MIRA
INFORM REPORT
|
Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BIRLA SUN LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered Office
: |
One Indiabulls
Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, S.B.
Marg, Elphinstone Road, Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128110 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19012.080 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2000PLC128110 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB08828B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Life Insurance Solutions, Policies etc. |
|
|
|
|
No. of Employees
: |
11604 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a Birla group company. It is a well established and a reputed company having a satisfactory
track record. The company has performed well during 2014. However, some accumulated
losses are recorded by the company. Trade relations are reported to be decent. Business is active.
Payments are reported to be usually correct and as per commitments. In view of strong promoters, the company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes that many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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.: 91-22-43569203)
LOCATIONS
|
Registered Office : |
One Indiabulls
Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, S.B.
Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India |
|
Tel No.: |
91-22-67239100 |
|
Fax No.: |
91-22-67239220 |
|
E-Mail : |
ashish.lakhtakia@birlasunlife.com puneet.bansall@birlasunlife.com customerservice@birlasunlife.com grouphelpline@birlasunlife.com bsll@birlasunlife.com |
|
Website: |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
5th and 6th Floor, G-Corp Tech Park, Ghodbunder Road, Near Kasar Wadavali Police Station, Thane (West), Thane - 400601, Maharashtra, India |
|
Tel. No.: |
91-22-39961000 |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Unit No.101, A Wing, Great Chambers, Near Gurdwara, Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-67037871/74 |
DIRECTORS
As on 02.07.2013
|
Name : |
Mr. Kumar Mangalam Birla |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
17A, IL Palazzo Little, GIBBS Road, Malabar
Hills, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
14.06.1967 |
|
Qualification : |
Chartered Accountant and MBA ( |
|
Date of Appointment : |
04.08.2000 |
|
DIN No.: |
00012813 |
|
|
|
|
Name : |
Mr. Jayant Sudesh Kumar Dua |
|
Designation : |
Managing Director |
|
Address : |
B-66, Ground Floor, Sarvodaya Enclave, |
|
Date of Birth/Age : |
30.01.1965 |
|
Date of Appointment : |
16.06.2011 |
|
DIN No.: |
00629213 |
|
|
|
|
Name : |
Mr. Gianprakash Dharamprakash Gupta |
|
Designation : |
Director |
|
Address : |
101, Kaveri, B Wing, Neelkanth, Valley, Rajawadi, Ghatkopar (East),
Mumbai – 400077, |
|
Date of Birth/Age : |
11.01.1941 |
|
Date of Appointment : |
11.09.2001 |
|
DIN No.: |
00017639 |
|
|
|
|
Name : |
Mr. Ajay Srinivasan |
|
Designation : |
Director |
|
Address : |
91/101, Narain Terraces, 7 and 8 Floor, |
|
Date of Birth/Age : |
02.11.1963 |
|
Qualification : |
BA with Honours in Economics and MBA (Indian |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
00121181 |
|
|
|
|
Name : |
Mr. Bishwanath Mangilal Puranmalka |
|
Designation : |
Director |
|
Address : |
Antariksha, Flat No.182 19th Floor, 95/96, Kakasaheb Gadgil
Marg, Prabhadevi, Mumbai – 400025, |
|
Date of Birth/Age : |
02.11.1935 |
|
Date of Appointment : |
04.08.2000 |
|
DIN No.: |
00007432 |
|
|
|
|
Name : |
Mr. Donald Alexander Stewart |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
06.11.1946 |
|
Qualification : |
Fellow of |
|
Date of Appointment : |
24.12.2000 |
|
DIN No.: |
00438164 |
|
|
|
|
Name : |
Mr. Venkatesh Satyaraj Mysore |
|
Designation : |
Director |
|
Address : |
688, Supraja, 15th Cross, 100 Feet Ring Road, J.P. Nagar,
Phase – II, Bangalore – 560078, Karnataka, India |
|
Date of Birth/Age : |
30.12.1958 |
|
Date of Appointment : |
01.01.2008 |
|
DIN No.: |
01401447 |
|
|
|
|
Name : |
Dr. Rakesh Naging Chand Jain |
|
Designation : |
Director |
|
Address : |
110/2, A wing, Quantum Park, Union Park Road, Khar (West), Mumbai –
400052, Maharashtra, India |
|
Date of Birth/Age : |
19.01.1961 |
|
Date of Appointment : |
16.06.2010 |
|
DIN No.: |
00020425 |
|
|
|
|
Name : |
Mrs. Tarjani Manmukram Vakil |
|
Designation : |
Director |
|
Address : |
A-1, |
|
Date of Birth/Age : |
30.10.1936 |
|
Date of Appointment : |
16.06.2010 |
|
DIN No.: |
00009603 |
|
|
|
|
Name : |
Mr. Kevin David Strain |
|
Designation : |
Director |
|
Address : |
180, |
|
Date of Birth/Age : |
31.08.1966 |
|
Date of Appointment : |
28.04.2012 |
|
DIN No.: |
05262340 |
|
|
|
|
Name : |
Vishwanathan Mavila Nair |
|
Designation : |
Director |
|
Address : |
MV Nair, 1902, A Vivaria Hindustan Mills Compound, Mahalaxmi, Satrasta,
Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
03.03.1952 |
|
Date of Appointment : |
02.07.2013 |
|
DIN No.: |
02284165 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Lakhtakia |
|
Designation : |
Secretary |
|
Address : |
Flat No.103-104, B Wing, |
|
Date of Birth/Age : |
25.04.1973 |
|
Date of Appointment : |
27.04.2011 |
|
PAN No.: |
ACDPL9207F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.07.2013
|
Names of Shareholders |
No. of Shares |
|
Aditya Birla Nuvo Limited, |
1406893915 |
|
Sun Life Financial ( |
494314080 |
|
Anil Rustogi Jointly with Aditya Birla Nuvo Limited, |
1 |
|
BN Puranmalka Jointly with Aditya Birla Nuvo, Limited, |
1 |
|
Sushil Agarwal Jointly with Aditya Birla Nuvo Limited, |
1 |
|
Manoj Kedia Jointly with Aditya Birla Nuvo Limited, |
1 |
|
Devendra Bhandari Jointly with Aditya Birla Nuvo Limited, |
1 |
|
Total
|
1901208000 |
As on 02.07.2013
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 |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance Solutions, Policies etc. |
GENERAL INFORMATION
|
No. of Employees : |
11604 (Approximately) |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants
|
|
Address : |
6th Floor, |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Name : |
Fraser and Ross Chartered Accountants |
|
Address : |
Deloitte Centre, |
|
PAN No.: |
AAAFF0644S |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3750000000 |
Equity Shares |
Rs.10/- each |
Rs. 37500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1901208000 |
Equity Shares |
Rs.10/- each |
Rs. 19012.080 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3750000000 |
Equity Shares |
Rs.10/- each |
Rs.37500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1969500000 |
Equity Shares |
Rs.10/- each |
Rs.19695.000
millions |
|
|
|
|
|
Note: Of the above 1,457,430,000 Equity Shares (Previous Year: 1,457,430,000 equity shares) of Rs. 10/- each are held by Aditya Birla Nuvo Limited, the holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19012.080 |
19695.000 |
19695.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
|
|
3] Reserves & Surplus |
2682.948 |
5206.127 |
4800.000 |
|
|
4] (Accumulated Losses) |
(9130.223) |
(12424.921) |
(13762.293) |
|
|
5] credit/(Debit) / Fair
Value Change account |
1.409 |
0.027 |
0.047 |
|
|
NETWORTH |
12566.214 |
12476.233 |
10732.754 |
|
|
|
|
|
|
|
|
BORROWINGS |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
POLICYHOLDERS FUNDS |
|
|
|
|
|
Credit/(Debit) Fair Value Change Account |
40.622 |
(3.667) |
(1.577) |
|
|
Policy Liabilities |
28353.255 |
20300.360 |
14318.822 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Provision for linked liabilities |
187232.642 |
187068.996 |
180060.213 |
|
|
Funds for Discontinued Policies |
|
|
|
|
|
i) Discontinued on account of non-payment of premium |
4754.442 |
2050.412 |
437.939 |
|
|
Credit/(Debit) Fair Value Change Account |
14460.110 |
4251.315 |
866.046 |
|
|
TOTAL LINKED LIABILITIES |
206447.194 |
193370.723 |
181364.198 |
|
|
|
|
|
|
|
|
Funds For Future Appropriation |
|
|
|
|
|
Linked Liabilities |
733.351 |
2095.678 |
3958.870 |
|
|
TOTAL |
248140.636 |
228239.327 |
210373.067 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
399.243 |
342.351 |
395.861 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
Shareholders |
13292.091 |
13706.870 |
10153.273 |
|
|
Policyholers |
28007.170 |
22214.668 |
19583.057 |
|
|
|
|
|
|
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Assets held to cover linked liabilities
|
206447.194 |
193370.723 |
181364.198 |
|
|
Loans |
284.669 |
280.690 |
250.239 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
5076.825
|
5442.434
|
6404.658
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
3540.988 |
3068.528 |
2380.549 |
|
Total
Current Assets |
8617.813
|
8510.962
|
8785.207
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
|
2621.248
|
2984.736
|
|
|
Other Current Liabilities |
7786.437
|
5952.857
|
6577.021
|
|
|
Provisions |
1121.107
|
1612.832
|
597.011
|
|
Total
Current Liabilities |
8907.544
|
10186.937
|
10158.768
|
|
|
Net Current Assets |
(289.731)
|
(1675.975)
|
(1373.561)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
248140.636 |
228239.327 |
210373.067 |
|
REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2014
POLICYHOLDERS' ACCOUNT (TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Premium Earned –
Net |
|
|
|
|
|
a) Premium |
48330.521 |
52162.991 |
58853.594 |
|
|
b) Reinsurance Ceded |
(1882.008) |
(1645.530) |
(1375.857) |
|
|
c) Reinsurance accepted |
-- |
-- |
-- |
|
|
Sub-total |
46448.513 |
50517.461 |
57477.737 |
|
|
|
|
|
|
|
|
Income
from investments |
|
|
|
|
|
a) interest, Dividend and Rent – Gross |
11758.483 |
10940.692 |
9567.643 |
|
|
b) Profit on sale / Redemption of investments |
10668.152 |
11114.871 |
5822.017 |
|
|
c) (Loss) on sale / Redemption of investments |
(7676.685) |
(4724.259) |
(13458.611) |
|
|
d) transfer/Gain (Loss) on revaluation / change in fair value |
10208.794 |
3385.269 |
(3485.771) |
|
|
e) Gain / (Loss) on Amortisation |
0.000 |
(16.081) |
(77.958) |
|
|
Sub-Total |
24958.744 |
20700.492 |
(1632.680) |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
a) contribution from the shareholders account |
2580.793 |
1994.559 |
3287.343 |
|
|
b) Others (interest etc.) |
365.428 |
366.568 |
298.060 |
|
|
Sub-Total |
2946.220 |
2361.127 |
3585.403 |
|
|
Total (A) |
74353.477 |
73579.080 |
59430.460 |
|
|
|
|
|
|
|
|
Commission |
2347.130 |
3004.767 |
3254.002 |
|
|
Operating expenses related to insurance business |
10381.707 |
11597.047 |
12151.175 |
|
|
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) |
12728.837 |
14601.814 |
15405.177 |
|
|
|
|
|
|
|
|
Benefits paid (Net) |
36654.284 |
36586.379 |
27046.221 |
|
|
Interim Bonus Paid |
-- |
-- |
-- |
|
|
Change in valuation of liabilities in respect of life policies |
|
|
|
|
|
a) Gross |
10429.613 |
7150.889 |
4533.945 |
|
|
b) Fund Reserve |
10372.440 |
10394.052 |
6340.460 |
|
|
c) Premium Discontinued Fund - Linked |
2704.030 |
1612.473 |
431.538 |
|
|
d) (Amount ceded in Re-insurance) |
(2376.717) |
(1169.350) |
(823.696) |
|
|
c) Amount accepted in Re-insurance |
-- |
-- |
-- |
|
|
Total (C) |
57784.384 |
54574.443 |
37528.468 |
|
|
|
|
|
|
|
|
Surplus / (Deficit) (D)= (A)-(B)-(C) |
3840.256 |
4402.823 |
6496.815 |
|
|
Appropriations |
|
|
|
|
|
Transfer to shareholders account |
5202.299 |
6266.015 |
7107.686 |
|
|
Transfer to other reserves |
-- |
-- |
-- |
|
|
Balance being funds for future appropriation |
(1362.041) |
(1863.192) |
(610.871) |
|
|
Total (D) |
3840.258 |
4402.823 |
6496.815 |
|
|
|
|
|
|
|
|
The total surplus mentioned below |
|
|
|
|
|
a) Interim Bonuses paid |
0.734 |
-- |
-- |
|
|
b) Allocation of bonus to policyholders |
380.045 |
49.379 |
-- |
|
|
c) Surplus/(Deficit) shown in the revenue account |
3840.258 |
4402.823 |
6496.815 |
|
|
Total Surplus
[(a)+(b)+(c)] |
4221.037 |
4452.202 |
6496.815 |
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2014
SHAREHOLDERS' ACCOUNT
(NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Amount
Transferred From Policyholder Account (Technical Account) |
5202.299 |
6266.015 |
7107.686 |
|
Income from Investments |
|
|
|
|
(a) Interest, Dividend & Rent - Net of Amortization |
1053.255 |
1131.764 |
785.703 |
|
(b) Profit on sale / redemption of investments |
108.540 |
39.372 |
24.666 |
|
(c) (Loss on sale / redemption of investments) |
(12.419) |
(9.188) |
(0.346) |
|
(d) Gain
/ (Loss) on Amortisation |
0.000 |
(2.045) |
(6.397) |
|
|
|
|
|
|
Other Income |
|
|
-- |
|
TOTAL (A) |
6351.675 |
7425.918 |
7911.312 |
|
|
|
|
|
|
Expenses other
than those directly related to the insurance |
63.346 |
16.328 |
16.679 |
|
Bad debts written off |
-- |
-- |
-- |
|
Provisions (Other than taxation) |
|
|
|
|
(a) For diminution in the value of investment (net) |
-- |
-- |
-- |
|
(b) Provision for doubtful debts |
-- |
-- |
-- |
|
(c) Others |
-- |
-- |
-- |
|
-Contribution to the Policyholders Fund |
2580.793 |
1994.559 |
3287.343 |
|
Total (B) |
2644.139 |
2010.887 |
3304.022 |
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
3707.536 |
5415.031 |
4607.290 |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
PROFIT / (LOSS)
AFTER TAX |
3707.536 |
5415.031 |
4607.290 |
|
|
|
|
|
|
Appropriations |
|
|
|
|
(a) Balance at the beginning of the period/year |
(12424.921) |
(13762.293) |
(17225.082) |
|
(b) Interim dividend during the period/year |
0.000 |
1969.500 |
984.750 |
|
(c) Proposed final dividend |
700.000 |
1181.700 |
-- |
|
(d) Dividend distribution tax |
118.965 |
520.332 |
159.751 |
|
(e) Transfer to reserves / other accounts |
0.000 |
406.127 |
-- |
|
|
|
|
|
|
Profit / (Loss) carried to the Balance Sheet |
(9536.350) |
(12424.921) |
(13762.293) |
|
|
|
|
|
|
Earning Per Share
(Basic and Diluted), Face Value of Rs. 10 (in Rs.) |
1.94 |
2.75 |
2.34 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.84
|
0.86 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
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 |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE: 07/05/2014 |
||||||
|
STAMP NO:- ITXAL/956/2014 |
FAILING DATE:- 07/05/2014 |
REG. NO.: ITXA/1206/2014 |
REG. DATE: 05/08/2014 |
|||
|
PETITIONER:- |
COMMISSIONER OF INCOME TAX-8- |
RESPONDENT:- |
BIRLA SUNLIFE INSURANCE CO. LTD - |
|||
|
PETN.ADV:- |
ARVIND PINTO (I583) |
|
|
|||
|
DISTRICT:- |
MUMBAI |
|||||
|
|
||||||
|
BENCH:- |
DIVISION |
|
|
|||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
LAST DATE:- |
03/09/2014 |
STAGE:- |
|
|||
|
LAST CORAM:- |
ACCODING TO SITTING LIST ACCODING TO SITTING LIST |
|||||
|
|
|
|||||
|
ACT:- |
INCOME TAX ACT, 1961 |
|||||
|
UNDER SECTION:- |
260A |
|||||
CURRENT MATURITIES OF
LONG TERM DEBTS : NOT AVAILABLE
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
BIRLA SUN LIFE INSURANCE COMPANY LIMITED |
|
IRDA |
TOOK BLANKET
APPROVAL FOR RAISING THE LIMIT UP TO 15% IN RESPECT OF INDUSTRY/GROUP
EXPOSURE |
IMPOSED PENALTY
RS.6,00,000 |
|
BACKGROUND
The Company headquartered at Mumbai, had commenced operations on 19th March 2001, after receiving the license to transact life insurance business in India from the Insurance Regulatory and Development Authority („IRDA‟) on 31st January 2001. The license has been renewed annually and is in force as at 31st March 2013.
The Company is a joint venture between Aditya Birla Nuvo Limited, a Company of the Aditya Birla Group of India (74 percent) and Sun Life Financial (India) Insurance Investments Inc., subsidiary of Sun Life Assurance Company of Canada (26 percent). This business spans across individual and group products and covers participating, non-participating and unit linked lines of businesses. Riders covering additional benefits are offered under these products. These products are distributed through individual agents, corporate agents, banks, brokers and other intermediaries across the country.
AWARDS/ RECOGNITIONS
In addition to recognitions that Company’s claims department has received, BSLI has also won the following awards during FY13:
• Birla Sun Life Insurance bagged the 'Golden Peacock Award for HR Excellence in the year 2011 -12
• BSLI has won a Gold Shield under the ‘ICAI Awards for Excellence in Financial Report-ing’ for their thematic Annual Report for the year 2011-12.
• Birla Sun Life Group Life and Pensions is the first life insurance company to receive the ‘Special Recognition for Outstanding Contribution to the Indian Pension Fund Industry’ at the Indian Pension Fund Awards 2012.
• BSLI’s Annual Report was adjudged as the recipient of ‘Certificate of Merit’ in the cate-gory ‘Insurance Sector’ by SAFA for Best Presented Annual Report Awards 2011 -12
• BSLI bagged a GOLD in the BEST USE OF MEDIUM in Direct Marketing category for Birla Sun Life Insurance - Saptapadi
• BSLI won a Bronze in ‘Best Use of Ambient Media’ category for Birla Sun Life Insurance - Drill Of Unforeseen in 2012
• Goafest Creative and Media Abby Awards 2012 recognised BSLI with a GOLD in the ‘Inte-grated Campaign – Financial Services’ category for Birla Sun Life Insurance – Wealth with Protection campaign
• Goafest Creative and Media Abby Awards 2012 recognised BSLI with a GOLD in the ‘Non Fiction Branded Content’ category for Birla Sun Life Insurance – Zindagi Abhi Baki Hai series tie-up with GEC channel Colors
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
|
Partly paid-up investments |
0.000 |
|
Claims, other
than against policies, not acknowledged as debts by the Company |
25.961 |
|
Underwriting commitments outstanding |
0.000 |
|
Guarantees given
by or on behalf of the Company |
0.000 |
|
Statutory
demands / liabilities in dispute, not provided for |
Refer Note Below |
|
Reinsurance
obligations to the extent not provided for in the accounts. |
0.000 |
|
Others * |
223.819 |
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Company‟s decision of repudiation of death claims and customer complaints.
Note: The Company has received Show Cause-Cum-Demand notices in earlier year relating to Service Tax demands related to excess utilization of CENVAT credit against liability on risk premium and payment of reimbursements to agents aggregating to Rs.309.471 millions (previous year Rs. 309.471 millions) plus applicable interest and penalty, which is contested.
REVENUE ACCOUNT FOR THE YEAR ENDED 30TH JUNE, 2014
POLICYHOLDERS' ACCOUNT (TECHNICAL ACCOUNT)
(Rs.
in Millions)
|
|
PARTICULARS |
30.06.2014 |
|
|
Premium Earned –
Net |
|
|
|
a) Premium |
10682.803 |
|
|
b) Reinsurance Ceded |
(337.571) |
|
|
c) Reinsurance accepted |
-- |
|
|
Sub-total |
10345.232 |
|
|
|
|
|
|
Income
from investments |
|
|
|
a) interest, Dividend and Rent – Gross |
3235.187 |
|
|
b) Profit on sale / Redemption of investments |
5552.209 |
|
|
c) (Loss) on sale / Redemption of investments |
(261.216) |
|
|
d) transfer/Gain (Loss) on revaluation / change in fair value |
12644.813 |
|
|
Sub-Total |
21170.993 |
|
|
|
|
|
|
Other Income |
|
|
|
a) contribution from the shareholders account |
1206.066 |
|
|
b) Others (interest etc.) |
82.332 |
|
|
Sub-Total |
1288.398 |
|
|
Total (A) |
32804.623 |
|
|
|
|
|
|
Commission |
|
|
|
Operating expenses related to insurance business |
2459.196 |
|
|
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) |
2911.228 |
|
|
|
|
|
|
Benefits paid (Net) |
9975.681 |
|
|
Interim Bonus Paid |
0.275 |
|
|
Change in valuation of liabilities in respect of life policies |
|
|
|
a) Gross |
3418.540 |
|
|
b) Fund Reserve |
13726.118 |
|
|
c) Premium Discontinued Fund - Linked |
1866.451 |
|
|
d) (Amount ceded in Re-insurance) |
(723.846) |
|
|
c) Amount accepted in Re-insurance |
-- |
|
|
Total (C) |
28263.219 |
|
|
|
|
|
|
Surplus / (Deficit) (D)= (A)-(B)-(C) |
1630.176 |
|
|
Appropriations |
|
|
|
Transfer to shareholders account |
1760.673 |
|
|
Transfer to other reserves |
-- |
|
|
Balance being funds for future appropriation |
(130.497) |
|
|
Total (D) |
1630.176 |
|
|
|
|
|
|
The total surplus mentioned below |
|
|
|
a) Interim Bonuses paid |
0.275 |
|
|
b) Allocation of bonus to policyholders |
0.000 |
|
|
c) Surplus/(Deficit) shown in the revenue account |
1630.176 |
|
|
Total Surplus
[(a)+(b)+(c)] |
1630.451 |
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30TH JUNE 2014
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
30.06.2014 |
|
|
|
|
Amount
Transferred From Policyholder Account (Technical Account) |
1760.673 |
|
Income from Investments |
|
|
(a) Interest, Dividend & Rent - Net of Amortization |
273.497 |
|
(b) Profit on sale / redemption of investments |
34.693 |
|
(c) (Loss on sale / redemption of investments) |
-- |
|
|
|
|
Other Income |
-- |
|
TOTAL (A) |
2068.863 |
|
|
|
|
Expenses other than
those directly related to the insurance |
|
|
Bad debts written off |
-- |
|
Provisions (Other than taxation) |
|
|
(a) For diminution in the value of investment (net) |
-- |
|
(b) Provision for doubtful debts |
-- |
|
(c) Others |
-- |
|
-Contribution to the Policyholders Fund |
1206.066 |
|
Total (B) |
1242.989 |
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
825.874 |
|
Provision for Taxation |
0.000 |
|
PROFIT / (LOSS)
AFTER TAX |
825.874 |
|
|
|
|
Appropriations |
|
|
(a) Balance at the beginning of the period/year |
(9536.350) |
|
(b) Interim dividend during the period/year |
-- |
|
(c) Proposed final dividend |
-- |
|
(d) Dividend distribution tax |
-- |
|
(e) Transfer to reserves / other accounts |
-- |
|
|
|
|
Profit / (Loss) carried to the Balance Sheet |
(8710.476) |
|
|
|
|
Earning Per Share
(Basic and Diluted), Face Value of Rs. 10 (in Rs.) |
0.43 |
BALANCE SHEET AS
ON 30TH JUNE 2014
|
SOURCES OF FUNDS |
30.06.2014 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
1] Share Capital |
19012.080 |
|
|
2] Share Application Money |
0.000 |
|
|
3] Reserves & Surplus |
2682.948 |
|
|
4] credit/(Debit) / Fair
Value Change account |
0.479 |
|
|
Sub-Total |
21695.507 |
|
|
|
|
|
|
BORROWINGS |
-- |
|
|
|
|
|
|
POLICYHOLDERS FUNDS |
|
|
|
Credit/(Debit) Fair Value Change Account |
210.862 |
|
|
Policy Liabilities |
31047.950 |
|
|
Insurance Reserves |
-- |
|
|
|
|
|
|
Provision for linked liabilities |
188313.951 |
|
|
Funds for Discontinued Policies |
|
|
|
i) Discontinued on account of non-payment of premium |
6620.893 |
|
|
ii) Others |
-- |
|
|
Credit/(Debit) Fair Value Change Account |
27104.922 |
|
|
TOTAL LINKED LIABILITIES |
222039.766 |
|
|
Sub-Total |
253298.578 |
|
|
|
|
|
|
|
|
|
|
Funds For Future Appropriation |
|
|
|
Linked Liabilities |
602.853 |
|
|
TOTAL |
275596.938 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
Investments |
|
|
|
Shareholders |
14144.902 |
|
|
Policyholders |
31947.633 |
|
|
|
|
|
|
Assets held to cover linked liabilities |
222039.766 |
|
|
|
|
|
|
Loans |
308.806 |
|
|
|
|
|
|
FIXED ASSETS |
380.886 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash & Bank Balances |
3535.298
|
|
|
Advances and Other Assets |
3137.930 |
|
Sub-Total (A) |
6673.228
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
7042.236
|
|
|
Provisions |
1160.396
|
|
Sub-Total (B) |
8202.632
|
|
|
Net Current Assets (C) = (A-B) |
(1529.404)
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES (To the extent not written off or Adjusted) |
-- |
|
|
Debit Balance in Profit and Loss Account (Shareholder’ Account) |
8304.349 |
|
|
TOTAL |
275596.938 |
|
Contingent
liabilities
|
Sr No |
Particulars |
As at 30th June 2014 |
|
1 |
Partly paid-up investments |
Nil |
|
2 |
Claims, other than against policies, not acknowledged as debts by the Company |
24.321 |
|
3 |
Underwriting commitments outstanding |
Nil |
|
4 |
Guarantees given by or on behalf of the Company |
Nil |
|
5 |
Statutory demands / liabilities in dispute, not provided for |
Refer not Below |
|
6 |
Reinsurance obligations to the extent not provided for in the accounts |
Nil |
|
7 |
Others * |
108.323 |
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Company’s decision of repudiation of death claims and customer complaints.
Note:
The company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of Rs. 398,203 as at 30th Jun 2014 plus applicable interest and penalty. Basis legal opinion obtained, management is of the opinion that these show-cause cum demand notices are not legally tenable and decided to contest at appellate authority.
FIXED ASSETS
· Goodwill
Intangible
(Software)
Land
Freehold
Leasehold
Property
Buildings
Furniture
and Fittings
Information
Technology Equipment
Vehicles
Office
Equipment
Other
(Leasehold Improvement)
PRESS RELEASE
HDFC, BIRLA SUN, RELIANCE LIFE TOP IRDA'S UNFAIR BIZ CHART
New Delhi, July 27,
2014
HDFC Standard Life, Birla SunLife and Reliance Life top the chart of unfair business practices among two dozen life insurance companies, as per the Irda data submitted to the finance ministry.
According to the data on 'Unfair Business Practices', compiled by the insurance regulator Irda, 10,819 complaints were filed by consumers against HDFC Standard life during April 1-July 20, 2014.
These complaints relate to alleged "selling of (life insurance) policies by making false lucrative offers".
The data further revealed that 6,185 complaints were received against Birla Sun Life, followed by 6,168 against Reliance Life during the period.
The track record of country's largest insurer LIC was much better as compared to private counterparts. There were only 763 complaints against Life Insurance Corporation (LIC), though it has over 80 per cent of market share.
Among the major private players, ICICI Prudential Life has a comparatively better record compared to its peers with 3,649 complaints.
The others which figure prominently in the list of unfair business practices include Bajaj Allianz (5,441), Max New York Life (2,615) and SBI Life (2,190).
There has been an increase in the number of complaints against insurance companies, especially private insurance companies, as per the Irda data.
The number of complaints which were one lakh during 2011-12, rose to 1.68 lakh in 2012-13 and further to 2.11 lakh in 2013-14.
In the current financial year, a total of 48,721 complaints have been filed by customers against insurance companies for allegedly adopting unfair business practices.
Irda maintains the data of unfair business practices in the integrated grievance management system, which is the depository of industry wide customer grievances.
BIRLA SUN LIFE INSURANCE LAUNCHES ULIP PENSION PLAN
MUMBAI, JAN
21:
Birla Sun Life Insurance has launched its non-participating unit-linked
pension plan ‘Empower Pension.’
The plan enables customers to accumulate their premiums and investment
returns into a corpus for their retirement needs in the accumulation phase. In
the vesting phase, this corpus would be used to purchase annuity, which ensures
a stream of regular income payable for the rest of their lives.
“The Indian economy lacks access to a comprehensive and in-built social
security regime unlike other developed economies and is under strain due to
rising life expectancy. This, coupled with the increasing trend of the nuclear
family system in India, makes it imperative for individuals to plan their
savings towards meeting their post-retirement lifestyle today,” said Jayant
Dua, Managing Director and CEO, Birla Sun Life Insurance.
The product offers guarantee at exits like vesting and death, tax
benefits and guaranteed additions from the sixth policy anniversary.
BIRLA SUN LIFE ENHANCED ARBITRAGE FUND DECLARES DIVIDEND
Birla Sun Life Enhanced Arbitrage Fund announces dividend, the record date for dividend is March 04, 2014.
Birla Sun Life Mutual Fund has announced dividend under the dividend option of Regular and Direct Plan of Birla Sun Life Enhanced Arbitrage Fund. The record date for declaration of dividend is March 04, 2014.
The amount of dividend on
the face value of Rs 10 per unit will be Rs 3.00 per unit as on the record
date.
BIRLA SUN LIFE INSURANCE LAUNCHES NEW WHOLE LIFE PLAN – BSLI WEALTH
SECURE
The plan allows customers to secure their family’s future for an entire lifetime and maximize wealth with unique investment strategies
Mumbai, June, 2012: Birla Sun Life Insurance Company, a joint venture between the Aditya Birla Group, India’s leading transnational conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada, has announced the launch of its new whole life plan, ‘BSLI Wealth Secure’. The plan enables customers to meet their financial goals according to their changing life stages with equity market participation, and also provides them financial security throughout their entire lives.
Niall O’Hare, Chief Actuarial Officer, Birla Sun Life Insurance, says, “With three investment options to choose from, the plan can meet the demands of the diverse investors. BSLI Wealth Secure plan combines long-term savings and whole life cover in such a way that it allows customers to focus on their goals and maximize savings for their future.” He adds, “With a built-in savings component, BSLI Wealth Secure plan can help accumulate sizable returns with every premium paid, owing to its long tenure and equity market participation.”
The plan enables a customer to fulfill his family’s dreams with prudent investments and also financially secure their future with a whole Life cover.
Many customers tend to stay away from the equity market opportunity due to lack of knowledge, thereby compromising on their long-term wealth creation goals. The company is positive that the product will induce many more customers to achieve a balanced growth on their investments while they benefit from advanced investment strategies and also a whole life cover.
The plan offers customers a choice to select the premium amount. Based on his/her current age and the premium amount that the customer opts for, the company will determine the life cover applicable on the policy. This is also the minimum Basic Sum Assured.
Key features of BSLI
Wealth Secure plan include –
Insurance cover for whole life.
Option to select from three investment strategies - Systematic Transfer Option, LifeCycle Option and Self-Managed Option.
Systematic Transfer Option mitigates the risk arising from the volatility in the equity market by averaging out a customer’s cost of purchase. This option allows customers to enter the equity market not at once, but slowly at different times and at different levels, thus reducing the overall risk to their portfolio.
LifeCycle Option is meant for individuals who want their investments to change according to their changing age and risk profile.
Self-Managed Option is meant for individuals who seek complete freedom and flexibility to manage their investments by allocating the premiums across investment funds of their choice in varying proportions. Self- managed Option gives customers access to BSLI’s well established suite of 13 investment funds with complete control on how to invest premiums, and the independence to switch from one investment fund to another.
Option of increasing life cover by up to 300% of the minimum Basic Sum Assured.
Advantage of enhanced financial security with BSLI Riders.
Flexibility to make partial withdrawals to meet any financial emergencies after completion of five policy years.
Additional boost to Fund Value in the form of Guaranteed Additions.
Payment of Sum Assured or fund value to the nominee, whichever is higher, in the unfortunate event of death of the Life Assured during the term of the policy.
Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
About Birla Sun Life
Insurance
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country. BSLI offers a complete range of offerings comprising of protection solutions, children's future solutions, wealth with protection, health and wellness as well as retirement solutions and has an extensive distribution reach over 500 cities through its network of 632 branches, over 132,816 empanelled advisors and over 200 partnerships with Corporate Agents, Brokers and Banks. The AUM of Birla Sun Life Insurance is close to Rs 157260.000 Millions and it has a robust capital base of over Rs. 24500.000 Millions as on May 30, 2012.
About Aditya Birla
Financial Services Group
Aditya Birla Financial Services Group (ABFSG) ranks among the top 5 fund managers in India (excluding banks and LIC) with an AUM of ~USD 17.5 billion. Having a strong presence across the life insurance, asset management, NBFC, private equity, retail broking, distribution and wealth management and general insurance broking businesses, ABFSG is committed to serve the end-to-end financial services needs of its retail and corporate customers. The seven companies representing ABFSG are Birla Sun Life Insurance Company Limited, Birla Sun Life Asset Management Company Limited, Aditya Birla Finance Limited, Aditya Birla Capital Advisors Pvt. Limited, Aditya Birla Money Limited, Aditya Birla Money Mart Ltd, and Aditya Birla Insurance Brokers Limited In FY 2011-12, ABFSG reported consolidated revenue from these businesses at Rs. 6550 Crore (USD 1.3 billion) and earnings before tax at Rs. 600 Crore. Anchored by about 17,000 employees and trusted by about 5.5 million customers, ABFSG has a nationwide reach through more than 1,775 points of presence and about 200,000 agents / channel partners.
About Sun Life
Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth accumulation
products and services to individuals and corporate customers. Chartered in
1865, Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Ireland,
Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of
March 31, 2012, the Sun Life Financial group of companies had total assets
under management of $494 billion.
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.60.47 |
|
|
1 |
Rs.100.5 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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 |
|
45 |
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.