|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA AIA LIFE INSURANCE COMPANY LIMITED (w.e.f. 10.05.2012) |
|
|
|
|
Formerly Known
As : |
TATA AIG LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered Office
: |
Delphi, B Wing, 2nd Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128403 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19535.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2000PLC128403 |
|
|
|
|
IEC No.: |
MUMT07312E |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business
: |
Offering Life and General Insurance. |
|
|
|
|
No. of Employees
: |
5798 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture company by Tata Sons and AIA Group (AIA). It is an established company having satisfactory track record. There
appears some accumulated losses recorded by the company. However, the company
receives good financial support from its group company. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. In view of strong capital base the 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.
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
(91-22-66479000)
LOCATIONS
|
Registered Office / Corporate Office : |
Delphi, B Wing, 2nd Floor, |
|
Tel. No.: |
91-22-66516061 / 66479000 |
|
Fax No.: |
91-22-66550751 / 67024123 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at ·
Ahmedabad ·
Delhi ·
Bangalore ·
Hyderabad ·
Chennai ·
Pune |
DIRECTORS
AS ON 13.08.2012
|
Name : |
Mr. Farrokh Kaikhushru Kavarana |
|
|
Designation : |
Chairman |
|
|
Address : |
CCI Chambers, 5th Floor, Dinshaw Vaccha Road, Mumbai – 400020,
Maharashtra, India |
|
|
Date of Birth/Age : |
17.03.1944 |
|
|
Qualification : |
Fellow of the Institute of Chartered Accounts in England and Wales and
a member of Institute of Chartered Accounts of India MBA from Wharlon School |
|
|
Date of Appointment : |
31.01.2001 |
|
|
DIN No.: |
00027689 |
|
|
|
|
|
|
Name : |
Mr. Ishaat R. Hussain |
|
|
Designation : |
Director |
|
|
Address : |
No. 222, 22nd Floor, ‘B’ Wing, NCPA Residental Complex, Sir
Dorab Tata Road, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
|
Date of Birth/Age : |
02.09.1947 |
|
|
Qualification : |
Fellow of the Institute of Chartered Accounts in England and Wales, Advanced
Management Programme at the Harvard Business School |
|
|
Date of Appointment : |
23.08.2000 |
|
|
DIN No.: |
00027891 |
|
|
|
|
|
|
Name : |
Mr. Pratip Sanjay Kar |
|
|
Designation : |
Director |
|
|
Address : |
1050/1, |
|
|
Date of Birth/Age : |
23.12.1951 |
|
|
Qualification : |
MBA INSEAD, France |
|
|
Date of Appointment : |
14.01.2011 |
|
|
|
|
|
|
Name : |
Mr. Phong Thanh Huynh |
|
|
Designation : |
Director |
|
|
Address : |
Flat C1, 78, Repulse Bay Rd, Repulse Bay HK, Hongkong |
|
|
Date of Birth/Age : |
22.05.1966 |
|
|
Qualification : |
Order of the British Empire (OBE) by Queen Elizabeth II. Qualified
Actuary and a fellow of the society of actuaries (USA) and the Canadian Institute
of Actuaries |
|
|
Date of Appointment : |
21.02.2011 |
|
|
|
|
|
|
Name : |
Mr. Jaanki Ballabh |
|
|
Designation : |
Director |
|
|
Address : |
Flat No. 605, Versova Vinayak CHS, Near Versova Telephone Exchange, versova
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
|
Date of Birth/Age : |
24.10.1942 |
|
|
Qualification : |
M.Com, Certified Associate of Indian Institute of Bankers (CAIB) |
|
|
Date of Appointment : |
20.04.2007 |
|
|
DIN No.: |
00011206 |
|
|
|
|
|
|
Name : |
Mr. Suresh Mahalingam |
|
|
Designation : |
Managing Director |
|
|
Address : |
8A, Godrej Waldorf, Opposite Millat Nagar, Near Samarth Ashish,
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
|
Date of Birth/Age : |
17.02.1962 |
|
|
Qualification : |
B. Com, University of Madras, Post gradutate Degree in international
Management from IMI New Delhi. |
|
|
Date of Appointment : |
01.06.2009 |
|
|
DIN No.: |
01781730 |
|
|
|
|
|
|
Name : |
Mr. Homi Rustam Khusrokhan |
|
|
Designation : |
Additional Director |
|
|
Address : |
No. 10, Mayfair House, 4th Floor, Little Gibbs Road,
Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
|
Date of Birth/Age : |
15.12.1943 |
|
|
Qualification : |
B.Com, F.C.A.M., Sc (Economics), Chartered Accountant |
|
|
Date of Appointment : |
14.10.2009 |
|
|
DIN No.: |
00005085 |
|
|
|
|
|
|
Name : |
Mr. Kishor Anant Chaukar |
|
|
Designation : |
Additional Director |
|
|
Address : |
72, A, NCPA Apartment, 7th Floor, Dorabji Tata Road, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
|
Date of Birth/Age : |
01.08.1947 |
|
|
Qualification : |
BA (Economics) Karnataka University, PGDBM – IIM –Ahmedabad, DEA-
Rural Economics University of Dijon France
|
|
|
Date of Appointment : |
14.10.2009 |
|
|
DIN No.: |
00033830 |
|
|
|
|
|
|
Name : |
Mr. Simeon Preston |
|
|
Designation : |
Director |
|
|
Address : |
3, Cornwalla Road, Singapore – 119665, Singapore |
|
|
Date of Birth/Age : |
15.04.1970 |
|
|
Qualification : |
MBA (Distinction), INSEAD, France, M. Sc in Transportation Policy and
Planning, University of New Castle upon Tyne, United Kingdom |
|
|
Date of Appointment : |
11.05.2011 |
|
|
DIN No.: |
03517416 |
|
KEY EXECUTIVES
|
Name : |
Mr. Swaminathan Iyer |
|
Designation : |
Secretary |
|
Address : |
Flat No.302, 3rd Floor, Cascade, B Wing, Vasant Oscar, LBS Marg,
Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Date of Birth/Age : |
15.10.1967 |
|
Date of Appointment : |
20.12.2010 |
|
PAN No.: |
AACPI9939G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tata sons Limited, India |
|
1445589400 |
|
Tata Sons Limited, Jt. Ishaat Hussain, India |
|
100 |
|
Tata Sons Limited, Jt. E. N. Kapadia, India |
|
100 |
|
Tata Sons Limited, Jt. F. N. Subedar, India |
|
100 |
|
Tata Sons Limited, Jt. Manoj Kumar C.V. ,
India |
|
100 |
|
American International Assurance Company
(Bermuda ) Limited, |
|
507910000 |
|
Tata Sons Limited, Jt. Farrokh Kavarana,
India |
|
100 |
|
Tata sons Limited, Jt. Kersi Bhagat, India |
|
100 |
|
Total |
|
1953500000 |
AS ON 13.08.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Offering Life and General Insurance. |
GENERAL INFORMATION
|
No. of Employees : |
5798 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountants |
|
Address : |
16th Floor, Tower II, Indiabulls Financial Centre, S. B .Marg,
Elphistone (West), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AAAFW4298E |
|
|
|
|
Name : |
A.F. Ferguson Associates Chartered Accountant |
|
Address : |
12, |
|
PAN No.: |
AAAFA1448A |
|
|
|
|
Joint Venture : |
Tata Sons And AIA Group Limited (AIA) |
|
|
|
|
Holding Company : |
Tata Sons Limited CIN No.: U99999MH1917PLC00478 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000000 |
Equity Shares |
Rs.10/- each |
Rs.25000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1953500000 |
Equity Shares |
Rs.10/- each |
Rs.19535.000 Millions |
|
|
|
|
|
Note : Share Capital amounting to Rs. 14455.900 millions
(previous year Rs. 14211.700 millions) is held by Tata Sons Limited, the
holding company, including Joint holding with its nominees.
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 |
19535.000 |
19535.000 |
19205.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(12977.561) |
(15580.693) |
(16098.612) |
|
|
5] Credit / (Debit) Fair Value Change Account |
(3.288) |
0.341 |
0.000 |
|
|
NETWORTH |
6554.151 |
3954.648 |
3106.388 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Policyholders Fund |
137829.449 |
121886.912 |
90863.500 |
|
|
|
|
|
|
|
|
TOTAL |
144383.600 |
125841.560 |
93969.888 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
236.149 |
492.942 |
917.758 |
|
|
Capital work-in-progress |
37.709 |
18.557 |
165.033 |
|
|
|
|
|
|
|
|
INVESTMENT |
144876.222 |
126581.056 |
94555.127 |
|
|
DEFERREX TAX ASSETS |
0.000 |
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 |
923.419
|
1397.443
|
1356.909
|
|
|
Other Current Assets |
2515.476
|
1989.318
|
1729.911
|
|
|
Loans & Advances |
1538.577
|
1184.466
|
780.364
|
|
Total
Current Assets |
4977.472
|
4571.227
|
3867.184
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2030.709
|
2081.681
|
2183.947
|
|
|
Other Current Liabilities |
3676.950
|
3676.958
|
3276.498
|
|
|
Provisions |
36.293
|
63.583
|
74.769
|
|
Total
Current Liabilities |
5743.952
|
5822.222
|
5535.214
|
|
|
Net Current Assets |
(766.480)
|
(1250.995)
|
(1668.030)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
144383.600 |
125841.560 |
93969.888 |
|
PROFIT & LOSS
ACCOUNT
Policyholder’s
Account (Technical Account)
|
PARTICULARS |
31.03.2012 |
|
Premiums earned – net |
|
|
(a) Premium |
36303.040 |
|
(b) Reinsurance ceded |
(120.561) |
|
(c) Reinsurance accepted |
0.000 |
|
Sub-total |
36182.479 |
|
|
|
|
Income from investments |
|
|
(a) Interest, Dividend and Rent-Gross (Net of amortisation of Rs.314.245 Millions (Previous year: Rs.179.684 Millions)) |
5606.239 |
|
(b) Profit on sale/redemption of investments |
2733.792 |
|
(c) (Loss) on sale/redemption of investments |
(2451.427) |
|
(d) Transfer/Gain on revaluation/change in fair value* |
(5599.568) |
|
|
|
|
Other Income |
|
|
(a) Interest on over due Premium |
16.902 |
|
(b) Interest on Policy loan |
85.374 |
|
(c) Fees and charges |
(543.402) |
|
(d) Exchange fluctuation gain |
0.000 |
|
(e) Contribution from Shareholders' Account |
72.548 |
|
(f) Miscellaneous Income |
91.480 |
|
Sub-total |
11.938 |
|
|
|
|
TOTAL (A) |
36194.417 |
|
|
|
|
Commission |
1419.821 |
|
|
|
|
Operating Expenses related to Insurance Business |
7601.911 |
|
|
|
|
Provision for doubtful debts |
38.287 |
|
Bad debts written off |
0.000 |
|
Provision for Tax |
0.000 |
|
Provisions (other than taxation) |
|
|
(a) For diminution in the value of investments (Net) |
0.000 |
|
(b) Others |
0.000 |
|
|
|
|
TOTAL(B) |
9060.019 |
|
|
|
|
Benefits paid (Net) |
10051.759 |
|
Interim Bonuses paid |
0.000 |
|
Change in valuation of liability in respect of life policies |
|
|
(a) Gross** (Refer Notes A.6 and B.2 of Schedule 16) |
7901.076 |
|
(b) Amount ceded in Reinsurance |
(11.304) |
|
(c) Amount accepted in Reinsurance |
0.000 |
|
|
|
|
Transfer to Linked Fund (Net) |
6785.594 |
|
|
|
|
TOTAL (C) |
24727.125 |
|
|
|
|
SURPLUS/(DEFICTT)
[(D)=(A)-{B)-(C)] |
2407.273 |
|
|
|
|
Transfer from Linked fund (Lapsed Policies) |
271.852 |
|
|
|
|
Funds available for
Appropriation (E) |
2679.125 |
|
|
|
|
APPROPRIATIONS |
|
|
Transfer to Shareholders' Account |
2304.543 |
|
Transfer to Other Reserves |
0.000 |
|
Balance being Funds for Future Appropriation |
374.582 |
|
|
|
|
TOTAL (E) |
3679.125 |
|
|
|
|
Funds for Future
Appropriation |
|
|
Opening Balance at the beginning of the year |
1935.964 |
|
Current year Appropriations |
374.582 |
|
Closing Balance Carried Forward to the Balance Sheet |
2310.546 |
|
|
|
|
The total surplus shall be disclosed seperately with the following details: |
|
|
(a) Interim Bonuses Paid |
0.000 |
|
(b) Allocation of Bonus to Policyholders (Refer Note B.19 of Schedule 16) |
802.717 |
|
(c) Surplus shown in the Revenue Account |
2407.273 |
|
(d) Total Surplus [(a)+(b)+(c)] |
3209.990 |
* Represents the deemed realised gain as per norms specified by the Authority
** Represents Mathematical Reserves after allocation of bonus.
Shareholder’s
Account (Non-Technical Account)
|
PARTICULARS |
31.03.2012 |
|
|
|
|
Amount transferred from the Policyholders' Account (Technical Account) |
2304.543 |
|
Income from Investments |
|
|
(a) Interest, Dividend and Rent-Gross (Net of amortisation Rs.46.390 Millions (Previous Year: Rs.31.621 Millions)) |
416.178 |
|
(b) Profit on sale/redemption of investments |
1.625 |
|
(c) (Loss) on sale/redemption of investments |
(0.640) |
|
|
|
|
Other Income |
|
|
Miscellaneous Income |
0.000 |
|
|
|
|
TOTAL (A) |
2721.706 |
|
|
|
|
Expenses other than those directly related to the insurance business |
|
|
(a) Donations |
0.004 |
|
(b) Other expenses |
|
|
(i) Employees' remuneration and welfare benefits |
25.078 |
|
(ii) Legal and Notarial Fees |
0.000 |
|
(iii) Preliminary Expenses Written off |
0.000 |
|
(iv) Miscellaneous expenses |
20.944 |
|
|
|
|
Bad debts Witten off |
0.000 |
|
|
|
|
Provisions (other than Taxation) |
|
|
(a) For diminution in the value of investments (Net) |
0.000 |
|
(b) Provision for doubtful debts |
0.000 |
|
(c) Others |
0.000 |
|
Contribution to the Policyholders' Fund |
72.548 |
|
|
|
|
TOTAL(B) |
118.574 |
|
|
|
|
Profit/(Loss) before tax |
2603.132 |
|
Provision for taxation |
0.000 |
|
Profit/(Loss) after tax |
2603.132 |
|
APPROPRIATIONS |
|
|
Balance at the beginning of the year |
(15580.693) |
|
(b) Interim dividends paid during the year |
0.000 |
|
(c) Proposed final dividend |
0.000 |
|
(d) Dividend distribution on tax |
0.000 |
|
(e) Transfer to reserves/other accounts |
0.000 |
|
|
|
|
Profit/(Loss) carried forward to the Balance Sheet |
(12977.561) |
|
|
|
|
EARNING PER SHARE |
|
|
Basic and Diluted (Face Value Rs.10/- per share) |
1.33 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
39728.662 |
34815.564 |
|
|
|
Other Income |
|
10531.478 |
25992.300 |
|
|
|
TOTAL (A) |
|
50260.140 |
60807.864 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salaries, wages and bonus |
|
4126.858 |
4375.109 |
|
|
|
Managerial remuneration |
|
25.831 |
21.888 |
|
|
|
Payment to auditors |
|
3.496 |
3.590 |
|
|
|
Other Expenditure |
|
44879.911 |
59533.184 |
|
|
|
TOTAL (B) |
|
49036.096 |
63933.771 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1224.044 |
(3125.907) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
70.072 |
70.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1153.972 |
(3195.939) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
636.053 |
804.184 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
517.919 |
(4000.123) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
517.919 |
(4000.123) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(15580.693) |
(16098.612) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(16098.612) |
(12098.489) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.27 |
(2.48) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.03
|
(6.57)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.30
|
(11.48)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
49.93
|
10.22
|
(83.59)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.13
|
(1.28)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
1.47
|
1.78
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
0.78
|
0.69
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors |
2030.709
|
2081.681
|
2183.947
|
|
|
|
|
|
|
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 |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
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 |
NOTE:
The registered office address of the company has been shifted from
TATA AIG LIFE
BECOMES TATA AIA LIFE
Tata
AIG was set up in 2001 as a joint venture between the Indian conglomerate Tata
Group and AIG. Tata Sons has 74 per cent stake in the JV, while the remaining
26 per cent share is held by AIA, in which AIG had a controlling stake earlier.
AIA separated from the group in 2009 after it.
INDUSTRY OVERVIEW
The year 2011*12 saw continued reduction in growth In new business. The New Business Premium (NBP) in the industry reduced by S% over the pervious year. The gross Value of New Business (VONB) excluding expense overrun were in the range of 15% to 17%. Active Regulatory oversight continued across various aspects of the business with increased scrutiny of product designs and monitoring of Intermediary payouts. The focus has shifted from investment linked lo traditional plans as expected.
The Company closed the year with new business premium of Rs.9400.000 Millions as against Rs.13320.000 Millions in the previous year. The Company's new business premium market share amongst private players was 3.4% The Group business contributed to 23% of the total new business premium as compared to 16% in the previous year.
The Lire Insurance industry is undergoing a transition from scalability to sustainability, accelerated by the far reaching changes with various Regulatory interventions. The growth potential however remains encouraging since penetration levels are still low. There exists a significant growth opportunity al current savings rate, economic growth will push household incomes higher while life expectancy creates opportunities In pensions, there is a positive shift In the demographic transition.
The medium term growth story of the industry is expected to be in line with GDP growth. With the changing Regulatory landscape, emphasis in the coming years will intensify towards driving productivity improvements, capital efficiency and profitability, higher persistency and improved productivity will be key aspects to achieve these objectives. Expense management discipline will continue to be an important agenda and costs of distribution need to be managed frugally.
FIXED ASSETS:
PRESS RELEASE:
TATA AIA LIFE
REINFORCES VALUES AND FOUNDATIONS IN ITS NEW FILM - 'ADMISSION'
JULY 17, 2012
Tata AIA Life Insurance Company Ltd. (Tata AIA Life) today announces the release of its new Television Commercial "Admission'', reinforcing the importance of Values and Foundations necessary for a secure future.
Tata AIA Life Insurance Company Ltd. (Tata AIA Life) today announces the release of its new Television Commercial "Admission'', reinforcing the importance of Values and Foundations necessary for a secure future. The commercial leverages a strong insight that if the Foundations are strong, the future is protected.
The film is the third in a series of communication campaign reiterating the importance of inculcating strong values and a sound foundation in children by parents.
The film opens in the office of a school Principal, where the Parents have come to seek admission for their son. The Principal throws the parents off-guard by asking, if they have applied in other schools as well. The mother of the child hesitates and is uncertain about what to say. At this point, the father emphatically states that they indeed have applied in three other schools and could not procure an admission any other place. The Principal acknowledges the integrity of the reply and the tension is broken by the Principal directly addressing the child, implying the likelihood of getting the admission.
Announcing the launch of the latest campaign, Vijay Sinha, Senior Vice President and Head of Marketing at Tata AIA Life, said, "Strong values are integrated both in intent and behavior across our organization. In a fast-changing world, we firmly believe that inculcating these Values stand in good stead as the child grows. Like a good Insurance policy, strong Values and Foundations give good returns through Life."
Sagar Mahabaleshwarkar, National Creative Director, Bates, adds, "When you hit upon a good idea, it's always easy to write magical stories around it. This is the third film; after 'Thank You' and 'Touching the feet' idolizing the Brand Philosophy. For 'Admission', the same dynamic team of Juhi Chaturvedi & Shoojit Sircar from the Vicky Donor fame have added their magical touch to bring alive the real life values of honesty & transparency."
Vikrant Ramachandra, Vice President and Head, Brand Marketing said, "A brand must reflect the ideology of its genotype and it has got to be consistent across executions. This third film, in the series, does that. The emphasis across executions has been to portray real and believable situations that are of high concern to parents."
Film Credits
Agency: Bates Asia
· National Creative Director: Sagar Mahabaleshwarkar
· Executive Creative Director: Juhi Chaturvedi
· Film Director: Shoojit Sircar
· Production House: Rising Sun Films
· Account Management: Tiraz Balaporia, Rakesh Varma and Shraddha Tandale
TATA AIA LIFE LAUNCHES A COMPREHENSIVE TERM INSURANCE PLAN - TATA AIA
LIFE INSURANCE MAHA RAKSHA SUPREME
AUGUST 16, 2012
·
Twin protection cover –
Pure Protection and Extra Protection
·
Life Stage Plus feature
offers hassle-free option to increase premium cover
·
Inbuilt Payout
Accelerator Benefit
·
Enhanced protection
through an array of riders
Tata AIA Life Insurance Company (Tata AIG Life)
today announced the launch of its new plan, Tata AIA Life Insurance Maha Raksha
Supreme, a non-linked, non-participating term insurance plan that offers
customers a wide range of life protection options to protect one’s family’s
standard of living (SOL).
Protecting one’s family’s SOL is the primary
objective of a life insurance plan. Adequate life insurance cover ensures that
in case of an unfortunate event, the life insurance proceeds provide the
dependent family with adequate financial income that will enable them to
maintain the same SOL as before.
Tata AIA Insurance Maha Raksha Supreme, with
its two cover options - Pure Protection cover and Extra Protection cover, can
ensure the maintenance of one’s family’s SOL.
·
Pure Protection cover is
the basic form of life insurance, where the nominee will receive the basic sum
assured in the event of the insured’s demise.
·
Extra Protection cover
offers insurance cover, combined with an inbuilt waiver of premium option, and
ensures that in case the insured suffers from total permanent disability, the
future premiums are waived and the policy will continue for life insurance
protection.
·
Besides these options,
there is also an inbuilt Payout Accelerator Benefit, where in case the insured
is diagnosed with a terminal illness and not expected to survive for a period
greater than six months, 50 percent of the chosen basic sum assured is paid to
the insured on diagnosis of the terminal illness. This can help them take care
of any sickness / living expenses or settling any major responsibilities in
their life. The balance 50 percent of the sum assured is payable on death.
Speaking on the launch of the product, Suresh
Mahalingam, managing director, Tata AIA Life, said, “An unfortunate event in
the life of the bread earner of the family may seriously affect the SOL of his
loved ones and burden them with unexpected liabilities. One of the best ways to
avoid such a situation and ensure that the financial need of one’s dependent
family is protected is through a comprehensive term insurance plan. With Tata
AIA Life Insurance Maha Raksha Supreme, our customers will also have the choice
of increasing the cover amount for future milestone events, like marriage and
birth of a child, without going through the hassles of fresh medical
underwriting, by opting for Life Stage Plus option. This feature is a unique
way of protecting your insurance from de-valuing over a period of time.”
Commenting on the occasion, Vijay Sinha,
senior vice president, marketing, product development and agency training, Tata
AIA Life, said, “According to a Swiss Re report, India has a staggering
protection gap of over $6.7 trillion, which is the third largest in
Asia-Pacific. This implies that for every Rs100 that needs to be spent on life
insurance cover, only Rs7.4 is spent in India on insurance and savings put
together, thereby leaving a huge 92.6 percent protection gap overall. Our
latest offering, Tata AIA Life Insurance Maha Raksha Supreme has been designed
to address this staggering protection gap and drive alignment with the
customer’s needs at different stages of their life cycle. Our endeavour shall
be to help our customers and prospects find this gap and take adequate steps to
fill it. The entire focus shall be on helping our clients mind the gap."
Customers can further enhance their cover by
choosing from an array of riders for additional protection by paying an
additional premium. The plan offers rider options like (a) Tata AIA Life
accidental death benefit rider; (b) Tata AIA Life accidental death and
dismemberment (long scale) rider; (c) Tata AIA Life accidental death and
dismemberment (short scale) rider; (d) Tata AIA Life surgical benefit rider
(covering more than 900 surgeries) and (e) Tata AIA Life critical illness lump
sum benefit rider (covering six critical illnesses like cancer, stroke, heart
attack, coronary bypass surgery, chronic renal failure and major organ
transplant).
Tata AIA Life Insurance Maha Raksha Supreme
comes with a minimum sum assured of Rs50 lakh. The plan also offers special
rates for women and non-smokers. There is a high cover discount for policies
with sum assured equal to or more than Rs1 crore. The customers also have the
option of paying for the policy as single premium or regular premiums,
depending on their convenience.
Tata AIA Life Insurance Maha Raksha Supreme is
available to individuals between the ages 18–70 years for the Pure Protection
cover option and ages 18–55 years for the Extra Protection cover option.
Premiums paid under this plan are eligible for tax benefits under Section 80C
and Section 10(10D) of the Income Tax Act, 1961.
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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
45 |
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.