|
Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.07.2000 |
|
|
|
|
Com. Reg. No.: |
11-127837 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 14288.491 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2000PLC127837 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI03877G MUMI07366C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI7351P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Life Insurance and Pension Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 198000000 |
|
|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between ICICI Bank and Prudential of UK. It is a well established and reputed company having good track record.
There appears slight dip in Premium income during the current year. However, general financial position of the company appears to be
strong. Creditworthiness of the company is good. Fundamental of the company
appears to be healthy. The subject gets good support from its holdings
companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. In view of strong holdings and experience directors the company can be
considered for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Claims paying ability =IAAA |
|
Rating Explanation |
Highest claim paying ability. Indicates fundamentally
strong position. Prospect of meeting policy holder obligations is the best |
|
Date |
March, 2013 |
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 - COOPERATIVE
LOCATIONS
|
Registered Office : |
ICICI Prulife Tower 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai –
400025, Maharashtra, India |
|
Tel. No.: |
91-22-66621600 |
|
Fax No.: |
91-22-24376956 |
|
E-Mail : |
sanaulla.khan@iciciprulife.com
deepak.kinger@iciciprulife.com
|
|
Website : |
DIRECTORS
As on 31.03.2012
|
Name : |
Ms. Chanda D. Kochhar |
|
Designation : |
Chairperson |
|
Address : |
CCI Chambers, Flat No.45, 5th Floor, |
|
Date of Birth/Age : |
11.11.1961 |
|
Date of Appointment : |
28.05.2002 |
|
Din No.: |
00043617 |
|
|
|
|
Name : |
Mr. Kannan
Shrinivasa Narayanan |
|
Designation : |
Director |
|
Address : |
Flat No.204, Tower B, Kalpataru Horrizon, S K Ahire Marg, Worli,
Mumbai – 400018, |
|
Date of Birth/Age : |
30.06.1965 |
|
Date of Appointment : |
01.05.2009 |
|
Din No.: |
00066009 |
|
Voter ID No.: |
|
|
|
|
|
Name : |
Mr. Ramkumar Krishnaswamy |
|
Designation : |
Director |
|
Address : |
101, |
|
Date of Birth/Age : |
08.08.1961 |
|
Date of Appointment : |
13.10.2008 |
|
Din No.: |
00244711 |
|
|
|
|
Name : |
Mr. Rajiv Sabharwal |
|
Designation : |
Director |
|
Address : |
Y, 1301, Chalalilly, Nahar Amrit Shakti, Chandivali, Andheri (East),
Mumbai-400072, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1965 |
|
Date of Appointment : |
19.10.2010 |
|
Din No.: |
00057333 |
|
|
|
|
Name : |
Mr. Barry Stowe |
|
Designation : |
Director |
|
Address : |
11/F, |
|
Date of Birth/Age : |
27.11.1957 |
|
Date of Appointment : |
06.11.2006 |
|
Din No.: |
00953024 |
|
|
|
|
Name : |
Mr. Adrian O’Connor |
|
Designation : |
Director |
|
Address : |
12B, |
|
Date of Birth/Age : |
29.12.1958 |
|
Date of Appointment : |
23.07.2008 |
|
Din No.: |
02417554 |
|
|
|
|
Name : |
Mr. Keki Dadiseth |
|
Designation : |
Independent Director |
|
Address : |
8 A, Mane K Building L D Ruparel Marg, Malabar, Mumbai – 400006, |
|
Date of Birth/Age : |
20.12.1945 |
|
Date of Appointment : |
26.04.2006 |
|
Din No.: |
00052165 |
|
|
|
|
Name : |
Marti G. Subrahmanyam |
|
Designation : |
Independent Director |
|
Address : |
70, |
|
Date of Birth/Age : |
23.08.1946 |
|
Date of Appointment : |
26.07.2007 |
|
Din No.: |
00306761 |
|
|
|
|
Name : |
Ms. Rama Bijapurkar |
|
Designation : |
Independent Director |
|
Address : |
8, C-D Mona |
|
Date of Birth/Age : |
12.02.1957 |
|
Date of Appointment : |
17.01.2008 |
|
Din No.: |
00001835 |
|
|
|
|
Name : |
Mr. Vinod Kumar Dhall |
|
Designation : |
Independent Director |
|
Address : |
Dewan Manohar House, B-88, Sector 51, Noida – 201301, Uttar Pradesh |
|
Date of Birth/Age : |
20.02.1944 |
|
Date of Appointment : |
05.03.2009 |
|
Din No.: |
02591373 |
|
|
|
|
Name : |
Mr. Sridar Iyengar |
|
Designation : |
Independent Director |
|
Address : |
85, Fair Oaks Lane, Atheron CA74027, USA |
|
Date of Birth/Age : |
13.08.1947 |
|
Date of Appointment : |
20.10.2010 |
|
Din No.: |
00278512 |
|
|
|
|
Name : |
Mr. Sandeep Bakhshi |
|
Designation : |
Managing Director & CEO |
|
Address : |
B4, Tanna Residency, |
|
Date of Birth/Age : |
28.05.1960 |
|
Date of Appointment : |
01.08.2010 |
|
Din No.: |
00109206 |
|
|
|
|
Name : |
Mr. Puneet Nanda |
|
Designation : |
Executive Director |
|
Address : |
Flat No.11, |
|
Date of Birth/Age : |
05.02.1969 |
|
Date of Appointment : |
01.08.2010 |
|
Din No.: |
02578795 |
|
|
|
|
Name : |
Mr. Madhivanan Balakrishnan |
|
Designation : |
Executive Director up to 30.06.2012 |
|
Address : |
1305, 13th Floor, Ashok Tower, Dr. S S Rao Road, Parel,
Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
07.06.1969 |
|
Date of Appointment : |
01.08.2010 |
|
Din No.: |
01426902 |
KEY EXECUTIVES
|
Name : |
Mr. Sanaulla Khan Mohammed |
|
Designation : |
Secretary |
|
Address : |
201, |
|
Date of Birth/Age : |
13.07.1970 |
|
Date of Appointment : |
15.12.2008 |
|
Pan No.: |
ACIPM1846L |
|
|
|
|
Audit Committee: |
·
Keki Dadiseth ·
K.
Ramkumar ·
Adrian
O’Connor |
|
|
|
|
Compensation and
nominations committee : |
·
Rama
Bijapurkar, Chairperson ·
Marti G. Subrahmanyam ·
Vinod Kumar Dhall ·
K. Ramkumar ·
Adrian O’Connor |
|
|
|
|
Customer service
and policyholders’ protection committee : |
·
Vinod Kumar Dhall, Chairman ·
K. Ramkumar ·
Adrian O’Connor |
|
|
|
|
Investment
committee : |
·
Marti G. Subrahmanyam, Chairman ·
N. S. Kannan ·
Adrian O’Connor ·
Sandeep Bakhshi ·
Puneet Nanda ·
Avijit Chatterjee ·
Manish Kumar |
|
|
|
|
Risk management
committee : |
·
Marti G. Subrahmanyam, Chairman ·
Rama Bijapurkar ·
N. S. Kannan ·
Adrian O’Connor |
|
|
|
|
Share transfer
committee : |
·
Vinod Kumar Dhall, Chairman ·
Keki Dadiseth ·
Sandeep Bakhshi |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Promoters |
|
|
·
ICICI Bank Limited |
1055310907 |
|
·
Prudential Corporation Holdings Limited |
370784884 |
|
Others |
2753333 |
|
|
|
|
TOTAL |
1428849124 |
As on 31.03.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
ICICI Bank Limited |
73.86 |
|
Prudential Corporation Holdings Limited |
25.95 |
|
Others |
0.19 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance and Pension Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name1 : |
S. R. Batliboi and Company Chartered Accountant |
|
|
|
|
Name2 : |
BSR and Company Chartered Accountant |
|
|
|
|
Holding Company: |
ICICI Bank Limited [CIN: L65190GJ1994PLC021012] |
|
|
|
|
Substantial
Interest: |
Prudential Corporation Plc |
|
|
|
|
Subsidiaries: |
ICICI Prudential Pension Funds Management
Company Limited [CIN: U66000MH2009PLC191935] |
|
|
|
|
Fellow Subsidiaries: |
·
ICICI Securities Limited ·
ICICI Venture Funds Management Company Limited ·
ICICI Home Finance Company Limited ·
ICICI Lombard General Insurance Company Limited ·
ICICI Trusteeship Services Limited ·
ICICI Securities Primary Dealership Limited ·
ICICI Securities Inc. ·
ICICI Securities Holding Inc. ·
ICICI Investment Management Company Limited ·
ICICI International Limited ·
ICICI Bank UK PLC. ·
ICICI Bank Canada ·
ICICI Bank Eurasia Limited Liability Company ·
ICICI Prudential Asset Management Company Limited ·
ICICI Prudential Trust Limited ·
ICICI Eco-net Internet and Technology Fund ·
ICICI Equity Fund ·
ICICI Emerging Sectors Fund ·
ICICI Strategic Investments Fund ·
TCW / ICICI Investment Partners Limited Liability
Company ·
ICICI Kinfra Limited ·
ICICI Venture Value Fund (IVVF) ·
I-Ven Biotech Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs. 10/- each |
Rs.15000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1428849100 |
Equity Shares |
Rs. 10/- each |
Rs.14288.491
millions |
|
|
|
|
|
Of the total share capital 1055310907 shares of
Rs. 10/- each are held by the holding company. ICICI Bank Limited.
After 20.06.2013
Authorized Capital: Rs.
15000.000 Millions
Issued, Subscribed & Paid-up Capital: Rs. 14290.279
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
SOURCES
OF FUNDS |
|
|
|
|
SHAREHOLDERS FUND: |
|
|
|
|
Share Capital |
14288.491 |
14284.611 |
14281.429 |
|
Share Application Money |
0.000 |
0.503 |
1.067 |
|
Employees stock option outstanding |
0.000 |
0.000 |
0.897 |
|
Reserves & Surplus |
35023.689 |
33606.925 |
33588.365 |
|
Fair value change Account – Net |
207.604 |
65.619 |
(9.604) |
|
|
|
|
|
|
Sub – Total |
49519.784 |
47957.658 |
47862.154 |
|
|
|
|
|
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
POLICYHOLDERS
FUND |
|
|
|
|
Fair value change Account – Net |
2203.143 |
2315.441 |
2493.446 |
|
Revaluation Reserve – Investment Property |
704.479 |
668.879 |
668.879 |
|
Policy Liabilities |
83379.998 |
58875.524 |
35893.280 |
|
Provision for linked liability |
574185.927 |
582329.617 |
503761.001 |
|
Funds for discontinued polices |
665.190 |
0.138 |
0.000 |
|
Sub – Total |
661138.737 |
644189.599 |
542816.605 |
|
Funds for future
appropriations |
|
|
|
|
Linked |
3322.628 |
5935.592 |
10931.566 |
|
Non Linked |
4269.540 |
3786.434 |
1392.600 |
|
|
|
|
|
|
TOTAL |
718250.690 |
701869.283 |
603002.925 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
|
-Shareholders |
34770.112 |
19764.653 |
12850.338 |
|
-Policy Holders |
91107.635 |
72171.914 |
44565.701 |
|
Asset held to cover linked liabilities |
578173.746 |
588265.347 |
514692.566 |
|
Loans |
95.740 |
86.945 |
116.048 |
|
Fixed Assets |
1802.306
|
1982.628
|
2634.004
|
|
Deferred Tax Assets |
1053.361
|
1784.417
|
2955.164
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balance |
2840.640 |
3303.199 |
3054.023 |
|
Advances and Other assets |
6700.182 |
3347.252 |
2966.016 |
|
Sub – Total (A) |
9540.822 |
6650.451 |
6020.039 |
|
|
|
|
|
|
Sundry Creditors |
278.550 |
275.276 |
267.067 |
|
Other Current Liabilities |
16185.465 |
15621.426 |
15449.951 |
|
Provisions |
1296.012 |
49.060 |
298.835 |
|
|
|
|
|
|
Sub – Total
(B) |
17760.027 |
15945.762 |
16015.853 |
|
Net Current Assets
(C) = (A-B) |
(8219.205) |
(9295.311) |
(9995.814) |
|
|
|
|
|
|
Miscellaneous expenditure |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit and Loss Account |
19466.995 |
27108.690 |
35184.918 |
|
|
|
|
|
|
TOTAL |
718250.690 |
701869.283 |
603002.925 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Amount transfer from Policyholders account (Technical account) |
11951.497 |
7319.160 |
2571.204 |
|
|
|
|
|
|
Income from investments |
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
2065.785 |
928.768 |
223.290 |
|
(b) Profit on sale/redemption of investments |
558.014 |
135.283 |
94.047 |
|
(c) Loss on sale/redemption of investments |
(426.516) |
(5.422) |
(4.937) |
|
Other Income |
5.617 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
14154.397 |
8377.789 |
2883.604 |
|
|
|
|
|
|
Expenses other than those directly related
to the insurance business |
17.171 |
52.752 |
78.309 |
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Provisions (other than taxation) |
|
|
|
|
(a) For diminution in value of investments
(net) |
0.000 |
0.000 |
0.000 |
|
(b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
17.171 |
52.752 |
78.309 |
|
|
|
|
|
|
(Less) Profit Before Tax |
14137.226 |
8325.037 |
2805.295 |
|
|
|
|
|
|
Provision for Taxation [Differed Tax] |
(295.489) |
248.809 |
225.610 |
|
|
|
|
|
|
Profit / (Loss) after tax |
13841.737 |
8076.228 |
2579.685 |
|
|
|
|
|
|
Appropriation |
|
|
|
|
(a) Balance of the beginning for the year |
27108.690 |
35184.918 |
37764.603 |
|
(b) Interim dividends paid during the year |
3142.777 |
0.000 |
0.000 |
|
(c) Proposed final dividend |
1000.885 |
0.000 |
0.000 |
|
(d) Dividend distribution Tax |
672.206 |
0.000 |
0.000 |
|
(c) Transfer to reserve / other income |
1384.174 |
0.000 |
0.000 |
|
Profit / (Loss) carried to Balance Sheet |
(19466.995) |
(27108.690) |
(35184.918) |
|
|
|
|
|
|
Earning Per shares (Rs.) |
9.69 |
5.65 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Current maturities
of long term debt is not available
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
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 |
Yes |
CHARGES:
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED |
|
IRDA |
Permitted various unlicensed individuals to solicit and procure
business |
Imposed penalty Rs.11.800 millions |
|
BACKGROUND:
The Company a joint venture between ICICI Bank Limited
and Prudential Corporation Pic was incorporated on July 20, 2000 as a company
under the Companies Act, 1956 ('the Act'). The Company is licensed by the
Insurance Regulatory and Development Authority ('IRDA') for carrying life
insurance business in India. The Company carries on business in the areas of
life, pensions and health insurance. This business spans across individual and
group products and covers participating, non-participating and unit linked
lines of businesses. Riders covering additional benefits are offered under
these products. These products are distributed through individual agents,
corporate agents, banks, brokers and the Company's
Proprietary sales force.
PERFORMANCE:
Fiscal 2012 was the first full year of operations for
the life insurance industry since the regulatory changes to product structures
that came into effect from September 1, 2010. During the year, the retail new
business of the industry (in weighted terms) recorded a negative growth of
4.8%. Within this, the public sector grew 11.2% and the private sector
companies as a whole had a negative growth of 23.9%.
In line with the private sector performance, the
Company registered a negative growth of 23.5% during FY2012. The Company had a
private sector market share of 16.1% for the year as against 16.0% for fiscal
2011.
SUBSIDIARY:
The Company has a wholly owned subsidiary, ICICI
Prudential Pension Funds Management Company Limited (PFM). PFM was appointed by
the Pension Fund Regulatory and Development Authority (PFRDA) as a pension fund
manager and acts as a fund manager under the National Pension System (NPS) for
Indian citizens other than government employees. It is the only pension fund
manager under NPS which is promoted by a life insurance company with experience
in managing long term investments of life and pension funds.
During the year ended March 31, 2012, the subscribers' funds managed by
PFM have reached Rs. 291.900 million (Previous year: Rs. 107.700 millions) and
for the year ended March 31, 2012 the PFM registered a loss of Rs. 0.445
million (previous year: loss of Rs. 0.002 million).
INDUSTRY AND BUSINESS REPORT
·
ECONOMIC OVERVIEW AND OUTLOOK
India has strong economic fundamentals in the form of a
favourable demographic profile and large investment potential. We believe this
will continue to create opportunities across various customer and product
segments. Good economic growth rates backed by favourable demographics, high
household savings rate and increasing pool of insurance funds provide a great
opportunity for the Indian Insurance industry. Fiscal 2012 however experienced
several economic challenges including high inflation and interest rates and
volatile capital flows and currency markets, due to a combination of global and
domestic factors. We believe that while there may be short-term challenges, the
strong underlying fundamentals of the Indian economy would sustain healthy
rates of growth over the medium to long term.
·
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Indian life insurance sector has witnessed strong
growth post liberalisation mainly driven by higher disposable incomes, changing
demographics, government/regulatory efforts to enhance insurance penetration,
launch of new products, more transparency and entry of foreign players. The
sector has not only outpaced India's economic growth figures, but also stood
strong as an important financial segment through turbulent times. Over the
years, there has been a paradigm shift in the way the consumers looks at
insurance products in India from a mere tax saving instrument to a long term
savings and protection tool.
The Indian insurance industry grew at a CAGR of over
20% in the first decade post liberalisation on Retail New Business Weighted
Premium1 basis. This era witnessed large scale expansion by
insurance companies to increase their footprint across the country in order to
capitalise on the growth opportunities presented by the economy. At March 31,
2012 the number of Life Insurers increased to 24 recording a new business
premium of ? 1.14 trillion and a total premium (including renewals) of
approximately ? 2.86 trillion for fiscal 2012. The insurance penetration (as a
percentage of the growth for the industry has however been muted since the global
slowdown witnessed in the last few years. The industry witnessed decline of
4.8% in fiscal 2012 (on Retail New Business Weighted Premium1
basis). However, sequentially the trend is encouraging with the industry growth
of 16% in H2 2012 as compared to decline of 28% in H1 2012.
Fiscal 2012 saw a series of regulatory developments
mainly around grievance redressal, non face to face solicitation of business,
out-sourcing of activities and issuance of capital by insurance companies. The
Finance Bill 2012 also brought in some changes for the industry by increasing
the minimum sum assured required for claiming tax exemption on premium paid on
policies and making Minimum Alternate Tax applicable to insurance companies.
·
COMPANY'S STRATEGY AND
PERFORMANCE ON KEY ELEMENTS
We value all our customers. Naturally then, our
initiatives are all customer-centric. Commitment to customers is accorded high
priority across the board be it product development, distribution, sales
processes, servicing or even claims settlement. Our customer-focused approach
and the attention to innovation has enabled us to achieve our targets market
leadership, quality business and efficiencies in operations and profits. To
this end we have stringently focused on:
PRODUCTS: We seek to provide a bouquet of products to meet every
need of the customer throughout his life cycle. This ensures that the various
products offered by the company strategically fit into the financial plan of
customers and help them achieve their various long term financial goals. We
believe that providing need based customer centric solutions will ensure
quality of business which is essential for quality growth.
CUSTOMER AWARENESS AND RETENTION: We believe that the quality
of business can be maintained only if the customer fully understands the
features of an insurance product. Further, customer retention is a proof of
trust the customers manifest towards our brand and is hence essential for our
profitable growth.
AUDITED
FINAMNCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2013
(Rs.
In Millions)
|
Particulars |
Total |
Non – Linked |
Linked |
||||
|
|
|
Individual |
Group |
Individual |
Group |
||
|
|
|
Life |
Pension |
|
Life |
Pension |
|
|
|
|
|
|
|
|
|
|
|
(a) Premium
|
135382.400 |
32232.400 |
2921.100 |
3607.300 |
57291.000 |
27327.300 |
12003.300 |
|
(b)
Reinsurance ceded |
(1209.900) |
(695.500) |
- |
- |
(513.400) |
(0.100) |
(0.900) |
|
(c)
Reinsurance accepted |
- |
- |
- |
- |
- |
- |
- |
|
Sub-total
|
134172.500 |
31536.900 |
2921.100 |
3607.300 |
56777.600 |
27327.200 |
12002.400 |
|
Income
from investments |
|
|
|
|
|
|
|
|
(a) Interest,
dividend and rent - Gross |
27992.300 |
3934.800 |
1536.200 |
1240.400 |
10056.900 |
7735.500 |
3488.500 |
|
(b) Profit
on sale / redemption of investments |
35302.900 |
575.700 |
239.800 |
116.700 |
19565.400 |
13075.300 |
1730.000 |
|
(c) (Loss)
on sale / redemption of investments |
(16646.400) |
(147.100) |
(17.200) |
(34.900) |
(8815.500) |
(7200.800) |
(430.900) |
|
(d)
Transfer / gain on revaluation / change in fair value |
11980.000 |
- |
- |
- |
4639.200 |
7163.500 |
177.300 |
|
(e)
Accretion of discount / (amortisation of premium) (net) |
3175.400 |
59.000 |
45.500 |
213.500 |
1104.300 |
955.400 |
797.700 |
|
(f)
Appropriation/expropriation adjustment account |
- |
- |
- |
- |
- |
- |
- |
|
Sub-total
|
61804.200 |
4422.400 |
1804.300 |
1535.700 |
26550.300 |
21728.900 |
5762.600 |
|
Other
income: |
|
|
|
|
|
|
|
|
Contribution
from the Shareholders' account |
5412.400 |
5294.400 |
118.000 |
- |
- |
- |
- |
|
Fees and charges
|
37.000 |
34.600 |
0.600 |
- |
1.800 |
- |
- |
|
Miscellaneous
income |
203.700 |
87.800 |
1.200 |
0.300 |
103.200 |
8.400 |
2.800 |
|
Sub-total
|
5653.100 |
5416.800 |
119.800 |
0.300 |
105.000 |
8.400 |
2.800 |
|
Commission |
7654.200 |
5213.200 |
7.400 |
- |
2088.600 |
345.000 |
- |
|
Operating
expenses related to insurance business |
20386.200 |
8757.700 |
116.900 |
24.900 |
8407.500 |
2817.600 |
261.600 |
|
Provision
for doubtful debts |
53.600 |
33.300 |
0.300 |
- |
12.400 |
7.600 |
(55.800) |
|
Bad debts
written off |
16.700 |
5.300 |
- |
- |
10.000 |
1.400 |
109.400 |
|
Benefits
paid (net) |
132804.500 |
2256.400 |
1204.500 |
7046.300 |
60387.800 |
50967.700 |
10941.800 |
|
Interim bonus
paid |
48.700 |
47.400 |
1.300 |
- |
- |
- |
- |
|
Change in
valuation of liability in respect of life policies |
|
|
|
|
|
|
|
|
(a) Gross
amount |
27356.000 |
26877.700 |
3172.800 |
(2223.300) |
7428.500 |
(14218.600) |
6318.900 |
|
(b) Amount
ceded in reinsurance |
(1425.300) |
(1425.300) |
- |
- |
- |
- |
- |
|
(c) Amount
accepted in reinsurance |
- |
- |
- |
- |
- |
- |
- |
|
Total
(C) |
158783.900 |
27756.200 |
4378.600 |
4823.000 |
67816.300 |
36749.100 |
17260.700 |
|
Surplus
/ (Deficit) (D) = (A) - (B) - (C) |
14735.200 |
(389.600) |
342.000 |
295.400 |
5098.100 |
9143.800 |
245.500 |
|
Provision
for taxation (a) Current
tax credit / (charge) (b) Tax
credit/(charge) |
(238.300) |
652.000 |
18.500 |
(58.700) |
(816.900) |
- |
(33.200) |
|
|
|||||||
|
Appropriation |
|
|
|
|
|
|
|
|
Balance of previous year |
7592.200 |
814.100 |
521.300 |
(179.500) |
3039.100 |
3397.200 |
- |
|
Transfer to
Shareholders' account |
17006.300 |
95.700 |
18.600 |
140.200 |
5987.000 |
10552.600 |
212.300 |
|
Balance
being funds for future appropriations |
|
|
|
|
|
|
|
|
Reserve for
lapsed unit linked policies unlikely to be revived |
1322.400 |
- |
- |
- |
483.500 |
838.900 |
- |
|
Funds for
future appropriation |
3760.100 |
980.800 |
863.200 |
(83.000) |
849.600 |
1149.500 |
- |
PROFIT AND LOSS
ACCOUNT FOR THE YEAR ENDED MARCH 31, 2013
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
|
|
|
|
Amount transferred
from Policyholders' (Technical) account |
11593.900 |
|
Income from
investments |
|
|
(a) Interest, dividend and rent - Gross |
3017.100 |
|
(b) Profit on sale / redemption of investments |
1065.200 |
|
(c) (Loss) on sale / redemption of investments |
(162.600) |
|
(d) Accretion of discount/ (amortisation of premium) (net)
|
253.300 |
|
Other income |
4.900 |
|
Total (A) |
15771.800 |
|
Expenses other than those directly
related to the insurance business |
76.700 |
|
Bad debts written-off |
- |
|
Provisions (other than taxation) |
|
|
(a) For diminution in value of investments (net) |
- |
|
(b) Provision for doubtful debts |
- |
|
Profit before tax (A)-(B) |
15695.100 |
|
Provision for taxation |
|
|
(a) Current tax credit/(charge) |
-- |
|
(b) Deferred tax credit/(charge) |
(736.800) |
|
Profit after tax |
14958.300 |
|
Appropriations |
|
|
(a) Balance at the beginning of the year |
(19467.600) |
|
(b) Interim dividends paid during the year |
3429.300 |
|
(c) Proposed final dividend |
1414.000 |
|
(d) Dividend distribution tax |
796.600 |
|
(e) Transfer to reserves |
1495.900 |
|
Loss carried to
Balance Sheet |
11645.100 |
|
Earnings per equity share |
|
|
Basic earnings per equity share (Rs.) |
10.47 |
|
Diluted earnings per equity share (Rs.) |
10.44 |
|
Nominal value per equity share (Rs.) |
10.00 |
BALANCE SHEET
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
|
|
|
|
Sources of funds |
|
|
Shareholders'
funds: |
|
|
Share
capital |
14289.400 |
|
Reserve and
surplus |
36525.200 |
|
Credit /
(debit) fair value change account |
477.600 |
|
Deferred
tax liability |
0.200 |
|
Sub-Total |
51292.400 |
|
Borrowings |
- |
|
Policyholders'
funds: |
|
|
Credit /
(debit) fair value change account |
2478.000 |
|
Revaluation
reserve - Investment property |
704.500 |
|
Policy
liabilities |
110276.000 |
|
Provision for
linked liabilities |
569584.000 |
|
Funds for
discontinued polices |
4301.900 |
|
Sub-Total |
687344.400 |
|
Funds
for future appropriations |
|
|
Linked |
1322.400 |
|
Non-Linked |
3760.100 |
|
Sub-total
|
5082.500 |
|
Total |
743719.300 |
|
Application
of funds |
|
|
Investments
|
|
|
-
Shareholders’ |
49190.300 |
|
-
Policyholders’ |
112869.900 |
|
Asset held
to cover linked liabilities |
575208.300 |
|
Loans |
87.500 |
|
Fixed
assets |
1724.000 |
|
Deferred
tax asset |
78.200 |
|
Current
assets |
|
|
- Cash and
bank balances |
3247.700 |
|
- Advances
and other assets |
9837.900 |
|
Sub-total
(A) |
13085.600 |
|
Current
liabilities |
18416.300 |
|
Provisions |
1753.100 |
|
Sub-total
(B) |
20169.400 |
|
Net current
assets ©=(A-B) |
(7083.800) |
|
Miscellaneous
expenditure (to the extent not
written-off or adjusted) |
-- |
|
Debit
balance in Profit & Loss Account (Shareholders account) |
11645.100 |
|
Total |
743719.300 |
NOTE:
The audited
financial statements have been taken on record by the Board of Directors at its
meeting held at Mumbai on April 18, 2013. The statutory auditors have expressed
an unqualified audit opinion. The Revenue account. Profit and Loss account and
Balance Sheet presented above are extracted from the audited financial
statements as stated. These financial statements comprise of the consolidated
financial statements of ICICI Prudential Life Insurance Company Limited, the
Parent Company, with the financial statements of its subsidiary ICICI
Prudential Pension Funds Management Company Limited
ANALYTICAL
RATIOS
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
|
|
|
|
New business premium income growth
|
|
|
- Non-Linked Life |
27.7% |
|
- Non-Linked Pension |
7.9% |
|
- Non-Linked Group |
(74.8%) |
|
- Linked Life |
(4.9%) |
|
- Linked Pension |
62.6% |
|
- Linked Group |
117.0% |
|
Net retention ratio |
99.1% |
|
Ratio of expenses of management |
20.7% |
|
Commission ratio |
5.7% |
|
Ratio of policyholders liabilities to shareholders funds |
1746.5% |
|
Growth rate of shareholders fund |
31.9% |
|
Ratio of surplus to policyholders liability |
1.3% |
|
Change in Networth |
95.949% |
|
Profit after tax / total income |
7.5% |
|
Total real estate + loans)/cash & invested assets |
0.3% |
|
Total investment / (capital + surplus) |
1859.6% |
|
Total affiliated investment /(capital + surplus) |
7.1% |
|
investment yield (gross and net) |
|
|
A. Without unrealised gains |
|
|
- Shareholders' fund |
10.0% |
|
- Policyholders' fund |
|
|
Non-Linked Par |
9.5% |
|
Non-Linked Non Par |
9.0% |
|
Linked Non Par |
5.7% |
|
B. With unrealised gains |
|
|
- Shareholders' fund |
11.5% |
|
- Policyholders' fund |
|
|
Non-Linked Par |
12.2% |
|
Non-Linked Non Par |
11.8% |
|
Linked Non Par |
7.6% |
|
Conservation ratio |
|
|
- Non-Linked Life |
80.4% |
|
- Non-Linked Pension |
92.4% |
|
- Non-Linked Group |
34.4% |
|
- Linked Life |
68.0% |
|
- Linked Pension |
64.2% |
|
- Linked Group |
54.4% |
|
Persistency ratio* |
|
|
- 13th month |
71.4% |
|
- 25th month |
90.0% |
|
- 37th month |
35.6% |
|
- 49th month |
56.6% |
|
- 61st month |
60.9% |
|
NPA ratio |
NIL |
*Ratio computed on reducing
balance basis. The denominator includes only policies paying premium at the beginning
of the year. These numbers are for 12 months ending March 31 of the respective
financial year
WEBSITE DETAILS:
PRESS RELEASE
ICICI PRUDENTIAL LIFE INSURANCE BARRED FOR 3 YRS BY HARYANA GOVT
April 17, 2013
Chandigarh : The Haryana government has barred ICICI Prudential Life Insurance for three years from doing any further business with it or any of its departments for "intentionally delaying" the process of distribution of annuity to land owners and failure to carry out commitments.
"ICICI Prudential Life Insurance Company needed to be blacklisted," the state's Finance Department said in a statement.
When contacted, the company declined to comment on the matter.
"The notice can, however, opt to pay compounding fee in lieu of entire or a part of the black listing period within one month from the date of this order.
"...this is by paying penal interest at a rate of one per cent for every six months or part thereof of the blacklisting period proposed to be compounded, by making a request to the government in this regard," the statement said.
Such enhanced rate of interest would be payable on the amount advanced to notice for the period from date of receipt of advance till the date of repayment of advance and interest at SBI base rate to the Department, it said.
Necessary orders for allowing compounding of the black listing period will be passed after receipt of the requisite compounding fee, it added.
An Expression of Interest was issued in February, 2011 inviting bids from insurance companies and banks for the purpose of providing services for disbursement of annuity to the land owners under the R and R Policy of the state government.
The bid-cum-tender documents were submitted by ICICI Prudential on March 31, 2011.
Thereafter, several rounds of discussions were held between the notice and the state government with respect to various stipulations and condition stated in the draft Services Level Agreement, it said.
This included the obligation of the notice as the Service Provider with respect to collection and validation of data of the beneficiaries under the scheme of annuity, it added.
|
|
|
ICICI PRUDENTIAL GETS
OVER RS 1300.000 MILLIONS TAX NOTICE
The Finance Ministry has asked private sector insurer ICICI Prudential to cough up over Rs 1300.000 millions for alleged evasion through non-payment of service tax.
The Directorate General of Central Excise Intelligence (DGCEI) has issued a
show-cause-cum-demand-notice recently to the firm alleging irregularities including
fudging of commission paid to field agents or channel partners in lieu of
policies being sold by them among others, official sources said.
Officials of the DGCEI, an investigative arm of Revenue Department under the
Ministry, verified the accounts book of the company for the last five
years--2007-08 to 2011-12--and claimed to have found irregularities vis-a-vis
adherence to service tax laws.
The officials found non-payment of appropriate service tax on the commission
paid to their channel partners for the generation of life insurance business
and collection of service tax from their corporate agents without any authority
in law and not depositing the same to the government exchequer, they said.
"The DGCEI has raised a demand for payment of about Rs 1360.000 millions
on account of alleged service tax evasion to ICICI prudential," a source
said.
An ICICI Prudential spokesperson said the company will respond to the notice
issued to it.
"The department has followed procedure by issuing the show cause notice.
We will respond to the notice within the stipulated time period," an
official company spokesperson told.
The officials alleged that the company was paying huge
sums of money to their channel partners under different heads in lieu of commission,
thereby not paying service tax on the correct amount paid.
In some instances, up to 80 per cent of the premium paid by the unsuspecting
customers was given to the channel partners as commission for the sale of life
insurance products in gross violation of Insurance Regulatory and Development
Authority (IRDA) norms.
The DGCEI, which began probe last year to unearth alleged service tax evasion by various life insurance firms, is likely to issue show-cause-cum-demand notices to other firms also, the sources said.
Investigations have found alleged service tax evasion of at least Rs 3000.000
millions by private sector life insurance companies. The insurance companies
under probe are found to be allegedly maintaining wrong data of commission paid
and not paying service tax being deducted from their corporate agents, they
said.
All life insurance companies are required to pay service tax at the rate of
12.36 per cent on the total commission paid to the corporate agents and the
individual agents under the reverse charge mechanism, where as brokers and
referrals are individually liable to pay service tax at the rate of 12.36 per
cent on the commission amount received from the insurance companies.
At present, there are 24 general insurance companies including the Export
Credit Guarantee Corporation (ECGC) and Agriculture Insurance Corporation of
India and 23 life insurance companies operating in the country.
ICICI PRU ICARE
AWARDED PRODUCT OF THE YEAR 2012
Mumbai; April 19, 2012
Product of the Year
is the world's largest consumer-voted award for product innovation.
ICICI Pru iCare, an innovative online term insurance product from ICICI
Prudential Life Insurance was awarded the Product of the Year 2012 in the Life
Insurance category.
'Product of the Year' is the global consumer recognition standard that
celebrates and rewards the best innovations in consumer products and services
done through an independent consumer survey across the country. ICICI Pru iCare
was shortlisted by the jury post which the product was put through an
independent and 100% face to face consumer survey. The survey was conducted by
AC Nielson in 36 (Thirty Six) markets across India with a participant size of
more than 30,000 people.
Speaking on the occasion, Mr. Manish Dubey, Sr. Vice President and Head
- Marketing, ICICI Prudential Life Insurance said, ''The award is a recognition
of ICICI Prudential Life’s consistent Endeavour to enhance the customer
experience, both offline as well as online. We strongly believe that technology
will play a major role in adding new dimensions to the consumer experience with
life insurance by making the interaction convenient, affordable and
transparent.''
The consumers have voted for ICICI Pru iCare as the Product of the Year
2012 in the Life Insurance category for its easy accessibility, convenience and
affordability.
ICICI Pru iCare is a comprehensive term insurance plan which can be
bought online in 10-15 minutes without any medical tests.
·
Select the cover amount
·
key in the personal details
·
Make the payment
The entire process
of buying ICICI Pru iCare can be done online at a person's chosen time and
convenience.
ABOUT ICICI PRUDENTIAL LIFE INSURANCE:
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank and Prudential plc. It was one of the first players to commence operations
when the insurance industry was opened to the private sector in 2000. For Q3 FY
2012, the company garnered Rs. 32040.000 millions of total premiums and has
underwritten over 13 million policies since inception. The company has a
network of approximately 1,000 offices and over 1, 27,052 advisors, as at Dec
31, 2011. In addition to this, the company has over 5000 distribution
touch-points and over 10,000 servicing touch-points across the country.
CONTINGENT LIABILITIES: (As on 31.03.2011)
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Claims, other than those under policies, not acknowledged as debts |
140.718 |
153.485 |
|
Guarantees given by or on behalf of the Company |
5.357 |
4.888 |
|
Others – policy related claims under litigation |
285.403 |
239.601 |
|
Total |
431.478 |
397.974 |
FIXED ASSETS:
·
Software
·
Freehold Land
·
Improvements to Leasehold
Property
·
Office Building on
freehold land
·
Information technology
equipment
·
Motor vehicles
·
Communication networks
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.59.36 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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.