MIRA INFORM REPORT
|
Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Formerly Known
As : |
AMP SANMAR ASSURANCE COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Kopar Khairne,
Navi
Mumbai – 400710, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.05.2001 |
|
|
|
|
Com. Reg. No.: |
11-167089 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.
11963.235 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2001PLC167089 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR22066C/ MUMR10441E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCA1410E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Life Insurance Solutions and Annuity Business. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Reliance Group. It is an established company having
satisfactory track record. There seems some accumulated losses recorded by the company which
seems to be decreasing over year. However, the company gets good support from its parent company.
Profitability of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payments
terms are reported to be usually correct. In view of strong holdings, the company can be considered normal for
business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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.:
91-22-30002000)
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Kopar Khairne,
Navi Mumbai
– 400710, Maharashtra, India |
|
Tel. No.: |
91-22-30002000 |
|
Fax No.: |
91-22-30002222 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
9th floor/10th floor, Building No. 2, R-Tech Park, Nirlon Compound, Next
to Hub Mall, Behind I- Flex building, Goregaon, (East), Mumbai-400063,
Maharashtra, India |
|
Tel. No.: |
91-22-30002000 |
|
Fax No.: |
91-22-30002222 |
DIRECTORS
As on: 26.08.2013
|
Name : |
Mr. Rajendra Prabhakar Chitale |
|
Designation : |
Director |
|
Address : |
131/B, Tanna Residency Bayview, opposite Siddhi Vinayak Temple, 392,
V.S. Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1961 |
|
Date of Appointment : |
01.12.2009 |
|
DIN No.: |
00015986 |
|
|
|
|
Name : |
Mr. Soumen Ghosh |
|
Designation : |
Director |
|
Address : |
1501, Lodha Aria, 6/207, Tokersey Jivraj Road, Sewree West, Mumbai –
400015, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1959 |
|
Date of Appointment : |
23.04.2008 |
|
DIN No.: |
01262099 |
|
|
|
|
Name : |
Mr. Malay Kumar Ghosh |
|
Designation : |
Director |
|
Address : |
Flat No.701, Argon Building, Zircon Society, Viman Nagar, Pune –
411014, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1959 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
02847277 |
|
|
|
|
Name : |
Mr. Takeshi Furuichi |
|
Designation : |
Director |
|
Address : |
1-3-2-605, Akemi, Urayasu City, Chiba 279-0014, Japan |
|
Date of Birth/Age : |
21.08.1954 |
|
Date of Appointment : |
25.10.2011 |
|
DIN No.: |
03511766 |
|
|
|
|
Name : |
Mr. Upendra Vishwanath Joshi |
|
Designation : |
Director |
|
Address : |
Flat No. AB12, Sankul Condominium, Near Dinanath Mangeshkar Hospital,
Erandawane, Pune – 411004, Maharashtra, India |
|
Date of Birth/Age : |
27.04.1971 |
|
Date of Appointment : |
25.10.2011 |
|
DIN No.: |
02448894 |
|
|
|
|
Name : |
Mr. Amit Bapna |
|
Designation : |
Director |
|
Address : |
1801, 18th Floor, Sumer Trinity Tower-I, New Prabhadevi Road,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1975 |
|
Date of Appointment : |
05.04.2011 |
|
DIN No.: |
00008443 |
|
|
|
|
Name : |
Mr. Anup Velamuri Rau |
|
Designation : |
Director |
|
Address : |
Flat No. 102, Juhu Mamta Co-operative Housing Society, A. B. Nair
Road, Near Juhu Post Office, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
18.11.1973 |
|
Date of Appointment : |
24.01.2013 |
|
DIN No.: |
06511806 |
KEY EXECUTIVES
|
Name : |
Mrs. Puja Mehta |
|
Designation : |
Secretary |
|
Address : |
E-202, Ahraya Apartments, Manish Park, Near Old Petrol Pump House,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1978 |
|
Date of Appointment : |
07.06.2012 |
|
PAN No.: |
AGRPM6690H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
V.R. Mohan |
|
1 |
|
Atul Kumar Tandon |
|
1 |
|
Yogesh Deshpande |
|
1 |
|
Parul Jain |
|
1 |
|
Viscount Management Services Limited, India |
|
311090080 |
|
Reliance Capital Limited, India |
|
571564406 |
|
Nippon Life Insurance Company |
|
311044110 |
|
Reliance Life Insurance Company Employees Benefit Trust |
|
2624900 |
|
|
|
|
|
Total |
|
1196323500 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Bodies corporate |
|
73.78 |
|
Others |
|
0.22 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance Solutions and Annuity Business. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
701, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai –
400059, Maharashtra, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 2012, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
PAN No.: |
AAAFC0662N |
CAPITAL STRUCTURE
As on: 26.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2200000000 |
Equity Shares |
Rs.10/- each |
Rs. 22000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1196323500 |
Equity Shares |
Rs.10/- each |
Rs.
11963.235 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11963.235 |
11963.235 |
11658.449 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.980 |
21980.263 |
19285.040 |
|
|
4] (Accumulated Losses) |
(21617.694) |
(24862.011) |
(28031.566) |
|
|
5] credit/(Debit) / Fair
Value Change account |
(11.323) |
(22.675) |
17.996 |
|
|
NETWORTH |
(9643.802) |
9058.812 |
2929.919 |
|
|
|
|
|
|
|
|
POLICYHOLDERS FUNDS |
|
|
|
|
|
Credit/(Debit) Fair Value Change Account |
(71.991) |
(97.323) |
64.798 |
|
|
Policy Liabilities |
30838.481 |
17757.191 |
9309.590 |
|
|
Insurance Reserves |
-- |
--- |
-- |
|
|
TOTAL BORROWING |
30766.490 |
17659.868 |
9374.388 |
|
|
|
|
|
|
|
|
Provision for linked liabilities |
126328.089 |
157113.331 |
163454.542 |
|
|
Funds for Discontinued Policies |
|
|
|
|
|
i) Discontinued on account of non-payment of premium |
943.587 |
367.100 |
0.440 |
|
|
II) Others |
-- |
-- |
-- |
|
|
TOTAL LINKED
LIABILITIES |
158038.166 |
157480.431 |
163454.982 |
|
|
|
|
|
|
|
|
Funds For Future Appropriation |
|
|
|
|
|
Non-Linked |
564.150 |
495.120 |
539.054 |
|
|
Linked-Provision for lapsed policy not likely to be revived |
602.245 |
1697.435 |
1409.002 |
|
|
TOTAL |
193136.736 |
186391.666 |
177707.345 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
96.476 |
69.603 |
81.340 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
Shareholders |
22742.538 |
9975.585 |
3777.474 |
|
|
Policyholders |
31277.335 |
18512.455 |
9911.206 |
|
|
Assets held to cover linked liabilities
|
127873.921 |
159177.866 |
164863.984 |
|
|
Loans |
334.664 |
317.009 |
307.962 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
2512.672
|
1995.536
|
2722.027
|
|
|
Other Assets |
0.000
|
2781.592
|
1914.009
|
|
|
Loans & Advances |
3816.538 |
163.892 |
142.586 |
|
Total
Current Assets |
6329.210
|
4941.020
|
4778.622
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2709.785
|
3597.398
|
3717.218
|
|
|
Current Liabilities |
13857.774
|
2442.803
|
2296.025
|
|
|
Provisions |
567.543
|
561.671
|
--
|
|
Total
Current Liabilities |
17135.102
|
6601.872
|
6013.243
|
|
|
Net Current Assets |
(10805.892)
|
(1660.852)
|
(1234.621)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
TOTAL |
193136.736 |
186391.666 |
177707.345 |
|
REVENUE ACCOUNT
(Technical Account)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Premium Earned –
Net |
|
|
|
|
a) Premium |
40453.933 |
54976.192 |
65711.464 |
|
b) Reinsurance Ceded |
(300.739) |
(273.739) |
(232.912) |
|
c) Reinsurance accepted |
-- |
-- |
-- |
|
|
|
|
|
|
Income
from investments |
|
|
|
|
a) interest, Dividend and Rent – Gross |
5147.265 |
4357.820 |
4011.926 |
|
b) Profit on sale / Redemption of investments |
9074.648 |
20105.630 |
9477.672 |
|
c) (Loss) on sale / Redemption of investments |
(2866.100) |
(13838.641) |
(2939.680) |
|
d) transfer/Gain (Loss) on revaluation / change in fair value |
2294.151 |
(17820.944) |
4073.731 |
|
e) Amortisation of premium/ discount on investments |
1962.941 |
1786.309 |
450.551 |
|
Transferred from Shareholders fund |
2754.780 |
296.142 |
1658.095 |
|
Other Income (Miscellaneous Income) |
2634.412 |
1025.734 |
520.489 |
|
Sub-Total (A) |
61165.291 |
50614.503 |
82731.336 |
|
Commission |
3261.618 |
3980.337 |
5148.021 |
|
Operating expenses related to insurance business |
12750.628 |
12812.500 |
15627.014 |
|
|
|
|
|
|
Provision for Doubtful debts |
-- |
-- |
-- |
|
Bad debts written off |
-- |
-- |
-- |
|
Provision for tax |
-- |
-- |
-- |
|
Provision (other
than taxation) |
|
|
|
|
a) for diminution in value of investments (net) |
-- |
-- |
-- |
|
b) others |
-- |
-- |
-- |
|
Total (B) |
16012.246 |
16792.837 |
20775.035 |
|
|
|
|
|
|
Benefits paid (Net) |
57832.894 |
27559.657 |
20115.947 |
|
Bonuses Paid |
4.834 |
4.493 |
0.927 |
|
Change in valuation
of liabilities in respect of life policies |
|
|
|
|
a) Gross** |
(17127.465) |
(5418.616) |
36433.030 |
|
b) Amount ceded in Re-insurance |
-- |
-- |
-- |
|
c) Amount accepted in Re-insurance |
-- |
-- |
-- |
|
Total (C) |
40710.263 |
30037.200 |
60994.152 |
|
|
|
|
|
|
Surplus /
(Deficit) (D)= (A)-(B)-(C) |
4442.782 |
3784.466 |
962.149 |
|
Appropriations |
|
|
|
|
Transfer to shareholders account |
5468.942 |
3539.967 |
40.511 |
|
Transfer to other reserves |
-- |
-- |
-- |
|
Balance being funds for future appropriation |
(1026.160) |
244.499 |
921.638 |
|
Total (D) |
4442.782 |
3784.466 |
962.149 |
|
|
|
|
|
|
Funds for future appropriations |
|
|
|
|
Opening balance at the beginning of the year |
2192.552 |
1948.056 |
1026.418 |
|
Add: Current year appropriations |
(1026.160) |
244.499 |
921.638 |
|
|
1166.395 |
2192.555 |
1948.056 |
|
|
|
|
|
|
The break-up for
the surplus is as below :- |
|
|
|
|
a) interim Bonuses paid |
4.834 |
4.493 |
0.927 |
|
b) allocation of bonus to policyholders |
1008.936 |
1119.301 |
683.983 |
|
c) surplus shown in the revenue account |
4442.782 |
3784.466 |
962.149 |
|
Total Surplus
[(a)+(b)+(c)] |
5456.552 |
4908.260 |
1647.059 |
PROFIT & LOSS
ACCOUNT (Non-Technical Account)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Amounts transferred from the Policyholders Account (Technical Account) |
5468.942 |
3539.967 |
40.511 |
|
|
|
|
|
|
Income
from investments |
|
|
|
|
a) interest, Dividend and Rent – Gross |
749.362 |
328.897 |
265.847 |
|
b) Profit on sale / Redemption of investments |
336.147 |
258.239 |
72.946 |
|
c) (Loss) on sale / Redemption of investments |
(4.797) |
(13.721) |
(24.137) |
|
e) Amortisation of premium/ discount on investments |
385.519 |
30.627 |
23.427 |
|
Other Income |
-- |
-- |
-- |
|
Sub-Total (A) |
6935.173 |
604.042 |
338.083 |
|
|
|
|
|
|
Expense other
than those directly related to the insurance business |
|
|
|
|
(a) Salaries and other expenses |
366.221 |
122.154 |
13.409 |
|
(b) Fees for increase in Authorised Share Capital |
-- |
-- |
-- |
|
(c) Wealth Tax |
-- |
-- |
-- |
|
(d) Depreciation |
-- |
-- |
-- |
|
(e) Preliminary Expenses Written Off |
-- |
-- |
-- |
|
Bad debts written off |
-- |
-- |
-- |
|
Transfer to Policyholders' fund |
2764.780 |
296.142 |
1658.095 |
|
Provisions (Other than taxation) |
|
|
|
|
(a) For diminution in the value of investments (Net) |
-- |
-- |
-- |
|
(b) Provision for doubtful debts |
-- |
-- |
-- |
|
(c) Others |
-- |
-- |
-- |
|
Sub-Total (B) |
3131.001 |
418.296 |
1671.504 |
|
Profit / (Loss) before tax |
3804.172 |
3725.713 |
(1292.910) |
|
Provision for Taxation |
-- |
-- |
-- |
|
Profit / (Loss) after tax |
3804.172 |
3725.713 |
(1292.910) |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
(a) Balance at the beginning of the year |
(24862.011) |
(28031.566) |
(26738.656) |
|
(b) Interim dividends paid during the year |
-- |
-- |
-- |
|
(c) Proposed final dividend |
678.529 |
478.529 |
-- |
|
(d) Dividend distribution tax |
81.326 |
77.629 |
-- |
|
(e) Transfer to reserves / other accounts |
-- |
-- |
-- |
|
Profit / (Loss) carried forward to the Balance Sheet |
(21617.694) |
(24862.011) |
(28031.566) |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
CASE DETAILS
|
Lodging No.:- |
CPL/226/2013 |
Filing Date:- |
05/04/2013 |
Reg. No.:- |
CP/274/2013 |
Reg. Date:- |
06/05/2013 |
|
Petitioner:- |
SLC ASSURANCE |
Respondent:- |
RELIANCE LIFE INSURANCE COMPANY LIMITED |
|
Petn.Adv.:- |
DISHA KARAMBAR AND ASSOCIATES () |
Resp.Adv.:- |
MULLA AND MULLA CRAIGIE BLUNT AND COMPANY |
|
District:- |
OUTSIDE MAHARASHTRA |
|
|
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|
Next Date:- |
20/06/2014 |
Stage:- |
FOR ADMISSION |
|
Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
|
|
|
Last Date:- |
28/11/2013 |
Stage:- |
COMPANY PETITIONS FOR ADMISSION |
|
Last Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
|
|
|
Act :- |
Companies Act and Rules 1956 |
Under Section:- |
433 AND 434 |
Note:
The Registered Office of the company has been shifted from The
Trapezium, 1st Floor, 39, Nelson Manickam Road, Chennai – 600029,
Tamil Nadu, India to the present address w.e.f. 12.12.2006.
BRIEF OVERVIEW
The Company, Reliance Life Insurance Company Limited, was incorporated on as “AMP Sanmar Assurance Company Private Limited” on May 14, 2001 and obtained the Certificate of Registration bearing no. 121 from Insurance Regulatory and Development Authority (IRDA), Hyderabad on January 03, 2002. IRDA has renewed the Company’s licence to carry on the business of life insurance for the year 2013-14.
The Company has completed its seven full year of operations subsequent to the transfer of the ownership and control to Reliance Group (formerly called "Reliance ADA Group”) by way of transfer of equity shares representing 100% of the share capital of the Company by AMP ASAL Pty Limited, Australia, Sanmar Group Management Services Limited and Sanmar Management Services Limited to Reliance Capital Limited ('RCL"), Viscount Management Services Limited (VMSL') and Viscount Management Services Alpha Limited ("VMSAL”) respectively. The name of the Company was changed from 'AMP Sanmar Life Insurance Company Limited" to "Reliance Lie insurance Company Limited' effective 17 January 2006.
AWARDS/
RECOGNITION AT NATIONAL / INTERNATIONAL FORUMS
This year, the company’s quality initiatives were acknowledged and
recognized at national as well as international forums.
The Company won the prestigious "Quality Council of lndia - D.L. Shah National Award on Economics of Quality". The award was presented by Shri Subodh Kant Sahay - Honorable Minister of Tourism, Government of lndia and Shri Arun Maira - Member of Planning Commission, to the Reliance Life Insurance team at the 7th. National Quality conclave of quality council of India in New Delhi on 27th April 2012.
The company was also invited to The Asian Network for Quality Conference" at Hong Kong to present 2 papers (case studies). One of the paper won the prestigious "Best Paper Award" at the conference.
BWR AAA efs: RATING
FROM BRICKWORK
The Company has retained Brickwork Rating BWR AAA efs (Pronounced BWR triple A EWRM and Financial Strength rating) for the Company's Enterprise wide Risk Management (EWRM) and Financial Strength Rating. Brickwork Ratings' 'BWR AAA efs' stands for the Best ONRM capabilities and financial ' strength to meet ongoing policyholder obligations.
INFORMATION SECURITY
CERTIFICATION
ISOIIEC27001 Certification. ISOIIEC is an information security management system (ISMS) standard. ISO/IEC 27001 formally specifies a management system that is intended to bring information security under explicit management control. Organizations that claim to have adopted ISO/IEC 27001 can therefore be formally audited and certified compliant with the standard.
Reliance Life Insurance Company Limited, has been awarded ISO/IEC27001 Certification. ISO/IEC is an information security management system (ISMS) standard. ISOAEC 27001 formally specifies a management system that is intended to bring information security under explicit management control. Organizations that claim to have adopted ISO/IEC 27001 can therefore be formally audited and certified compliant with the standard.
BUSINESS CONTINUITY
PLANNING CERTIFICATION: BS 25999: 2007
BS25999 is the British Standard for Business Continuity Management which establishes a best practice specification for optimizing recovery after a major incident. Following locations sites have been certified as part of the audit scope - Corporate Office (All functions)
- Data Center (DAKC) Office
- Disaster Recovery (DR) Site
- All branches
Note: No Charges Exist for Company
FIXED ASSETS:
- Goodwill
- Intangibles (IT Software)
- Land-Freehold
- Leasehold Property
- Buildings
- Furniture and Fittings
- Information Technology Equipment
- Vehicles
- Office Equipment
- Work in progress
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.12 |
|
|
1 |
Rs. 102.00 |
|
Euro |
1 |
Rs. 81.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.