MIRA
INFORM REPORT
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Report No. : |
334379 |
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Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
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Name : |
EDELWEISS TOKIO LIFE INSURANCE COMPANY LIMITED (w. e. f. 08.01.2010) |
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Formerly Known
As : |
EDELWEISS TOKIO LIFE INSURANCE LIMITED (w. e. f.
22.12.2009) EDELWEISS LIFE INSURANCE LIMITED |
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Registered
Office : |
Edelweiss House, Off |
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Tel. No.: |
91-22-40863577/ 40094400 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.11.2009 |
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Com. Reg. No.: |
11-197336 |
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Capital
Investment / Paid-up Capital : |
Rs. 1802.865 Million |
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CIN No.: [Company Identification
No.] |
U66010MH2009PLC197336 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME07940C |
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PAN No.: [Permanent Account No.] |
AACCE2709H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Life Insurance. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The company has incurred a loss from its operations. However, networth
of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow
but correct. 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.
EXTERNAL AGENCY RATING
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
31-03-2013.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (91-22-40094400 / 40863577)
LOCATIONS
|
Registered Office : |
Edelweiss House, Off C.S.T Road, Kalina, Mumbai – 400098, Maharashtra, India |
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Tel. No. : |
91-22-40863577/ 40094400 |
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Fax No. : |
91-22-43428161 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON: 08.08.2013
|
Name : |
Rashesh Chandrakant Shah |
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Designation : |
Chairman |
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Address : |
B‐233, 10th Floor, Kalpataru Horizon‐B, S K Ahire Marg, Worli, Mumbai ‐ 400018, Maharashtra, India |
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Date of Birth/Age : |
30.09.1963 |
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Date of Appointment : |
25.11.2009 |
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DIN No. : |
00008322 |
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Name : |
Venkatchalam Arakoni Ramaswamy |
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Designation : |
Non‐Executive Director |
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Address : |
142, Beach Apt., 14th Floor, P. Balu Road, Prabhadevi, Mumbai ‐ 400025, Maharashtra, India |
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Date of Birth/Age : |
12.08.1966 |
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Date of Appointment : |
25.11.2009 |
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DIN No. : |
00008509 |
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Name : |
Rajendra Prasad Singh |
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Designation : |
Independent Director |
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Address : |
11.818, Vasundhra, Ghaziabad ‐ 201012, Uttar Pradesh, India |
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Date of Birth/Age : |
05.01.1953 |
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Date of Appointment : |
20.05.2010 |
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DIN No. : |
03016827 |
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Name : |
Vaidyanathan Panchapagesan |
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Designation : |
Independent Director |
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Address : |
7AB, Kences Enclave, Block III, No.1, Ramakrishna Street, T Nagar, Chennai ‐ 600017, Tamilnadu, India |
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Date of Birth/Age : |
29.10.1947 |
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Date of Appointment : |
01.11.2011 |
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DIN No. : |
00029503 |
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Name : |
Lee King Chi Arthur |
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Designation : |
Nominee Director |
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Address : |
28, Leedon Road, Singapore 267848 |
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Date of Birth/Age : |
25.06.1960 |
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Date of Appointment : |
14.05.2012 |
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DIN No. : |
03547730 |
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Name : |
Rujan Harchand Panjwani |
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Designation : |
Additional Director |
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Date of Birth/Age : |
07.04.1963 |
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Date of Appointment : |
21.10.2013 |
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DIN No. : |
00237366 |
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Name : |
Mr. Deepak Chandra Mittal |
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Designation : |
Managing director |
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Address : |
1103, Tower - B, Ashok Towers, Dr. SS Rao Road, Parel, Opposite Gandhi Hospital, Mumbai-400012, Maharashtra, India |
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Date of Appointment : |
25.11.2009 |
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DIN No. : |
00010337 |
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Name : |
Mr. Pudugramam Narayanaswamy Venkatachalam |
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Designation : |
Additional director |
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Address : |
Flat No.3C, Settlur Manor, No.2, Sivaswamy Street, Opposite Dr. Radhakrishnan Salai, Mylapore, Chennai-600004, Tamil Nadu, India |
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Date of Appointment : |
18.07.2014 |
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DIN No. : |
00499442 |
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Name : |
Mrs. Shabnam Rujan Panjwani |
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Designation : |
Additional director |
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Address : |
26th Hemprabha Building, 7th Floor, Marine Drive, Mumbai-400020, Maharashtra, India |
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Date of Appointment : |
27.03.2015 |
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DIN No. : |
02057371 |
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Name : |
Mr. Ian Brimecome |
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Designation : |
Nominee director |
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Address : |
The Matrix, Canehouse Lane, Rake, Liss Hampshire, 0, United Kingdom |
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Date of Appointment : |
01.04.2015 |
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DIN No. : |
02992778 |
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Name : |
Mr. Kichiichiro Yamamoto |
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Designation : |
Nominee director |
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Address : |
3-11-27 Kugenuma-Fujigaya, Fujisawa-Shi, Kanagawa-Ken, Fujisawa-14205, Japan |
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Date of Appointment : |
01.04.2015 |
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DIN No. : |
07128534 |
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Name : |
Mr. Himanshu Nalin Kaji |
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Designation : |
Director |
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Address : |
C/7 Ishwar Niwas Sicka Nagar, V. P. Road, Mumbai-400004, Maharashtra, India |
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Date of Appointment : |
15.05.2014 |
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DIN No. : |
00009438 |
KEY EXECUTIVES
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Name : |
Tarun Khurana |
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Designation : |
Secretary |
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Address : |
201, 2nd Floor, Emp ‐ 65, Emp, Thakur Village, Kandivali (East), Mumbai ‐ 400101, Maharashtra, India |
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Date of Birth/Age : |
02.04.1972 |
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Date of Appointment : |
01.04.2011 |
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PAN No. : |
AELPK1484K |
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Name : |
Mr. Ravi Shankar |
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Designation : |
AVP Finance |
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Name : |
Sarju Pravin Simaria |
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Designation : |
Chief Financial Officer |
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Address : |
Flat No-307, B- Wing, 3rd Floor, Raj Classic, Panch Marg, Off Yari Road Versova, Andheri (West), Mumbai, 400061, Maharashtra, India |
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Date of Appointment : |
15.05.2014 |
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PAN No. : |
AAWPS9499P |
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Name : |
Preeti Chhabria |
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Designation : |
Secretary |
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Address : |
9/10 Happy Dreams Premises, Plot No. 453, Road No. 33, Bandra (West), Mumbai, 400050, Maharashtra, India |
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Date of Appointment : |
01.08.2014 |
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PAN No. : |
AFEPC4850R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 08.08.2013
|
Names of Shareholders |
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No. of Shares |
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Edelweiss Financial Services Limited, India |
|
110999994 |
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Mr. Rashesh Shah (Nominee of Edelweiss Financial Services Limited, India) |
|
1 |
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Mr. Venkat Ramaswamy (Nominee of Edelweiss Financial Services Limited, India) |
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1 |
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Mr. Vikas Khemani (Nominee of Edelweiss Financial Services Limited, India) |
|
1 |
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Mr. Deepak Mittal (Nominee of Edelweiss Financial Services Limited, India) |
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1 |
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Tokio Marine and Nichido Fire Insurance Company Limited, Tokyo |
|
39000000 |
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Mr. Himanshu Kaji (Nominee of Edelweiss Financial Services Limited, India) |
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1 |
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Mr. Sarju Simaria (Nominee of Edelweiss Financial Services Limited, India) |
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1 |
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Total |
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150000000 |
AS ON: 06.09.2013
|
Names of Allottees |
|
No. of Shares |
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Edelweiss Financial Services Limited, India |
|
22412010 |
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Tokio Marine and Nichido Fire Insurance Company Limited, Japan |
|
7874490 |
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Total |
|
30286500 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 08.08.2013
|
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
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Line of Business : |
Subject is engaged in the business of Life Insurance. |
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Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
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Auditors : |
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Name : |
NGS and Company LLP Chartered Accountants |
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Address : |
B-46, 3rd Floor, Pravasi Industrial Estate, VishweshwarNagar Road, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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PAN No.: |
AABFS3313D |
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Name : |
M.P. Chitale and Company Chartered Accountants |
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Address : |
Hamam House, 1st Floor, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India |
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PAN No.: |
AAAFM2282Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Edelweiss Financial Services Limited |
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Joint Venture Partner : |
Tokio Marine and Nichido Fire Insurance Company Limited |
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Holding Company of Joint Venture Partner : |
Tokio Marine Holdings Inc. |
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Fellow Subsidiaries with whom transaction have taken place : |
· Edelweiss Securities Limited Edelweiss Commodities Services Limited ECL Finance Limited Edelweiss Insurance Brokers Limited Edelweiss Broking Limited Edelweiss Finance and Investments Limited Edelweiss Financial Advisors Limited Edelweiss Global Wealth Management Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1850.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180,286,500 |
Equity Shares |
Rs.10/- each |
Rs. 1802.865 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
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|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
Share Capital |
1802.865 |
1500.000 |
1500.000 |
|
|
Reserves & Surplus |
6197.116 |
3999.981 |
3999.981 |
|
|
Credit / (Debit) fair value change account (Net) |
3.759 |
(2.144) |
0.553 |
|
|
NETWORTH |
8003.740 |
5497.837 |
5500.534 |
|
|
|
|
|
|
|
|
BORROWINGS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
POLICYHOLDERS'
FUNDS |
|
|
|
|
|
Credit/(Debit) Fair Value Change Account (Net) |
0.000 |
0.000 |
0.010 |
|
|
Policy Liabilities |
708.531 |
228.666 |
33.953 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
|
Provision for Linked Liabilities |
238.063 |
133.064 |
22.952 |
|
|
Add: Credit/ (Debit) Fair value change account |
9.571 |
0.991 |
0.536 |
|
|
Total Provision For Linked Liabilities |
247.634 |
134.055 |
23.488 |
|
|
TOTAL BORROWING |
956.165 |
362.721 |
57.451 |
|
|
|
|
|
|
|
|
FUNDS FOR
DISCONTINUED POLICIES |
|
|
|
|
|
Discontinued on account of non-payment of premium |
25.026 |
9.735 |
0.145 |
|
|
Others |
0.000 |
0.000 |
0.000 |
|
|
Funds For Future Appropriations (Linked) |
0.000 |
0.000 |
0.000 |
|
|
Deferred Tax Liabilities |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8984.931 |
5870.293 |
5558.130 |
|
|
|
|
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APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
194.391 |
175.190 |
182.060 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Shareholders' |
5533.384 |
3957.244 |
4838.998 |
|
|
Policyholders' |
704.189 |
268.660 |
83.451 |
|
|
Assets Held To Cover Linked Liabilities |
272.660 |
143.790 |
23.488 |
|
|
Loans |
0.484 |
0.016 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
200.786 |
125.505 |
41.442 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
978.273 |
621.347 |
223.005 |
|
Total
Current Assets |
1179.059
|
746.852
|
264.447 |
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
94.469 |
96.946 |
8.468 |
|
|
Other Current Liabilities |
319.346 |
184.851 |
71.978 |
|
|
Provisions |
117.491 |
79.160 |
46.118 |
|
Total
Current Liabilities |
531.306
|
360.957
|
126.564 |
|
|
Net Current Assets |
647.753 |
385.895 |
137.883 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Debit Balance in Profit and Loss Account (Shareholders
Account) |
1632.070 |
939.498 |
292.250 |
|
|
Debit Balance in Revenue Account (Policyholders' Account) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8984.931 |
5870.293 |
5558.130 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
Income From
Investments |
|
|
|
||
|
|
|
(a) Interest, Dividends Gross, And Amortization (Net) |
402.637 |
336.519 |
345.578 |
|
|
|
|
(b) Profit on sale/ redemption of investments |
182.143 |
208.951 |
156.995 |
|
|
|
|
(c) (Loss on sale/ redemption of investments) |
(111.783) |
(129.699) |
(80.108) |
|
|
|
|
(d) Transfer / Gain on revaluation / change in fair value |
0.000 |
0.000 |
0.000 |
|
|
|
|
(e) Amortization of premium / discount on investments |
0.000 |
0.000 |
0.000 |
|
|
|
|
Other Income |
35.321 |
20.280 |
0.104 |
|
|
|
|
TOTAL |
508.318 |
436.051 |
422.569 |
|
|
|
|
|
|
|
||
|
Less: |
EXPENSES |
|
|
|
||
|
|
Expenses other than those directly related to the
insurance business |
9.740 |
3.293 |
32.191 |
||
|
|
Bad debts written 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' Account (Technical Account) |
1191.408 |
1080.006 |
571.075 |
||
|
|
|
TOTAL |
1201.148 |
1083.299 |
603.266 |
|
|
|
|
|
|
|
||
|
|
PROFIT / (LOSS)
BEFORE TAX |
(692.830) |
(647.248) |
(180.697) |
||
|
|
|
|
|
|
||
|
Less: |
TAX |
(0.258) |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT / (LOSS)
AFTER TAX |
(692.572) |
(647.248) |
(180.697) |
||
|
|
|
|
|
|
||
|
Add: |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(939.498) |
(292.250) |
(111.553) |
||
|
|
|
|
|
|
||
|
|
BALANCE / (LOSS)
CARRIED TO THE B/S |
(1632.070) |
(939.498) |
(292.250) |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(4.14) |
(4.31) |
(1.27) |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.484 |
0.016 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash Flow from used in Operating Activities |
(775.500) |
(813.458) |
(448.514) |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1500 |
1500 |
1802.865 |
|
Reserves & Surplus |
3999.981 |
3999.981 |
6197.116 |
|
Net worth |
5499.981 |
5499.981 |
7999.981 |
|
|
|
|
|
|
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 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
422.569 |
436.051 |
508.318 |
|
|
|
3.190 |
16.573 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
422.569 |
436.051 |
508.318 |
|
Profit |
(180.697) |
(647.248) |
(692.572) |
|
|
(42.76%) |
(148.43%) |
(136.25%) |
REVENUE ACCOUNT
POLICYHOLDER’S ACCOUNT (TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Premium Earned –
Net |
|
|
|
|
|
a) Premium |
1109.039 |
548.329 |
108.827 |
|
|
b) Reinsurance Ceded |
(46.968) |
(23.558) |
(1.628) |
|
|
c) Reinsurance accepted |
0.000 |
0.000 |
0.000 |
|
|
Sub-total |
1062.071 |
524.771 |
107.199 |
|
|
|
|
|
|
|
|
Income
from investments |
|
|
|
|
|
a) interest, Dividend Gross, and Amortization (Net) |
42.246 |
13.820 |
0.580 |
|
|
b) Profit on sale / Redemption of investments |
27.566 |
9.001 |
1.780 |
|
|
c) (Loss) on sale / Redemption of investments |
(7.617) |
(1.848) |
(0.417) |
|
|
d) Transfer/Gain (Loss) on revaluation / change in fair value |
8.580 |
0.455 |
0.536 |
|
|
Sub-total |
70.775 |
21.428 |
2.479 |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
a) contribution from the shareholders account |
1191.408 |
1080.006 |
571.075 |
|
|
b) Other Income |
0.220 |
0.089 |
0.003 |
|
|
Sub-total |
1191.628 |
1080.095 |
571.078 |
|
|
|
|
|
|
|
|
Total (A) |
2324.474 |
1626.294 |
680.756 |
|
|
|
|
|
|
|
|
Commission |
145.892 |
74.655 |
15.892 |
|
|
Operating expenses related to insurance business |
1515.406 |
1225.066 |
607.212 |
|
|
Provision for Doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
|
Provision for tax |
|
|
|
|
|
(a) Income Tax |
0.000 |
0.000 |
0.000 |
|
|
Provision (other than taxation) |
|
|
|
|
|
a) for diminution in value of investments (net) |
0.000 |
0.000 |
0.000 |
|
|
b) others |
0.000 |
0.000 |
0.000 |
|
|
Total (B) |
1661.298 |
1299.721 |
623.104 |
|
|
|
|
|
|
|
|
Benefits paid (Net) |
54.411 |
11.702 |
0.066 |
|
|
Interim Bonus Paid |
0.031 |
0.000 |
0.000 |
|
|
Change in valuation of liabilities in respect of life policies |
|
|
|
|
|
a) Gross |
1120.323 |
647.123 |
157.878 |
|
|
b) (Amount ceded in Re-insurance) |
(511.589) |
(332.252) |
(100.292) |
|
|
c) Amount accepted in Re-insurance |
0.000 |
0.000 |
0.000 |
|
|
Total (C) |
663.176 |
326.573 |
57.652 |
|
|
|
|
|
|
|
|
Surplus / (Deficit)
(D)= (A)-(B)-(C) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Appropriations |
|
|
|
|
|
Transfer to shareholders account |
0.000 |
0.000 |
0.000 |
|
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
Balance being funds for future appropriation |
0.000 |
0.000 |
0.000 |
|
|
Total (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
The total surplus mentioned below |
|
|
|
|
|
a) interim Bonuses paid |
0.031 |
0.000 |
0.000 |
|
|
b) allocation of bonus to policyholders |
27.974 |
5.779 |
0.000 |
|
|
c) surplus/(Deficit) shown in the revenue account |
0.000 |
0.000 |
0.000 |
|
|
Total Surplus
[(a)+(b)+(c)] |
28.005 |
5.779 |
0.000 |
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 |
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 |
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 |
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 |
BACKGROUND:
Subject is a Joint Venture between Edelweiss Financial Services Limited and Tokio Marine and Nichido Fire Insurance Company Limited and was incorporated on 25.11.2009 as a Company under the Companies Act, 1956. The Company obtained license from the Insurance Regulatory and Development Authority (“IRDA”) for carrying on the business of Life Insurance on 10 May 2011. The company has a range of Insurance products for Individual and Group business in both Traditional and Unit-Linked insurance segments offered in the market.
BUSINESS PROGRESS:
It was challenging business environment in FY14 on account of a combination of factors including macro-economic uncertainty and changing regulatory environment especially on the product front. During the year, the Company focused on adjusting its channel force to align to the new product regime and also aligned its cost structures to emerging business model.
During the year, the company has opened 13 new branches. There was a significant change in the existing regulations on Places of Business and the new Regulations permit the opening of new branches in Tier 2 cities and below without the prior approval of the Regulator.
The company distributes its products and renders services through its 60 officer as well as 7255 individual agents, 2 corporate agents, 1 micro insurance agent, brokers and online channel. The company’s employees, Agents and the distribution team strived hard in reaching out to cater to the needs of customers and towards achieving the objective of the company.
The company has entered into tie-up with new Corporate Agent and brokers, with an aim to maintain its strong position in the segment and strengthening the distribution channel spread.
AWARDS AND
RECONGNITIONS:
The company won the
following awards during the year:
· “The Rising Star Insurer” Award at The Indian Insurance Awards
InfoSec
Award in the Maestros Category.
INDEX OF CHARGES:
No Charges Exist for the Company
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
Statutory demands/liabilities in dispute, not provided for |
10.284* |
0.000 |
NOTE:
*the company has received show cause-cum-demand notice relating to Service tax demand amounting to Rs. 10.284 Million from the service tax department, which is being contested.
FIXED ASSETS:
· Goodwill
Computer
Software
Land-Freehold
Leasehold
Improvements
Furniture
and Fittings
Information
Technology Equipments
Vehicle
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, 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. 64.01 |
|
UK Pound |
1 |
Rs. 99.83 |
|
Euro |
1 |
Rs. 70.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
THR |
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 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.