MIRA INFORM REPORT

 

 

Report Date :

11.07.2013

 

IDENTIFICATION DETAILS

 

Name :

LIFE INSURANCE CORPORATION OF INDIA

 

 

Central Office:

Yogakshema, Jeevan Bima Road, Mumbai – 400021, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Year of Establishment:

1956

 

 

Capital Investment / Paid-up Capital :

Rs. 1000.000 Millions

 

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Providing Insurance Services.

 

 

No. of Employees :

115362 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (79)

 

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

 

Maximum Credit Limit :

USD 21220000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is very huge and reputed insurance company. It also supports many financial institutions. It is an established company having fine track record.

 

Trade relations are reported to be trust worthy. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for business dealing 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.

 

 

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 BY

 

Management non co-operative

 

 

LOCATIONS

 

Central Office / Western Zonal Office :

Yogakshema, Jeevan Bima Road, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-66598471/22028307/22839867/66598816

Fax No.:

91-22-22821048/22810699

Website :

http://www.licindia.in

 

 

Divisional Office:

O.S Department, 3rd Floor, East Wing. “Yogakshema”, Jeevan Bima Marg, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-66598000/66599243

Fax No.:

91-22-22024608

 

 

DIRECTORS

 

AS ON 31.03.2012

 

Name :

Mr. D.K. Mehrotra

Designation :

Chairman

 

 

Name :

Mr. Thomas Mathew T.

Designation :

Managing Director

 

 

Name :

Mr. Vijayan T S

Designation :

Managing Director

 

 

Name :

Mr. Sarker Sushobhan

Designation :

Managing Director

 

 

KEY EXECUTIVES

 

Name :

Mrs. Choudhaury S

Designation :

Director (MDC), Mumbai

 

 

Name :

Mr. Roy S K

Designation :

ZM ( I / C ), ZO, Mumbai

 

 

Name :

Mr. Ramachandran Nair R.

Designation :

ED (INSP), CO, Mumbai

 

 

Name :

Mr. Mohanraj N.

Designation :

Chief Executive ( AMC ),Company, Mumbai

 

 

Name :

Mr. Vijayalakshmi D.

Designation :

ED (Personnel), Company, Mumbai

 

 

Name :

Mr. Mitter S. K.

Designation :

MD and CEO (Deputn.), IDBI Trusteeship Services Limited., Mumbai

 

 

Name :

Mrs. Mathew T. T.

Designation :

ED (U/R) / CO, Company, Mumbai

 

 

Name :

Mr. Singh D. D.

Designation :

ZM (I / C), ZO, Chennai

 

 

Name :

Mr. Dash R. R.

Designation :

ZM (I / C), ZO, Kolkata

 

 

Name :

Mr. Sahoo A. K.

Designation :

ZM (I/C), ZO, Hyderabad

 

 

Name :

Mr. Samal B. N.

Designation :

Principal, ZTC, Hyderabad

 

 

Name :

Mrs. Philomina Thomas

Designation :

Principal, ZTC, Gurgaon

 

 

Name :

Mr. Saha K. B.

Designation :

ED (HRD / OD / Corp. Plng), Company,, Mumbai

 

 

Name :

Mr. Sharma V. K.

Designation :

Chief Executive ( HFL ), Corporate Office, Mumbai

 

 

Name :

Mr. Manickam V.

Designation :

Chief Executive (PENF),  Company,  Mumbai

 

 

Name :

Mr. Hariharan S.

Designation :

Additional Director(PENF), Company, MUMBAI

 

 

Name :

Mr. Manivannan B.

Designation :

ED (PERS), CO, Mumbai

 

 

Name :

Mrs. Sangwan Usha

Designation :

ED (DMKT ) , CO , Mumbai

 

 

Name :

Mr. Mainak S. B.

Designation :

ED (INVO.), CO, Mumbai

 

 

Name :

Mr. Singh A. P.

Designation :

ZM (I/C), ZO, Bhopal

 

 

Name :

Mr. Kandwal Rajesh

Designation :

ED ( E and OS/SBUE), Company, Mumbai

 

 

Name :

Mr. Rathi S. C.

Designation :

ED (AUDIT), Company, Mumbai

 

 

Name :

Mr. Tarafdar D.

Designation :

Principal, ZTC, Kolkata

 

 

Name :

Mr. Bhargava H.

Designation :

ED (MIns.), Company, Mumbai

 

 

Name :

Mr. Sathe N. B.

Designation :

ZM (I/C), ZO, Delhi

 

 

Name :

Mr. Amit Yadav

Designation :

ED (Engg.), Company, Mumbai

 

 

Name :

Mr. Venugopal B.

Designation :

ED (IT - Software Development), Company, Mumbai

 

 

Name :

Mr. Sah V.

Designation :

ZM (I/C), ZO, Patna

 

 

Name :

Mr. Srivastava S.

Designation :

Secy.genl.(III),Company, Mumbai

 

 

Name :

Mr. Ticku Dilip

Designation :

Principal ( ZTC ) , Bhopal

 

 

Name :

Mr. Kukreja V. K.

Designation :

ED ( F and A ) , Company, Mumbai

 

 

Name :

Mr. Mishra H. C.

Designation :

Chief Executive, (Care ), Company, Mumbai

 

 

Name :

Mr. Rath P. K.

Designation :

Director ( I I I ), Company, Mumbai (INS. Academy)

 

 

Name :

Kum. Dikhale S. S.

Designation :

ED (RTI/NPRJ), Company, Mumbai

 

 

Name :

Mrs.. Sharma Sunita

Designation :

ED ( P and GS ), Company, Mumbai

 

 

Name :

Mr. Taunk M. K.

Designation :

FM, NIA, Pune

 

 

Name :

Mrs.. Bhattacharya R.

Designation :

ED ( IT/BPR), Company, Mumbai

 

 

Name :

Mr. Kabui T. T.

Designation :

Principal, ZTC, Agra

 

 

Name :

Mr. Shinde R. G.

Designation :

Principal, ZTC, Akurdi

 

 

Name :

Kum. Bodra Poonam

Designation :

Principal, ZTC, Jamshedpur

 

 

Name :

Mr. Ganesh K.

Designation :

ED (CRM), Company, Mumbai

 

 

Name :

Mr. Mishra N.

Designation :

ED (CLIA), Company, Mumbai

 

 

Name :

Mr. Kumar M. R.

Designation :

ZM (I/C) , ZO, Kanpur

 

 

Name :

Mr. Anand Vipin

Designation :

ED (CC), Company, Mumbai

 

 

Name :

Mr. Bhatia A .C.

Designation :

CE (Engg.), ZO, Delhi

 

 

Name :

Mr. Bhattacharya S.N

Designation :

Chief (MBAC), Company, Mumbai

 

 

Name :

Mr. Thangavel S.

Designation :

CE (Engg.), Company, Mumbai

 

 

Name :

Mr. Banerjee D. K.

Designation :

CE ( Engg.) , ZO, Mumbai

 

 

Name :

Mr. Karmakar P. K.

Designation :

RM (Mktg.), ZO, Bhopal

 

 

Name :

Mr. Balakrishnan M. R.

Designation :

Chief (Bd/S), Company, Mumbai

 

 

Name :

Mr. Agarwal Niraj

Designation :

RM ( CRM ), ZO, Delhi

 

 

Name :

Mr. Datta R. C.

Designation :

General Manager (AMC), Company, Mumbai

 

 

Name :

Mr. Das D.

Designation :

RM (OS), ZO, Kolkata

 

 

Name :

Mr. Chawla N. P.

Designation :

RM (Mktg.), ZO, Kanpur

 

 

Name :

Mr. Sathya Kumar V.

Designation :

RM (Mktg.), ZO, Hyderabad

 

 

Name :

Mr. Sudarsan R.

Designation :

RM (CRM), ZO, Chennai

 

 

Name :

Mr. Suseel Kumar T. C.

Designation :

Chief (Mktg),Company, Mumbai

 

 

Name :

Mr. Gupta Mukesh Kumar

Designation :

RM (Mktg.), ZO, Mumbai (Ahmedabad)

 

 

Name :

Mr. Raj Kumar

Designation :

Chief (CRM), Company, Mumbai

 

 

Name :

Mr. Shashikumar H. S.

Designation :

Chief (SBUE), Company, Mumbai

 

 

Name :

Mr. Kutumbe P. H.

Designation :

Chief (P and GS), Company, Mumbai

 

 

Name :

Mr. Bandopadhyay S.

Designation :

Chief (INVO), Company, Mumbai

 

 

Name :

Mr. Ravichandran R.

Designation :

RM (E and OS), ZO, Chennai

 

 

Name :

Mr. Thamodharan R.

Designation :

MD and CEO, Bahrain

 

 

Name :

Mr. Chandrasekaran V.

Designation :

General Manager (AMC), Company, Mumbai

 

 

Name :

Mr. Chakraborti Amitava

Designation :

CE (Engg.), ZO, Kolkata

 

 

Name :

Mr. Prasad Ravishankar

Designation :

RM (Mktg), ZO, Mumbai

 

 

Name :

Mr. Kunnel Prem

Designation :

Chief IRDA, Hyderabad

 

 

Name :

Mr. Saxena V. K.

Designation :

CE (Engg.), ZO, Kanpur

 

 

Name :

Kum. Kiran Sahdev

Designation :

RM (P and IR), ZO, Delhi

 

 

Name :

Mr. Hariharan C.

Designation :

CE(Engg.), ZO, Hyderabad

 

 

Name :

Mr. Chaudhary Ravi

Designation :

General Manager (HFL.) ZO, Mumbai

 

 

Name :

Mr. Das S. K.

Designation :

RM (P and IR.) ZO, Kolkata

 

 

Name :

Mr. Nallakuttalam S.

Designation :

C.V.O,GIC, Mumbai

 

 

Name :

Mr. Satyanandam P.

Designation :

RM (E and OS), ZO, Hyderabad

 

 

Name :

Mrs. Kurup H. L.

Designation :

Chief ( P and GS ), ZO ,Mumbai

 

 

Name :

Mr. Venugopal P.

Designation :

Chief (INVO), Company, Mumbai

 

 

Name :

Mr. Nagnyal K. S.

Designation :

RM (OS.), ZO, Delhi

 

 

Name :

Mr. Vikas Rao C.

Designation :

RM (Mktg), ZO, Banglore

 

 

Name :

Mr. Sitharthan T.

Designation :

RM (Mktg) , ZO, Chennai

 

 

Name :

Mr. Dharmakumar E.

Designation :

CE (Engg.), ZO, Patna

 

 

Name :

Mr. Ramanarao S. V.

Designation :

RM (Est), ZO, Kolkata

 

 

Name :

Mr. Biswas B. C.

Designation :

RM (P and IR), ZO, Patna

 

 

Name :

Kum. Padmaja Bhaskaran

Designation :

RM (E and OS), ZO, Bhopal

 

 

Name :

Mr. Sood R. K.

Designation :

RM (CRM), ZO, Kanpur

 

 

Name :

Mr. Pal Mohinder

Designation :

RM (E and OS), ZO, Kanpur

 

 

Name :

Mr. Rakesh Kumar

Designation :

RM (E st), ZO, Delhi

 

 

Name :

Mr. Vijayaraghavan V.

Designation :

RM (CRM), ZO, Kolkata

 

 

Name :

Mr. Sanjeev Kumar

Designation :

RM (CRM), ZO, Bhopal

 

 

Name :

Mr. Singhal K. K.

Designation :

Chief (Invm) Company, Mumbai

 

 

Name :

Mr. Prabhat S.

Designation :

RM (Mktg.), ZO, Delhi

 

 

Name :

Mr. Chawla G. S.

Designation :

Chief, (IT/SD) Company, Mumbai

 

 

Name :

Mr. Kumar Rakesh

Designation :

RM(Mktg.), ZO, Patna

 

 

Name :

Mrs.. Nalini M. Ratnam

Designation :

RM, (P and IR), ZO, Kanpur

 

 

Name :

Mr. Pangtey Dinesh K.

Designation :

RM(Est.), ZO, Mumbai

 

 

Name :

Mr. Mohanty D. P.

Designation :

RM(P and IR), ZO, Kolkata

 

 

Name :

Mr. Chaturvedi R.

Designation :

General Manager (HFL), Company, Mumbai

 

 

Name :

Mr. Singh S. C.

Designation :

CE (Card), Company, Delhi

 

 

Name :

Mr. Rajivan Nair K.

Designation :

RM (CRM), ZO, Mumbai

 

 

Name :

Mr. Anil Kumar J.

Designation :

General Manager (FGN), Rep. Off., Singapore

 

 

Name :

Mr. Jain P. K.

Designation :

RM (CRM / E and OS), ZO, Patna

 

 

Name :

Mr. Molri P. K.

Designation :

Chief (F and A), Company, Mumbai

 

 

Name :

Mr. Koteswara Rao P.

Designation :

General Manager (HFL), Company, Mumbai

 

 

Name :

Mrs. Kulkarni M. J.

Designation :

Chief (I/C) (Actl/ ACGC), Company, Mumbai

 

 

Name :

Mrs. Hindoyar Tarni Shilla

Designation :

RM (OS), ZO, Mumbai

 

 

Name :

Mr. Raju Upadhyay

Designation :

Chief Arch (Engg), Company, Mumbai

 

 

Name :

Mrs. Sarkhel M

Designation :

Chief (HRDT), Company, Mumbai

 

 

Name :

Mrs. Jain Renu

Designation :

Chief (HINS), Company, Hyderabad

 

 

Name :

Mrs. Jayshree A. S.

Designation :

RM (P and IR), ZO, Bhopal

 

 

Name :

Mr. Ravichandran M.

Designation :

RM (P and IR), ZO, Hyderabad

 

 

Name :

Mr. Rajasekhar S.

Designation :

RM (CRM), ZO, Hyderabad

 

 

Name :

Mr. Sinha N. P.

Designation :

RM (P and IR), ZO, Chennai

 

 

Name :

Mr. Mendiratta T. R.

Designation :

Chief (Per.), Company, Mumbai

 

 

Name :

Mr. Varama M. M. L.

Designation :

Chief (SBA), Company, Mumbai

 

 

Name :

Mr. Mohanty S.

Designation :

Chief (Legal), Company, Mumbai

 

 

Name :

Mrs. Ipe Mini

Designation :

RM (P and IR), ZO, Mumbai

 

 

Name :

Mr. Masil Jayamohan P.

Designation :

Chief (Invo), CO, Mumbai

 

 

Name :

Mr. Rajivan Nair K.

Designation :

RM (CRM), ZO, Mumbai

 

 

CENTRAL ZONE:
  • Mr. D K Mehrotra, Chairman
  • Mrs.Chitra Sharma
  • Dr. Alphanse Tirkey
  • Mr. Arvind Agrawal
  • Mr. Sandeep Jain
  • Dr. Rajesh Mahobia
  • Mr. Santosh Tanwani
  • Mr. Anuj Singh
  • Mr. Pankaj Kumar Nigam
  • Mr. A.P.Singh, Zonal Manager, (Ex Officio Member)

 

 

EASTERN ZONE:
  • Mr. D.K. Mehrotra, Chairman
  • Mr. Ranjan K. Mohanty
  • Mr. Jaygopal Ray
  • Smt Reena Sengupta
  • Dr. Prateep Kumar Basu
  • Mr. Vivekananda Tripathi
  • Dr. Herombo Uzir
  • Dr. Bijoy Chandra Sarma
  • Mr. Arup Jyothi Mazumdar
  • Mr. Narayan C. Mazumdar
  • Dr. Subir Mazumdar
  • Mr. S.K.Roy, Zonal Manager, (Ex Officio Member).

 

 

EAST CENTRAL ZONE:
  • Mr. D.K. Mehrotra, Chairman
  • Dr. Renu Ranjan
  • Mr. Patrick Minz
  • Dr. Loknath Acharya
  • Dr. Ashwini Kumar Suman
  • Mr. Bimal Kinkar Mohanty
  • Mr. Golak Bihar Nath
  • Mr. Ravi Prakash Sah
  • Mr. Vijay Chandralal Karn
  • Mr. Raj Kumar Jain
  • Mr. Santosh Kumar Mohanty
  • Mr. Vinay Sah, Zonal Manager, (Ex Officio Member).

 

 

NORTH CENTRAL ZONE:
  • Mr. D.K. Mehrotra, Chairman
  • Dr. Krishan Mohan
  • Dr. Gopal Prasad
  • Dr. Mohd. Naved Khan
  • Mr. Sanjay Gupta
  • Mr. Manoj Mangal
  • Dr. K.R. Jain
  • Smt. Sabra Habib
  • Dr.(Mrs) Bhavana Trivedi
  • Mr. M. R. Kumar, Zonal Manager, Ex-Officio Member

 

 

NORTHERN ZONE:
  • Mr. D.K. Mehrotra, Chairman
  • Prof (Dr.)M.M. Salunkhe
  • Mr. Hari Naryan Cheetu
  • Dr. Rafi Ahmed
  • Dr. Ajay Sareen
  • Ms Priyanka Singh
  • Mr. T. N. Sharma
  • Dr. Sonia Malik
  • Mr. Sanjay Singh Chauhan
  • Mr. Bipul Kumar
  • Mr. Nilesh Sathe, Zonal Manager, (Ex Officio Member).

 

 

SOUTH CENTRAL ZONE:
  • Mr. D.K. Mehrotra, Chairman
  • Mr. A.R.K.A. Vasantha Rao
  • Mr. Vishwas Gopal Naik
  • Mr. J. Sudheer Reddy
  • Mr. Dattatreya Dharwad
  • Dr. S. Murali
  • Dr. P. Sripathi Rao
  • Lt. J.V.V.S. Murthy
  • Mr. Hamza K. Mehdi
  • Dr. R. Poornima
  • Mr. N. Diwakar Rao
  • Mr. A.K. Sahoo, Zonal Manager, Ex-Officio Member.

 

 

SOUTHERN ZONE:
  • Mr. D.K. Mehrotra, Chairman
  • Dr. Ms Parveen Sultana
  • Mr. S. Ramamurthy
  • Mr. D.B. Binu
  • Mr. K.P. Damodaran
  • Dr. Issac P. Abraham
  • Dr. R. Jayaraman
  • Dr. K. Soundararajan
  • Mr. S. Vaidhyasubramanian
  • Er. S.N. Vembu
  • Mr. J. Arawindhan
  • Mr. D.D.Singh, Zonal Manager, Ex-Officio Member.

 

 

WESTERN ZONE:
  • Mr. D.K. Mehrotra, Chairman
  • Mr. Vivek S. Deshpande
  • Mr. Unmesh K. Mehta
  • Dr. Satish C. Wagh
  • Mr. Harshad L. Shah
  • Mr. Vinayak M. Govilkar
  • Mr. Sham S. Wagh
  • Dr. Kavitaben Sood
  • Mr. Vasant G. Phadtare
  • Mr. Sanjay J. Hukeri
  • Mr. S.V. Soudagar
  • Mr. R. R. Dash, Zonal Manager, Ex-Officio Member.

 

 

MEMBERS OF THE CORPORATION:
  • Mr. D.K. Mehrotra - Chairman
  • Mr. Thomas Mathew T.
  • Mr. D K Mittal
  • Mr. Arvind Mayaram
  • Mr. T S Vijayan
  • Mr. Sushobhan Sarker
  • Mr. A K Roy
  • Mr. V K Tanksale
  • Lt. General A Mahajan
  • Mr. Anup Prakash Garg
  • Mr. Sanjay Jain
  • Mr. Ashok Singh
  • Mr. K S Sampath
  • Mr. A S Cheema

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Not Available

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Insurance Services.

 

 

GENERAL INFORMATION

 

No. of Employees :

115362 (Approximately)

 

 

Bankers :

Not Available

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Adukai and Associates Company

Chartered Accountant

Address :

3, Meridien Apartment No.1, Veera Desai Road, Ground Floor, Andheri West, Mumbai – 400058, Maharashtra, India

 

 

Name :

Borkar and Muzumdar

Chartered Accountants

Address :

21/161, anand Nagar, OM CH, Anand Nagar Lane, Vakola, Santacruz (East), Mumbai-400055, Maharashtra, India

 

 

Name :

S. R. Goyal and Company

Chartered Accountants

Address :

1-A, Sangram Colony, C-Scheme, Jaipur – 302001, Rajasthan, India

 

 

Name :

J. N. Sharma and Company

Chartered Accountants

Address :

58/4, Birhana Road, Post BoxNo. 389,  Kanpur – 208001, Uttar Pradesh, India

 

 

Name :

S. L. Chhajed and Company

Chartered Accountants

Address :

R-12, Maharanapratap Nagar,  Bhopal – 462011, Madhya Pradesh, India

 

 

Name :

S. Ghosh and Company

Chartered Accountants

Address :

11, Old Post Office Street, Kolkata – 700071, West Bengal, India

 

 

Name :

Todi Tulsyan and Company

Chartered Accountants

Address :

602, Luv Kush Tower, Exhibition Road, Patna-800001, Bihar, India

 

 

Name :

P B Vijayaraghavan and Company

Chartered Accountants

Address :

14 (Old No.27), Cathedral Garden Road, Nungambakkam, Chennai-600034, Tamilnadu, India

 

 

Name :

Ramnatham and Rao

Chartered Accountants

Address :

302, 2nd Floor, Kala Mansion, No.1-2-261, Sarojini Devi Road, Secunderabad – 500003, Andhra Pradesh, India

 

 

Name :

Sarda and Pareek

Chartered Accountants

Address :

Mahavir Apartment, 3rd Floor, 598, M G Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

 

 

Joint Ventures:
  • LIC (Nepal) Limited
  • LIC(International) BSC © Baharain
  • LIC (Lanka Limited
  • Kennindia Assurance Company
  • Saudi Indian Company for Cooperative Insurance

 

 

Associate Companies
  • LIC Housing Finance Limited
  • LIC HFL AMC Limited
  • LIC NOMURA Mutual Fund Asset Management Company Limited
  • LIC NOMURA Mutual Fund Trustee Company Private Limited

 

 

Subsidiary Companies :
  • LIC Pension Fund Limited
  • LIC Card Services Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital : Rs.1000.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs.1000.000 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

 

 

 

Share Capital

1000.000

50.000

50.000

Reserves & Surplus

4272.260

3950.598

3608.732

Credit (Debit) Fair Value Change Account

33.419

36.762

0.000

SUB TOTAL

5305.679

4037.360

3658.732

 

 

 

 

BORROWING

0.000

0.000

0.000

 

 

 

 

POLICYHOLDERS FUNDS

 

 

 

Credit (Debit) Fair Value Change Account

893072.850

1244739.633

1138681.536

Policy Liabilities

11461642.894

9853571.495

8394002.606

FUNDS FOR DISCONTINUED POLICIES

 

 

 

Discontinued on Account of Non Payment of Premium

53.757

0.658

0.000

Others

2.798

0.018

0.000

Insurance Reserve

62823.871

60502.324

36645.665

Provision for Linked Liabilities

1378069.211

1658085.207

1600361.673

SUB TOTAL

13795665.381

12816899.335

11169691.480

 

 

 

 

FUND FOR FUTURE APPROPRIATIONS

195.167

349.089

811.567

 

 

 

 

TOTAL

13801166.227

12821285.784

11174161.779

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

INVESTMENT

 

 

 

Shareholders

3300.470

3825.623

3567.627

Policyholders

10701808.123

9701670.959

8330382.670

Assets Held To Cover Linked Liabilities

1529592.153

1799897.071

1703251.763

Loans

866641.840

838826.503

829970.874

Fixed Assets

28639.090

28394.052

31229.886

 

 

 

 

CURRENT ASSETS

 

 

 

Cash and Bank Balance

460331.558

232728.570

141589.291

Advanced and Other Assets

532435.977

380720.771

353191.650

Inter office Balance

0.000

0.000

0.000

SUB TOTAL (A)
992767.535
613449.341

494780.941

 

 

 

 

CURRENT LIABILITIES

131197.501

(27848.933)

16190.679

SUNDRY CREDITORS

28142.633

31819.997

43091.516

PROVISIONS

162242.850

160806.731

159739.787

SUB TOTAL (B)

321582.984

164777.795

219021.982

 

 

 

 

NET CURRENT ASSETS (C) (A-B)

671184.551

448671.546

275758.959

MISCELLANEOUS EXPENDITURE

0.000

0.000

0.000

 

 

 

 

DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT

0.000

0.000

0.000

 

 

 

 

TOTAL

13801166.227

12821285.784

11174161.779

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

Balance brought forward from the Policyholders’ Account

12812.290

11376.171

10309.227

 

 

 

 

Income from Investments

 

 

 

(a) Interest, Dividends & Rent - Gross

320.683

332.306

292.344

(b) Profit on sale/redemption of investments

0.000

6.873

6.532

(c) (Loss on sale/redemption of investments)

(0.898)

(1.535)

(0.923)

Other Income (To be specified)

1.354

4.024

0.000

 

 

 

 

TOTAL (A)

13133.429

11717.821

10607.180

 

 

 

 

Expenses other than those directly related to the insurance business

 

0.000

(0.216)

0.012

 

 

 

 

Provisions (Other than taxation)

 

 

 

(a) For diminution in the value of investments (Net)

0.000

0.000

0.000

(b) Others (To be specified)

0.000

0.000

0.000

 

 

 

 

TOTAL (B)

0.000

(0.216)

0.012

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

13133.429

11718.037

10607.168

 

 

 

 

PROVISION FOR TAXATION

0.000

0.000

0.000

 

 

 

 

PROFIT/LOSS AFTER TAX

13133.429

11718.037

10607.168

 

 

 

 

APPROPRIATIONS

 

 

 

 

 

 

 

(a) Brought forward Reserve/Surplus from

the Balance Sheet

0.000

0.000

0.000

(b) Dividends paid during the year

(5% Valuation surplus paid to Central Government)

0.000

0.000

0.000

(c) Proposed final dividend

12812.290

11376.171

10309.227

(d) Dividend Distribution on Tax

0.000

0.000

0.000

(e) Transfer to General Reserve

321.139

341.866

297.941

 

 

 

 

PROFIT CARRIED FORWARD TO THE BALANCE SHEET

0.000

0.000

0.000

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CASE DETAILS

 

Bench : - Bombay

 

Presentation Date : - 20.06.2013

 

Stamp No:-

 

WPST/169783/2013

Filing Date:-

 

20.06.2013

Reg. No.:-

 

WP/5546/2013

Reg. Date:-

 

27.06.2013

 

 

Petitioner:- NRC LIMITED  AND ANR -

 

Respondent:- LIFE INSURANCE CORPORTION OF INDIA

Petn. Adv.:- VIGIL JURIS

District:- MUMBAI

 

 

Bench :- DIVISION

 

 

Stage :-

Status :- Pre-Admission

Next Date :- 26.07.2013

Coram :- ACCORDING TO STITING LIST

               ACCORDING TO STITING LIST

 

Act :- Service Tax

 

 

 

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

No

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

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

No

30]

Major Shareholders, if available

No

31]

Date of Birth of Proprietor/Partner/Director, if available

No

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

 

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars

 

31.03.2012

31.03.2011

31.03.2010

Sundry Creditors

28142.633

31819.997

43091.516

 

 

 

 

TOTAL

28142.633

31819.997

43091.516

 

 

ECONOMIC SCENARIO

 

By the end of fiscal, hopes of a turnaround in the economic situation were in the air with Reserve Bank of India expected to cut key lending rates and Government expected to initiate measures to contain the widening fiscal deficit. While the economy grew at a reasonable pace in the first quarter of the previous fiscal, there was continuous moderation in economic growth till the end of the fiscal as global economic situation deteriorated owing to the worsening sovereign debt problems in the Euro area. The political situation in the country, monetary action by RBI to contain inflation, rising fiscal and current account deficits also contributed to the lower than expected economic growth.

 

a)     GROSS DOMESTIC PRODUCT (GDP)

 

GDP at factor cost at constant prices grew to Rs. 52025140.000 Millions in 2011-12 against Rs. 48859540.000 Millions in 2010-11 showing a moderate growth of 6.5%. At Current Prices, GDP at factor cost grew by 15%. to Rs. 82326520.000 Millions over the Quick Estimates of GDP for the year 2010-11 of Rs. 71574120.000 Millions.

 

Growth in Agriculture, Forestry and Fishing was relatively lower at 2.8% as compared to 7% in the previous fiscal.

 

The growth in Industry too moderated to 2.6% compared to 6.8% in 2010-11 led by significant fall in growth of Mining, Manufacturing and Construction. The growth in average General IIP moderated to 2.9% with significant fall in growth rates of all the Use Base indices except Consumer Non Durables.

 

Growth in Services though, moderated only slightly to 8.9% from 9.2%.

 

On the expenditure side, both Private and Government Consumption declined as percentage of GDP while Gross Fixed Capital Formation too was lower at 29.5% and 32% respectively of GDP from 30.4% to 32.5% respectively in the previous financial year. Thus, there was significant decline in both consumption and investment.

 

b)    GROSS DOMESTIC SAVING (GDS)

 

Gross Domestic Savings at current prices in 2010-11 were Rs. 24819310.000 Millions as per quick estimates. The share of Gross Domestic Savings to Gross Domestic Product at market prices declined in 2010-11 to 32.3% from 33.8% in 2009-10. Savings of household sector as percentage of GDP fell sharply to 22.8% in 2010-11 from 25.4% in 2009-10. Share of household sector in Gross Domestic Savings too fell to 70.5% in 2010-11 after rising to 75.1% in 2009-10 compared to 73.8% in 2008-09. Share of financial savings of household sector in Gross Domestic Savings fell to 30.9% from 38.3% in 2009-10. In absolute terms Gross Domestic savings rose by 18.8% compared to 14.7% in 2009-10. While total household savings rose by 6.7% in 2010-11 there was a decline of 8.1% in financial savings.

 

The share of funds of LIC and private insurers rose to 23.1% of Gross Financial savings against 22.2% in 2010-11. The share of deposits in Gross financial savings rose to 52.8% from 45.6% in 2010-11.

 

c)     FISCAL POSITION

 

The Combined Gross Fiscal Deficit of Central and State Governments stood at 8.2% of GDP in 2011-12 compared to 6.9% in 2010-11. It is estimated to be at 7.1% for Financial Year 2012-13. The Fiscal Deficit of the Central Government is budgeted at 5.1% of GDP in 2012-13 against an estimate of 5.9% in 2011-12.

 

The combined tax revenue of Central and State Governments increased by 17.2% to Rs. 14549350.000 Millions in 2011-12 with direct taxes increasing by 18.3% to Rs. 5974600.000 Millions and indirect taxes by 17.2% to Rs. 8620010.000 Millions While the gross revenue of Central Government rose by 18.5% to Rs. 9324400.000 Millions, the rise in revenue of State Governments was 16.1% to Rs. 5270210.000 Millions. The combined Developmental, Non Developmental Expenditure and other expenditures of Central and State Governments increased by 7.1% to Rs. 24140270.000 Millions in 2011-12. While Developmental expenses increased by 5.2% to Rs. 14164840.000 Millions, Non Developmental expenses rose by 9.7% to Rs. 9653060.000 Millions.

 

The ratio of tax revenues of Central and State Governments to GDP at market prices was 16.4% in 2011-12 against 16.2% in 2010-11.

 

d)    MONETARY CONDITIONS

 

The Reserve Bank continued its focus on containing inflation throughout the year. As a result Repo Rates were revised upwards five times during the year from 6.8% to 8.5%. However, as to counter tight liquidity situation, CRR was revised downwards from 6% to 5.5% during the last quarter of the fiscal.

 

e)     INFLATION

 

Inflationary pressures continued unabated till November 2011 despite the monetary tightening by RBI. Though the Wholesale Price Index moderated in the last four months, the decline was not on expected lines and the fiscal ended with year on year rise in WPI at 7.7% for March 2012. The rise in average WPI for the year was 8.9% with 9.8% rise in Primary Articles, 14% in Fuel and Power and 7.3% in Manufactured Products.

 

The consumer price index for industrial workers (CPI-IW) continued to be in the range of 9 to10% till November 2011. Thereafter it moderated to 5.3% by January 2012 before rising again to 8.6% by March 2012.

 

f)      EQUITY AND DEBT MARKET

 

The monthly weighted average of call money rates increased steadily from 6.6% in April 2011 to reach a high of 9.2% in March 2012.

 

The equity markets remained range bound throughout the year with market capitalization at BSE decreasing from Rs. 68368780.000 Millions in March 2011 and Rs. 69057530.000 Millions in April 2011 to Rs. 62095350.000 Millions in March 2012. The average market capitalization dipped substantially in the months of November 2011 and December 2011 to Rs. 56692320.000 Millions and Rs. 53457660.000 Millions respectively before regaining the levels seen earlier in the year. The decrease in Market Capitalization at NSE was also significantly higher from Rs. 67026160.000 Millions in March 2011 and Rs. 67536140.000 Millions in April 2011 to Rs. 60965180.000 Millions in March 2012.

 

The sluggish growth in US, worsening sovereign debt situation accompanied by stagnant growth in the Euro Zone and monetary response to inflationary pressures by RBI continued to affect the investment sentiment. The measures initiated by way of increased FII limit in Government Securities and Corporate Bonds, Direct Investment by Qualified Institutional Investor (QFI) in Indian Equity Markets and Changes in Re-investment Period of FII Debt Limit had limited impact. The ratio of market cap to GDP at current prices at the end of the financial year reduced significantly for both NSE and BSE from 87% to 69% and from 89% to 70% respectively. New Capital issues by non government public limited companies declined from 70 to 49 and the amount mobilized too was significantly lower at Rs. 81520.000 Millions compared to Rs. 248300.000 Millions in the previous financial year. The net outgo of mutual funds was Rs. 437440.000 Millions during the year. The aggregate deposits by NBFC sector too declined from Rs. 119770.000 Millions to Rs. 95510.000 Millions. In Contrast bonds issued by public sector undertakings increased to Rs. 855990.000 Millions compared to Rs. 536080.000 Millions in the previous year. Private placements too saw some decline from Rs. 2383960.000 Millions to Rs. 2179820.000 Millions.

 

g)    GLOBAL SCENARIO

 

Global economic conditions show some signs of improvement with modest growth in US economy accompanied by increased consumer spend and declining unemployment rates. However growth in world output declined to 3.9% in 2011 compared to 5.3% in 2010. The growth of advanced economies declined to 1.6% from 3.2% while growth in emerging and developing economies was 6.2% against 7.5% in 2010. After the surge in global trade in 2010, there was a slight decline during 2011.

 

During the financial year India’s exports grew by 21.3% to US$304.6 billions (Rs. 14592810.000 Millions) while imports rose by 32.4% to US$489.4 billions (Rs.23459730.000 Millions). The corresponding growth in exports and imports in the previous fiscal was 40.5% and 28.2% respectively. As a result the trade deficit was higher at US$184.8 billions (Rs. 8866920.000) Millions against US$118.6 billions (Rs. 5405450.000 Millions) in the previous fiscal.

 

The Current Account Deficit went up to over 4% of GDP from about 2.5% of GDP in the previous fiscal. Foreign investment inflows were marginally down at US$64.0 billions compared to US$66.3 billions in the previous year. Direct investments were higher by 33.6% while portfolio investments were down by 44.7%.

 

India’s external debt in rupee term was Rs. 17677020.000 Millions (US$345.8 billions) at March 2012 compared to Rs. 13662920.000 Millions (US$305.9 billions ) at March 2011. The country’s foreign exchange reserves depleted slightly to US$294.4 billion from US$304.8 billion.

 

h)    INSURANCE SECTOR

 

The change in life funds during 2010-11 was Rs. 2529180.000 Millions compared to Rs. 2244870.000 Millions in 2009-10 showing a growth of 12.7%.

 

The life insurance industry recovered some of the lost ground in the second half year after Total First Premium declined by 21.4% and number of new policies declined by 16.5% in the first half year. Total First Year Premium of life insurers declined by 9.2% to Rs. 1142330.000 Millions in FY 2011-12 compared to Rs. 1258260.000 Millions in the previous fiscal while the number of new policies declined by 8.2% for the entire year.

 

The market share of Life Insurance Corporation of India increased to 71.4% in Total First Year Premium and to 80.9% in individual New Business policies. In Group insurance premium the market share increased to 78.5%.

 

MACRO ECONOMIC FACTORS THAT AFFECTED LIFE INSURANCE BUSINESS

 

The Financial Year (FY) 2011-12 has been very challenging in managing growth. Global uncertainties and domestic cyclical and structural factors lowered the growth to below seven per cent in 2011-12. Growth also slowed down in emerging and developing economies reflecting the combined impact of monetary tightening and slowdown in global growth. Economic growth decelerated last year, dropping from 8.4 per cent in 2010-11 to 5.3 per cent in the fourth quarter of 2011-12. Growth in the services sector held up relatively well. The Index of Industrial Production (IIP) growth has even moved into negative territory in some of the months of FY 2011-12. IIP growth for FY 2011-12 was 2.8% as compared to 8.3% last year.

 

Inflation remained persistently high during the most part of FY 2011-12 due to increased crude and commodity prices. This has put risk to growth as interest rates were kept at higher band for controlling inflation. The headline WPI inflation, which remained above 9 per cent during April-November 2011, moderated to 6.9 per cent by end-March 2012. This was reflected in the policy rates hikes by RBI during 2011-12. The repo rate was 6.75% in the beginning of the year which increased to 8.5% as on 31st March 2012. The high interest rate regime has moderated the credit demand in the economy thereby resulting into reduced credit off-take.

 

Money market rates remained elevated reflecting deficit liquidity conditions. In view of the tight liquidity conditions in the system, call rate remained at levels above the policy (repo) rate during second – half of 2011-12. The prevailing deficit liquidity conditions prompted a few banks to access funds from the Marginal Standing Facility (MSF) window.

 

The yield on the government securities declined initially and was range-bound for most of Q4 reflecting improved sentiment on account of the Open Market Operations (OMO) by the Reserve Bank, an increase in the ceiling for investment in government securities by foreign institutional investors (FIIs) and expectation of moderation in inflation. Following the Union Budget announcement of a higher than anticipated market borrowing programme and the subsequent issuance of auction calendar for dated securities, the 10 year yield rose steadily to 8.63 per cent by 30.03.2012.

 

WORKING RESULTS

 

I.              NEW BUSINESS

 

a)     Individual Assurances:-

 

The New Business under Individual Assurance portfolio for the last three years

 

b)    General Annuities:-

 

The New Business under General Annuity portfolio for the last three years

 

c)     Pensions:-

 

The New Business under Pension portfolio for the last three years

 

d)    Non Linked Health:-

 

The New Business under Non Linked Health portfolio for the last year

 

e)     Unit Linked Business:-

 

The New Business under unit linked portfolio for the last three years

 

f)      Group Insurance Business

 

The New Business under group insurance portfolio for the last three years

 

g)    Social Security Schemes

 

JANASHREE BIMA YOJANA

 

The Janashree Bima Yojana (JBY) was launched in August 2000. The Scheme has replaced Social Security Group Insurance Scheme (SSGIS) and Rural Group Life Insurance Scheme (RGLIS). 45 occupational groups have been covered under this scheme. It is for people who are below poverty line or marginally above poverty line.

 

The Scheme provides for an insurance cover of Rs. 30,000/- on natural death. On death/ total permanent disability due to accident, the benefit is Rs. 75,000/-. On partial permanent disability due to accident, the benefit is Rs. 37,500/-. The premium for the scheme is Rs. 200/- per member, 50 per cent premium under the scheme is met out of Social Security Fund. The balance premium is borne by the member and/ or Nodal Agency. As on 31st March 2012, about 220.56 lakh people have been covered.

 

SHIKSHA SAHAYOG YOJANA

 

The scheme was launched on 31st December 2001, with the object to lessen the burden of parents in meeting the educational expenses of their children. It provides scholarships to children of members of Janashree Bima Yojana and who are studying in 9th to 12th standard (including ITI courses).

 

A scholarship amount of Rs. 600/- per half year, per child, is paid for a maximum period of four years and for maximum two children of a member.

 

No premium is charged for this benefit. During the financial year 2011-2012 scholarships were disbursed to 20,90,972 beneficiaries amounting to Rs. 1762.400 Millions.

 

AAM ADMI BIMA YOJANA

 

Aam Admi Bima Yojana, a new Social Security Scheme for rural landless household was launched on 2nd October, 2007 at the hands of the then Hon’ble Finance Minister at Shimla. The head of the family or one earning member in the family of rural landless household is covered under the scheme. The premium of Rs. 200/- per person per annum is shared equally by the Central Government and the State Government. Head of the family or one earning member of the family aged between 18 and 59 years is covered for an amount of Rs. 30,000/- under the scheme. In case of death or total disability (including loss of 2 eyes/2 limbs) due to accident, a sum of Rs. 75,000/- and in case of partial permanent disability (loss 1 eye/1 limb) due to accident, a sum of Rs. 37,500/- is payable to the nominee/beneficiary. 2,02,58,390 heads of the families of rural landless households were covered under the scheme as on 31.03.2012.

 

A free add-on benefit for the children of the members of Aam Admi Bima Yojana is provided under the scheme. A scholarship at the rate of Rs. 100/- per month is given to maximum two children studying between IX to XII Standard payable half yearly on 1st July and 1st January each year. During the financial year 2011-2012 scholarship were disbursed to 4,44,750 children amounting to Rs. 463.900 Millions.

 

h)    FIRST INSURANCE

 

In pursuance of the Corporate objectives of providing insurance cover to more and more people, greater emphasis is laid on covering individuals who have no previous insurance on their lives. During the financial year 2011-12, 294.89 lakh individuals were insured for the first time for a total sum assured of Rs. 4509579.500 Millions as against the previous year’s figures of 311.51 lakh policies for sum assured of Rs. 4130751.800 Millions. The ratio of First Insurance to the Total Business completed for the year comes to 82.55 % and 88.62 % in respect of number of policies and sum assured respectively.

 

i)      RURAL THRUST

 

Sustained and conscious efforts are made to carry the message of Life Insurance to the rural areas, especially the backward and remote areas. As a result, there has been steady growth of new business from these areas.

 

As per the definition of rural/social sector approved by IRDA, the New Business from rural areas amounts to sum assured of Rs. 1000520.00 Millions under 11717769 policies representing 32.80 % and 19.66 % share of policies and Sum Assured respectively completed during the financial year 2011-12.

 

 

OVERSEAS OPERATION

 

a)     FOREIGN BRANCHES :

 

The Corporation directly operates through its branch offices in Mauritius (Port Louis), Fiji (Suva and Lautoka) and United Kingdom (Wembley). During the year 2011-12 these foreign branches together issued 11,465 policies with First Premium Income of Rs. 498.400 Millions.

 

b)    FOREIGN JOINT VENTURE COMPANIES:

 

LIFE INSURANCE CORPORATION (INTERNATIONAL) B.S.C.(C),BAHRAIN:

 

LIC (International) B.S.C. (c), Bahrain was established in Bahrain as a joint venture company which commenced its operations on 23rd July, 1989 catering to the life insurance needs of Non-Resident Indians (NRIs) and local population in the Gulf by issuing life insurance policies in US Dollars. The company operates in 5 GCC countries of Bahrain, Kuwait, UAE (Dubai and Abu Dhabi), Qatar and Oman. For the year ended 31.12.2011, the Company

earned a Net Total Premium of about Rs. 6270.000 Millions.

 

LIFE INSURANCE CORPORATION (NEPAL) LIMITED :

 

LIC (Nepal) Limited, a joint venture company between LIC of India and M/S Vishal Group of companies in the Republic of Nepal was established on 03.12.2001. It is a listed company whose shares are traded on the Nepal Stock Exchange. For the FY ended 15.07.2011, the Company earned a Net Total Premium of about Rs. 1160.000 Millions.

 

LIFE INSURANCE CORPORATION (LANKA) LIMITED :

 

LIC (Lanka) Limited, a joint venture company between LIC of India and M/S Bartleet Transcapital Limited was established on 01.03.2003 in Sri Lanka. For the year ended 31.12.2011 the Company earned a Net Total Premium of about Rs. 140.000 Millions.

 

KENINDIA ASSURANCE COMPANY LIMITED :

 

Kenindia Assurance Company Limited, a joint venture company between LIC of India, General Insurance Corporation of India and others was established on 06.12.1978 in Kenya. The company transacts both life and non-life business. For the year ended 31.12.2011, the Company earned a Net Total Premium of about Rs. 1820.000 Millions.

 

SAUDI INDIAN COMPANY FOR CO-OPERATIVE INSURANCE :

 

Saudi Indian Company for Co-operative Insurance (SICCI), a joint venture company between LIC of India, LIC (International) B.S.C.(c), Bahrain, New India Assurance Company Limited, Al-Hokair Group and public from Saudi Arabia was established on 17th July, 2007 in Saudi Arabia. LIC of India and LIC (International) B.S.C. (c), Bahrain hold 10.2% share each. The Company transacts both life and non-life business. For the year ended 31.12.2011, the Company earned a Net Total Premium of about Rs. 920.000 Millions.

 

DIVERSIFIED ACTIVITIES

 

a)     LIC HOUSING FINANCE LIMITED.

 

LIC Housing Finance Limited with its Corporate Office in Mumbai has 7 Regional Offices, 13 Back Offices and 188 Marketing Offices in the country. It also has representative offices at Dubai and Kuwait. The Company’s shares are listed on the Bombay Stock Exchange and the National Stock Exchange and its Global Depository Shares (GDS) listed on the Luxembourg Stock Exchange. The Company is rated ‘AAA’ by CRISIL and CARE. The Company’s Fixed Deposit Program has been rated as ‘FAAA’ by CRISIL indicating the highest degree of safety.

 

 

Growth for the year 2011-12

CAGR-5 yrs

Outstanding Loan as on 31.3.2012 Rs. 630800.000 Millions

23%

30%

Loan amount disbursed during the year 2011-12 Rs. 200270.000 Millions

7%

30%

Net Profit for the year 2011-12 Rs. 9142.000 Millions

(6%)

24%

Networth as on 31.3.2012 Rs. 56820.000 Millions

36%

33%

Dividend Declared

180%

 

LIC HFL CARE HOMES LIMITED

 

It is said that “Birds of the same feather flock together” and if you flock together in the evening of the life under the caring hands of LIC, life will be blissful and paradise would seem to have come down to earth.

 

Saluting the exponentially growing population of senior citizens, LIC with its caring hand has taken up the social responsibility of building assisted living centres for the elder lives, providing them with a roof at a competitive price, for a peaceful and enjoyable retired life.

 

With the pilot project at Bangalore Phase I, in an eco-friendly campus completed, construction of the Bhubaneswar and Bangalore Phase II are in full swing and half a dozen on the anvil, this LIC Housing Finance’s wholly owned subsidiary is catering to the needs of the seniors with acompetitive edge.

 

b)    LIC NOMURA MUTUAL FUND ASSET MANAGEMENT COMPANY LIMITED

 

*       Set up by the Life Insurance Corporation of India on 19.06.1989 to engage in the business of Mutual Funds, LIC Mutual Fund finalized its Joint Venture with Nomura Asset Management Strategic Investments Pte. Limited on 18.01.2011 and thus becoming LIC NOMURA Mutual Fund with its investment manager, renamed as LIC NOMURA Mutual Fund Asset Management Company Limited (AMC) and trustee as LIC NOMURA Mutual Fund Trustee Company Private Limited wherein Nomura acquired 35% stake.

 

*       Since inception, 105 schemes have been launched and continuous sale and repurchase is available under 26 ongoing schemes.

 

*       During the year 2011-12, the AMC has mobilized a substantial sum of Rs. 344904.000 Millions from all live schemes

 

*       The total number of investors as on 31.3.2012 stood at 377636.

 

*       The Average Assets Under Management (AAUM) was Rs. 57790.400 Millions for the last quarter of 2011-12.

 

*       During the year, AMC has opened one Area Office at Rajkot taking the total number of Area Offices to 29 and has 70 Business Centers for penetration into the untapped semi-urban and retail market.

 

*       LIC NOMURA Mutual Fund stood at 20 among the 44 Mutual Funds in Industry as on 31.03.2012 on AAUM basis

 

*       The Fund also maintained its track record of winning accolades in the annual ICRA Mutual Fund Awards with LIC NOMURA MF Bond Fund being ranked A Five Star Fund (ICRA Online MF Rank December 2011) indicating performance among the top 4.6% in the category of “Open Ended Debt – Long Term” for three year period ending 31.12.2011. Besides, LIC NOMURA Mutual Fund has been awarded as the “Most Trusted Brand 2011” in Mutual Funds Category by Brand Equity – Economic Times.

 

c)     LIC PENSION FUND LIMITED

 

LIC Pension Fund Limited has been sponsored by LIC of India with a specific purpose of managing pension funds under National Pension System (formerly known as New Pension System), regulated by the Pension Fund Regulatory and Development Authority (PFRDA) for the employees of Central Govt. (excluding Defence Services) who have joined services w.e.f 01.01.2004. For State Govt. employees, this scheme is applicable as per above as and when it is adopted by the respective State Government.

 

LIC Pension Fund Limited is a fund management company. LIC Pension Fund Limited manages 3 schemes of National Pension System i.e Central Government Scheme w.e.f 02.04.2008, State Government Scheme w.e.f 25.06.2009 and NPS Lite (Government pattern) since 04.10.2010. The authorized capital of the company is Rs.250.000 Millions and paid up capital is Rs.150.000 Millions.

 

LIC Pension Fund Limited started its operations with allocation of 5% Central Government National Pension System Fund in the year 2008-09 which is currently fixed at 34% for the year 2012-13.

 

During the year 2011-12, LIC Pension Fund Limited received an amount of Rs.19059.100 Millions under 3 schemes. The total Assets Under Management (AUM) was Rs.39689.400 Millions as on 31.03.2012. The Net Asset Value of Central Government Scheme as on 31.03.2012 was Rs.14.1604, that of State Government Scheme was Rs.12.5339 and that of NPS Lite (Government pattern) was Rs.11.4876 translating an annualized return of 10.3939% for Central Government Scheme, 9.1481% for State Govt. Scheme and 9.9628% for NPS Lite (Government pattern) as at 31.03.2012.

 

d)    LIC CARDS SERVICES LIMITED

 

LIC Cards Services Limited, a wholly owned company of LIC of India was incorporated on 11.11.2008 with an objective to provide Credit Card Services to their policyholders, agents and employees through strategic alliances. LIC CSL is operational in select 29 city centres.

 

With a view to extend the product line and improve the quality of card issuance the company has entered into a tie up with Axis Bank in the year 2011 and distributed 6636 Cards during the financial year 2011-2012. Presently there are four Card Variants namely “ Gold Card, Titanium Card, Platinum Card and Signature Card. LIC CSL has distributed 35868 Cards as on 31.03.2012.

 

 

AS PER WEBSITE DETAILS

 

PRESS RELEASES

 

LIC IS NOT SALVAGING GOVERNMENTS DIVESTMENT AGENDA: SK ROY, LIFE INSURANCE CORPORATION

 

Dheeraj Tiwari, ET Bureau Jul 9, 2013, 04.00 AM IST

 

Country's biggest insurer, Life Insurance Corporation, has refuted the allegation that it often steps in to bail out disinvestment offers. The company's newly-appointed chairman SK Roy says the insurers take decision in the interest of its policyholders and may also get more actively involved with companies if required. He tells ET that the insurer will invest Rs 400000.000 Millions in stock market this year.

 

In the current scenario, where the growth has taken a hit and the markets are choppy, what will be your investment strategy?

SK Roy: For us, it is never a bad time. If the sensex is doing well, we will use that opportunity to book some profits. If it's not doing well, then it is an opportunity for me to enter into investments. From the investment point of view, the perspective will be 15-year plus. What happens in two or six months is a not a significant impacting event. We are very bullish on the economy, and we are certain this will turn out to be a very good India story. If the markets are rising, we will like to book profits wherever possible.

What's your investment target? How much of it will go into equities?

SK Roy: Investments will be in the range of Rs 2.25 lakh crores. If all goes well, we may invest something around Rs 40,000 crore in equities. Over the last one month, the market was not good in the conventional sense. So it gave us a good opportunity to buy. We have done Rs 14,000 crore in the first quarter of this fiscal.

Why is LIC salvaging government's divestment agenda?

SK Roy: I believe that this word salvaging OFS (offer for sale) is not correct. Investment decision is taken after a series of due diligence which is made at various levels. If we find value in an offer for sale, we participate. We do not come in the last to salvage it. We have participated in the OFS at different times of the day and this can be corroborated with the OFS of Hindustan Copper which has been oversubscribed 118%,which means if LIC was to salvage it then it should have been subscribed only 100%.

Are you seeking relaxations in the investment norms for LIC?

SK Roy: There are two options available. First, I look at slightly lower rated options or I can request the regulator to give me some flexibility by relaxing norms. That is something we are pursuing. Between the two options, I would prefer the second option because as a longterm investor, safety of funds is very important for me and that is one thing on which we will never compromise.

There is some confusion on how much LIC can invest in equity of a company. Is it 15% as per IRDA rules or 30% according to government?

SK Roy: As a compliant company, we will not like to be violating anybody's guidelines. But there is an issue. The two sets of guidelines prescribe two limits. I believe that sooner than later this issue will be resolved. There are historical investment where we have exceeded the limit. But we have not acquired anything recently. We are compliant with both.

LIC TO BUY RS 400000.000 MILLIONS WORTH SHARES IN CURRENT FISCAL

Dheeraj Tiwari, ET Bureau Jul 9, 2013, 06.44AM IST

MUMBAI: Life Insurance Corporation (LIC), the country's largest life insurer, will buy shares of around Rs 400000.000 Millions in the current financial year, a one-third increase over the previous year, partially blunting the impact of recent FII outflows from Indian stocks.

"We are contrarian players and for us it is never a bad time. The last one month was not good for the markets in the conventional sense, so it gave us a good opportunity to buy. We will invest Rs 400000.000 Millions in the stock markets this year," LIC Chairman SK Roy told ET in his first media interview after assuming charge earlier this month.

The insurer has already invested Rs 140000.000 Millions in stocks in the first quarter of 2013-14, nearly half the Rs 300000.000 Millions it invested in the whole of last year.

The Sensex is down 4.7% from mid-May, although it has rebounded 4.2% from the lows of last month. FIIs have sold shares worth around $1.7 billion in the last five weeks, but net inflows remain positive during the current calendar year.

Roy, a 32-year LIC veteran, said the insurer took a long-term investment perspective and remained bullish about the Indian economy. "From investment point of view, our perspective will be 15 years plus. What happens in two or six months does not impact us. We are very bullish on the economy and we are certain this will turn out to be a very good India story."

LIC has come in for criticism from several quarters for its role in salvaging the share sales of several state-owned companies. Its last year's 11th-hour intervention in the auction of ONGC shares is the most controversial.

LIC is also believed to have invested heavily in MMTC and Hindustan Copper disinvestment programmes.

Roy, however, refuted this criticism. "I believe that this word 'salvaging' is not correct. The corporation takes a call on any investment opportunity after a series of due diligence checks at various levels. If we find value in an OFS, we participate," he said.

The LIC chairman said his primary task was to ensure that the insurer generated good returns from its investment, and that he had not been asked by the government to play a more active role in the board of companies where it had sizeable exposures.

"I agree that LIC should play an effective role in the governance of the company, but my first task is that I should ensure I get good returns on my investment in this company, that is my primary role there," he said, adding if it requires greater participation on boards or any other role, it should be done.

The insurer is in advanced discussions with the sector regulator, the Insurance Regulatory and Development Authority, to wrest some flexibility in investment norms applicable to it. Present guidelines restrict it from holding more than 15% in the total bond sale of a company.

"We have sought a relaxation of another 10-15% in terms of investment in a company's bond. It makes my present task easier. The bond gives me the comfort which I may not get in other instruments," said Roy.

The LIC chairman said the insurer's non-performing assets are at a comfortable level and they are working to bring it below 1%. "Our net NPAs are at 1.18%, we will like to be below 1% level," he said.

LIC PICKS UP 2.74% STAKE IN HCL'S LATEST OFS

ET Bureau Jul 8, 2013, 09.39PM IST

KOLKATA: Life Insurance Corporation ( LIC) has picked up a 2.74% stake in Hindustan Copper (HCL) during the company's offer-for-sale (OFS) on July 3. The state-run insurer bought 25,389,351 shares in the country's only integrated copper producer, making an investment of 1777.200 Millions in the company's shares. Prior to it, LIC's share holding in HCL was 2.86%, or roughly around 26,504 360 shares. In the process, LIC's shareholding has crossed the 5% mark in HCL.

In a note issued to BSE on Monday, HCL informed the exchange that LIC's stake in the company has gone up to 5.6%, or around 51,893,711 shares.

The Government of India had divested 4.01% of its shareholding in HCL amounting to 37,119,152 shares of the company in the OFS, for which the floor price was set at 70 per share.

The government, which earlier held 99.5% stake in the company, had managed to raise funds through an offer-for-sale of some Rs 54.000 Millions shares in the company in November 2012, or around 5.58% of the company's equity base. The latest round of disinvesment is thus likely to raise the public shareholding in the company to around 10%, in line with the regulatory norm for public sector companies.

India has a large imbalance between its copper refining and mining capacity. Domestic smelting/ refining capacity stands at one million tonne per annum (mtpa) for which 100 mt of copper ore is required (assuming 1% cu). Currently, India's actual copper ore production stands at 3.2 mtpa, which is entirely produced by HCL.

LIC TO INVEST ABOUT RS 2.5 LAKH CRORE IN MARKETS IN FY'14

PTI Jul 7, 2013, 11.13AM IST

NEW DELHI: Unfazed by volatile stock markets, insurance behemoth Life Insurance Corporation (LIC) proposes to invest nearly Rs 2.5 lakh crore in both equity and bonds this year.

"We made an aggregate investment of Rs 2.25 lakh crore last year. This year it would increase by 10 per cent," LIC Chairman S K Roy told PTI.

Thus, the country's largest insurer is expected to pump in Rs 2.47 lakh crore in shares and bonds.

Increase in exposure to equity market, secondary or primary, would depend on the market condition, he said, adding the Corporation has been investing in stock markets in the past few weeks as there are opportunities.

On it earnings, LIC expects to achieve a 15 per cent growth in first year premium income in the current financial year as against a contraction in the last fiscal.

During 2012-13, the country's only state-run life insurer registered a 6.5 percent fall in new premium collection at Rs 762000.000 Millions compared to Rs 815000.000 Millions during the earlier fiscal.

Apart from urban areas, the company intends to focus on rural areas and Tier II and Tier III cities as it sees a lot of business opportunities in these pockets.

In order to increase its presence, LIC recently opened 300 mini offices across various smaller cities in the country.

These offices have one LIC official posted, who provide basic insurance services, with agents helping these offices in collecting premiums.

Simultaneous opening of these offices is part of a plan to set up 1,700 such offices in locations with population of 10,000 and above by December.

In his budgetary speech for 2013-14, Finance Minister P Chidambaram had said insurance companies will be empowered to open branches in Tier II cities and below without prior approval of Insurance and Regulatory Development Authority (IRDA).

"All towns of India with a population of 10,000 or more will have an office of LIC and an office of at least one public sector general insurance company. I propose to achieve this goal by March 31, 2014," he had said.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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. 60.13

UK Pound

1

Rs. 89.52

Euro

1

Rs. 76.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

DPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

79

 

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

 

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

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

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.