|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
LIBERTY VIDEOCON GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
10th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg,
Lower Parel, Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.11.2010 |
|
|
|
|
Com. Reg. No.: |
11-209656 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3593.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2010PLC209656 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing General Insurance Services.
|
|
|
|
|
No. of Employees
: |
212 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14370000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Videocon Industries Limited”. It is having
satisfactory track record. The company has recorded accumulated losses during 2013, but there
appear no external borrowings recorded in the books. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of strong holding company and experienced promoters, the
subject 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 BY
|
Name : |
Mr. Vimal Kishor |
|
Designation : |
CS |
|
Contact No.: |
91-22-67001313 |
|
Date : |
03.10.2013 |
LOCATIONS
|
Registered Office/ Corporate Office : |
10th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg,
Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-67001313 |
|
Fax No.: |
91-22-67001606 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at: · Karnataka · Gujarat · Andhra Pradesh · Tamilnadu · New Delhi · Haryana |
DIRECTORS
As on: 30.04.2012
|
Name : |
Mr. Karunchandra Srivastava |
|
Designation : |
Director |
|
Address : |
306, Shalaka, Maharshi Karve Marg, Mumbai- 400021, Maharashtra, India |
|
Date of Birth/Age : |
10.02.1944 |
|
Date of Appointment : |
30.04.2012 |
|
DIN No.: |
00314951 |
|
|
|
|
Name : |
Mr. Radheyshyam Dalchand Agarwal |
|
Designation : |
Director |
|
Address : |
A-102, Chaitanya TOWERS, Near Karur Vysya Bank, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1942 |
|
Date of Appointment : |
30.04.2012 |
|
DIN No.: |
00012594 |
|
|
|
|
Name : |
Mr. Chandan Bhattacharya |
|
Designation : |
Director |
|
Address : |
Flat No. 72, Sunflower Apartment, Ravi Kiran Co-Operative Housing Society, GD Somani Marg, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
13.01.1945 |
|
Date of Appointment : |
30.04.2012 |
|
DIN No.: |
01341570 |
|
|
|
|
Name : |
Joe Henry Hamilton |
|
Designation : |
Director |
|
Address : |
10 Wood Way Rd Wellesley, United State 024827020 |
|
Date of Birth/Age : |
01.07.1954 |
|
Date of Appointment : |
30.04.2012 |
|
DIN No.: |
02135200 |
|
|
|
|
Name : |
Mr. Roopam Asthana |
|
Designation : |
Whole-Time Director |
|
Address : |
D-6/4, 1st Floor Vasant Vihar, New Delhi -110057, India |
|
Date of Birth/Age : |
13.06.1965 |
|
Date of Appointment : |
24.09.2011 |
|
DIN No.: |
00121261 |
|
|
|
|
Name : |
Veena Vikas Mankar |
|
Designation : |
Director |
|
Address : |
801, Park Heights, 10th Road, Plot - E/656, Khar (West), Near Madhu
Park, Mumbai – 400052, Maharashtra, India
|
|
Date of Birth/Age : |
24.01.1953 |
|
Date of Appointment : |
19.07.2013 |
|
DIN No.: |
00004168 |
|
|
|
|
Name : |
Mr. Shripad Shrikrishna Nadkarni |
|
Designation : |
Director |
|
Address : |
B-45/1332, Adarsh Nagar, Prabhadevi, Mumbai – 400025, Maharashtra,
India |
|
Date of Birth/Age : |
19.05.1961 |
|
Date of Appointment : |
19.07.2013 |
|
DIN No.: |
00075371 |
|
|
|
|
Name : |
Mr. Bhaskaran Natarajan |
|
Designation : |
Director |
|
Address : |
42 WALNUT ST, BELMONT, MA 024781827 |
|
Date of Birth/Age : |
05.11.1967 |
|
Date of Appointment : |
19.07.2013 |
|
DIN No.: |
06410771 |
KEY EXECUTIVES
|
Name : |
Mr. Vimal Kishor |
|
Designation : |
CS |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.04.2012
|
Names of Shareholders |
|
No. of Shares |
|
Saurabh Pradipkumar Dhoot |
|
10 |
|
Sunil Ramswaroop Samriya |
|
10 |
|
Vasant Sheshrao Kakade |
|
10 |
|
Vilas Rambhau Salunke |
|
10 |
|
Siddharth Madhusudan Somani |
|
10 |
|
Nikhil Chandrashekhar Yadkikar |
|
10 |
|
Videocon Industries Limited |
|
4959940 |
|
|
|
|
|
Total |
|
4960000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.04.2012
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing General Insurance Services. |
GENERAL INFORMATION
|
No. of Employees : |
212 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Kirtane and Pandit Chartered Accountants |
|
Address : |
H-16 Saraswat Colony, Shitladevi Temple Road Mahim, Mumbai – 400016,
Maharashtra, India |
|
PAN No.: |
AACFK3469M |
|
|
|
|
Auditors 2 : |
|
|
Name : |
T. R. Chadha and Company Chartered Accountants |
|
Address : |
1 Smruti Ground Floor, M V Panaloskar Road, Hanuman Cross Road No. 2,
Vile Parle, Mumbai – 400057, Maharashtra, India |
|
PAN No.: |
AAAFT1655Q |
|
|
|
|
Holding Company : |
Videocon Industries Limited |
CAPITAL STRUCTURE
As on: 30.04.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4960000 |
Equity Shares |
Rs.10/- each |
Rs.49.600 Millions |
|
|
|
|
|
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
359350000 |
Equity Shares |
Rs.10/- each |
Rs.3593.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 (15 Months) |
31.12.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3593.500 |
49.600 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3593.500 |
49.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
(444.436) |
(47.841) |
|
|
|
|
|
|
|
|
TOTAL |
|
3149.064 |
1.759 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
228.616 |
2.278 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
2228.338 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
638.298
|
13.355 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
153.624
|
4.440 |
|
Total
Current Assets |
|
791.922
|
17.795 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
38.163
|
18.255 |
|
|
Other Current Liabilities |
|
66.151
|
0.000 |
|
|
Provisions |
|
(4.502)
|
0.059 |
|
Total
Current Liabilities |
|
99.812
|
18.314 |
|
|
Net Current Assets |
|
692.110
|
(0.519) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3149.064 |
1.759 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 (15 Months) |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Fire Insurance |
|
(47.006) |
(15.916) |
|
|
|
Marine Insurance |
|
0.000 |
(15.915) |
|
|
|
Miscellaneous Insurance |
|
(499.810) |
(15.916) |
|
|
|
Interest, Dividend and Rent- Gross |
|
201.728 |
0.000 |
|
|
|
Less: Amortisation of (premium)/discount on securities |
|
11.865 |
0.000 |
|
|
|
Other Income |
|
0.115 |
0.000 |
|
|
|
TOTAL |
|
(333.109) |
(47.746) |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Expenses other than those related to Insurance business |
|
35.087 |
0.095 |
|
|
|
Others- Filing fees |
|
28.399 |
0.000 |
|
|
|
TOTAL |
|
63.486 |
0.095 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(396.595) |
(47.841) |
|
|
|
|
|
|
|
|
|
|
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(396.595) |
(47.841) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(47.842) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(444.436) |
(47.841) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
6.547 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(1.58) |
(654.90) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 (15 Months) |
31.12.2011 |
|
PAT / Total Income |
(%) |
|
119.06 |
100.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
72.53 |
100.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(38.86) |
(238.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.11) |
(0.96) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
7.93 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – 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 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 |
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 |
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 |
BACKGROUND
Subject is a Joint Venture promoted by one of India’s leading
conglomerates, Videocon Group and US insurance major, Liberty Mutual Insurance
Group.
Subject was incorporated on 1st November 2010 as a Company under the
Companies Act 1956 to undertake and carry on the business of general insurance
and the Company received the Certificate of Registration from Insurance
Regulatory and Development Authority (IRDA) to underwrite all classes of
general insurance business, on 22nd May 2012. Pursuant to the same, the Company
commenced the issuance of policies from Jan 2013. The IRDA has further renewed
the registration for the year 2013-14 vide its certificate of renewal of
registration dated 8th Feb 2013.
As prescribed under the Insurance Act, 1938, the Company shall follow
the financial year basis for the preparation of financial statements. Since the
previous audited financial statements were prepared for the period of 14 months
ended 31st December 2011 the current financial statements are prepared for a
period of 15 months from 1st Jan 2012 to 31st March 2013.
OPERATIONAL
REVIEW:
The Company has commenced operations during the year 2012-13 in January 2013
as a soft launch. During the year, the company achieved gross premium of Rs.
21.926 Millions. The Company commenced operations with limited commercial
products from 3 branches in Mumbai, New Delhi and Bengaluru. Thereafter, four
more branches were commenced in Ahmedabad, Pune, Chennai and Hyderabad.
Insurance for private cars was commenced in February 2013 again as a soft
launch. Currently the company has introduced limited products in the market and
awaits regulatory approval for more products that will be introduced in due
course. Substantial efforts of the company are being expended currently in
technology implementation of the core platform as well as non-core technology
components including accounting software, human resources software, CRM platform
and call centre technology. Intermediary and customer portals are also being
designed for later roll out. The immediate focus of the Company is in setting
up a robust foundation in terms of products, people, processes, technology and
customer focused culture to facilitate sensible growth of business in the
future.
PRODUCTS OVERVIEW:
The Company has received approval in respect of 24 products in the
Commercial and Motor Lines of Business from the Insurance Regulatory and
Development Authority (IRDA). A number of additional products have been filed
with the IRDA and are currently pending approval.
FUTURE OUTLOOK
The Company has an objective of profitable growth and risk based
underwriting, with high level of customer service. While the business operations
have commenced recently, the company has been well received in the market by
the intermediaries and ultimate consumers and the prospects of the company
remain attractive.
Note: No Charges Exist for Company
FIXED ASSETS
· Goodwill
· Information Technology Software
· Land-Freehold
· Leasehold Property
· Buildings
· Furniture and Fittings
· Information Technology Equipment
· Vehicles
· Office Equipment
· Improvements to lease hold premises
AS PER WEBSITE DETAILS
NEWS
LIBERTY VIDEOCON GENERAL
INSURANCE COMMENCES OPERATIONS IN INDIA
February 26, 2013
Liberty Videocon General Insurance has commenced business with an initial capital of Rs. 3500.000 Millions, one of the highest for a start-up company in the General Insurance industry.
Liberty Videocon General Insurance Company Limited, a joint venture between the Videocon Industries Limited and Liberty Citystate holdings PTE Limited, part of US-based Liberty Mutual Insurance group, announced the start of operations in India with plans to launch a comprehensive portfolio of retail and commercial products.
Headquartered in Mumbai, Liberty Videocon General Insurance has commenced business with an initial capital of Rs. 3500.000 Millions, one of the highest for a start-up company in the General Insurance industry.
The company received license to operate in the general insurance industry from Insurance Regulatory Development Authority (IRDA) in May 2012. With 26% stake, Liberty Citystate Holding Pte Limited will provide the Indian arm inputs on technical functions and extend expertise on managing emerging markets. On the other hand, Videocon Industries with its 74% stake will provide access to extensive distribution network across India and share knowledge on consumer behaviour.
The move marks the entry of Boston-based Liberty Mutual Insurance – the third largest property and casualty insurer in the US and the sixth largest in the world, and Videocon Industries into India’s fast-growing financial services space. Liberty Mutual Insurance ranks 84th on the Fortune 100 list of largest corporations in the US, based on 2011 revenue. In 2011, Liberty Mutual registered revenues of over USD 34bn
With USD 8.6 bn in international business, Liberty Mutual Insurance is one of the leading players in several emerging economies, including Venezuela, Brazil, Colombia, Thailand, China and Vietnam. With more than 45,000 employees and 900 offices worldwide, the Group has expanded its presence globally through acquisitions.
Bhasker Natarajan, Executive Vice President, Liberty International; Chief Operating Officer – India Region; and General Manager – Global Best Practices and Global Safety , said, “Strong growth in emerging economies has not only triggered higher demand for financial services; but also altered customer attitudes to products and service expectations.
They are increasingly demanding simplicity, transparency and right assessment of risk. Increasingly more insurance products are ‘bought’ rather than ‘sold’, marking a fundamental shift in customer behavior. This has led insurance players to re-visit the value chain and their portfolio mix. India is not an exception to these developments. There is tremendous unfulfilled potential in this area.”
“Liberty Mutual Insurance brings to India a compelling combination of a differentiated approach to service, aligned with proven, disciplined underwriting philosophy and strong actuarial capability. We believe this will position Liberty Videocon extremely well in the Indian insurance space,” he added.
Liberty Mutual’s experience in emerging markets, best-in-class products, technological expertise and management competence - coupled with Videocon’s extensive reach – is a distinctive proposition in the category, Natarajan said.
Speaking on the Indian general insurance market, Mr Roopam Asthana, CEO, Liberty Videocon, said, “At a robust CAGR of over 15%, Indian general insurance market is poised to cross $ 50 bn in Gross Written Premium (GWP) by 2020.
By 2014-15, motor and health insurance categories are likely to grow to 40% and 28%, respectively. Initiatives on the regulatory front like dismantling of the Motor Third Party Pool, de-tariffication of pricing combined with freedom in wordings, proposed changes in bancassurance and proposed amendments in Motor Vehicle (MV) Act, will enable the sector to grow in depth and scale.”
The Company plans to introduce all major retail (Motor and Health) and commercial (Fire, Engineering and Group Health) products. “Liberty Videocon will focus on a balanced mix of commercial and retail products. We intend to expand business by following a ‘Set-up, Stabilize, Study and Expand’ model.
The company plans to take up the number of branches to over 25 next year. To ensure efficient distribution of products, the company will create a wide network of ‘affinities’ and also leverage bancassurance opportunities,” Mr Asthana added. He also stated that , the company is focused on building its business through the intermediaries.
In order to ensure speedy processing of insurance policies right from underwriting of the risk to claim processing the Company will focus on ‘owning’ processes. It is setting up in-house call center to cater to all customer needs. For better customer life cycle management and retention, the Company is contemplating to create strong data analytics capabilities.
Currently, the Company has a team of 150 professionals and is soon set to hire 200 more in near future. Besides Mumbai, the Company has operations in Delhi and Bangalore. In the near future the company will add another 5 branches.’
LIBERTY VIDEOCON GEN
LAUNCHES GROUP PERSONAL ACCIDENT PRODUCT
Private insurer Liberty Videocon General Insurance Company today launched a group personal accident product aimed mainly at group, corporates, associations and institutions.
"This product supports the growing focus on employee benefits by corporates and inherently fulfils their commitment towards enhancing employee engagement. It enables corporates or groups to provide a safety net to their stakeholders in case of an emergency," Liberty Videocon CEO Roopam Asthana said in a release.
With affordable premiums, this product will enhance the risk mitigating capacity of the insured and help ensure financial stability in the unfortunate event of an accident, he added.
"We will shortly bring more products, which will cater to various other needs of our customers," he said.
Liberty Videocon General Insurance is a joint venture between Videocon Industries and Liberty Citystate Holdings, part of US-based Liberty Mutual Insurance Group.
LIBERTY VIDEOCON
GENERAL INSURANCE GETS IRDA NOD TO START BIZ
June 26, 2012
New entrant in the private space Liberty Videocon General Insurance Company today said it has received the final approval from the regulator, which enables the company to commence operations.
"We have received the mandatory clearance from IRDA and are gearing up to launch Liberty Videocon General Insurance operations in India," company Chief Executive Officer - Designate and Director Roopam Asthana said in a release issued here.
"Supported by a strong and experienced leadership team, which is already in place and market expertise of our parent companies in their respective domains, we are looking forward to making a substantial difference in the Indian Non-Life Insurance market," Asthana said.
Headquartered in Mumbai, the company will start operations with an initial capital of Rs 3000.000 Millions.
"With the R3 approval in place, we are now getting ready to file documents with the IRDA for approval of our proposed products. We intend to build a customer focused business, which will address the distinct needs of individual and corporate customers through both direct and intermediary relationships backed by a prudent and disciplined underwriting philosophy and strong actuarial capability. We are in the process of implementing a technology platform for seamless and speedy experience," Asthana said.
The partnership between Videocon Industries and US-based Liberty Mutual Insurance Group, a leading global property and casualty group, Liberty Videocon General Insurance is geared to provide multi-line insurance underwriting capabilities nationally, with an emphasis on personal insurance products, it said.
Having completed its capitalisation, the company is now in the process of finalising its products and service delivery blue print, it added.
"India's rapidly rising personal income levels mean more and more Indians will be buying insurance to protect their property and possessions," Liberty Mutual's president and CEO David Long said.
LIBERTY VIDEOCON
GENERAL INSURANCE ADDS OFFICES IN FOUR CITIES
April 2, 2013
Mumbai headquartered, Liberty Videocon General Insurance Company has opened offices in Ahmedabad, Hyderabad, Pune and Chennai for its business operations.
The opening of these new offices are an integral part of the company's strategy to mark its presence in major metros and to reach out to commercial and retail audiences in the metro cities, said Liberty Videocon in a press release.
Mr. Roopam Asthana, CEO and Whole Time Director of Liberty Videocon General Insurance said, "These are key markets for both our retail as well as commercial line products. Our presence in these locations would help us in augmenting our relationships with leading brokers, auto dealers, agents and other partners. With the opening of these branches, Liberty Videocon General Insurance has increased its presence to seven metro cities in India".
The company commenced business with an initial capital of Rs 3500.000 Millions.
Liberty Videocon General Insurance Company received its licence to operate in the general insurance company from the Insurance Regulatory Development Authority (IRDA) in May 2012. It launched its operation in India recently.
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 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.61.93 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
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.