MIRA INFORM REPORT

Report No. :	355025
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED

Registered Office :	GE Plaza Airport Road, Yerawada, Pune – 411006, Maharashtra
Tel. No.:	91-20-66026777

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	19.09.2000

Com. Reg. No.:	11-015329

Capital Investment / Paid-up Capital :	Rs.1102.273 Million

CIN No.: [Company Identification No.]	U66010PN2000PLC015329

IEC No.:	3104014809

TAN No.: [Tax Deduction & Collection Account No.]	PNEB02323G

PAN No.: [Permanent Account No.]	AABCB5730G

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is in the business of underwriting general insurance policies relating to fire, marine and miscellaneous segments. [Registered Activity]

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (84)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Excellent Company

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (74%) and Allianz SE (26%). Apart from the general insurance venture, Bajaj Finserv Limited and Allianz have also joined hands for a life insurance joint venture. Bajaj group is a major player in the domestic two wheeler industry, the Allianz group is one of the strongest players in the global insurance industry, with an established presence in the property and casualty, life and reinsurance businesses. The rating indicates a fundamentally strong position and that the prospect of meeting policyholder obligations is best. The rating factors in the operational and financial support that company receives from its parents Bajaj Finserv Limited and Allianz SE Germany. The rating also takes into account company’s strong parentage, strong market standing, consistently strong financial performance, prudent risk management practices and dynamic reinsurance strategies. Rating continues to factor on company’s large distribution network with well diversifies mix agents, banc assurance, broker and online channels to promote their products helping to generate revenue. The strong Brand Name of two JV partners i.e. (Bajaj & Allianz) which further strengthens the company recognition in the market. However, this rating is partially offsets on company focusing to compete in the market with same group peers, and challenging environment in insurance business. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of strong reputed brand image “Bajaj Allainz”, the company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Claims Paying Ability (IAAA)
Rating Explanation	The rating indicates highest claims paying ability of the company and fundamentally strong position
Date	December 2014

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 31-03-2015.

INFORMATION DENIED

Management Non-cooperative (Tel. No.: 91-20-66026777)

LOCATIONS

Registered / Head Office :

GE Plaza Airport Road, Yerawada, Pune – 411006, Maharashtra, India

Tel. No.:

91-20-66026777 / 6666

Fax No.:

91-20-66026667

E-Mail :

info@bajajallianz.co.in

Website :

www.bajajallianz.co.in

Branches :

Located at:

Kolkata	Ranchi	Bareilly	Latur
Behrampore	Jamshedpur	Allahabad	Nanded
Kharagpur	Dhanbad	Jalandhar	Nasik
Bankura	Hazaribagh	Hoshiarpur	Jalgaon
Asansol	New Delhi	Amritsar	Nagpur
Durgapur	Darbhanga	Pathankot	Bhopal
Srerampur	Gurgaon	Phagwara	Jabalpur
Burdwan	Noida	Jammu	Indore
Dunlop	Agra	Srinagar	Raipur
Behala	Gurgaon	Ludhiana	Bilaspur
Barasat	Dehradun	Ferozepur	Korba
Tamluk	Faridabad	Patiala	Bhilai
Siliguri	Panchkula	Pune	Hosur
Malda	Ambala	Satara	Bellary
Guwahati	Gurgaon	Kolhapur	Davangere
Tinsukia	Mandi	Sangli	Belgum
Patna	Lucknow	Solapur	North Panaji
Muzaffarpur	Kanpur	Aurangabad	South Margao,
Bhagalpur	Gorakhpur	Ahmednagar	North, Mapusa
Gaya	Varanasi	Akola	Rajkot
Bhavnagar	Mumbai	Khammam	Sambalpur
Jamnagar	Navi Mumbai	Vizag	Berhampur
Morbi	Chennai	Vijayawada	Cuttack
Bhuj	Vellore	Rajahmundry	Jaipur
Surendranager	Pondy	Guntur	Udaipur
Gandhidham	Ghaziabad	Ongole	Jodhpur
Mehsana	Trivandrum	Nellore	Coochbehar
Patan	Cochin	Eluru	Kadapa
Gandhinagar	Calicut	Kakinada	Guna
Maninagar	Kollam	Srikakulam	Purnea
Ahmedabad	Kottayam	Mahabubnagar	Sri Ganganagar
Surat	Trichur	Secunderabad	Indore
Valsad	Malapuram	A S Rao Nagar	Sasaram
Baroda	Pathanamthitta	Dilsukhnagar	Bangalore
Bharuch	Karnataka	Tirupathi	New Delhi
Anand	Bangalore	Anantapur	Palanpur
Ankleshwar	Warangal	Hyderabad	Purulia
Nadiad	Kurnool	Bhubaneswar	Hubli
Godhra	Nizamabad	Rourkela	Johrat
Kalol	Karimnagar	Balasore	Panaji

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Tapan Kumar Singhel
Designation :	Managing Director and Chief Executive Officer
Address :	Flat 901 B, Winb Marvel, Matrix Next to Passport Office Pingle Wasti, Mundhwa, Pune – 411036, Maharashtra, India
Date of Birth/Age :	12.08.1966
Date of Appointment :	01.04.2012
DIN No.:	03428746

Name :	Mr. Rahul K Bajaj
Designation :	Director
Address :	Bajaj Auto Colony, Mumbai Pune Road, Akurdi, Pune – 411035, Maharashtra, India
Date of Birth/Age :	10.06.1938
Date of Appointment :	19.09.2000
Voter ID No.:	MT004302450372102
DIN No.:	00014529

Name :	Mr. Sanjiv R Bajaj
Designation :	Director
Address :	Bajaj Auto Colony, Mumbai Pune Road, Akurdi, Pune – 411035, Maharashtra, India
Date of Birth/Age :	02.11.1969
Date of Appointment :	19.09.2000
Voter ID No.:	MT004302450372049
DIN No.:	00014615

Name :	Mr. Ranjit K Gupta
Designation :	Director
Address :	F-901, Marvel Diva, Hadapsar, Pune – 411013, Maharashtra, India
Date of Birth/Age :	19.03.1943
Date of Appointment :	19.09.2000
DIN No.:	00139465

Name :	Mr. Manuel F Bauer
Designation :	Director
Address :	Koeniginstrasse 28, Munich, Germany 80802
Date of Birth/Age :	27.08.1954
Date of Appointment :	20.01.2011
DIN No.:	03443230

Name :	Mr. Niraj R Bajaj
Designation :	Director
Address :	Flat No. 97, Mount Unique, 13^th Floor, 62A, Peddar Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	10.10.1954
Date of Appointment :	16.05.2001
Voter ID No.:	MT0402425859
DIN No.:	00028261

Name :	Mr. Sanjay K Asher
Designation :	Director
Address :	No. 32, Mody Street, Mumbai – 400001, Maharashtra, India
Date of Birth/Age :	26.11.1964
Date of Appointment :	06.06.2002
DIN No.:	00008221

Name :	Mr. Suraj C Mehta
Designation :	Director
Address :	401A, Palladium 46C, Nathan Road, Off Mangaldas Road, Pune – 411001, Maharashtra, India
Date of Birth/Age :	01.05.1944
DIN No.:	00164791

Name :	Mr. Manu P Tandon
Designation :	Director
Address :	16, Solitaire 4, Samadhi Road Off Pune, Nagar Road, Pune – 411016, Maharashtra, India
Date of Birth/Age :	24.07.1943
Date of Appointment :	06.03.2009
DIN No.:	00087615

Name :	Mr. Serajulhaq Khan
Designation :	Director
Address :	181, Antariksha Appartments, 95/96, Kakasaheb Gadgil Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	04.07.1938
Date of Appointment :	26.09.2008
Voter ID No.:	MT04019039013
DIN No.:	00006170

Name :	Mr. Kamesh G Goyal
Designation :	Director
Address :	69 Koenginstrasse, Munich Germany – 85539
Date of Birth/Age :	25.05.1966
Date of Appointment :	11.01.2013
DIN No.:	01816985

Name :	Mr. Dipakkumar J Poddar
Designation :	Director
Address :	171, Brij Kutir Rungta Lane, Off Napean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	09.11.1943
Date of Appointment :	30.09.2002
DIN No.:	00001250

Name :	Mrs. Lila Firoz Poonawalla
Designation :	Director
Address :	Fili Villa S.No.23, Baner Road, Balewadi, Pune – 411045, Maharashtra, India
Date of Appointment :	06.03.2015
DIN No.:	00074392

Name :	Mr. George David Sartorel
Designation :	Alternate Director
Address :	65 Cairnhill Road #19-01, Singapore 229721, Singapore, 229721, Singapore
Date of Appointment :	17.07.2015
DIN No.:	06841619

KEY EXECUTIVES

Name :	Mr. Onkar Chandrakant Kothari
Designation :	Company Secretary and Compliance Officer
Address :	Flat No 16 Media Corner, Wadgaon BK Sinhagad Road, Pune – 411041, Maharashtra, India
Date of Birth/Age :	14.02.1982
Date of Appointment :	11.02.2008
PAN No.:	APCPK5566N

Name :	Mr. Milind Chintaman Choudhari
Designation :	Chief Financial Officer
Address :	C 307, Ruturang Apartments, New DP Road, Kothrud, Pune – 411038, Maharashtra, India
Date of Appointment :	12.07.2014
PAN No.:	AAQPC6696N

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders		No. of Shares
Bajaj Finserv Limited		81567565
Allianz SE		28659085
Bajaj Finserv Limited Jointly held with Bajaj K Rahul		100
Bajaj Finserv Limited Jointly held with Bajaj R Madhur		100
Bajaj Finserv Limited Jointly held with Bajaj R Sanjiv		100
Bajaj Finserv Limited Jointly held with Gupta K Ranjit		100
Bajaj Finserv Limited Jointly held with D’Sa Kevin		100
Bajaj Finserv Limited Jointly held with J Sridhar		100

Total		110227250

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
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 :	Subject is in the business of underwriting general insurance policies relating to fire, marine and miscellaneous segments. [Registered Activity]

Products :	--

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	703, Godrej Castle mine, Bund Garden Road, Pune – 411001, Maharashtra, India
PAN No.:	AAAFB9852F

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Bajaj Finserv Limited

Group Association :	Bajaj Finserv House Owners Association

Group Companies :	Bajaj Auto Limited Bajaj Holdings and Investments Limited Bajaj Allianz Financial Distributors Limited Bajaj Electricals Limited Bajaj Finance Limited Bajaj Allianz Life Insurance Company Limited Bajaj Financial Solutions Limited Allianz Cornhill Information Services Private Limited Allianz Insurance Management Asia Pacific Allianz Insurance Co Lanka Limited Allianz Investment Management Singapore Pte AGCS Marine Insurance Company Allianz Global Risks US Insurance Company Allianz Global Corporate and Specialty AG, Canada Allianz Global Corporate and Specialty AG, Spain Allianz Global Corporate and Specialty AG, UK Allianz Global Corporate and Specialty AG, Netherlands Allianz Global Corporate and Specialty AG, Italy Allianz Global Corporate and Specialty AG, Switzerland Allianz Global Corporate and Specialty Denmark - Nordic Region Allianz Global Corporate and Specialty – Malaysia Insurance Joint Stock Company Allianz Russia Allianz Global Corporate and Specialty AG, Munich Allianz AG Reinsurance, branch Asia Pacific Allianz Hongkong (Formerly known as Allianz China) Allianz Marine and Aviation Versicherungs AG Allianz Global Corporate and Specialty AG Singapore Allianz Belgium Allianz Elementar Versicherungs – Austria Allianz Global Corporate and Specialty – France Allianz Risk Transfer AG Allianz Australia Insurance Limited Euler Hermes Deutschland Euler Hermes Europe, Singapore Branch Allianz CP General Ins Company Limited PT Asuransi Allianz Life Indonesia Allianz Managed Operations and Services SE Allianz Managed Operations and Services SE India Allianz China General Insurance Company Limited Sri Ayudhya General Insurance PCL AGA Assistance (India) Private Limited AGA Services (India) Private Limited Euler Hermes Services India Private Limited Allianz Insurance Lanka Limited AZT Automotive GMBH

Enterprise where key mgmt. personnel is having significant influence :	Mukand Engineers Limited Hind Musafir Agency Limited

Shareholder :	Allianz SE, Germany

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

110227250	Equity Shares	Rs.10/- each	Rs.1102.273 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
Share Capital	1102.273	1102.273	1102.273
Reserves and Surplus	21152.567	15540.682	11450.790
Fair Value Change Account	--	--	--
Borrowings	--	--	--
Total	22254.840	16642.955	12553.063

APPLICATION OF FUNDS

Investments	70069.296	60178.539	47130.849
Loans	--	--	--
Fixed Assets
Gross Block	4720.011	4618.419	4395.789
Less:- Accumulated Depreciation	1898.374	1741.788	1589.530
Net Block	2821.637	2876.631	2806.259
Capital Work In Progress including Capital advances	3.704	10.382	35.076
	2825.341	2887.013	2841.335
Deferred Tax Asset	451.730	317.750	407.070
Current Assets
Cash and Bank Balances	8518.342	9490.606	11316.053
Advances and Other Assets	7153.830	5113.833	3677.160
Sub-Total (A)	15672.172	14604.439	14993.213

Current Liabilities	44272.091	40241.772	34.755
Provisions	22491.608	21103.014	18063.910
Sub-Total (B)	66763.699	61344.786	52819.404
Net Current Assets (C) = (A - B )	(51091.527)	(46740.347)	(37826.191)
Miscellaneous Expenditure		--	--
Total	22254.840	16642.955	12553.063

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	Operating Profit/ (Loss), as per Revenue Accounts of
	(a) Fire Insurance Business	856.517	1246.666	1132.012
	(b) Marine Insurance Business	(12.973)	418.613	205.638
	(c) Miscellaneous Insurance Business	5416.535	3055.156	1982.882
		6260.079	4720.435	3320.532
	Income From Investments
	(a) Interest, Dividends and Rent -Gross	1453.951	1104.712	831.906
	(b) Amortization of Discount/(Premium)	31.663	18.791	22.020
	(c) Profit on sale/redemption of investments	107.926	26.766	18.851
	Less:- (Loss) on sale/redemption of investments	(16.000)	(12.658)	(26.956)
		1577.540	1137.611	845.821
	Other Income - Miscellaneous Income	9.023	29.909	61.345
	Total	7846.642	5887.955	4227.698

	Provisions (Other than taxation)
	(a) For diminution in the value of investments	--	--	--
	(b) For doubtful debts	(5.617)	(1.598)	1.478
	(c) Others (to be specified)	--	--	--
	Other Expenses
	(a) Expenses other than those directly related to the insurance business	77.482	19.689	10.804
	(b) Bad debts written off	4.612	--	--
	(c) Preliminary Expenses written off	--	--	--
Less	Total	76.477	18.091	12.282

	Profit before tax	7770.165	5869.864	4215.416
Less	Provision for taxation
	Current Tax	2328.983	1690.652	1295.674
	Fringe Benefit Tax written back	(53.849)	--	--
	Deferred Tax expense	(128.159)	89.320	(31.060)
		2146.975	1779.972	1264.614
	Profit after tax	5623.190	4089.892	2950.802

	Appropriations
	Balance of Profit brought forward last year	13874.485	9784.593	6833.791
Less	Transitional adjustment of depreciation (net of deferred tax) as per Companies Act, 2013	(11.305)	--	--
	Balance carried forward to Balance Sheet	19486.370	13874.485	9784.593
	Earnings per Share: Basic	51.00	37.10	26.77

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	1102.273	1102.273	1102.273
Reserves & Surplus	11450.790	15540.682	21152.567
Net worth	12553.063	16642.955	22254.840

Borrowings	0.000	0.000	0.000
borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	4227.698	5887.955	7846.642
		39.271	33.266

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	4227.698	5887.955	7846.642
Profit	2950.802	4089.892	5623.190
	69.80%	69.46%	71.66%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND

Subject was incorporated on 19^th September 2000, as a company under the Companies Act, 1956. The Company is registered with Insurance Regulatory and Development Authority of India ('IRDAI') and is in the business of underwriting general insurance policies relating to Fire, Marine and Miscellaneous segments and holds a valid certificate of registration.

GENERAL INSURANCE IN LNDIA

The general insurance industry posted a growth of l0%forthe financialyear20l4-15, which was lower than 12%growth recorded in the financial year 2013-14. A major reason for declining growth across the industry was the decline in the volume of car and commercial vehicle sales and lack of new projects in the financial year 2014-15.

On the claims front, this year was tough for the company as the country was struck by two natural catastrophes. September' 20l4 witnessed unprecedented floods in Jammu and Kashmir. One of the worst natural calamities to have plagued India, it caused wide spread destruction to life and property. The Company, being the largest insurer in Jammu and Kashmir with 23% market share, has settled more than 27,000 claims worth over Rs. 9300.000 million in the valley. The efforts in expeditious claim settlement were not only recognized by the judicial body of the State, but were also appreciated by J&K Bank the Company's channel partner who supported the Company immensely in reaching out to the customers. In October 2014, strong tropical cyclone 'HudHud' caused extensive damage in eastern parts of India. The Company has settled over 1,000 claims worth Rs.320.000 million.

These events have also highlighted your Company's maturity as an insurance company. Despite such heavy losses, the company has been able to record its best ever performance in terms of premiums and profits while demonstrating its ability to absorb large losses without impairing financial security. Its solvency margin remains healthy and well above the minimum required by regulations.

AGRICULTURE INSURANCE BUSINESS

The Company participated in the National Crop Insurance Program primarily weather based crop insurance scheme and wrote business of Rs. 4590.000 million in the year of its entry in this line of business. The Company issued over 28,000 policies across 23 districts insuring over 33 lakh farmers.

DECLINED RISK POOL

The Company wrote Rs.1630.000 Company of standalone commercial vehicles third party liability insurance premium as against the 1, minimum obligation of Rs.1550.000 million of such business and expected to complete obligation of Indian Motor Third Party Declined Risk Insurance Pool (IMTPDRIP, or the Declined Risk Pool).

The decision of the IRDAI to index future annual increases in Motor Third Party liability Insurance premium is a much needed move which has paved the way for reducing the mounting pool losses for the industry. From 1st April 2015, the IRDAI has further increased the Motor Third Party liability insurance premium rates by up to 13.3% on an average. Although third party loss ratios have reduced over the last few years, the incurred claims are still more than the premiums. It is hoped that, over the next few years, this segment, would start providing a reasonable economic profit.

BUSINESS PERFORMANCE DURING THE YEAR

The Company's gross written premium grew to Rs. 53050.000 million in 2014-15 from Rs.45800.000 million in the previous year which is an increase of 16%.The net earned premium during the year 2014-15 was Rs. 38400.000 million as against Rs.3,489 Crore in the previous year, a growth of 10%. The combined ratio stood at 96.7% as against 98.1% recorded in 2013-14. In a market that is highly competitive, marred by the natural catastrophes on claims front, this is one of the best combined ratios and vindication of your Company's strong underwriting focus and cost management skills.

The Company continued to retain the second position in the private sector with market share of 6.7% (excluding specialized insurers) during the year 2014-15 as compared to 6.4% during the previous financial year. The Company continues to pursue efforts to retain renewal business, without compromising quality of risk and minimum profitability benchmarks. During the year 2014-15, the Company sold over 73 Lakhs policies as compared to about 67 Lakhs during the previous financial year. The number of claims reported in 2014-15 was 7,16,920 as against 8,24,455 reported for the previous year.

RECOGNITION AWARDS

During the year 2014-15, the Company received numerous awards, the more notable being the 'Best General Insurance Company in Asia' by Asia Insurance Industry Awards, 'Insurer Claims Team of the Year' by Claims Award Asia and Allianz Global Innovation Award for Excellence in Employee Business', marking recognition at the International level.

LITIGATION DETAILS:

Case Details

	Bench:-Bombay

Presentation Date:-				14/10/2015

Lodging No.:-	NMAL/2857/2015	Filing Date:-	14/10/2015

Main Matter

Lodging No.:-

CEXAL/37/2015

Petitioner:-

COMMISSIONER OF CENTRAL EXCISE, PUNE III-

Respondent:-

M/S BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD.-

Petn.Adv.:-

NEELESH V. KALANTRI (0)

District:-

PUNE

	Bench:-	DIVISION
	Status:-	Pre-Admission	Category:-	NOTICE OF MOTION (TAX)

Last Date:-

21/10/2015

Stage:-

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Central Excise & Salt Act

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Goodwill

· Computer Software’s

· Land

· Buildings

· Furniture and Fittings

· Information Technology Equipment

· Vehicles

· Office Equipment

· Others

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAS

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	10
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		84

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

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

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

MIRA INFORM REPORT

03428746

00014529

00014615

00139465

03443230

00028261

00008221

00164791

00087615

00006170

01816985

00001250

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