,
Maharashtra, India |
|
Tel. No.: |
91-22-66392000 |
|
Fax No.: |
91-22-66392099 |
DIRECTORS
AS ON 20.07.2011
|
Name : |
Mr. Pratip Chaudhuri |
|
Designation : |
Chairman Cum Director |
|
Address : |
|
|
Date of Birth/Age : |
12.09.1953 |
|
Date of Appointment : |
07.04.2011 |
|
DIN No.: |
00915201 |
|
|
|
|
Name : |
Mr. R Sridharan |
|
Designation : |
Nominee Director |
|
Address : |
D-2 |
|
Date of Birth/Age : |
01.07.1951 |
|
Date of Appointment : |
26.04.2008 |
|
Din No.: |
00868787 |
|
|
|
|
Name : |
Mr. Aravamudan Krishna Kumar |
|
Designation : |
Nominee Director |
|
Address : |
D-1, |
|
Date of Birth/Age : |
18.11.1954 |
|
Date of Appointment : |
04.05.2011 |
|
DIN No.: |
00871792 |
|
|
|
|
Name : |
Mr. Gerard Yues Binet |
|
Designation : |
Director |
|
Address : |
19, Route De La Passerelle Le Vesinet – 781130, |
|
Date of Birth/Age : |
30.04.1953 |
|
Date of Appointment : |
14.06.2001 |
|
DIN No.: |
00066024 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Anugraha No.23 (Old No.2), |
|
Date of Birth/Age : |
31.08.1958 |
|
Date of Appointment : |
05.03.2002 |
|
Din No.: |
00185931 |
|
|
|
|
Name : |
Ms. Chitra Ramkrishna |
|
Designation : |
Director |
|
Address : |
601, NEAT House, |
|
Date of Birth/Age : |
14.04.1963 |
|
Date of Appointment : |
21.10.2005 |
|
DIN No.: |
00062654 |
|
|
|
|
Name : |
Mr. Eric Lombard |
|
Designation : |
Director |
|
Address : |
Mr Alfred Charles Lombard, 10 Rue Garanciere, |
|
Date of Birth/Age : |
16.05.1958 |
|
Date of Appointment : |
22.07.2006 |
|
DIN No.: |
01744379 |
|
|
|
|
Name : |
Mr. Shyamal Acharya |
|
Designation : |
Nominee Director |
|
Address : |
13 A, B2, Harbour Height PO, Opposite INS Gunjali, N A Sawant Marg, Colaba,
Mumbai-400005, |
|
Date of Birth/Age : |
26.08.1954 |
|
Date of Appointment : |
05.07.2011 |
|
DIN No.: |
03568347 |
|
|
|
|
Name : |
Mr. Mahadev Nagendra Rao |
|
Designation : |
Managing Director |
|
Address : |
2B, Bank House, Unit II, Bhubaneswar-751009, |
|
Date of Birth/Age : |
17.08.1952 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
01296161 |
|
|
|
|
Name : |
Mr. Vincent Jerome Joseph Jules Sussfeld |
|
Designation : |
Alternate Director |
|
Address : |
36 RUE, Godot De Mauroy- 75009, Paris |
|
Date of Birth/Age : |
02.07.1972 |
|
Date of Appointment : |
27.10.2009 |
|
DIN No.: |
02830415 |
KEY EXECUTIVES
|
Name : |
Ms. Manju Anand |
|
Designation : |
Company Secretary |
|
Address : |
A-4/1, Old Best Colony, Sahajeevan CHS, Goregaon (W), Mumbai-400104, |
|
Date of Birth/Age : |
13.04.1977 |
|
Date of Appointment : |
17.12.2007 |
|
PAN No : |
ACVPN8727J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
State Bank of |
|
739999994 |
|
BNP Paribas Cardif S.A., France |
|
260000000 |
|
Shyamal Acharya |
|
2 |
|
Mahadev Nagendra Rao |
|
1 |
|
Dinesh Kumar Khara |
|
1 |
|
Srikant Hota |
|
1 |
|
B |
|
1 |
|
|
|
|
|
Total |
|
1000000000 |
AS ON 20.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Government
Companies |
|
74.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing of Insurance Services. |
GENERAL INFORMATION
|
No. of Employees : |
7292 [Approximately] |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ummed Jain and Company Chartered Accountant |
|
Address : |
R-15, Yudhisther Marg, C-Scheme, Jaipur-302005, |
|
|
|
|
Holding Company : |
State Bank of |
CAPITAL STRUCTURE
AS ON 20.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
10000.000 |
10000.000 |
10000.000 |
10000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6212.183 |
2548.743 |
0.000 |
47.262 |
|
|
4] Credit/(Debit) Fair Value Change Account |
84.833 |
103.553 |
0.043 |
20.459 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
(215.833) |
0.000 |
|
|
SUB TOTAL |
16297.016 |
12652.296 |
9784.210 |
10067.721 |
|
|
|
|
|
|
|
|
|
BORROWING |
|
|
|
|
|
|
|
|
|
|
|
|
|
POLICYHOLDERS' FUNDS |
0.000 |
0.000 |
0.000 |
90023.320 |
|
|
Credit / Debit Fair Value Change Account |
526.402 |
1219.654 |
15.964 |
0.000 |
|
|
Policy Liabilities |
133143.913 |
96686.230 |
62421.563 |
0.000 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Linked Liabilities |
223259.075 |
147694.689 |
75061.712 |
0.000 |
|
|
Add: Fair Value Change (Linked) |
21629.525 |
22932.158 |
(7333.304) |
0.000 |
|
|
Total Linked Liabilities |
244888.600 |
170626.847 |
67728.408 |
0.000 |
|
|
|
|
|
|
|
|
|
Funds for Future Appropriation -: Linked |
402.177 |
246.204 |
81.176 |
7.719 |
|
|
Funds for Future Appropriation -: Others |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
395258.108 |
281431.231 |
140031.321 |
100098.760 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2831.553 |
2326.988 |
699.848 |
448.849 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
|
Shareholders' |
9650.782 |
7283.028 |
9353.726 |
10058.618 |
|
|
Policyholders' |
146687.042 |
108875.135 |
68283.469 |
38575.116 |
|
|
|
|
|
|
|
|
|
Assets Held to Cover Linked Liabilities |
245290.776 |
170873.050 |
67809.584 |
52852.953 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Cash & Bank Balances |
2656.610
|
3218.936 |
1280.590 |
1168.998 |
|
|
Advances and Other Assets |
5325.440
|
3219.745 |
2772.816 |
1674.308 |
|
Total
Current Assets |
7982.050
|
6438.681 |
4053.406 |
2843.306 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
2478.841
|
2367.856 |
1974.287 |
1928.846 |
|
|
Other Current Liabilities |
14586.317
|
11936.064 |
8096.927 |
2499.799 |
|
|
Provisions |
118.937
|
61.731 |
97.498 |
251.437 |
|
Total
Current Liabilities |
17184.095
|
14365.651 |
10168.712 |
4680.082 |
|
|
Net Current Assets |
(9202.045)
|
(7926.970) |
(6115.306) |
(1836.776) |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
395258.108 |
281431.231 |
140031.321 |
100098.760 |
|
PERFORMANCE FOR
FINANCIAL YEAR 2010-11
|
Particular |
As on 31.03.2011 (Rs. in
Millions) |
|
Premium Income |
|
|
New Business Premium |
75723.919 |
|
Renewal Premium |
53392.510 |
|
Profit / Loss Before Taxation |
3945.140 |
|
Provision For Taxation |
281.700 |
|
Profit / Loss After Taxation |
3663.440 |
|
Sum Assured in Force (New Business) |
|
|
Basic Policy |
591797.985 |
|
Total (Basic + Rider) |
648377.534 |
|
Annualized Premium Equivalent (APE) |
37939.905 |
|
Assets Held |
401628.600 |
|
Expense Ratio |
6.9% |
|
Number of New Policies (In 000s) |
940 |
|
Sales and Distribution Strength |
|
|
Geographical Spread |
|
|
Number of Offices |
629 |
|
Numbers of Employees |
7292 |
|
Numbers of Agents and CIFs (In 000s) |
100 |
|
Persistency Ratio (For 13th
Month) |
69% |
REVENUE ACCOUNT
FOR THE YEAR ENDED MARCH 31, 2010
Policy
Holder's Account (Technical Account)
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
Premiums earned
- Net |
|
|
|
|
|
|
(a) Premium |
101040.265 |
72121.032 |
56221.372 |
|
|
|
(b) (Reinsurance ceded) |
(235.452) |
(91.147) |
(109.325) |
|
|
|
Total |
100804.813 |
72029.885 |
56112.047 |
|
|
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
|
(a) Interest, Dividends & Rent - Net of Amortization |
7724.772 |
5274.485 |
2417.463 |
|
|
|
(Gross for year ended March, 2010 Rs.7263.197 millions, previous year
ended March 2009 Rs.4896.964 millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Profit on sale / redemption of investments |
25499.176 |
3674.669 |
4821.924 |
|
|
|
|
|
|
|
|
|
|
(c) (Loss on sale / redemption of investments) |
(4242.781) |
(19633.838) |
(675.907) |
|
|
|
|
|
|
|
|
|
|
(d) Transfer /Gain on revaluation / change in Fair value* |
30265.462 |
(6261.877) |
1531.030 |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
(a) Contribution from the Shareholders' A/c |
0.000 |
1581.957 |
997.464 |
|
|
|
(b) Others |
0.000 |
0.000 |
0.000 |
|
|
|
- Miscellaneous Income |
492.347 |
40.347 |
25.268 |
|
|
|
|
|
|
|
|
|
|
Total (A) |
160543.789 |
56699.629 |
6055.181 |
|
|
|
|
|
|
|
|
|
|
Commission |
7582.488 |
4678.841 |
4053.797 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses related to Insurance Business |
6609.005 |
6205.029 |
4469.373 |
|
|
|
Provision for
Tax |
|
|
|
|
|
|
(a) Income Tax |
102.210 |
0.000 |
196.500 |
|
|
|
(b) Adjustment related to previous years |
(2.078) |
(118.400) |
0.000 |
|
|
|
(c) Fringe Benefit Tax |
0.000 |
37.393 |
33.804 |
|
|
|
|
|
|
|
|
|
|
Provisions
(other than taxation) |
|
|
|
|
|
|
(a) For diminution in the value of investments (net) |
(1367.899) |
663.391 |
752.275 |
|
|
|
|
|
|
|
|
|
|
Total (B) |
12923.726 |
11466.255 |
9505.749 |
|
|
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
8514.400 |
3967.509 |
3508.480 |
|
|
|
|
|
|
|
|
|
|
Change in
valuation of liability against life policies |
|
|
|
|
|
|
(a) Gross * * |
137172.096 |
40237.953 |
48408.671 |
|
|
|
(b) (Amount ceded in Re-insurance) |
(8.990) |
(56.637) |
(71.285) |
|
|
|
|
|
|
|
|
|
|
Total (C) |
145677.506 |
44148.825 |
51845.866 |
|
|
|
|
|
|
|
|
|
|
SURPLUS/
(DEFICIT ) (D) = (A) - (B) - (C) |
1942.557 |
1084.550 |
815.613 |
|
|
|
|
|
|
|
|
|
|
Balance of
previous year |
81.176 |
7.719 |
0.000 |
|
|
|
Balance available for appropriation |
2023.733 |
1092.268 |
815.613 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Shareholders' Account |
1777.529 |
1011.092 |
807.894 |
|
|
|
Balance being Funds for Future Appropriations |
246.204 |
81.176 |
7.719 |
|
|
Total (D) |
2023.733 |
1092.268 |
815.613 |
|
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2010
Shareholders'
Account (Non-technical Account)
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
Surplus/ (Deficit) from Policyholders Accounts |
1777.529 |
1011.093 |
807.894 |
|
|
|
Income from Investments |
|
|
|
|
|
|
(a) Interest, Dividend & Rent - Net of Amortization |
606.462 |
678.675 |
420.830 |
|
|
|
(Gross for year ended March, 2010 Rs.586.095 millions, previous year
ended March 2009 Rs.682.215 millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Profit on sale / redemption of investments |
269.658 |
128.385 |
389.239 |
|
|
|
|
|
|
|
|
|
|
(c) (Loss on sale / redemption of investments) |
(354.795) |
(198.668) |
(72.892) |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL (A) |
2298.854 |
1619.485 |
1545.262 |
|
|
|
|
|
|
|
|
|
|
Expenses other
than those directly related to the insurance |
|
|
|
|
|
|
(a) Rates and Taxes |
0.054 |
0.984 |
0.741 |
|
|
|
(b) Directors' Sitting Fees |
0.118 |
0.195 |
0.143 |
|
|
|
(c) Board Meeting Related Expenses |
3.484 |
2.973 |
2.887 |
|
|
|
(d) Other Expenses |
0.224 |
0.743 |
0.508 |
|
|
|
(e) Stamp duty on issue of shares |
0.000 |
0.000 |
5.000 |
|
|
|
|
|
|
|
|
|
|
Provisions
(Other than taxation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Contribution to the Policyholders' Fund |
0.000 |
1581.957 |
997.464 |
|
|
|
(b) For diminution in the value of investment (net) |
(479.938) |
299.026 |
190.979 |
|
|
|
|
|
|
|
|
|
|
Total (B) |
(476.060) |
1885.878 |
1197.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
2774.914 |
(266.393) |
347.543 |
|
|
|
Provision for Taxation |
|
|
|
|
|
|
(a) Income Tax |
10.337 |
0.000 |
3.500 |
|
|
|
(b) Adjustment related to previous years |
0.000 |
(3.500) |
0.000 |
|
|
|
(c) Fringe Benefit Tax |
0.000 |
0.202 |
0.196 |
|
|
|
PROFIT / (LOSS)
AFTER TAX |
2764.577 |
(263.095) |
(343.846) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
(a) Balance at the beginning of the period/year |
(215.833) |
47.262 |
(296.584) |
|
|
Profit / (Loss) carried to the Balance Sheet |
2548.743 |
(215.833) |
47.262 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.76 |
(0.26) |
(0.59) |
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
|
|
|
|
|
|
Sundry Creditors |
2478.841
|
2367.856 |
1974.287 |
|
|
|
|
|
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last four years |
Yes |
|
Profitability for last four years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Passport No of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
No |
FINANCIAL
PERFORMANCE:
·
A growth of 28% in gross premium to Rs.129120.000
Millions in the financial year 2010-11
from Rs.101040.000 Millions in the
financial year 2009-10.
·
A growth of 40% in Assets under Management (AUM) to
Rs.401630.000 Millions in the financial
year 2010-11 as against Rs.287030.000 Millions
in the financial year 2009-10.
The total New Business Premium (NBP) amounted to Rs.75723.900 Millions
showing Y-o-Y growth of 6.6%. While Retail Agency and Institutional Alliances
channels together contributed Rs.27500.000 Millions to NBP, Banc assurance
contributed Rs.25230.000 Millions and Corporate Solutions contributed
Rs.22990.000 Millions. The Renewal Premium collections from various
distribution channels amounted to Rs.53390.000 Millions showing Y-o-Y growth of
77.9%
The Company focused on expansion through quality recruitment and opening
up of new branches. As at March 31, 2011, the Company has 629 offices, 79,628
Insurance Advisors (IAs) and 20,240 Certified Insurance Facilitators (CIFs)
across the country as against corresponding figures of 494 offices 65,534 IAs
and 17,736 CIFs respectively as on March 31, 2010.
AWARDS AND
RECOGNITIONS:
·
Bloomberg UTV Financial Leadership Award, 2011 - Life
Insurer of the Year
·
NDTV Profit Business Leadership Award 2010, for
organizational excellence
·
Gold Shield by Institute of Chartered Accountants
of India (ICAI) for Excellence in Financial Reporting for the year 2009-10.
·
Topped the global rankings for having the maximum
number of MDRT members for the second consecutive year.
·
The ICS Quality Champion Award 2010 for Continual
Quality Improvement
·
Best Life Insurer 2010 - 'Runner Up' by Outlook
Money
·
Appraised at Maturity level 3 of Capability
Maturity Model Integration (CMMI) Version 1.2 for its ISG Division
·
ICRA has reaffirmed its iAAA rating to SBI Life,
indicating highest claims paying ability and meeting policyholders obligations
·
CRISIL has reaffirmed its highest financial rating
AAA/Stable to SBI Life
·
Retaining of ISO 9001:2000 certifications
INFORMATION
TECHNOLOGY:
INFRASTRUCTURE
During the year, various technological changes in IT Infrastructure were
made, which resulted in significant improvement in enhancing communication
between various offices. This has led to greater reliability, security and
availability of applications between branches, Head Office (HO), Central
Processing Center (CPC) and Disaster Recovery (DR) site such as:
They are making continuous efforts to make our IT system even more
secure and process driven. As part of this, our IT operation at CPC consisting
of data center, Network and messaging, Production support and Policy Management
System is ISO 27001 Certified.
OUTLOOK:
The life insurance industry is expected to grow at 10-15% during the
financial year 2011-12. With regulatory changes the product mix will see a shift
towards traditional policies.
Renewal premiums are expected to be major profit drivers this financial
year and would attract a lot of focus. Companies would be concentrating on improving
persistency and efficiency for better profit margins. Among the further changes
this year a considerable outsourcing of non core business is expected.
Increased customer satisfaction, innovation and customer contact points
will be key areas of focus. To better support sales activity SBI Life has
already opened 135 branches and expects to add 80 more this year.
FIXED ASSETS:
·
Goodwill
·
Intangibles - Software
·
Land-Freehold
·
Furniture and Fittings
·
Information Technology Equipment
·
Leasehold Property
·
Buildings
·
Vehicles
·
Office Equipment
·
Leasehold Improvements
WEBSITE DETAILS:
OVERVIEW
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%. SBI Life Insurance has an authorized capital of Rs.20000.000 Millions and a paid up capital of Rs 10000.000 Millions
KEY MILESTONES
Financial Year 11-12:
· Awarded the most coveted NDTV Profit Business Leadership Award, twice in a row, 2010 & 2011.
· Awarded ‘Most Trusted Life Insurance Brand - II By The Economic Times, Brand Equity and Nielsen, Most Trusted Brands 2011.
· Globally topped the prestigious Million Dollar Round Table (MDRT) for having the maximum number of MDRT members, for three years consecutively.
·
CRISIL reaffirmed its AAA / Stable rating to SBI
Life, indicating highest financial strength to meet policyholder
obligations.
ICRA reaffirmed its iAAA rating indicating highest claims paying ability and a
fundamentally strong position.
· Won one of the most prestigious quality distinction, IMC Ramkrishna Bajaj National Quality Awards 2011- "Certificate of Merit"
· Awarded Silver Shield by ICAI for Excellence in Financial Reporting for FY 2010-11 under the Insurance category.
· Won 'Best Presented Accounts Award‘ by The South Asian Federation of Accountants (SAFA), in the Insurance Category for the Annual Report FY 2009-10
Financial Year 10-11:
· SBI Life won the coveted Bloomberg UTV Financial Leadership Award 2011 - "Life Insurer of the year".
· Won the most coveted NDTV Profit Business Leadership Award 2010.
· Globally topped the prestigious Million Dollar Round Table (MDRT) 2010 for having the maximum number of MDRT members.
· Awarded the Gold Shield by Institute of Chartered Accountants of India (ICAI) for Excellence in Financial Reporting.
· Won the ‘ICS Quality Champion Award 2010’ for Continual Quality Improvement.
· Adjudged Best Life Insurer 2010 - Runner Up by Outlook Money.
· Launched an innovative customer care initiative - SMS ‘SOLVE’ for prompt Grievance Redressal.
· Appraised at Maturity level 3 of Capability Maturity Model Integration (CMMI) Version 1.2 for its ISG Division.
· ICRA reaffirmed ’iAAA’ rating to SBI Life, indicating highest claims paying ability and meeting policyholders obligations.
·
CRISIL, country’s leading rating agency,
reaffirmed its highest financial rating AAA/Stable to SBI Life.
Financial Year 09-10:
· Reported a robust Net Profit of Rs.2760.000 Millions.
· Crossed Rs.100000.000 Millions in Gross Written Premium (GWP).
· Ranked No.1, in New Business Premium, amongst private life insurance companies.
· Assets Under Management (AUM) grew by 96% to Rs.28,5510.000 Millions.
· Globally topped the prestigious MDRT 2009 for having Maximum number of MDRT Members.
· ICRA reaffirmed iAAA rating to SBI Life indicating highest claims paying ability.
· Awarded ISO Certification (ISO/IEC 27001:2005) for Information Security Management System (ISMS).
· Retained ISO 9001:2000 certificate for superior claim settlement process.
Financial Year 08-09:
· Ranked among global top three in terms of number of Million Dollar Round Table (MDRT) members.
· Bagged the coveted personal finance award-Outlook Money NDTV Profit "Best Life Insurer 2008".
· CRISIL, country’s leading rating agency, reaffirmed its highest financial rating AAA/Stable to SBI Life. In 2007, SBI Life became the first life insurer in India to receive this rating from CRISIL.
· ICRA assigned iAAA rating indicating highest claims paying ability to SBI Life Insurance.
· Retained ISO 9001:2000 certificate for superior claim settlement process.
Financial Year 07-08:
· Ranked amongst global top five life insurance companies in the number of MDRT members.
· Rated as the ’The Most Trusted Private Life Insurer’ according to a survey conducted by Brand Equity in association with AC Nielsen ORG-MARG and the Economic Times Intelligence Bureau.
· Received the highest financial rating ’AAA’ from CRISIL.
· Forayed into micro insurance with the launch of ’Grameen Shakti’ in Bhubaneshwar, Orissa for the economically underprivileged sections of society.
· Received ISO 9001: 2000 certification for superior claim settlement process.
· Received CMMI Level 3 certification for IT processes and software development capabilities.
Financial Year 06-07:
· Second consecutive year of Profitability
· More than 6.40 Million lives covered
Financial Year 05-06:
· Reported a robust net profit of Rs.20.200 Millions
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.48.68 |
|
|
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.