|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE GENERALI INDIA
LIFE INSURANCE COMPANY LIMITED [w.e.f. 18.04.2007] |
|
|
|
|
Formerly Known
As : |
FUTURE GENERALI INDIA LIFE ASSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
6th Floor,
Tower 3,
Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (West),
Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.01.2006 |
|
|
|
|
Com. Reg. No.: |
11-165288 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 12030.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2006PLC165288 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF04761B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF0190Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Insurance and Financial Services. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 53100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between India based Future Group and Italy
based General Group. It is a well established and reputed company having satisfactory track
record. There appear some accumulated losses recorded by the company.
However, the company receives good support from its holding companies. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rohit Das |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-40779393 |
|
Date : |
18.03.2013 |
LOCATIONS
|
Registered Office : |
6th Floor,
Tower 3,
Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (West),
Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-40976913/ 40976666 |
|
Fax No.: |
91-22-40976600 |
|
E-Mail : |
group.quotes@futuregenerali.in |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branches : |
Located at: Ø 104/105, 1st
Floor, Neelyog Square, P.B. Mehta Road, Near Ghatkopar Station (East), Mumbai
– 400075, Maharashtra, India Ø 1st
Floor, Jalaram Business Centre, Above Axis bank, Ganjawala Lane, Borivali (West),
Mumbai – 400092, Maharashtra, India Tel No.: 91-22-40779393 Ø DGP House, 1st
Floor, 88-C, Old Prabhadevi Road, Dadar (West), Mumbai – 400025, Maharashtra,
India Tel No.: 91-22-66152000 Ø 1st
Floor, No. 3 and 3A, Rahimtoola House, 7 Homji Street, Fort, Mumbai – 400001,
Maharashtra, India |
DIRECTORS
AS ON 29.06.2012
|
Name : |
Mr. Ghyanendra Nath Bajpai |
|
Designation : |
Chairman |
|
Address : |
131 Shaan Apartment, K D Marg, Prabhadevi, Mumbai – 400028, |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00946138 |
|
|
|
|
Name : |
Mr. Deepak Sood |
|
Designation : |
Managing Director and CEO |
|
Address : |
1903-04, A-Wing,
|
|
Date of Appointment : |
22.09.2009 |
|
DIN No.: |
01642332 |
|
|
|
|
Name : |
Mr. Vijay Laxminarayan Biyani |
|
Designation : |
Director |
|
Address : |
305, Jeevan Vihar, Manav Mandir Road, Malbar Hill, Mumbai – 400006, |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00005827 |
|
|
|
|
Name : |
Mr. Krishan Kant Rathi |
|
Designation : |
Director |
|
Address : |
B – 72, Dakshina Park, N. S. Road, 10, JVPD Scheme, Andheri (West),
Mumbai – 400049, Maharashtra, India |
|
Date of Appointment : |
30.10.2006 |
|
DIN No.: |
00040094 |
|
|
|
|
Name : |
Mr. Roberto Gasso |
|
Designation : |
Director |
|
Address : |
Devincina 2/c,
3401 0 Sgonico, Trieste, Italy |
|
Date of Appointment : |
05.09.2007 |
|
DIN No.: |
01629060 |
|
|
|
|
Name : |
Mr. Kishore Laxminarayan Biyani |
|
Designation : |
Director |
|
Address : |
406, Jeevan Vihar, |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00005740 |
|
|
|
|
Name : |
Mr. Sergio Balbinot |
|
Designation : |
Director |
|
Address : |
Via Degli Aplini 109/1, Opicina I – 34016, |
|
Date of Appointment : |
05.09.2007 |
|
DIN No.: |
01629245 |
|
|
|
|
Name : |
Dr. Devi Singh |
|
Designation : |
Director |
|
Address : |
Indian Institute of Management, Prabandh Nagar, Off Sitapur Road,
Lucknow – 226103, Uttar Pradesh, India |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
00015681 |
|
|
|
|
Name : |
Mr. Rajan Saxena |
|
Designation : |
Director |
|
Address : |
27/A/31, Takshila Apartments, Mahakali Road, Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
00784698 |
|
|
|
|
Name : |
Mr. Ooi Kim Chai |
|
Designation : |
Director |
|
Address : |
A-33-4 |
|
Date of Appointment : |
12.08.2008 |
|
DIN No.: |
01701888 |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Das |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Madan Gopal Banarasilal Jalan |
|
Designation : |
SVP-Legal and Compliance and Company Secretary |
|
Address : |
1801 C Tower,
Oberoi Woods, Off Western Express Highway, Jogeshwari [East], Mumbai –
400063, Maharashtra, India |
|
Date of Appointment : |
14.01.2008 |
|
PAN No.: |
AAMPJ8450B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pantaloon Retail
(India) Limited, India |
|
306764994 |
|
Pantaloon Retail
(India) Limited, India jointly with Mr. Krishan Kant Rathi |
|
1 |
|
Pantaloon Retail
(India) Limited, India jointly with Mr. Chandra Prakash Toshniwal |
|
1 |
|
Pantaloon Retail
(India) Limited, India jointly with Mr. Rajesh Kalyani |
|
1 |
|
Pantaloon Retail
(India) Limited, India jointly with Mr. Deepak Tanna |
|
1 |
|
Pantaloon Retail
(India) Limited, India jointly with Mr. Sanjay Rathi |
|
1 |
|
Pantaloon Retail
( |
|
1 |
|
Sprint Advisory Services Private Limited, India |
|
589470000 |
|
Participatie Maatschappij Graafsschap Holland NV, Diemen |
|
306765000 |
|
|
|
|
|
Total |
|
1203000000 |
AS ON 26.11.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pantaloon Retail
(India) Limited, India |
|
5100000 |
|
Participatie Maatschappij Graafsschap Holland NV, Diemen |
|
5100000 |
|
Sprint Advisory Services Private Limited, India |
|
9800000 |
|
|
|
|
|
Total |
|
20000000 |
AS ON 07.01.2013
|
Names of Shareholders |
|
No. of Shares |
|
Pantaloon Retail
(India) Limited, India |
|
32895000 |
|
Sprint Advisory Services Private Limited, India |
|
63210000 |
|
Participatie Maatschappij Graafsschap Holland NV, Diemen |
|
32895000 |
|
|
|
|
|
Total |
|
129000000 |
AS ON 29.06.2012
|
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] |
|
25.50 |
|
Bodies
corporate |
|
74.50 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance and Financial Services. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
Customers : |
Others |
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
M.M. Nissim and Company Chartered Accountants |
|
Address : |
Barodawala Mansion, B Wing, 3rd Floor, 81, Dr. A B Road, Worli,
Mumbai –
400018,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFM5103E |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Mumbai – 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
|
|
|
|
Other Related
Parties with whom the company had transactions during the year : |
Ø Future Generali
India Insurance Company Limited |
|
|
|
|
Enterprises
where control exists [Joint Venture Partner] : |
Ø Pantaloon Retail
(India) Limited Ø Sprint Advisory
Services Private Limited (Formerly Sain Advisory Services Private Limited) Ø Participatie
Maatschappij Graafsschap Holland NV |
CAPITAL STRUCTURE
AS ON 29.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,352,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.
13520.000 Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,452,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.
14520.000 Millions |
|
|
|
|
|
Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,327,100,000 |
Equity Shares |
Rs. 10/- each |
Rs.
13271.000 Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,203,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.
12030.000 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 |
12030.000 |
10520.000 |
7020.000 |
|
|
Share Application Money Pending Allotment |
1241.000 |
500.000 |
625.750 |
|
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
Credit/(Debit)/ Fair Value Change Account |
(4.674) |
(5.180) |
(0.583) |
|
|
Sub-Total |
13266.326 |
11014.820 |
7645.167 |
|
|
|
|
|
|
|
|
Policyholders Funds |
|
|
|
|
|
Credit/(Debit)/ Fair Value Change Account |
0.000 |
0.026 |
0.000 |
|
|
Policy Liabilities |
6130.444 |
3901.657 |
1888.353 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
|
Provision for Linked Liabilities |
8431.227 |
6460.976 |
2783.760 |
|
|
Sub-Total |
14561.671 |
10362.659 |
4672.113 |
|
|
|
|
|
|
|
|
Funds for Future Appropriations |
|
|
|
|
|
Reserve for Lapsed Unit-Linked Policies |
0.000 |
0.000 |
219.015 |
|
|
Funds for Discontinued Policies |
|
|
|
|
|
(i) Discontinued on Account of Non-Payment of Premium |
77.429 |
9.338 |
0.000 |
|
|
(ii) Others |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
27905.426 |
21386.817 |
12536.295 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
Investments |
|
|
|
|
|
Shareholders |
2006.302 |
1208.383 |
1020.193 |
|
|
Policyholders |
5940.333 |
3795.975 |
1901.944 |
|
|
Assets held to cover Linked Liabilities |
8508.656 |
6470.314 |
3002.775 |
|
|
Loans |
0.031 |
0.000 |
0.000 |
|
|
Fixed Assets |
43.780 |
39.349 |
75.328 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash & Bank Balances |
535.874
|
376.296 |
525.410
|
|
|
Advances and Other Assets |
1044.146
|
793.951 |
643.681
|
|
Sub-Total
(A) |
1580.020
|
1170.247 |
1169.091
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
517.730
|
400.303 |
596.241
|
|
|
Other Current Liabilities |
583.877
|
521.385 |
473.186
|
|
|
Provisions |
34.048
|
41.184 |
27.781
|
|
Sub-Total
(B) |
1135.655
|
962.872 |
1097.208
|
|
|
Net Current Assets (A – B) |
444.365
|
207.375 |
71.883
|
|
|
|
|
|
|
|
|
Debit Balance in profit and Loss Account |
10961.959 |
9665.421 |
6464.172 |
|
|
|
|
|
|
|
|
TOTAL |
27905.426 |
21386.817 |
12536.295 |
|
REVENUE ACCOUNT
POLICY
HOLDER'S ACCOUNT (TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
Premiums earned
- Net |
|
|
|
|
|
|
(a) Premium |
7795.778 |
7261.565 |
5415.131 |
|
|
|
(b) (Reinsurance ceded) |
(141.088) |
(101.278) |
(66.650) |
|
|
|
Total |
7654.690 |
7160.287 |
5348.481 |
|
|
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
693.095 |
321.396 |
132.512 |
|
|
|
(b) Profit on Sale / Redemption of Investments |
256.565 |
416.008 |
109.950 |
|
|
|
(c) (Loss on Sale / Redemption of Investments) |
(429.655) |
(54.332) |
(13.148) |
|
|
|
(d) Transfer /Gain on revaluation / change in Fair value* |
(313.533) |
(185.835) |
289.042 |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
(a) Contribution from the Shareholders' A/c |
1398.105 |
3277.765 |
3683.707 |
|
|
|
(b) Profit / (Loss) on Sale of Fixed Assets |
-- |
-- |
16.840 |
|
|
|
(c) Appropriation/ (Expropriation) Adjustment |
(12.017) |
7.486 |
3.632 |
|
|
|
(d) Miscellaneous Income |
44.322 |
7.163 |
0.180 |
|
|
|
|
|
|
|
|
|
|
Total (A) |
9291.572 |
10949.938 |
9571.196 |
|
|
|
|
|
|
|
|
|
|
Commission |
874.853 |
957.813 |
1104.403 |
|
|
|
Operating Expenses related to Insurance Business |
3555.693 |
4110.822 |
4604.742 |
|
|
|
Provision For Doubtful Debts |
-- |
-- |
-- |
|
|
|
Bad Debts Written Off |
-- |
-- |
-- |
|
|
|
Provision for
Tax |
-- |
-- |
-- |
|
|
|
Provision (Other Than Taxation) |
|
|
|
|
|
|
(a) For Diminution in the value of investment (Net) |
-- |
-- |
-- |
|
|
|
(b) Others |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Total (B) |
4430.546 |
5068.635 |
5709.145 |
|
|
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
593.897 |
400.460 |
139.793 |
|
|
|
Interim and Terminal Bonuses Paid |
-- |
-- |
-- |
|
|
|
Change in valuation of liability against life policies |
|
|
|
|
|
|
(a) Gross * * |
4280.432 |
5496.787 |
3722.283 |
|
|
|
(b) (Amount ceded in Re-insurance) |
(13.303) |
(15.944) |
(0.005) |
|
|
|
|
-- |
-- |
-- |
|
|
|
Total (C) |
4861.026 |
5881.303 |
3862.051 |
|
|
|
|
|
|
|
|
|
|
SURPLUS/
(DEFICIT ) (D) = (A) - (B) - (C) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Shareholders' Account |
-- |
-- |
-- |
|
|
|
Transfer to Other Reserves |
-- |
-- |
-- |
|
|
|
Balance being Funds for Future Appropriations |
-- |
-- |
-- |
|
|
Total (E) |
-- |
-- |
-- |
|
|
|
* Represents the
deemed realised gain as per norms specified by the Authority |
|
|
|
|
|
|
** Represents Mathematical Reserves after allocation of bonus |
|
|
|
|
|
|
The break up of total surplus is as under: |
|
|
|
|
|
|
(a) Interim Bonuses paid |
0.165 |
-- |
-- |
|
|
|
(b) Allocation of Bonus to Policyholders |
113.967 |
58.347 |
24.650 |
|
|
|
(c) Surplus shown in the Revenue Account |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
(d) Total Surplus: [(a)+(b)+(c)] |
114.132 |
58.347 |
24.650 |
|
PROFIT AND LOSS ACCOUNT
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
Amount Transferred
From Policyholder Account (Technical Account) |
|
|
|
|
|
|
Income from Investments |
|
|
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
92.831 |
74.377 |
76.544 |
|
|
|
(b) Profit on Sale / Redemption of Investments |
27.803 |
20.034 |
54.415 |
|
|
|
(c) (Loss on Sale / Redemption of Investments) |
(6.742) |
(2.890) |
(1.828) |
|
|
|
Other Income |
0.166 |
0.018 |
-- |
|
|
|
|
|
|
|
|
|
|
TOTAL (A) |
114.058 |
91.539 |
129.131 |
|
|
|
|
|
|
|
|
|
|
Expenses other than
those directly related to the insurance business |
|
|
|
|
|
|
(a) Employees' Remuneration and Welfare Benefits |
4.239 |
8.224 |
9.365 |
|
|
|
(b) Rent, Rates and Taxes |
1.510 |
3.500 |
2.935 |
|
|
|
(c) Other Expenses |
6.742 |
3.299 |
1.591 |
|
|
|
Bad Debts Written Off |
-- |
-- |
-- |
|
|
|
Provisions
(Other than taxation) |
|
|
|
|
|
|
(a) For Diminution in the Value of Investment (Net) |
-- |
-- |
-- |
|
|
|
(b) Provision for Doubtful Debts |
-- |
-- |
-- |
|
|
|
(c) Others |
|
|
|
|
|
|
Contribution to Policy holders' Account (Technical Account) |
1398.105 |
3277.765 |
3683.707 |
|
|
|
Total (B) |
1410.596 |
3292.788 |
3697.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(1296.538) |
(3201.249) |
(3588.467) |
|
|
|
Provision for Taxation |
-- |
-- |
-- |
|
|
|
(a) Income tax for earlier year |
-- |
-- |
0.180 |
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(1296.538) |
(3201.249) |
(3566.647) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
(a) Balance at the beginning of the Year |
(9665.421) |
(6464.172) |
(2895.525) |
|
|
|
(b) Interim Dividends Paid during the year |
-- |
-- |
-- |
|
|
|
(c) Proposed Final Dividend |
-- |
-- |
-- |
|
|
|
(d) Dividend Distribution on Tax |
-- |
-- |
-- |
|
|
|
(e) Transfer to Reserves / Other Accounts |
-- |
-- |
-- |
|
|
Profit / (Loss) carried to the Balance Sheet |
(10961.959) |
(9665.421) |
(6464.172) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.17) |
(3.78) |
(6.13) |
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
517.730
|
400.303 |
596.241
|
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
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 |
Note: The registered address of the company has
been shifted from 12 and 15th Floor, Tower 1, Indiabulls Finance Centre, Senapati
Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India to the
present w.e.f.14.05.2012
BACKGROUND
Subject was incorporated
on 30th October 2006 as a Company under the Companies Act, 1956 to undertake
and carry on the business of life insurance. On 18th April 2007, the name was
changed to Future Generali India Life Insurance Company Limited (Formerly
Future Generali India Life Assurance Company Limited) (‘the Company’). The
Company has obtained a license from the Insurance Regulatory and Development
Authority (‘IRDA’) on 4th September 2007.
The Company’s life
insurance business comprises of individual life and group business including
participating, nonparticipating, pension, group gratuity, superannuation, leave
encashment and unit linked insurance products.
OPERATIONS
A) Business Review
The company has written
gross premium of INR Rs. 7795.78 Million against Rs 7261.57 Million in the
previous year, registering a growth of 7.36% over the previous year.
B) IRDA Registration
The Certificate of
Registration from the Insurance Regulatory and Development Authority has been
renewed for the Financial Year 2012-13.
C) Products
In order to have a
balanced portfolio mix, the Company has filed and received approval for various
products catering to both the Corporate and Retail segments. Noteworthy
products, which have been approved during the year .The Company has also filed
several other products to widen the products bouquet. Further, the Company is
working on various innovative products offerings keeping in mind the customer’s
requirements and to target niche segments
D) Branch office Network:
In accordance with
the business objective of steady and focused growth, the Company as a prudent
business approach continuously monitors the performance of its various
Branch/Spoke locations. In an effort towards optimizing the business potential,
distribution network and cost involved the Company has realigned the current
branch structure through re-categorization of current branches. The concept of
cash positive has been cascaded among all the branches and the Company aims to
make the entire branch network cash positive in a phased manner. The Company
had physical presence at 184 locations as at March 31, 2012 vis-à-vis 185
locations as at March 31, 2011.
For the Financial
Year 2012-13, the Company shall ensure optimum number of branches to make the
Company a more efficient and effective organization..
E) Training and Development
One of the major
changes initiated by IRDA this year affecting the recruitment of advisors was
launch of the new syllabus for advisors pre- licensing training. The syllabus
now has extensive coverage of Insurance domain and financial markets. Learning
and Development has revamped the advisor training content accordingly and
launched the same in various vernacular languages to ensure proper training and
coding of advisors. As a part of the recruitment strategy for advisors the
Company has decided to launch the pre-licensing training regulated by IRDA at
in-house accredited centers. So far the Company has received 10 accreditations
from IRDA for the purpose. The Company plans to have a in-house accredited
center at every branch.
F) Solvency Ratio
The Company has
been continuously monitoring its solvency margins, in keeping with the
requirements of IRDA (Assets, Liabilities, and Solvency Margin of Insurers)
Regulations, 2000; and has ensured at all times that the solvency ratio of the
Company is above the minimum solvency margin prescribed by the IRDA which is
150%.
G) Share Capital
During the period ,
the Company had allotted 151,000,000 fully paid up equity shares of Rs.10/-
each at par to the promoters, thus the issued equity share capital of the
Company as on March 31, 2012 is Rs. 14,520 Million. Accordingly, paid up share
capital of the Company as on March 31, 2012 is Rs. 12,030/- Million (excluding
the share application money of Rs. 1,241/- Million).
H) Human Capital
Motivated and
committed employees are vital assets for the success of any organization. The
Company has been trying to create a favorable work environment, which
encourages innovation and meritocracy, making it an interesting place to work
in. Employee Satisfaction Survey – “Voice of Employee – AWAAZ” has being
undertaken for the 2nd year to gather inputs towards gauging the level of
satisfaction among the employees. The inputs have been gathered and the action
plans have been drawn out which are being implemented. To create an environment
of fun while at work, Mauj - an employee engagement initiative that was
launched last year is being run across all branches successfully and is giving
good results.
Manthan, an open
platform created at every location to encourage employees to interact with the
management by coming together under one roof for open discussions and also to
understand the branch/ Company performance, is being run regularly every month
at all locations Pan India. Detailed demographic studies of communities are
being undertaken at every location for the recruitment of SMs, BMs and the
advisors and the same is helping them to increase their reach for business. For
objective employee performance appraisal, the Balance Score Card System has
been implemented, linking individual goals across functions with the
organisational goals in a transparent manner. This has been received very
favorably by the employees.
As a part of the
employee development plan, specific training programs have been identified and
initiated. Senior Executives were nominated to External programs at top
Management Institutes as also to programs organized by
Generali RO at
Hongkong.
I) Re Insurance
The reinsurance
arrangement of Future Generali India Life Insurance Company Limited has been
tailored in accordance with the Insurance Regulatory and Development Authority
(Life Insurance – Reinsurance) Regulations, 2000 to cater to the business plan,
reinsurance need, and risk philosophy
FUTURE OUTLOOK
Despite a
challenging macro-economic and regulatory environment, the Company generated a
gross written premium of Rs. 7795.78 million against Rs. 7261.57 million in the
previous year, registering a growth of 7.36% on a Y-o-Y basis. This performance
in relation to peers helped the Company achieve the 17th position in terms of
mobilization of New Business Premium (15th in terms of APE) out of the 23
players (March 2012 ranking). The Company was 13th in terms of number of
policies.
The cost
curtailment efforts of the Company over the past financial year have paid
dividends. The assets under management increased from Rs. 11.47 billion to Rs.
16.45 billion.
For the Financial
Year 2012-13, the Company will focus on optimizing value of in force business -
both in terms of Persistency and Asset Management/performance. Retention and
productivity of sales force, reduction of operating cost while maintaining the
volume and quality of business to help reduce surrenders and improve claim
ratios will be the areas of focus for Financial Year 2012-13.
CONTINGENT
LIABILITIES:
(Rs.
in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Insurance claims
disputed by the Company, to the extent not provided/ reserved |
19.707 |
13.650 |
FIXED ASSETS:
Ø Software
Ø Goodwill
Ø Land-Freehold
Ø Buildings
Ø Leasehold
Improvements
Ø Furniture and
Fittings
Ø Information
Technology Equipment
Ø Office equipment
Ø Vehicles
WEBSITE DETAILS:
PRESS RELEASE:
FUTURE GENERALI LIFE
INSURANCE SELLS 22.5% STAKE TO IITL
MUMBAI: India's top retailer Future Group has agreed to sell 22.5% stake in its life insurance joint venture with Italy's Generali Group to Industrial Investment Trust Limited in a deal estimated at 2800.000-3000.000 millions.
The deal will value Future Generali India Life Insurance Company at
approximately 12500.000 millions.
In a filing to Bombay Stock Exchange, Future Group's listed firm Pantaloon
Retail said that it has entered into a share-purchase agreement with
non-banking finance company Industrial Investment Trust (IITL) to sell 22.5%
holding in the life insurance venture.
After the transaction, Future Group's holding in the firm will slip to 51.5%. Generali holds 26%. The Italian firm is expected to raise it to 49% once India raises the foreign investment limit in insurance.
Mumbai-based IITL is in the insurance broking business with 14 branches and 250
employees. It plans to have 25 branches by the end of the year.
Company insiders said promoters will finance part of the deal while funds
raised through global depository receipts will take care of the rest. IITL had
raised 3250.000 millions through a GDR issue.
The stake sale in Future Generali will help Future Group pare its debt levels
that stood at 55000.000 millions in June last. Biyani has managed to bring it
down to half trough a series of deals and restructuring initiatives across his
businesses. Last year, it sold its stake in Future Capital to private equity
firm Warburg Pincus.
Future Generali India Life Insurance reported 42% decline in new business
premium income to 1472.800 millions during April-January. It has a share
capital of 12600.000 millions.
The industry hit by economic slowdown and regulatory changes has seen a drop of
6% in income from sale of new policies.
The highly capital-intensive nature of life insurance business is forcing
promoters to pare stake or consolidate. Most companies missed their break-even
target due to economic slowdown and regulatory changes.
Recently, Exide bought 50% in ING Life for 5500.000 millions. Last year, Japan's Mitsui Sumitomo bought 26% stake in Max New York Life Insurance Company for about 27310.000 millions and Nippon Life had bought 26% in Reliance Life for 29480.000 millions.
FUTURE GENERALI ORGANIZES 'MEGA ADVISOR DEVELOPMENT
CONFERENCE' IN PATNA
04-Feb-2013
More than 850 Advisors participate in the Conference
Future Generali India Life Insurance Company Limited, the Insurance joint
venture between Future Group of India and Generali of Italy, had organized Mega
Advisor Development Conference (MADC) in Patna; a unique initiative by a
private life insurer to address its advisors on such a huge scale.
More than 850 Advisors participated in the Mega Advisor Development Conference
(MADC) that was presided over by Mr. Gorakhnath N. Agarwal, CEO. Mr. Vineet
Agarwal, Head – Agency and Alternate Distribution Channel, Future Generali
India Life Insurance Company Limited was also present. The main objective of
this conference was to increase awareness among advisors about successful
agency career, empower advisors with knowledge to deal with customers in the
most constructive way and enhance capability to move towards higher recognition
platform like MDRT.
Commenting on the Mega Advisor Development Conference, Mr. Gorakhnath Agarwal
said, 'MADC is amongst the biggest initiatives by any private life insurance
company. Through this interactive initiative, we aim to provide knowledge to
our advisors, which will equip them to deal with customers in a better way.
FG’s goal for 2013 is to grow its advisor base by recruiting over 10,000 new
advisors from different segments of the society to help them reach out to a
wider audience'.
Mr. Vineet Agarwal, reiterated that, 'We have decided to focus on sharpening
the skill sets of our existing advisors, while expanding our advisor base
across locations. Future Generali shall be organizing such MADCs in other
regions as well to cater to its Advisors’ needs. FG aims to identify and
initiate insurance partnerships that will help create newer and innovative
distribution channels to reach out and explore newer business opportunities,
particularly in Tier II, III and IV cities'.
Mr. Gorakhnath Agarwal also felicitated successful advisors of the region.
Renowned life insurance agent of the country Mr. Punjab Singh, who has the
distinction of being a MDRT Qualifier for 26 years in a row, shared his
experience to motivate the participants.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.26 |
|
|
1 |
Rs. 81.94 |
|
Euro |
1 |
Rs. 70.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.