MIRA
INFORM REPORT
|
Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SBI GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Natraj 101, 201 and 301, Junction of Western Express, Highway and Andheri
Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra |
|
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|
Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.02.2009 |
|
|
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|
Com. Reg. No.: |
11-190546 |
|
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|
Capital Investment
/ Paid-up Capital : |
Rs.1500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2009PLC190546 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS63121C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Providing Insurance Services. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a joint venture between the State Bank of India and
Insurance Australia Group (IAG). It is an established company having satisfactory track. Networth of
the company appears to be strong. It has increased its turnover during 2012. It has incurred loss during this year also. Accumulated losses appears
to be increasing. However, in a short span, the subject has emerged as one of the few
general insurance companies in India to have a dedicated SME team catering
exclusively to the needs of SME segment. Trade relations are reported as decent. Business is active. Payments
are reported to be usually correct. In view of strong holding, the company can be considered for any
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
INFORMATION DENIED BY
|
Name : |
Mr. Nagesh |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-80-49094200 |
|
Date : |
23.08.2012 |
LOCATIONS
|
Registered Office / Corporate Office : |
Natraj 101, 201 and 301, Junction of Western Express, Highway and
Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-42412070 |
|
Fax No.: |
91-22-42412071 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 23.07.2012
|
Name : |
Mr. Pratip Chaudhari |
|
Designation : |
Nominee Director |
|
Address : |
Dunedin, 100 – A Napean Sea Raod, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1953 |
|
Date of Appointment : |
21.04.2012 |
|
DIN No.: |
00915201 |
|
|
|
|
Name : |
Mr. Shyamal Acharya |
|
Designation : |
Nominee Director |
|
Address : |
Flat No D/16, Kinellan Tower, 100 – A Napean Sea Raod, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
26.08.1954 |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
03568347 |
|
|
|
|
Name : |
Mr. Venkatachalam Ramakrishna Iyer |
|
Designation : |
Nominee Director |
|
Address : |
Flat No D/04, Kinellan Tower, 100 – A Napean Sea Raod, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1954 |
|
Date of Appointment : |
03.10.2011 |
|
DIN No.: |
02194830 |
|
|
|
|
Name : |
Mr. Michael John Wilkins |
|
Designation : |
Nominee Director |
|
Address : |
8 Wonga Wonga ST Turramurra NSW 2074 NSW |
|
Date of Birth/Age : |
20.10.1956 |
|
Qualification: |
B.Com, MBA, DLI, FCA |
|
Date of Appointment : |
21.07.2010 |
|
DIN No.: |
02887974 |
|
|
|
|
Name : |
Mr. Justin Paul Breheny |
|
Designation : |
Nominee Director |
|
Address : |
#01-01-9, Nassim Road, Sigapore |
|
Date of Birth/Age : |
24.09.1956 |
|
Qualification: |
BEc, CPA, F Fin |
|
Date of Appointment : |
21.12.2009 |
|
DIN No.: |
02888020 |
|
|
|
|
Name : |
Mr. Mehender Kumar Garg |
|
Designation : |
Director |
|
Address : |
401/5, Vipul Belmonet, Golf Course Raod, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
10.05.1953 |
|
Qualification: |
Chartered Accountant / FIII |
|
Date of Appointment : |
21.04.2010 |
|
DIN No.: |
00081454 |
|
|
|
|
Name : |
Mr. Ashik Purushottam Pradhan |
|
Designation : |
Director |
|
Address : |
1301, C Wing, Synchronincity, Nahar Amrit Shakti Road, Chandivali,
Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1941 |
|
Qualification: |
M.Com, LL. B, CAIIB, Diploma in Management Accounting |
|
Date of Appointment : |
21.04.2010 |
|
DIN No.: |
00136805 |
KEY EXECUTIVES
|
Name : |
Mr. Nagesh |
|
Designation : |
Accounts Head |
|
|
|
|
Name : |
Mr. Mehendra Kumar Tripathi |
|
Designation : |
Secretary |
|
Address : |
405 C Wing Vasant Smruti, 90 Feet Road, Opp. St Lawrence School,
Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1974 |
|
Date of Appointment : |
21.12.2009 |
|
PAN No.: |
ACSPT6389F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
State Bank of India |
|
110999950 |
|
Rammohan Rao Belle |
|
10 |
|
Dinesh Kumar Khara |
|
10 |
|
IAG International Pty. Limited, Australia |
|
39000000 |
|
Ajoy Kumar Deb |
|
10 |
|
B S Gopalakrishna |
|
10 |
|
Shyamal Acharya |
|
10 |
|
|
|
|
|
Total |
|
150000000 |
Equity Share Break up (Percentage of Total Equity)
As on 23.07.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services. |
|
|
|
|
|
|
Products : |
Item Code No. |
Product Description |
|
|
General Insurance Product |
6603 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.M Nissim and Company Chartered Accountants |
|
Address : |
B Wing, Barodawala Mansion, 3rd Floor, 81, Dr. Annie Besent
Road, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24549961 |
|
Fax No.: |
91-22-24949685 |
|
PAN.: |
AAAFM5103E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000
Millions |
|
|
|
|
|
Note: Of the above 11,10,00,000 shares are held by
State Bank of India
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000
Millions |
|
|
|
|
|
Called Up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.1500.000
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1500.000 |
1500.000 |
1500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5031.000 |
5031.000 |
5031.000 |
|
|
4] (Accumulated Losses) |
(1331.609) |
0.000 |
0.000 |
|
|
5] Fair Value Changes Account |
0.478 |
(378.134) |
(109.934) |
|
|
NETWORTH |
5199.869 |
6152.874 |
6421.066 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5199.869 |
6152.874 |
6421.066 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
686.769 |
771.292 |
9.061 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6291.610 |
5375.390 |
5221.651 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
713.646 |
1145.791 |
|
|
Other Current Assets |
|
48.888 |
23.810 |
|
|
Loans & Advances |
|
255.971 |
125.948 |
|
Total
Current Assets |
|
1018.505 |
1295.549 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
609.566
|
63.965 |
|
|
Other Current Liabilities |
|
260.228 |
39.579 |
|
|
Provisions |
|
142.519 |
1.651 |
|
Total
Current Liabilities |
|
1012.313 |
105.195 |
|
|
Net Current Assets |
(1778.510)
|
6.192 |
1190.354 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5199.869 |
6152.874 |
6421.066 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
1 |
OPERATING
PROFIT/(LOSS) |
|
|
|
|
|
a) Fire Insurance |
|
(396.588) |
(223.387) |
|
|
b) Marine Insurance |
|
(4.570) |
(0.050) |
|
|
c) Miscellaneous Insurance |
|
(370.398) |
(1051) |
|
|
|
|
|
|
|
2 |
INCOME FROM
INVESTMENTS |
|
|
|
|
|
a) Interest, Dividend and Rent - Gross |
|
501.786 |
141.098 |
|
|
b) Profit on sale of Investments |
|
2.172 |
0.000 |
|
|
|
|
|
|
|
3 |
OTHER INCOME
(Miscellaneous Income) |
|
0.739 |
0.325 |
|
|
|
|
|
|
|
|
TOTAL
(A) |
|
(266.859) |
(83.065) |
|
|
|
|
|
|
|
4 |
OTHERS |
|
|
|
|
|
Share Issue Expenses |
|
0.000 |
10.857 |
|
|
Preliminary Expenses Written off |
|
0.000 |
1.509 |
|
|
Others |
|
1.341 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL
(B) |
|
1.341 |
12.366 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
(268.200) |
(95.431) |
|
|
|
|
|
|
|
|
PROVISION FOR
TAXATION |
|
|
|
|
|
Current Tax |
|
0.000 |
14.500 |
|
|
Fringe Benefit Tax |
|
0.000 |
0.004 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
(268.200) |
(109.934) |
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
|
(1.79) |
(1.98) |
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
|
|
898.534 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
|
1853.098 (Including
Financial Expenses and Depreciation) |
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
||
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
||
|
|
|
|
|
||
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
|
|
||
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
|
|
(954.564) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
(1.089) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
|
|
(953.475) |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
|
|
(6.36) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
NA
|
0.16 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.01 |
12.32 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors |
NA
|
609.566
|
63.965 |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
31] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
32] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: Registered office of the company has been
shifted from Corporate Centre, State Bank Bhavan, Madame Came Road, Mumbai –
400021, Maharashtra, India to the present address w.e.f.07.11.2011
BUSINESS AND OPERATIONS
The company completed its first full year of
operations but with limited product in a limited geographical area as the IT
platform was not ready for full roll out.
During the year, the Company achieved a gross
written premium of Rs.430.200 Millions with a market share of 0.09%. The Net
Earned premium for the FY 10-11 was Rs. (25.300) Millions. The Long Term Home
Insurance launched in the 2nd Half of the year has contributed
significantly to the GWP Written by the Company. The premium Sourced under this
head in the FY 2010-11 was Rs.120.100 Millions. The total premium for the
corporate portfolio as on 31 March 2011 was Rs.300.800 Millions.
OPERATIONS AND CUSTOMER SERVICES
During the year, the company has successfully rolled
out and launched 17 branched to support the business expansion. The processes
necessary to support the business have been set up to support increase in
volumes during the year. The company has established a robust customer
complaint Management Unit including an appellate related requests and
grievances of the policyholders in the due course.
BACKGROUND
SBI General Insurance Company Limited (the
company) was incorporate on 24 February 2009, as a company under the companies
Act, 1956 (the Act) and is currently a 74.26 joint venture between Sate Bank of
India (SBI) and IAG International Pty Limited, a subsidiary of Insurance
Australia Group Limited respectively. The company is registered with Insurance
Regulatory and Development Authority (IRDA) with certificate of registration
No. 144 dated 15th December 2009 and is in the business of
underwriting general insurance policies
PERIODIC DISCLOSURES
(Rs. In Millions)
|
|
PARTICULAR |
For the Quarter
ended 30th June 2012 |
For the period
ended 30th June 2012 |
|
|
|
|
|
|
1 |
OPERATING PROFIT/(L0SS) |
|
|
|
|
(a)
Fire Insurance |
(210.414) |
(210.414) |
|
|
(b)
Marine Insurance |
(5.336) |
(5.336) |
|
|
(c)
Miscellaneous Insurance |
(193.827) |
(193.827) |
|
2 |
INCOME FROM INVESTMENTS |
|
|
|
|
(a) Interest, Dividend & Rent - Gross |
106.797 |
106.797 |
|
|
(b) Profit on sale of investments |
4.129 |
4.129 |
|
|
Less: Loss on sale of investments |
- |
- |
|
3 |
OTHER INCOME (Misc
Income) |
0.019 |
0.019 |
|
|
|
|
|
|
|
TOTAL (A) |
(298.632) |
(298.632) |
|
|
|
|
|
|
4 |
PROVISIONS (Other than
taxation) |
- |
- |
|
|
(a) For
diminution in the value of investments |
- |
- |
|
|
(b) For
doubtful debts |
- |
|
|
|
(c)
Others (to be specified) |
- |
|
|
5 |
OTHER EXPENSES |
|
|
|
|
(a)
Expenses other than those related to Insurance Business |
- |
- |
|
|
(b) Bad
debts written off |
- |
- |
|
|
(c) Others
(To be specified) |
|
- |
|
|
Share Issue Expenses |
- |
- |
|
|
Preliminary Expenses written off |
- |
- |
|
|
Others |
0.360 |
0.360 |
|
|
|
|
|
|
|
TOTAL (B) |
0.360 |
0.360 |
|
|
|
|
|
|
|
Profit Before Tax |
(298.992) |
(298.992) |
|
|
Provision for Taxation |
- |
- |
|
|
Profit After Tax |
(298.992) |
(298.992) |
|
|
APPROPRIATIONS |
|
|
|
|
(a) Interim
dividends paid during the year |
- |
- |
|
|
(b) Proposed final dividend |
- |
- |
|
|
© Dividend
distribution tax |
- |
- |
|
|
(d) Transfer to any Reserves or Other Accounts (to
be specified)Excess Provision written
hack |
- |
- |
|
|
Balance of profit/ loss brought forward from last
year |
(1331.607) |
(1331.607) |
|
|
Balance carried forward to Balance Sheet |
(1630.599) |
(1630.599) |
(Rs. In Millions)
|
|
PARTICULAR |
30.06.2012 |
|
|
|
|
|
|
SOURCES OF FUNDS |
|
|
1 |
SHARE CAPITAL |
1500.000 |
|
2 |
SHARE APPLICATION MONEY
PENDING |
|
|
3 |
RESERVES AND SURPLUS |
5031.000 |
|
4 |
FAIR VALUE CHANGE ACCOUNT
|
4.704 |
|
5 |
BORROWINGS |
- |
|
|
|
|
|
|
TOTAL |
6535.704 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
1 |
INVESTMENTS |
7036.540 |
|
2 |
LOANS |
_ |
|
3 |
FIXED ASSETS |
640.528 |
|
4 |
DEFERRED TAX ASSET |
- |
|
5 |
CURRENT ASSETS |
|
|
|
Cash and Bank Balances |
532.238 |
|
|
Advances and Other Assets |
597.108 |
|
|
Sub-Total (A) |
1129.346 |
|
6 |
CURRENT LIABILITIES |
2015.939 |
|
|
PROVISIONS |
1885.370 |
|
|
DEFERRED TAX LIABILITY |
- |
|
|
Sub-Total (B) |
3901.309 |
|
|
NET CURRENT ASSETS (C) =
(A - B) |
(2771.963) |
|
7 |
MISCELLANEOUS EXPENDITURE
(to the extent not written off or adiusted) |
-- |
|
|
|
|
|
|
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT |
1630.599 |
|
|
|
|
|
|
TOTAL |
6535.704 |
AS PER WEBSITE DETAILS
About State Bank of India
State Bank of India enjoys the largest banking franchise in India.
State Bank of India is country's largest and a premier commercial Bank in terms of balance sheet, profits, assets, deposits, branches and employees.
Along with its 6 Associate Banks, SBI Group has the unrivalled strength of over 16,000 branches across the country, arguably one of the largest in the world.
State Bank of India is today going through a momentous phase of Change and Transformation.
The bank is venturing into many new businesses with strategic tie ups Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc each one of these initiatives having a huge potential for growth.
The Bank is surging ahead with cutting edge technology and innovative new banking models, to expand its reach.
With 13,848 ATMs of its own and 18,246 ATMs including its associate banks (as of 31st December 2009) complementing its over 16,000 branch network, State Bank of India today offers one of the largest banking network to the Indian customer.
About Insurance Australia Group
Insurance Australia Group Limited (IAG) is an international general insurance group, with operations in Australia, New Zealand, the United Kingdom and Asia.
IAG's businesses underwrite around A$8.0 billion of premium per annum and employ around 13,000 people.
IAG operates some of Australia's leading general insurance brands including NRMA Insurance, CGU, SGIO, SGIC and Swann Insurance. In 2009, it also launched an on-line insurance business called The Buzz.
IAG's heritage dates back to 1925 when the National Roads and Motorists' Association (NRMA) started providing insurance to its members in New South Wales (NSW) and the Australian Capital Territory (ACT).
IAG is an ASX top 40 company with a market capitalisation of approximately A$6.6bn.
IAG has been assigned a 'Very Strong' Insurer Financial Strength Rating of 'AA-' by Standard and Poor's for its key wholly owned insurance companies.
IAG is a Member of the Dow Jones Global Sustainability World Index.
IAG's Australian operations distribute a range of personal and commercial insurance products, under several brands. Products are sold:
Directly to customers through both branch and agency networks throughout Australia as well as via call centres and on-line facilities; and Indirectly to customers through intermediary channels, including insurance brokers, authorised representatives, motor dealerships and financial institutions.
NEWS
SBI General Insurance receives the Rising Star Insurer Award, 2012
June 13, 2012
SBI General Insurance has won the Rising Star Insurer Award for 2012 during recently held The Indian Insurance Awards 2012.
Mr Belle, CEO and MD and Rob Logie, Deputy CEO, received the award. The insurer which started its business operations in 2010 has notched the award based on its innovative business strategy, channel partners, financial strength, technology innovation and broad base of product portfolio – all focused on customer delight.
Further within a short span, the company had established a pan-India foot print and is emerging as a strong contender in the general insurance segment of the market.
Mr Belle said, “Our industry is in the midst of major changes and a great time to be in business. We are focused on serving our customers with value products and innovative services. Our people's commitment and hard work in the journey so far has made this possible. They are the true winners."
The annual Indian Insurance Awards are meant to honour the performance of top Indian insurance companies in India. The panel of jury members included Mr SB Mathur, Secretary General, Life Insurance Council, Mr R. Chandrasekaran, Secretary General, General Insurance Council, Mr Vepa Kamesam, Managing Director, Institute of Insurance and Risk Management.
SBI General Insurance is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital and IAG the remaining 26%.
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.55.38 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
60 |
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.