MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE LIFE INSURANCE COMPANY LIMITED (w.e.f. 17.01.2006) |
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|
|
|
Formerly Known
As : |
AMP SANMAR ASSURANCE COMPANY PRIVATE LIMITED |
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Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Kopar Khairne,
Navi
Mumbai – 400710, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.05.2001 |
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Com. Reg. No.: |
11-167089 |
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Capital
Investment / Paid-up Capital : |
Rs.11963.235
Millions |
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|
CIN No.: [Company Identification
No.] |
U66010MH2001PLC167089 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR22066C/ MUMR10441E |
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|
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PAN No.: [Permanent Account No.] |
AADCA1410E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Life Insurance Solutions and Annuity Business. |
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|
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|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
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 : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of Reliance Group. It is an established company
having satisfactory track record. There seems some accumulated losses recorded by the company which
seems to be decreasing over year. However, the company gets good support from its parent company.
Profitability of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payments
terms are reported to be usually correct. In view of strong group, the company can be considered normal for
business dealings at usual trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 DENIED BY
|
Name : |
Mr. Ravi Chandra |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-30002000 |
|
Date : |
19.12.2014 |
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Kopar Khairne,
Navi
Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-30002000 |
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Fax No.: |
91-22-30002222 |
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E-Mail : |
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Website : |
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Corporate Office : |
9th Floor/10th Floor, Building No. 2, R-Tech Park, Nirlon Compound,
Next To Hub Mall, Behind I- Flex Building, Goregaon, (East), Mumbai-400063,
Maharashtra, India |
|
Tel. No.: |
91-22-30002000 |
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Fax No.: |
91-22-30002222 |
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Branch Offices : |
Locates At
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DIRECTORS
As on 01.08.2014
|
Name : |
Mr. Rajendra Prabhakar Chitale |
|
Designation : |
Director |
|
Address : |
131/B, Tanna Residency Bayview, opposite Siddhi Vinayak Temple, 392,
V.S. Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1961 |
|
Date of Appointment : |
01.12.2009 |
|
DIN No.: |
00015986 |
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|
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|
Name : |
Mr. Soumen Ghosh |
|
Designation : |
Director |
|
Address : |
1501, Lodha Aria, 6/207, Tokersey Jivraj Road, Sewree West, Mumbai –
400015, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1959 |
|
Date of Appointment : |
23.04.2008 |
|
DIN No.: |
01262099 |
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|
|
|
Name : |
Mr. Amit Bapna |
|
Designation : |
Director |
|
Address : |
1801, 18th Floor, Sumer Trinity Tower-I, New Prabhadevi Road,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1975 |
|
Date of Appointment : |
05.04.2011 |
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DIN No.: |
00008443 |
|
|
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Name : |
Kazuhide Toda |
|
Designation : |
Director |
|
Address : |
18 Marina Boulevard #05-13 Marina Bay Residences, Singapore, 018980,
Singapore |
|
Date of Birth/Age : |
10.06.1963 |
|
Date of Appointment : |
29.04.2014 |
|
DIN No.: |
06861167 |
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|
|
|
Name : |
Mrs. Renu Challu |
|
Designation : |
Director |
|
Address : |
A 34/1, Afochs, Sainikpuri, Secunderabad - 500094, Andhra Pradesh,
India |
|
Date of Birth/Age : |
30.01.1952 |
|
Date of Appointment : |
29.07.2014 |
|
DIN No.: |
00157204 |
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|
|
|
Name : |
Mr. Varadarajan Devarajan |
|
Designation : |
Director |
|
Address : |
C-103 Mahesh Apartments, B-9 Vasundara Enclave, Delhi - 110096, India |
|
Date of Birth/Age : |
04.05.1955 |
|
Date of Appointment : |
24.01.2014 |
|
DIN No.: |
06790167 |
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|
|
|
Name : |
Mr. Anup Velamuri Rau |
|
Designation : |
Director |
|
Address : |
Flat No. 102, Juhu Mamta Co-operative Housing Society, A. B. Nair
Road, Near Juhu Post Office, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
18.11.1973 |
|
Date of Appointment : |
24.01.2013 |
|
DIN No.: |
06511806 |
KEY EXECUTIVES
|
Name : |
Mrs. Puja Mehta |
|
Designation : |
Secretary |
|
Address : |
E-202, Ahraya Apartments, Manish Park, Near Old Petrol Pump House, Andheri
(East), Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1978 |
|
Date of Appointment : |
07.06.2012 |
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PAN No.: |
AGRPM6690H |
MAJOR SHAREHOLDERS
As on 01.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
V.R. Mohan |
|
1 |
|
Atul Kumar Tandon |
|
1 |
|
Yogesh Deshpande |
|
1 |
|
Parul Jain |
|
1 |
|
Viscount Management Services Limited, India |
|
311090080 |
|
Reliance Capital Limited, India |
|
571564406 |
|
Nippon Life Insurance Company |
|
311044110 |
|
Reliance Life Insurance Company Employees Benefit Trust |
|
2624900 |
|
Total |
|
1196323500 |
Equity Share Break up (Percentage of Total Equity)
As on 01.08.2014
|
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 |
26.00 |
|
Bodies corporate |
73.78 |
|
Others |
0.22 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance Solutions and Annuity Business. |
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|
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Products : |
-- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT APPLICABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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|
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Bankers : |
Not Divulged |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 2012, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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PAN No.: |
AAAFC0662N |
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Collaborators : |
-- |
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|
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Substantial
Interest : |
|
CAPITAL STRUCTURE
As on 01.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2200000000 |
Equity Shares |
Rs.10/- each |
Rs.22000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1196323500 |
Equity Shares |
Rs.10/- each |
Rs.11963.235
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 |
|
|
|
|
|
1] Share Capital |
11963.235 |
11963.235 |
11963.235 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21980.263 |
21980.263 |
21980.263 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] credit/(Debit) / Fair
Value Change account |
104.091 |
(11.323) |
(22.675) |
|
|
Sub Total (A) |
34047.589 |
33932.175 |
33920.823 |
|
|
|
|
|
|
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
Sub Total (B) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
POLICYHOLDERS FUNDS |
|
|
|
|
|
Credit/(Debit) Fair Value Change Account |
331.932 |
(71.991) |
(97.323_ |
|
|
Policy Liabilities |
48973.533 |
30838.481 |
17757.191 |
|
|
Insurance Reserves |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Provision for linked liabilities |
100660.089 |
126328.089 |
157113.331 |
|
|
Funds for Discontinued Policies |
|
|
|
|
|
i) Discontinued on account of non-payment of premium |
2114.332 |
943.587 |
367.100 |
|
|
II) Others |
0.000 |
0.000 |
0.000 |
|
|
Sub Total (C) |
152079.886 |
158038.166 |
175140.299 |
|
|
|
|
|
|
|
|
Funds For Future Appropriation |
|
|
|
|
|
Non-Linked |
155.030 |
564.150 |
495.120 |
|
|
Linked-Provision for lapsed policy not likely to be revived |
66.078 |
602.245 |
1697.435 |
|
|
Sub Total (D) |
221.108 |
1166.395 |
2192.555 |
|
|
|
|
|
|
|
|
TOTAL (E) = (A+B+C+D) |
186348.583 |
193136.736 |
211253.677 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
Investment |
|
|
|
|
|
Shareholders |
14230.579 |
22742.538 |
9975.585 |
|
|
Policyholders |
66207.410 |
31277.335 |
18522.455 |
|
|
Assets held to cover linked liabilities
|
102840.499 |
127873.921 |
159177.866 |
|
|
Loans |
378.955 |
334.664 |
317.009 |
|
|
Fixed Assets [Net Block] |
151.775 |
96.476 |
69.603 |
|
|
Sub Total (F) |
183809.218 |
182324.934 |
188062.518 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash & Bank Balances |
3297.431 |
2512.672 |
1995.536 |
|
|
Loans & Advances |
5352.345 |
3816.538 |
2945.484 |
|
Sub Total (G) |
8649.776 |
6329.210 |
4941.020 |
|
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
24134.421 |
16567.559 |
6040.201 |
|
|
Provisions |
1124.558 |
567.543 |
561.671 |
|
Sub Total (H) |
25258.979 |
17135.102 |
6601.872 |
|
|
Net Current
Assets (I) = (G)-(H) |
(16609.203) |
(10805.892) |
(1660.852) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
-- |
-- |
-- |
|
|
Debit balance in profit and loss account |
19148.568 |
21617.694 |
24862.011 |
|
|
Sub Total (J) |
19148.568 |
21617.694 |
24862.011 |
|
|
|
|
|
|
|
|
TOTAL (K) = (F+I+J) |
186348.583 |
193136.736 |
211263.677 |
|
REVENUE ACCOUNT
(TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Premium Earned –
Net |
|
|
|
|
a) Premium |
42834.047 |
40453.933 |
54976.192 |
|
b) Reinsurance Ceded |
(266.594) |
(300.739) |
(273.739) |
|
c) Reinsurance accepted |
|
|
|
|
|
42567.453 |
40153.194 |
54702.453 |
|
|
|
|
|
|
Income
from investments |
|
|
|
|
a) interest, Dividend and Rent – Gross |
6638.440 |
5147.265 |
4357.820 |
|
b) Profit on sale / Redemption of investments |
11736.991 |
9074.648 |
20105.630 |
|
c) (Loss) on sale / Redemption of investments |
(4738.882) |
(2866.100) |
(13838.641) |
|
d) transfer/Gain (Loss) on revaluation / change in fair value |
6484.630 |
2294.151 |
(17820.944) |
|
e) Amortisation of premium/ discount on investments |
1945.744 |
1962.941 |
1786.309 |
|
|
|
|
|
|
Other Income |
|
|
|
|
a) Miscellaneous Income |
87.126 |
163.486 |
1025.734 |
|
b) Contribution from shareholders accounts |
1148.014 |
2764.780 |
296.142 |
|
Sub-Total (A) |
65869.516 |
58694.365 |
50614.503 |
|
|
|
|
|
|
Commission |
3298.158 |
3261.618 |
3980.337 |
|
Operating expenses related to insurance business |
13863.292 |
12750.628 |
12812.500 |
|
Provision for Doubtful debts |
-- |
-- |
-- |
|
Bad debts written off |
-- |
-- |
-- |
|
Provision for tax |
-- |
-- |
-- |
|
Provision (other
than taxation) |
|
|
|
|
a) for diminution in value of investments (net) |
-- |
-- |
-- |
|
b) others |
-- |
-- |
-- |
|
Total (B) |
17161.450 |
16012.246 |
16792.837 |
|
|
|
|
|
|
Benefits paid (Net) |
52721.172 |
55361.968 |
27559.657 |
|
Bonuses Paid |
11.356 |
4.834 |
4.493 |
|
Change in
valuation of liabilities in respect of life policies |
|
|
|
|
a) Gross** |
(6363.202) |
-17127.465 |
2473.050 |
|
b) Amount ceded in Re-insurance |
-- |
-- |
-- |
|
c) Amount accepted in Re-insurance |
-- |
-- |
-- |
|
Total (C) |
46369.326 |
38239.337 |
30037.200 |
|
|
|
|
|
|
Surplus /
(Deficit) (D)= (A)-(B)-(C) |
2338.740 |
4442.782 |
3784.466 |
|
Appropriations |
|
|
|
|
Transfer to shareholders account |
3283.028 |
5468.942 |
3539.967 |
|
Transfer to other reserves |
-- |
-- |
-- |
|
Balance being funds for future appropriation |
(945.288) |
(1026.160) |
244.499 |
|
Total (D) |
2337.740 |
4442.782 |
3784.466 |
|
|
|
|
|
|
Funds for future appropriations |
|
|
|
|
Opening balance at the beginning of the year |
1166.395 |
2192.555 |
1948.056 |
|
Add: Current year appropriations |
(945.288) |
(1026.160) |
244.499 |
|
|
221.107 |
1166.395 |
2192.555 |
|
|
|
|
|
|
The break-up for
the surplus is as below :- |
|
|
|
|
a) interim Bonuses paid |
11.356 |
4.834 |
4.493 |
|
b) allocation of bonus to policyholders |
1368.370 |
1008.936 |
1119.301 |
|
c) surplus shown in the revenue account |
2337.740 |
4442.782 |
3784.466 |
|
Total Surplus
[(a)+(b)+(c)] |
3717.466 |
5456.552 |
4908.260 |
PROFIT & LOSS
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Amounts transferred from the Policyholders Account (Technical Account) |
3,283.028 |
5,468.942 |
3,539.967 |
|
|
|
|
|
|
Income
from investments |
|
|
|
|
a) interest, Dividend and Rent – Gross |
1,052.225 |
749.362 |
328.897 |
|
b) Profit on sale / Redemption of investments |
142.565 |
336.147 |
258.239 |
|
c) (Loss) on sale / Redemption of investments |
(170.919) |
(4.797) |
(13.721) |
|
e) Amortisation of premium/ discount on investments |
548.685 |
385.519 |
30.627 |
|
Other Income |
|
|
|
|
a) Miscellaneous Expenses |
0.000 |
0.000 |
0.000 |
|
Sub-Total (A) |
4,855.584 |
6,935.173 |
4,144.009 |
|
|
|
|
|
|
Expense other
than those directly related to the insurance business |
95.613 |
366.221 |
122.154 |
|
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 |
23.120 |
0.000 |
0.000 |
|
Contribution to the Policyholder |
1,148.014 |
2,764.780 |
296.142 |
|
Sub-Total (B) |
1,266.747 |
3,131.001 |
418.296 |
|
|
|
|
|
|
Profit / (Loss) before tax (A-B) |
3,588.837 |
3,804.172 |
3,725.713 |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) after tax |
3,588.837 |
3,804.172 |
3,725.713 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
(a) Balance at the beginning of the year |
(21,617.694) |
(24,862.011) |
(28,031.566) |
|
(b) Interim dividends paid during the year |
0.000 |
0.000 |
0.000 |
|
(c) Proposed final dividend |
957.059 |
478.529 |
478.529 |
|
(d) Dividend distribution tax |
162.652 |
81.326 |
77.629 |
|
(e) Transfer to reserves / other accounts |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) carried forward to the Balance Sheet |
(19,148.568) |
(21,617.694) |
(24,862.011) |
|
|
|
|
|
|
Earnings / (Loss) Per Share |
|
|
|
|
Basic |
3.00 |
3.18 |
NA |
|
Diluted |
2.99 |
3.17 |
NA |
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 |
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 |
Yes |
|
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 |
LITIGATION DETAILS
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No.:- |
CPL/227/2013 |
Filing Date:- |
05/04/2013 |
Reg. No.:- |
CP/275/2013 |
Reg. Date:- |
06/05/2013 |
|
|
|||||||
|
Petitioner:- |
SLC ASSURANCE |
Respondent:- |
RELIANCE LIFE INSURANCE COMPANY LIMITED |
||||
|
Petn.Adv.:- |
DISHA KARAMBAR AND ASSOCIATES () |
Resp.Adv.:- |
MULLA AND MULLA CRAIGIE BLUNT AND COMPANY |
||||
|
District:- |
OUTSIDE MAHARASHTRA |
||||||
|
Bench:- |
SINGLE |
||||||
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
||||
|
Next Date:- |
22/12/2014 |
Stage:- |
FOR ADMISSION |
||||
|
Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
||||||
|
Last Date:- |
08/12/2014 |
Stage:- |
COMPANY PETITIONS FOR ADMISSION |
||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
||||||
|
Act :- |
Companies Act and Rules 1956 |
Under Section:- |
433 AND 434 |
||||
CORPORATE
INFORMATION
The Company was incorporated on 14 May 2001 under the Companies Act, 1956. The Company is licensed by the Insurance Regulatory and Development Authority ('IRDA') for carrying life insurance and annuity business. The Company offers participating life, non-participating linked and non-linked life, health, variable, annually and pension products including riders for individual and group businesses. These products are distributed through individual agents, corporate agents, brokers and direct: safes channels across the country.
COMPANY OVERVIEW
The Company, Reliance Life Insurance Company Limited, was incorporated on as “AMP Sanmar Assurance Company Private Limited” on May 14, 2001 and obtained the Certificate of Registration bearing no. 121 from Insurance Regulatory and Development Authority (IRDA), Hyderabad on January 03, 2002.
IRDA has renewed the Company’s licence to carry on the business of life insurance for the year 2014-15.
The Company has completed eight full years of operations, subsequent to the transfer of ownership and control by way of transfer of the entire shareholding from the shareholders of 'AMP Sanmar Life Insurance Company Limited' to 'Reliance Capita! Limited' and other companies in Reliance Group (formerly called "Reliance ADA Group").
The name of the Company was changed from "AMP Sanmar Life, Insurance Company Limited" to "Reliance Life Insurance Company Limited" effective January 17, 2006. Further, Nippon Life lnsurance Company ("MLIC"), Japan acquired a 26% stake in the Company in October, 202
NO CHARGES EXIST
FOR THE COMPANY
FIXED ASSETS:
·
Land
·
Goodwill
·
Intangibles (IT Software)
·
Leasehold Property
·
Buildings
·
Furniture and Fittings
·
Information Technology Equipment
·
Vehicles
·
Office Equipment
·
Work in progress
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.63.07 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
49 |
|
|
|
|
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.