|
Report Date : |
24.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor (West Wing), Star House, C-5, G Block, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-174472 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
u66010MH2007PLC174472 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
mums58859d |
|
|
|
|
PAN No.: [Permanent Account No.] |
aalcs3949Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Life insurance
Business. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Bank of India, Union Bank of India
and Dai-Ichi Mutual Life Insurance Company, Japan. It is a well established company having satisfactory track record. There
appears some accumulated losses recorded by the company. However, fundamental
appears to be strong creditworthiness is good. Performance capacity is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting for
more than half of India's output, with only one-third of its labor force. India
has capitalized on its large educated English-speaking population to become a
major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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 DECLINED
Management non co-operative. [91-22-66684571]
LOCATIONS
|
Registered Office : |
3rd Floor (West Wing), Star House, C-5, G Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-39546200 / 66684571 / 66684593 |
|
Fax No.: |
91-22-66684591 |
|
E-Mail : |
brijendra.rana@bankofindia.com |
|
Website : |
|
|
|
|
|
Corporate Office : |
11th Floor, Raghuleela Arcade, IT Park, Sector 30 A, Opposite Vashi
Railway Station, Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
Tel. No.: |
91-22-39546300 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
Located At:
|
DIRECTORS
AS ON 04.09.2012
|
Name : |
Mr. Girish Pandurang Kulkarni |
|
Designation : |
Managing Director |
|
Address : |
22, Dhanishta Apartment, Tarangam Complex, Behind Cadburrys, Thane West,
Thane-400602, Maharashtra, India |
|
Date of Birth/Age : |
03.12.1963 |
|
Date of Appointment : |
12.04.2012 |
|
Din No.: |
01683332 |
|
|
|
|
Name : |
Mr. Subhash Sheoratan Mundra |
|
Designation : |
Director |
|
Address : |
154, A Sealord Apartments, 117, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
|
Date of Birth/Age : |
18.07.1954 |
|
Date of Appointment : |
24.09.2010 |
|
Din No.: |
00979731 |
|
|
|
|
Name : |
Mr. Masaki Hideto |
|
Designation : |
Director |
|
Address : |
403, 21 15, 2 Chome, |
|
Date of Birth/Age : |
25.03.1951 |
|
Date of Appointment : |
14.09.2009 |
|
Din No.: |
02723394 |
|
|
|
|
Name : |
Mr. Atul Kumar Shukla |
|
Designation : |
Director |
|
Address : |
2310, 12 Samarth Aangan, Indradarshan Sector, Off Walawalkkar Marg,
Oshiwara, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1946 |
|
Date of Appointment : |
27.04.2011 |
|
Din No.: |
00121601 |
|
|
|
|
Name : |
Mr. Chandran Thumparampil Nair |
|
Designation : |
Director |
|
Address : |
Flat 201, C Wing, Preeti CHS, Kanti Nagar, Off J.B. Nagar, Andheri
(East), Mumbai-400059, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1947 |
|
Date of Appointment : |
27.04.2011 |
|
Din No.: |
02689698 |
|
|
|
|
Name : |
Mr. Raghavan M. Srinivasan |
|
Designation : |
Director |
|
Address : |
C-004, Shanaz, 90, Napean Sea Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1955 |
|
Date of Appointment : |
30.04.2012 |
|
Din No.: |
05236790 |
|
|
|
|
Name : |
Mr. Pawan Kumar Bajaj |
|
Designation : |
Director |
|
Address : |
B3/113 C, Keshav Puram, Tri Nagar, Delhi-110035, India |
|
Date of Birth/Age : |
21.09.1958 |
|
Date of Appointment : |
30.04.2012 |
|
Din No.: |
03291906 |
|
|
|
|
Name : |
Aranarayanan A Sankaran Radhamangalam |
|
Designation : |
Director |
|
Address : |
Flat No. 4, Pushpa Kunj, Behind National College, 37th Road,
Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
23.01.1960 |
|
Date of Appointment : |
30.04.2012 |
|
Din No.: |
05230407 |
|
|
|
|
Name : |
Yoshio Takeyama |
|
Designation : |
Director |
|
Address : |
2100-11, Chigasaki City, Kangawa Prefecture, Japan |
|
Date of Birth/Age : |
11.02.1954 |
|
Date of Appointment : |
30.04.2012 |
|
Din No.: |
05252445 |
|
|
|
|
Name : |
Debarata Purnendu Sarkar |
|
Designation : |
Director |
|
Address : |
Flat No. 32-A, Meherina NR, Simla House, Napean Sea Road,
Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
03.11.1953 |
|
Date of Appointment : |
06.06.2012 |
|
Din No.: |
02502618 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Kumar |
|
Designation : |
Secretary |
|
Address : |
PH-7, 13th Floor, B-Wing, Maruti Paradise, Sector 15, CBD
Belapur, Navi Mumbai-400614, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1973 |
|
Date of Appointment : |
08.02.2012 |
|
Pan No.: |
ANLPK8950H |
|
|
|
|
Name : |
Mr. Pawan K Verma |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Kamalji Sahay |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Saurabh Mishra |
|
Designation : |
Chief Marketing and Distribution Officer |
|
|
|
|
Name : |
Mr. G. Saikumar |
|
Designation : |
Vice President [Finance
Controller] |
|
|
|
|
Name : |
Mr. Kazuho Kumano |
|
Designation : |
Vice President [Financial Planning
Analysis and Budgeting] |
|
|
|
|
Name : |
Mr. M. Nakamura |
|
Designation : |
Dy. Chief Executive Officer / Chief Financial Officer |
|
|
|
|
Name : |
Mr. G.V. Ramana |
|
Designation : |
Vice President [Distribution] |
|
|
|
|
Name : |
Mr. Sanjay Dhavalikar |
|
Designation : |
Vice President [Operations and
Customer Service] |
|
|
|
|
Name : |
Mr. Y. Venkata Rao |
|
Designation : |
Vice President [Investment] |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bank of India, India |
|
119999998 |
|
Union Bank of India, India |
|
64999999 |
|
Rana Vir Singh Brijendra |
|
1 |
|
The Dai-Ichi Mutual Life Insurance Company, Japan |
|
64999999 |
|
Ramaswami Narasu Polur |
|
1 |
|
Vivek Jayawant Mhatre |
|
1 |
|
Nakamura Masakazu |
|
1 |
|
|
|
|
|
TOTAL
|
|
250000000 |
AS ON 04.09.2012
|
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 |
|
Nationalized
or other banks |
|
74.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Life insurance
Business. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
·
Bank of India ·
Union Bank of India ·
Aryavrat Gramin Bank ·
Narmada Malwa Gramin Bank ·
Baitarani Gramya Bank ·
Kasha Gomti Samyut Gramin Bank ·
Rewa Sidhi Gramin Bank ·
Jharkhand Gramin Bank ·
Wainganga Krishna Gramin Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mukund M. Chitale Chartered Accountants |
|
Address : |
205, Agarwal Shyamkamal A, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
|
PAN No: |
AAAFM2030L |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 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 |
2500.000 |
2500.000 |
2500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1700.000 |
1700.000 |
1700.000 |
|
|
4] Credit/ Debit Fair Value Charge Account |
(8.850) |
(0.699) |
4.793 |
|
|
5] (Accumulated Losses) |
(949.452) |
(693.479) |
(410.566) |
|
|
NETWORTH |
3241.698 |
3505.822 |
3794.227 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Credit/ Debit Fair Value Change Account |
2.279 |
1.373 |
0.523 |
|
|
2] Policy Liability |
7006.733 |
2533.653 |
431.299 |
|
|
3] Surrendered Policies Fund Liabilities |
9.990 |
5.011 |
0.000 |
|
|
4] Provision for Linked Liabilities |
18707.193 |
11736.908 |
4847.441 |
|
|
TOTAL BORROWING |
25726.195 |
14276.945 |
5279.263 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
28967.893 |
17782.767 |
9073.490 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
274.991 |
176.677 |
206.179 |
|
|
SHAREHOLDERS |
2584.803 |
3439.433 |
3536.867 |
|
|
|
|
|
|
|
|
ASSETS HELD TO COVER INKED LIABILITIES |
18707.271 |
11736.956 |
4847.441 |
|
|
POLICYHOLDERS |
6521.643 |
2291.342 |
360.530 |
|
|
LOANS |
0.191 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1397.638
|
1322.448
|
1164.878
|
|
|
Other Current Assets |
915.284
|
497.627
|
297.741
|
|
|
Loans & Advances |
71.417
|
56.697
|
44.093
|
|
Total
Current Assets |
2384.339
|
1876.772
|
1506.712
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
238.502
|
73.559
|
71.071
|
|
|
Other Current Liabilities |
1551.071
|
1690.599
|
1294.931
|
|
|
Provisions |
3.755
|
1.243
|
18.237
|
|
Total
Current Liabilities |
1793.328
|
1765.401
|
1384.239
|
|
|
Net Current Assets |
591.011
|
111.371
|
122.473
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
DEBIT BALANCE OF REVENUE ACCOUNT |
287.983 |
26.988 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
28967.893 |
17782.767 |
9073.490 |
|
REVENUE ACCOUNT
POLICYHOLDERS
ACCOUNT [TECHNICAL ACCOUNT]
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Premium Earned
Net |
|
|
|
|
Premium |
12719.464 |
9333.098 |
5303.724 |
|
Reinsurance Earned |
(14.190) |
(7.532) |
(2.790) |
|
Reinsurance Accepted |
0.000 |
0.000 |
0.000 |
|
Income From
Investment |
|
|
|
|
Interest, Dividend and Rent (Net of Amortization) |
812.335 |
319.658 |
73.120 |
|
Profit on Sale / Redemption of Investment |
441.332 |
269.181 |
105.566 |
|
Loss on Sale / Redemption of Investment |
(436.712) |
(155.416) |
(18.257) |
|
Transfer / Gain on Revaluation / Charge in Fair Value |
0.000 |
0.000 |
0.000 |
|
Unrealsed Gain / (Loss) |
(553.027) |
240.942 |
147.613 |
|
Appropriation and Expropriation |
0.000 |
9.849 |
8.671 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Contribution from Shareholders Account |
0.000 |
0.000 |
0.000 |
|
Fees and Charges |
0.000 |
0.000 |
0.000 |
|
Miscellaneous Income |
31.435 |
45.493 |
0.000 |
|
Total |
13000.637 |
10055.273 |
5616.647 |
|
|
|
|
|
|
Commission |
513.688 |
401.869 |
392.844 |
|
Operating Expenses related to Insurance Business |
1540.697 |
1054.057 |
663.450 |
|
Provision for Doubtful Debts |
0.000 |
0.000 |
0.000 |
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
Provision for Tax (Fringe Benefit Tax) |
0.000 |
0.000 |
0.000 |
|
Provision (Other than taxation) |
0.000 |
0.000 |
0.000 |
|
For diminution in the value of Investment |
0.000 |
0.000 |
0.000 |
|
Other |
0.000 |
0.000 |
0.000 |
|
Total |
2054.385 |
1455.926 |
1056.802 |
|
|
|
|
|
|
Benefit Paid (Net) |
162.620 |
70.061 |
13.190 |
|
Interim Bonus Paid |
0.000 |
0.000 |
0.000 |
|
Change in
valuation of liability in respect of life policies |
|
|
|
|
Gross |
4514.195 |
2133.282 |
387.911 |
|
Amount ceded in Reinsurance |
(36.134) |
(28.138) |
(2.790) |
|
Amount accepted in Reinsurance |
0.000 |
0.000 |
0.000 |
|
Transfer to Linked Funds |
6970.285 |
6889.466 |
4502.556 |
|
Total |
11610.966 |
9065.471 |
4900.874 |
|
Surplus (Deficits) |
(664.714) |
(466.124) |
(340.529) |
|
Appropriation |
|
|
|
|
Transfer to shareholders accounts |
(403.719) |
(439.136) |
(340.529) |
|
Transfer to balance sheet |
(260.995) |
(26.988) |
0.000 |
|
Balance being funds for future appropriation |
0.000 |
0.000 |
0.000 |
|
Total |
(664.714) |
(466.124) |
(340.529) |
|
Details of Total Surplus |
|
|
|
|
Interim Bonus Paid |
0.000 |
0.000 |
0.000 |
|
Allocation of Bonus to Policyholders |
0.000 |
0.000 |
0.000 |
|
Surplus Shown in Revenue Account |
(664.714) |
(466.124) |
(340.529) |
|
Total Surplus |
(664.714) |
(466.124) |
(340.529) |
PROFIT & LOSS
ACCOUNT
SHAREHOLDERS
ACCOUNT [NON-TECHNICAL ACCOUNT]
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Interest, Dividend and Rent – Gross |
246.365 |
260.282 |
200.001 |
|
|
|
Amounts Transferred from the Policyholders
Account |
0.000 |
(439.136) |
(340.529) |
|
|
|
Profit on Sales/redemption of Investments |
20.173 |
37.695 |
69.691 |
|
|
|
Loss on Sale/redemption of Investments |
(11.605) |
(7.150) |
(12.493) |
|
|
|
Other Income |
1.259 |
5.411 |
0.000 |
|
|
|
TOTAL |
(147.527) |
(142.898) |
(83.330) |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expense Other than those directly related to the Insurance Business |
106.177 |
136.541 |
117.287 |
|
|
|
TOTAL |
106.177 |
136.541 |
117.287 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(253.704) |
(279.439) |
(200.617) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.269 |
3.474 |
13.422 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(255.973) |
(282.913) |
(214.039) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(693.479) |
(410.566) |
(196.527) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(949.452) |
(693.479) |
(410.566) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.02) |
(1.13) |
(0.96) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(173.51)
|
(197.98)
|
(197.98)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.54)
|
(13.61)
|
(11.71)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.07)
|
(0.05)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.49
|
4.58
|
1.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.06
|
1.09
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
238.502
|
73.559
|
71.071
|
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
Yes |
|
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 |
BACKGROUND:
Subject ('the Company')
a joint venture between Bank of India (48%), Union Bank of India (26%) and The
Dai-Ichi Life Insurance Company Limited, Japan (26%) was incorporated on 25th
September 2007 as a company under the Companies Act, 1956 ('the Act'). The
Company is licensed by the Insurance Regulatory and Development Authority
('IRDA') on 26th December 2008 for carrying on life insurance
business in India.
The Company
commenced Life Insurance Business w.e.f 9th February 2009. The
Company's life insurance business comprises individual life participating,
non-participating Individual, Group business, Annuity and Unit Linked
Individual Life and pension segments. Some of these policies have riders
attached to them such as Accident and Disability Benefits, Critical Illness. These
products are distributed through corporate agents. During the year the company
has launched the Agency Channel on pilot basis for distribution of its
products.
PERFORMANCE HIGHLIGHTS:
The financial year 2011-2012 was third year of
full operations of the company in spite of negative growth in the industry
during the FY 2011-2012, the company has achieved a new business growth of 27%.
The company has achieved 54% growth in number of policies sold and it has
achieved nearly 75% of its premium income through retail business only.
SEGMENTAL PERFORMANCE:
·
The non participating
life group business generated a net surplus of Rs.105.100 Millions in FY
2011-12 as against a loss of Rs.74.300 Millions in FY 2010-11.
·
The non participating
life individual business generated net surplus of Rs.21.000 Millions during the
FY 2011-12 as against the surplus of Rs.4.000 Millions during the FY 2010-11.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Claims, other
than those under policies, not acknowledged as debts* |
7.529 |
0.000 |
|
Statutory demand
liabilities in dispute, not provided for |
3.669 |
8.179 |
|
Claims under
policies not acknowledged as debts |
1.298 |
8.995 |
|
Total |
12.496 |
17.174 |
|
NOTE: * Claims with state/district forum
disclosed to the extent the amounts are ascertainable. |
||
FIXED ASSETS:
· Land
· Buildings
· Furniture and Fixture
· Vehicles
· Office Equipment
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 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 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.55.34 |
|
|
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.