MIRA INFORM REPORT
|
Report No. : |
356462 |
|
Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA AIA LIFE INSURANCE COMPANY LIMITED (w.e.f. 10.05.2012) |
|
|
|
|
Formerly Known
As : |
TATA AIG LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
14th Floor, Tower A, Peninsula Business Park, Senapati
Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra |
|
Tel. No.: |
91-22-66498000 / 66479000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128403 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19535.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2000PLC128403 |
|
|
|
|
IEC No.: |
0301038899 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT07312E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT3784C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Offering Life and General Insurance. (Confirmed by indirect source) |
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|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an Indian general insurance company and a joint venture
company between “Tata Sons Limited” and “AIA Group Limited (AIA)”. Tata Sons holds
a majority stake (74%) and AIA holds 26% through AIA International Limited. It is an established company incorporated in the year 2000 having fine
track. As per Registrar of Companies, the date of balance sheet (i.e.
financial filed) is shown as 31.03.2015 but the documents related to the
financials are not available from any sources. However, as per 2014 financial, overall financial position of the
company seems to be sound and healthy. Further, the rating also reflects strong support from its parent
company, established market position and well-experienced management team in
the industry. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong parentage and capital base, 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 DECLINED
MANAGEMENT NON – COOPERATIVE
(91-22-66516061 – is not working)
Contact no.: 91-22-66479000
LOCATIONS
|
Registered Office / Corporate Office : |
14th Floor, Tower A, Peninsula Business Park, Senapati
Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66498000 / 66479000 |
|
Fax No.: |
91-22-66550751 / 67024123 |
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E-Mail : |
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|
Website : |
|
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|
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|
Branch Office : |
Located at
|
DIRECTORS
AS ON 13.08.2015
|
Name : |
Naveen Dindayal Tahilyani |
|
Designation : |
Managing Director |
|
Address : |
301, Shubhda, 64, Sir Pochkhanwala Road, Worli, Mumbai - 400030, Maharashtra, India |
|
Date of Appointment : |
06.01.2015 |
|
DIN No.: |
06594510 |
|
|
|
|
Name : |
Ishaat Hussain |
|
Designation : |
Director |
|
Address : |
222-A Ncpa Apartments, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Date of Birth/Age : |
02.09.1947 |
|
Date of Appointment : |
23.08.2000 |
|
DIN No.: |
00027891 |
|
|
|
|
Name : |
Janki Ballabh |
|
Designation : |
Director |
|
Address : |
Flat No.605, Versova Vinayak Co-Operative Housing Society Limited, Near Versova, Telephone Exchange, Versova, Andheri West, Mumbai, 400053, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1942 |
|
Date of Appointment : |
20.04.2007 |
|
DIN No.: |
00011206 |
|
|
|
|
Name : |
Kishor Anant Chaukar |
|
Designation : |
Director |
|
Address : |
Abhimanshree Housing Society, Pashan Road, B-43, Near Ncl, Pune - 411016, Maharashtra, India |
|
Date of Birth/Age : |
01.08.1947 |
|
Date of Appointment : |
14.10.2009 |
|
DIN No.: |
00033830 |
|
|
|
|
Name : |
Pratip Sanjay Kar |
|
Designation : |
Director |
|
Address : |
1050/1 Survey Park, Kolkata - 700075, West Bengal, India |
|
Date of Birth/Age : |
23.12.1951 |
|
Date of Appointment : |
14.01.2011 |
|
DIN No.: |
03346142 |
|
|
|
|
Name : |
Simeon Preston |
|
Designation : |
Director |
|
Address : |
3 Cornwall Road, Singapore, 119665, Singapore |
|
Date of Birth/Age : |
15.04.1970 |
|
Date of Appointment : |
11.05.2011 |
|
DIN No.: |
03517416 |
|
|
|
|
Name : |
Madhusudan Vasudevan Kannan |
|
Designation : |
Director |
|
Address : |
502, Suraj Prakash Co-operative Housing Society Limited, 86 S Ghanekar Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
06.11.2014 |
|
DIN No.: |
02647756 |
|
|
|
|
Name : |
Roopa Kudva |
|
Designation : |
Director |
|
Address : |
Flat No. 202, 2nd Floor, Vishnu Villa, 7B, Worli Sea Face, Mumbai - 400018, Maharashtra, India |
|
Date of Appointment : |
04.05.2015 |
|
DIN No.: |
00001766 |
|
|
|
|
Name : |
Dinesh Kumar Mehrotra |
|
Designation : |
Director |
|
Address : |
C-1, Jeevan Jyot, Setalvad Lane, Nepean Sea Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
12.02.2015 |
|
DIN No.: |
00142711 |
|
|
|
|
Name : |
William Lisle |
|
Designation : |
Nominee Director |
|
Address : |
No 7 JLN TR 8/2 Tropicana Golf And Country Resort, 44741 Petaling Jaya Selangor, Selangor, 47410, Malaysia |
|
Date of Appointment : |
13.08.2015 |
|
DIN No.: |
03024090 |
|
|
|
|
Name : |
Manoj Ramachandran |
|
Designation : |
Alternate Director |
|
Address : |
8/F, Block 33, Baguio Villa, 550-555 Victoria Road, Pokfulam, Hong Kong, NA, Hong Kong |
|
Date of Appointment : |
13.08.2015 |
|
DIN No.: |
07002605 |
KEY EXECUTIVES
|
Name : |
Swaminathan Iyer |
|
Designation : |
Secretary |
|
Address : |
Flat No. 302, 3rd Floor, Cascade, B Wing,, Vasant Oscar, Lbs Marg, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
PAN No.: |
AACPI9939G |
|
Date of Appointment : |
20.12.2010 |
|
|
|
|
Name : |
Vishalkumar Ramkumar Bandlish |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No 51-54, Manali Building, No- 5, Evershine Nagar, Malad (West), Mumbai - 400064, Maharashtra, India |
|
PAN No.: |
ACSPB2530Q |
|
Date of Appointment : |
01.04.2014 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, India |
|
1445589400 |
|
Tata Sons Limited, Jt. Ishaat Hussain, India |
|
100 |
|
Tata Sons Limited, Jt. E. N. Kapadia, India |
|
100 |
|
Tata Sons Limited, Jt. F. N. Subedar, India |
|
100 |
|
Tata Sons Limited, Jt. Adil Charna |
|
100 |
|
AIA International Limited, Bermuda |
|
507910000 |
|
Tata Sons Limited, Jt. Farrokh Kavarana,
India |
|
100 |
|
Tata Sons Limited, Jt. Kersi Bhagat, India |
|
100 |
|
Total |
|
1953500000 |
Equity Share Break up (Percentage of Total Equity)
As on 25.08.2014
|
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 : |
Offering Life and General Insurance. (Confirmed by indirect source) |
|
|
|
|
Products : |
Life and General Insurance |
|
|
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Brand Names : |
Not Available |
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|
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Agencies Held : |
Not Available |
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|
|
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Exports : |
Not Available |
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|
|
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Imports : |
Not Available |
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|
|
|
Terms : |
Not Available |
PRODUCTION STATUS - NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
|
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Bankers : |
|
|
Auditors : |
|
|
|
|
|
Name : |
Walker Chandiok and Company Chartered Accountants |
|
Address : |
16th Floor, Tower II, Indiabulls Financial Centre, S. B .Marg, Elphistone
(West), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AAAFW4298E |
|
|
|
|
Name : |
A.F. Ferguson Associates Chartered Accountants |
|
Address : |
12, |
|
PAN No.: |
AAAFA1448A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 13.08.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000000 |
Equity Shares |
Rs.10/- each |
Rs.25000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1953500000 |
Equity Shares |
Rs.10/- each |
Rs.19535.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
Share Capital |
19535.000 |
19535.000 |
19535.000 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Credit / (Debit) Fair Value Change Account |
23.830 |
7.644 |
(3.288) |
|
SUB TOTAL |
19558.830 |
19542.644 |
19531.712 |
|
|
|
|
|
|
BORROWINGS |
-- |
-- |
-- |
|
|
|
|
|
|
Policyholders Fund |
|
|
|
|
Credit / (Debit) Fair Value Change Account |
1185.507 |
750.320 |
475.968 |
|
Policy Liabilities |
64423.429 |
53049.449 |
41898.519 |
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
Provision for lapsed policies – Non Unit |
175.634 |
566.357 |
440.743 |
|
Provision for linked Liabilities |
92029.445 |
93614.661 |
92356.427 |
|
Provision for Discontinued Policies on account on Non – Payment of
premium |
3182.146 |
1735.736 |
340.509 |
|
Provision for discontinued policies – others |
330.346 |
101.972 |
6.737 |
|
SUB TOTAL |
161326.507 |
149818.495 |
135518.903 |
|
|
|
|
|
|
Fund for future appropriation - PAR |
831.767 |
910.414 |
1088.424 |
|
Fund for future appropriation for linked liability (Lapsed Policies)
Non unit |
289.460 |
796.482 |
838.684 |
|
Fund for future appropriation for linked liability (Lapsed Policies)
unit |
7.719 |
116.762 |
383.438 |
|
|
|
|
|
|
TOTAL |
182014.283 |
171184.797 |
157361.161 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
Investment: |
|
|
|
|
Shareholders |
13174.095 |
7663.168 |
5781.472 |
|
Policyholders |
66504.232 |
57365.901 |
46007.640 |
|
|
|
|
|
|
Assets Held to cover linked liabilities |
95548.973 |
95569.131 |
93087.110 |
|
|
|
|
|
|
Loans |
1687.287 |
1325.300 |
905.084 |
|
|
|
|
|
|
Fixed Assets |
972.921 |
735.202 |
273.858 |
|
|
|
|
|
|
Balance Carried Forward |
177887.508 |
162658.702 |
146055.164 |
|
|
|
|
|
|
Balance brought Forward |
177887.508 |
162658.702 |
146055.164 |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
Cash and Bank Balance |
681.339 |
1013.926 |
1409.618 |
|
Advance and other assets |
3614.464 |
3605.979 |
3148.865 |
|
SUB TOTAL |
4295.803 |
4619.905 |
4558.483 |
|
|
|
|
|
|
Current Liabilities |
5642.917 |
5720.401 |
6193.754 |
|
Provisions |
58.774 |
35.558 |
36.293 |
|
SUB TOTAL |
5701.691 |
5755.959 |
6230.047 |
|
|
|
|
|
|
Net Current Assets |
(1405.888) |
(1136.054) |
(1671.564) |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Debit Balance in profit and loss Account |
5532.663 |
9662.149 |
12977.561 |
|
|
|
|
|
|
TOTAL |
182014.283 |
171184.797 |
157361.161 |
PROFIT
& LOSS ACCOUNT
Policyholder’s
Account (Technical Account)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Premiums earned – net |
|
|
|
|
(a) Premium |
23237.035 |
27.604 |
36303.040 |
|
(b) Reinsurance ceded |
(119.141) |
(143.095) |
(120.561) |
|
(c) Reinsurance accepted |
0.000 |
0.000 |
0.000 |
|
Sub-total |
12117.894 |
27460.398 |
36182.479 |
|
|
|
|
|
|
Income from investments |
|
|
|
|
(a) Interest, Dividend and Rent-Gross (Net of amortisation of Rs.251.267 Million (Previous year: Rs.220.265 Million)) |
7666.757 |
6931.861 |
5606.239 |
|
(b) Profit on sale/redemption of investments |
9634.211 |
4966.495 |
2733.792 |
|
(c) (Loss) on sale/redemption of investments |
(3859.524) |
(3055.194) |
(2451.427) |
|
(d) Transfer/Gain on revaluation/change in fair value* |
8282.744 |
4939.791 |
(5599.568) |
|
|
|
|
|
|
Other Income |
|
|
|
|
(a) Interest on over due Premium |
23.510 |
22.913 |
16.902 |
|
(b) Interest on Policy loan |
176.220 |
131.362 |
85.374 |
|
(c) Fees and charges |
562.665 |
69.742 |
(543.402) |
|
(d) Contribution from Shareholders' Account |
0.901 |
23.035 |
72.548 |
|
(e) Miscellaneous Income |
134.609 |
116.496 |
84.493 |
|
Sub-total |
22622.083 |
14146.501 |
4.951 |
|
|
|
|
|
|
TOTAL (A) |
45739.977 |
41606.899 |
36187.430 |
|
|
|
|
|
|
Commission |
920.505 |
1035.411 |
1412.834 |
|
|
|
|
|
|
Operating Expenses related to Insurance Business |
4778.869 |
5915.745 |
7601.911 |
|
|
|
|
|
|
Provision for doubtful debts |
16.242 |
31.481 |
38.287 |
|
Bad debts written off |
0.000 |
0.051 |
0.000 |
|
Provision for Tax |
0.000 |
0.000 |
0.000 |
|
Provisions (other than taxation) |
|
|
|
|
(a) For diminution in the value of investments (Net) |
0.282 |
31.860 |
0.000 |
|
(b) Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL(B) |
5715.898 |
7014.548 |
9053.032 |
|
|
|
|
|
|
Benefits paid (Net) |
26899.894 |
19745.244 |
10051.759 |
|
Interim Bonuses paid |
0.000 |
0.000 |
0.000 |
|
Change in valuation of liability in respect of life policies |
|
|
|
|
(a) Gross** (Refer Notes A.6 and B.2 of Schedule 16) |
11396.754 |
11163.640 |
7901.076 |
|
(b) Amount ceded in Reinsurance |
(23.498) |
(16.217) |
(11.304) |
|
(c) Amount accepted in Reinsurance |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Transfer to Linked Fund (Net) |
(1462.160) |
1029.131 |
6785.594 |
|
|
|
|
|
|
TOTAL (C) |
36810.990 |
31921.798 |
24727.125 |
|
|
|
|
|
|
SURPLUS/(DEFICTT)
[(D)=(A)-{B)-(C)] |
3213.089 |
2670.553 |
2407.273 |
|
|
|
|
|
|
Transfer from Linked fund (Lapsed Policies) |
(616.065) |
(308.878) |
271.852 |
|
|
|
|
|
|
Funds available for
Appropriation (E) |
2597.024 |
2361.675 |
2679.125 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders' Account |
3291.736 |
2848.563 |
2304.543 |
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
Balance being Funds for Future Appropriation |
(694.712) |
(486.888) |
374.582 |
|
|
|
|
|
|
TOTAL (E) |
2597.024 |
2361.675 |
2679.125 |
|
|
|
|
|
|
Funds for Future
Appropriation |
|
|
|
|
Opening Balance at the beginning of the year |
1823.658 |
2310.546 |
1935.964 |
|
Current year Appropriations |
(694.712) |
(486.888) |
374.582 |
|
Closing Balance Carried Forward to the Balance Sheet |
1128.946 |
1823.658 |
2310.546 |
|
|
|
|
|
|
The total surplus shall be disclosed separately with the following details: |
|
|
|
|
(a) Interim Bonuses Paid |
0.000 |
0.000 |
0.000 |
|
(b) Allocation of Bonus to Policyholders (Refer Note B.19 of Schedule 16) |
1520.640 |
1149.403 |
802.717 |
|
(c) Surplus shown in the Revenue Account |
3213.089 |
2670.553 |
2407.273 |
|
(d) Total Surplus [(a)+(b)+(c)] |
4733.729 |
3819.956 |
3209.990 |
* Represents the deemed realised gain as per norms specified by the Authority
** Represents Mathematical Reserves after allocation of bonus.
Shareholder’s
Account (Non-Technical Account)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Amount transferred from the Policyholders' Account (Technical Account) |
3291.736 |
2848.563 |
2304.543 |
|
Income from Investments |
|
|
|
|
(a) Interest, Dividend and Rent-Gross (Net of amortisation Rs.31.282 Million (Previous Year: Rs.29.201 Million)) |
882.318 |
529.787 |
416.178 |
|
(b) Profit on sale/redemption of investments |
1.751 |
0.000 |
1.625 |
|
(c) (Loss) on sale/redemption of investments |
(1.991) |
(2.019) |
(0.640) |
|
|
|
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
TOTAL (A) |
4173.814 |
3376.331 |
2721.706 |
|
|
|
|
|
|
Expenses other than those directly related to the insurance business |
43.427 |
37.884 |
46.026 |
|
|
|
|
|
|
Bad debts Witten off |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Provisions (other than Taxation) |
|
|
|
|
(a) For diminution in the value of investments (Net) |
0.000 |
0.000 |
0.000 |
|
(b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
(c) Others |
0.000 |
0.000 |
0.000 |
|
Contribution to the Policyholders' Fund |
0.901 |
23.035 |
72.548 |
|
|
|
|
|
|
TOTAL(B) |
44.328 |
60.919 |
118.574 |
|
|
|
|
|
|
Profit/(Loss) before tax |
4129.486 |
3315.412 |
2603.132 |
|
Provision for taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss) after tax |
4129.486 |
3315.412 |
2603.132 |
|
APPROPRIATIONS |
|
|
|
|
Balance at the beginning of the year |
(9662.149) |
(12977.561) |
(15580.693) |
|
(b) Interim dividends paid during the year |
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 forward to the Balance Sheet |
(5532.663) |
(9662.149) |
(12977.561) |
|
|
|
|
|
|
EARNING PER SHARE |
|
|
|
|
Basic and Diluted (Face Value Rs.10/- per share) |
2.11 |
1.70 |
1.33 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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 |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
No |
|
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 |
No |
|
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 |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from Delphi, B Wing, 2nd Floor, Orchard Avenue, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India to the present address w.e.f. 15.01.2013
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
INDUSTRY OVERVIEW
The year 2013-2014 saw continued reduction in growth In new business. The New Business Premium (NBP) in the industry reduced by S% over the pervious year. The gross Value of New Business (VONB) excluding expense overrun were in the range of 15% Active Regulatory oversight continued across various aspects of the business with increased scrutiny of product designs and monitoring of Intermediary payouts. The focus has shifted from investment linked lo traditional plans as expected.
The Company closed the year with new business premium of Rs.4340.000 Million as against Rs.5600.000 Million in the previous year. The Company's new business premium market share amongst private players was 1.5% The Group business contributed to 38% of the total new business premium as compared to 40% in the previous year.
The Lire Insurance industry is undergoing a transition from scalability to sustainability, accelerated by the far reaching changes with various Regulatory interventions. The growth potential however remains encouraging since penetration levels are still low. There exists a significant growth opportunity al current savings rate, economic growth will push household incomes higher while life expectancy creates opportunities In pensions, there is a positive shift In the demographic transition.
The medium term growth story of the industry is expected to be in line with GDP growth. With the changing Regulatory landscape, emphasis in the coming years will intensify towards driving productivity improvements, capital efficiency and profitability, higher persistency and improved productivity will be key aspects to achieve these objectives. Expense management discipline will continue to be an important agenda and costs of distribution need to be managed frugally.
FIXED ASSETS:
- Goodwill
- Intangible –
Computer Software
- Leasehold
Improvements
- Buildings
- Furniture,
Fixtures and Fittings
- Information
Technology Equipments
- Vehicles
- Office
Equipments
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 records 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 records 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.66.20 |
|
|
1 |
Rs.98.29 |
|
Euro |
1 |
Rs.72.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.