MIRA
INFORM REPORT
|
Report No. : |
301328 |
|
Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor (West Wing), Star House, C-5, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-174472 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
u66010MH2007PLC174472 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
mums58859d |
|
|
|
|
PAN No.: [Permanent Account No.] |
aalcs3949Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Life insurance
Business. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Bank of India, Union Bank of India and
Dai-Ichi Mutual Life Insurance Company, Japan. It is a well-established company having satisfactory track record.
There seems some accumulated losses recorded by the company. However,
creditworthiness is good. Performance capacity is high. Trade relations are reported to be fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered for normal 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 |
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
MANAGEMENT NON CO-OPERATIVE [91-22-66684571]
LOCATIONS
|
Registered Office : |
3rd Floor (West Wing), Star House, C-5, G Block, Bandra
Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
||||||||||||||||||||||||||||||
|
Tel. No.: |
91-22-39546200 / 66684571 / 66684593 |
||||||||||||||||||||||||||||||
|
Fax No.: |
91-22-66684591 |
||||||||||||||||||||||||||||||
|
E-Mail : |
brijendra.rana@bankofindia.com |
||||||||||||||||||||||||||||||
|
Website : |
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Corporate Office : |
11th Floor, Raghuleela Arcade, IT Park,
Sector 30 A, Opposite Vashi Railway Station, Vashi, Navi Mumbai – 400703, Maharashtra, India
|
||||||||||||||||||||||||||||||
|
Tel. No.: |
91-22-39546300 |
||||||||||||||||||||||||||||||
|
E-Mail : |
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Regional Office : |
Located At:
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Branch Office : |
|
DIRECTORS
As on 20.09.2014
|
Name : |
Mr. Girish Pandurang
Kulkarni |
|
Designation : |
Managing Director |
|
Address : |
22, Dhanishta Apartment, Tarangam
Complex, Behind Cadburrys, Thane West,
Thane-400602, Maharashtra, India |
|
Date of Birth/Age : |
03.12.1963 |
|
Date of Appointment : |
12.04.2012 |
|
Din No.: |
01683332 |
|
|
|
|
Name : |
Mr. Subrahmanyam Kandikuppa
|
|
Designation : |
Director |
|
Address : |
154, A Sealord Apartment, 117, Cuff Parade, Nepeansea Road, Mumbai-400005, Maharashtra,
India |
|
Date of Birth/Age : |
15.07.1955 |
|
Date of Appointment : |
31.05.2013 |
|
Din No.: |
06576376 |
|
|
|
|
Name : |
Mr. Shigeo Tsuyuki |
|
Designation : |
Director |
|
Address : |
208, Mia-Seifu
Garden, 1-1-45, Mita Minto-Ku,
Tokyo, Japan |
|
Date of Birth/Age : |
12.07.1954 |
|
Date of Appointment : |
05.08.2014 |
|
Din No.: |
06893960 |
|
|
|
|
Name : |
Mr. Atul Kumar Shukla
|
|
Designation : |
Director |
|
Address : |
2310, 12 Samarth Aangan,
Indradarshan Sector, Off Walawalkkar
Marg, Oshiwara, Andheri (West), Mumbai-400053, Maharashtra,
India |
|
Date of Birth/Age : |
20.04.1946 |
|
Date of Appointment : |
27.04.2011 |
|
Din No.: |
00121601 |
|
|
|
|
Name : |
Mr. Chandran Thumparampil
Nair |
|
Designation : |
Director |
|
Address : |
Flat 201, C Wing, Preeti CHS, Kanti Nagar, Off J.B. Nagar, Andheri (East),
Mumbai-400059, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1947 |
|
Date of Appointment : |
27.04.2011 |
|
Din No.: |
02689698 |
|
|
|
|
Name : |
Mr. Gopal |
|
Designation : |
Director |
|
Address : |
Flat No. 1001, Glen Eagle G D Ambedkar Marg, Parle Village, Mumbai-400013, Maharashtra,
India |
|
Date of Birth/Age : |
05.07.1960 |
|
Date of Appointment : |
20.06.2013 |
|
Din No.: |
06588114 |
|
|
|
|
Name : |
Mr. Ramesh Chandra Baliarsingh
|
|
Designation : |
Director |
|
Address : |
B 102, 40, Diamond Court, Napean Sea Road,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1956 |
|
Date of Appointment : |
06.02.2013 |
|
Din No.: |
06467717 |
|
|
|
|
Name : |
Yoshio Takeyama |
|
Designation : |
Director |
|
Address : |
2100-11, Chigasaki City, Kangawa
Prefecture, Japan |
|
Date of Birth/Age : |
11.02.1954 |
|
Date of Appointment : |
30.04.2012 |
|
Din No.: |
05252445 |
|
|
|
|
Name : |
Mr. Arun Tiwari |
|
Designation : |
Director |
|
Address : |
1002, Vivaria, B Wing, Anandrao
Nair Road, Jacob Circle, Mumbai – 400011, Maharashtra,
India |
|
Date of Birth/Age : |
01.07.1957 |
|
Date of Appointment : |
05.08.2014 |
|
Din No.: |
05345547 |
|
|
|
|
Name : |
Mr. Rajaveloo Koteeswaran |
|
Designation : |
Director |
|
Address : |
C-4, Shanaz 90, Napean
Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
10.06.1956 |
|
Date of Appointment : |
26.10.2013 |
|
Din No.: |
06752296 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Kumar |
|
Designation : |
Secretary |
|
Address : |
PH-7, 13th Floor, B-Wing, Maruti
Paradise, Sector 15, CBD Belapur, Navi Mumbai-400614, Maharashtra,
India |
|
Date of Birth/Age : |
11.03.1973 |
|
Date of Appointment : |
08.02.2012 |
|
Pan No.: |
ANLPK8950H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Bank of India, India |
|
119999998 |
|
Union Bank of India, India |
|
64999999 |
|
Gopal |
|
1 |
|
The Dai-Ichi Mutual Life Insurance Company, Japan |
|
64999999 |
|
Pawan Kumar Bajaj |
|
1 |
|
Vivek Jayawant Mhatre |
|
1 |
|
Nakamura Masakazu |
|
1 |
|
TOTAL
|
|
250000000 |
Equity Share Break up (Percentage of Total Equity)
As on 20.09.2014
|
Category |
Percentage |
|
Nationalised or other banks |
74.00 |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Life insurance
Business. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. K. SABAT and Company Chartered Accountants |
|
Address : |
602/603, Subham Centre-2, Premises
Co-Operative Society, Chakala Road, Andheri East, Mumbai – 400099, Maharashtra,
India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFA4921K |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 Millions |
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 |
2500.000 |
2500.000 |
2500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1700.000 |
1700.000 |
1700.000 |
|
|
4] Credit/ Debit Fair Value Charge Account |
(0.899) |
(7.253) |
(8.850) |
|
|
5] (Accumulated Losses) |
(1888.844) |
(1423.440) |
(949.452) |
|
|
NETWORTH |
2310.257 |
2769.307 |
3241.698 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Credit/ Debit Fair Value Change Account |
(1.751) |
(13.193) |
2.279 |
|
|
2] Policy Liability |
15314.754 |
11562.922 |
7006.733 |
|
|
3] Surrendered Policies Fund Liabilities |
0.000 |
9.558 |
9.990 |
|
|
4] Provision for Linked Liabilities |
28024.870 |
23786.427 |
18707.193 |
|
|
TOTAL BORROWING |
43337.873 |
35345.714 |
25726.195 |
|
|
DEFERRED TAX LIABILITIES |
64.239 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
45712.369 |
38115.021 |
28967.893 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
259.426 |
296.395 |
274.991 |
|
|
SHAREHOLDERS |
1768.914 |
2215.576 |
2584.803 |
|
|
|
|
|
|
|
|
ASSETS HELD TO COVER INKED LIABILITIES |
28024.949 |
23786.541 |
18707.271 |
|
|
POLICYHOLDERS |
14086.633 |
10819.674 |
6521.643 |
|
|
LOANS |
29.310 |
9.349 |
0.191 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
693.436
|
1090.559
|
1397.638
|
|
|
Other Current Assets |
4126.447
|
1642.611
|
915.284
|
|
|
Loans & Advances |
100.558
|
90.169
|
71.417
|
|
Total
Current Assets |
4920.441
|
2823.339
|
2384.339
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
106.252
|
149.211
|
238.502
|
|
|
Other Current Liabilities |
3265.560
|
1681.956
|
1551.071
|
|
|
Provisions |
5.492
|
4.686
|
3.755
|
|
Total
Current Liabilities |
3377.304
|
1835.853
|
1793.328
|
|
|
Net Current Assets |
1543.137
|
987.486
|
591.011
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
DEBIT BALANCE OF REVENUE ACCOUNT |
0.000 |
0.000 |
287.983 |
|
|
|
|
|
|
|
|
TOTAL |
45712.369 |
38115.021 |
28967.893 |
|
REVENUE ACCOUNT
POLICYHOLDERS
ACCOUNT [TECHNICAL ACCOUNT]
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Premium Earned
Net |
|
|
|
|
Premium |
9487.508 |
10687.970 |
12719.464 |
|
Reinsurance Earned |
(25.616) |
(22.992) |
(14.190) |
|
Reinsurance Accepted |
0.0000 |
0.000 |
0.000 |
|
Income From
Investment |
|
|
|
|
Interest, Dividend and Rent (Net of Amortization) |
2167.221 |
1519.669 |
812.335 |
|
Profit on Sale / Redemption of Investment |
1258.702 |
646.137 |
441.332 |
|
Loss on Sale / Redemption of Investment |
(603.293) |
(310.847) |
(436.712) |
|
Transfer / Gain on Revaluation / Charge in Fair Value |
0.000 |
0.000 |
0.000 |
|
Unrealsed Gain / (Loss) |
2360.164 |
804.303 |
(553.027) |
|
Appropriation and Expropriation |
0.000 |
0.000 |
0.000 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Contribution from Shareholders Account |
954.390 |
681.647 |
0.000 |
|
Fees and Charges |
0.000 |
0.000 |
0.000 |
|
Miscellaneous Income |
125.538 |
44.023 |
31.435 |
|
Total |
15724.614 |
14049.910 |
13000.637 |
|
|
|
|
|
|
Commission |
735.377 |
583.394 |
513.688 |
|
Operating Expenses related to Insurance Business |
2186.013 |
1709.925 |
1540.697 |
|
Provision for Doubtful Debts |
0.000 |
0.000 |
0.000 |
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
Provision for Tax (Fringe Benefit Tax) |
0.000 |
0.000 |
0.000 |
|
Provision (Other than taxation) |
0.000 |
0.000 |
0.000 |
|
For diminution in the value of Investment |
0.000 |
0.000 |
0.000 |
|
Other |
0.000 |
0.000 |
0.000 |
|
Total |
2921.390 |
2293.319 |
2054.385 |
|
|
|
|
|
|
Benefit Paid (Net) |
4409.343 |
1818.222 |
162.620 |
|
Interim Bonus Paid |
0.286 |
0.000 |
0.000 |
|
Change in
valuation of liability in respect of life policies |
|
|
|
|
Gross |
3880.959 |
4599.951 |
4514.195 |
|
Amount ceded in Reinsurance |
(138.685) |
(44.195) |
(36.134) |
|
Amount accepted in Reinsurance |
0.000 |
0.000 |
0.000 |
|
Transfer to Linked Funds |
4238.443 |
5079.233 |
6970.285 |
|
Total |
7980.717 |
11453.211 |
11610.966 |
|
Surplus (Deficits) |
348.639 |
303.380 |
(664.714) |
|
Appropriation |
|
|
|
|
Transfer to shareholders accounts |
348.639 |
303.380 |
(403.719) |
|
Transfer to balance sheet |
0.000 |
0.000 |
(260.995) |
|
Balance being funds for future appropriation |
64.239 |
0.000 |
0.000 |
|
Total |
412.878 |
303.380 |
(664.714) |
|
Details of Total Surplus |
|
|
|
|
Interim Bonus Paid |
0.286 |
0.000 |
0.000 |
|
Allocation of Bonus to Policyholders |
261.050 |
332.719 |
0.000 |
|
Surplus Shown in Revenue Account |
412.878 |
303.380 |
(664.714) |
|
Total Surplus |
674.214 |
636.099 |
(664.714) |
PROFIT & LOSS
ACCOUNT
SHAREHOLDERS
ACCOUNT [NON-TECHNICAL ACCOUNT]
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Interest, Dividend and Rent – Gross |
158.609 |
197.907 |
246.365 |
|
|
|
Amounts Transferred from the Policyholders
Account |
348.639 |
303.380 |
(403.719) |
|
|
|
Profit on Sales/redemption of Investments |
18.559 |
32.228 |
20.173 |
|
|
|
Loss on Sale/redemption of Investments |
(11.692) |
(6.001) |
(11.605) |
|
|
|
Other Income |
1.121 |
1.104 |
1.259 |
|
|
|
TOTAL |
515.236 |
528.618 |
(147.527) |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expense Other than those directly related to the Insurance Business |
19.201 |
17.635 |
106.177 |
|
|
|
Contribution to the Policyholders Account – Participating |
0.000 |
74.081 |
0.000 |
|
|
|
Contribution to the Policyholders Account – Group Life |
0.000 |
26.600 |
0.000 |
|
|
|
Contribution to the Policyholders Account - Group Annuity |
1.927 |
0.000 |
0.000 |
|
|
|
Contribution to the Policyholders Account - Non Par Life |
571.352 |
0.000 |
0.000 |
|
|
|
Contribution to the Policyholders Account - Non Par Annuity |
3.064 |
14.155 |
0.000 |
|
|
|
Contribution to the Policyholders Account – Linked Life |
378.047 |
566.811 |
0.000 |
|
|
|
TOTAL |
973.591 |
699.282 |
106.177 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(458.355) |
(170.664) |
(253.704) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7.049 |
15.341 |
2.269 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(465.404) |
(186.005) |
(255.973) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(1423.440) |
(949.452) |
(693.479) |
|
|
|
BALANCE AT THE
BEGINNING OF THE YEAR – PARTICIPATING POLICYHOLDERS |
0.000 |
(287.983) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(188.844) |
(1423.440) |
(949.452) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.86) |
(0.74) |
(1.02) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(90.33) |
(35.19)
|
(173.51)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.85)
|
(5.47)
|
(9.54)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20)
|
(0.06)
|
(0.08)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
18.76
|
12.76
|
7.94
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.54
|
1.33
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
2500.000 |
2500.000 |
2500.000 |
|
Reserves & Surplus |
1700.000 |
1700.000 |
1700.000 |
|
Net worth |
4200.000 |
4200.000 |
4200.000 |
|
|
|
|
|
|
Total borrowings |
25726.195 |
35345.714 |
43337.873 |
|
Total
borrowings |
25726.195 |
35345.714 |
43337.873 |
|
Debt/Equity
ratio |
6.125 |
8.416 |
10.319 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
(147.527) |
528.618 |
515.236 |
|
|
|
(458.319) |
(2.532) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
(147.527) |
528.618 |
515.236 |
|
Profit |
(255.973) |
(186.005) |
(465.404) |
|
|
173.51% |
(35.19%) |
(90.33%) |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: 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 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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
BACKGROUND:
Subject ('the
Company') a joint venture between Bank of India (48%), Union Bank of India
(26%) and The Dai-Ichi Life Insurance Company Limited, Japan (26%) was
incorporated on 25th September 2007 as a company under the Companies
Act, 1956 ('the Act'). The Company is licensed by the Insurance Regulatory and
Development Authority ('IRDA') on 26th December 2008 for carrying on
life insurance business in India.
The Company
commenced Life Insurance Business w.e.f 9th
February 2009. The Company's life insurance business comprises individual life
participating, non-participating Individual, Group business, Annuity and Unit
Linked Individual Life and pension segments. Some of these policies have riders
attached to them such as Accident and Disability Benefits, Critical Illness.
These products are distributed through corporate agents. During the year the
company has launched the Agency Channel on pilot basis for distribution of its
products.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
in millions) |
31.03.2013 (Rs.
in millions) |
|
Claims, other
than those under policies, not acknowledged as debts* |
0.175 |
0.175 |
|
Statutory demand
liabilities in dispute, not provided for * |
860.504 |
0.170 |
|
Claims under policies
not acknowledged as debts # |
10.120 |
1.692 |
|
Other amount
towards work done, pending crystallization of liability |
0.000 |
7.209 |
|
TOTAL |
870.799 |
9.246 |
FIXED ASSETS:
· Land
· Buildings
· Furniture and Fixture
· Vehicles
· Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
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 |
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 |
|
46 |
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.