MIRA
INFORM REPORT
|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.10.2000 |
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Com. Reg. No.: |
11-129408 |
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Capital Investment
/ Paid-up Capital : |
Rs. 4365.839
Millions |
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CIN No.: [Company Identification
No.] |
U67200MH2000PLC129408 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI03974F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Insurance Services. |
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No. of Employees
: |
4264 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 77400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a joint venture between ICICI Bank Limited, India and Fairfax
Financial Holding Limited, Canada. It is a well-established and reputed company having fine track record.
The company has recorded some accumulated losses in the current year
i.e. 2013. However, networth of the company seems to be good. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Claims Paying Ability = IAAA |
|
Rating Explanation |
Highest claims paying ability fundamentally strong position, Prospect
of meeting policy holder obligations is the best |
|
Date |
March 2013 |
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 co-operative [91-22-61961100 / 26531414]
LOCATIONS
|
Registered Office : |
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra,
India |
|
Tel. No.: |
91-22-26531414 |
|
Fax No.: |
91-22-26531230 |
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E-Mail : |
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Website : |
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Corporate Office : |
Zenith House Keshav Rao, Khadye Marg, 2nd Floor, Opposite
Race Course, Mahalaxmi, Mumbai – 400 034, |
|
Tel. No.: |
91-22-24906999 |
|
E-Mail : |
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|
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Mailing Address : |
ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400
025, |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Chanda Kochhar |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. R. Athappan |
|
Designation : |
Director |
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|
Name : |
Mr. B.V. Bhargava |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Dileep Choksi |
|
Designation : |
Director |
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|
Name : |
Zarin Daruwala |
|
Designation : |
Director (w.e.f. October 18, 2010) |
|
|
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|
Name : |
Mr. N.S. Kannan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. S. Mukherji |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Chandran Ratnaswami |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. M.K. Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H. N. Sinor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhargav Dasgupta |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Alok Kumar Agarwal |
|
Designation : |
Executive Director (w.e.f. January 19, 2011) |
|
|
|
|
Name : |
Mr. Neelesh Garg |
|
Designation : |
Executive Director (w.e.f. January 19, 2011) |
KEY EXECUTIVES
|
Board Governance
Committee : |
v M.K. Sharma (Chairman) v Chanda Kochhar v Chandran Ratnaswami v
H. N. Sinor |
|
|
|
|
Investment
Committee : |
v Chandran Ratnaswami (Chairman) v N.S. Kannan (Director) v Bhargav Dasgupta v
Liyaquat Khan Appointed
Actuary v S. Gopalakrishnan v Rakesh Jain (upto October 20, 2011) v Rajive Kumaraswami (upto April 13, 2012) v
Gopal Balachandran (w.e.f. October 20, 2011) |
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Audit Committee
: |
v Dileep Choksi (Chairman) v R. Athappan v S. Mukherji v
H. N. Sinor |
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Risk Management
Committee : |
v S. Mukherji (Chairman) v R. Athappan v H. N. Sinor v
Bhargav Dasgupta |
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|
|
Policyholder
Protection Committee : |
v M.K. Sharma (Chairman) v S. Mukherji v Chandran Ratnaswami v
Bhargav Dasgupta |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
|
|
|
- Indian |
320635518 |
73.37 |
|
- Foreign |
112655031 |
25.78 |
|
Others - Employees |
3724690 |
0.85 |
|
TOTAL |
437015239 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services. |
|
|
|
|
Services : |
General Insurance |
GENERAL INFORMATION
|
No. of Employees : |
4264 (Approximately) |
|
|
|
|
Bankers : |
ICICI Bank Limited |
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|
|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name 1 : |
PKF Sridhar and Santhanam Chartered Accountants |
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|
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Name 2 : |
Khandelwal Jain and Company Chartered Accountants |
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Holding Company : |
ICICI Bank Limited |
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Fellow Subsidiary : |
· ICICI Bank UK PLC · ICICI Eco-net Internet and Technology Fund · ICICI Emerging Sectors Fund · ICICI Equity Fund · ICICI Home Finance Company Limited · ICICI Prudential Asset Management Company Limited · ICICI Prudential Life Insurance Company Limited · ICICI Securities Limited · ICICI Securities Primary Dealership Limited · ICICI Strategic Investments Fund · ICICI Venture Funds Management Company Limited |
|
|
|
|
Venture in Joint
Venture : |
FAL Corporation (Affiliate of Fairfax Financial Holdings Limited) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
475000000 |
Equity Shares |
Rs.10/- each |
Rs.4750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
437015239 |
Equity Shares |
Rs.10/- each
|
Rs.4370.152
Millions |
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 |
4370.152 |
4365.839 |
4045.672 |
|
|
2] Share Application Money (Pending Allotment) |
1004.353 |
1.882 |
3402.304 |
|
|
3] Reserves & Surplus |
14216.414 |
14201.514 |
11262.593 |
|
|
4] (Accumulated Losses) |
(929.000) |
(3986.753) |
0.000 |
|
|
5] Fair value change account |
690.462 |
495.909 |
729.314 |
|
|
NETWORTH |
19352.381 |
15078.391 |
19439.883 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19352.381 |
15078.391 |
19439.883 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4004.329 |
3995.973 |
3881.266 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
75025.187 |
60336.193 |
46652.974 |
|
|
DEFERRED TAX ASSETS |
502.710 |
261.721 |
472.868 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
5796.152
|
4257.374
|
3900.055
|
|
|
Other Current Assets |
|
|
25948.950
|
|
|
Loans & Advances |
33358.591
|
36400.293
|
1430.752
|
|
Total
Current Assets |
39154.743
|
40657.667
|
31279.757
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3320.141 |
1841.090 |
1801.418 |
|
|
Other Current Liabilities |
74139.809
|
68265.045
|
46614.085
|
|
|
Provisions |
21874.638
|
20067.028
|
14431.479
|
|
Total
Current Liabilities |
99334.588
|
90173.163
|
62846.982
|
|
|
Net Current Assets |
(60179.845)
|
(49515.496)
|
(31567.225)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19352.381 |
15078.391 |
19439.883 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
1. Operating profit/(loss) |
|
|
|
|
(a) Fire
Insurance |
(37.439) |
(236.023) |
(270.698) |
|
(b) Marine
Insurance |
(207.858) |
(209.368) |
(222.018) |
|
(c)
Miscellaneous Insurance |
2966.385 |
(4223.486) |
(1313.590) |
|
|
|
|
|
|
2. Income from
investments |
|
|
|
|
(a) Interest
/Dividend & Rent – Gross |
1004.751 |
872.639 |
915.583 |
|
(b) Profit on
sale/redemption of investments |
150.991 |
179.494 |
452.785 |
|
Less : loss on
sale/redemption of investments |
(38.588) |
(50.551) |
(20.401) |
|
|
|
|
|
|
3. Other income |
|
|
|
|
(a) Interest income
on tax refund |
9.159 |
32.381 |
13.410 |
|
(b) Profit on
sale/discard of fixed assets |
14.336 |
15.467 |
11.399 |
|
Total (A) |
3861.737 |
(3619.447) |
(433.530) |
|
|
|
|
|
|
4. Provisions
(Other than taxation) |
|
|
|
|
(a) For diminution
in the value of investments |
21.090 |
0.000 |
0.000 |
|
(b) For doubtful
debts |
541.920 |
279.591 |
270.369 |
|
(c) For
recoverable under reinsurance contracts |
235.277 |
0.000 |
0.000 |
|
(d) Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
5. Other
expenses |
|
|
|
|
a) Expenses
other than those related to Insurance Business |
|
|
|
|
(i) Employees’
remuneration and benefits |
9.736 |
10.098 |
11.615 |
|
(ii) Managerial
remuneration |
16.073 |
9.206 |
1.206 |
|
(iii) Directors’
fees |
0.692 |
0.660 |
0.740 |
|
(b) Bad debts
written off |
196.681 |
0.735 |
25.000 |
|
(c) Loss on
sale/discard of fixed assets |
23.504 |
32.405 |
80.960 |
|
(d) Penalty |
0.000 |
0.500 |
0.000 |
|
Total (B) |
1044.973 |
333.195 |
389.890 |
|
|
|
|
|
|
Profit / (Loss)
before tax |
2816.764 |
(3952.145) |
(823.420) |
|
Provision for taxation: |
|
|
|
|
(a) Current tax
/MAT payable |
582.004 |
0.000 |
0.000 |
|
Tax for earlier
year- MAT |
(582.004) |
0.000 |
0.000 |
|
Less : MAT credit
entitlement |
(240.989) |
0.000 |
0.000 |
|
(b) Deferred tax
(Income) / Expense |
0.000 |
211.147 |
(19.992) |
|
(c) Fringe
benefit tax |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
after tax |
3057.753 |
(4163.292) |
(803.428) |
|
|
|
|
|
|
Appropriations |
|
|
|
|
(a) Interim
dividends paid during the year |
0.000 |
0.000 |
565.889 |
|
(b) Proposed
final dividend |
0.000 |
0.000 |
0.000 |
|
(c) Dividend
distribution tax |
0.000 |
0.000 |
93.994 |
|
(d) Transfer to
General Reserves |
0.000 |
0.000 |
105.190 |
|
|
|
|
|
|
BALANCE OF PROFIT / (LOSS) BROUGHT FORWARD FROM
LAST YEAR |
(3986.753) |
176.539 |
1745.040 |
|
|
|
|
|
|
BALANCE CARRIED FORWARD TO BALANCE SHEET |
(929.000) |
(3986.753) |
176.539 |
|
|
|
|
|
|
Earnings Per Share (Rs.) |
|
|
|
|
- Basic |
7.00 |
(9.56) |
(1.99) |
|
- Diluted |
6.91 |
(9.56) |
(1.99) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.08
|
(8.85) |
(2.34)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
(0.26) |
(0.04)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39
|
0.45 |
0.50
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
4045.672 |
4365.839 |
4370.152 |
|
Reserves & Surplus |
11262.593 |
14201.514 |
14216.414 |
|
Net
worth |
15,308.265 |
18,567.353 |
18,586.566 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
|
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:
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 |
No |
|
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 |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
CASE DETAILS BENCH: BOMBAY LODGING NO.:
ITXAL/468/2013
FILING DATE: 18.03.2013 REG. NO.:
ITXA/878/213 REG.
DATE: 20.04.2013
|
BACKGROUND
Subject was
incorporated on October 30, 2000 and is a joint venture between ICICI Bank Limited
and Fairfax Financial Holdings Limited. The Company obtained Regulatory
approval to undertake General Insurance business on August 3, 2001 from the
Insurance Regulatory and Development Authority (‘IRDA’) and has also obtained
its certificate of renewal of registration with validity until March 31, 2014.
INDUSTRY OVER
VIEW:
The gross premium
(excluding monoline companies) of the industry for the period April 2012 –
March 2013 grew from Rs. 527.86 billion to Rs. 629.80 billion on a year-on-year
basis, a growth of about 19.3%. The market share of private sector general
insurance companies for the corresponding period grew from 42.3% to 44.4%.
ICICI Lombard continued to lead the private players in the general insurance
sector with a market share of 22.0% and an overall industry market share of
9.7%.
AWARDS AND
ACCOLADES:
Since the
beginning of its journey, ICICI Lombard has been honoured consistently for its
excellence. In fiscal 2013, the Company was acknowledged for its contribution
towards introducing new products, social endeavours and corporate excellence.
PORTER PRIZE:
The Company
received the coveted ‘Porter Prize’ award in the category ‘Creating Shared
Value’. The award, named after Professor Michael E. Porter, is bestowed by the
Indian Institute of Competitiveness. It recognized ICICI Lombard’s initiatives
to achieve responsible economic success in the mass and micro insurance areas
for the society’s economically weaker sections. The award recognizes the fact
that the Company can meet social needs, while better serving existing markets,
accessing new ones and lowering costs through innovation.
ASTD BEST AWARD:
ICICI Lombard was
bestowed with the ASTD BEST 2012 award for the second year in a row. BEST organizations
are chosen based on their ability to leverage the learning functions as a
strategic business tool and creating learning opportunities to achieve
enterprise-wide success. The Company was ranked among the top 8 BEST
organizations in the world out of 84 companies, which vied for the accolade.
GOLDEN PEACOCK
AWARD FOR CSR:
ICICI Lombard has
been conferred the Golden Peacock - CSR Award (GPACSR) for 2012. The award is a
testimony of the Company’s social and environment related initiatives. This includes
economic development, improving the quality of life of the work force, their
families, the local community and society at large, while fulfilling commitment
towards the business.
CELENT ASIA
INSURANCE TECHNOLOGY AWARDS:
ICICI Lombard was
conferred the Celent Asia Insurance Technology Award 2012 in the Best Mobile
Applications category.
GENERAL INSURANCE
SECTOR OVERVIEW:
The Indian General
Insurance industry has witnessed remarkable growth in the last few years led by
the private sector. During the year, despite sluggish economic growth, Gross
Written Premium (GWP) of the 25 players that operated in the Indian General
Insurance industry stood at Rs. 646.87 billion. It, thus, witnessed a growth of
18.6%, as compared to GWP of Rs. 545.37 billion in fiscal 2012. ICICI Lombard
capitalized on the opportunities of the industry amidst economic volatility and
strengthened its position as the leading private sector player, with an overall
market share of 9.5%.
In FY 2013, the
Motor Insurance segment propelled growth in the General Insurance sector
registering a growth of 23%. The business increased from Rs. 242.42 billion to
Rs. 297.77 billion. This was followed by Health Insurance business which grew
from Rs. 132.11 billion to Rs. 153.41 billion (including specialized health
institutions). Motor and Health Insurance segments lead the General Insurance
market by contributing 70% of industry premiums. The property segments
comprising fire and engineering registered GWP of Rs. 90.82 billion, witnessing
a growth of 18.5%.
The last fiscal
also witnessed the shift to the newly introduced Declined Third Party Motor
Insurance Pool. The new regulation on this front led to a significant decrease
in the size of the Motor Pool to approximately Rs. 3 billion, compared to Rs.
63.07 billion recorded in FY 2012. This favourable regulatory change aided the
growth of the industry and in turn the Company.
OPERATIONAL
OVERVIEW:
The Specialized
Industry Group (SIG) continued to push the Company’s penetration and market
share in specialized sectors, by providing advanced risk management solutions
to ICICI Lombard’s clients. The segment has been carving out a niche by
specially designing in-depth training modules to create knowledge
differentiation. This, in turn, enabled the team to capitalize on the
opportunities in the mentioned industries. The group focuses predominantly on
aviation, energy and petrochemicals where they have been a spurt in global
expansion.
A sharpened focus
on the less volatile markets and developing capabilities around the globe
helped the International Business Group (IBG) achieve noteworthy growth. The
property and the liability lines of business witnessed excellent opportunities
generated by the global network partners. In the current fiscal, the Company
has continued to grow at a impressive pace.
The Small and
Medium Enterprises Group (SMEG) worked on distribution channels to achieve
growth in all quality parameters across channels and product lines. In
addition, enhanced focus on partner training strengthened the Company’s
relationship with its business associates.
The Financial
Institutions Group (FIG) continued to serve its target segment with a focus on
the corporate employee wellness programmes, which have been its key driver.
Online master policies generated excellent opportunities for the co-operative
banks and their customers. This initiative resulted in improving the
turn-around time (TAT) from 20 days to 4 days.
With a commitment to
continuously evolve its business processes, ICICI Lombard adopted best
practices and innovated continuously to remain the frontrunner in the industry.
The Company has also adopted an active approach towards ‘Wellness and
Value-added Services (VAS)’ in the recent past.
The organization
achieved significant growth by specially designing VAS for corporates in marine
and property portfolio solutions. This acted as a differentiator in the highly
price sensitive market environment. The key initiatives resulted in lowering
the loss ratio of marine cargo from 101% in FY 2012 to 83% in FY 2013 and the
loss ratio of property segment from 75% in FY 2012 to 67% in FY 2013. This
would help in further maintaining a profitable growth in these segments in the
coming years.
On the other hand,
the wellness services offered, like annual and pre-employment health checkups,
eye and dental camps, talk shows, online wellness services and interactive
sessions (for example, health risk assessment, maternity, stress management, smoking
cessation, cancer awareness) provided clients with an opportunity to extend
employee benefits beyond insurance. These services were highly customized based
on industry, group size and group demography.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Statutory
demands/liabilities in dispute, not provided for (note below) Note: The Company has
disputed the demand raised by Income Tax Authorities of Rs. 474.794 Millions (previous
year: Rs. 655.071 Millions) and Service Tax Authorities of Rs. 73.544
Millions (previous year: Rs. 73.544 Millions), the appeals of which are
pending before the appropriate Authorities. This excludes demand related to
Assessment Year 2008-09, in respect of which the Company has received
favourable appellate order, which has not been given effect to by the
assessing Authority. |
548.338 |
728.615 |
FIXED ASSETS:
· Goodwill
· Intangibles – Computer Software
· Land – Freehold
· Leasehold Property
· Buildings
· Furniture and Fittings
· Information Technology Equipment
· Vehicles
· 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 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.85.17 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.