MIRA INFORM REPORT

 

 

 

Report Date :

08.08.2012

 

IDENTIFICATION DETAILS

 

Name :

LIFE INSURANCE CORPORATION OF INDIA

 

 

Central Office:

Yogakshema, Jeevan Bima Road, Mumbai – 400021, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Year of Establishment:

1956

 

 

Capital Investment / Paid-up Capital :

Rs.50.000 Millions

 

 

 

Legal Form :

Corporation

 

 

Line of Business :

Providing Insurance Services.

 

 

No. of Employees :

115362 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (79)

 

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 16000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is very huge and reputed company. It also support many financial institution.

 

It is having very good track record. Trade relations are reported to be trust worthy. Business is active. Payments are reported to be regular and as per commitment.

 

The company can be considered for good business dealing at usual trade terms and condition.

 

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

 

Management Non – Co-Operative (91-22-66599066)                 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ 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.

 

 

LOCATIONS

 

Central Office:

Yogakshema, Jeevan Bima Road, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-66598471/22028307/22839867/66598816

Fax No.:

91-22-22821048/22810699

Website :

http://www.licindia.in

 

 

Divisional Office:

O.S Department, 3rd Floor, East Wing. “Yogakshema”, Jeevan Bima Marg, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-66598000/66599243

Fax No.:

91-22-22024608

 

 

Western Zonal Office:

“Yogakshema”, 1st Floor (West Wing), Jeevan Bima Marg, Mumbai-400021, Mahrashtra, India

 

 

DIRECTORS

 

As on 31.03.2011

 

Name :

Mr. D.K. Mehrotra

Designation :

Managing Director

 

 

Name :

Mr. Thomas Mathew T.

Designation :

Managing Director

 

 

Name :

vA.K. Dasgupta

Designation :

Managing Director

 

 

Name :

Mrs. Choudhury S.

Designation :

Director (MDC), Mumbai

 

 

KEY EXECUTIVES

 

Name :

Mr. T.S. Vijayan

Designation :

Chairman

 

 

Name :

Mr. Roy Chowdhury S.

Designation :

ZM ( I / C ) , ZO , Mumbai

 

 

Name :

Mr. Ramachandran Nair R.

 

 

Name :

Mr. Mohanraj N.

Designation :

Chief Executive ( AMC ),Company, Mumbai

 

 

Name :

Mr. Vijayalakshmi D.

Designation :

ED (Personnel), Company, Mumbai

 

 

Name :

Mr. Mitter S. K.

Designation :

MD and CEO (Deputn.), IDBI Trusteeship Services Limited., Mumbai

 

 

Name :

Mr. Sarker S.

Designation :

ED(SBUI), Company, Mumbai

 

 

Name :

Mrs.Ray Gopa

Designation :

ED (Insp.), Company,, Mumbai

 

 

Name :

Mrs. Mathew T. T.

Designation :

ED (NPRJ) / CPIO, Company, Mumbai

 

 

Name :

Mr. Singh D. D.

Designation :

ZM (I / C), ZO, Hyderabad

 

 

Name :

Mr. Dash R. R.

Designation :

ZM (I / C), ZO, Kolkata

 

 

Name :

Mr. Sahoo A. K.

Designation :

ED (MBAC), Company, Mumbai

 

 

Name :

Mr. Samal B. N.

Designation :

Principal, ZTC, Hyderabad

 

 

Name :

Mrs. Philomina Thomas

Designation :

Principal, ZTC, Gurgaon

 

 

Name :

Mr. Saha K. B.

Designation :

ED (HRD / OD / Corp. Plng), Company,, Mumbai

 

 

Name :

Mr. Roy S. K.

Designation :

ZM ( I / C), ZO , Kanpur

 

 

Name :

Mr. Sharma V. K.

Designation :

Chief Executive ( HFL ), Corporate Office, Mumbai

 

 

Name :

Mr. Manickam V.

Designation :

Chief Executive (Pension Fund), Company, Mumbai

 

 

Name :

Mr. Hariharan S.

Designation :

ED (Inv-MandA), Company,, Mumbai

 

 

Name :

Mr. Manivannan B.

Designation :

ED ( IT / BPR ) , Company, Mumbai

 

 

Name :

Mrs. Sangwan Usha

Designation :

ED ( Direct Mktg ) , Company, Mumbai

 

 

Name :

Mr. Mainak S. B.

Designation :

ED (Inv. Op.), Company, Mumbai

 

 

Name :

vSingh A. P.

Designation :

ZM (I/C), ZO, Bhopal

 

 

Name :

Mr. Kandwal Rajesh

Designation :

ED ( Eand OS/SBUE), Company, Mumbai

 

 

Name :

Mr. Rathi S. C.

Designation :

ED (Audit), Company, Mumbai

 

 

Name :

Mr. Tarafdar D.

Designation :

Principal, ZTC, Kolkata

 

 

Name :

Mr. Bhargava H.

Designation :

ED (MIns.), Company, Mumbai

 

 

Name :

Mr. Amit Yadav

Designation :

ED (Engg.), Company, Mumbai

 

 

Name :

Mr. Sathe N. B.

Designation :

ED (CLIA Scheme), Company, Mumbai

 

 

Name :

Mr. Venugopal B.

Designation :

ED (IT - Software Development), Company, Mumbai

 

 

Name :

Mr. Sah V.

Designation :

ZM (I/C), ZO, Patna

 

 

Name :

Mr. Srivastava S.

Designation :

Secretary-General , Insurance Institute of India, Mumbai (Deputn.)

 

 

Name :

Mr. Ticku Dilip

Designation :

Principal ( ZTC ) , Bhopal

 

 

Name :

Mr. Kukreja V. K.

Designation :

ED ( FandA ) , Company,, Mumbai

 

 

Name :

Mr. Mishra H. C.

Designation :

Chief Executive, (Care Homes), Company, Mumbai

 

 

Name :

Mr. Rath P. K.

Designation :

Director ( I I I ), (INS. Academy) (Deputn.), Company,, Mumbai

 

 

Name :

Ms. Dikhale S. S.

Designation :

ED (CRM), Company, Mumbai

 

 

Name :

Mrs. Sharma Sunita

Designation :

ED ( PandGS ) , Company, Mumbai

 

 

Name :

Mr. Singh V. J.

Designation :

Principal, ZTC, Chennai

 

 

Name :

Mr. Taunk M. K.

Designation :

FM, NIA, Pune

 

 

Name :

Mrs. Bhattacharya R.

Designation :

Secretary General (GBIC), Mumbai

 

 

Name :

Mr. Kabui T. T.

Designation :

Principal, ZTC, Agra

 

 

Name :

Mr. Shinde R. G.

Designation :

Principal, ZTC, Akurdi

 

 

Name :

Ms. Bodra Poonam

Designation :

Principal, ZTC, Jamshedpur

 

 

Name :

Mr. Bhatia A.C.

Designation :

CE (Engg.), ZO, Delhi

 

 

Name :

Mr. Thangavel S.

Designation :

Chief (SBUE), Company,, Mumbai

 

 

Name :

Mr. Ganesh K.

Designation :

Chief (HINS ), Company, Hyderabad

 

 

Name :

Mr. Mishra N.

Designation :

RM (Mktg.), ZO, Mumbai

 

 

Name :

Mr. Kumar M. R.

Designation :

ZM (I/C) , ZO , Chennai

 

 

Name :

Mr. Anand Vipin

Designation :

Chief (CC) , Company,, Mumbai

 

 

Name :

Mr. P. G. Joshi

Designation :

Chief Vigilance Officer

 

 

Name :

Mr. Banerjee D. K.

Designation :

CE ( Engg.) , ZO , Mumbai

 

 

Name :

Mr. Venugopal T. R.

Designation :

CE ( Engg.) , ZO , Chennai

 

 

Name :

Mr. Karmakar P. K.

Designation :

RM (PandIR), ZO, Bhopal

 

 

Name :

Mr. Balakrishnan M. R.

Designation :

Chief (Bd. Sect./Comp./GJF), Company,, Mumbai

 

 

Name :

Mr. Agarwal Niraj

Designation :

RM ( PandIR ) , ZO , Delhi

 

 

Name :

Mr. Datta R. C.

Designation :

RM (EandOS), ZO, Hyderabad

 

 

Name :

Mr. Das D.

Designation :

RM (OS), ZO, Kolkata

 

 

Name :

Mr. Chawla N. P.

Designation :

RM (Mktg.), ZO, Kanpur

 

 

Name :

Mr. Sathya Kumar V.

Designation :

RM (Mktg.), ZO, Hyderabad

 

 

Name :

Mr. Sudarsan R.

Designation :

RM (CRM), ZO, Chennai

 

 

Name :

Mr. Susheel Kumar T. C.

Designation :

RM (Mktg.), ZO, Hyderabad (Karnataka)

 

 

Name :

Mr. Gupta Mukesh Kumar

Designation :

RM (Mktg.), ZO, Mumbai (Ahmedabad)

 

 

Name :

Mr. Raj Kumar

Designation :

Chief (Personnel), Company, Mumbai

 

 

Name :

Mr. Shashikumar H. S.

Designation :

Chief (PandGS), Company, Mumbai

 

 

Name :

Mr. Kutumbe P. H.

Designation :

Chief (Invt - Oprns), Company, Mumbai

 

 

Name :

Mr. Bandopadhyay S.

Designation :

Chief (Invt - Oprns), Company, Mumbai

 

 

Name :

Mr. Ravichandran R.

Designation :

RM (E and OS), ZO, Chennai

 

 

Name :

Mr. Thamodharan R.

Designation :

MD and CEO,LIC INTL Bahrain

 

 

Name :

Mr. Chandrasekaran V.

Designation :

General Manager (HFL), Company,, Mumbai

 

 

Name :

Mr. Chakraborti Amitava

Designation :

CE (Engg.), ZO, Kolkata

 

 

Name :

Mr. Prasad Ravishankar

Designation :

RM (P and IR), ZO, Mumbai

 

 

Name :

Mr. Nadgaundi N.R.

Designation :

CE (Care Homes), COMPANY, Mumbai

 

 

Name :

Mr. Saxena V. K.

Designation :

CE (Engg.), ZO, Kanpur

 

 

Name :

Mr. Kunnel Prem

Designation :

General Manager (Deputn.), IRDA, Hyderabad

 

 

Name :

Ms. Kiran Sahdev

Designation :

RM (OS), ZO, Delhi

 

 

Name :

Mr. Hariharan C.

Designation :

CE(Engg.), ZO, Hyderabad

 

 

Name :

Mr. Chaudhary Ravi

Designation :

General Manager (LICNMF AMC LIMITED.) Company Mumbai

 

 

Name :

Mr. Das S. K.

Designation :

General Manager (LICNMF AMC LIMITED.) Company Mumbai

 

 

Name :

Mr. Nallakuttalam S.

Designation :

RM (EandOS) , ZO, Patna

 

 

Name :

Mr. Satyanandam P.

Designation :

Chief (P and GS - SBU), Company, Mumbai

 

 

Name :

Mr. Kurup H. L.

Designation :

RM ( P and IR ), ZO , Hyderabad

 

 

Name :

Mr. Venugopal P.

Designation :

Chief (Investment), Company, Mumbai

 

 

Name :

Mr. Nagnyal K. S.

Designation :

RM (Mktg.), ZO, Kolkata

 

 

Name :

Mr. Vikas Rao C.

Designation :

RM (CRM), ZO, Bhopal

 

 

Name :

Mr. Sitharthan T.

Designation :

Chief (Legal and HP) , Company, Mumbai

 

 

Name :

Mr. Ramanarao S. V.

Designation :

RM, (Est), ZO, Kolkata

 

 

Name :

Mr. Dharmakumar E.

Designation :

CE, (Engg.), ZO, Patna

 

 

Name :

Mr. Biswas B. C.

Designation :

RM (CRM), ZO, Delhi

 

 

Name :

Mr. Padmaja Bhaskaran

Designation :

RM (EandOS), ZO, Bhopal

 

 

Name :

Mr. Sood R. K.

Designation :

RM (CRM), ZO, Kanpur

 

 

Name :

Mr. Pal Mohinder

Designation :

RM (E and OS), ZO, Kanpur

 

 

Name :

Mr. Rakesh Kumar

Designation :

RM (E st), ZO, Delhi

 

 

Name :

Mr. Vijayaraghavan V.

Designation :

RM (CRM), ZO, Kolkata

 

 

Name :

Mr. Sanjeev Kumar

Designation :

RM (Mktg.), ZO, Bhopal

 

 

Name :

Mr. Singhal K. K.

Designation :

Chief (Invt - MandA) Company, Mumbai

 

 

Name :

Mr. Prabhat S.

Designation :

RM (Mktg.), ZO, Delhi

 

 

Name :

Mr. Das J.

Designation :

Chief (SBUI), Company, Mumbai

 

 

Name :

Mr. Chawla G. S.

Designation :

Chief, (IT/SD) Company,, Mumbai

 

 

Name :

Mr. Kumar Rakesh

Designation :

RM(Mktg.), ZO, Patna

 

 

Name :

Mr. Nalini M. Ratnam

Designation :

RM, (P and IR), ZO, Kanpur

 

 

Name :

Mr. Pangtey Dinesh K.

Designation :

RM(Est.), ZO, Mumbai

 

 

Name :

Mr. Mohanty D. P.

Designation :

RM(P and IR), ZO, Kolkata

 

 

Name :

Mr. Chaturvedi R.

Designation :

General Manager (HFL), Company,, Mumbai

 

 

Name :

Mr. Singh S. C.

Designation :

CE (Card), COMPANY, Delhi

 

 

Name :

Mr. Rajivan Nair K.

Designation :

RM (CRM), ZO, Mumbai

 

 

Name :

Mr. Anil Kumar J.

Designation :

General Manager (FGN), Corp. Off., Singapore

 

 

Name :

Jain P. K.

Designation :

RM (CRM / EandOS), ZO, Patna

 

 

Name :

Mr. Molri P. K.

Designation :

Chief (Invr-RMR), Company,, Mumbai

 

 

Name :

Mr. Koteswara Rao P.

Designation :

RM (OS), ZO, Mumbai

 

 

Name :

Mr. Kulkarni M. J.

Designation :

Chief (I/C) (Actl/ ACGC), Company, Mumbai

 

 

CENTRAL ZONE:

 

 

·         Mr. T.S.Vijayan, Chairman

·         Mrs.Chitra Sharma

·         Dr. Alphanse Tirkey

·         Mr. Arvind Agrawal

·         Mr. Sandeep Jain

·         Dr. Rajesh Mahobia

·         Mr. Santosh Tanwani

·         Mr. Anuj Singh

·         Mr. Pankaj Kumar Nigam

·         Mr. A.P.Singh, Zonal Manager, (Ex Officio Member)

 

 

EASTERN ZONE:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Mr. T.K. Gooptu

·         Mr. N.K. Ghosh

·         Mrs.Sharmishtha Mitra

·         Dr. Ananda Gopal Ghosh

·         Mr. Somnath Guin

·         Dr. Hitesh Chandra Das

·         Mr. Jyotilal Choudhary

·         Mr. M.K. Bardoloi

·         Mr. Ramani Mohan Das

·         Mr. Vivekananda Tripathi

·         Mr. R.R. Dash, Zonal Manager, (Ex Officio Member).

 

 

EAST CENTRAL ZONE:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Mr. Indrajit Singh

·         Dr. Renu Ranjan

·         Mr. Patrick Minz

·         Mr. S.K. Agrawal

·         Dr. D.V. Ramana

·         Mr. Binod Kumar Pansari

·         Mr. Deepak Kapoor

·         Dr. Pramod Pathak

·         Mr. Vinay Sah, Zonal Manager, (Ex Officio Member).

 

 

NORTH CENTRAL ZONE:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Dr. Krishan Mohan

·         Dr. Gopal Prasad

·         Dr. Mohd.Naved Khan

·         Mr. Sanjay Gupta

·         Mr. Manoj Mangal

·         Dr. K.R. Jain

·         Mrs.Sabra Habib

·         Dr.(Mrs) Bhavana Trivedi

·         Mr. S.K. Roy, Zonal Manager, Ex-Officio Member

 

 

NORTHERN ZONE:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Mr. Amit Chopra

·         Mr. Sandeep Saxena

·         Dr. Mahesh Kumar Mehta

·         Prof. Vijay Asdhir

·         Mr. Jigmit Namgyal

·         Mr. Rajeev Sood

·         Mr. Gulab Singh Rathee

·         Dr. Sonia Malik

·         Mr. V.K. Sinha, Zonal Manager, (Ex Officio Member).

 

 

SOUTH CENTRAL ZONE:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Mr. C. Ramanachary

·         Dr. Kaki Sambasiva Rao

·         Mr. Bellam Kotaiah

·         Mr. Hamza K. Mehdi

·         Lieutenant JVVS Murthy

·         Dr. R. Poornima

·         Mr. Swadi Uday Laxman

·         Mr. Narendra L. Nayak

·         Mr. N. Diwakar Rao

·         Mr. D.D. Singh, Zonal Manager, Ex-Officio Member.

 

 

SOUTHERN ZONE:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Dr. K. Meena

·         Dr. Jayaraman

·         Mr. Jaipal Senthilkumar

·         Mr. K. Ganesh Babu

·         Fr. S. Antonisamy

·         Mr. E.M. Najeeb

·         Mr. D.B. Binu Beena Sadanam

·         Mr. K.R. Subramanian

·         Mr. M.R. Kumar, Zonal Manager, Ex-Officio Member.

 

 

WESTERN ZONE:

·         Mr. T.S. Vijayan, Chairman

·         Mr. Vivek S. Deshpande

·         Mr. Unmesh K Mehta

·         Mr. Paresh U. Gaitonde

·         Dr. Satish C. Wagh

·         Mr. Harshad Laxmichand Shah

·         Mr. Vinayak M. Govilkar

·         Mr. Sham S. Wagh

·         Dr. Kavitaben Sood

·         Mr. Vasant G. Phadtare

·         Dr. Mayank Bhatt

·         Mr. S. Roy Chowdhury, Zonal Manager, Ex-Officio Member.

 

 

MEMBERS OF THE EXECUTIVE COMMITTEE:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Mr. D.K. Mehrotra, MD

·         Mr. Thomas Mathew T., MD

·         Mr. Yogesh Lohiya, Chairman-cum-Managing Director, GIC

·         Mr. S. Sridhar, Chairman and Managing Director, Central Bank of India.

·         (Member from 26.07.2010)

·         Mr. A.K. Dasgupta, MD (Special Invitee)

 

 

MEMBERS OF THE INVESTMENT COMMITTEE:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Mr. Thomas Mathew T., MD

·         Mr. A.K. Dasgupta, MD (Member from 05.08.2010)

·         Mr. R. Gopalan Secretary, Department of Economic Affairs, MOF, GOI.

·         Mr. Yogesh Lohiya, Chairman-cum-Managing Director, GIC

·         Mr. S. Sridhar, Chairman and Managing Director, Central Bank of India

·         (Member from 26.07.2010)

·         Mr. T. Bhargava, Appointed Actuary

·         Dr. S. Rajashekhran (Member from 30.10.2010)

·         Mr. D.K. Mehrotra, MD (Special Invitee)

 

 

MEMBERS OF THE BUILDING ADVISORY COMMITTEE #:

 

 

·         Mr. T.S. Vijayan, Chairman

·         Mr. Thomas Mathew T., MD

·         Mr. Monis R. Kidwai

·         Mr. K.T. Gurumukhi

·         Mr. Y.N. Rammurthy

 

 

MEMBERS OF THE AUDIT COMMITTEE #:

 

 

·         Mr. Anup Prakash Garg (Member from 19.07.2010)

·         Mr. Yogesh Lohiya, Chairman-cum-Managing Director, GIC

·         Mr. Monis R. Kidwai

 

 

MEMBERS OF THE RISK MANAGEMENT COMMITTEE #:

 

 

·         Mr. Yogesh Lohiya, Chairman-cum-Managing Director, GIC

·         Lt. Gen. Arvind Mahajan

·         Mr. Monis R. Kidwai

MEMBERS OF THE ASSET LIABILITY MANAGEMENT COMMITTEE #:

 

 

·         Mr. D.K. Mehrotra, MD

·         Mr. A.K. Dasgupta, MD

·         Mr. S. Sridhar, Chairman and Managing Director, Central Bank of India

 

 

MEMBERS OF THE POLICYHOLDER PROTECTION COMMITTEE #:

 

 

·         Mr. Thomas Mathew T., MD

·         Dr. S. Rajashekhran

·         Lt. Gen. Arvind Mahajan

·         # Committees are formed from F.Y. 2010-11 as per IRDA guidelines.

 

 

MEMBERS OF THE CORPORATION:

·         D.K. Mehrotra

·         Thomas Mathew T.

·         A.K. Dasgupta

·         Yogesh Lohiya

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Not Available

 

BUSINESS DETAILS

 

Line of Business :

Providing Insurance Services.

 

 

GENERAL INFORMATION

 

No. of Employees :

115362(Approximately)

 

 

Bankers :

Not Available

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Adukai and Associates Company

Chartered Accountant

Address :

3, Meridien Apartment No.1, Veera Desai Road, Ground Floor, Andheri West, Mumbai – 400058, Maharashtra, India

 

 

Name :

Kirtane and Pandit

Chartered Accountants

Address :

H-16, Saraswat Colony, Sitaladevi Temple Road,  Mahim,  Mumbai – 400016, Maharashtra, India

 

 

Name :

S. R. Goyal and Company

Chartered Accountants

Address :

1-A, Sangram Colony, C-Scheme, Jaipur – 302001, Rajasthan, India

 

 

Name :

J. N. Sharma and Company

Chartered Accountants

Address :

58/4, Birhana Road, Post BoxNo. 389,  Kanpur – 208001, Uttar Pradesh, India

 

 

Name :

S. L. Chhajed and Company

Chartered Accountants

Address :

R-12, Maharanapratap Nagar,  Bhopal – 462011, Madhya Pradesh, India

 

 

Name :

S. Ghosh and Company

Chartered Accountants

Address :

11, Old Post Office Street, Kolkata – 700071, West Bengal, India

 

 

Name :

L.K.Kejriwal and Company

Chartered Accountants

Address :

508, Ashiana Towers, Exhibition Road, Patna-800001, Bihar, India

 

 

Name :

K. Varghese and Company

Chartered Accountants

Address :

Presidency Business, Sageti Business Center, 2nd Floor, Choolackal bldg., North Market Road Ernakulam – 682014, Kerala, India

 

 

Name :

Ramnatham and Rao

Chartered Accountants

Address :

302, 2nd Floor, Kala Mansion, No.1-2-261, Sarojini Devi Road, Secunderabad – 500003, Andhra Pradesh, India

 

 

Name :

CVK Associates

Chartered Accountants

Address :

2, Samarth Apartment, D.S. Babrekar Marg, Gokhale Road (North), Dadar, Mumbai - 400028, Maharashtra, India

 

 

Joint Ventures:

·         LIC (Nepal) Limited

·         LIC(International) BSC © Baharain

·         LIC (Lanka Limited

·         Kennindia Assurance Company

·         Saudi Indian Company for Cooperative Insurance

 

 

Associate Companies

·         LIC Housing Finance Limited

·         LIC HFL AMC Limited

·         LIC NOMURA Mutual Fund Asset Management Company Limited

·         LIC NOMURA Mutual Fund Trustee Company Private Limited

·         LIC Pension Fund Limited

·         LIC Card Services Limited

 

 

International Operations:

 

 

·         LIC Fiji

·         LIC Mauritius

·         LIC United Kingdom

·         LIC (International) B.S.C (C), Bahrain

·         LIC (Nepal Limited

·         LIC (Lanka) Limited

·         Saudi Indian Company for Co-Oprative, Insurance, KSA

·         Kenindia Assurance Company Limited, Kenya

·         LIC Co-ordinating Office in India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital : Rs.50.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs.50.000 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

 

 

 

Share Capital

50.000

50.000

50.000

Reserves & Surplus

3950.598

3608.732

3310.791

Credit (Debit) Fair Value Change Account

36.762

0.000

0.000

SUB TOTAL

4037.360

3658.732

3360.791

 

 

 

 

BORROWING

0.000

0.000

0.000

 

 

 

 

POLICYHOLDERS FUNDS

 

 

 

Credit (Debit) Fair Value Change Account

1244739.633

1138681.536

277698.555

Policy Liabilities

9853571.495

8394002.606

7221768.220

Funds for Discontinued Policies

0.658

0.000

0.000

Discontinued on Account of Non Payment of Premium Others

0.018

0.000

0.000

Insurance Reserve

60502.324

36645.665

36429.194

Provision for Linked Liabilities

1658085.207

1600361.673

872887.796

SUB TOTAL

12816899.335

11169691.480

8408783.765

 

 

 

 

FUND FOR FUTURE APPROPRIATIONS

349.089

811.567

593.136

 

 

 

 

TOTAL

12821285.784

11174161.779

8412728.692

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

INVESTMENT

 

 

 

Shareholders

3825.623

3567.627

3195.040

Policyholders

9701670.959

8330382.670

6389617.039

Assets Held To Cover Linked Liabilities

1799897.071

1703251.763

914102.929

Loans

838826.503

829970.874

794771.155

Fixed Assets

28394.052

31229.886

29798.044

 

 

 

 

CURRENT ASSETS

 

 

 

Cash and Bank Balance

232728.570

141589.291

172926.356

Advanced and Other Assets

380720.771

353191.650

314220.319

Inter office Balance

0.000

0.000

0.000

SUB TOTAL (A)
613449.341

494780.941

487146.675

 

 

 

 

CURRENT LIABILITIES

3971.064

59282.195

37180.472

PROVISIONS

160806.731

159739.787

158721.718

SUB TOTAL (B)

164777.795

219021.982

195902.190

 

 

 

 

NET CURRENT ASSETS (C) (A-B)

448671.546

275758.959

291244.485

MISCELLANEOUS EXPENDITURE

0.000

0.000

0.000

 

 

 

 

DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT

0.000

0.000

0.000

 

 

 

 

TOTAL

12821285.784

11174161.779

8412728.692

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

Balance brought forward from the Policyholders’ Account

11376.171

10309.227

9291.158

 

 

 

 

Income from Investments

 

 

 

(a) Interest, Dividends & Rent - Gross

332.306

292.344

281.615

(b) Profit on sale/redemption of investments

6.873

6.532

0.000

(c) (Loss on sale/redemption of investments)

(1.535)

(0.923)

(0.923)

Other Income (To be specified)

4.024

0.000

0.000

 

 

 

 

TOTAL (A)

11717.821

10607.180

9571.850

 

 

 

 

Expenses other than those directly related to the insurance business

(0.216)

0.012

(1.638)

 

 

 

 

Provisions (Other than taxation)

 

 

 

(a) For diminution in the value of investments (Net)

0.000

0.000

0.000

(b) Others (To be specified)

0.000

0.000

0.000

 

 

 

 

TOTAL (B)

(0.216)

0.012

(1.638)

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

11718.037

10607.168

9573.488

 

 

 

 

PROVISION FOR TAXATION

0.000

0.000

0.000

 

 

 

 

PROFIT/LOSS AFTER TAX

11718.037

10607.168

9573.488

 

 

 

 

APPROPRIATIONS

 

 

 

 

 

 

 

(a) Brought forward Reserve/Surplus from

the Balance Sheet

0.000

0.000

0.000

(b) Dividends paid during the year

(5% Valuation surplus paid to Central Government)

0.000

0.000

0.000

(c) Proposed final dividend

11376.171

10309.227

9291.158

(d) Dividend Distribution on Tax

0.000

0.000

0.000

(e) Transfer to General Reserve

341.866

297.941

282.330

 

 

 

 

PROFIT CARRIED FORWARD TO THE BALANCE SHEET

0.000

0.000

0.000

 

 

 

 

Earnings Per Share (Rs.)

 

NA

NA

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

 No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

No

31]

PAN of Proprietor/Partner/Director, if available

No

32]

Passport No of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

 

LITIGATIONS DETAILS

 

Stamp No: CAWST/20979/2012                                                              Filing Date: 01.08.2012

 

                                                                                                             Main Matter

Stamp No.:  WPST/4195/2012                                                                Reg No: WP/1478/2012

 

Petitioner: BHARAT PETROLEUM CORPORATION LIMITED              

                                                                                  

                                                                    Respondent:     LIFE INSURANCE CORPORATION OF INDIA  

Petn. Adv: S V Sonawane

District: Mumbai

 

Bench: Single

Status: Pre-Admission                                                                 Stage:

Next Date: 08.08.2012

Coram: REGISTRAR (JUDICIAL)    

 

Act: Other Act                               

 

 

Stamp No:WPST/9365/2012   Filing Date: 04.04.2012    Reg No.: WP/3333/2012         Reg. Date: 10.04.2012

 

                                                                                

Petitioner: PATEL ENGINEERING COMPANY LIMITED              

                                                                                  

                                                                    Respondent:     LIFE INSURANCE CORPORATION OF INDIA  

Petn. JURIS CORP                                      Resp. Adv: NEGANDHI SHAH AND HIMAYATULLAH R. NO. 3,4

District: Mumbai

 

Bench: Single

Status: Pre-Admission                                          Stage: FOR ADMISSION – FRESH (CIVIL SIDE MATTER)

Next Date: 16.08.2012

Coram:  HON’BLE SHRI JUSTICE RAJESH G KETKAR 

                                                                              Stage: FOR ADMISSION – FRESH (CIVIL SIDE MATTER)

Last Date: 26.07.2012

LaSt Coram: HON’BLE SHRI JUSTICE RAJESH G KETKAR

 

Act: Public Premises (Eviction) Act

 

 

Stamp No: CAWST/6657/2012                                                              Filing Date: 12.03.2012

 

                                                                                                             Main Matter

Stamp No.:  WPST/29335/2012                                                               Reg No: WP/9121/2010

 

Petitioner: HINDUSTAN DORR OLIVERLIMITED              

                                                                                   

                                                                    Respondent:     LIFE INSURANCE CORPORATION OF INDIA  

Petn. Adv: Pandya and Company

District: Mumbai

 

Bench: Single

Status: Pre-Admission                                                                 Stage:

Next Date: 19.03.2012

Coram: REGISTRAR (JUDICIAL)    

 

Act: Other Act                              

 

ECONOMIC SCENARIO

 

The economy grew at a fast pace in the first half of fiscal 2010-11. Strong domestic demand ensured healthy growth of the economy throughout the year. The RBI had a cautious approach towards tackling inflation in the first half of the fiscal. Thereafter the focus shifted to tackling the inflationary pressures through sustained policy action. Core inflation flared up in the last quarter as global commodity prices increased sharply. Growth in agriculture was significant on the back of normal monsoon. Industrial growth was strong throughout the year despite fluctuations in IIP numbers. Growth in services was also strong at 9.4% during the fiscal.

 

a) Gross Domestic Product (GDP)

 

GDP at factor cost at constant prices grew to Rs.48778420.000 Millions in 2010-11 as compared to Rs.44937430.000 Millions in 2009-10 showing growth of 8.5% which was significantly better than the 8% growth of 2009-10. At current prices, GDP at factor cost grew by 19.1%, as compared to 16.1% of last year.

 

Agriculture growth was estimated at 6.6% in 2010-11, significantly improving from 0.4% estimated in 2009-10. The increase in output was significant in cereals, pulses, oilseeds, cotton and sugarcane.

 

The growth in Industry moderated slightly to 7.9% from 8% of previous fiscal. The IIP numbers reveal that manufacturing grew strongly in 2010-11 by 8.9% as compared to mining at 5.2% and electricity at 5.5%. In Use Based Classification of IIP, capital goods grew by 14.9%. Growth was also significant in consumer durables at 14.1%. But there was moderate growth in Basic Goods at 6%, intermediate goods at 7.2% and consumer non durables at 3.9%.

 

Growth in Services too, moderated to 9.4% in 2010-11 from the revised estimate of 10.1% for 2009-10. There was significant growth in the segments of ‘trade, hotel and transport’ and ‘financing, insurance, real estate, construction and business services’. However, growth decelerated in ‘community, social and personal services’ owing to base effect.

 

b) Gross Domestic Saving (GDS)

 

Gross Domestic Savings at current prices in 2009-10 were estimated at Rs.22074230.000 Millions. The share of Gross Domestic Savings to Gross Domestic Product improved marginally in 2009-10 to 33.7% from 32.2% in 2008-09. Savings of household sector as percentage of GDP fell marginally to 23.4% in 2009-10 from 23.8% in 2008-09 after rising from 22.5% in 2007-08. Share of household sector in Gross Domestic Savings fell to 69.6% from 74% in 2008-09 after the sharp rise from 60.9% in 2007-08. Share of financial savings of household sector in Gross Domestic Savings improved further from 33.4% in 2008-09 to 34.9% in 2009-10 as compared to 31.7% in 2007-08. However, savings in physical assets by household sector as percentage share in Gross Domestic Savings fell to 34.6% in 2009-10 after the sharp rise to 40.6% in 2008-09 from 29.3% in 2007-08. At current prices, Gross Domestic Savings increased by 22.8% in 2009-10 over 2008-09. In contrast, there was a fall of 2.1% in 2008-09 over 2007-08. But, savings of household sector at current prices grew by 15.4% in 2009-10 over 2008-09. In 2008-09 the increase over 2007-08 was 18.9%. The percentage change in financial savings of the household sector at current prices was 28.6% in 2009-10 over 2008-09 compared to the marginal growth of 3.1% in 2008-09 over 2007- 08.

 

Life Insurance funds regained the high growth rates of the pre-recession period. At current prices, life insurance funds grew at 33.1% in 2009-10 after the moderate growth of 2.6% in 2008-09.

 

Gross Financial Savings of the household sector saw an increase of 5.3% to Rs.10439770.000 Millions in 2010-11 from Rs.9915820.000 Millions in 2009-10. There was substantial rise in currency as well as claims on government which improved from 9.8% to 13.3% and from 4.3% to 6.5% respectively.

 

c) Fiscal Position

 

As the Central Government as well as the State Governments resumed adoption of fiscal consolidation measures, there were considerable improvements in combined Gross Fiscal Deficit and Revenue Deficit. While Gross Fiscal Deficit of Central and State Governments together as ratio of GDP declined to 7.7% in 2010-11 from 9.3% in 2009-10, Revenue Deficit changed to 3.7% of GDP from 5.6% in 2009-10.

 

For F.Y. 2011-12 the combined Gross Fiscal Deficit of Central and State Governments is budgeted at 6.8% of GDP.

 

Better than expected non tax revenue and spillover of subsidies for the last quarter of 2010-11 to the current fiscal were the two factors which contributed largely to the reduction in the fiscal deficit of the Central Government.

 

The budget estimate for the combined tax revenue of Central and State Governments for 2010-11 was at Rs.11602670.000 Millions against the revised estimate of Rs.9875100.000 Millions for 2009-10. The Tax GDP ratio stood at 14.7% in 2010-11 as compared to 15.1% in 2009-10.

 

d) Monetary Conditions

 

In the initial part of the year, liquidity remained tight on account of the borrowings by Telecom companies for spectrum payments. While liquidity eased to an extent in the beginning of the second quarter, it remained tight throughout the year. As Reserve Bank of India, hardened its anti inflationary stance, there were successive increase in Repo and Reverse Repo rates. While credit growth was subdued in the second quarter of the fiscal, it picked up strongly thereafter.

 

Growth of aggregate deposits with Scheduled Commercial Banks remained strong through the year.

 

As the monetary policy of the Reserve Bank focused on arresting inflation, key policy rates were revised 7 times during the fiscal. The Repo rate was raised from 5% to 5.25% on April 20, 2010 and was successively raised to 6.75% by 17.03.2011. During this period, the Reverse Repo rate was increased by 225 basis points to 5.75% from 3.50%. The CRR was raised marginally to 6% from 5.75% on 24.04.2010.

 

e) Inflation

 

Headline inflation rate remained above the comfort level of the RBI throughout the year. While there was steady decline in inflation in the first half of the fiscal albeit at high levels, inflation remained just below the double digit level in the second half despite touching a low of 8.2% in the month of November 2010. In the initial months, primary articles contributed the most to high inflation rates as food prices soared high. Although there was some moderation in the inflation levels of primary articles, this was accompanied by high inflation levels in fuel and power as well as manufactured products in the last quarter of the fiscal.

 

The consumer price index for industrial workers (CPI-IW) moderated substantially to 8.3% in November 2010 from 13.3% in April 2010. However, it persisted above the 8.5% level throughout the remaining period.

 

f) Equity and Debt Market

 

During April, May 2010, there was rise in call money rates and RBI commenced calibrated exit from expansionary monetary policy. Thereafter, the call money rates rose substantially in response to monetary policy changes initiated by RBI aided by changeover to the base rate system and deficit liquidity. The call money rates rose to 5.8% compared to 3.2% in the previous fiscal. The yield on 10 year G-sec changed to 7.9% in 2010-11 from 7.2% in 2009-10. The Average Daily Call Money Market Turnover rose by 11.3% to Rs.177270.000 Millions but the Average Daily G-Sec Market Turnover declined by 1.2% to Rs.142560.000 Millions.

 

Equity markets were affected by tighter liquidity conditions and the concerns arising from the debt situation in Euro area. While the equity markets underperformed in the first quarter on Euro Zone worries, there was substantial pickup in the 2nd and 3rd quarter as FII flows resumed. Worries over global economic conditions returned in the final quarter coupled with concerns over corporate profitability and weakening investment climate. As a consequence, most of the gains in the 2nd and 3rd quarter were erased by the end of the fiscal. The BSE SENSEX ended higher by 11% at 19,445 compared to 17,528 by the end of 2009-10. The corresponding rise in CNX NIFTY was also 11% from 5249 to 5834. However, market cap to GDP ratio declined for both SENSEX and

NIFTY from 99% to 87% and from 96% to 85% respectively. An amount of Rs.376200.000 Millions was mobilized through public issues in 2010-11 compared to Rs.326070.000 Millions in 2009-10. But there was sharp decline in amount raised from ADR/GDR from Rs.159670.000 Millions to Rs.94410.000 Millions. Private placements too saw sharp decline from Rs.3432790.000 Millions to Rs.2383940.000 Millions. Net resources mobilization by Mutual Funds witnessed decline of Rs.494060.000 Millions against mobilization of Rs.830800.000 Millions in the previous fiscal.

 

g) Global Scenario

 

Global economy returned to the path of growth on the back of robust recovery in emerging markets and turnaround in advanced economies. While global economic growth for 2010 stood at 5.1% against the contraction of 0.5% in 2009, emerging markets grew at 7.4% compared to the 3% growth shown by advanced economies. However, concerns related to sovereign debt problems in the peripheral European nations and weak economic growth in the later half of the year by advanced economies continued to pose challenge for sustenance of the recovery process. At the same time, inflationary pressures intensified in the emerging markets on account of rising food and commodity prices which prompted anti inflationary monetary policies in those economies. There was surge in global trade which surpassed the pre crisis levels of July 2008. Fiscal consolidation issues gained increasing attention in Euro area, US and Japan. Simultaneously, the US and major economies continued to grapple with high unemployment levels.

 

h) External Sector

 

India’s Balance of Payment situation improved substantially with surging exports and higher invisibles surplus even though there was considerable pressure on imports due to rising commodity and oil prices. During the year, India’s exports improved by 42.3% while imports grew by 22.3%. The corresponding figures for the previous fiscal were -2.2% and 3.5% respectively. While trade deficit widened in absolute terms from US$118 billion to US$130 billion, as percentage of GDP it shrunk from 8.6% to 7.5%. Resultantly, the Current Account Deficit reduced to 2.6% of GDP in 2010-11 from 2.8% of GDP in 2009-10.

 

While there was increase in capital flows by US$6.3 billion over last year, there were concerns over the volatility and composition of these flows. While the FII money, debt creating flows like ECB and short term credit dominated the capital flows there was moderation in FDI. Besides, there were instances of sudden net outflows in line with changes in investor sentiments. India’s foreign exchange reserves saw an increase of US$25.8 billion to US$316.6 billion. Increase in commercial borrowings, depreciation of dollar against other major currencies resulted in rise of India’s external debt by 17.2% to US$306 billion at the end of fiscal 2010-11.

 

i) Insurance Sector

 

Life Insurance funds grew to Rs.2529190.000 Millionse in 2010-11 compared to Rs.2244870.000 Millions. As percentage of Gross Financial Savings, the share grew from 22.6% in 2009-10 to 24.2% in 2010- 11. The share of life funds of LIC and Private insurers rose to 23.8% of Gross Financial Savings in 2010-11 as against 22% in 2009-10. At current prices, the amounts were Rs.2479930.000 Millions in 2010-11 compared to Rs.2179730.000 Millions in 2009-10. Life insurance funds were 3.7% of GDP at factor cost in 2009-10. This was an improvement over 2008-09 when the percentage was 3.3%.

 

Total First Year Premium of life insurers including Group Business grew by 15.1% in 2010-11 to Rs.1258260.000 Millions from Rs.1092900.000 Millions in 2009-10. From 59.3% in the first half of the year, the growth moderated sharply in the second half of the year. There was negative variation of 9.5% in the number of new insurance policies sold by life insurers in 2010-11 as compared to 2009-10.

 

The number of new life insurance policies sold by life insurers in 2010-11 came down to 4,81,51,884 from 5,32,24,435 in 2009-10. The market share of Life Insurance Corporation of India improved to 68.7% in 2010-11 from 64.9% in 2009-10 in First Year Premium. On the basis of policies too, the market share improved

to 76.9% in 2010-11 from 73% in 2009-10.

 

MACRO ECONOMIC FACTORS THAT AFFECTED LIFE INSURANCE BUSINESS

 

India’s economy continued its recovery from the crisis, aided by the inherent strength of India’s domestic demand, Reserve Bank of India’s monetary management and the Central Government’s fiscal stimulus measures. With its GDP growth at 8.5% in 2010-11, India is among the fastest growing economies.

 

The inflation was the primary macro-economic concern throughout 2010-11. It reflected both supply shocks and gradual generalization of price pressures. The year witnessed a series of monetary measures initiated by Reserve Bank of India to contain rising inflation. Monetary policy was tightened in calibrated manner throughout 2010-11. Cash Reserve Ratio (CRR) increased by 25 basis points from 5.75% to 6% with effect from the fortnight beginning April 24, 2010. Both the Repo and Reverse Repo rates were increased from 5% at the beginning of the year to 6.75% and from 3.5% to 5.75% respectively.

 

The WPI inflation came down to 8.98% in March 2011 as compared to 9.90% in March 2010.

 

The yield on government securities eased during the first quarter of 2010-11 in expectation of an improved fiscal position due to higher than anticipated revenues in the 3G spectrum auctions. The yield hardened thereafter till January 2011 on account of increase in inflation and consequent rate hike expectations as well as tight liquidity conditions. The yield however moderated in February and March 2011 on the back of improvement in liquidity conditions and lower than expected budgeted fiscal deficit. The yield on 10 year G-sec increased to 7.98% by the end March 2011 from 7.85% at the end of March 2010.

 

 

WORKING RESULTS

 

I. New Business

 

a) Individual Assurances:-

The new business under Individual Assurance portfolio for the last three years

 

b) General Annuities:-

The new business under General Annuity portfolio for the last three years

 

c) Pensions:-

The new business under Pension portfolio for the last three years is given

 

d) Unit Linked Business:-

The new business under unit linked portfolio for the last three years

 

e) Group Insurance Business

The new business under group insurance portfolio for the last three years

 

f) Social Security Schemes

 

Janashree Bima Yojana

 

The Janashree Bima Yojana (JBY) was launched in August 2000. The Scheme has replaced Social Security Group Insurance Scheme (SSGIS) and Rural Group Life Insurance Scheme (RGLIS). 45 occupational groups have been covered under this scheme as given in table no.2. It is for people who are below poverty line or marginally above poverty line.

 

The Scheme provides for an insurance cover of Rs.30000/- on natural death. On death/ total permanent disability due to accident, the benefit is Rs.75000/-. On partial permanent disability due to accident, the benefit is Rs.37500/-. The premium for the scheme is Rs.200/- per member, 50 per cent premium under the scheme is met out of Social Security Fund. The balance premium is borne by the member and/ or Nodal Agency. As on 31st March 2011, about 20.979 Millions people have been covered.

 

Shiksha Sahayog Yojana

 

The scheme was launched on 31st December 2001, with the object to lessen the burden of parents in meeting the educational expenses of their children. It provides scholarships to children of members of Janashree Bima Yojana and who are studying in 9th to 12th standard (including ITI courses).A scholarship amount of Rs.600/- per half year, per child, is paid for a maximum period of four years and for maximum two children of a member. No premium is charged for this benefit. During the financial year 2010-2011 scholarships were disbursed to 13,78,744 beneficiaries amounting to Rs.1025.300 Millions

 

Aam Admi Bima Yojana

 

Aam Admi Bima Yojana, a new Social Security Scheme for rural landless household was launched on 2nd October, 2007 at the hands of the then Hon’ble Finance Minister at Shimla. The head of the family or one earning member in the family of rural landless household is covered under the scheme. The premium of Rs.200/- per person per annum is shared equally by the Central Government and the State Government. Head of the family or one earning member of the family aged between 18 and 59 years is covered for an amount of Rs.30000/- under the scheme. In case of death or total disability(including loss of 2 eyes/2 limbs) due to accident, a sum of  Rs.75000/- and in case of partial permanent disability (loss 1 eye/1 limb) due to accident, a sum of Rs.37500/- is payable to the nominee/beneficiary. 1,77,47,480 heads of the families of rural landless households were covered under the scheme as on 31.03.2011.

 

A free add-on benefit for the children of the members of AAM ADMI BIMA YOJANA is provided under the scheme. A scholarship at the rate of Rs.100/- per month is given to maximum two children studying between IX to XII Standard payable half yearly on 1st July and 1st January each year. During the financial year 2010-2011 scholarship were disbursed to 8,40,568 children amounting to Rs.818.500 Millions.

 

g) First Insurance

 

In pursuance of the Corporate objectives of providing insurance cover to more and more people, greater emphasis is laid on covering individuals who have no previous insurance on their lives. During the financial year 2010-11, Rs.31.151 Millions individuals were insured for the first time for a total Sum Assured of Rs.4130751.800 Millions as against the previous year’s figures of 34.028 Millions policies for S.A. of Rs.3820262.100 Millions. The ratio of First Insurance to the Total Business completed for the year comes to 84.16 % and 87.86 % in respect of

Number of Policies and Sum Assured respectively.

 

h) Rural Thrust:

 

Sustained and conscious efforts are made to carry the message of Life Insurance to the rural areas, especially the backward and remote areas. As a result, there has been steady growth of new business from these areas.

 

As per the definition of rural/social sector approved by IRDA, the New Business from rural areas amounts to Sum Assured of Rs.1089482.800 Millions under 1,21,24,879 policies representing 32.76 % and 23.17 % share of policies and Sum Assured respectively completed during the financial year 2010-11.

 

OVERSEAS OPERATION

 

a) Foreign Branches:

 

The Corporation directly operates through its branch offices in Mauritius (Port Louis), Fiji (Suva and Lautoka) and United Kingdom (Wembley). During the year 2010-2011 these three foreign branches together issued 13,925 policies and first premium income of Rs.309.600 Millions.

 

b) Representative Office:

 

They are proposing to establish a wholly owned subsidiary at Singapore.

 

c) Foreign Joint Venture Companies:

 

·         Life Insurance Corporation (International)B.S.C.(C),Bahrain:

 

LIC(International)B.S.C.(C) Bahrain was established in Bahrain in 1989 as a joint venture company which caters to the life insurance needs of Non-Resident Indians (NRIs) and local population in the Gulf by issuing policies in US Dollars. The company operates in 5 GCC countries of Bahrain, Kuwait, UAE, Qatar and Oman. For the year ended 31.12.2010, the company recorded a Net Premium of about Rs.5030.000 Millions.

 

·         Life Insurance Corporation (Nepal) Limited:

 

LIC(Nepal) Limited., a joint venture company between LIC of India and M/s Vishal Group of companies in the Republic of Nepal was established on 3rd December 2001. It is a listed company whose shares are traded on the Nepal Stock Exchange. For the Financial year ending 15.07.2010, the company recorded a Net Premium of about Rs.970.000 Millions.

 

·         Life Insurance Corporation (Lanka) Limited.:

 

LIC(Lanka) Limited., a joint venture company between LIC of India and M/s Bartleet Transcapital Limited. was established on 01.03.2003. For the year ended December’ 2010, the company recorded a Net Premium of about Rs.1000.000 Millions.

 

·         Kenindia Assurance Company Limited.:

 

Kenindia Assurance Company Limited., a joint venture company between LIC of India, General Insurance Corporation of India and others was established on 06.12.1978 in Kenya. The company transacts both life and non-life business. For the year ended 31.12.2010, the company recorded a Net Premium of about Rs.1410.000 Millions..

 

·         Saudi Indian Company for Co-operative Insurance:

 

Saudi Indian Company for Co-operative Insurance (SICCI) is a joint venture company between LIC of India, LIC(International) B.S.C.(c),Bahrain, New India Assurance Company Limited, Al- Hokair Group and public from Saudi Arabia where LIC of India and LIC (International) hold 10.2% share each. The company began its life operations in January, 2009. For the year ended 31.12.2010, the company recorded a net premium of about Rs.500.000 Millions.

 

DIVERSIFIED ACTIVITIES

 

a) LIC Housing Finance Limited.

 

LIC Housing Finance Limited with its Corporate Office in Mumbai has 7 Regional Offices, 13 Back Offices, 183 Marketing Offices and 1 Customer Service Point in the country. It also has representative offices at Dubai and Kuwait. The Company’s shares are listed on the Bombay Stock Exchange and the National Stock Exchange and its Global Depository Shares (GDS) listed on the Luxembourg Stock Exchange. The Company is rated ‘AAA’ by CRISIL and CARE. The Company’s Fixed Deposit Program has been rated as ‘FAAA’ by CRISIL indicating the highest degree of safety.

 

 

Growth for the year 2010-11

CAGR-5 yrs

Outstanding Loan as on 31.3.2011 Rs.510900.000 Millions

+ 34%

31%

Outstanding Loan as on 31.3.2011   226030.000 Millions

+ 25%

39%

Loan Amount Disbursed during the year 2010-11 199120.000 Millions

+ 34%

40%

Net Profit for the year 2010-11 9744.900 Millions

+ 47%

37%

Dividend Declared

175%

--

 

LIC HFL Care Homes Limited.

 

It is said that “Birds of the same feather flock together” and if you flock together in the evening of the life under the caring hands of LIC, life will be blissful and paradise would seem to have come down to earth.

 

Saluting the exponentially growing population of Senior Citizens, LIC with its Caring hand has taken up the social responsibility of building assisted living centres for the elderlies, providing them with a roof at a competitive price, for a peaceful and enjoyable retired life.

 

With the pilot project at Bangalore completed, construction of the second one at Bhubaneswar in full swing , and half a dozen on the anvil , this LIC Housing Finance’s wholly owned subsidiary is catering to the needs of the Seniors with a competitive edge.

 

b) LIC Nomura Mutual Fund Asset Management Company Limited.

 

·         Set up by the Life Insurance Corporation of India on 20th April 1989 to engage in the business of Mutual Fund, LIC Mutual Fund finalized its Joint Venture with Nomura Asset Management Strategic Investments Pte. Limited. on 18/01/2011 and thus becoming LIC NOMURA Mutual Fund with its investment manager, renamed as LIC Nomura Mutual Fund Asset Management Limited. (AMC) and trustee as LIC NOMURA Mutual Fund Trustee Company Private Limited., wherein Nomura acquired 35% stake.

 

·         Since inception, 100 schemes have been launched and continuous sale and repurchase is available under 26 ongoing schemes.

 

·         During the year 2010-11, the AMC has mobilized a substantial sum of Rs.4671877.200 Millions from all live schemes.

 

·         The total number of investors during stood at 4.07 lakh.

 

·         The Average Assets Under Management (AAUM) was Rs.111955.700 Millions for the last quarter of 2010-11.

 

·         During the year, AMC has opened two new Area Office at Hubli and Gurgaon taking the total number of Area Offices to 28, besides 86 Business Centers for further penetration into the untapped semi-urban and retail market.

 

·         LIC Nomura Mutual Fund stood at number of 14 among 41 Mutual Funds in Industry as on 31/03/2011 on AAUM basis.

 

·         The AMC has excellent track record in Debt and Liquid Schemes, which has led to its winning of 2 ICRA Awards for 3 year period ended 31st December, 2010. Besides, LIC NOMURA Mutual Fund has been awarded as the “Most Trusted Brand 2010” in Mutual Funds Category by Brand Equity – Economic Times.

 

c) LIC Pension Fund Limited.

 

LIC Pension Fund Limited. has been sponsored by LIC of India with a specific purpose of managing pension funds under New Pension System regulated by Pension Fund Regulatory and Development Authority (PFRDA) for the employees of Central Government (excluding Defence Services) who have joined services w.e.f. 1st January, 2004. For State Govt. employees, this scheme is applicable as per above as and when it is adopted by the respective State Government.

 

LIC Pension Fund Limited. is a fund management company. LIC Pension Fund Limited. manages 3 schemes of New Pension System i.e. Central Government Scheme w.e.f. 02.04.2008, State Government Scheme w.e.f. 25.06.2009 and NPS Lite (Government pattern) since 04.10.2010. The authorized capital of the company is Rs.250.000 Millions and paid up capital of the company is Rs.150.000 Millions. LIC Pension Fund Limited. is the first company of its kind in India to manage pension funds under New Pension System.

 

LIC Pension Fund Limited. started its operations with allocation of 5% Central Government New Pension System fund in the year 2008-09 which increased to 29% in 2009-10. During the year 2010-11 LIC Pension Fund Limited. had emerged as number 1 Fund Manager by receiving 35% of New Pension System fund of Central Government employees. State Government also followed the same pattern of allocation.

 

During the year 2010-11 i.e. from 01.04.2010 to 31.03.2011, LIC Pension Fund Limited. received an amount of Rs.10446.000 Millions under 3 schemes. The total Assets under Management (AUM) was Rs.18789.300 Millions as at 31st March, 2011.

 

The Net Asset Value of Central Government Scheme as on 31st March, 2011 was Rs.13.3781, that of State Government Scheme was Rs.11.7445 and that of NPS Lite (Government pattern) was RS.10.4317 translating an annualized return of 11.26030% for Central Government Scheme, 9.8720% for State Government Scheme and 8.8028% for NPS Lite (Government pattern) as at 31st March, 2011.

 

d) LIC Cards Services Limited.

 

LIC Cards Services Limited, a wholly owned company of LIC of India was incorporated on 11th November, 2008 with an objective to provide access to LIC Card customers, the payment products through strategic alliance/s. During the financial year 2010-2011, the company distributed gold and silver cards in tie up with Corporation Bank and distributed 11813 credit cards.

 

With a view to extend the product line and further improve the quality of card issuance the company has entered into another tie up with Axis Bank and is planning to distribute more than one lakh cards in the current financial year.

 

 

AS PER WEBSITE DETAILS

 

HISTORY

Brief History of Insurance

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.224.400 Millions, it rose to 176 companies with total business-in-force as Rs.2980.000 Millions in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 2000.000 Millions of New Business in 1957 the corporation crossed 10000.000 Millions only in the year 1969-70, and it took another 10 years for LIC to cross 20000.000 Millions mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 70000.000 Millions Sum Assured on new policies.

Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satallite offices and the corporate office. LIC’s Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.

LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year.

From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired their forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 50.000 Millions from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Limited., the first general insurance company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Limited. set up, the first company to transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Limited., the New India Assurance Company Limited., the Oriental Insurance Company Limited. and the United India Insurance Company Limited. GIC incorporated as a company.

OBJECTIVES OF LIC

 

  • Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
  • Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
  • Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
  • Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
  • Act as trustees of the insured public in their individual and collective capacities.
  • Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
  • Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
  • Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

PRESS RELEASES

 

Life Insurance Corporation of India introduces a unique New Health Plan

– “LIC’S Jeevan Arogya

 

 

Mumbai, 31st May 2011: From Ist of June 2011, LIC of India is launching a New Non- Linked Health Insurance Plan “Jeevan Arogya”. The plan offers comprehensive hospitalization benefits for the whole family of the Principal Insured. A unique feature of this plan is that it also offers to cover the Parents in-law of the Principal Insured besides spouse, minor children and parents. There is a provision for inducting additional members or removal of existing members in case of any change in family circumstances of the Principal Insured. This is a Defined Benefit Policy meaning that benefits are fixed in terms of policy conditions and are payable irrespective of the actual amount spent on treatment. Moreover, the benefits are payable regardless of the Life Insured getting reimbursement under any other scheme from his/her employer or any other insurance company, on the basis of certified photocopies of the original bills.

 

The minimum age at entry for Principal Insured is 18 years and maximum age at entry would be 65 years for self and spouse while it is 75 years for parents and parents in-law. For children, the minimum age at entry is 91 days and the maximum age at entry is 17 years.

 

The plan provides for continuing health cover of major family members up to age 80 and for minor children up to age 25. It offers various benefits to cover the different hospitalization needs of the insured’s family. Another unique feature of this plan is that it offers to cover all surgeries. 140 major surgeries are covered under Major Surgical Benefits, another 140 surgeries which do not need overnight hospitalization are covered under Day Care Procedure Benefit and all other surgeries are covered under special category of Other Surgical Benefits.

 

Hospitalization in case of non surgical treatment beyond twenty four hours is covered under Hospitalization Cash Benefit. In case, hospitalization is for seven days or more, payment is made for these twenty four hours as well. The policy can be taken for an Initial Daily Benefit of Rs 1000/-, 2000/-, 3000/- or 4000/- The Major Surgical Benefit will be 100 times of the Daily Benefit. The Maximum Life time Benefit applicable to each insured is 8 times of Major Surgical Benefit Sum Assured. Day Care Procedure Benefit will be five times of the Daily Benefit. Maximum three surgical procedures in a year are covered subject to Life time Benefit of twenty four surgical procedures in respect of each insured. The Other Surgical Benefit in respect of each insured is two times of the Daily Benefit per day for up to 360 days during policy term.

 

To provide for increase in cost of medical treatment, the benefits shall increase by 5% every year up to a maximum of 1.5 times of the original benefit. In case no claim is made under the policy for a period of three years, the benefits payable under the policy would be further enhanced by 5 % without any upper limit.

 

Quick Cash Facility allowing payment of 50% entitlement can be availed as advance, in case of 57 specified major surgeries.

 

Premium Waiver Benefit and Ambulance Benefit are also available in case of certain major surgeries.

 

The plan also offers the option of taking Term Assurance Rider (up to 100 times of Initial Daily Benefit) and Accident Benefit Rider for the Principal Insured and spouse.

 

The premium will depend on one’s age, gender, the Health cover option one has chosen, whether one is Principal Insured or other insured life and the mode of payment. The premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (ECS mode only) intervals over the term of the policy.

 

The plan offers very attractive rebates for higher Sum Assured and Half-Yearly / Yearly mode of Payment.

 

LIC hikes stake in Cairn India to over 5%

July 3, 2012

NEW DELHI: Life Insurance Corporation of India (LIC) has hiked its stake in Cairn India to over 5 per cent through open market route that are about 5 per cent costlier than the price at which the firm's former promoter, Cairn Energy has been selling its shares.

LIC, according to regulatory filing to the stock exchanges, on June 22 bought 778,009 share of Cairn India from the open market at about Rs 324 per share.

After the acquisition, LIC's shareholding in Cairn India, which was last year bought by London-based mining group Vedanta Resources, has gone to 5.029 per cent from 4.988 per cent previously.

The price at which the open market purchases were executed by LIC is about 5 per cent higher than the price at which Edinburgh-based Cairn Energy plc last week sold its 3.5 per cent stake in Cairn India.

Cairn Energy sold 6.67 crore shares, or 3.5 per cent of the Indian company's equity, for about USD 360 million (over Rs 20610.000 Millions), according to a company statement.

The Edinburgh-based firm, which had 21.8 per cent shareholding in Cairn India after selling 40 per cent shares to Vedanta Group last year for Rs 355 per share, has been in the market to sell its residual stake for sometime now.

Last week, it had planned to sell shares in the Rs 307.4 to Rs 317.5 range. It eventually sold the shares at Rs 308.73 a piece, a 6.6 per cent discount to Cairn India stock's average share price this quarter.

The Scottish company will own 18.3 per cent of Cairn India after the sale.

Market analysts wondered why LIC chose to buy Cairn India shares from open market when Cairn Energy has been selling stocks at a discount.

Vedanta Resources plc and its unit Sesa Goa Limited in December last year completed buying a 59 per cent stake in Cairn India from Cairn Energy and other shareholders for USD 8.67 billion.

 

 

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.55.49

UK Pound

1

Rs.86.39

Euro

1

Rs.68.69

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

79

 

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.