MIRA
INFORM REPORT
|
Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
EDELWEISS TOKIO LIFE INSURANCE COMPANY LIMITED (w.e.f. 08.01.2010) |
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Formerly Known
As : |
EDELWEISS TOKIO LIFE INSURANCE LIMITED (w.e.f. 22.12.2009) EDELWEISS LIFE INSURANCE LIMITED |
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Registered
Office : |
Edelweiss House, Off |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.11.2009 |
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Com. Reg. No.: |
11-197336 |
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Capital
Investment / Paid-up Capital : |
Rs. 1802.865 Millions |
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CIN No.: [Company Identification
No.] |
U66010MH2009PLC197336 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME07940C |
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PAN No.: [Permanent Account No.] |
AACCE2709H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Life Insurance. |
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No. of Employees
: |
Information declined by management |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The company has incurred a loss from its operations. However, networth
of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered normal 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Ravi Shankar |
|
Designation : |
AVP Finance |
|
Contact No.: |
91-22-40094400 |
|
Date : |
22.08.2014 |
LOCATIONS
|
Registered Office : |
Edelweiss House, Off C.S.T Road, Kalina, Mumbai – 400098, Maharashtra, India |
|
Tel. No. : |
91-22-40863577/ 40094400 |
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Fax No. : |
91-22-43428161 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 08.08.2013
|
Name : |
Rashesh Chandrakant Shah |
|
Designation : |
Chairman |
|
Address : |
B‐233, 10th Floor, Kalpataru Horizon‐B, S K Ahire Marg, Worli, Mumbai ‐ 400018, Maharashtra, India |
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Date of Birth/Age : |
30.09.1963 |
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Date of Appointment : |
25.11.2009 |
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DIN No. : |
00008322 |
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Name : |
Venkatchalam Arakoni Ramaswamy |
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Designation : |
Non‐Executive Director |
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Address : |
142, Beach Apt., 14th Floor, P. Balu Road, Prabhadevi, Mumbai ‐ 400025, Maharashtra, India |
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Date of Birth/Age : |
12.08.1966 |
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Date of Appointment : |
25.11.2009 |
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DIN No. : |
00008509 |
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Name : |
Deepak Chandra Mittal |
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Designation : |
Managing Director & CEO |
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Address : |
1103, Tower ‐ B, Ashok Towers, Dr. SS Rao Road, Parel, Opposite Gandhi Hospital, Mumbai ‐ 400012, Maharashtra, India |
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Date of Birth/Age : |
03.07.1973 |
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Date of Appointment : |
25.11.2009 |
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DIN No. : |
00010337 |
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Name : |
Jun Hemmi |
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Designation : |
Non‐Executive Director |
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Address : |
14‐05, Newton Tower 52, Newton Road, 307992, Singapore |
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Date of Birth/Age : |
25.02.1961 |
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Date of Appointment : |
29.07.2010 |
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DIN No. : |
02421514 |
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|
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Name : |
Rajendra Prasad Singh |
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Designation : |
Independent Director |
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Address : |
11.818, Vasundhra, Ghaziabad ‐ 201012, Uttar Pradesh, India |
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Date of Birth/Age : |
05.01.1953 |
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Date of Appointment : |
20.05.2010 |
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DIN No. : |
03016827 |
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Name : |
Vaidyanathan Panchapagesan |
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Designation : |
Independent Director |
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Address : |
7AB, Kences Enclave, Block III, No.1, Ramakrishna Street, T Nagar, Chennai ‐ 600017, Tamilnadu, India |
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Date of Birth/Age : |
29.10.1947 |
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Date of Appointment : |
01.11.2011 |
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DIN No. : |
00029503 |
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Name : |
Lee King Chi Arthur |
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Designation : |
Nominee Director |
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Address : |
28, Leedon Road, Singapore 267848 |
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Date of Birth/Age : |
25.06.1960 |
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Date of Appointment : |
14.05.2012 |
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DIN No. : |
03547730 |
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|
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Name : |
Tadaharu Uehara |
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Designation : |
Nominee Director |
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Address : |
35, Kingston House North, Prince’s Gate, South Kensington, London, SW71LW, United Kingdom |
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Date of Birth/Age : |
21.04.1955 |
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Date of Appointment : |
23.07.2012 |
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DIN No. : |
05332129 |
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|
|
Name : |
Rujan Harchand Panjwani |
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Designation : |
Additional Director |
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Date of Birth/Age : |
07.04.1963 |
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Date of Appointment : |
21.10.2013 |
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DIN No. : |
00237366 |
KEY EXECUTIVES
|
Name : |
Tarun Khurana |
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Designation : |
Secretary |
|
Address : |
201, 2nd Floor, Emp ‐ 65, Emp, Thakur Village, Kandivali (East), Mumbai ‐ 400101, Maharashtra, India |
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Date of Birth/Age : |
02.04.1972 |
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Date of Appointment : |
01.04.2011 |
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PAN No. : |
AELPK1484K |
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|
Name : |
Mr. Ravi Shankar |
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Designation : |
AVP Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.08.2013
|
Names of Shareholders |
No. of Shares |
|
Edelweiss Financial Services Limited, India |
110999994 |
|
Mr. Rashesh Shah (Nominee of Edelweiss Financial Services Limited, India) |
1 |
|
Mr. Venkat Ramaswamy (Nominee of Edelweiss Financial Services Limited, India) |
1 |
|
Mr. Vikas Khemani (Nominee of Edelweiss Financial Services Limited, India) |
1 |
|
Mr. Deepak Mittal (Nominee of Edelweiss Financial Services Limited, India) |
1 |
|
Tokio Marine and Nichido Fire Insurance Company Limited, Tokyo |
39000000 |
|
Mr. Himanshu Kaji (Nominee of Edelweiss Financial Services Limited, India) |
1 |
|
Mr. Sarju Simaria (Nominee of Edelweiss Financial Services Limited, India) |
1 |
|
Total |
150000000 |
As on 08.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Life Insurance. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
NGS and Company LLP Chartered Accountants |
|
Address : |
B-46, 3rd Floor, Pravasi Industrial Estate, VishweshwarNagar Road, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AABFS3313D |
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|
Name : |
M.P. Chitale and Company Chartered Accountants |
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Address : |
Hamam House, 1st Floor, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFM2282Q |
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Holding Company : |
Edelweiss Financial Services Limited |
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Joint Venture Partner : |
Tokio Marine and Nichido Fire Insurance Company Limited |
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Holding Company of Joint Venture Partner : |
Tokio Marine Holdings Inc. |
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Fellow Subsidiaries with whom transaction have taken place : |
· Edelweiss Securities Limited Edelweiss Commodities Services Limited ECL Finance Limited Edelweiss Insurance Brokers Limited Edelweiss Broking Limited Edelweiss Finance and Investments Limited Edelweiss Financial Advisors Limited Edelweiss Global Wealth Management Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180,286,500 |
Equity Shares |
Rs.10/- each |
Rs. 1802.865 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
Share Capital |
1802.865 |
1500.000 |
1500.000 |
|
|
Reserves & Surplus |
6197.116 |
3999.981 |
3999.981 |
|
|
Credit / (Debit) fair value change account (Net) |
3.759 |
(2.144) |
0.553 |
|
|
NETWORTH |
8003.740 |
5497.837 |
5500.534 |
|
|
|
|
|
|
|
|
BORROWINGS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
POLICYHOLDERS' FUNDS |
|
|
|
|
|
Credit/(Debit) Fair Value Change Account (Net) |
0.000 |
0.000 |
0.010 |
|
|
Policy Liabilities |
708.531 |
228.666 |
33.953 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
|
Provision for Linked Liabilities |
238.063 |
133.064 |
22.952 |
|
|
Add: Credit/ (Debit) Fair value change account |
9.571 |
0.991 |
0.536 |
|
|
Total Provision For Linked Liabilities |
247.634 |
134.055 |
23.488 |
|
|
TOTAL BORROWING |
956.165 |
362.721 |
57.451 |
|
|
|
|
|
|
|
|
Funds for Discontinued Policies |
|
|
|
|
|
Discontinued on account of non-payment of premium |
25.026 |
9.735 |
0.145 |
|
|
Others |
0.000 |
0.000 |
0.000 |
|
|
Funds For Future Appropriations (Linked) |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8984.931 |
5870.293 |
5558.130 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
194.391 |
175.190 |
182.060 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' |
5533.384 |
3957.244 |
4838.998 |
|
|
Policyholders' |
704.189 |
268.660 |
83.451 |
|
|
Assets Held To Cover Linked Liabilities |
272.660 |
143.790 |
23.488 |
|
|
Loans |
0.484 |
0.016 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
200.786 |
125.505 |
41.442 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
978.273 |
621.347 |
223.005 |
|
Total
Current Assets |
1179.059
|
746.852
|
264.447 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
94.469 |
96.946 |
8.468 |
|
|
Other Current Liabilities |
319.346 |
184.851 |
71.978 |
|
|
Provisions |
117.491 |
79.160 |
46.118 |
|
Total
Current Liabilities |
531.306
|
360.957
|
126.564 |
|
|
Net Current Assets |
647.753 |
385.895 |
137.883 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Debit Balance of Profit and Loss Account [Shareholders
Account] |
1632.070 |
939.498 |
292.250 |
|
|
Deficit in the Revenue Account [Policyholders' Account] |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8984.931 |
5870.293 |
5558.130 |
|
PROFIT & LOSS
ACCOUNT
SHAREHOLDERS’ ACCOUNT (NON-TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
Income From Investments |
|
|
|
||
|
|
|
(a) Interest, Dividends Gross, And Amortisation (Net) |
402.637 |
336.519 |
345.578 |
|
|
|
|
(b) Profit on sale/ redemption of investments |
182.143 |
208.951 |
156.995 |
|
|
|
|
(c) (Loss on sale/ redemption of investments) |
(111.783) |
(129.699) |
(80.108) |
|
|
|
|
(d) Transfer / Gain on revaluation / change in fair value |
0.000 |
0.000 |
0.000 |
|
|
|
|
(e) Amortisation of premium / discount on investments |
0.000 |
0.000 |
0.000 |
|
|
|
|
Other Income |
35.321 |
20.280 |
0.104 |
|
|
|
|
TOTAL |
508.318 |
436.051 |
422.569 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
Expenses other than those directly related to the
insurance business |
9.740 |
3.293 |
32.191 |
||
|
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
||
|
|
Provisions (Other than taxation) |
|
|
|
||
|
|
(a) For diminution in the value of investments (net) |
0.000 |
0.000 |
0.000 |
||
|
|
(b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
||
|
|
(c) Others |
0.000 |
0.000 |
0.000 |
||
|
|
Contribution to the Policyholders' Account (Technical Account) |
1191.408 |
1080.006 |
571.075 |
||
|
|
|
TOTAL |
1201.148 |
1083.299 |
603.266 |
|
|
|
|
|
|
|
||
|
|
PROFIT / (LOSS)
BEFORE TAX |
(692.830) |
(647.248) |
(180.697) |
||
|
|
|
|
|
|
||
|
Less |
TAX |
(0.258) |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT / (LOSS)
AFTER TAX |
(692.572) |
(647.248) |
(180.697) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(939.498) |
(292.250) |
(111.553) |
||
|
|
|
|
|
|
||
|
|
BALANCE / (LOSS)
CARRIED TO THE B/S |
(1632.070) |
(939.498) |
(292.250) |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(4.14) |
(4.31) |
(1.27) |
||
REVENUE ACCOUNT
POLLCYHOLDER’S ACCOUNT (TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Premium Earned –
Net |
|
|
|
|
|
a) Premium |
1109.039 |
548.329 |
108.827 |
|
|
b) Reinsurance Ceded |
(46.968) |
(23.558) |
(1.628) |
|
|
c) Reinsurance accepted |
0.000 |
0.000 |
0.000 |
|
|
Sub-total |
1062.071 |
524.771 |
107.199 |
|
|
|
|
|
|
|
|
Income
from investments |
|
|
|
|
|
a) interest, Dividend Gross, and Amortisation (Net) |
42.246 |
13.820 |
0.580 |
|
|
b) Profit on sale / Redemption of investments |
27.566 |
9.001 |
1.780 |
|
|
c) (Loss) on sale / Redemption of investments |
(7.617) |
(1.848) |
(0.417) |
|
|
d) Transfer/Gain (Loss) on revaluation / change in fair value |
8.580 |
0.455 |
0.536 |
|
|
Sub-total |
70.775 |
21.428 |
2.479 |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
a) contribution from the shareholders account |
1191.408 |
1080.006 |
571.075 |
|
|
b) Other Income |
0.220 |
0.089 |
0.003 |
|
|
Sub-total |
1191.628 |
1080.095 |
571.078 |
|
|
|
|
|
|
|
|
Total (A) |
2324.474 |
1626.294 |
680.756 |
|
|
|
|
|
|
|
|
Commission |
145.892 |
74.655 |
15.892 |
|
|
Operating expenses related to insurance business |
1515.406 |
1225.066 |
607.212 |
|
|
Provision for Doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
|
Provision for tax |
|
|
|
|
|
(a) Income Tax |
0.000 |
0.000 |
0.000 |
|
|
Provision (other than taxation) |
|
|
|
|
|
a) for diminution in value of investments (net) |
0.000 |
0.000 |
0.000 |
|
|
b) others |
0.000 |
0.000 |
0.000 |
|
|
Total (B) |
1661.298 |
1299.721 |
623.104 |
|
|
|
|
|
|
|
|
Benefits paid (Net) |
54.411 |
11.702 |
0.066 |
|
|
Interim Bonus Paid |
0.031 |
0.000 |
0.000 |
|
|
Change in valuation of liabilities in respect of life policies |
|
|
|
|
|
a) Gross |
1120.323 |
647.123 |
157.878 |
|
|
b) (Amount ceded in Re-insurance) |
(511.589) |
(332.252) |
(100.292) |
|
|
c) Amount accepted in Re-insurance |
0.000 |
0.000 |
0.000 |
|
|
Total (C) |
663.176 |
326.573 |
57.652 |
|
|
|
|
|
|
|
|
Surplus / (Deficit)
(D)= (A)-(B)-(C) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Appropriations |
|
|
|
|
|
Transfer to shareholders account |
0.000 |
0.000 |
0.000 |
|
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
Balance being funds for future appropriation |
0.000 |
0.000 |
0.000 |
|
|
Total (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
The total surplus mentioned below |
|
|
|
|
|
a) interim Bonuses paid |
0.031 |
0.000 |
0.000 |
|
|
b) allocation of bonus to policyholders |
27.974 |
5.779 |
0.000 |
|
|
c) surplus/(Deficit) shown in the revenue account |
0.000 |
0.000 |
0.000 |
|
|
Total Surplus
[(a)+(b)+(c)] |
28.005 |
5.779 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
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 |
CURRENT MATURITIES
OF LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
BACKGROUND
Subject is a Joint Venture between Edelweiss Financial Services Limited and Tokio Marine and Nichido Fire Insurance Company Limited and was incorporated on 25.11.2009 as a Company under the Companies Act, 1956. The Company obtained license from the Insurance Regulatory and Development Authority (“IRDA”) for carrying on the business of Life Insurance on 10 May 2011. The company has a range of Insurance products for Individual and Group business in both Traditional and Unit-Linked insurance segments offered in the market.
BUSINESS PROGRESS
It was challenging business environment in FY14 on account of a combination of factors including macro-economic uncertainty and changing regulatory environment especially on the product front. During the year, the Company focused on adjusting its channel force to align to the new product regime and also aligned its cost structures to emerging business model.
During the year, the company has opened 13 new branches. There was a significant change in the existing regulations on Places of Business and the new Regulations permit the opening of new branches in Tier 2 cities and below without the prior approval of the Regulator.
The company distributes its products and renders services through its 60 officer as well as 7255 individual agents, 2 corporate agents, 1 micro insurance agent, brokers and online channel. The company’s employees, Agents and the distribution team strived hard in reaching out to cater to the needs of customers and towards achieving the objective of the company.
The company has entered into tie-up with new Corporate Agent and brokers, with an aim to maintain its strong position in the segment and strengthening the distribution channel spread.
AWARDS AND
RECONGNITIONS
The company won the
following awards during the year:
· “The Rising Star Insurer” Award at The Indian Insurance Awards
InfoSec
Award in the Maestros Category.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
|
|
|
|
Statutory demands/liabilities in dispute, not provided for |
10.284* |
0.000 |
|
|
|
|
NOTE
*the company has received show cause-cum-demand notice relating to Service tax demand amounting to Rs. 10.284 Millions from the service tax department, which is being contested.
FIXED ASSETS
· Goodwill
Computer
Software
Land-Freehold
Leasehold
Improvements
Furniture
and Fittings
Information
Technology Equipments
Vehicle
Office
Equipment
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.60.50 |
|
|
1 |
Rs.100.33 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
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.