|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
13th Floor, Lodha Excelus, Apollo Mills Compound, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128245 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19948.801
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2000PLC128245 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH05080F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH8755L |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Legal and Financial Services and Insurance Services. |
|
|
|
|
No. of Employees
: |
15124 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 88000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a joint venture between Housing Development Finance Corporation
Limited (HDFC) and Standard Life Plc., UK It is a well-established and reputed company having good track record. The company has shown a growth in the turnover and profits of the
company during financial year 2013. However, accumulated losses are recorded
by the company. Trade relations are trustworthy. Business is active. Payments terms
are reported to be regular and as per commitment. 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15
up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry
retained its status as the favourable venture capital investors in 2013.
Pakistan has temporarily banned gold imports for the second time in six months,
as it tries to stem smuggling into India. India’s import duty on gold is 10 %
and curbs on purchases have dried up legal imports into what used to be the
world’s biggest bullion buyers. The World Gold Council puts the amount smuggled
into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed
that unclaimed bank deposits estimated to be about Rs 35000 mn be used for
education and awareness among depositors. According to the plan, deposits
that have not been claimed for at least 10 years will be transferred to the
scheme.
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-67516680)
LOCATIONS
|
Registered Office : |
13th Floor, Lodha Excelus, Apollo Mills Compound, N. M.
Joshi Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Tel No.: |
91-22-67516666 |
|
Fax No.: |
91-22-67516333 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
2nd Floor, ‘A’ Wing, Trade Star Building, Junction of
Kondivita and M.V. Road, Andheri Kurla Road, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Tel. No.: |
91-22-28220055/ 67516666 |
|
Fax No.: |
91-22-28229998/ 26222414 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
International
Liaison Office: |
Office number- 207, 2nd floor, The Business Center, Bank
Street, Bur Dubai, Dubai, United Arab Emirates |
|
Tel. No.: |
(+971) 43426662 |
|
|
|
|
Branch Office : |
Located at : ·
·
Kolkata ·
Mumbai ·
·
·
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Gautam Ramanlal Divan |
|
Designation : |
Director |
|
Address : |
95C, Kalewar Mansion, 22, Babulnatha Road, Mumbai-400007, Maharashtra, India |
|
Date of Birth/Age : |
22.07.1940 |
|
Qualification : |
FCA |
|
Date of Appointment : |
03.02.2004 |
|
DIN No.: |
00001176 |
|
|
|
|
Name : |
Mr. Ranjan K. Pant |
|
Designation : |
Director |
|
Address : |
1Portion – B, 10-A, Kasturba Gandhi Marg, New Delhi – 110001, India |
|
Date of Birth/Age : |
29.06.1959 |
|
Qualification : |
BE (Honours), Birla Institute of Technology and Sciences; MBA, The Wharton School |
|
Date of Appointment : |
03.05.2004 |
|
DIN No.: |
00005410 |
|
|
|
|
Name : |
Mrs. Renu Sud Karnad |
|
Designation : |
Director |
|
Address : |
BB 14, Greater Kailash Enclave II, New Delhi – 110 048, India |
|
Date of Birth/Age : |
03.09.1952 |
|
Qualification : |
Graduate in Law, and Master’s degree in Economics from Delhi University |
|
Date of Appointment : |
25.01.2006 |
|
DIN No.: |
00008064 |
|
|
|
|
Name : |
Mr. Keki Minoo Mistry |
|
Designation : |
Director |
|
Address : |
Flat No.0702/703, Hasmukh Mansion, 14 Road, Junction, Khar (West), Mumbai – 400 054, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1954 |
|
Qualification : |
FCA, Member of Michigan Association of Certified Public Accountants |
|
Date of Appointment : |
20.12.2000 |
|
DIN No.: |
00008886 |
|
|
|
|
Name : |
Mr. Deepak Shantilal Parekh |
|
Designation : |
Chairman |
|
Address : |
9/B Darbhanga Mansion, 12 Carmichael Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1944 |
|
Qualification : |
Fellow of Institute of Chartered Accountants (England and Wales) |
|
Date of Appointment : |
17.08.2000 |
|
DIN No.: |
00009078 |
|
|
|
|
Name : |
Mr. Ravi Dharam Narain |
|
Designation : |
Director |
|
Address : |
602 Neat House, 766, College Galli, Dadar (West), Mumbai – 400 028, Maharashtra, India |
|
Date of Birth/Age : |
19.08.1955 |
|
Qualification : |
Cambridge University-trained Economist, MBA, Wharton School, University of Pennsylvania, USA |
|
Date of Appointment : |
28.04.2005 |
|
DIN No.: |
00062596 |
|
|
|
|
Name : |
Mr. Norman Keith Skeoch |
|
Designation : |
Director |
|
Address : |
19 Lennox Street, Edinburgh, EH41PY, United Kingdom |
|
Date of Birth/Age : |
05.11.1956 |
|
Qualification : |
Fellow of the Securities Institute, Fellow of the Royal Society for the Encouragement of the Arts, Manufacture and Commerce, BA, MA |
|
Date of Appointment : |
02.11.2005 |
|
DIN No.: |
00165850 |
|
|
|
|
Name : |
Mr. Amitabh Omsingh Chudhary |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Address : |
Flat 4301 , 43rd Floor, Tower III, Electra Planet Godrej, Near Jacob Circle, Saat Rasta, Mahalaxmi East, Mumbai- 400011, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1964 |
|
Qualification : |
Engineering, Birla Institute of Technology and Science, Pilani; MBA- IIM, Ahmedabad |
|
Date of Appointment : |
18.01.2010 |
|
DIN No.: |
00531120 |
|
|
|
|
Name : |
Mr. Alwarthirunagari Kuppuswamy Thiruvenkata Chari |
|
Designation : |
Director |
|
Address : |
181-A, Twin Towers, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1936 |
|
Qualification : |
Electrical Engineering, Madras University |
|
Date of Appointment : |
05.08.2010 |
|
DIN No.: |
00746153 |
|
|
|
|
Name : |
Mr. Gerald Edgar Grimstone |
|
Designation : |
Alternate Director |
|
Address : |
34, Boscobel Place, London, UK - SWIW9PE |
|
Date of Birth/Age : |
27.08.1949 |
|
Qualification : |
Master of Arts, Master of Science in Chemistry, Merton College, Oxford University and NATO-CCMS Fellowship Wolfson College, Oxford University |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
01910890 |
|
|
|
|
Name : |
Mr. Michael Gerald Connarty |
|
Designation : |
Director (Alternate to Mr Norman Keith Skeoch) |
|
Address: |
3 Joppa Road, Edinburgh- EH152HA, Unted Kingdom |
|
Date of Birth/ Age: |
18.11.1955 |
|
Qualification : |
Graduate in Law and MBA |
|
Date of Appointment: |
03.02.2012 |
|
DIN No.: |
01960618 |
|
|
|
|
Name : |
Mr. David Thomas Nish |
|
Designation : |
Director |
|
Address : |
Kiloran, Houseton Road, Kilmalcolm PA134NY, United Kingdom |
|
Date of Birth/Age : |
05.05.1960 |
|
Qualification : |
Member of the Institute of Chartered Accountants of Scotland |
|
Date of Appointment : |
05.08.2010 |
|
DIN No.: |
02912150 |
|
|
|
|
Name : |
Mr. Surendra Ambalal Dave |
|
Designation : |
Alternate Director |
|
Address : |
17/31, MHB Colony, Bandra Reclamation, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1936 |
|
Qualification : |
Doctorate of Economics and Masters in Economics from University of Rochester |
|
Date of Appointment : |
26.04.2012 |
|
DIN No.: |
00001480 |
|
|
|
|
Name : |
Ms. Vibha Padalkar |
|
Designation : |
Executive Director and Chief Financial Officer |
|
Qualification : |
Chartered Accountant from The Institute of Chartered Accountants in England and Wales Member of the Institute of Chartered Accountants in India |
|
Date of Appointment : |
14.08.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Ghiya |
|
Designation : |
Secretary |
|
Address : |
B-604, Ballerina Chs, 3rd
Cross Road, Lokhandwala Complex, Andheri (West), Mumbai – 400053,
Maharashtra, India |
|
Date of Birth/Age : |
15.06.1969 |
|
Date of Appointment : |
23.01.2012 |
|
PAN No.: |
AAAPG8539J |
|
|
|
|
Exective Committee : |
· Mr. Prasun Gajri Mr. Rajendra Ghag Mr. Srinivasan Parthasarathy Mr. Sanjay Tripathy Mr. A S Jayasimha Mr. Sanjeev Kapur Mr. R Chandrasekhar Mr. Subrat Mohanty Mr. Vikas Abhyankar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 14.08.2012)
SHAREHOLDING DETAILS FILE ATTACHED
Equity Shares Break – up
|
Category |
|
Percentage of
Holding |
|
|
|
|
|
Foreign Holding (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 |
|
72.37 |
|
Directors or relatives of directors |
|
0.13 |
|
Other top fifty (50) shareholders (other than listed above) |
|
0.21 |
|
Others |
|
1.29 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Legal and Financial Services and Insurance Services. |
|
|
|
|
Products : |
Life Insurance |
GENERAL INFORMATION
|
No. of Employees : |
15124 (Approximately) |
|
|
|
|
Bankers : |
· HDFC Bank Limited Yes Bank Limited Axis Bank Limited Citibank N.A. Bank of Baroda Federal Bank Union Bank of India State Bank of India State Bank of Travancore Indian Bank Indian Overseas Bank Ratnakar Bank The Saraswat Co-op. Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S B Billimoria and Company Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 31st Floor, Elphinstone Mill
Compound, Senapati Bapat Marg, Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AAAFS7376P |
|
|
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
|
|
|
Holding Company : |
Housing Development Finance Corporation Limited (HDFC Limited) |
|
|
|
|
Investing Company : |
Standard Life (Mauritius Holdings) 2006 Limited |
|
|
|
|
Wholly Owned
Subsidiary : |
HDFC Pension Management Company Limited |
|
|
|
|
Fellow Subsidiary : |
· HDFC Asset Management Company Limited HDFC Developers Limited HDFC Holdings Limited HDFC Trustee Company Limited HDFC Realty Limited HDFC Investments Limited HDFC ERGO General Insurance Company Limited GRUH Finance Limited HDFC Sales Private Limited HDFC Venture Capital Limited HDFC Ventures Trustee Company Limited HDFC Property Ventures Limited HDFC IT Corridor Fund HDFC Investment Trust Credila Financial Services Private Limited HDFC Asset Management Company (Singapore) Pte. Limited
(subsidiary of HDFC Asset Management Company Limited) Griha Investments (subsidiary of HDFC Holdings Limited) HDFC Education and Development Services Private Limited. Griha Investments Pte Limited, Singapore (Subsidiary of
HDFC Investments Limited) H.T.Parekh Foundation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Called-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1994880096 |
Equity Shares |
Rs.10/- each |
Rs.19948.801
Millions |
|
|
|
|
|
Note: Of the above, Share Capital amounting to Rs. 14437.338 millions (FY 2012 : Rs. 14437.338 millions) is held by Housing Development Finance Corporation Limited, the holding company.
PATTERN OF
SHAREHOLDING
(As certified by the Management)
|
Particulars |
As at March
31, 2013 |
|
|
Shareholder |
Number of
Shares |
% of Holding |
|
Promoters |
|
|
|
• Indian / Holding Company |
1,443,733,842 |
72.37% |
|
• Foreign |
518,668,824 |
26.00% |
|
Others - Domestic |
32,477,430 |
1.63% |
|
TOTAL |
1,994,880,096 |
100.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
19948.801 |
19948.801 |
19948.801 |
|
2] Share Application Money Received pending allotment of shares |
-- |
-- |
-- |
|
3] Reserves & Surplus |
2197.045 |
2201.376 |
2206.790 |
|
4] Credit /[Debit] Fair Value Change Account |
(103.348) |
(52.160) |
(0.350) |
|
Sub-Total |
22042.498 |
22098.017 |
22155.241 |
|
|
|
|
|
|
BORROWINGS |
|
|
|
|
POLICYHOLDERS’ FUNDS: |
|
|
|
|
Credit /[Debit] Fair Value Change Account |
(789.521) |
(340.785) |
(15.447) |
|
Policy Liabilities |
99773.580 |
73865.111 |
51233.325 |
|
Insurance Reserves |
-- |
-- |
-- |
|
Provision for Linked Liabilities |
275489.544 |
230603.983 |
183502.921 |
|
Add: fair value change |
2456.917 |
4440.774 |
21728.415 |
|
Provision for
Linked Liabilities |
277946.461 |
235044.757 |
205231.336 |
|
Funds for discontinued policies |
|
|
|
|
i) Discontinued on account of non-payment of premium |
5332.362 |
1042.027 |
-- |
|
ii) Others |
52.055 |
11.221 |
-- |
|
Total Provision
for Linked Liabilities |
283330.878 |
236098.005 |
205231.336 |
|
|
|
|
|
|
Sub-Total |
382314.937 |
309622.331 |
256449.214 |
|
|
|
|
|
|
Funds for Future Appropriations |
3436.831 |
1251.005 |
1917.148 |
|
Funds for future appropriation – Provision for lapsed policies
unlikely to be revived |
3048.853 |
3352.468 |
2555.106 |
|
|
|
|
|
|
TOTAL |
410843.119 |
336323.821 |
283076.709 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
INVESTMENTS |
8338.496 |
5894.173 |
6999.708 |
|
Shareholders |
107273.340 |
79902.644 |
53349.840 |
|
Policyholders |
283330.878 |
236098.005 |
205231.336 |
|
Assets held to cover Linked Liabilities |
785.307 |
317.628 |
331.239 |
|
LOANS |
3077.176 |
2795.451 |
2395.729 |
|
FIXED ASSETS |
|
|
|
|
Cash and Bank Balance |
9854.726 |
5475.639 |
3837.312 |
|
Advances and Other Assets |
7267.309 |
7433.556 |
6770.283 |
|
|
|
|
|
|
Sub-Total (A) |
17122.035 |
12909.195 |
10607.595 |
|
|
|
|
|
|
SUNDRY CREDITORS |
5660.389 |
6010.271 |
5163.157 |
|
OTHER CURRENT LIABILITIES |
11564.264 |
8992.385 |
7874.393 |
|
PROVISIONS |
289.511 |
136.754 |
150.102 |
|
Sub-Total (B) |
17514.155 |
15139.410 |
13187.652 |
|
|
|
|
|
|
NET CURRENT
ASSETS (C) = (A-B) |
(392.120) |
(2230.215) |
(2580.057) |
|
|
|
|
|
|
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT [Shareholders account] |
8430.042 |
12944.833 |
15654.987 |
|
Deficit in the report |
-- |
601.302 |
1693.927 |
|
|
|
|
|
|
TOTAL |
410843.119 |
336323.821 |
283076.709 |
REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2013
POLICYHOLDERS' ACCOUNT (TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
PREMIUMS EARNED
- NET |
|
|
|
|
|
(a) Premium |
113226.763 |
102024.022 |
90041.725 |
|
|
(b) Reinsurance ceded |
(640.471) |
(525.347) |
(494.556) |
|
|
(c) Re-insurance accepted |
-- |
-- |
-- |
|
|
SUB-TOTAL |
112586.292 |
101498.675 |
89547.169 |
|
|
|
|
|
|
|
|
INCOME FROM
INVESTMENTS |
|
|
|
|
|
(a) Interest, Dividends and Rent - Gross |
17787.144 |
12605.318 |
9204.070 |
|
|
(b) Profit on sale / redemption of investments |
15953.265 |
12350.979 |
18714.990 |
|
|
(c) (Loss on sale / redemption of investments) |
(6547.611) |
(5343.220) |
(1377.977) |
|
|
(d) Transfer /Gain on revaluation / change in Fair value |
(1980.282) |
(17287.641) |
(5771.152) |
|
|
(e) Appropriation/ Expropriation Adjustment Account |
-- |
(111.535) |
(302.114) |
|
|
(f) Amortisation of (premium)/ discount on investments |
211.889 |
193.435 |
90.464 |
|
|
SUB-TOTAL |
25424.405 |
2407.336 |
20558.281 |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
(a) Contribution from the Shareholders' A/c |
18.950 |
259.129 |
2005.656 |
|
|
(b) Other income |
256.601 |
107.490 |
172.959 |
|
|
SUB-TOTAL |
275.551 |
366.619 |
2178.615 |
|
|
|
|
|
|
|
|
Total (A) |
138286.248 |
104272.630 |
112284.065 |
|
|
|
|
|
|
|
|
Commission |
6393.956 |
5776.394 |
4768.115 |
|
|
Operating Expenses related to Insurance Business |
13437.676 |
12698.847 |
14951.990 |
|
|
Provision For Doubtful Debts |
-- |
-- |
-- |
|
|
Bad Debts Written Off |
-- |
-- |
-- |
|
|
Provision for Tax |
516.191 |
-- |
-- |
|
|
Provisions (other than taxation) |
|
|
|
|
|
(a) For diminution in the value of investments (Net) |
-- |
-- |
-- |
|
|
(b) Others |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Total (B) |
20347.823 |
18475.241 |
19720.105 |
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
42519.876 |
29531.650 |
28309.074 |
|
|
Interim Bonuses Paid |
25.375 |
27.756 |
1.688 |
|
|
Terminal Bonuses Paid |
161.927 |
63.622 |
3.435 |
|
|
Change in
valuation of liability in respect of life policies |
|
|
|
|
|
(a) Gross |
78149.165 |
53253.861 |
63904.506 |
|
|
(b) Amount ceded in Reinsurance |
(9338.992) |
(808.654) |
(324.552) |
|
|
(c) Amount accepted in Reinsurance |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Total (C) |
111517.351 |
82068.235 |
91894.151 |
|
|
|
|
|
|
|
|
SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) |
6421.074 |
3729.154 |
669.809 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to Shareholders' Account |
3937.561 |
2505.310 |
446.326 |
|
|
Transfer to Other Reserve |
-- |
-- |
-- |
|
|
Funds of Future Appropriation – Provision for lapsed policies unlikely to be revived |
(303.615) |
797.362 |
1490.275 |
|
|
Balance being Funds for Future Appropriations |
2185.826 |
(666.143) |
427.135 |
|
|
Surplus in Revenue Account transferred to Balance Sheet adjusted against “Deficit in Revenue Account (Policyholders’ Account)” |
601.302 |
1092.625 |
-- |
|
|
Transfer to Balance Sheet being "Deficit in the Revenue Account (Policyholders Account)" |
-- |
-- |
(1693.927) |
|
|
|
|
|
|
|
Total (D) |
6421.074 |
3729.154 |
669.809 |
|
|
|
|
|
|
|
|
The total surplus
as mentioned below : |
|
|
|
|
|
|
|
|
|
|
|
a) Interim Bonuses Paid |
25.375 |
27.756 |
1.688 |
|
|
b) Terminal Bonuses Paid |
161.927 |
63.622 |
3.435 |
|
|
c) Allocation of bonus to policyholders |
3425.432 |
2521.053 |
2144.404 |
|
|
d) Surplus shown in the revenue account |
6421.074 |
3729.154 |
669.809 |
|
|
Total Surplus: [(a)
+ (b) + (c ) + (d)] |
10033.808 |
6341.585 |
2819.336 |
|
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2013
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Amounts Transferred from The Policyholders Account (Technical Account) |
3937.561 |
2505.310 |
446.326 |
|
Income from Investments |
|
|
|
|
a) Interest, Dividends and Rent – Gross |
484.954 |
396.395 |
399.900 |
|
b) Profit on sale/ redemption of investments |
229.745 |
69.895 |
183.531 |
|
c) (Loss on sale / redemption of investments) |
(0.001) |
(0.151) |
(1.697) |
|
d) Transfer/ Gain on revaluation/ change in fair value |
-- |
-- |
-- |
|
e) Amortisation of (premium)/discount on investments |
(3.166) |
(0.224) |
(3.042) |
|
|
|
|
|
|
Sub Total |
711.532 |
465.915 |
578.692 |
|
Other Income |
0.004 |
0.007 |
0.029 |
|
|
|
|
|
|
TOTAL (A) |
4649.097 |
2971.232 |
1025.047 |
|
|
|
|
|
|
Expenses other than those directly related
to the insurance business Bad debts written off |
72.991 |
1.949 |
9.412 |
|
Contribution to the Policyholders Fund |
18.950 |
259.129 |
2005.656 |
|
|
|
|
|
|
TOTAL (B) |
91.941 |
261.078 |
2015.068 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4557.156 |
2710.154 |
(990.021) |
|
Provision for Taxation |
42.365 |
-- |
-- |
|
Profit/(Loss) After Tax |
4514.791 |
2710.154 |
(990.021) |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Balance at the beginning of the year |
(12944.833) |
(15654.987) |
(14664.966) |
|
Interim Dividends Paid during the year |
-- |
-- |
-- |
|
Proposed Final Dividend |
-- |
-- |
-- |
|
Dividend Distribution Tax |
-- |
-- |
-- |
|
|
|
|
|
|
Profit / Loss carried forward to the balance
sheet |
(8430.042) |
(12944.833) |
(15654.987) |
|
|
|
|
|
|
Earning per share Basic/ Diluted |
2.26 |
1.36 |
(0.50) |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES OF
LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 12/02/2014 |
|
Lodging No: ITXAL/373/2014 Filing Date: 12/02/2014 |
|
Petitioner: COMMISSIONER OF INCOME TAX-1 -
Respondent: HDFC STANDARD LIFE INSURANCE Petn. Adv : SURESH KUMAR (I2100) COMPANY
LIMITED District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEAL Last Date: 20/02/2014
Stage: Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
CHARGES
|
ENTITY |
PERSON |
COMPETENT
AUTHORITY |
REGULATORY
CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED |
|
IRDA |
CHANGED TERMS AND CONDITIONS OF APPROVED VERSIONS OF PRODUCTS WITHOUT PRIOR APPROVAL FROM IRDA |
CENSURED/WARNED AND
DIRECTED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC. |
|
|
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED |
|
IRDA |
ISSUED AND SENT
CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS |
IMPOSED PENALTY
RS.14.700 MILLIONS |
|
CORPORATE
INFORMATION
The Company is a joint venture between Housing Development Finance Corporation Limited (‘HDFC Limited’), India’s leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom. HDFC Limited. holds 72.37% and Standard Life (Mauritius Holding) 2006 Limited. holds 26.00% of equity in the joint venture, while the rest is held by other domestic investors.The Company obtained a Certificate of Registration from the Insurance Regulatory and Development Authority (‘IRDA’) for carrying on the business of life insurance on October 23, 2000. HDFC Life offers a range of individual and group insurance solutions. The portfolio comprises of various insurance and investment products such as Protection, Pension, Savings, Investment and Health.
BUSINESS REVIEW AND OUTLOOK
The business environment continued to be challenging for life insurance companies during FY 2013. This was on
account of a combination of factors, including slowdown in GDP growth rate, inflation, high interest rates and uncertainty on other macro-economic and regulatory parameters that impacted investor sentiments. During the year, the life insurance industry continued to adjust their channel and product mix and regulate their cost structures to align their business model to the regulatory and macroeconomic environment. In short, the industry remained in the zone of instability.
The industry witnessed 1.9% decline on individual new business Weighted Received Premium (WRP) during FY 2013. On an overall basis (Individual and Group WRP), the industry registered a 15.2% decline in FY 2013.
The Company bucked the trend on both the parameters. It registered a growth of 11% over FY 2012 in the total written premium segment. Besides, it grew by 15% on Individual new business premium (WRP), while Individual renewal premium increased by 8.5%. The Company continued its trend of gaining market share in the private life insurance space. It’s market share increased from 15.5% in FY 2012 to 17.5% in FY 2013. It continued with its strong performance in the Group business that recorded a robust growth of 20% over FY 2012.
Apart from a strong performance in gaining new business, the Company continued to outperform the industry on other financial and operational parameters as well. The robust performance on Individual business renewal premiums meant that the Company registered a conservation ratio of 78%. The sum assured in force for the overall business at the end of FY 2013 stood at Rs.2018580.000 millions, which represented a growth of 45.5%. During FY 2013, operating expenses ratio, excluding service tax, decreased by 70 basis points over the previous year. The Company recorded Indian GAAP profits of Rs. 4510.000 millions in FY 2013. The back book is generating sufficient profits to offset the new business strain incurred in writing of new policies. Backed by the growth in New Business and Renewal Premium, the Company’s Assets under Management (AUM) registered a growth of 24.4% for FY 2013.
The Company continued its focus on the five strategic themes it had identified in FY 2013 and rolled out a number
of initiatives to build organisational efficiency and agility. These initiatives have been instrumental in the Company’s strong financial performance. These were actively monitored by the Management team to ensure sustained long-term impact on the Company’s performance.
The efforts put in by the Management team were widely recognised by the industry. The Company received several awards and recognitions during the year for its strong people practices, brand promise, organisational
excellence, process maturity and enabling technology.
BOARD OF DIRECTORS
Mr Deepak S Parekh
Is the Chairman of the Company. He is also the Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England and Wales).
Mr Gerald Grimstone
Was appointed Chairman of Standard Life plc in May 2007, having been Deputy Chairman since March 2006. He became a Director of the Standard Life Assurance Company in July 2003. Mr Grimstone is also Chairman of Heng An Standard Life Insurance Company Limited in China.
He is Lead Non-Executive Director of the UK Ministry of Defence and is an Independent Non-Executive Board Member of Deloitte LLP. He is the Chairman of TheCityUK, the representative body for financial and related professional services in the UK.
Mr Grimstone has held a number of other public and corporate appointments. He held senior positions within the UK Department of Health and Social Security and HM Treasury until 1986. He then spent 13 years with Schroders in London, Hong Kong and New York, and was Vice Chairman of Schroders’ worldwide investment banking activities from 1998 to 1999.
He has acted as the Alternate Director to Sir Alexander Crombie and also to David Nish since 10 November 2012.
He has also been appointed as an additional director of the board with effect from 1 April 2013.
He has completed a Master of Arts, Master of Science in Chemistry, Merton College, Oxford University and NATOCCMS Fellowship, Wolfson College, Oxford University.
Mr Keki M Mistry
Joined the Board of Directors of the Company in December, 2000. He is currently the Vice Chairman and Chief Executive Officer of HDFC Limited. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in November, 2000. Mr. Mistry is a Fellow of the Institute of Chartered
Accountants of India and a member of the Michigan Association of Certified Public Accountants
Mr David Nish
Joined Standard Life plc on 1 November 2006 as Group Finance Director and was appointed Chief Executive on 1 January 2010. He was previously a partner with Price Waterhouse and Finance Director of Scottish Power plc. He is a member of the Institute of Chartered Accountants of Scotland. Mr Nish is Deputy Chairman of the Association of British Insurers (ABI) and Chairman of the ABI’s Long Term Savings Life Insurance Committee, which is a key body for examining savings issues and promoting better outcomes for consumers. He is a member of the Financial Services Advisory Board of the Scottish Government. He is also a member of the Advisory Council at TheCityUK and a Non-Executive Director of the UK Green Investment Bank plc and a member of the Chairman’s Advisory Group of Scottish Rugby Union. He joined the Board of Directors on 10 February 2010.
Ms Renu Sud Karnad
Is the Managing Director of HDFC Limited. She holds a Master’s Degree in Economics from Delhi University and
is a Law Graduate from the University of Mumbai. She is a Parvin Fellow – Woodrow Wilson School of International Affairs, Princeton University, U.S.A. Mrs Karnad has been employed with HDFC Limited since 1978 and was appointed as the Managing Director in January, 2010. She is responsible for overseeing lending operations of HDFC Limited.
Mr Norman Keith
Skeoch
Is the Chief Executive Officer at Standard Life Investments Limited and is responsible for overseeing the £179.1bn of assets managed by the company. He has also been on the Board of Standard Life plc since 2006. He first joined Standard Life Investments in 1999, after nearly 20 years’ investment experience with James Capel and Company Limited, where he held the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr Skeoch joined the Board of Directors in November 2005.
He is a fellow of the Securities Institute, fellow of the Royal Society for the Encouragement of the Arts, Manufacture and Commerce, BA, MA, a Non-Executive Director of the Financial Reporting Council, a Director of the Investment Management Association and a member of the Advisory Board of Reform Scotland. In June 2011 he was also appointed to the Advisory Council of the Institutional Investor Committee. In 2011, he was awarded an Honorary Doctorate of Business Administration from TeessideUniversity. In 2012, he was made a Fellow of the Society of Business Economists, given for service to the Economics profession.
Mr Michael Connarty
First joined the Board as an Alternate Director to Mr Skeoch in November 2007. He is currently responsible for Standard Life’s investments in its life assurance Joint Ventures in India and China and is also a Director of Hengan Standard Life Insurance Company Limited. Mr Connarty has a degree in law and an MBA. He has worked with Standard Life since 1977 in managerial positions covering a number of fields such as Pensions law, International Marketing, Operational Management, Strategy, Risk, Compliance, Company Secretarial and Banking. He also acted as Project Manager for the start-up project of the Company in 2000.
Mr Gautam Divan
Is a practising Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide experience in auditing accounts of large public limited companies and nationalized banks, financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India.
Mr Ravi Narain
Is the Vice Chairman of National Stock Exchange of India Limited and Chairman of NSDL e-Governance Infrastructure Limited. Mr. Narain was a member of the core team to set-up the Securities and Exchange Board of India (SEBI). He is Cambridge University-trained Economist and an MBA from Wharton School, University of Pennsylvania, USA.
Mr Ranjan Pant
Is a global strategy management consultant and change management leader who advises Chief Executive Officers. Mr. Pant is an independent director on the Boards of several major companies. He serves as an Executive in Residence at Babson’s F. W. Olin Graduate School of Management.
He was a Partner at Bain and Company strategy consulting where he led the worldwide Utility Practice. He was also Director, Corporate Business Development, at General Electric headquarters. He received an M.B.A., from The Wharton School, University of Pennsylvania and a Bachelor in Engineering from the Birla Institute of Technology and Science, Pilani.
Mr AKT Chari
Joined HDFCSL as a Director on March 10, 2010. Mr. Chari completed his Graduation in Electrical Engineering from Madras University in 1962. He was associated with Infrastructure Development Finance Company Limited (IDFC) for last 11 years from 1999, handling infrastructure projects at IDFC. Presently he is working as an Adviser to IDFC. Prior to IDFC, he was associated with Infrastructure Development Bank of India (IDBI) from 1975 to 1999, in various capacities, mostly in the Project Finance and Infrastructure Project Finance departments.
Dr SA Dave
Is a Doctorate of economics and holds a Master’s degree in economics from the University of Rochester. Dr. Dave is the former chairman of the Securities and Exchange Board of India and the Unit Trust of India. Dr. Dave is currently the chairman of the Centre for Monitoring Indian Economy and a director on the boards of many prominent companies in India. He is appointed as Additional Director of the Company from April 26, 2012.
Mr Amitabh Chaudhry
Is the Managing Director and Chief Executive Officer of HDFC Standard Life. Before joining HDFC Standard Life
in January 2010, he was the Managing Director and CEO of Infosys BPO and was also heading Independent Validation Services unit in Infosys Technologies. Mr. Chaudhry started his career with Bank of America and has worked in diverse roles ranging from Head of Technology Investment Banking for Asia, Regional Finance Head for Wholesale Banking and Global Markets and Chief Finance Officer of Bank of America (India). He moved to Credit Lyonnais Securities in 2001 in Singapore where he headed their investment banking franchise for South East Asia and structured finance practice for Asia before joining Infosys BPO in 2003.
Mr. Chaudhry completed his Engineering in 1985 from Birla Institute of Technology and Science, Pilani and MBA in 1987 from IIM, Ahmedabad.
Ms Vibha Padalkar
Is the Executive Director and Chief Financial Officer at HDFC Life. Ms. Padalkar joined HDFC Life in August 2008 after a seven year stint as Executive Vice President-Finance at WNS Global Services; a NYSE listed leading global business process outsourcing company. Vibha’s key achievement during her tenure at WNS was to lead a team that successfully completed the Group’s IPO on the New York Stock Exchange in a short span of six months. Prior to WNS, Vibha was with Colgate Palmolive India,including a short posting to the group’s New York headquarters. Ms. Padalkar became a member of the Institute of Chartered Accountants in England and Wales in 1992, after having completed her college education in London. She is also a member of the Institute of Chartered Accountants in India. Apart from leading the finance, internal audit, compliance, risk management, legal and secretarial teams, Vibha has taken additional responsibility during the year of hub operations, claims and payouts, underwriting and medical operations.
BALANCE
SHEET AS AT DECEMBER 31, 2013
(Rs.
In Millions)
|
SOURCES OF FUNDS |
|
|
31.12.2013 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
|
199948.801 |
|
2] Reserves & Surplus |
|
|
2157.133 |
|
3] Credit /[Debit] Fair Value Change Account |
|
|
(64.456) |
|
Sub-Total |
|
|
22041.478 |
|
|
|
|
|
|
BORROWINGS |
|
|
-- |
|
POLICYHOLDERS’ FUNDS: |
|
|
|
|
Credit /[Debit] Fair Value Change Account |
|
|
(507.740) |
|
Policy Liabilities |
|
|
129068.964 |
|
Insurance Reserves |
|
|
-- |
|
Provision for Linked Liabilities |
|
|
288593.624 |
|
Add: fair value change |
|
|
13086.782 |
|
Provision for
Linked Liabilities |
|
|
301680.406 |
|
Funds for discontinued policies |
|
|
|
|
i) Discontinued on account of non-payment of premium |
|
|
11306.815 |
|
ii) Others |
|
|
118.206 |
|
Total Provision
for Linked Liabilities |
|
|
313105.427 |
|
|
|
|
|
|
Sub-Total |
|
|
441666.651 |
|
|
|
|
|
|
Funds for Future Appropriations |
|
|
3028.483 |
|
Funds for future appropriation – Provision for lapsed policies
unlikely to be revived |
|
|
1249.559 |
|
|
|
|
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
INVESTMENTS |
|
|
|
|
Shareholders |
|
|
13934.158 |
|
Policyholders |
|
|
133646.051 |
|
Assets held to cover Linked Liabilities |
|
|
313105.427 |
|
LOANS |
|
|
845.366 |
|
FIXED ASSETS |
|
|
3507.986 |
|
CURRENT ASSETS |
|
|
|
|
Cash and Bank Balance |
|
|
1253.135 |
|
Advances and Other Assets |
|
|
9267.644 |
|
|
|
|
|
|
Sub-Total (A) |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
11643.889 |
|
PROVISIONS |
|
|
207.128 |
|
Sub-Total (B) |
|
|
11851.017 |
|
|
|
|
|
|
NET CURRENT
ASSETS (C) = (A-B) |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENDITURE (to the extent
not written off or adjusted) |
|
|
|
|
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT [Shareholders account] |
|
|
4277.421 |
|
DEFICIT IN THE REVENUE ACCOUNT (Policyholders Account) |
|
|
-- |
|
|
|
|
|
|
TOTAL |
|
|
467986.171 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
a) Partly paid-up investments |
0.000 |
0.000 |
|
b) Claims, other than against policies, not acknowledged as debts by the Company |
13.658 |
8.883 |
|
c) Underwriting commitments outstanding |
0.000 |
0.000 |
|
d) Guarantees given by or on behalf of the Company |
1.656 |
1.506 |
|
e) Statutory demands and liabilities in dispute, not provided for |
3376.201 |
2163.295 |
|
f) Reinsurance obligations |
0.000 |
0.000 |
|
g) Others |
0.000 |
0.000 |
|
Total |
3391.515 |
2173.684 |
FIXED ASSETS
· Goodwill
Intangible
Assets (Computer Software)
Land-Freehold
Leasehold
Improvements
Buildings
Furniture
and Fittings
Information
Technology Equipment
Vehicles
Office
Equipment
PRESS RELEASE
HDFC LIFE TO LAUNCH 21 ULIPS, TRADITIONAL PLANS BY JANUARY 2014
Mumbai, Dec
19:
HDFC Life today said the company is planning to launch by January 2014 about 21 products, of which 10 will be market-linked and 11 traditional plans, in compliant with new regulations issued by the IRDA.
“We are pleased to make available to customers 21 products that will meet the diverse needs like protection, retirement, savings, investment and health.
“It is our constant endeavour to create insurance plans based on thorough need analysis of each segment. Further to these 21 products, we will also be launching new unique plans with specific focus on protection and long term savings,” HDFC Life VP (Products) Sanjay Tiwari said in a release.
In February 2013, Insurance Regulatory and Development Authority (IRDA) had issued non-linked and linked life insurance products regulations to ensure that all products are consistent in design and are focused on meeting policyholders’ expectations.
HDFC Life was also the first company to launch pension plans based on the new IRDA regulations.
The company had launched two unit linked pension plans and a new immediate annuity plan in December 2012.
HDFC Life is a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life plc, the leading provider of financial services in the United Kingdom.
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.62.27 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
54 |
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.