|
Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SBI LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Natraj M.V. Road and Western Express Highway, Junction, Andheri
(East), Mumbai- 400069, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.10.2000 |
|
|
|
|
Com. Reg. No.: |
11-129113 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10000.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2000PLC129113 / U99999MH2000GOI129113 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27599F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS2530P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing of Insurance Services. |
|
|
|
|
No. of Employees
: |
7292 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between State Bank of Subject is an established company having fine track
record. Fundamentals are strong. Promoters of the subject are strong and
reliable. Trade relations are fair. Payments are regular and as per
commitments. Subject can be considered good for any normal business dealings. It can be regarded as a promising business partner in medium to long
term. |
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 |
CRISIL |
|
Rating |
AAA [Financial Strength Rating] |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
21.06.2013 |
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 BY
|
Name : |
Mr. Varun Singh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-61910346 |
|
Date : |
23.07.2013 |
LOCATIONS
|
Registered/ Corporate Office 1: |
|
|
Tel. No.: |
91-22-61911000 |
|
Fax No.: |
91-22-61910012 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Central Processing Centre,
Kapas Bhavan, Plot 3A, Sector -10, CBD Belapur, Navi Mumbai – 400614, Mumbai,
India |
|
Tel. No.: |
91-22- 66456210 |
|
E-Mail : |
|
|
|
|
|
Corporate Office 2: |
2nd
Floor, Turner Morrison Building, G. N. Vaidya Marg, Fort, Mumbai-400023,
Maharashtra, India |
|
Tel. No.: |
91-22-66392000 |
|
Fax No.: |
91-22-66392099 |
DIRECTORS
AS ON 14.07.2012
|
Name : |
Mr. Pratip Chaudhuri |
|
Designation : |
Chairman Cum Director |
|
Address : |
|
|
Date of Birth/Age : |
12.09.1953 |
|
Date of Appointment : |
07.04.2011 |
|
DIN No.: |
00915201 |
|
|
|
|
Name : |
Mr. Nilesh Shivji Vikamsey |
|
Designation : |
Independent Director |
|
Address : |
184, 18th Floor, Kalpataru
Habitat, A Wing, Dr. S.S. Rao Road, Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
16.08.1964 |
|
Date of Appointment : |
12.04.2012 |
|
Din No.: |
00031213 |
|
|
|
|
Name : |
Mr. Aravamudan Krishna Kumar |
|
Designation : |
Nominee Director |
|
Address : |
D-1, |
|
Date of Birth/Age : |
18.11.1954 |
|
Date of Appointment : |
04.05.2011 |
|
DIN No.: |
00871792 |
|
|
|
|
Name : |
Mr. Gerard Yues Binet |
|
Designation : |
Director |
|
Address : |
19, Route De La Passerelle Le Vesinet – 781130, |
|
Date of Birth/Age : |
30.04.1953 |
|
Date of Appointment : |
14.06.2001 |
|
DIN No.: |
00066024 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Anugraha No.23 (Old No.2), |
|
Date of Birth/Age : |
31.08.1958 |
|
Date of Appointment : |
05.03.2002 |
|
Din No.: |
00185931 |
|
|
|
|
Name : |
Mr. Eric Lombard |
|
Designation : |
Director |
|
Address : |
10 Rue Garanciere, Paris, France 75006 |
|
Date of Birth/Age : |
16.05.1958 |
|
Date of Appointment : |
22.07.2006 |
|
DIN No.: |
01744379 |
|
|
|
|
Name : |
Mr. Shyamal Acharya |
|
Designation : |
Nominee Director |
|
Address : |
13 A, B2, Harbour Height PO, Opposite INS Gunjali, N A Sawant Marg,
Colaba, Mumbai-400005, |
|
Date of Birth/Age : |
26.08.1954 |
|
Date of Appointment : |
05.07.2011 |
|
DIN No.: |
03568347 |
|
|
|
|
Name : |
Mr. Mahadev Nagendra Rao |
|
Designation : |
Managing Director |
|
Address : |
2B, Bank House, Unit II, Bhubaneswar-751009, |
|
Date of Birth/Age : |
17.08.1952 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
01296161 |
|
|
|
|
Name : |
Mr. Jacques Andre Rene Michel |
|
Designation : |
Alternate Director |
|
Address : |
Madhu Kunj, Flat A, 1st Floor, Narayan Dabolkar Marg,
Napeansea Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
28.07.1952 |
|
Date of Appointment : |
29.09.2011 |
|
DIN No.: |
02968626 |
KEY EXECUTIVES
|
Name : |
Ms. Manju Anand |
|
Designation : |
Company Secretary |
|
Address : |
A-4/1, Old Best Colony, Sahajeevan CHS, Goregaon (W), Mumbai-400104, |
|
Date of Birth/Age : |
13.04.1977 |
|
Date of Appointment : |
17.12.2007 |
|
PAN No : |
ACVPN8727J |
MAJOR SHAREHOLDERS
AS ON 14.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
State Bank of |
|
739999994 |
|
BNP Paribas Cardif S.A., France |
|
260000000 |
|
Shyamal Acharya |
|
2 |
|
Mahadev Nagendra Rao |
|
1 |
|
Dinesh Kumar Khara |
|
1 |
|
Srikant Hota |
|
1 |
|
B |
|
1 |
|
|
|
|
|
TOTAL
|
|
1000000000 |
AS ON 14.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Government
companies |
|
74.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing of Insurance Services. |
GENERAL INFORMATION
|
No. of Employees : |
7292 [Approximately] |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ummed Jain and Company Chartered Accountants |
|
Address : |
R-15, Yudhisther Marg, C-Scheme, Jaipur-302005, |
|
PAN No: |
AAAFU2542B |
|
|
|
|
Holding Company : |
State Bank of India |
|
|
|
|
Joint Venture
Partner : |
BNP Paribas Cardif |
|
|
|
|
Holding Company
of Joint Venture Partner : |
BNP Paribas |
|
|
|
|
Fellow
Subsidiaries : |
·
State Bank of Bikaner and Jaipur ·
State Bank of Hyderabad ·
State Bank of Mysore ·
State Bank of Patiala ·
State Bank of Travancore ·
SBI Capital Markets Limited ·
SBI DFHI Limited ·
SBI Funds Management (Private) Limited ·
SBI CAPS Ventures Limited ·
SBI CAP Trustee Company Limited ·
SBI CAP (UK) Limited ·
SBI CAP (Singapore) Limited ·
SBI Cards and Payment Services Private Limited ·
SBI Payment Services Private Limited ·
SBI Global Factors Limited ·
SBICAP Securities Limited ·
SBI Pension Funds Private Limited ·
SBI General Insurance Company Limited ·
SBI Funds Management ( International) Private Limited ·
SBI Mutual Fund Trustee Company Private Limited ·
SBI-SG Global Securities Services Private Limited ·
State Bank of India (California) ·
State Bank of India (Canada) ·
SBI (Mauritius) Limited ·
Commercial Bank of India LLC, Moscow ·
PT Bank SBI Indonesia ·
Nepal SBI Bank Limited |
|
|
|
|
Other Related
Parties : |
·
SBI Life Insurance Company Limited Employee PF
Trust ·
SBI Life Insurance Company Limited Employees
Gratuity Fund |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each
|
Rs.10000.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10000.000 |
10000.000 |
10000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11189.297 |
6212.183 |
2548.743 |
|
|
4] Credit/(Debit) Fair Value Change Account |
367.191 |
84.833 |
103.553 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
SUB TOTAL |
21556.488 |
16297.016 |
12652.296 |
|
|
|
|
|
|
|
|
BORROWING |
|
|
|
|
|
|
|
|
|
|
|
POLICYHOLDERS' FUNDS |
|
|
|
|
|
Credit / Debit Fair Value Change Account |
111.091 |
526.402 |
1219.654 |
|
|
Policy Liabilities |
182815.481 |
133143.913 |
96686.230 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Provision For Linked Liabilities |
255747.474 |
223259.075 |
147694.689 |
|
|
Add: Fair Value Change (Linked) |
7932.946 |
21629.525 |
22932.158 |
|
|
Add: Funds For Discontinued Policies |
713.855 |
0.000 |
0.000 |
|
|
Total Linked Liabilities |
264394.275 |
244888.600 |
170626.847 |
|
|
|
|
|
|
|
|
Funds for Future Appropriation -: Linked |
287.269 |
402.177 |
246.204 |
|
|
Funds for Future Appropriation -: Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
469164.603 |
395258.108 |
281431.231 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2652.156 |
2831.553 |
2326.988 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
Shareholders' |
13608.077 |
9650.782 |
7283.028 |
|
|
Policyholders' |
169486.611 |
146687.042 |
108875.135 |
|
|
|
|
|
|
|
|
Assets Held to Cover Linked Liabilities |
264681.542 |
245290.776 |
170873.050 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Cash & Bank Balances |
23034.030
|
2656.610
|
3218.936 |
|
|
Advances and Other Assets |
8941.581
|
5325.440
|
3219.745 |
|
Total
Current Assets |
31975.611
|
7982.050
|
6438.681 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2572.431
|
2478.841
|
2367.856 |
|
|
Other Current Liabilities |
9963.944
|
14586.317
|
11936.064 |
|
|
Provisions |
703.019
|
118.937
|
61.731 |
|
Total
Current Liabilities |
13239.394
|
17184.095
|
14365.651 |
|
|
Net Current Assets |
18736.217
|
(9202.045)
|
(7926.970) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
469164.603 |
395258.108 |
281431.231 |
|
FINANCIAL
PERFORMANCE
Rs. in Millions
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
Premium Income |
|
|
|
New Business Premium |
65313.173 |
75723.919 |
|
Renewal Premium |
66024.211 |
53392.510 |
|
Profit / Loss Before Taxation |
6041.414 |
3945.140 |
|
Provision For Taxation |
483.200 |
281.700 |
|
Profit / Loss After Taxation |
5558.214 |
3663.440 |
|
Sum Assured in Force (New Business) |
|
|
|
Basic Policy |
540836.193 |
591797.985 |
|
Total (Basic + Rider) |
645028.966 |
648377.534 |
|
Annualized Premium Equivalent (APE) |
26266.518 |
37939.905 |
|
Assets Held |
465759.780 |
401628.600 |
|
Expense Ratio |
6.85% |
6.9% |
|
Number of New Policies (In 000s) |
882 |
940 |
|
Sales and Distribution Strength |
|
|
|
Geographical Spread |
|
|
|
Number of Offices |
714 |
629 |
|
Numbers of Employees |
7893 |
7292 |
|
Numbers of Agents and CIFs (In 000s) |
111771 |
100 |
|
Persistency Ratio (For 13th
Month) |
72% |
69% |
REVENUE ACCOUNT
FOR THE YEAR ENDED MARCH 31, 2012
POLICY
HOLDER'S ACCOUNT (TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
Premiums earned
- Net |
|
|
|
|
|
|
(a) Premium |
131337.384 |
129452.866 |
101040.265 |
|
|
|
(b) (Reinsurance ceded) |
(528.974) |
(361.204) |
(235.452) |
|
|
|
Total |
130808.410 |
129091.662 |
100804.813 |
|
|
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
|
(a) Interest, Dividends & Rent - Net of Amortization (Gross for year ended March 31, 2012 Rs.18131.664 Millions, previous year
ended March 31, 2011 Rs.11805.768 Millions) |
21214.478 |
13284.460 |
7724.772 |
|
|
|
|
|
|
|
|
|
|
(b) Profit on sale / redemption of investments |
12973.730 |
24462.330 |
25499.176 |
|
|
|
|
|
|
|
|
|
|
(c) (Loss on sale / redemption of investments) |
(14385.122) |
(6395.325) |
(4242.781) |
|
|
|
|
|
|
|
|
|
|
(d) Transfer /Gain on revaluation / change in Fair value* |
(13696.579) |
(1302.633) |
30265.462 |
|
|
|
|
|
|
|
|
|
|
(e) Appropriation/ expropriation adjustment account |
(275.264) |
(153.585) |
0.000 |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
(a) Contribution from the Shareholders' A/c |
1419.856 |
354.181 |
0.000 |
|
|
|
(b) Others |
0.000 |
0.000 |
0.000 |
|
|
|
- Miscellaneous Income |
588.898 |
270.598 |
492.347 |
|
|
|
|
|
|
|
|
|
|
Total (A) |
138648.407 |
159611.690 |
160543.789 |
|
|
|
|
|
|
|
|
|
|
Commission |
5183.637 |
6710.540 |
7582.488 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses related to Insurance Business |
10239.285 |
9166.301 |
6609.005 |
|
|
|
Provision For Doubtful Debts |
1.007 |
0.405 |
0.000 |
|
|
|
Bad Debts Written Off |
1.408 |
4.302 |
0.000 |
|
|
|
Provision for
Tax |
|
|
|
|
|
|
(a) Income Tax |
483.200 |
240.618 |
102.210 |
|
|
|
(b) Adjustment related to previous years |
0.000 |
0.000 |
(2.078) |
|
|
|
(c) Fringe Benefit Tax |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Provisions
(other than taxation) |
|
|
|
|
|
|
(a) For diminution in the value of investments (net) |
(47.780) |
0.012 |
(1367.899) |
|
|
|
|
|
|
|
|
|
|
Total (B) |
15860.757 |
16122.178 |
12923.726 |
|
|
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
47753.110 |
|
8514.400 |
|
|
|
Interim and Terminal Bonuses Paid |
2.841 |
1.182 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Change in
valuation of liability against life policies |
|
|
|
|
|
|
(a) Gross * * |
69273.368 |
110853.860 |
137172.096 |
|
|
|
(b) (Amount ceded in Re-insurance) |
(96.125) |
(134.424) |
(8.990) |
|
|
|
|
|
|
|
|
|
|
Total (C) |
116933.194 |
139978.338 |
145677.506 |
|
|
|
|
|
|
|
|
|
|
SURPLUS/
(DEFICIT ) (D) = (A) - (B) - (C) |
5854.456 |
3511.174 |
1942.557 |
|
|
|
|
|
|
|
|
|
|
Balance of
previous year |
402.177 |
246.204 |
81.176 |
|
|
|
Balance available for appropriation |
6256.633 |
3757.378 |
2023.733 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Shareholders' Account |
5969.365 |
3355.200 |
1777.529 |
|
|
|
Balance being Funds for Future Appropriations |
287.269 |
402.177 |
246.204 |
|
|
Total (D) |
5854.456 |
3511.174 |
2023.733 |
|
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2012
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
Amount
Transferred From Policyholder Account (Technical Account) |
5969.365 |
3355.200 |
-- |
|
|
|
Surplus/ (Deficit) from Policyholders Accounts |
-- |
-- |
1777.529 |
|
|
|
Income from Investments |
|
|
|
|
|
|
(a) Interest, Dividend & Rent - Net of Amortization (Gross for year ended March 31, 2012 Rs.868.760 Millions, previous
year ended March 31, 2011 Rs.525.580 Millions) |
891.188 |
546.912 |
606.462 |
|
|
|
|
|
|
|
|
|
|
(b) Profit on sale / redemption of investments |
83.321 |
168.261 |
269.658 |
|
|
|
|
|
|
|
|
|
|
(c) (Loss on sale / redemption of investments) |
(14.546) |
(25.129) |
(354.795) |
|
|
|
Other Income |
64.859 |
40.765 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL (A) |
6994.187 |
4086.009 |
2298.854 |
|
|
|
|
|
|
|
|
|
|
Expenses other than
those directly related to the insurance |
|
|
|
|
|
|
(a) Rates and Taxes |
0.000 |
0.000 |
0.054 |
|
|
|
(b) Directors' Sitting Fees |
0.140 |
0.205 |
0.118 |
|
|
|
(c) Board Meeting Related Expenses |
1.692 |
0.829 |
3.484 |
|
|
|
(d) Depreciation |
13.551 |
3.444 |
0.000 |
|
|
|
(e) Other Expenses |
7.924 |
25.704 |
0.224 |
|
|
|
|
|
|
|
|
|
|
Provisions
(Other than taxation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Contribution to the Policyholders' Fund |
1419.856 |
354.181 |
0.000 |
|
|
|
(b) For diminution in the value of investment (net) |
(7.190) |
(2.877) |
(479.938) |
|
|
|
|
|
|
|
|
|
|
Total (B) |
1435.973 |
381.487 |
(476.060) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
5558.214 |
3704.522 |
2774.914 |
|
|
|
Provision for Taxation |
|
|
|
|
|
|
(a) Income Tax |
0.000 |
41.082 |
10.337 |
|
|
|
(b) Adjustment related to previous years |
0.000 |
0.000 |
0.000 |
|
|
|
(c) Fringe Benefit Tax |
0.000 |
0.000 |
0.000 |
|
|
|
PROFIT / (LOSS)
AFTER TAX |
5558.214 |
3663.440 |
2764.577 |
|
|
|
|
|
|
|
|
|
|
(a) Balance at the beginning of the period/year |
6212.183 |
2548.743 |
(215.833) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final dividend |
500.000 |
0.000 |
0.000 |
|
|
|
Dividend distribution tax |
81.100 |
0.000 |
0.000 |
|
|
Profit / (Loss) carried to the Balance Sheet |
11189.297 |
6212.183 |
2548.743 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.56 |
3.66 |
2.76 |
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CHARGES:
|
ENTITY |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
SBI Life Insurance Company Limited |
IRDA |
Paid claim cheques to master policy holder |
IMPOSED PENALTY RS.0.600 Million |
-- |
|
SBI Life Insurance Company Limited |
IRDA |
Reimbursed group administrative expenses to corporate agents and group master policyholders without prior approval of irda |
IMPOSED PENALTY RS.7.000 Millions |
IRDA VIDE ITS 05/10/2012 PASSED CERTAIN DIRECTIONS |
NOTE:
The registered office of the company has been shifted from State Bank Bhavan, Madam Cama Road, Nariman Point, Mumbai-400021 Maharashtra India to the present address w.e.f. 25.04.2011.
FINANCIAL PERFORMANCE:
·
The Company has
been ranked # 1 amongst private life insurers on new business premium for the
financial year
·
Net Profit for the
year stands at Rs. 5560.000 Millions, showing a growth of 51.72%
·
Consistent growth
in gross premium to Rs. 131340.000 Millions in the financial year 2011-12 from
Rs. 129450.000 Millions in the financial year 2010-11
·
A robust growth of
16% in Assets under Management (AUM) to Rs. 465760.000 Millions in the
financial year 2011-12 as against Rs. 401630.000 Millions in the financial year
2010-11
·
The Renewal
Premium collections from various distribution channels amounted to Rs.
66020.000 Millions showing Y-o-Y growth of 23.28%.
The total New
Business Premium (NBP) stands at Rs. 65310.000 Millions consisting of Rs.
18600.000 Millions from ‘Retail Agency’ and ‘Institutional Alliances’ channels
together, Rs. 16460.000 Millions from ‘Bancassurance’ channel and Rs. 30250.000
Millions from ‘Corporate Solutions’ channel.
The Company
focused on expansion through quality recruitment and opening up of new
branches. As at March 31, 2012, the Company has 714 offices, 86,989 Insurance
Advisors (IAs) and 24,782 Certified Insurance Facilitators (CIFs) across the
country as against corresponding figures of 629 offices 79,628 IAs and 20,240
CIFs respectively as on March 31, 2011.
AWARDS AND RECOGNITIONS:
During the
Financial Year 2011-12, SBI Life continued with its winning streak of bagging
numerous coveted recognitions and awards from reputed platforms.
·
NDTV Profit Business Leadership Award, twice in a
row, 2010 and 2011
·
Most Trusted Private Life Insurance Brand 2011 by
The Economic Times, Brand Equity and Nielsen, Most Trusted Brands 2011
·
CRISIL has reaffirmed its AAA / Stable rating to
SBI Life, indicating highest financial strength to meet policyholder
obligations.
·
ICRA has reaffirmed its iAAA rating indicating highest
claims paying ability and a fundamentally strong position.
·
Won one of the most prestigious quality
distinction, ‘IMC Ramkrishna Bajaj National Quality Awards 2011 - Certificate
of Merit’
·
Awarded ‘ICAI - Silver Shield’ for Excellence in
Financial Reporting for FY 2010 – 11 under the Insurance category
·
Awarded the best presented accounts by The South
Asian Federation of Accountants (SAFA), in the Insurance Category for the
Annual Report FY 2009-10 Certificate of Merit
·
Retained ISO/IEC 27001: 2005 Certification for
Information Security Management System (ISMS)
They owe these
prestigious awards to the constant support and trust reposed by their
Policyholders and Stakeholders and the hard work and dedication of their work
force.
OUTLOOK:
The life insurance
industry is expected to grow at 5-10% during the financial year (FY) 2012-13,
with a slow growth in early quarters and substantial improvements in the last
two quarters owing to expected market improvements. The industry has already
seen a substantial change in the product mix leaning towards traditional
products. Persistency and efficiency focused business will be the key to
profitability. Renewal premiums have been pivotal in determining profitability
and will continue to do so as the industry keeps on maturing. Expense
smoothening will be another area of focus this year. Market resilience and
improved penetration are important driving factors. A customer centric approach
to business, well trained insurance advisors and an innovative product portfolio
will be keys to generate business. As a commitment towards better sales
support, SBI Life has opened 85 new branches in previous year and expects to
add 45 more this year.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY.
FIXED ASSETS:
·
Goodwill
·
Intangibles - Software
·
Land-Freehold
·
Furniture and Fittings
·
Information Technology Equipment
·
Leasehold Property
·
Buildings
·
Vehicles
·
Office Equipment
·
Leasehold Improvements
AS PER WEBSITE DETAIL
PRESS RELEASES:
HARYANA BLACKLISTS SBI
LIFE FOR DELAYING ANNUITY PAYMENTS
PTI: Chandigarh, Tue Jan 29 2013, 21:56 hrs
SBI Life Insurance Company has been "blacklisted" by Haryana government for allegedly delaying the process of distribution of annuity to land owners under the Resettlement and Rehabilitation (R&R) Policy of the state government.
While giving this information in an release here today, an official spokesman of the Finance Department said, "Haryana government has blacklisted SBI Life Insurance Company Limited and cancelled the bid awarded to it for delaying the entire process of distribution of annuity to the land owners under the state's R&R policy."
He further said stringent actions, including debarring SBI Life Insurance from doing any further business with the State or any of its department could also be taken as per the law.
The official spokesman said that an Expression of interest (EOI) was issued in February, 2011 inviting bids from Insurance Companies or Banks for purposes of providing services for disbursement of annuity to the land owners under R&R policy of the state government.
The bid cum tender document was submitted by SBI Life Insurance on March 31, 2011.
He said that after receipt of the bid documents, several rounds of negotiations and discussions were held with respect to various stipulations and conditions stated in the draft Service Level Agreement (SLA) including the obligation of the noticee as service provider with respect to collection and validation of data of the beneficiaries.
The spokesman further said decisions regarding the contract were taken by the government on July 25, 2011 and August 11, 2011 for making payment of annuity under R&R policy by allocation of work amongst the selected insurance companies. A letter of intent (LoI) was issued to noticee on September 6, 2011.
The said LoI was also issued on specific and unambiguous stipulation that the LoI would be subject to execution of Service Level Agreement (SLA).
This was expressly communicated to the noticee that the government reserved its right to withdraw the said LOI in the event of failure of noticee to execute the Service Level Agreement, he added.
He said that in furtherance of the agreed and accepted condition of LOI, the government vide its letter dated January 4, 2012 forwarded the SLA duly approved by it and called upon the noticee to sign the same with its concerned departments.
However, despite repeated reminders, including ones dated January 27, 2012 and February 3, 2012, for execution of the SLA, SBI Life failed to execute the same again for the same "frivolous" reasons of non deletion of the clause relating to the collection and validation of data, he said.
SBI LIFE INSURANCE
WINS GLOBAL PERFORMANCE EXCELLENCE AWARD, 2013
Mumbai, July 03, 2013: The only organization from India to win the World Class Award in large service category, SBI Life has achieved a unique distinction by featuring amongst the nine organizations from six Asian and Pacific Rim Countries to be recognized as exemplary companies of world class quality performance. Modeled after the U.S. Malcolm Baldrige Performance Excellence Award, the award is presented to organizations demonstrating robust quality focus encompassing overall business excellence. The awards will be presented at the 19th APQO/International Conference on Quality in Bali, Indonesia on 10th October, 2013
Mr. Atanu Sen, MD & CEO, SBI Life said, “We owe the recognition to our
robust holistic processes which keep the satisfaction of our customers at the
focal point. I believe this recognition provides a sense of pride and
encouragement for all in the Industry and service organizations in India to
demonstrate capabilities focused on quality at a global platform”.
The Global Performance Excellence Award (GPEA) is administered by the Asia
Pacific Quality Organization (APQO), a non-profit organization that serves as
an umbrella group that brings together the leading quality professional
societies from countries that border on the Pacific Ocean or are considered
Asian or Pacific Rim nations. The governing body of APQO includes
representatives from Australia, Azerbaijan, Canada, Chile, China, India,
Indonesia, Kazakhstan, Korea, Malaysia, Mexico, Nepal, New Zealand, Pakistan,
Philippines, Singapore, Sri Lanka, Thailand, Turkey, United States of America,
United Arab Emirates, Republic of Uzbekistan and Vietnam. The award is
sponsored by a foundation established by APQO called The Walter L. Hurd
Foundation.
Preceding GEPA, SBI Life won the national Indian Merchant Chambers’ Ramkrishna
Bajaj National Quality Award 2012 in the services category, which is one of
eligibility requirements for the GPEA award participation.
Recently, SBI Life Insurance has also bagged two awards at the Indian Insurance
Award 2013, namely the “Under-served Market Penetration Award, Private Sector,
2013” for its far-reaching geographical coverage within India and the “Claims
Service of the Year Award, Private Sector 2013” for demonstrating overall
leadership and commitment towards effective and speedy claims settlement.
Further, SBI Life ranked amongst the top-50 Great Places to Work in India, as
per the latest report released.
ELIGIBILITY
REQUIREMENTS:
·
The Candidates for the award must already have
won their National Quality Award within the last 3 years (2012-2013).
· The National Quality Award Organization/s (IMC Ramkrishna Bajaj in India) must recommend Candidates for the Global Performance Excellence Award (GPEA).
· The National Quality Award Organization or the Candidate must include in its NQA and feedback / site visit report that the GPEA Application documents reflect the organization’s actual operations.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.69 |
|
|
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.