|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Formerly Known
As : |
AMP SANMAR ASSURANCE COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Kopar Khairne,
Navi
Mumbai – 400710, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.05.2001 |
|
|
|
|
Com. Reg. No.: |
11-167089 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.
11963.235 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2001PLC167089 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR22066C/ MUMR10441E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCA1410E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Life Insurance Solutions and Annuity Business. |
|
|
|
|
No. of Employees
: |
Not Available |
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 38000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Reliance Group. It is an established company
having satisfactory track record. There appears some accumulated losses recorded by the company which
seems to be decreasing over year. However, the company gets good support from its parent company.
Profitability of the company seems to be decent. Trade relations are reported to
be fair. Business is active. Payments are reported to be usually correct. In view of strong holdings, the company can be considered normal for
business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been ranked
83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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
|
Name : |
Mr. Sunil Agaewal |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-30002000 |
|
Date : |
20.12.2013 |
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Kopar Khairne,
Navi
Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-30002000 |
|
Fax No.: |
91-22-30002222 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
9th floor/10th floor, Building No. 2, R-Tech Park, Nirlon Compound,
Next to Hub Mall, Behind I- Flex building, Goregaon, (East), Mumbai-400063,
Maharashtra, India |
|
Tel. No.: |
91-22-30002000 |
|
Fax No.: |
91-22-30002222 |
DIRECTORS
As on: 26.08.2013
|
Name : |
Mr. Rajendra Prabhakar Chitale |
|
Designation : |
Director |
|
Address : |
131/B, Tanna Residency Bayview, opposite Siddhi Vinayak Temple, 392,
V.S. Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1961 |
|
Date of Appointment : |
01.12.2009 |
|
DIN No.: |
00015986 |
|
|
|
|
Name : |
Mr. Soumen Ghosh |
|
Designation : |
Director |
|
Address : |
1501, Lodha Aria, 6/207, Tokersey Jivraj Road, Sewree West, Mumbai –
400015, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1959 |
|
Date of Appointment : |
23.04.2008 |
|
DIN No.: |
01262099 |
|
|
|
|
Name : |
Mr. Malay Kumar Ghosh |
|
Designation : |
Director |
|
Address : |
Flat No.701, Argon Building, Zircon Society, Viman Nagar, Pune –
411014, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1959 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
02847277 |
|
|
|
|
Name : |
Mr. Takeshi Furuichi |
|
Designation : |
Director |
|
Address : |
1-3-2-605, Akemi, Urayasu City, Chiba 279-0014, Japan |
|
Date of Birth/Age : |
21.08.1954 |
|
Date of Appointment : |
25.10.2011 |
|
DIN No.: |
03511766 |
|
|
|
|
Name : |
Mr. Upendra Vishwanath Joshi |
|
Designation : |
Director |
|
Address : |
Flat No. AB12, Sankul Condominium, Near Dinanath Mangeshkar Hospital,
Erandawane, Pune – 411004, Maharashtra, India |
|
Date of Birth/Age : |
27.04.1971 |
|
Date of Appointment : |
25.10.2011 |
|
DIN No.: |
02448894 |
|
|
|
|
Name : |
Mr. Amit Bapna |
|
Designation : |
Director |
|
Address : |
1801, 18th Floor, Sumer Trinity Tower-I, New Prabhadevi Road,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1975 |
|
Date of Appointment : |
05.04.2011 |
|
DIN No.: |
00008443 |
|
|
|
|
Name : |
Mr. Anup Velamuri Rau |
|
Designation : |
Director |
|
Address : |
Flat No. 102, Juhu Mamta Co-operative Housing Society, A. B. Nair
Road, Near Juhu Post Office, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
18.11.1973 |
|
Date of Appointment : |
24.01.2013 |
|
DIN No.: |
06511806 |
KEY EXECUTIVES
|
Name : |
Mrs. Puja Mehta |
|
Designation : |
Secretary |
|
Address : |
E-202, Ahraya Apartments, Manish Park, Near Old Petrol Pump House,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1978 |
|
Date of Appointment : |
07.06.2012 |
|
PAN No.: |
AGRPM6690H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
V.R. Mohan |
|
1 |
|
Atul Kumar Tandon |
|
1 |
|
Yogesh Deshpande |
|
1 |
|
Parul Jain |
|
1 |
|
Viscount Management Services Limited, India |
|
311090080 |
|
Reliance Capital Limited, India |
|
571564406 |
|
Nippon Life Insurance Company |
|
311044110 |
|
Reliance Life Insurance Company Employees Benefit Trust |
|
2624900 |
|
|
|
|
|
Total |
|
1196323500 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Bodies corporate |
|
73.78 |
|
Others |
|
0.22 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance Solutions and Annuity Business. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
701, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai –
400059, Maharashtra, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 2012, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
PAN No.: |
AAAFC0662N |
CAPITAL STRUCTURE
As on: 26.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2200000000 |
Equity Shares |
Rs.10/- each |
Rs. 22000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1196323500 |
Equity Shares |
Rs.10/- each |
Rs.
11963.235 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11963.235 |
11963.235 |
11658.449 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.980 |
21980.263 |
19285.040 |
|
|
4] (Accumulated Losses) |
(21617.694) |
(24862.011) |
(28031.566) |
|
|
5] credit/(Debit) / Fair
Value Change account |
(11.323) |
(22.675) |
17.996 |
|
|
NETWORTH |
(9643.802) |
9058.812 |
2929.919 |
|
|
|
|
|
|
|
|
POLICYHOLDERS FUNDS |
|
|
|
|
|
Credit/(Debit) Fair Value Change Account |
(71.991) |
(97.323) |
64.798 |
|
|
Policy Liabilities |
30838.481 |
17757.191 |
9309.590 |
|
|
Insurance Reserves |
-- |
--- |
-- |
|
|
TOTAL BORROWING |
30766.490 |
17659.868 |
9374.388 |
|
|
|
|
|
|
|
|
Provision for linked liabilities |
126328.089 |
157113.331 |
163454.542 |
|
|
Funds for Discontinued Policies |
|
|
|
|
|
i) Discontinued on account of non-payment of premium |
943.587 |
367.100 |
0.440 |
|
|
II) Others |
-- |
-- |
-- |
|
|
TOTAL LINKED
LIABILITIES |
158038.166 |
157480.431 |
163454.982 |
|
|
|
|
|
|
|
|
Funds For Future Appropriation |
|
|
|
|
|
Non-Linked |
564.150 |
495.120 |
539.054 |
|
|
Linked-Provision for lapsed policy not likely to be revived |
602.245 |
1697.435 |
1409.002 |
|
|
TOTAL |
193136.736 |
186391.666 |
177707.345 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
96.476 |
69.603 |
81.340 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
Shareholders |
22742.538 |
9975.585 |
3777.474 |
|
|
Policyholders |
31277.335 |
18512.455 |
9911.206 |
|
|
Assets held to cover linked liabilities
|
127873.921 |
159177.866 |
164863.984 |
|
|
Loans |
334.664 |
317.009 |
307.962 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
2512.672
|
1995.536
|
2722.027
|
|
|
Other Assets |
0.000
|
2781.592
|
1914.009
|
|
|
Loans & Advances |
3816.538 |
163.892 |
142.586 |
|
Total
Current Assets |
6329.210
|
4941.020
|
4778.622
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2709.785
|
3597.398
|
3717.218
|
|
|
Current Liabilities |
13857.774
|
2442.803
|
2296.025
|
|
|
Provisions |
567.543
|
561.671
|
--
|
|
Total
Current Liabilities |
17135.102
|
6601.872
|
6013.243
|
|
|
Net Current Assets |
(10805.892)
|
(1660.852)
|
(1234.621)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
TOTAL |
193136.736 |
186391.666 |
177707.345 |
|
REVENUE ACCOUNT
(Technical Account)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Premium Earned –
Net |
|
|
|
|
a) Premium |
40453.933 |
54976.192 |
65711.464 |
|
b) Reinsurance Ceded |
(300.739) |
(273.739) |
(232.912) |
|
c) Reinsurance accepted |
-- |
-- |
-- |
|
|
|
|
|
|
Income
from investments |
|
|
|
|
a) interest, Dividend and Rent – Gross |
5147.265 |
4357.820 |
4011.926 |
|
b) Profit on sale / Redemption of investments |
9074.648 |
20105.630 |
9477.672 |
|
c) (Loss) on sale / Redemption of investments |
(2866.100) |
(13838.641) |
(2939.680) |
|
d) transfer/Gain (Loss) on revaluation / change in fair value |
2294.151 |
(17820.944) |
4073.731 |
|
e) Amortisation of premium/ discount on investments |
1962.941 |
1786.309 |
450.551 |
|
Transferred from Shareholders fund |
2754.780 |
296.142 |
1658.095 |
|
Other Income (Miscellaneous Income) |
2634.412 |
1025.734 |
520.489 |
|
Sub-Total (A) |
61165.291 |
50614.503 |
82731.336 |
|
Commission |
3261.618 |
3980.337 |
5148.021 |
|
Operating expenses related to insurance business |
12750.628 |
12812.500 |
15627.014 |
|
|
|
|
|
|
Provision for Doubtful debts |
-- |
-- |
-- |
|
Bad debts written off |
-- |
-- |
-- |
|
Provision for tax |
-- |
-- |
-- |
|
Provision (other
than taxation) |
|
|
|
|
a) for diminution in value of investments (net) |
-- |
-- |
-- |
|
b) others |
-- |
-- |
-- |
|
Total (B) |
16012.246 |
16792.837 |
20775.035 |
|
|
|
|
|
|
Benefits paid (Net) |
57832.894 |
27559.657 |
20115.947 |
|
Bonuses Paid |
4.834 |
4.493 |
0.927 |
|
Change in
valuation of liabilities in respect of life policies |
|
|
|
|
a) Gross** |
(17127.465) |
(5418.616) |
36433.030 |
|
b) Amount ceded in Re-insurance |
-- |
-- |
-- |
|
c) Amount accepted in Re-insurance |
-- |
-- |
-- |
|
Total (C) |
40710.263 |
30037.200 |
60994.152 |
|
|
|
|
|
|
Surplus /
(Deficit) (D)= (A)-(B)-(C) |
4442.782 |
3784.466 |
962.149 |
|
Appropriations |
|
|
|
|
Transfer to shareholders account |
5468.942 |
3539.967 |
40.511 |
|
Transfer to other reserves |
-- |
-- |
-- |
|
Balance being funds for future appropriation |
(1026.160) |
244.499 |
921.638 |
|
Total (D) |
4442.782 |
3784.466 |
962.149 |
|
|
|
|
|
|
Funds for future appropriations |
|
|
|
|
Opening balance at the beginning of the year |
2192.552 |
1948.056 |
1026.418 |
|
Add: Current year appropriations |
(1026.160) |
244.499 |
921.638 |
|
|
1166.395 |
2192.555 |
1948.056 |
|
|
|
|
|
|
The break-up for
the surplus is as below :- |
|
|
|
|
a) interim Bonuses paid |
4.834 |
4.493 |
0.927 |
|
b) allocation of bonus to policyholders |
1008.936 |
1119.301 |
683.983 |
|
c) surplus shown in the revenue account |
4442.782 |
3784.466 |
962.149 |
|
Total Surplus
[(a)+(b)+(c)] |
5456.552 |
4908.260 |
1647.059 |
PROFIT & LOSS ACCOUNT
(Non-Technical Account)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Amounts transferred from the Policyholders Account (Technical Account) |
5468.942 |
3539.967 |
40.511 |
|
|
|
|
|
|
Income
from investments |
|
|
|
|
a) interest, Dividend and Rent – Gross |
749.362 |
328.897 |
265.847 |
|
b) Profit on sale / Redemption of investments |
336.147 |
258.239 |
72.946 |
|
c) (Loss) on sale / Redemption of investments |
(4.797) |
(13.721) |
(24.137) |
|
e) Amortisation of premium/ discount on investments |
385.519 |
30.627 |
23.427 |
|
Other Income |
-- |
-- |
-- |
|
Sub-Total (A) |
6935.173 |
604.042 |
338.083 |
|
|
|
|
|
|
Expense other
than those directly related to the insurance business |
|
|
|
|
(a) Salaries and other expenses |
366.221 |
122.154 |
13.409 |
|
(b) Fees for increase in Authorised Share Capital |
-- |
-- |
-- |
|
(c) Wealth Tax |
-- |
-- |
-- |
|
(d) Depreciation |
-- |
-- |
-- |
|
(e) Preliminary Expenses Written Off |
-- |
-- |
-- |
|
Bad debts written off |
-- |
-- |
-- |
|
Transfer to Policyholders' fund |
2764.780 |
296.142 |
1658.095 |
|
Provisions (Other than taxation) |
|
|
|
|
(a) For diminution in the value of investments (Net) |
-- |
-- |
-- |
|
(b) Provision for doubtful debts |
-- |
-- |
-- |
|
(c) Others |
-- |
-- |
-- |
|
Sub-Total (B) |
3131.001 |
418.296 |
1671.504 |
|
Profit / (Loss) before tax |
3804.172 |
3725.713 |
(1292.910) |
|
Provision for Taxation |
-- |
-- |
-- |
|
Profit / (Loss) after tax |
3804.172 |
3725.713 |
(1292.910) |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
(a) Balance at the beginning of the year |
(24862.011) |
(28031.566) |
(26738.656) |
|
(b) Interim dividends paid during the year |
-- |
-- |
-- |
|
(c) Proposed final dividend |
678.529 |
478.529 |
-- |
|
(d) Dividend distribution tax |
81.326 |
77.629 |
-- |
|
(e) Transfer to reserves / other accounts |
-- |
-- |
-- |
|
Profit / (Loss) carried forward to the Balance Sheet |
(21617.694) |
(24862.011) |
(28031.566) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
CASE DETAILS
|
Lodging No.:- |
CPL/227/2013 |
Filing Date:- |
05/04/2013 |
Reg. No.:- |
CP/275/2013 |
Reg. Date:- |
06/05/2013 |
|
Petitioner:- |
SLC ASSURANCE |
Respondent:- |
RELIANCE LIFE INSURANCE COMPANY LIMITED |
|
Petn.Adv.:- |
DISHA KARAMBAR AND ASSOCIATES () |
Resp.Adv.:- |
MULLA AND MULLA CRAIGIE BLUNT AND COMPANY |
|
District:- |
OUTSIDE MAHARASHTRA |
|
|
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|
Next Date:- |
23/01/2014 |
Stage:- |
COMPANY PETITIONS FOR ADMISSION |
|
Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
|
|
|
Last Date:- |
28/11/2013 |
Stage:- |
COMPANY PETITIONS FOR ADMISSION |
|
Last Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
|
|
|
Act :- |
Companies Act and Rules 1956 |
Under Section:- |
433 AND 434 |
Note:
The Registered Office of the company has been shifted from The
Trapezium, 1st Floor, 39, Nelson Manickam Road, Chennai – 600029,
Tamil Nadu, India to the present address w.e.f. 12.12.2006.
BRIEF OVERVIEW
The Company, Reliance Life Insurance Company Limited, was incorporated on as “AMP Sanmar Assurance Company Private Limited” on May 14, 2001 and obtained the Certificate of Registration bearing no. 121 from Insurance Regulatory and Development Authority (IRDA), Hyderabad on January 03, 2002. IRDA has renewed the Company’s licence to carry on the business of life insurance for the year 2013-14.
The Company has completed its seven full year of operations subsequent to the transfer of the ownership and control to Reliance Group (formerly called "Reliance ADA Group”) by way of transfer of equity shares representing 100% of the share capital of the Company by AMP ASAL Pty Limited, Australia, Sanmar Group Management Services Limited and Sanmar Management Services Limited to Reliance Capital Limited ('RCL"), Viscount Management Services Limited (VMSL') and Viscount Management Services Alpha Limited ("VMSAL”) respectively. The name of the Company was changed from 'AMP Sanmar Life Insurance Company Limited" to "Reliance Lie insurance Company Limited' effective 17 January 2006.
AWARDS/
RECOGNITION AT NATIONAL / INTERNATIONAL FORUMS
This year, the company’s quality initiatives were acknowledged and
recognized at national as well as international forums.
The Company won the prestigious "Quality Council of lndia - D.L. Shah National Award on Economics of Quality". The award was presented by Shri Subodh Kant Sahay - Honorable Minister of Tourism, Government of lndia and Shri Arun Maira - Member of Planning Commission, to the Reliance Life Insurance team at the 7th. National Quality conclave of quality council of India in New Delhi on 27th April 2012.
The company was also invited to The Asian Network for Quality Conference" at Hong Kong to present 2 papers (case studies). One of the paper won the prestigious "Best Paper Award" at the conference.
BWR AAA efs: RATING
FROM BRICKWORK
The Company has retained Brickwork Rating BWR AAA efs (Pronounced BWR triple A EWRM and Financial Strength rating) for the Company's Enterprise wide Risk Management (EWRM) and Financial Strength Rating. Brickwork Ratings' 'BWR AAA efs' stands for the Best ONRM capabilities and financial ' strength to meet ongoing policyholder obligations.
INFORMATION SECURITY
CERTIFICATION
ISOIIEC27001 Certification. ISOIIEC is an information security management system (ISMS) standard. ISO/IEC 27001 formally specifies a management system that is intended to bring information security under explicit management control. Organizations that claim to have adopted ISO/IEC 27001 can therefore be formally audited and certified compliant with the standard.
Reliance Life Insurance Company Limited, has been awarded ISO/IEC27001 Certification. ISO/IEC is an information security management system (ISMS) standard. ISOAEC 27001 formally specifies a management system that is intended to bring information security under explicit management control. Organizations that claim to have adopted ISO/IEC 27001 can therefore be formally audited and certified compliant with the standard.
BUSINESS CONTINUITY
PLANNING CERTIFICATION: BS 25999: 2007
BS25999 is the British Standard for Business Continuity Management which establishes a best practice specification for optimizing recovery after a major incident. Following locations sites have been certified as part of the audit scope - Corporate Office (All functions)
· Data Center (DAKC) Office
· Disaster Recovery (DR) Site
· All branches
Note: No Charges Exist for Company
FIXED ASSETS:
·
Goodwill
·
Intangibles (IT Software)
·
Land-Freehold
·
Leasehold Property
·
Buildings
·
Furniture and Fittings
·
Information Technology Equipment
·
Vehicles
·
Office Equipment
·
Work in progress
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. 61.99 |
|
|
1 |
Rs. 101.37 |
|
Euro |
1 |
Rs. 84.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.