MIRA INFORM REPORT

Report No. :	307565
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	MARSH INDIA INSURANCE BROKERS PRIVATE LIMITED (w.e.f. 20.02.2008)

Formerly Known As :	MARSH INDIA PRIVATE LIMITED

Registered Office :	1201 - 02, Tower 2, One Indiabulls Centre, Jupiter, Mills Compound, 841, S.B. Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.12.2002

Com. Reg. No.:	11-138276

Capital Investment / Paid-up Capital :	Rs.30.000 Millions

CIN No.: [Company Identification No.]	U66010MH2002PTC138276

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Providing Insurance brokerage and agency services.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (66)

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

Litigation :	Clear

Comments :	Subject is an established company having fine track record. Financial position of the company seem to be sound. Performance capability of the company is good. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions. Note: The company has changed its financial year from 31^st December to 31^st March from 12 Months to 15 Months ranging from 01.01.2013.

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	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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Suman Lahiri
Designation :	Head Accounts
Contact No.:	91-22-56512934
Date :	10.02.2015

LOCATIONS

Registered Office :	1201 - 02, Tower 2, One Indiabulls Centre, Jupiter, Mills Compound, 841, S.B. Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, Indai
Tel. No.:	91-22-56512934
Fax No.:	Not Available
E-Mail :	Ashish.Rathi@marsh.com

DIRECTORS

As on 11.06.2014

Name :	Mr. Nelum Pahlaj Gidwani
Designation :	Director
Address :	92/B, Embassy Apartment, 46, Nepean Sea Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	14.02.1941
Date of Appointment :	17.01.2003
DIN No.:	00019776

Name :	Mr. Homi cooverji bhabha
Designation :	Director
Address :	49, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	15.12.1955
Date of Appointment :	25.11.2003
DIN No.:	00286072

Name :	Mr. Sanjay Kedia
Designation :	Whole-time director
Address :	A-1303/1304, Chaitanya Towers Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	27.10.1971
Date of Appointment :	01.07.2008
DIN No.:	02267829
PAN No.:	AFJPK5470N

Name :	Mr. Robert John Solomon
Designation :	Director
Address :	Apartment 14 A, 325 E-57 ST, New York – 10022, United States of America
Date of Birth/Age :	10.04.1939
Date of Appointment :	14.12.2011
DIN No.:	05145333

KEY EXECUTIVES

Name :	Mr. Ashish Nandkishore Rathi
Designation :	Secretary
Address :	R/804, Panchsheel Garden PQR, Panchsheel Enclave, Mahavir Nagar, Kandivli (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	01.09.1978
Date of Appointment :	11.08.2010
PAN No.:	AGGPR9194J

Name :	Mr. Suman Lahiri
Designation :	Head Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.06.2014

Names of Shareholders	No. of Shares	%age holding
Rampart Trust, India	1770000	59.00
Marsh International Holding INC, New York	780000	26.00
Sanjay Kedia	297000	9.90
Joseph Lonappan	51000	1.70
Manish Lalwani	51000	1.70
Mohit Agarwal	51000	1.70
Total	3000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 11.06.2014

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
Directors or relatives of Directors	9.90
Other top fifty shareholders	64.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Insurance brokerage and agency services.

Products :

Item Code No.	Product Description
99716100	Insurance brokerage and agency services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

Bank 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3rd Floor, Near Gujrat Vidhyapith, Off Ashram Road, Ahmedabad-380044, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A

Memberships :	--

Collaborators :	--

Holding Entity:	Rampart Trust

Joint Venturer with Control:	Marsh International Holdings Inc

Fellow Subsidiaries of Joint Venturer:	Marsh USA Inc Marsh Gmbh Germany Marsh Limited - New Zealand Marsh Limited Taiwan Marsh Global Placement Asia Pte Limited Marsh AB Sweden Marsh (Singapore) Pte Limited Marsh Belgium Marsh Hongkong Pte Limited Marsh Greece Marsh Pty Limited Australia Marsh Finland Marsh Canada Limited Mercer USA Marsh Limited UK Marsh Penang Malaysia Marsh Risk and Insurance Services USA Marsh Insco LLC Dubai Marsh S.A. France Marsh Broker Japan Inc. Marsh S.P.A. Italy Marsh Inc. Bowring Marsh Asia Pte Limited Singapore Marsh Risk Consulting –USA Marsh Denmark Mercer Human Resources Consulting -USA Marsh Japan Inc.-Japan Mercer Health and Benefits LLC USA Marsh Korea Inc.- Korea Mercer Consulting India Private Limited Marsh Spain Marsh Resolutions Pty Limited Marsh Netherlands Marsh Dusseldorf Marsh PB Company Limited.-Thailand Marsh Oslo Norway Marsh Switzerland Marsh Philippines Inc Oliver Wyman Marsh Private Equity M and A Practice Services Guy Carpenter and Company Pte Limited - Singapore Marsh Uganda Limited Guy Carpenter and Company Limited UK Mercer (Hong Kong)-Regional Health and Benefits Consultants Guy Carpenter and Company, LLC - USA Mercer India Private Limited Guy Carpenter and Company, Pty. Limited- Australia Mercer Risk Management Services Guy Carpenter and Company Limited- Hongkong Marsh Sigorta ve Reasurans Brokerligi A.S.- Turkey Kessler and Company Switzerland

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000	30.000
(b) Reserves & Surplus	273.800	262.200	629.100
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	303.800	292.200	659.100

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	272.200	217.400	89.700
(c) Other current liabilities	544.000	348.400	269.000
(d) Short-term provisions	619.600	647.800	190.200
Total Current Liabilities (4)	1435.800	1213.600	548.900

TOTAL	1739.600	1505.800	1208.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.500	57.200	65.600
(ii) Intangible Assets	16.200	34.800	48.700
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	56.300	25.600	23.000
(d) Long-term Loan and Advances	148.300	156.900	141.500
(e) Other Non-current assets	54.900	13.800	6.700
Total Non-Current Assets	332.200	288.300	285.500

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	147.300	106.600	200.700
(d) Cash and cash equivalents	974.000	945.800	700.100
(e) Short-term loans and advances	33.100	16.500	14.100
(f) Other current assets	253.000	148.600	7.600
Total Current Assets	1407.400	1217.500	922.500

TOTAL	1739.600	1505.800	1208.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
	SALES
	Income	2507.400	1358.800	1077.700
	Other Income
	TOTAL (A)	2507.400	1358.800	1077.700

Less	EXPENSES (B)	1540.100	903.600	703.100

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	967.300	455.200	374.600

Less	FINANCIAL EXPENSES (D)	0.000	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	967.300	455.200	374.600

Less/ Add	DEPRECIATION/ AMORTISATION (F)	54.900	41.900	50.400

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	912.400	413.300	324.200

Less	TAX (I)	304.100	136.700	120.800

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	608.300	276.600	203.400

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	152.000	564.600	451.200

Less	APPROPRIATIONS
	Proposed Dividend (Incl. Dividend Distribution Tax)	596.700	643.500	69.700
	Transfer to General Reserve	60.800	45.700	20.300
	Balance Carried to the B/S	102.800	152.000	564.600

	Earnings / (Loss) Per Share (Rs.)	203.00	92.00	NA

KEY RATIOS

PARTICULARS		31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
Return on Total Assets (PBT/Total Assets}	(%)	54.20	27.92	27.36

Return on Investment (ROI) (PBT/Networth)		3.00	1.41	0.49

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		0.98	1.00	1.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	629.100	262.200	273.800
Net worth	659.100	292.200	303.800

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1077.700	1358.800	2507.400
		26.083	84.530

NET PROFIT MARGIN

Net Profit Margin	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1077.700	1358.800	2507.400
Profit	203.400	276.600	608.300
	18.87%	20.36%	24.26%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

OPERATIONAL REVIEW:

The Company has successfully completed its eleventh full year of operations on 31 March 2014. The Company recorded Gross Revenue of INR 2507.400 Millions for the period of 15 months as compared to previous years revenue of INR 1358.800 Millions and net profit of INR 608.400 Millions against a net profit of INR 276.600 Millions during the previous year. The previous year numbers are however not comparable they pertain to a twelve month period.

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Emission reduction equipment
Furniture and fixtures
Vehicles
Ships vessels
Aircrafts helicopters
Office equipment
Computer equipments
Other equipments
Leasehold improvements

Intangible assets

Goodwill
Computer software

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.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	PAT

Analysis Done by :	RAS

Report Prepared by :	KVT

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	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Unit