MIRA INFORM REPORT

 

 

Report Date :

08.07.2014

 

IDENTIFICATION DETAILS

 

Name :

LIFE INSURANCE CORPORATION OF INDIA

 

 

Registered Office :

Yogakshema, Jeevan Bima Road, Mumbai – 400021, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

1956

 

 

Capital Investment / Paid-up Capital :

Rs.1000.000 Millions

 

 

Legal Form :

Corporation

 

 

Line of Business :

Providing Insurance Services.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (77)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a one of oldest and reputed insurance company in India. It is a well-established company having fine track record.

 

The rating takes into consideration LIC’s well-established track record of business operation and strong financial risk profile of the company.

 

Trade relations are reported to be trust worthy. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for business dealing at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

N E W S

 

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

 

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

 

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

 

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

 

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

 

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

 

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

 

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

 

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

 

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

 

 

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 (91-22-66598471)

 

 

LOCATIONS

 

Central Office / Western Zonal Office :

Yogakshema, Jeevan Bima Road, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-66598471/22028307/22839867/66598816

Fax No.:

91-22-22821048/22810699

E-Mail :

http://www.licindia.in

Website :

http://www.licindia.in

 

 

Divisional Office:

O.S Department, 3rd Floor, East Wing. “Yogakshema”, Jeevan Bima Marg, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-66598000/66599243

Fax No.:

91-22-22024608

 

 

DIRECTORS

 

As on: 31.03.2013

 

Name :

Mr. D.K. Mehrotra

Designation :

Chairman

 

 

Name :

Mr. Thomas Mathew T.

Designation :

Managing Director

 

 

Name :

Mr. Vijayan T S

Designation :

Managing Director

 

 

Name :

Mr. Sarker Sushobhan

Designation :

Managing Director

 

 

KEY EXECUTIVES

 

Name :

Mrs. Choudhaury S

Designation :

Director (MDC), Mumbai

 

 

Name :

Mr. Roy S K

Designation :

ZM ( I / C ), ZO, Mumbai

 

 

Name :

Mr. Ramachandran Nair R.

Designation :

ED (INSP), CO, Mumbai

 

 

Name :

Mr. Mohanraj N.

Designation :

Chief Executive ( AMC ),Company, Mumbai

 

 

Name :

Mr. Vijayalakshmi D.

Designation :

ED (Personnel), Company, Mumbai

 

 

Name :

Mr. Mitter S. K.

Designation :

MD and CEO (Deputn.), IDBI Trusteeship Services Limited., Mumbai

 

 

Name :

Mrs. Mathew T. T.

Designation :

ED (U/R) / CO, Company, Mumbai

 

 

Name :

Mr. Singh D. D.

Designation :

ZM (I / C), ZO, Chennai

 

 

Name :

Mr. Dash R. R.

Designation :

ZM (I / C), ZO, Kolkata

 

 

Name :

Mr. Sahoo A. K.

Designation :

ZM (I/C), ZO, Hyderabad

 

 

Name :

Mr. Samal B. N.

Designation :

Principal, ZTC, Hyderabad

 

 

Name :

Mrs. Philomina Thomas

Designation :

Principal, ZTC, Gurgaon

 

 

Name :

Mr. Saha K. B.

Designation :

ED (HRD / OD / Corp. Plng), Company,, Mumbai

 

 

Name :

Mr. Sharma V. K.

Designation :

Chief Executive ( HFL ), Corporate Office, Mumbai

 

 

Name :

Mr. Manickam V.

Designation :

Chief Executive (PENF),  Company,  Mumbai

 

 

Name :

Mr. Hariharan S.

Designation :

Additional Director(PENF), Company, MUMBAI

 

 

Name :

Mr. Manivannan B.

Designation :

ED (PERS), CO, Mumbai

 

 

Name :

Mrs. Sangwan Usha

Designation :

ED (DMKT ) , CO , Mumbai

 

 

Name :

Mr. Mainak S. B.

Designation :

ED (INVO.), CO, Mumbai

 

 

Name :

Mr. Singh A. P.

Designation :

ZM (I/C), ZO, Bhopal

 

 

Name :

Mr. Kandwal Rajesh

Designation :

ED ( E and OS/SBUE), Company, Mumbai

 

 

Name :

Mr. Rathi S. C.

Designation :

ED (AUDIT), Company, Mumbai

 

 

Name :

Mr. Tarafdar D.

Designation :

Principal, ZTC, Kolkata

 

 

Name :

Mr. Bhargava H.

Designation :

ED (MIns.), Company, Mumbai

 

 

Name :

Mr. Sathe N. B.

Designation :

ZM (I/C), ZO, Delhi

 

 

Name :

Mr. Amit Yadav

Designation :

ED (Engg.), Company, Mumbai

 

 

Name :

Mr. Venugopal B.

Designation :

ED (IT - Software Development), Company, Mumbai

 

 

Name :

Mr. Sah V.

Designation :

ZM (I/C), ZO, Patna

 

 

Name :

Mr. Srivastava S.

Designation :

Secy.genl.(III),Company, Mumbai

 

 

Name :

Mr. Ticku Dilip

Designation :

Principal ( ZTC ) , Bhopal

 

 

Name :

Mr. Kukreja V. K.

Designation :

ED ( F and A ) , Company, Mumbai

 

 

Name :

Mr. Mishra H. C.

Designation :

Chief Executive, (Care ), Company, Mumbai

 

 

Name :

Mr. Rath P. K.

Designation :

Director ( I I I ), Company, Mumbai (INS. Academy)

 

 

Name :

Kum. Dikhale S. S.

Designation :

ED (RTI/NPRJ), Company, Mumbai

 

 

Name :

Mrs. Sharma Sunita

Designation :

ED ( P and GS ), Company, Mumbai

 

 

Name :

Mr. Taunk M. K.

Designation :

FM, NIA, Pune

 

 

Name :

Mrs.. Bhattacharya R.

Designation :

ED ( IT/BPR), Company, Mumbai

 

 

Name :

Mr. Kabui T. T.

Designation :

Principal, ZTC, Agra

 

 

Name :

Mr. Shinde R. G.

Designation :

Principal, ZTC, Akurdi

 

 

Name :

Kum. Bodra Poonam

Designation :

Principal, ZTC, Jamshedpur

 

 

Name :

Mr. Ganesh K.

Designation :

ED (CRM), Company, Mumbai

 

 

Name :

Mr. Mishra N.

Designation :

ED (CLIA), Company, Mumbai

 

 

Name :

Mr. Kumar M. R.

Designation :

ZM (I/C) , ZO, Kanpur

 

 

Name :

Mr. Anand Vipin

Designation :

ED (CC), Company, Mumbai

 

 

Name :

Mr. Bhatia A .C.

Designation :

CE (Engg.), ZO, Delhi

 

 

Name :

Mr. Bhattacharya S.N

Designation :

Chief (MBAC), Company, Mumbai

 

 

Name :

Mr. Thangavel S.

Designation :

CE (Engg.), Company, Mumbai

 

 

Name :

Mr. Banerjee D. K.

Designation :

CE ( Engg.) , ZO, Mumbai

 

 

Name :

Mr. Karmakar P. K.

Designation :

RM (Mktg.), ZO, Bhopal

 

 

Name :

Mr. Balakrishnan M. R.

Designation :

Chief (Bd/S), Company, Mumbai

 

 

Name :

Mr. Agarwal Niraj

Designation :

RM ( CRM ), ZO, Delhi

 

 

Name :

Mr. Datta R. C.

Designation :

General Manager (AMC), Company, Mumbai

 

 

Name :

Mr. Das D.

Designation :

RM (OS), ZO, Kolkata

 

 

Name :

Mr. Chawla N. P.

Designation :

RM (Mktg.), ZO, Kanpur

 

 

Name :

Mr. Sathya Kumar V.

Designation :

RM (Mktg.), ZO, Hyderabad

 

 

Name :

Mr. Sudarsan R.

Designation :

RM (CRM), ZO, Chennai

 

 

Name :

Mr. Suseel Kumar T. C.

Designation :

Chief (Mktg),Company, Mumbai

 

 

Name :

Mr. Gupta Mukesh Kumar

Designation :

RM (Mktg.), ZO, Mumbai (Ahmedabad)

 

 

Name :

Mr. Raj Kumar

Designation :

Chief (CRM), Company, Mumbai

 

 

Name :

Mr. Shashikumar H. S.

Designation :

Chief (SBUE), Company, Mumbai

 

 

Name :

Mr. Kutumbe P. H.

Designation :

Chief (P and GS), Company, Mumbai

 

 

Name :

Mr. Bandopadhyay S.

Designation :

Chief (INVO), Company, Mumbai

 

 

Name :

Mr. Ravichandran R.

Designation :

RM (E and OS), ZO, Chennai

 

 

Name :

Mr. Thamodharan R.

Designation :

MD and CEO, Bahrain

 

 

Name :

Mr. Chandrasekaran V.

Designation :

General Manager (AMC), Company, Mumbai

 

 

Name :

Mr. Chakraborti Amitava

Designation :

CE (Engg.), ZO, Kolkata

 

 

Name :

Mr. Prasad Ravishankar

Designation :

RM (Mktg), ZO, Mumbai

 

 

Name :

Mr. Kunnel Prem

Designation :

Chief IRDA, Hyderabad

 

 

Name :

Mr. Saxena V. K.

Designation :

CE (Engg.), ZO, Kanpur

 

 

Name :

Kum. Kiran Sahdev

Designation :

RM (P and IR), ZO, Delhi

 

 

Name :

Mr. Hariharan C.

Designation :

CE(Engg.), ZO, Hyderabad

 

 

Name :

Mr. Chaudhary Ravi

Designation :

General Manager (HFL.) ZO, Mumbai

 

 

Name :

Mr. Das S. K.

Designation :

RM (P and IR.) ZO, Kolkata

 

 

Name :

Mr. Nallakuttalam S.

Designation :

C.V.O,GIC, Mumbai

 

 

Name :

Mr. Satyanandam P.

Designation :

RM (E and OS), ZO, Hyderabad

 

 

Name :

Mrs. Kurup H. L.

Designation :

Chief ( P and GS ), ZO ,Mumbai

 

 

Name :

Mr. Venugopal P.

Designation :

Chief (INVO), Company, Mumbai

 

 

Name :

Mr. Nagnyal K. S.

Designation :

RM (OS.), ZO, Delhi

 

 

Name :

Mr. Vikas Rao C.

Designation :

RM (Mktg), ZO, Banglore

 

 

Name :

Mr. Sitharthan T.

Designation :

RM (Mktg) , ZO, Chennai

 

 

Name :

Mr. Dharmakumar E.

Designation :

CE (Engg.), ZO, Patna

 

 

Name :

Mr. Ramanarao S. V.

Designation :

RM (Est), ZO, Kolkata

 

 

Name :

Mr. Biswas B. C.

Designation :

RM (P and IR), ZO, Patna

 

 

Name :

Kum. Padmaja Bhaskaran

Designation :

RM (E and OS), ZO, Bhopal

 

 

Name :

Mr. Sood R. K.

Designation :

RM (CRM), ZO, Kanpur

 

 

Name :

Mr. Pal Mohinder

Designation :

RM (E and OS), ZO, Kanpur

 

 

Name :

Mr. Rakesh Kumar

Designation :

RM (E st), ZO, Delhi

 

 

Name :

Mr. Vijayaraghavan V.

Designation :

RM (CRM), ZO, Kolkata

 

 

Name :

Mr. Sanjeev Kumar

Designation :

RM (CRM), ZO, Bhopal

 

 

Name :

Mr. Singhal K. K.

Designation :

Chief (Invm) Company, Mumbai

 

 

Name :

Mr. Prabhat S.

Designation :

RM (Mktg.), ZO, Delhi

 

 

Name :

Mr. Chawla G. S.

Designation :

Chief, (IT/SD) Company, Mumbai

 

 

Name :

Mr. Kumar Rakesh

Designation :

RM(Mktg.), ZO, Patna

 

 

Name :

Mrs.. Nalini M. Ratnam

Designation :

RM, (P and IR), ZO, Kanpur

 

 

Name :

Mr. Pangtey Dinesh K.

Designation :

RM(Est.), ZO, Mumbai

 

 

Name :

Mr. Mohanty D. P.

Designation :

RM(P and IR), ZO, Kolkata

 

 

Name :

Mr. Chaturvedi R.

Designation :

General Manager (HFL), Company, Mumbai

 

 

Name :

Mr. Singh S. C.

Designation :

CE (Card), Company, Delhi

 

 

Name :

Mr. Rajivan Nair K.

Designation :

RM (CRM), ZO, Mumbai

 

 

Name :

Mr. Anil Kumar J.

Designation :

General Manager (FGN), Rep. Off., Singapore

 

 

Name :

Mr. Jain P. K.

Designation :

RM (CRM / E and OS), ZO, Patna

 

 

Name :

Mr. Molri P. K.

Designation :

Chief (F and A), Company, Mumbai

 

 

Name :

Mr. Koteswara Rao P.

Designation :

General Manager (HFL), Company, Mumbai

 

 

Name :

Mrs. Kulkarni M. J.

Designation :

Chief (I/C) (Actl/ ACGC), Company, Mumbai

 

 

Name :

Mrs. Hindoyar Tarni Shilla

Designation :

RM (OS), ZO, Mumbai

 

 

Name :

Mr. Raju Upadhyay

Designation :

Chief Arch (Engg), Company, Mumbai

 

 

Name :

Mrs. Sarkhel M

Designation :

Chief (HRDT), Company, Mumbai

 

 

Name :

Mrs. Jain Renu

Designation :

Chief (HINS), Company, Hyderabad

 

 

Name :

Mrs. Jayshree A. S.

Designation :

RM (P and IR), ZO, Bhopal

 

 

Name :

Mr. Ravichandran M.

Designation :

RM (P and IR), ZO, Hyderabad

 

 

Name :

Mr. Rajasekhar S.

Designation :

RM (CRM), ZO, Hyderabad

 

 

Name :

Mr. Sinha N. P.

Designation :

RM (P and IR), ZO, Chennai

 

 

Name :

Mr. Mendiratta T. R.

Designation :

Chief (Per.), Company, Mumbai

 

 

Name :

Mr. Varama M. M. L.

Designation :

Chief (SBA), Company, Mumbai

 

 

Name :

Mr. Mohanty S.

Designation :

Chief (Legal), Company, Mumbai

 

 

Name :

Mrs. Ipe Mini

Designation :

RM (P and IR), ZO, Mumbai

 

 

Name :

Mr. Masil Jayamohan P.

Designation :

Chief (Invo), CO, Mumbai

 

 

Name :

Mr. Rajivan Nair K.

Designation :

RM (CRM), ZO, Mumbai

 

 

CENTRAL ZONE:

·         Mr. D K Mehrotra, Chairman

·         Mr. B. S. Yadav

·         Dr. Anil Kutumbale

·         Mr. Mahendra Aaher

·         Mr. Praveen Bhowray

·         Dr. Satyabhama Awasthi

·         Mr. Yogesh Tamrakar

·         Mr. Sushil Kumar Singhal

·         Mr. Shivendra S. Dhakare

·         Mr. P.K. Karmakar Zonal Manager, (Ex Officio Member)

 

 

EASTERN ZONE:

·         Mr. D.K. Mehrotra, Chairman

·         Mr. Ranjan K. Mohanty

·         Mr. Jaygopal Ray

·         Smt Reena Sengupta

·         Dr. Prateep Kumar Basu

·         Mr. Vivekananda Tripathi

·         Dr. Herombo Uzir

·         Dr. Bijoy Chandra Sarma

·         Mr. Arup Jyothi Mazumdar

·         Mr. Narayan C. Mazumdar

·         Dr. Subir Mazumdar

·         Mr. S.K.Roy, Zonal Manager, (Ex Officio Member).

 

 

EAST CENTRAL ZONE:

·         Mr. D.K. Mehrotra, Chairman

·         Dr. Renu Ranjan

·         Mr. Patrick Minz

·         Dr. Loknath Acharya

·         Dr. Ashwini Kumar Suman

·         Mr. Bimal Kinkar Mohanty

·         Mr. Golak Bihar Nath

·         Mr. Ravi Prakash Sah

·         Mr. Vijay Chandralal Karn

·         Mr. Raj Kumar Jain

·         Mr. Santosh Kumar Mohanty

·         Mr. Vinay Sah, Zonal Manager, (Ex Officio Member).

 

 

NORTH CENTRAL ZONE:

·         Mr. D.K. Mehrotra, Chairman

·         Dr. Krishan Mohan

·         Dr. Gopal Prasad

·         Dr. Mohd. Naved Khan

·         Mr. Sanjay Gupta

·         Mr. Manoj Mangal

·         Dr. K.R. Jain

·         Smt. Sabra Habib

·         Dr.(Mrs) Bhavana Trivedi

·         Mr. M. R. Kumar, Zonal Manager, Ex-Officio Member

 

 

NORTHERN ZONE:

·         Mr. D.K. Mehrotra, Chairman

·         Prof (Dr.)M.M. Salunkhe

·         Mr. Hari Naryan Cheetu

·         Dr. Rafi Ahmed

·         Dr. Ajay Sareen

·         Ms Priyanka Singh

·         Mr. T. N. Sharma

·         Dr. Sonia Malik

·         Mr. Sanjay Singh Chauhan

·         Mr. Bipul Kumar

·         Mr. Nilesh Sathe, Zonal Manager, (Ex Officio Member).

 

 

SOUTH CENTRAL ZONE:

·         Mr. D.K. Mehrotra, Chairman

·         Mr. A.R.K.A. Vasantha Rao

·         Mr. Vishwas Gopal Naik

·         Mr. J. Sudheer Reddy

·         Mr. Dattatreya Dharwad

·         Dr. S. Murali

·         Dr. P. Sripathi Rao

·         Lt. J.V.V.S. Murthy

·         Mr. Hamza K. Mehdi

·         Dr. R. Poornima

·         Mr. N. Diwakar Rao

·         Mr. A.K. Sahoo, Zonal Manager, Ex-Officio Member.

 

 

SOUTHERN ZONE:

·         Mr. D.K. Mehrotra, Chairman

·         Dr. Ms Parveen Sultana

·         Mr. S. Ramamurthy

·         Mr. D.B. Binu

·         Mr. K.P. Damodaran

·         Dr. Issac P. Abraham

·         Dr. R. Jayaraman

·         Dr. K. Soundararajan

·         Mr. S. Vaidhyasubramanian

·         Er. S.N. Vembu

·         Mr. J. Arawindhan

·         Mr. D.D.Singh, Zonal Manager, Ex-Officio Member.

 

 

WESTERN ZONE:

·         Mr. D.K. Mehrotra, Chairman

·         Mr. Vivek S. Deshpande

·         Mr. Unmesh K. Mehta

·         Dr. Satish C. Wagh

·         Mr. Harshad L. Shah

·         Mr. Vinayak M. Govilkar

·         Mr. Sham S. Wagh

·         Dr. Kavitaben Sood

·         Mr. Vasant G. Phadtare

·         Mr. Sanjay J. Hukeri

·         Mr. S.V. Soudagar

·         Mr. R. R. Dash, Zonal Manager, Ex-Officio Member.

 

 

MEMBERS OF THE CORPORATION:

·         Mr. D.K. Mehrotra - Chairman

·         Mr. Thomas Mathew T.

·         Mr. D K Mittal

·         Mr. Arvind Mayaram

·         Mr. T S Vijayan

·         Mr. Sushobhan Sarker

·         Mr. A K Roy

·         Mr. V K Tanksale

·         Lt. General A Mahajan

·         Mr. Anup Prakash Garg

·         Mr. Sanjay Jain

·         Mr. Ashok Singh

·         Mr. K S Sampath

·         Mr. A S Cheema

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

NOT AVAILABLE

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Insurance Services.

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Not Available

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

G. D. Apte and Company

Chartered Accountants

Address :

GDA, House, Plot No. 85, Bhusari Colony (Right) Paud Road, Pune – 411038, Maharashtra, India

 

 

Name :

Borkar and Muzumdar

Chartered Accountants

Address :

21/168, Anand Nagar, OM Ch, Anand Nagar Lane, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India

 

 

Name :

Dass Gupta and Associates

Chartered Accountants

Address :

A-51, 1st Floor, Haus Khas, New Delhi – 110016, India

 

 

Name :

Ramnatham and Rao

Chartered Accountants

Address :

302, 2nd Floor, Kala Mansion, No.1-2-261, Sarojini Devi Road, Secunderabad – 500003, Andhra Pradesh, India

 

 

Name :

Ramnatham and Rao

Chartered Accountants

Address :

302, 2nd Floor, Kala Mansion, No.1-2-261, Sarojini Devi Road, Secunderabad – 500003, Andhra Pradesh, India

 

 

Name :

Sarda and Pareek

Chartered Accountants

Address :

Mahavir Apartment, 3rd Floor, 598, M G Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

 

 

Name :

Rupa Sekar and Associates

Chartered Accountants

Address :

E-7/635, Arera Colony, Below Punjab National Bank, Bhopal – 462016, West Bengal, India

 

 

Name :

B.C. Jain and Company

Chartered Accountants

Address :

16/77A, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

 

 

Name :

Chaturvedi and Company

Chartered Accountants

Address :

60, Bentinck Street, Kolkata – 700069, West Bengal, India

 

 

Name :

P B  Vijayaraghavan and Company

Chartered Accountants

Address :

14, (Old No. 27), Cathedral Garden Road, Nungambakkam, Chennai – 600034, Tamil Nadu, India

 

 

Joint Ventures:

·         LIC (Nepal) Limited

·         LIC(International) BSC © Baharain

·         LIC (Lanka Limited

·         Kennindia Assurance Company

·         Saudi Indian Company for Cooperative Insurance

·         India Infradebt Limited

 

 

Associate Companies

·         LIC Housing Finance Limited

·         LIC HFL AMC Limited

·         LIC NOMURA Mutual Fund Asset Management Company Limited

·         LIC NOMURA Mutual Fund Trustee Company Private Limited

 

 

Subsidiary Companies :

·         LIC Pension Fund Limited

·         LIC Card Services Limited

·         LIC Singapore Pte. Limited

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2013

 

Authorised Capital : Rs.1000.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs.1000.000 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

 

 

 

Share Capital

1000.000

1000.000

50.000

Reserves & Surplus

4075.719

4272.260

3950.598

Credit (Debit) Fair Value Change Account

78.987

33.419

36.762

SUB TOTAL

5154.706

5305.679

4037.360

 

 

 

 

BORROWING

0.000

0.000

0.000

 

 

 

 

POLICYHOLDERS FUNDS

 

 

 

Credit (Debit) Fair Value Change Account

832893.244

893072.850

1244739.633

Policy Liabilities

13294392.728

11461642.894

9853571.495

FUNDS FOR DISCONTINUED POLICIES

 

 

 

Discontinued on Account of Non Payment of Premium

314.703

53.757

0.658

Others

12.781

2.798

0.018

Insurance Reserve

61305.022

62823.871

60502.324

Provision for Linked Liabilities

1036527.986

1378069.211

1658085.207

SUB TOTAL

15225446.464

13795665.381

12816899.335

 

 

 

 

FUND FOR FUTURE APPROPRIATIONS

110.664

195.167

349.089

 

 

 

 

TOTAL

15230711.834

13801166.227

12821285.784

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

INVESTMENT

 

 

 

Shareholders

4565.933

3300.470

3825.623

Policyholders

11877752.390

10701808.123

9701670.959

Assets Held To Cover Linked Liabilities

1217706.848

1529592.153

1799897.071

Loans

909914.056

866641.840

838826.503

Fixed Assets

29721.656

28639.090

28394.052

 

 

 

 

CURRENT ASSETS

 

 

 

Cash and Bank Balance

863907.463

460331.558

232728.570

Advanced and Other Assets

572293.609

532435.977

380720.771

Inter office Balance

0.000

0.000

0.000

SUB TOTAL (A)
1436201.072
992767.535
613449.341

 

 

 

 

CURRENT LIABILITIES

81355.743

131197.501

(27848.933)

SUNDRY CREDITORS

0.000

28142.633

31819.997

PROVISIONS

163794.378

162242.850

160806.731

SUB TOTAL (B)

245150.121

321582.984

164777.795

 

 

 

 

NET CURRENT ASSETS (C) (A-B)

1191050.951

671184.551

448671.546

MISCELLANEOUS EXPENDITURE

0.000

0.000

0.000

 

 

 

 

DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT

0.000

0.000

0.000

 

 

 

 

TOTAL

15230711.834

13801166.227

12821285.784

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

Balance brought forward from the Policyholders’ Account

14363.818

12812.290

11376.171

 

 

 

 

Income from Investments

 

 

 

(a) Interest, Dividends & Rent - Gross

330.927

320.683

332.306

(b) Profit on sale/redemption of investments

0.000

0.000

6.873

(c) (Loss on sale/redemption of investments)

(3.532)

(0.898)

(1.535)

Other Income (To be specified)

208.038

0.000

4.024

 

 

 

 

TOTAL (A)

14899.251

13133.429

11717.821

 

 

 

 

Expenses other than those directly related to the insurance business

0.002

 

0.000

(0.216)

 

 

 

 

Provisions (Other than taxation)

 

 

 

(a) For diminution in the value of investments (Net)

0.000

0.000

0.000

(b) Others (To be specified)

0.000

0.000

0.000

 

 

 

 

TOTAL (B)

0.002

0.000

(0.216)

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

14899.249

13133.429

11718.037

 

 

 

 

PROVISION FOR TAXATION

523.324

0.000

0.000

 

 

 

 

PROFIT/LOSS AFTER TAX

14375.925

13133.429

11718.037

 

 

 

 

APPROPRIATIONS

 

 

 

 

 

 

 

(a) Brought forward Reserve/Surplus from

the Balance Sheet

0.000

0.000

0.000

(b) Dividends paid during the year

(5% Valuation surplus paid to Central Government)

0.000

0.000

0.000

(c) Proposed final dividend

14363.818

12812.290

11376.171

(d) Dividend Distribution on Tax

0.000

0.000

0.000

(e) Transfer to General Reserve

12.107

321.139

341.866

 

 

 

 

PROFIT CARRIED FORWARD TO THE BALANCE SHEET

0.000

0.000

0.000

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

50.000

1000.000

1000.000

Reserves & Surplus

3950.598

4272.260

4075.719

Net worth

4000.598

5272.260

5075.719

 

 

 

 

Borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Total Income

11717.821

13133.429

14899.251

 

 

12.081

13.445

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

11717.821

13133.429

14899.251

Profit

11718.038

13133.429

14375.925

 

100.00%

100.00%

96.49%

 

 

 

 

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

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

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

No

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

Bench:- Bombay

Stamp No:-

WPL/1739/2014

Failing Date:-

01/07/2014

 

Petitioner:-

M/S BANATWALA AND CO.

Respondent:-

LIFE INSURANCE CORPORATION OF INDIA

Petn.Adv:-

JOSEPH FERNANDES (O)

District:-

MUMBAI

 

Bench:-

DIVISION

Category:-

WRIT PETITION(OTHERS)

Status:-

Pre-Admission

Stage:-

 

Next Date:-

08/07/2014

 

Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

 

 

Act:-

Public Premises (Eviction) Act

Under Section:-

49(I)

 

 

ECONOMIC SCENARIO

 

The macroeconomic conditions in the country remained challenging and the Indian economy grew in 2012-13 at its slowest pace in a decade Though there is evidence that the economy has bottomed out We is no immediate evidence of strong recovery. Economic growth is thus likely to continue at modest levels in the near future. Though inflation moderated, as was projected, creating space for cut in interest rates the high Current Account Deficit and persisting inflationary pressures acted as obstacles to aggressive easing of monetary policy. The growth in industry is extremely moderate posing a threat to job creation and overall growth. Demand in the system is weak with low levels of consumption, government expenditure and investments. Gross Domestic Savings have also come down in comparison to last fiscal and of late there is also a swing in the preference of customers towards physical assets like Gold.

 

GROSS DOMESTIC PRODUCT (GDP)

 

GDP at factor cost at constant (2004.2005) prices in the year 2012-13 is now estimated at Rs. 55054370.000 millions showing a growth rate of 5.0 % as against the growth rate of 6.2% of the previous financial year At current prices, GDP at factor cost grew by 13.3 %to Rs. 94610130.000 millions as against the growth rate of 15.0% in the year 2011-12.

 

Growth in Agriculture, Forestry and Fishing stood at 1.9% as compared to 3.6% in the previous fiscal. The growth in industry too moderated to mere 2.1% compared to 3.5% in 2011-12, led by significant fall in all sectors. The growth in general Index of Industrial Production (IIP) moderated to 1.0 % from 2.9% in last fiscal with significant fall in growth rates of all use base indices. Growth in Services though moderated only slightly to 7.1% from 8.2%.

 

On the expenditure side, both Private and Government Consumption grew slightly over last year as percentage of GDP while Gross Fixed Capital Formation declined slightly to 29.6% of GDP from 30.6% in the previous financial year at current prices.

 

GROSS DOMESTIC SAVING (GDS)

 

Gross Domestic Savings at current prices in 2011-12 were Rs. 276530.000 millions are as per first Revised Estimate. The share of Gross Domestic Savings to gross Domestic Product at market prices declined in 2011-12 to 30.8% from 34.0% in 2010-11. Savings of household sector as percentage of GDP fell to 22.3% in 2011-12 from 23.5% in 2010-1 1.shsre of household sector in Gross Domestic Savings me to 72.5% in 2011-12 after falling to 69.11 % in 2010-11 .Share of financial savings of household sector in Grass Domestic Savings fell to 26.02% from 30.48% in 2010-11. In absolute terms Gross Domestic saving rose by 4.3% compared to 21.51 % in 201 0-11.

 

The share of funds of LIC and private insurers rose marginally to 19.8% of Gross Financial Savings as against 19.5% in 2010-1l.The share of deposits in Gross Financial Savings rose to 57.4% from 51.2% in 2010-11.

 

FISCAL POSITION

 

The Combined Gross Fiscal Deficit of Central and State Governments stood at 8.1% of GDP in 2011-12 compared to 6.9% in 2010-11. It is estimated to be at 7.2% for Financial Year 2012-13.

 

The Fiscal Deficit of the Central Government is budgeted at 5.1% of GDP in 2012-13 against provisional deficit of 5.7% in 2011-12.

 

The combined tax revenue of Central and State Governments increased by 18.22% to Rs. 171832.700 millions in 2012-13 with direct taxes increasing by 14.46% to Rs. 6605120.000 millions and indirect taxes by 20.70% to Rs.10578150.000 millions. While the gross revenue of Central Government rose by 19.53% to 10729910.000 millions, the rise in revenue of State Governments was 16.1 1% to Rs. 6453360.000 millions.

 

The combined Developmental. Non Developmental and other expenditures of Central and State Governments increased by 12.59% to Rs. 28.3587.300 millions. While Developmental expenses increased by 10.89% to Rs. 18,09,9500.000 millions, Non Developmental expenses rose by 16.21% to Rs. 12178100.000 millions.

 

MONETARY CONDITIONS

 

The Reserve Bank (RBI) continued its focus on containing inflation throughout the year: However, as inflation started coming down, RBI brought down Repo Rates three times during the year from 8.50% to 7.50%. However, in order to counter tight liquidity situation, CRR was revised downwards from 4.75% to 4.00% during the last quarter of the fiscal. During the year RBI has brought down SLR from 24% to 23%.

 

INFLATION

 

Inflationary pressures continued to be high in the year 2012-13 though it was at lower level than in the previous two years. On an average basis, Wholesale Price Index (WPI) came down to 7.4% In 2012-13from 8.9% in 2011-12 and 9.6% in 2010-11.

 

The WPI moderated In the month of March 2013 to 6.O%.The rise in average WPI for the year 2012- 13 was 7.4% with 9.8% rise in Primary Articles, 10.6% in Fuel and Power, 5.4% in Manufactured Products and 9.9% in Food Articles.

 

However, the consumer price index for indusial workers (CPI-IW) continued to be in the range of 9.1% in September 2012 to 12.1% in February 2013.

 

EQUITY AND DEBT MARKET

 

The monthly weighted average of call money rates decreased steadily from 8.62% in April 2012 to reach a low of 7.90% in March 2013. Weighted average for the year was 8.09%.

 

The equity markets remained range bound throughout the year with market capitalization at BSE increasing from Rs. 61,77,6850.000 millions in April 2012 to Rs. 63,878.870 millions in March 2013.The monthly average market capitalization bottomed in the month of May 2012 to Rs. 58,17,4220.000 millions and peaked in January 2013 to Rs. 70,24,5770.000 millions. There was an increase in market capitalization at NSE from Rs. 60,59,2580.000 millions in April 2012 to Rs.62,39,0350.000 millions in March 2013.

 

Market capitalization to GDP ratio declined in 2012-13 for both SENSEX and NIFTY from 69.2% to 63.7% and from 67.9% to 62.3% respectively. New Capital issues by non government public limited companies declined from 49 to 48. However, the amount mobilized was significantly higher at Rs. 13,8850.000 millions compared to Rs. 81.520 millions in the previous financial year. The net inflow of mutual funds was Rs. 1,14,2260.000 millions during the year. The aggregate deposits by NBFC sector too increased from Rs. 10,0000.000 millions to Rs. 10,5860.000 millions. In contrast, bonds issued by public sector undertakings decreased to Rs. 52,7170.000 millions compared to Rs. 88,0650.000 millions in the previous year. Private placements too saw some increase from Rs. 2,18,2500.000 millions to Rs. 3,25,360 millions.

 

GLOBAL SCENARIO

 

Global growth remained uneven during the year 2012. Among advanced economies (AEs), growth in US and Japan improved while that in the Euro Area contracted. Growth in most Emerging and Developing Economies (EDEs) declined during the period. Growth in world output declined to 3.2% in 2012 compared to 4.0% in 201 1.The overall growth of advanced economies declined to 1.2% from 1.6% while growth in emerging and developing economies also declined to 5.1% in 2012 against 6.4% In 2011.

 

World trade growth in 2012 was down sharply at 2% compared to 5.2% recorded in 2011.

 

During the financial year 2012-13. India's exports registered a negative variation of 1.76% to US$300.57 billion (Rs. 16,35,2610.000 millions) while imports rose by 0.44% to US491.49 bill (Rs.26,73,1130.000 millions).The corresponding growth in exports and imports in the previous fiscal was 21.3% and 32.4% respectively. As a result, the trade deficit was higher at US8190.92 billion (Rs.10,37,8520.000 millions) against USSl83.36 billion (Rs. 8,79,5040.000 millions) in the previous fiscal.

 

The Current Account Deficit rose to 4.8% of GDP from about 4.2% of GDP in the previous fiscal. Foreign investment inflows were significantly higher at Rs.1,40,6250.000 millions compared to Rs. 499.180 millions in the previous year. Foreign Direct investments were lower by 22.10% while portfolio investments increased by 56.6%.

 

India's external debt in rupee term was t 2119,6000.000 millions (US$390.05 bill) at March 2013 compared to Rs.17,66,6000.000 millions (US$345.50 billion) at March 2012. The country's foreign exchange reserves decreased to US292.05 billion from US295.64 billion.

 

INSURANCE SECTOR

 

The change in life funds during 2012-13 was Rs.1,79,5000.000 millions compared to Rs. 1893000.000 millions in 2011-12 showing a decline by 5.18%.

 

Total First Year Premium of life insurers defined by 6.32% to t 1,07.011 wore in Financial Year 2012-13 compared to Rs. 1,14,2330.000 millions in the previous fiscal while the number of new policies defined by 0.01 % for the entire year.

 

The market share of Life Insurance Corporation of India stood at 71.25% in Total First year Premium and increased to 83.24% in individual New Business policies. In Group Insurance Premium the market share decreased to 76.78% from 78.52%.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.59.95

UK Pound

1

Rs.102.78

Euro

1

Rs.81.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VRN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

8

--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

 

77

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.