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Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
L AND T GENERAL INSURANCE COMPANY LIMITED |
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Registered
Office : |
L & T House, Ballard Estate, Mumbai – 400001, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.12.2007 |
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Com. Reg. No.: |
177117 |
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Capital
Investment / Paid-up Capital : |
Rs. 2000.000 Millions |
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CIN No.: [Company Identification
No.] |
U66030MH2007PCL177117 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML07225B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Insurance Related Services. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Larsen and Toubro Limited. The company is
an established having moderate track. There appears huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. In view of strong holding, company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Chetan Mehta |
|
Designation : |
Accountant |
|
Date : |
10.05.2012 |
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai-400001, |
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Tel. No.: |
91-22-67525656 |
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Fax No.: |
91-22-67525893 |
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E-Mail : |
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Head Office |
601-602, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, |
DIRECTORS
As on 15.09.2011
|
Name : |
Mr. Yeshwant Moreshwar Deosthalee |
|
Designation : |
Director |
|
Address : |
1001, Prabhu Kutir, 15, |
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Date of Birth/Age : |
06.09.1946 |
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Date of Appointment : |
27.12.2007 |
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Name : |
Mr. Sivaraman Narayanaswami |
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Designation : |
Director |
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Address : |
43, Kalpataru Residency, Tower A, Near Cine Planet, Sion (East),
Mumbai-400022, |
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Date of Birth/Age : |
12.04.1958 |
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Date of Appointment : |
27.12.2007 |
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Name : |
Mr. Ramamurthi Shankar Raman |
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Designation : |
Director |
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Address : |
Kalpataru Royale, Flat No. 123, 12th Floor, Plot No. 110,
Road No. 29, Off |
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Date of Birth/Age : |
20.12.1958 |
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Date of Appointment : |
27.12.2007 |
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Name : |
Mr. Mukund Manohar Chitale |
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Designation : |
Director |
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Address : |
4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East),
Mumbai-400057, |
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Date of Birth/Age : |
16.11.1949 |
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Date of Appointment : |
26.05.2010 |
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|
Name : |
Mr. Haris Ansari |
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Designation : |
Director |
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Address : |
Flat No. 503, Serin Nyati Enclave, Nyati County Mohammadwadi,
Pune-411028, Maharashtra, India |
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Date of Birth/Age : |
01.04.1939 |
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Date of Appointment : |
26.05.2010 |
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Name : |
Mr. Joydeep Kumar Roy |
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Designation : |
Whole Time Director |
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Address : |
33, Plot-212, ‘A’ Wing, Guldev Sagar CHS Limited, R. K. Patkar Marg, Bandra
(W), Near Bank of Punjab, Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
26.03.1967 |
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Date of Appointment : |
26.05.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Chetan Mehta |
|
Designation : |
Accountant |
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|
Name : |
Mr. Joydeep Kumar Roy |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2011
Major Shareholders Details are Not Available
As on 15.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
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|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Related Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountant |
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Holding Company: |
Larsen and Toubro Limited (L99999MH1946PLC004768) |
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Fellow Subsidiary Company: |
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CAPITAL STRUCTURE
As on 15.09.2011
Authorised Capital : Rs. 4000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
3250.000 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2000.000 |
290.000 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] Fair Value Change Account |
0.173 |
0.000 |
0.000 |
|
|
5] (Accumulated Losses) |
(674.068) |
(80.864) |
(7.723) |
|
|
NETWORTH |
1326.105 |
209.136 |
(7.223) |
|
|
LOAN FUNDS |
|
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|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
2.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
2.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1326.105 |
209.136 |
(5.223) |
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|
|
|
|
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APPLICATION OF FUNDS |
|
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|
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|
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FIXED ASSETS [Net Block] |
713.966 |
194.802 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
762.070 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
47.661
|
0.313
|
0.485 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
118.360
|
43.887
|
0.000 |
|
Total
Current Assets |
166.021
|
44.200 |
0.485 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
98.969
|
28.564
|
5.708 |
|
|
Other Current Liabilities |
122.839
|
0.400
|
0.000 |
|
|
Provisions |
94.144
|
0.902
|
0.000 |
|
Total
Current Liabilities |
315.952
|
29.866 |
5.708 |
|
|
Net Current Assets |
(149.931)
|
14.334
|
(5.223) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1326.105 |
209.136
|
(5.223) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
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|
|
Income / Loss |
(625.163) |
0.000 |
0.000 |
|
|
|
Other Income |
33.513 |
0.333 |
0.000 |
|
|
|
TOTAL (A) |
(591.650) |
0.333 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenses other than those related to Insurance Business |
1.274 |
73.475 |
7.531 |
|
|
|
Directors Fees |
0.280 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1.554 |
73.475 |
7.531 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(593.204) |
(73.142) |
(7.531) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(593.204) |
(73.142) |
(7.531) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(593.204) |
(73.142) |
(7.531) |
|
|
|
|
|
|
|
|
|
Less/ Add |
PRELIMINARY
EXPENSES |
0.000 |
0.000 |
(0.191) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(80.864) |
(7.722) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(674.068) |
(80.864) |
(7.722) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.10) |
(26.05) |
(150.63) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
100.26
|
(21964.56)
|
(0.00) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
94.89
|
(0.00)
|
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(67.41)
|
(158.82)
|
(1552.78) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.45)
|
(0.35)
|
1.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24
|
0.14
|
(1.07) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.53
|
1.48
|
0.08 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
(Rs. in millions) 31.03.2011 |
(Rs. in millions) 31.03.2010 |
(Rs. in millions) 31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
98.969
|
28.564
|
5.708 |
|
|
|
|
|
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
------------- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----------- |
|
Litigations that the firm/ Promoters Involved in |
------------- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
-------------- |
|
Buyer visit details |
------------- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
BACKGROUND
The company was incorporated on December 27, 2007
and is a wholly owned subsidiary of Larsen and Toubro Limited. The company
obtained regulatory approval to undertake General Insurance business on July 9,
2010 from the Insurance Regulatory and Development Authority and has also
obtained its certificate of renewal of registration. The company commenced its
commercial Operations on October 1, 2010.
BUSINESS AND OPERATIONAL OVERVIEW
The Company
achieved a Gross Written Premium of Rs. 170.000 Millions during the operational
period of the financial year of which Rs. 120.000 Millions was contributed by
the Retail and Rural Segment alone. Rs. 50.000 Millions was contributed by the
Commercial lines. Being the first year of operations, the financial year ended
March 31, 2011 with a net loss of Rs. 590.000 Millions. The cumulative capital
infusion as at that date stood at Rs. 2000.000 Millions
It has
quickly established a pan
INDUSTRY SCENARIO AND OUTLOOK
The Indian General
Insurance Industry has displayed an impressive performance in terms of premium
income in the fiscal year of 2010-11. The current fiscal year ended with GWP of
Rs. 469720.000 Millions, a growth of 22%, as compared to 17 % in the previous
fiscal. Health and Motor have been the fastest growing lines of business. This
growth has been largely aided by the continued robust performance (GDP up by
8.6% on top of 7.4% last fiscal) of the Indian economy. Indicators like off
take of Non Food Bank Credit (21%), Consumer Goods (22%), Auto sales (26%);
which are more pertinent to the Non-Life Insurance industry, have performed
significantly well in 2010-11.
Going
forward, the growth momentum is expected to continue. Agriculture sector is
also expected to grow since the monsoons are predicted to be normal. The Indian
non-life insurance market is well positioned to exploit the growth, also
considering the significantly low penetration levels (0.6%).
The Indian
General Insurance Industry, with 24 private and public players, is
characterized by highly competitive pricing (post detariffing) and weak
underwriting performances. In the coming fiscal of 2011-12, pricing is likely
to improve on the back of higher demand. The industry will also see better
underwriting practices and better portfolio risk management.
AS PER WEBSITE DETAILS:
BOARD OF DIRECTORS:
Y. M. Deosthalee, Whole-time Director and CFO
of L and T Group
Mr. Y.M.
Deosthalee is a qualified Chartered Accountant and holds a degree in law. He
joined L and T in 1974 and held positions at various offices of L and T all
over the country. In March 1995, Mr. Deosthalee was appointed as Whole time
Director on the Board of Larsen and Toubro and held the title of Chief
Financial Officer, till he retired on 5th September 2011.
During his
long tenure as CFO with L and T, he was controlling Finance and Accounts, Risk
Management Shared Services and Human Resources. He also provided strategic
inputs and helped in business building of L and T Infotech.
Mr.
Deosthalee assumed the office of Chairman and Managing Director of L and T
Finance Holdings from 6th September 2011. L and T Finance Holdings Limited is a
financial holding company and is a listed entity on trie NSE and BSE. It
comprises 3 NBFCs and an Asset Management Company as subsidiary companies.
L and T
Finance Limited is an NBFC classified as an Asset Finance Company (AFC) by the
RBI and is involved in Retail and Corporate Finance. L and T Infrastructure
Finance Company is also an NBFC and is classified as an Infrastructure Finance
Company (IFC) by RBI. The company is involved in providing Project Finance and
Syndication services to players in the infrastructure and construction sectors.
L and T Investment Management provides Mutual Fund services under the L and T Mutual
Fund brand as well as Portfolio Management Services.
Mr.
Deosthalee is the Non-Executive Director of these subsidiaries. He is also the
Non-Executive Director of L and T General Insurance Company Limited., a
subsidiary of L and T.
Mr.
Deosthalee continues to be responsible for L and Ts Concessions Business which
is housed in the holding company, L and T Infrastructure Developmental Projects
Limited. This company has several infrastructure projects at different stages
of completion in sectors such as Roads, Ports,
Urban
Infrastructure Projects including one of the largest Metro Rail Projects in the
country. He is currently the Non-Executive Chairman of L and T Infrastructure
Developmental Projects and L and T Metro Rail (
Mr.
Deosthalee was appointed Member of the Advisory Committee for Liquidity
Management set by the Ministry of Finance, Government of India, 2008. He was
also appointed as a Member of the Takeover Regulations Advisory Committee
constituted by SEBI in 2009 to examine regulations and suggest amendments.
Mr.
Deosthalee is the Co-Chairman of FICCI's Corporate Finance Committee. He is
also a Member of Cll's National Council on Mutual Funds, National Council on
Corporate Governance and on National Council on Banking.
N. Sivaraman, Head of Land T Financial
Services
Mr.
Sivaraman is a seasoned Chartered Account with 28 years of rich experience; has
been with LandT since 1982. Presently, he serves as a director in L and Ts various
subsidiaries, even as he oversees the entire financial services business.
Mr.
Sivaraman has led several critical initiatives of L and T such as the demerger
of the Cement Business of the Company, advising on first ever 'BOOT power
project, right from its conception to execution. Adding more firsts to the
armoury, he also piloted the structuring of a bid on Build-Own-Lease-Transfer
basis, and pioneered its finance through capital market instruments. He has
held a variety of roles within L and T Group including Treasury, Project Finance,
Investor Relations and Corporate Finance.
R. Shankar Raman, Sr. Vice President -
Finance and Legal of Larsen and Toubro Limited
Mr. R. Shankar Raman, aged 52 years, is a qualified
Chartered Accountant and became a Graduate of the
Mr R. Shankar Raman is appointed
as Chief Financial Officer of the Company on September 6, 2011, and will
subsequently be elevated to the Board on October 1, 2011. Mr. Shankar Raman
will oversee the finance functions across the L and T Group. I* Shankar Raman
is also on the Board of Management of several companies including international
subsidiaries within the Larsen and Toubro Group. Mr. Shankar Raman is a member
of Western India Regional Council of Confederation of Indian Industries.
M. M. Chitale, Independent
Director
Mr. M. M. Chitale,
a fellow member of the Institute of the Chartered Accountants of India is a
renowned professional having standing of more than 35 years and is a partner of
Mukund. M. Chitale and Company The said firm provides services in the area of
auditing tax consultancy and management consultancy to various banking
insurance and manufacturing firms.
Mr. Chitale is holding
directorship in many renowned Companies viz. Larsen and Toubro Limited, Shriram
Transport Finance Company Limited, ONGC Mangalore Petrochemicals Limited., etc.
Mr. Chitale is also associated as the Member of Governing Council of Banking
Codes and Standards Board of India. He is also the Chairman of the Ethics
Committee of the Stock Exchange, Mumbai. He is a member of Advisory Board on
Bank, Commercial and Financial Frauds, of the group for Amalgamation of Urban
Cooperative Banks and also of Supervision of NABARD.
In the past, Mr. Chitale has
also served on boards of ONGC, IDBI Bank Limited, LIC Housing Finance Limited,
SBI Mutual Funds Trustee Company Private Limited, etc. Mr. Chitale has held
various positions in professional bodies such as President of The Institute of
Chartered Accounts of India in the year 1997-98, member of The International
Auditing Practices Committee of The International Federation of Accountants
from January 1998 to June 2000, etc.
In addition to the above, Mr.
Chitale has served in various committees such as Member of The Committee for
Collective Investment Schemes appointed by SEBI (Dr. S.A. Dave Committee),
Member of Working Group on Restructuring of Weak Public Sector Banks appointed
by RBI (Verma Committee), Member of Committee on Procedures and Performance
Audit of Public Services appointed by RBI (Dr. Tarapore Committee).
He has presented papers on
subjects such as accounting, auditing, Corporate Governance, banking, Quality
Controls at various seminars and conferences held at national and international
levels.
H. Ansari, Independent
Director
Mr. Ansari is a former-Member
(Non-life) of the Insurance Regulatory Development Authority (IRDA),
During his tenure with the
Regulatory Authority, Mr. Ansari assisted in establishing an independent and
transparent regulatory mechanism in the country and in preparing prudent
regulations which paved the way for the opening up of the insurance sector in
He was associated with the
Tariff Advisory Committee in various Capacities and was also on its Board. He
was also a member of the Board of Education of the Insurance Institute of India
and a member of the FICCI committee on Insurance and Pensions.
Mr. Ansari was Chairman of the
Motor Committee appointed by the TAC Board in 2001 to review and rationalize
the India Motor Tariff. He is also a director on the board of Cholamandalam MS
General Insurance Company Limited. Mr. Ansari has contributed articles to Asia
Insurance Post, FORTE Insurance Journal and the IRDA Journal. He is also on the
Editorial Board of Asia Insurance Post.
Joydeep Roy, Chief Executive
and Whole-time Director; L and T Insurance
Joydeep Roy is the Chief Executive
and Whole-time Director of L and T General Insurance Company Limited. He has
been the founding employee of the Company and has been instrumental in getting
the Company formed and licensed right from the beginning. His focus on customer
service and drive in building technological solutions has led to the extensive
technology deployment in the Company particularly in making it easy for
customers to deal with various aspects with the company.
Prior to joining L and T, he
spent close to 7 years in Tata AIG Life where his responsibilities spanned
across 3rd party distribution to running the day to day operations in the
Branches and Zones of the Company. His passion for rural and micro insurance
business saw him setting up a separate rural division for the Company which has
emerged as a sustainable business across many states and won accolades from
various international bodies across the world. He was also selected and
certified as a Global General Manager of AIG and was involved in several live
projects across the Globe. Prior to that he has spent many years in Standard
Chartered Bank, Wipro Infotech, Compaq Asia and Godrej and Boyce.
He has been a regular speaker
at many national and international conferences on insurance and has been part
of subcommittees in Gland FICCI. He is a mechanical engineer and an MBA from
IIM Calcutta and has a close to 20 year professional career behind him.
FIXED ASSETS:
BALANCE SHEET FOR THE YEAR
ENDED DECEMBER 31, 2011
Rs. in Millions
|
PARTICULAR |
31.12.2011 |
|
|
|
|
SOURCES OF FUNDS: |
|
|
Share Capital |
2750.000 |
|
Reserves and
Surplus |
0.000 |
|
Fair Value Change
Account |
0.145 |
|
Borrowings |
0.000 |
|
(Accumulated Losses) |
(1299.899) |
|
Total |
1450.246 |
|
|
|
|
APPLICATION OF FUNDS: |
|
|
Investment |
1460.741 |
|
Loans |
0.000 |
|
Fixed Assets (Net)
Including Capital Work in Progress |
816.045 |
|
|
|
|
Current Assets: |
|
|
Cash and Bank
Balances |
21.603 |
|
Advances and Other
Assets |
195.295 |
|
Total (A) |
216.898 |
|
|
|
|
Current Liabilities |
|
|
Sundry Creditors |
148.934 |
|
Other Current Liabilities |
466.300 |
|
Provisions |
428.204 |
|
Total (B) |
1043.438 |
|
|
|
|
Net Current Assets (A-B) |
(826.540) |
|
|
|
|
Miscellaneous
Expenditure |
0.000 |
|
|
|
|
Total |
1450.246 |
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED DECEMBER 31, 2011
Rs. in Millions
|
PARTICULAR |
Quarter Ended |
Upto the Period ended |
|
|
31.12.2011 |
31.12.2011 |
|
|
|
|
|
OPERATING PROFIT
/ LOSS |
|
|
|
|
|
|
|
Fire Insurance |
1.338 |
(57.067) |
|
Marine Insurance
|
2.488 |
(34.371) |
|
Miscellaneous
Insurances |
(202.986) |
(581.756) |
|
Total |
(199.160) |
(673.194) |
|
|
|
|
|
Income for
Investments |
|
|
|
Interest,
Dividend and Rent-Gross |
17.112 |
43.478 |
|
Profit on |
3.466 |
5.404 |
|
Less: Loss on |
(0.067) |
(1.186) |
|
Other Income |
0.006 |
0.028 |
|
Total (A) |
(178.509) |
(625.470) |
|
|
|
|
|
Provision (Other
than taxation) |
|
|
|
For diminution
in the value of investments |
0.000 |
0.000 |
|
For doubtful
debts |
0.000 |
0.000 |
|
Others (to be
specified) |
0.000 |
0.000 |
|
|
|
|
|
Other Expenses |
|
|
|
Expenses other
than those related |
0.000 |
0.000 |
|
Bad debts
written off |
0.000 |
0.000 |
|
Directors fees |
0.100 |
0.360 |
|
Total (B) |
0.100 |
0.360 |
|
|
|
|
|
Profit / Loss
Before Tax |
(178.509) |
(625.830) |
|
Provision for
Taxation |
0.000 |
0.000 |
|
Profit / Loss
After Tax |
(178.509) |
(625.830) |
|
|
|
|
|
Balance of
Profit / Loss Brought Forward From Last Year |
0.000 |
(674.069) |
|
|
|
|
|
Balance Carried
Forward to Balance Sheets |
(178.509) |
(1299.899) |
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. 53.33 |
|
|
1 |
Rs. 86.10 |
|
Euro |
1 |
Rs. 69.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
No |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
No |
|
--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 |
|
27 |
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.