MIRA INFORM REPORT

Report Date :

11.02.2012

IDENTIFICATION DETAILS

Name :	SBI LIFE INSURANCE COMPANY LIMITED
Registered Office :	Natraj M.V. Road and Western Express Highway, Junction, Andheri (East), Mumbai- 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.10.2000
Com. Reg. No.:	11-129113
Capital Investment / Paid-up Capital :	Rs.10000.000 Millions
CIN No.: [Company Identification No.]	U99999MH2000PLC129113
TAN No.: [Tax Deduction & Collection Account No.]	MUMS27599F
PAN No.: [Permanent Account No.]	AAFCS2530P
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Providing of Insurance Services.
No. of Employees :	7292 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between State Bank of India and BNP Paribas Assurance SA. Subject is an established company having fine track. Fundamentals are strong. Promoters of the subject are strong and reliable. Trade relations are fair. Payments are regular and as per commitments. Subject can be considered good for any normal business dealings. It can be regarded as a promising business partner in medium to long term.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Mahesh
Designation :	Finance Executive
Contact No.:	91-22-61910286
Date :	10.02.2012

LOCATIONS

Registered Office :	Natraj M.V. Road and Western Express Highway, Junction, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-61911000
Fax No.:	91-22-61910012
E-Mail :	manju.anand@sbilife.co.in parind.badshah@sbilife.co.in
Head Office :	Central Processing Centre, Kapas Bhavan, Plot 3A, Sector -10, CBD Belapur, Navi Mumbai – 400614, Mumbai, India
Tel. No.:	91-22- 66456210
E-Mail :	rajkumar.raina@sbilife.co.in
Corporate Office :	2nd Floor, Turner Morrison Building, G. N. Vaidya Marg, Fort, Mumbai 400023, Maharashtra, India
Tel. No.:	91-22-66392000
Fax No.:	91-22-66392099

DIRECTORS

AS ON 20.07.2011

Name :

Mr. Pratip Chaudhuri

Designation :

Chairman Cum Director

Address :

Underwoods Garden, 3 Greenways Road, R.A. Puram, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

12.09.1953

Date of Appointment :

07.04.2011

DIN No.:

00915201

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999TN1997PLC039523	TIDEL PARK LIMITED	Director	24/12/2004	24/12/2004	Active	NO
2	U99999MH2000GOI129113	SBI LIFE INSURANCE COMPANY LIMITED	Nominee director	7/4/2011	7/4/2011	Active	NO
3	U65929MH2001PLC131203	SBI GLOBAL FACTORS LIMITED	Nominee director	7/4/2011	7/4/2011	Active	NO
4	U66020MH2007GOI176787	SBI PENSION FUNDS PRIVATE LIMITED	Nominee director	7/4/2011	7/4/2011	Active	NO
5	U67190MH2005PLC157240	SBICAPS VENTURES LIMITED	Nominee director	7/4/2011	7/4/2011	Active	NO
6	U65910MH1988PLC046447	SBI DFHI LIMITED	Director	15/04/2011	15/04/2011	Active	NO
7	U99999MH1986PLC040298	SBI CAPITAL MARKETS LIMITED	Nominee director	15/04/2011	15/04/2011	Active	NO
8	U66000MH2009PLC190546	SBI GENERAL INSURANCE COMPANY LIMITED	Nominee director	21/04/2011	21/04/2011	Active	NO
9	U65990MH1992PTC065289	SBI FUNDS MANAGEMENT PRIVATE LIMITED	Director	27/08/2011	23/04/2011	Active	NO
10	U74900MH2008PTC182269	SBI-SG GLOBAL SECURITIES SERVICES PRIVATE LIMITED	Director	30/04/2011	30/04/2011	Active	NO
11	U65999DL1998PTC093849	SBI CARDS AND PAYMENT SERVICES PRIVATE LIMITED.	Director	30/04/2011	30/04/2011	Active	NO
12	U74140DL1998PTC094577	GE CAPITAL BUSINESS PROCESS MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/04/2011	30/04/2011	Active	NO
13	U91110MH1928GAP001391	INDIAN INSTITUTE OF BANKING AND FINANCE	Director	7/6/2011	7/6/2011	Active	NO

Name :

Mr. R Sridharan

Designation :

Nominee Director

Address :

D-2 Kinellan Towers, 100A Napean Sea Road, Mumbai 400036, Maharashtra, India

Date of Birth/Age :

01.07.1951

Date of Appointment :

26.04.2008

Din No.:

00868787

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67190MH2005PLC157240	SBICAPS VENTURES LIMITED	Nominee director	25/03/2008	16/10/2006	30/06/2011	Active	NO
2	U99999MH1986PLC040298	SBI CAPITAL MARKETS LIMITED	Nominee director	25/03/2008	16/10/2006	30/06/2011	Active	NO
3	U65999MH2005PLC155485	SBICAP SECURITIES LIMITED	Nominee director	9/4/2009	17/10/2006	30/06/2011	Active	NO
4	U65190MH1993PLC074381	SBI COMMERCIAL AND INTERNATIONAL BANK LIMITED	Director	16/08/2007	10/11/2006	19/03/2008	Active	NO
5	U65190MH1991PTC060503	SBI FACTORS AND COMMERCIAL SERVICES PRIVATE LIMITED	Nominee director	25/03/2008	25/03/2008	-	Amalgamated	NO
6	U65929MH2001PLC131203	SBI GLOBAL FACTORS LIMITED	Nominee director	22/07/2010	29/03/2008	1/7/2011	Active	NO
7	U65910MH1988PLC046447	SBI DFHI LIMITED	Nominee director	8/4/2008	8/4/2008	30/06/2011	Active	NO
8	U72900MH2006PLC159038	C-EDGE TECHNOLOGIES LIMITED	Nominee director	2/6/2008	14/04/2008	7/1/2009	Active	NO
9	U72300MH2000PLC128359	CREDIT INFORMATION BUREAU (INDIA) LIMITED	Director	31/07/2008	23/04/2008	6/1/2009	Active	NO
10	U99999MH2000GOI129113	SBI LIFE INSURANCE COMPANY LIMITED	Nominee director	26/04/2008	26/04/2008	30/06/2011	Active	NO
11	L63040MH1978PLC020717	THOMAS COOK (INDIA) LIMITED	Nominee director	28/04/2008	28/04/2008	14/07/2008	Active	NO
12	U74900MH2008PTC182269	SBI-SG GLOBAL SECURITIES SERVICES PRIVATE LIMITED	Director	31/08/2009	26/06/2008	25/07/2011	Active	NO
13	U66020MH2007GOI176787	SBI PENSION FUNDS PRIVATE LIMITED	Nominee director	5/1/2009	5/1/2009	30/06/2011	Active	NO
14	U66000MH2009PLC190546	SBI GENERAL INSURANCE COMPANY LIMITED	Nominee director	21/07/2010	24/02/2009	30/06/2011	Active	NO
15	U65990MH1992PTC065289	SBI FUNDS MANAGEMENT PRIVATE LIMITED	Additional director	1/4/2011	1/4/2011	30/06/2011	Active	NO
16	U75230BR1985PLC002083	SECURITY AND INTELLIGENCE SERVICES (INDIA) LIMITED	Additional director	16/01/2012	16/01/2012	-	Active	NO
17	L27109AP1982PLC003518	NELCAST LIMITED	Additional director	30/01/2012	30/01/2012	-	Active	NO

Name :

Mr. Aravamudan Krishna Kumar

Designation :

Nominee Director

Address :

D-1, Kinnelan Towers, Nepeansea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

18.11.1954

Date of Appointment :

04.05.2011

DIN No.:

00871792

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65190MH1993PLC074381	SBI COMMERCIAL AND INTERNATIONAL BANK LIMITED	Nominee director	28/04/2006	28/04/2006	7/11/2007	Active	NO
2	U72900MH2006PLC159038	C-EDGE TECHNOLOGIES LIMITED	Nominee director	31/08/2010	10/9/2009	9/9/2011	Active	NO
3	U99999MH2000GOI129113	SBI LIFE INSURANCE COMPANY LIMITED	Nominee director	4/5/2011	4/5/2011	-	Active	NO
4	U65999DL1998PTC093849	SBI CARDS AND PAYMENT SERVICES PRIVATE LIMITED.	Director	2/9/2011	25/07/2011	-	Active	NO
5	U74140DL1998PTC094577	GE CAPITAL BUSINESS PROCESS MANAGEMENT SERVICES PRIVATE LIMITED	Director	2/9/2011	25/07/2011	-	Active	NO

Name :

Mr. Gerard Yues Binet

Designation :

Director

Address :

19, Route De La Passerelle Le Vesinet – 781130, France

Date of Birth/Age :

30.04.1953

Date of Appointment :

14.06.2001

DIN No.:

00066024

Name :

Mr. Ravi Sankar Lingam

Designation :

Director

Address :

Anugraha No.23 (Old No.2), Arunachalam Road, Kotturpuram, Chennai – 600 085, Tamilnadu, India

Date of Birth/Age :

31.08.1958

Date of Appointment :

05.03.2002

Din No.:

00185931

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17111TZ1976PTC000755	SREE NARASIMHA TEXTILES PRIVATE LIMITED	Director	7/6/1991	7/6/1991	-	Active	NO
2	U99999MH2000GOI129113	SBI LIFE INSURANCE COMPANY LIMITED	Director	5/3/2002	5/3/2002	-	Active	NO
3	U74140TN2005PTC058076	BRAHMAYYA CONSULTANTS PRIVATE LIMITED	Director	22/11/2005	22/11/2005	-	Active	NO
4	U55101TZ1995PTC006173	SUPER AIRPORT HOLDINGS (INDIA) PRIVATE LIMITED	Director	15/09/2008	23/08/2008	15/03/2010	Active	NO

Name :

Ms. Chitra Ramkrishna

Designation :

Director

Address :

601, NEAT House, 766 College Street, Dadar (West), Mumbai 400028, Maharashtra, India

Date of Birth/Age :

14.04.1963

Date of Appointment :

21.10.2005

DIN No.:

00062654

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72900MH2000PLC126952	DOTEX INTERNATIONAL LIMITED	Director	2/6/2000	2/6/2000	-	Active	NO
2	U67120MH1995PLC092283	NATIONAL SECURITIES CLEARING CORPORATION LIMITED	Managing director	24/09/2008	18/08/2000	-	Active	NO
3	U73100MH1998PLC114976	INDIA INDEX SERVICES AND PRODUCTS LIMITED	Director	29/09/2000	29/09/2000	-	Active	NO
4	U67120MH1992PLC069769	NATIONAL STOCK EXCHANGE OF INDIA LIMITED	Managing director	1/4/2008	11/3/2003	-	Active	NO
5	U72200MH1999PLC122456	NSE IT LIMITED	Director	29/04/2003	29/04/2003	-	Active	NO
6	U99999MH2000GOI129113	SBI LIFE INSURANCE COMPANY LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
7	U72900MH2006PLC163468	NSE INFOTECH SERVICES LIMITED	Director	2/8/2006	2/8/2006	-	Active	NO
8	U74992MH2006PLC163550	NATIONAL COMMODITY CLEARING LIMITED	Director	4/8/2006	4/8/2006	-	Active	NO
9	U74900MH2008PLC179152	POWER EXCHANGE INDIA LIMITED	Director	20/02/2008	20/02/2008	-	Active	NO
10	U74140KA1997PTC021830	OMNESYS TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2008	2/7/2008	29/03/2010	Active	NO
11	U93090MH2006PLC165172	NCDEX SPOT EXCHANGE LIMITED	Director	15/07/2009	25/07/2008	16/06/2011	Active	NO

Name :

Mr. Eric Lombard

Designation :

Director

Address :

Mr Alfred Charles Lombard, 10 Rue Garanciere, Paris, France 75006

Date of Birth/Age :

16.05.1958

Date of Appointment :

22.07.2006

DIN No.:

01744379

Name :

Mr. Shyamal Acharya

Designation :

Nominee Director

Address :

13 A, B2, Harbour Height PO, Opposite INS Gunjali, N A Sawant Marg, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

26.08.1954

Date of Appointment :

05.07.2011

DIN No.:

03568347

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH2000GOI129113	SBI LIFE INSURANCE COMPANY LIMITED	Nominee director	5/7/2011	5/7/2011	Active	NO
2	U65910MH1988PLC046447	SBI DFHI LIMITED	Director	7/7/2011	7/7/2011	Active	NO
3	U67190MH2005PLC157240	SBICAPS VENTURES LIMITED	Nominee director	7/7/2011	7/7/2011	Active	NO
4	U99999MH1986PLC040298	SBI CAPITAL MARKETS LIMITED	Nominee director	7/7/2011	7/7/2011	Active	NO
5	U66020MH2007GOI176787	SBI PENSION FUNDS PRIVATE LIMITED	Nominee director	7/7/2011	7/7/2011	Active	NO
6	U65929MH2001PLC131203	SBI GLOBAL FACTORS LIMITED	Nominee director	7/7/2011	7/7/2011	Active	NO
7	U65999MH2005PLC155485	SBICAP SECURITIES LIMITED	Nominee director	18/07/2011	18/07/2011	Active	NO
8	U66000MH2009PLC190546	SBI GENERAL INSURANCE COMPANY LIMITED	Nominee director	20/07/2011	20/07/2011	Active	NO
9	U74900MH2008PTC182269	SBI-SG GLOBAL SECURITIES SERVICES PRIVATE LIMITED	Director	25/07/2011	25/07/2011	Active	NO
10	U65990MH1992PTC065289	SBI FUNDS MANAGEMENT PRIVATE LIMITED	Director	27/08/2011	22/08/2011	Active	NO

Name :

Mr. Mahadev Nagendra Rao

Designation :

Managing Director

Address :

2B, Bank House, Unit II, Bhubaneswar-751009, Orissa, India

Date of Birth/Age :

17.08.1952

Date of Appointment :

01.08.2009

DIN No.:

01296161

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993OR1973SGC000585	INDUSTRIAL PROMOTION AND INVESTMENT CORPN. OF ORISSA LIMITED	Nominee director	30/12/2006	30/12/2006	27/09/2010	Active	NO
2	U99999MH2000GOI129113	SBI LIFE INSURANCE COMPANY LIMITED	Managing director	1/8/2009	1/8/2009	-	Active	NO

Name :

Mr. Vincent Jerome Joseph Jules Sussfeld

Designation :

Alternate Director

Address :

36 RUE, Godot De Mauroy- 75009, Paris

Date of Birth/Age :

02.07.1972

Date of Appointment :

27.10.2009

DIN No.:

02830415

KEY EXECUTIVES

Name :	Ms. Manju Anand
Designation :	Company Secretary
Address :	A-4/1, Old Best Colony, Sahajeevan CHS, Goregaon (W), Mumbai-400104, Maharashtra, India
Date of Birth/Age :	13.04.1977
Date of Appointment :	17.12.2007
PAN No :	ACVPN8727J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.07.2011

Names of Shareholders	No. of Shares
State Bank of India, India	739999994
BNP Paribas Cardif S.A., France	260000000
Shyamal Acharya	2
Mahadev Nagendra Rao	1
Dinesh Kumar Khara	1
Srikant Hota	1
B S Gopalkrishna	1
Total	1000000000

AS ON 20.07.2011

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

BUSINESS DETAILS

Line of Business :

Providing of Insurance Services.

GENERAL INFORMATION

No. of Employees :	7292 [Approximately]
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Ummed Jain and Company Chartered Accountant
Address :	R-15, Yudhisther Marg, C-Scheme, Jaipur-302005, Rajasthan, India
Holding Company :	State Bank of India

CAPITAL STRUCTURE

AS ON 20.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Rs.10/- each	Rs.20000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10000.000	10000.000	10000.000	10000.000
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		6212.183	2548.743	0.000	47.262
4] Credit/(Debit) Fair Value Change Account		84.833	103.553	0.043	20.459
5] (Accumulated Losses)		0.000	0.000	(215.833)	0.000
SUB TOTAL		16297.016	12652.296	9784.210	10067.721
BORROWING
POLICYHOLDERS' FUNDS		0.000	0.000	0.000	90023.320
Credit / Debit Fair Value Change Account		526.402	1219.654	15.964	0.000
Policy Liabilities		133143.913	96686.230	62421.563	0.000
Insurance Reserves		0.000	0.000	0.000	0.000
Linked Liabilities		223259.075	147694.689	75061.712	0.000
Add: Fair Value Change (Linked)		21629.525	22932.158	(7333.304)	0.000
Total Linked Liabilities		244888.600	170626.847	67728.408	0.000
Funds for Future Appropriation -: Linked		402.177	246.204	81.176	7.719
Funds for Future Appropriation -: Others		0.000	0.000	0.000	0.000
TOTAL		395258.108	281431.231	140031.321	100098.760
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2831.553	2326.988	699.848	448.849
INVESTMENT
Shareholders'		9650.782	7283.028	9353.726	10058.618
Policyholders'		146687.042	108875.135	68283.469	38575.116
Assets Held to Cover Linked Liabilities		245290.776	170873.050	67809.584	52852.953
CURRENT ASSETS, LOANS & ADVANCES
	Cash & Bank Balances	2656.610	3218.936	1280.590	1168.998
	Advances and Other Assets	5325.440	3219.745	2772.816	1674.308
Total Current Assets		7982.050	6438.681	4053.406	2843.306
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2478.841	2367.856	1974.287	1928.846
	Other Current Liabilities	14586.317	11936.064	8096.927	2499.799
	Provisions	118.937	61.731	97.498	251.437
Total Current Liabilities		17184.095	14365.651	10168.712	4680.082
Net Current Assets		(9202.045)	(7926.970)	(6115.306)	(1836.776)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		395258.108	281431.231	140031.321	100098.760

PERFORMANCE FOR FINANCIAL YEAR 2010-11

Particular	As on 31.03.2011 (Rs. in Millions)
Premium Income
New Business Premium	75723.919
Renewal Premium	53392.510
Profit / Loss Before Taxation	3945.140
Provision For Taxation	281.700
Profit / Loss After Taxation	3663.440
Sum Assured in Force (New Business)
Basic Policy	591797.985
Total (Basic + Rider)	648377.534
Annualized Premium Equivalent (APE)	37939.905
Assets Held	401628.600
Expense Ratio	6.9%
Number of New Policies (In 000s)	940
Sales and Distribution Strength
Geographical Spread
Number of Offices	629
Numbers of Employees	7292
Numbers of Agents and CIFs (In 000s)	100
Persistency Ratio (For 13^th Month)	69%

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2010

Policy Holder's Account (Technical Account)

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	Premiums earned - Net
	(a) Premium		101040.265	72121.032	56221.372
	(b) (Reinsurance ceded)		(235.452)	(91.147)	(109.325)
	Total		100804.813	72029.885	56112.047
	Income from Investments
	(a) Interest, Dividends & Rent - Net of Amortization		7724.772	5274.485	2417.463
	(Gross for year ended March, 2010 Rs.7263.197 millions, previous year ended March 2009 Rs.4896.964 millions)
	(b) Profit on sale / redemption of investments		25499.176	3674.669	4821.924
	(c) (Loss on sale / redemption of investments)		(4242.781)	(19633.838)	(675.907)
	(d) Transfer /Gain on revaluation / change in Fair value*		30265.462	(6261.877)	1531.030
	Other Income
	(a) Contribution from the Shareholders' A/c		0.000	1581.957	997.464
	(b) Others		0.000	0.000	0.000
	- Miscellaneous Income		492.347	40.347	25.268
	Total (A)		160543.789	56699.629	6055.181
	Commission		7582.488	4678.841	4053.797
	Operating Expenses related to Insurance Business		6609.005	6205.029	4469.373
	Provision for Tax
	(a) Income Tax		102.210	0.000	196.500
	(b) Adjustment related to previous years		(2.078)	(118.400)	0.000
	(c) Fringe Benefit Tax		0.000	37.393	33.804
	Provisions (other than taxation)
	(a) For diminution in the value of investments (net)		(1367.899)	663.391	752.275
	Total (B)		12923.726	11466.255	9505.749
	Benefits Paid (Net)		8514.400	3967.509	3508.480
	Change in valuation of liability against life policies
	(a) Gross * *		137172.096	40237.953	48408.671
	(b) (Amount ceded in Re-insurance)		(8.990)	(56.637)	(71.285)
	Total (C)		145677.506	44148.825	51845.866
	SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C)		1942.557	1084.550	815.613
	Balance of previous year		81.176	7.719	0.000
	Balance available for appropriation		2023.733	1092.268	815.613
Less	APPROPRIATIONS
		Transfer to Shareholders' Account	1777.529	1011.092	807.894
		Balance being Funds for Future Appropriations	246.204	81.176	7.719
	Total (D)		2023.733	1092.268	815.613

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2010

Shareholders' Account (Non-technical Account)

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Surplus/ (Deficit) from Policyholders Accounts		1777.529	1011.093	807.894
Income from Investments
(a) Interest, Dividend & Rent - Net of Amortization		606.462	678.675	420.830
(Gross for year ended March, 2010 Rs.586.095 millions, previous year ended March 2009 Rs.682.215 millions)
(b) Profit on sale / redemption of investments		269.658	128.385	389.239
(c) (Loss on sale / redemption of investments)		(354.795)	(198.668)	(72.892)
Other Income		0.000	0.000	0.000
TOTAL (A)		2298.854	1619.485	1545.262
Expenses other than those directly related to the insurance
(a) Rates and Taxes		0.054	0.984	0.741
(b) Directors' Sitting Fees		0.118	0.195	0.143
(c) Board Meeting Related Expenses		3.484	2.973	2.887
(d) Other Expenses		0.224	0.743	0.508
(e) Stamp duty on issue of shares		0.000	0.000	5.000
Provisions (Other than taxation)
(a) Contribution to the Policyholders' Fund		0.000	1581.957	997.464
(b) For diminution in the value of investment (net)		(479.938)	299.026	190.979
Total (B)		(476.060)	1885.878	1197.720
PROFIT / (LOSS) BEFORE TAX		2774.914	(266.393)	347.543
Provision for Taxation
(a) Income Tax		10.337	0.000	3.500
(b) Adjustment related to previous years		0.000	(3.500)	0.000
(c) Fringe Benefit Tax		0.000	0.202	0.196
PROFIT / (LOSS) AFTER TAX		2764.577	(263.095)	(343.846)
APPROPRIATIONS
	(a) Balance at the beginning of the period/year	(215.833)	47.262	(296.584)
Profit / (Loss) carried to the Balance Sheet		2548.743	(215.833)	47.262
Earnings Per Share (Rs.)		2.76	(0.26)	(0.59)

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	2478.841	2367.856	1974.287

FINANCIAL PERFORMANCE:

· A growth of 28% in gross premium to Rs.129120.000 Millions in the financial year 2010-11 from Rs.101040.000 Millions in the financial year 2009-10.

· A growth of 40% in Assets under Management (AUM) to Rs.401630.000 Millions in the financial year 2010-11 as against Rs.287030.000 Millions in the financial year 2009-10.

The total New Business Premium (NBP) amounted to Rs.75723.900 Millions showing Y-o-Y growth of 6.6%. While Retail Agency and Institutional Alliances channels together contributed Rs.27500.000 Millions to NBP, Bancassurance contributed Rs.25230.000 Millions and Corporate Solutions contributed Rs.22990.000 Millions. The Renewal Premium collections from various distribution channels amounted to Rs.53390.000 Millions showing Y-o-Y growth of 77.9%

The Company focused on expansion through quality recruitment and opening up of new branches. As at March 31, 2011, the Company has 629 offices, 79,628 Insurance Advisors (IAs) and 20,240 Certified Insurance Facilitators (CIFs) across the country as against corresponding figures of 494 offices 65,534 IAs and 17,736 CIFs respectively as on March 31, 2010.

AWARDS AND RECOGNITIONS:

• Bloomberg UTV Financial Leadership Award, 2011 - Life Insurer of the Year
• NDTV Profit Business Leadership Award 2010, for organizational excellence
• Gold Shield by Institute of Chartered Accountants of India (ICAI) for Excellence in Financial Reporting for the year 2009-10.
• Topped the global rankings for having the maximum number of MDRT members for the second consecutive year.
• The ICS Quality Champion Award 2010 for Continual Quality Improvement
• Best Life Insurer 2010 - 'Runner Up' by Outlook Money
• Appraised at Maturity level 3 of Capability Maturity Model Integration (CMMI) Version 1.2 for its ISG Division
• ICRA has reaffirmed its iAAA rating to SBI Life, indicating highest claims paying ability and meeting policyholders obligations
• CRISIL has reaffirmed its highest financial rating AAA/Stable to SBI Life
• Retaining of ISO 9001:2000 certifications

INFORMATION TECHNOLOGY:

INFRASTRUCTURE

During the year, various technological changes in IT Infrastructure were made, which resulted in significant improvement in enhancing communication between various offices. This has led to greater reliability, security and availability of applications between branches, Head Office (HO), Central Processing Center (CPC) and Disaster Recovery (DR) site such as:

• Critical applications in CPC and DR site supported by high end storage system. This has resulted in improving the application performance, reducing the backup time, reducing day end and month end operation time, thereby increasing system availability to users.
• Infrastructure roll-out at HO Natraj (new office) with over 120 KM of LAN cabling.
• Dealing room supported by an integrated dealing solution with terminals that provides an integrated view of live trading terminal, video and dealing system. This has improved the efficiency of dealers.
• Video conferencing between ROs, HO and CPC is now established using multi conferencing system

They are making continuous efforts to make our IT system even more secure and process driven. As part of this, our IT operation at CPC consisting of data center, Network and messaging, Production support and Policy Management System is ISO 27001 Certified.

OUTLOOK:

The life insurance industry is expected to grow at 10-15% during the financial year 2011-12. With regulatory changes the product mix will see a shift towards traditional policies.

Renewal premiums are expected to be major profit drivers this financial year and would attract a lot of focus. Companies would be concentrating on improving persistency and efficiency for better profit margins. Among the further changes this year a considerable outsourcing of non core business is expected.

Increased customer satisfaction, innovation and customer contact points will be key areas of focus. To better support sales activity SBI Life has already opened 135 branches and expects to add 80 more this year.

FIXED ASSETS:

· Goodwill

· Intangibles - Software

· Land-Freehold

· Furniture and Fittings

· Information Technology Equipment

· Leasehold Property

· Buildings

· Vehicles

· Office Equipment

· Leasehold Improvements

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.48.68
UK Pound	1	Rs.76.75
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		75

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.