MIRA
INFORM REPORT
|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHARTI AXA LIFE
INSURANCE COMPANY LIMITED |
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Registered
Office : |
Unit 601 and 602, 6th Floor, Raheja Titanium House, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.10.2005 |
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Com. Reg. No.: |
11-157108 |
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Capital
Investment / Paid-up Capital : |
Rs.18072.010 Millions |
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CIN No.: [Company Identification
No.] |
U66010MH2005PLC157108 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
To undertake and carry on the business of life insurance. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 79930000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and continuous losses that company has incurred from its
operational activities. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some
cautions. |
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-4030630)
LOCATIONS
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Registered/ Head Office : |
Unit 601 and 602, 6th Floor, Raheja Titanium House, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-40306300 |
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Fax No.: |
91-22-40306347 |
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E-Mail : |
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Website : |
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Branches : |
Located at :
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DIRECTORS
As on 07.06.2013
|
Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director |
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Address : |
208, Tower - 2 Casa Grande,
Senapati Bapat Marg, Lower Parel, Mumbai, 400013, Maharashtra, India |
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Date of Birth/Age : |
08.05.1949 |
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Qualification : |
B.E.(Mech) NIT, Madras
University & Post Graduate Diploma in IndusTrial Management, Bombay
University |
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Date of Appointment : |
01.06.2010 |
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DIN No.: |
00028320 |
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Name : |
Mr. Akhil Kumar Gupta |
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Designation : |
Director |
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Address : |
B-27, Maharani Bagh, New Delhi,
India |
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Date of Birth/Age : |
22.12.1995 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
27.10.2005 |
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DIN No.: |
00028728 |
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Name : |
Mr. Rakesh Bharti Mittal |
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Designation : |
Director appointed in casual vacancy |
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Address : |
E-26 Vasant Marg, Visant Vihar,
New Delhi, 110057, Delhi, India |
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Date of Birth/Age : |
18.09.1955 |
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Qualification : |
Electronics Engineering from
YMCA Institute of Engineering |
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Date of Appointment : |
10.09.2009 |
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DIN No.: |
00042494 |
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Name : |
Mr. Bharat Sumant Raut |
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Designation : |
Director |
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Address : |
8, French bridge, (Haldankar
Bridge), Mumbai, 400007, Maharashtra, India |
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Date of Birth/Age : |
31.08.1949 |
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Qualification : |
B.Com, LLB. Chartered Accountant |
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Date of Appointment : |
31.03.2010 |
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DIN No.: |
00066080 |
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Name : |
Mr. Michael Stephen Bishop |
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Designation : |
Director appointed in casual vacancy |
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Address : |
Flat A 23/ F Tower 2,Tregunter,
14 Tregunter Path, Mid Levels H K, Hong Kong, |
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Date of Birth/Age : |
06.09.1961 |
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Qualification : |
National Diploma in Business
Studies & Associate of Chartered Institute of Bankers |
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Date of Appointment : |
23.01.2009 |
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DIN No.: |
02486617 |
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Name : |
Mr. Sandeep Ghosh |
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Designation : |
Managing Director |
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Address : |
1302, PETIT Towers, August
Kranti Marg, Kemps Corner, Mumbai 400036, Maharashtra, India |
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Date of Birth/Age : |
14.10.1968 |
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Qualification : |
Masters in Business
Administration (Marketing & Strategy) h Bachelor of Commerce (Accountancy
and Financial Management) |
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Date of Appointment : |
09.06.2011 |
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DIN No.: |
01448091 |
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Name : |
Mr. Devendra Khanna |
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Designation : |
Director |
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Address : |
Devi Sadan, Ground Floor,, L 1/5,
Hauz Khas, New Deli, 110016, Delhi, India |
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Date of Birth/Age : |
14.07.1960 |
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Qualification : |
B.Com and Chartered Accountant |
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Date of Appointment : |
17.01.2012 |
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DIN No.: |
01996768 |
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Name : |
Mr. Francois Valery Albert Eugene Ghislain Lecomte |
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Designation : |
Director |
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Address : |
Apartment 20A, Harston, The
Repulse Bay, 109 Repulse Bay Road, Hong Kong, Na, Hong Kong |
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Date of Birth/Age : |
06.05.1973 |
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Date of Appointment : |
10.05.2012 |
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DIN No.: |
05276907 |
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Name : |
Mr. Bharat Garg |
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Designation : |
Director |
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Address : |
No. 10, Nizamuddin East, New Delhi – 110013, India |
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Date of Birth/Age : |
27.08.1949 |
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Date of Appointment : |
12.01.2013 |
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DIN No.: |
00084182 |
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Name : |
Kevin John Wright |
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Designation : |
Director |
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Address : |
Suite 2402, Pacific Place Apartment, 88, Queensway,
Hongkong, India |
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Date of Birth/Age : |
27.12.1953 |
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Date of Appointment : |
09.08.2012 |
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DIN No.: |
05351419 |
KEY EXECUTIVES
|
Name : |
Mr. Conjeevaram Lakshminarasimhan Baradhwaj |
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Designation : |
Secretary |
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Address : |
A104, Anmol, Off. S. V. Road, Goregaon (West), Mumbai,
400062, Maharashtra, India |
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Date of Birth/Age : |
19.03.1965 |
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Date of Appointment : |
20.10.2008 |
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PAN No.: |
AACPB6389B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.06.2013
|
Names of Shareholders |
No. of Shares |
|
Sunil Bharti Mittal |
1 |
|
Rakesh Bharti Mittal |
1 |
|
First American Securities Private Limited |
697265884 |
|
Axa India Holdings |
410154700 |
|
Alok Roongta |
1 |
|
Vinod Dsouza |
1 |
|
Nilesh Kothari |
1 |
|
Bharti Insurance Holdings Private Limited |
738280386 |
|
Mayank Aggarwal |
1 |
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Total |
1845700976 |
As on 31.10.2013
|
Names of Allootees |
|
No. of Shares
Allotted |
|
Bharti Insurance Holdings Private Limited, India |
|
18200000 |
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First American Securities Private Limited, India |
|
17188899 |
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AXA India Holdings, Mauritius |
|
10111101 |
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Total |
|
45500000 |
As on 31.08.2013
|
Names of Allootees |
|
No. of Shares
Allotted |
|
Bharti Insurance Holdings Private Limited, India |
|
15400000 |
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First American Securities Private Limited, India |
|
14544453 |
|
AXA India Holdings, Mauritius |
|
8555547 |
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Total |
|
38500000 |
As on 07.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
22.22 |
|
Other top fifty shareholders |
77.78 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To undertake and carry on the business of life insurance. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
· Aurangabad District Central Cooperative Bank Limited · Parbhani District Central Cooperative Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khimji Kunverji and Company Chartered Accountant |
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Address : |
Sunshine Tower,Level 19, Senapati Bapat Marg, Dadar, Mumbai – 400028,
Maharashtra, India |
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PAN
No. : |
AAAFK1142M |
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Joint Venture : |
Bharti Insurance Holdings Private Limited First American Securities Private Limited AXA India Holdings (Mauritius) |
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Associate Companies
with whom the Company had done transactions : |
· Bharti Airtel Limited · AXA Asia · AXA Business Services Private Limited · AXA Technology Services (India) Private Limited · Bharti AXA Investment Managers Private Limited · AXA S.A. · Bharti AXA General Insurance Company Limited · Beetel Teletech Limited · AXA University · PT AXA Services Indonesia · GIE AXA Ploe 3 Prestations De |
CAPITAL STRUCTURE
After 07.06.2013
Authorised Capital : Rs.30000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 19782.010
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1870200976 |
Equity Shares |
Rs.10/- each |
Rs.18072.010 Millions |
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|
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 |
18072.010 |
17186.510 |
15253.509 |
|
Share Application Money Pending Allotment |
0.000 |
0.000 |
0.000 |
|
Reserves & Surplus |
1924.442 |
1859.942 |
1792.943 |
|
Credit/ (Debit) Fair Value Change Account (Net) |
(11.476) |
0.156 |
19.418 |
|
Sub Total |
19984.976 |
19046.608 |
17065.870 |
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
Policyholders'
Funds: |
|
|
|
|
Credit/(Debit) Fair Value Change Account (Net) |
(26.227) |
(2.219) |
1.252 |
|
Policy Liabilities |
2131.311 |
1214.685 |
674.987 |
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
Provision for Linked Liabilities |
17157.059 |
15902.554 |
13391.430 |
|
Sub-Total |
19262.143 |
17115.020 |
14067.669 |
|
Funds for Future Appropriations |
0.000 |
0.000 |
0.000 |
|
Discontinuance Fund on account of non-payment of premium |
443.664 |
128.486 |
0.813 |
|
Discontinuance Fund others |
0.000 |
0.000 |
0.000 |
|
Total |
39690.783 |
36290.114 |
31134.352 |
|
|
|
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|
APPLICATION OF
FUNDS |
|
|
|
|
Investments |
|
|
|
|
Shareholders' |
1205.787 |
1745.507 |
1386.711 |
|
Policyholders' |
2096.585 |
1249.820 |
626.607 |
|
Assets Held to Cover Linked Liabilities* |
17600.723 |
16031.040 |
13392.243 |
|
Loans |
0.000 |
0.000 |
0.000 |
|
Fixed Assets |
93.015
|
107.448
|
87.119 |
|
|
20996.11
|
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
369.838
|
251.531
|
345.110 |
|
Advances and Other Assets |
1119.324
|
1050.602
|
1020.640 |
|
Sub-Total (A) |
1489.162 |
1302.133 |
1365.750 |
|
Sundry Creditor |
699.124 |
1125.083 |
890.456 |
|
Other Liabilities |
686.464 |
440.964 |
356.877 |
|
Provisions |
84.794 |
62.778 |
61.315 |
|
Sub-Total (B) |
1470.382 |
4233.091 |
1308.648 |
|
Net Current Assets
(C) = (A - B) |
18.780 |
(326.692) |
57.102 |
|
(to the extent not Witten off or adjusted) |
|
|
|
|
Debit Balance of Profit and Loss Account |
18675.893 |
17482.991 |
15584.570 |
|
Total |
39690.783 |
36290.114 |
31134.352 |
PROFIT & LOSS
ACCOUNT (NON TECHNICAL ACCOUNT)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Amounts transferred from Policyholders' Account (Technical Account) |
112.127 |
(526.763) |
(2834.341) |
|
income from investments |
|
|
|
|
(a) Interest, Dividends and Rent - Net of amortization (The above includes income accretion of Rs. 20.025 Millions, Previous year Rs. 37.289 Millions |
109.325 |
113.591 |
95.097 |
|
(b) Profit on Sale/Redemption of Investments |
29.389 |
25.904 |
|
|
(c) (Loss on Sale/ Redemption of Investments) |
(2.084) |
(3.135) |
17.697 |
|
Other Income |
0.000 |
0.000 |
(2.200) |
|
Total (A) |
248.757 |
(390.403) |
(2723.747) |
|
Expense other than those directly related to the insurance business |
39.934 |
33.459 |
14.050 |
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
Provisions (Other than Taxation) |
0.000 |
0.000 |
0.000 |
|
(a) For Diminution in the value of investments (net) |
0.000 |
0.000 |
0.000 |
|
(b) Provision for Doubtful Debts |
|
|
|
|
(c) Others |
|
|
|
|
Contribution to the Policyholders Account (Technical Account) |
1401.725 |
1474.559 |
666.076 |
|
Total(B) |
1441.659 |
1508.018 |
680.126 |
|
Profit/ (Loss) before Taxation |
(1192.902) |
(1898.421) |
(3403.873) |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) after Taxation |
(1192.902) |
(1898.421) |
(3403.873) |
|
Appropriations |
|
|
|
|
(a) Balance at the beginning of the period |
(17482.991) |
(15584.570) |
(12180.697) |
|
(b) Interim dividends paid during the period |
0.000 |
0.000 |
0.000 |
|
(c) Proposed Final Dividend |
0.000 |
0.000 |
0.000 |
|
(d) Dividend Distribution on Tax |
0.000 |
0.000 |
0.000 |
|
(e) Transfer to Reserves/Other Accounts |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss)
carried to the Balance Sheet |
(18875.893) |
(17482.991) |
(15584.570) |
|
Earnings Per
Share (Face Value Rs. 10 per share)
Basic and Diluted |
(0.68) |
(1.17) |
(2.60) |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current Maturities
of Long Term Debts is 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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The registered address of the company has been shifted from 704-706, 7th
Floor, Embassy Center, Nariman Point, Mumbai – 400021, Maharashtra, India
w.e.f. 16.05.2006
INDEX OF CHARGES
No Charges Exist for Company
OUTLOOK
Current year performance and outlook- Life
Insurance Industry
Due to a combination of both external and domestic factors, GDP growth for Indian economy is likely to decelerate to -5 % for FY 2042-1 3, Inflation level at 7% continues to be a challenge for growth of the economy. However, considering the fresh round of reforms introduced during FY 2012-13, GDF) growth for Indian economy is likely to be between 6.1% to 6.7% in 2013-14.
FY 2012-13 was a mixed year for the life insurance industry with few players started showing signs of stability along with positive growth. Most of the private players have focused on improving profitability by driving higher traditional business, driving higher persistency along with strict cost control.
Few positive developments took place during the year for life insurance industry. The regulator has removed the clause of minimum guarantee of 4.5% on pension and annuity products which will revive this segment which used to contribute -30-40% of total NB premium. Another significant development for life insurance industry has been the strong emergence of the online channel. This channel has multiple advantages for insurers including cost saving. In addition, life insurers are proposed to be allowed to tie up with multiple banks. This will not only increase the reach, but also provide customers with choice and help check misselling. The regulator has already taken a step towards this by issuing draft guidelines on Bancassurance.
lRDA issued guidelines on traditional products under which new products will have to be launched by 1st October, 2013. Major changes include aligning commission payout in line with the term of the policy, reducing the cap on commission payable, defining minimum tenure and sum assured for traditional products. While there could be a marginal negative impact in margins in the short term, these regulations would help drive persistency in the longer run.
There has been spurt in the M&A activity in life insurance sector partly due to lack of FDI reforms end portly due to change in long term strategy of the shareholder. ING sold its stake in ING Vysya Life to Exide industries, New York Life stake in Max New York was picked up by Mitsui Sumitomo, Future group sold their 22.5% stake to Industrial investment Trust Limited (IITL) and HSBC is looking out for a potential buyer to sell its stake in Canara HSBC OBC Life Insurance. However, there were no Greenfield investments seen over the past few years but few companies have shown interest. Government has clearly underlined the need to revive growth in the sector and has also initiated talks to introduce the insurance Bill in the Parliament which seeks to increase insurance sector
FDI to 49 percent.
In the long run, all ingredients are in place for the Indian life insurance industry to blossom into one of the fastest growing financial service market in the world. Revival in growth with 15% CAGR is expected in new business premiums (APE) over FYl3-15E. The ratio of life insurance premium to GDP in India is currently about 4.4 percent, much lower than developed market levels of 6 to 9 percent which signifies huge future potential.
Current year (FY 2012-13) Company
performance
FY 2012--13 has been the year to capitalise on the initiatives taken during FY 2011l- 12. While FY 2011-12 marked the year of consolidation by headcount and branch rationalisation, key focus in FY 2012-13 has been to improve profitability of the company by increased focus on traditional products, better persistency, modal mix and sustainable cost savings. This year will provide a strong platform to them to deliver growth in future years.
During the year, their new business collected premium (weighted) has grown by -10% over last year despite the fact that many players have witnessed negative growth. This growth has come with much lower costs structures and lower capital spends. The company has performed well in the corporate agency and broker channel which has registered APE growth of -140%.
Significant costs savings achieved during the year as a result of continued focus on cost management initiatives. Their management expenses for the year are lower by -22% compared to last year in spite of higher new business premium. They plan to remain committed to achieving cost efficiency through various cost saving initiatives. FY 2012-13 saw a major shift in product mix towards traditional products with - 78% contribution compared to 56% last year which resulted into higher margin and lower capital consumption. As far as new guidelines on traditional products are concerned, they will re-file the products with no major impact on premium rates as well as profitability.
They have successfully launched high margin Secure Saving product in Non-Par segment in September 2012. In addition, they have launched new group product which caters to various insurance needs (mortgage, loan against property, vehicle loan) of customer. This is an umbrella product which improves customer and distributor service by replacing many products for various insurance needs. In the online space, they have launched improved version of online e-protect term product having most competitive premium rates and more features. In addition, they have strengthened the online product bouquet by launching various products in other segments like Health and Traditional participating.
They have won the prestigious AXA innovation award for the entry "Direct to customer- Online Sales Platform at the regional level. This is a great achievement for the company.
Their brand spirit is geared towards becoming the preferred company for customers, distributors and employees. Company launched five week TV campaign during peak months of Feb-March'13 that seeks to leverage AXA's global stature and build equity in the Indian Insurance Market. The Bharti AXA Life Young India Plan lV commercial is ranked #7 in the Top 20 most watched Ads.
Their fund "Bhatti AXA Life Grow Money Fund" was ranked at 4Ih position amongst Top 5 performing Insurance funds which beat the Nifty growth of 7.31% in 2012-13, as per published article in Economic Times. Other brands included S81, Tata AIA and Reliance.
Claim settlement is a key moment of truth for their customers. At times of distress, a claimant should not be made to run from pillar to post to get what 'may be rightly theirs. Keeping this aspect in mind, Bharti AXA Life, took a new initiative, "Dedicated Claims Handler", wherein a company employee will assist the claimant throughout the claims process and update him at each milestone.
The company continued to deliver best in class policy issuance and post issuance service (Average issuance TAT of I day for 84% of standard policies).
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
Partly paid - up investments |
-- |
-- |
|
Claims, other than against policies, not acknowledged as debts by the Company |
0.798 |
0.717 |
|
Underwriting commitments outstanding |
-- |
-- |
|
Guarantees given by or on behalf of the Company |
-- |
-- |
|
Statutory demands/ liabilities in dispute, not provided for |
-- |
150.171 |
|
Reinsurance obligations to the extent not provided for in accounts |
-- |
-- |
|
Insurance claims disputed by the Company, to the extent not provided/ reserved |
44.066 |
28.159 |
|
Total |
44.863 |
179.047 |
FIXED ASSETS
Ø Software
Ø Leasehold improvements
Ø Furniture and Fittings
Ø Information Technology
Ø Equipments
Ø Vehicles
Ø 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.59.08 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.