MIRA INFORM REPORT
|
Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
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Name : |
STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED |
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Registered
Office : |
3rd Floor (West Wing), Star House, C-5, G Block, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.09.2007 |
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Com. Reg. No.: |
11-174472 |
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Capital
Investment / Paid-up Capital : |
Rs.2500.000 Millions |
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CIN No.: [Company Identification
No.] |
u66010MH2007PLC174472 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
mums58859d |
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PAN No.: [Permanent Account No.] |
aalcs3949Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in Life insurance
Business. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Bank of India, Union Bank of India
and Dai-Ichi Mutual Life Insurance Company, Japan. It is a well-established company having satisfactory track record.
There seems some accumulated losses recorded by the company. However,
creditworthiness is good. Performance capacity is high. Trade relations are reported to be fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered for normal 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
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 Co-operative [91-22-66684571]
LOCATIONS
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Registered Office : |
3rd Floor (West Wing), Star House, C-5, G Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-39546200 / 66684571 / 66684593 |
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Fax No.: |
91-22-66684591 |
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E-Mail : |
brijendra.rana@bankofindia.com |
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Website : |
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Corporate Office : |
11th Floor, Raghuleela Arcade, IT Park, Sector 30 A, Opposite Vashi
Railway Station, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Tel. No.: |
91-22-39546300 |
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E-Mail : |
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Regional Office : |
Located At:
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Branch Office : |
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DIRECTORS
AS ON 12.09.2013
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Name : |
Mr. Girish Pandurang Kulkarni |
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Designation : |
Managing Director |
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Address : |
22, Dhanishta Apartment, Tarangam Complex, Behind Cadburrys, Thane
West, Thane-400602, Maharashtra, India |
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Date of Birth/Age : |
03.12.1963 |
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Date of Appointment : |
12.04.2012 |
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Din No.: |
01683332 |
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Name : |
Mr. Subrahmanyam Kandikuppa |
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Designation : |
Director |
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Address : |
154, A Sealord Apartment, 117, Cuff Parade, Nepeansea Road,
Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
15.07.1955 |
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Date of Appointment : |
31.05.2013 |
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Din No.: |
06576376 |
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Name : |
Mr. Masaki Hideto |
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Designation : |
Director |
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Address : |
403, 21 15, 2 Chome, |
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Date of Birth/Age : |
25.03.1951 |
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Date of Appointment : |
14.09.2009 |
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Din No.: |
02723394 |
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Name : |
Mr. Atul Kumar Shukla |
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Designation : |
Director |
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Address : |
2310, 12 Samarth Aangan, Indradarshan Sector, Off Walawalkkar Marg,
Oshiwara, Andheri (West), Mumbai-400053, Maharashtra, India |
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Date of Birth/Age : |
20.04.1946 |
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Date of Appointment : |
27.04.2011 |
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Din No.: |
00121601 |
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Name : |
Mr. Chandran Thumparampil Nair |
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Designation : |
Director |
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Address : |
Flat 201, C Wing, Preeti CHS, Kanti Nagar, Off J.B. Nagar, Andheri
(East), Mumbai-400059, Maharashtra, India |
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Date of Birth/Age : |
15.01.1947 |
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Date of Appointment : |
27.04.2011 |
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Din No.: |
02689698 |
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Name : |
Mr. Gopal |
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Designation : |
Director |
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Address : |
Flat No. 1001, Glen Eagle G D Ambedkar Marg, Parle Village,
Mumbai-400013, Maharashtra, India |
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Date of Birth/Age : |
05.07.1960 |
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Date of Appointment : |
20.06.2013 |
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Din No.: |
06588114 |
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Name : |
Mr. Ramesh Chandra Baliarsingh |
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Designation : |
Director |
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Address : |
B 102, 40, Diamond Court, Napean Sea Road, Mumbai-400006, Maharashtra,
India |
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Date of Birth/Age : |
05.07.1956 |
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Date of Appointment : |
06.02.2013 |
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Din No.: |
06467717 |
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Name : |
Yoshio Takeyama |
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Designation : |
Director |
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Address : |
2100-11, Chigasaki City, Kangawa Prefecture, Japan |
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Date of Birth/Age : |
11.02.1954 |
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Date of Appointment : |
30.04.2012 |
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Din No.: |
05252445 |
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Name : |
Debarata Purnendu Sarkar |
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Designation : |
Director |
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Address : |
Flat No. 32-A, Meherina NR, Simla House, Napean Sea Road,
Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
03.11.1953 |
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Date of Appointment : |
06.06.2012 |
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Din No.: |
02502618 |
KEY EXECUTIVES
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Name : |
Mr. Rakesh Kumar |
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Designation : |
Secretary |
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Address : |
PH-7, 13th Floor, B-Wing, Maruti Paradise, Sector 15, CBD
Belapur, Navi Mumbai-400614, Maharashtra, India |
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Date of Birth/Age : |
11.03.1973 |
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Date of Appointment : |
08.02.2012 |
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Pan No.: |
ANLPK8950H |
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Name : |
Mr. Pawan K Verma |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Kamalji Sahay |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Saurabh Mishra |
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Designation : |
Chief Marketing and Distribution Officer |
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Name : |
Mr. G. Saikumar |
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Designation : |
Vice President [Finance
Controller] |
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Name : |
Mr. Kazuho Kumano |
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Designation : |
Vice President [Financial
Planning Analysis and Budgeting] |
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Name : |
Mr. M. Nakamura |
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Designation : |
Dy. Chief Executive Officer / Chief Financial Officer |
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Name : |
Mr. G.V. Ramana |
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Designation : |
Vice President [Distribution] |
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Name : |
Mr. Sanjay Dhavalikar |
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Designation : |
Vice President [Operations and
Customer Service] |
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Name : |
Mr. Y. Venkata Rao |
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Designation : |
Vice President [Investment] |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.09.2013
|
Names of Shareholders |
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No. of Shares |
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Bank of India, India |
|
119999998 |
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Union Bank of India, India |
|
64999999 |
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Rana Vir Singh Brijendra |
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1 |
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The Dai-Ichi Mutual Life Insurance Company, Japan |
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64999999 |
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Ramaswami Narasu Polur |
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1 |
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Vivek Jayawant Mhatre |
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1 |
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Nakamura Masakazu |
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1 |
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TOTAL
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|
250000000 |
AS ON 12.09.2013
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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26.00 |
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Nationalized or other banks |
|
74.00 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Life insurance
Business. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Mukund M. Chitale Chartered Accountants |
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Address : |
205, Agarwal Shyamkamal A, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
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PAN No: |
AAAFM2030L |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 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 |
|
|
|
|
|
1] Share Capital |
2500.000 |
2500.000 |
2500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1700.000 |
1700.000 |
1700.000 |
|
|
4] Credit/ Debit Fair Value Charge Account |
(7.253) |
(8.850) |
(0.699) |
|
|
5] (Accumulated Losses) |
(1423.440) |
(949.452) |
(693.479) |
|
|
NETWORTH |
2769.307 |
3241.698 |
3505.822 |
|
|
|
|
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LOAN FUNDS |
|
|
|
|
|
1] Credit/ Debit Fair Value Change Account |
(13.193) |
2.279 |
1.373 |
|
|
2] Policy Liability |
11562.922 |
7006.733 |
2533.653 |
|
|
3] Surrendered Policies Fund Liabilities |
9.558 |
9.990 |
5.011 |
|
|
4] Provision for Linked Liabilities |
23786.427 |
18707.193 |
11736.908 |
|
|
TOTAL BORROWING |
35345.714 |
25726.195 |
14276.945 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38115.021 |
28967.893 |
17782.767 |
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
296.395 |
274.991 |
176.677 |
|
|
SHAREHOLDERS |
2215.576 |
2584.803 |
3439.433 |
|
|
|
|
|
|
|
|
ASSETS HELD TO COVER INKED LIABILITIES |
23786.541 |
18707.271 |
11736.956 |
|
|
POLICYHOLDERS |
10819.674 |
6521.643 |
2291.342 |
|
|
LOANS |
9.349 |
0.191 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1090.559
|
1397.638
|
1322.448
|
|
|
Other Current Assets |
1642.611
|
915.284
|
497.627
|
|
|
Loans & Advances |
90.169
|
71.417
|
56.697
|
|
Total
Current Assets |
2823.339
|
2384.339
|
1876.772
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
149.211
|
238.502
|
73.559
|
|
|
Other Current Liabilities |
1681.956
|
1551.071
|
1690.599
|
|
|
Provisions |
4.686
|
3.755
|
1.243
|
|
Total
Current Liabilities |
1835.853
|
1793.328
|
1765.401
|
|
|
Net Current Assets |
987.486
|
591.011
|
111.371
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
DEBIT BALANCE OF REVENUE ACCOUNT |
0.000 |
287.983 |
26.988 |
|
|
|
|
|
|
|
|
TOTAL |
38115.021 |
28967.893 |
17782.767 |
|
REVENUE ACCOUNT
POLICYHOLDERS
ACCOUNT [TECHNICAL ACCOUNT]
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Premium Earned
Net |
|
|
|
|
Premium |
10687.970 |
12719.464 |
9333.098 |
|
Reinsurance Earned |
(22.992) |
(14.190) |
(7.532) |
|
Reinsurance Accepted |
0.000 |
0.000 |
0.000 |
|
Income From
Investment |
|
|
|
|
Interest, Dividend and Rent (Net of Amortization) |
1519.669 |
812.335 |
319.658 |
|
Profit on Sale / Redemption of Investment |
646.137 |
441.332 |
269.181 |
|
Loss on Sale / Redemption of Investment |
(310.847) |
(436.712) |
(155.416) |
|
Transfer / Gain on Revaluation / Charge in Fair Value |
0.000 |
0.000 |
0.000 |
|
Unrealsed Gain / (Loss) |
804.303 |
(553.027) |
240.942 |
|
Appropriation and Expropriation |
0.000 |
0.000 |
9.849 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Contribution from Shareholders Account |
681.647 |
0.000 |
0.000 |
|
Fees and Charges |
0.000 |
0.000 |
0.000 |
|
Miscellaneous Income |
44.023 |
31.435 |
45.493 |
|
Total |
14049.910 |
13000.637 |
10055.273 |
|
|
|
|
|
|
Commission |
583.394 |
513.688 |
401.869 |
|
Operating Expenses related to Insurance Business |
1709.925 |
1540.697 |
1054.057 |
|
Provision for Doubtful Debts |
0.000 |
0.000 |
0.000 |
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
Provision for Tax (Fringe Benefit Tax) |
0.000 |
0.000 |
0.000 |
|
Provision (Other than taxation) |
0.000 |
0.000 |
0.000 |
|
For diminution in the value of Investment |
0.000 |
0.000 |
0.000 |
|
Other |
0.000 |
0.000 |
0.000 |
|
Total |
2293.319 |
2054.385 |
1455.926 |
|
|
|
|
|
|
Benefit Paid (Net) |
1818.222 |
162.620 |
70.061 |
|
Interim Bonus Paid |
0.000 |
0.000 |
0.000 |
|
Change in
valuation of liability in respect of life policies |
|
|
|
|
Gross |
4599.951 |
4514.195 |
2133.282 |
|
Amount ceded in Reinsurance |
(44.195) |
(36.134) |
(28.138) |
|
Amount accepted in Reinsurance |
0.000 |
0.000 |
0.000 |
|
Transfer to Linked Funds |
5079.233 |
6970.285 |
6889.466 |
|
Total |
11453.211 |
11610.966 |
9065.471 |
|
Surplus (Deficits) |
303.380 |
(664.714) |
(466.124) |
|
Appropriation |
|
|
|
|
Transfer to shareholders accounts |
303.380 |
(403.719) |
(439.136) |
|
Transfer to balance sheet |
0.000 |
(260.995) |
(26.988) |
|
Balance being funds for future appropriation |
0.000 |
0.000 |
0.000 |
|
Total |
303.380 |
(664.714) |
(466.124) |
|
Details of Total Surplus |
|
|
|
|
Interim Bonus Paid |
0.000 |
0.000 |
0.000 |
|
Allocation of Bonus to Policyholders |
332.719 |
0.000 |
0.000 |
|
Surplus Shown in Revenue Account |
303.380 |
(664.714) |
(466.124) |
|
Total Surplus |
636.099 |
(664.714) |
(466.124) |
PROFIT & LOSS
ACCOUNT
SHAREHOLDERS
ACCOUNT [NON-TECHNICAL ACCOUNT]
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Interest, Dividend and Rent – Gross |
197.907 |
246.365 |
260.282 |
|
|
|
Amounts Transferred from the Policyholders
Account |
303.380 |
(403.719) |
(439.136) |
|
|
|
Profit on Sales/redemption of Investments |
32.228 |
20.173 |
37.695 |
|
|
|
Loss on Sale/redemption of Investments |
(6.001) |
(11.605) |
(7.150) |
|
|
|
Other Income |
1.104 |
1.259 |
5.411 |
|
|
|
TOTAL |
528.618 |
(147.527) |
(142.898) |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expense Other than those directly related to the Insurance Business |
17.635 |
106.177 |
136.541 |
|
|
|
Contribution to the Policyholders Account – Participating |
74.081 |
0.000 |
0.000 |
|
|
|
Contribution to the Policyholders Account – Group Life |
26.600 |
0.000 |
0.000 |
|
|
|
Contribution to the Policyholders Account - Non Par Annuity |
14.155 |
0.000 |
0.000 |
|
|
|
Contribution to the Policyholders Account – Linked Life |
566.811 |
0.000 |
0.000 |
|
|
|
TOTAL |
699.282 |
106.177 |
136.541 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(170.664) |
(253.704) |
(279.439) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
15.341 |
2.269 |
3.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(186.005) |
(255.973) |
(282.913) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(949.452) |
(693.479) |
(410.566) |
|
|
|
BALANCE AT THE BEGINNING
OF THE YEAR – PARTICIPATING POLICYHOLDERS |
(287.983) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1423.440) |
(949.452) |
(693.479) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.74) |
(1.02) |
(1.13) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(35.19)
|
(173.51)
|
(197.98)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.47)
|
(9.54)
|
(13.61)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
(0.08)
|
(0.07)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
12.76
|
7.94
|
4.07
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.33
|
1.06
|
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 |
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 |
-- |
|
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 |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
BACKGROUND:
Subject ('the
Company') a joint venture between Bank of India (48%), Union Bank of India
(26%) and The Dai-Ichi Life Insurance Company Limited, Japan (26%) was
incorporated on 25th September 2007 as a company under the Companies
Act, 1956 ('the Act'). The Company is licensed by the Insurance Regulatory and
Development Authority ('IRDA') on 26th December 2008 for carrying on
life insurance business in India.
The Company
commenced Life Insurance Business w.e.f 9th February 2009. The
Company's life insurance business comprises individual life participating,
non-participating Individual, Group business, Annuity and Unit Linked
Individual Life and pension segments. Some of these policies have riders
attached to them such as Accident and Disability Benefits, Critical Illness.
These products are distributed through corporate agents. During the year the
company has launched the Agency Channel on pilot basis for distribution of its
products.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
|
Claims, other
than those under policies, not acknowledged as debts* |
0.175 |
0.320 |
|
Statutory demand
liabilities in dispute, not provided for * |
0.170 |
3.669 |
|
Claims under
policies not acknowledged as debts # |
1.692 |
1.298 |
|
Other amount
towards work done, pending crystallization of liability |
7.209 |
7.209 |
|
TOTAL |
9.246 |
12.496 |
|
NOTE: # Claims with state/district forum disclosed to the extent the amounts
are ascertainable. * Income tax
liability in dispute as mentioned above is against assessment order received
by the company form the income tax authority. The company has filed an appeal
on April 23, 2013 against the said assessment order with the appellate
authority and has been advised by the experts that their grounds of appeal
are supported in low. |
||
FIXED ASSETS:
- Land
- Buildings
- Furniture and Fixture
- 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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.