|
Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHARTI AXA LIFE INSURANCE COMPANY LIMITED |
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Registered
Office : |
Unit 601 and 602, 6th Floor, Raheja Titanium House, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.10.2005 |
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Com. Reg. No.: |
11-157108 |
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Capital
Investment / Paid-up Capital : |
Rs. 17186.510 Millions |
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CIN No.: [Company Identification
No.] |
U66010MH2005PLC157108 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
To undertake and carry on the business of life insurance. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 76000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a satisfactory track
record. The company has been incurring losses from past some years. However,
the liquidity of the company is good. The company receives better support from
its group companies. Trade relations are decent. Business is active. Payment terms are
usually correct and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 DENIED
Management Non Co-operative.
LOCATIONS
|
Registered/ Head Office : |
Unit 601 and 602, 6th Floor, Raheja Titanium House, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra |
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Tel. No.: |
91-22-40306300 |
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Fax No.: |
91-22-40306347 |
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E-Mail : |
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Website : |
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Branches : |
Located at :
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DIRECTORS
As on: 07.06.2012
|
Name : |
Mr. Nasser Mukhtar Munjee |
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Designation : |
Director |
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Address : |
Benedict Villa, House No. 471, Saud Vaddo, Chorao Island,
Tiswadi, Goa, 403102, India |
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Date of Birth/Age : |
18.11.1952 |
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Qualification : |
Bachelor's degree from the university of Chicago & Master's degree from the London school of Economics |
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Date of Appointment : |
17.11.2005 |
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DIN No.: |
00010180 |
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Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director |
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Address : |
208, Tower - 2 Casa Grande, Senapati Bapat Marg, Lower Parel, Mumbai, 400013, Maharashtra, India |
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Date of Birth/Age : |
08.05.1949 |
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Qualification : |
B.E.(Mech) NIT, Madras University & Post Graduate Diploma in IndusTrial Management, Bombay University |
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Date of Appointment : |
01.06.2010 |
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DIN No.: |
00028320 |
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Name : |
Mr. Akhil Kumar Gupta |
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Designation : |
Director |
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Address : |
B-27, Maharani Bagh, New Delhi, India |
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Date of Birth/Age : |
22.12.1995 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
27.10.2005 |
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DIN No.: |
00028728 |
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Name : |
Mr. Rakesh Bharti Mittal |
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Designation : |
Director appointed in casual vacancy |
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Address : |
E-26 Vasant Marg, Visant Vihar, New Delhi, 110057, Delhi,
India |
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Date of Birth/Age : |
18.09.1955 |
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Qualification : |
Electronics Engineering from YMCA Institute of Engineering |
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Date of Appointment : |
10.09.2009 |
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DIN No.: |
00042494 |
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Name : |
Mr. Bharat Sumant Raut |
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Designation : |
Director |
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Address : |
8, French bridge, (Haldankar Bridge), Mumbai, 400007, Maharashtra, India |
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Date of Birth/Age : |
31.08.1949 |
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Qualification : |
B.Com, LLB. Chartered Accountant |
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Date of Appointment : |
31.03.2010 |
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DIN No.: |
00066080 |
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Name : |
Mr. John Robert Dacey |
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Designation : |
Director appointed in casual vacancy |
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Address : |
12, Rue Celment Marol, Paris, France 75008 |
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Date of Birth/Age : |
22.05.1960 |
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Qualification : |
Degree of Harvard University ( Boston USA) & Bachelor of Arts in Economics from Washington University in St. Louis (USA) |
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Date of Appointment : |
21.08.2007 |
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DIN No.: |
01796801 |
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|
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Name : |
Mr. Michael Stephen Bishop |
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Designation : |
Director appointed in casual vacancy |
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Address : |
Flat A 23/ F Tower 2,Tregunter, 14 Tregunter Path, Mid Levels H K, Hong Kong, |
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Date of Birth/Age : |
06.09.1961 |
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Qualification : |
National Diploma in Business Studies & Associate of Chartered Institute of Bankers |
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Date of Appointment : |
23.01.2009 |
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DIN No.: |
02486617 |
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Name : |
Mr. Sandeep Ghosh |
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Designation : |
Managing Director |
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Address : |
1302, PETIT Towers, August Kranti Marg, Kemps Corner, Mumbai 400036, Maharashtra, India |
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Date of Birth/Age : |
14.10.1968 |
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Qualification : |
Masters in Business Administration (Marketing & Strategy) h Bachelor of Commerce (Accountancy and Financial Management) |
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Date of Appointment : |
09.06.2011 |
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DIN No.: |
01448091 |
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|
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Name : |
Mr. Devendra Khanna |
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Designation : |
Director |
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Address : |
Devi Sadan, Ground Floor,, L 1/5, Hauz Khas, New Deli, 110016, Delhi, India |
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Date of Birth/Age : |
14.07.1960 |
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Qualification : |
B.Com and Chartered Accountant |
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Date of Appointment : |
17.01.2012 |
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DIN No.: |
01996768 |
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|
|
|
Name : |
Mr. Francois Valery Albert Eugene Ghislain Lecomte |
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Designation : |
Director |
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Address : |
Apartment 20A, Harston, The Repulse Bay, 109 Repulse Bay Road, Hong Kong, Na, Hong Kong |
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Date of Birth/Age : |
06.05.1973 |
|
Date of Appointment : |
10.05.2012 |
|
DIN No.: |
05276907 |
KEY EXECUTIVES
|
Name : |
Mr. Conjeevaram Lakshminarasimhan Baradhwaj |
|
Designation : |
Secretary |
|
Address : |
A104, Anmol, Off. S. V. Road, Goregaon (WEST), Mumbai,
400062, Maharashtra, India |
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Date of Birth/Age : |
19.03.1965 |
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Date of Appointment : |
20.10.2008 |
|
PAN No.: |
AACPB6389B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 07.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Alok Roongta |
|
1 |
|
Vinod Dsouza |
|
1 |
|
Nilesh Kothari |
|
1 |
|
Sunil Bharti Mittal |
|
1 |
|
Rakesh Bharti Mittal |
|
1 |
|
Mayank Aggarwal |
|
1 |
|
Bharti Insurance Holdings Private Limited |
|
687460386 |
|
First American Securities Private Limited |
|
649269189 |
|
Axa India Holdings |
|
381921395 |
|
Total |
|
1718650976 |
As on: 20.08.2012
|
Names of Allootees |
|
No. of Shares
Allotted |
|
Bharti Insurance Holdings Private Limited, India |
|
11,220,000 |
|
First American Securities Private Limited, India |
|
10,596,673 |
|
AXA India Holdings, Mauritius |
|
6,233,327 |
|
Total |
|
28,050,000 |
As on: 26.12.2012
|
Names of Allootees |
|
No. of Shares
Allotted |
|
Bharti Insurance Holdings Private Limited, India |
|
5,400,000 |
|
First American Securities Private Limited, India |
|
5,100,003 |
|
AXA India Holdings, Mauritius |
|
2,999,997 |
|
Total |
|
13,500,000 |
As on: 30.04.2013
|
Names of Allootees |
|
No. of Shares
Allotted |
|
Bharti Insurance Holdings Private Limited, India |
|
15,400,000 |
|
First American Securities Private Limited, India |
|
14,544,453 |
|
AXA India Holdings, Mauritius |
|
8,555,547 |
|
Total |
|
38,500,000 |
Equity Share Break up (Percentage of Total Equity)
As on: 07.06.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
22.22 |
|
Bodies corporate |
77.78 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To undertake and carry on the business of life insurance. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Khimji Kunverji and Company Chartered Accountant |
|
Address : |
Sunshine Tower,Level 19, Senapati Bapat Marg, Dadar, Mumbai – 400028,
Maharashtra, India |
|
PAN.: |
AAAFK1142M0 |
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|
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Address : |
Kalpataru Heritage, 5th Floor 127, M. G. Road, Fort Mumbai – 400001, Maharashtra, India |
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Joint Venture : |
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Fellow
Subsidiaries: |
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Associate Companies
with whom the Company had done transactions : |
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CAPITAL STRUCTURE
After: 07.06.2012
Authorised Capital : Rs.30000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.18457.010
Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1718650976 |
Equity Shares |
Rs.10/- each |
Rs.17186.510
Millions |
|
|
|
|
|
a) During the year,
the Company has Issued and called 193,300,LQO equity Shares of Rs 10 each fully
paid up to the following Shareholders-
|
Bhartl Ventures Limited (From 1 April 2011- To 26 February 2012) |
63,920,040 |
|
Bhartl Insurance Holdings Private Limited (From 27 February 2012- To 31 March 2012) |
13,400,000 |
|
First American Securities Private Limited |
73,024,525 |
|
AXA India Holdings (Mauritius) |
42.955.535 |
|
Total |
193,300,100 |
b) During the year, the
Company transferred all of 674060386 equity shares held by Bharti Ventures
Limited In Favour of Bhartl Insurance Holdings Private Limited as approved by
IRDA.
Pattern or
Shareholding
|
Particulars |
Number of Shares |
% of Holding |
|
Promoters |
|
|
|
- Indian |
|
|
|
Bharti Ventures Limited and its representatives (Upto 26 February 2012) |
- |
• |
|
Bharti Insurance Holdings Private Limited and its representatives (From 27 February 2012) |
687,460,392 |
40.00 |
|
First American Securities Private Limited* |
649,269,189 |
37.78 |
|
- Foreign |
|
|
|
AXA India Holdings (Mauritius) |
381,921,395 |
22.22 |
|
Others |
|
|
|
Total |
1,718,650,976 |
100.00 |
* AXA India Holdings (Mauritius) has 10% sha-eholding in First American Securities Private Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
Share Capital |
|
17186.510 |
15253.509 |
|
Share Application Money Pending Allotment |
|
0.000 |
0.000 |
|
Reserves & Surplus |
|
1859.942 |
1792.943 |
|
Credit/ (Debit) Fair Value Change Account (Net) |
|
0.156 |
19.418 |
|
Sub Total |
|
19046.608 |
17065.870 |
|
Borrowings |
|
0.000 |
0.000 |
|
Policyholders'
Funds: |
|
|
|
|
Credit/(Debit) Fair Value Change Account (Net) |
|
(2.219) |
1.252 |
|
Policy Liabilities |
|
1214.685 |
674.987 |
|
Insurance Reserves |
|
0.000 |
0.000 |
|
Provision for Linked Liabilities |
|
15902.554 |
13391.430 |
|
Sub-Total |
|
17115.020 |
14067.669 |
|
Funds for Future Appropriations |
|
0.000 |
0.000 |
|
Discontinuance Fund on account of non payment of premium |
|
128.486 |
0.813 |
|
Discontinuance Fund others |
|
0.000 |
0.000 |
|
Total |
|
36290.114 |
31134.352 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
Investments |
|
|
|
|
Shareholders' |
|
1745.507 |
1386.711 |
|
Policyholders' |
|
1249.820 |
626.607 |
|
Assets Held to Cover Linked Liabilities* |
|
16031.040 |
13392.243 |
|
Loans |
|
0.000 |
0.000 |
|
Fixed Assets |
|
107.448
|
87.119 |
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
|
251.531
|
345.110 |
|
Advances and Other Assets |
|
1050.602
|
1020.640 |
|
Sub-Total (A) |
|
1302.133 |
1365.750 |
|
Sundry Creditor |
|
1125.083 |
890.456 |
|
Other Liabilities |
|
440.964 |
356.877 |
|
Provisions |
|
62.778 |
61.315 |
|
Sub-Total (B) |
|
4233.091 |
1308.648 |
|
Net Current Assets
(C) = (A - B) |
|
(326.692) |
57.102 |
|
(to the extent not wntten off or adjusted) |
|
|
|
|
Debit Balance of Profit and Loss Account |
|
17482.991 |
15584.570 |
|
Total |
|
36290.114 |
31134.352 |
PROFIT & LOSS
ACCOUNT (NON TECHNICAL ACCOUNT)
|
|
|
31.03.2012 |
31.03.2011 |
|
Amounts transferred from Policyholders' Account (Technical Account) |
|
(526.763) |
(2834.341) |
|
TRefer Note 20f b> and fcl of Schedule 161 |
|
|
|
|
income from investments |
|
|
|
|
[Refer Notes 2(c)(ii), 2(c)(iii), 2(c)(v) and 2(i) of Schedule 16] |
|
|
|
|
(a) Interest, Dividends and Rent - Net of amortization (The above includes income accretion of Rs. 37.289 Millions, Previous year Rs. 37.311 Millions |
|
113.591 |
95.097 |
|
(b) Profit on Sale/Redemption of Investments |
|
25.904 |
|
|
(c) (Loss on Sale/ Redemption of Investments) |
|
(3.135) |
17.697 |
|
Other Income |
|
0.000 |
(2.200) |
|
Total (A) |
|
(390.403) |
(2723.747) |
|
Expense other than those directly related to the insurance business |
|
33.459 |
14.050 |
|
Bad debts written off |
|
0.000 |
0.000 |
|
Provisions (Other than Taxation) |
|
0.000 |
0.000 |
|
(a) For Diminution in the value of investments (net) |
|
0.000 |
0.000 |
|
(b) Provision for Doubtful Debts |
|
|
|
|
(c) Others |
|
|
|
|
Contribution to the Policyholders Account (Technical Account) |
|
1474.559 |
666.076 |
|
Total(B) |
|
1508.018 |
680.126 |
|
Profit/ (Loss) before Taxation |
|
(1898.421) |
(3403.873) |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit / (Loss) after Taxation |
|
(1898.421) |
(3403.873) |
|
Appropriations |
|
|
|
|
(a) Balance at the beginning of the period |
|
(15584.570) |
(12180.697) |
|
(b) Interim dividends paid during the period |
|
0.000 |
0.000 |
|
(c) Proposed Final Dividend |
|
0.000 |
0.000 |
|
(d) Dividend Distribution on Tax |
|
0.000 |
0.000 |
|
(e) Transfer to Reserves/Other Accounts |
|
0.000 |
0.000 |
|
Profit/ (Loss) carried
to the Balance Sheet |
|
(17482.991) |
(15584.570) |
|
Earnings Per Share (Face Value Rs. 10
per share) Basic and Diluted |
|
(1.17) |
(2.60) |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditor
Details
(Rs
in Millions)
|
Particular |
|
31.03.2012 |
31.03.2011 |
|
Sundry Creditor |
|
1125.083 |
890.456 |
|
Total |
|
1125.083 |
890.456 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 |
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BACKAROUND
Subject was incorporated on 27 October, 2005 as a Company under the Companies Act, 1956 to undertake and carry on the business of life insurance. The Company has obtained a licence from the Insurance Regulatory and Development Authority CIRDA') on 14 July, 2006 for carrying on the business of life insurance. The Company commenced its commercial activities on 22 August, 2006.
The Company's life insurance business comprises of individual life business comprising of participating, non-participating, unit-linked insurance products, pension products and group life non participating business.
OUTLOOK
Outlook for Indian economy continues to be subdued with several indicators of strong headwinds. Centre for Monitoring Indian Economy (CMIE) forecast GDP growth for FY 13 is at 7 6 per cent, against the estimated 6.8 per cent in FY 12.
Following the various market developments and continuing regulatory changes, the life insurance industry continues to experience a fall in new premiums during the current fiscal year ending March 2012. Over the past 16 months, the sector had witnessed negative growth due to revised ULIP pricing regulations and complete loss of Pension products as a segment. The Private players in life industry sector have witnessed negative growth of 24% during the FY 2011-12 basis weighted individual premium collection with most of the private players witnessing slowdown in the individual new business premium and more focusing on group business.
However, in the Eong run all ingredients are in place for the Indian life insurance industry to blossom into one of the fastest growing financial service market in The world. The ratio of life insurance premium to GDP in India is currently about 4 percent, much lower than developed market levels of 6 to 9 percent. The financial market is still in growth phase -rising income level and dramatic geographic shift driven by economic growth will lead to the emergence of distinct consumer segment that need to be served in fundamentally different ways.
Sixth year
performance
Ø FY 2011-12 has been the year of consolidation and key focus was on alignment of cost and revenue parameters to the current market reality. During this process headcount and branch infrastructure have been rationalized to sustain future growth and profitability. During the period fixed costs have been reduced by 27% as compared to FY 2010-11
Ø To adapt itself to the new business scenario, building efficiency through optimal utilization of branch infrasTrucTure was the prime focus area of the company. As a result of the branch consolidation process, the total numbers of offices were reduced from 130 lasT year to 127 this year Frontline sales staff reduced by -33%. This restructuring process has reduced the number of branches without having an adverse impact on reach and customer service.
Ø Between April 2011 to March 2012, sales declined by -39% compared to the same period last year basis weighted individual premium collected, this is mainly due to economy slowdown, continued impact of regulation change and headcount rationalisation However, the company has shown upward growth trend in the last quarter (1 S%) and March (29%) of FY 2011-12.
Ø Post regulation change (September 2010). the company revamped its product portfolio in compliance with the revised regulations They successfully launched 8 new products across segments in FY 2011-12 with enhanced customer value and benefits. Today, they have one of the most extensive portfolios of insurance products and services in the industry, catering to a broad spectrum of customer segments. They have experienced significant improvement in customer scope score.
Ø They have also launched one of the most competitive online term product "ePtotect" to cater to this customer segment
Ø During The fiscal year 2011-12, additional focus was on strengthening the training architecture to enhance selling skills of front line sales force and orient them to new product suite.
Ø Their brand spirit is geared towards becoming the preferred company for customers, distributors and employees. The brand campaign, ''Guaranteed release of fund value within 48 hours" of claim intimation proved to be tangible evidence of answering to a key category expectation that customers have. The company has delivered on 4B hr claims promise to customers with nearly 100% compliance.
Ø I The company continued to deliver best in class policy issuance and post issuance service (Average issuance TAT of 1 day for 87% of policies).
Ø They plan to remain committed to achieving cost efficiency through various cost saving initiatives.
CONTINGENT
LIABILITIES AS ON 31.03.2012:
(Rs. in Millions)
|
Sr. No. |
Particulars |
As at 31 March, 2012 |
|
i. |
Partly paid - up investments |
- |
|
ii. |
Claims, other than against policies, not acknowledqed as debts by the Company |
0.717 |
|
iii. |
Underwriting commitments outstanding |
- |
|
iv. |
Guarantees given by or on behalf of the Company |
- |
|
v. |
Statutory demands/ liabilities in dispute, not provided for |
150.171 |
|
vi. |
Reinsurance obligations to the extent not provided for in accounts |
- |
|
vii. |
Insurance claims disputed by the Company, to the extent not provided/ reserved |
28.159 |
|
|
Total |
179.047 |
FIXED ASSETS:
Ø Software
Ø Leasehold improvements
Ø Furniture and Fittings
Ø Information Technology
Ø Equipments
Ø Vehicles
Ø Office Equipment
AS PER WEBSITE DETAILS
PRESS RELEASES:
BHARTI AXA LIFE
STRENGTHENS ITS HEALTH CATEGORY OFFERINGS
- Launches Hospi
Cash Benefit Rider
- Takes Triple Health
Insurance Plan to online platform
Mumbai, March 11, 2013: Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and AXA, the world’s largest insurance company, introduces Hospi Cash Benefit Rider - a unique solution that provides a fixed amount in case of hospitalization or surgery. Further, Bharti AXA Life Triple Health Insurance plan, a critical illness product is now also available online for customers to purchase.
Announcing the launch, Sandeep Ghosh, MD and CEO, Bharti AXA Life Insurance, said, “A recent study by Public Health Foundation of India revealed that per capita spending on hospitalization went up from 11.20 per cent in 2005 to 22.47 per cent in 2010. This is a cause of great concern as high cost should not be a deterrent for a patient looking for the best possible medical solution.”
Bharti AXA Life Hospi Cash Benefit Rider is a non-linked regular pay hospital and surgery cash insurance rider. Benefits of this rider include a fixed daily pay out in case of hospitalization and an additional daily pay out in case of hospitalization in ICU. In addition it also offers a lump sum benefit on undergoing a surgery on an individual policy. This rider can be taken with all the traditional products of Bharti AXA Life.
Bharti AXA Life has also launched the online version of India’s first triple benefit critical illness plan – ‘Bharti AXA Life Triple Health Insurance Plan’. The plan offers a cover of a maximum of three times the sum assured under the policy, and covers 13 critical illnesses classified into three groups. On diagnosis of an illness, the policyholder can claim 100% sum assured and is still covered for illnesses under the remaining two groups. Furthermore, on diagnosis, future premiums payable by the policyholder are waived off.
Bharti AXA Life Hospi Cash Benefit Rider
- Daily Hospital Cash Benefit (DHCB): Fixed per day benefit paid to policyholder for each day of hospitalization
- Intensive Care Benefit: Fixed per day benefit equal to DHCB, paid in addition to DHCB
- Surgical Hospitalisation Benefit: A lump sum amount receivable in case of a necessary medical surgery or procedure during single admission undergone in India
BHARTI AXA LIFE
ANNOUNCES THE LAUNCH OF A NEW TV CAMPAIGN
Mumbai, February 21, 2013: Bharti AXA Life Insurance Company announced the launch of the first joint nationwide TV Campaign with its sister concern, Bharti AXA General Insurance on “The Dedicated Claims Handler”, an initiative that redefines service standards in the Insurance category.
Announcing the launch, Sandeep Ghosh, CEO and MD, Bharti AXA Life said, “In line with our overall objective of redefining the category, we are signaling our commitment to customers through this campaign. We recognize that the customers today are looking for relevant solutions that address their expectations. Claim Settlement is one such moment of truth- when the family of the policy holder is in distress due to an unfortunate incident in their lives. At this time what they expect from the insurance company is promptness and care. We have made significant changes in our service delivery framework to bring this solution to our customers.”
The TV ad itself is path breaking as it has been amongst the 1st to juxtapose a 70’s Bollywood song to fit an insurance situation, bringing in satirical humour. The TVC showcases the hapless customer running from pillar to post to complete Insurance paperwork. But the Hindi Song “Aap Yahan Aaye” in this context makes the whole film entertaining whilst still conveying the angst of running after a claim. The Bharti AXA Life Solution comes in the form of the Dedicated Claims Handler who proactively contacts the customer and handles his claims process end to end.
Sandeep further added, “A personalized service like the Dedicated Claims Handler, showcases our commitment and concern for our customers. We believe that every customer should have a hassle free experience while making an insurance claim and this is the essence we have tried to capture through our new TVC as well.”
The TVC has been directed by Rajesh Krishnan of Soda Films, and conceptualized by Publicis.
The campaign went on air on 8th Feb and will run nationally across all major channels in prime time slots for a period of 5 weeks
About Bharti AXA Life
Insurance Company Limited
Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti Enterprises and 26% stake of AXA Asia Life.
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. 56.24 |
|
|
1 |
Rs. 84.54 |
|
Euro |
1 |
Rs. 72.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
RAJ/ UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
46 |
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.