MIRA INFORM REPORT
|
Report No. : |
339841 |
|
Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE GENERALI
INDIA LIFE INSURANCE COMPANY LIMITED [w.e.f. 18.04.2007] |
|
|
|
|
Formerly Known As
: |
FUTURE GENERALI INDIA LIFE ASSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, Tower 3, Indiabulls Finance Centre, Senapati Bapat Marg,
Elphinstone Road (West), Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-40976913/ 40976666 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.10.2006 |
|
|
|
|
Com. Reg. No.: |
11-165288 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 14520.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2006PLC165288 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF04761B |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCF0190Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Providing Insurance and Financial Services. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
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 |
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|
|
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Litigation : |
Exist |
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|
|
Comments : |
Subject is a part of a “Future Group”. It is an established company
incorporated in the year 2006 having a satisfactory track record. Subject is engaged in the business as Providing of Insurance and
Financial Services. The company has incurred some accumulated losses. However, the rating
derive strength from its strong group Further, the rating also takes into consideration rich experience of
its promoters and established market position. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. In view of strong group support, the company can be considered normal
for business dealings at usual trade terms and condition. |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Samir |
|
Designation : |
Branch Manager |
|
Contact No.: |
91-22-40779393 |
|
Date : |
05.09.2015 |
LOCATIONS
|
Registered Office : |
6th Floor,
Tower 3,
Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (West),
Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-40976913/ 40976666 |
|
Fax No.: |
91-22-40976600 |
|
E-Mail : |
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|
Website : |
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|
Branches : |
Located at: Ø 104/105, 1st
Floor, Neelyog Square, P.B. Mehta Road, Near Ghatkopar Station (East), Mumbai
– 400075, Maharashtra, India Ø 1st
Floor, Jalaram Business Centre, Above Axis bank, Ganjawala Lane, Borivali
(West), Mumbai – 400092, Maharashtra, India Tel No.: 91-22-40779393 Ø DGP House, 1st
Floor, 88-C, Old Prabhadevi Road, Dadar (West), Mumbai – 400025, Maharashtra,
India Tel No.: 91-22-66152000 Ø 1st
Floor, No. 3 and 3A, Rahimtoola House, 7 Homji Street, Fort, Mumbai – 400001,
Maharashtra, India |
DIRECTORS
As on 25.07.2014
|
Name : |
Mr. Munish Sharda |
|
Designation : |
Managing director and CEO |
|
Address : |
D-191, The Icon, DLF PH - V,
Gurgaon-122002, Haryana, India |
|
Date of Appointment : |
03.01.2014 |
|
DIN No.: |
06796060 |
|
|
|
|
Name : |
Mr. Krishan Kant Rathi |
|
Designation : |
Director |
|
Address : |
B – 72, Dakshina Park, N. S. Road, 10, JVPD Scheme, Andheri (West),
Mumbai – 400049, Maharashtra, India |
|
Date of Appointment : |
30.10.2006 |
|
DIN No.: |
00040094 |
|
|
|
|
Name : |
Mr. Kishore Laxminarayan Biyani |
|
Designation : |
Director |
|
Address : |
406, Jeevan Vihar, |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00005740 |
|
|
|
|
Name : |
Mr. Ooi Kim Chai |
|
Designation : |
Director |
|
Address : |
A-33-4 |
|
Date of Appointment : |
12.08.2008 |
|
DIN No.: |
01701888 |
|
|
|
|
Name : |
Mr. Ghyanendra Nath Bajpai |
|
Designation : |
Chairman |
|
Address : |
131 Shaan Apartment, K D Marg, Prabhadevi, Mumbai – 400028, |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00946138 |
|
|
|
|
Name : |
Mr. Bidhubhusan Samal |
|
Designation : |
Director |
|
Address : |
1101, Lokhandawalla Galaxy, Junction of K.K. & N. M. Joshi Marg,
Mumbai- 400011, Maharashtra, India |
|
Date of Appointment : |
30.05.2014 |
|
DIN No.: |
00007256 |
|
|
|
|
Name : |
Dr. Devi Singh |
|
Designation : |
Director |
|
Address : |
Indian Institute of Management, Prabandh Nagar, Off Sitapur Road,
Lucknow – 226103, Uttar Pradesh, India |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
00015681 |
KEY EXECUTIVES
|
Name : |
Mr. Madan Gopal Banarasilal Jalan |
|
Designation : |
SVP-Legal and Compliance and Company Secretary |
|
Address : |
1801 C Tower,
Oberoi Woods, Off Western Express Highway, Jogeshwari [East], Mumbai –
400063, Maharashtra, India |
|
Date of Appointment : |
14.01.2008 |
|
PAN No.: |
AAMPJ8450B |
|
|
|
|
Name : |
Mr. Samir |
|
Designation : |
Branch Manager |
|
|
|
|
Name : |
Mr. Rajesh Parmar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Future Retail Limited (Formerly Known as Pantaloon Retail (India) Limited, India) |
|
43560000 |
|
Future Retail Limited (Formerly Known as Pantaloon Retail (India) Limited, India) Jointly with Mr. Krishan Rathi |
|
1 |
|
Future Retail Limited (Formerly Known as Pantaloon Retail (India) Limited, India) Jointly with Mr. Chandra Prakash Toshniwal |
|
1 |
|
Future Retail Limited (Formerly Known as Pantaloon Retail (India) Limited, India) Jointly with Mr. Rajesh Kalyani |
|
1 |
|
Future Retail Limited (Formerly Known as Pantaloon Retail (India) Limited, India) Jointly with Mr. Deepak Tanna |
|
1 |
|
Future Retail Limited (Formerly Known as Pantaloon Retail (India) Limited, India) Jointly with Mr. Sanjay Rathi |
|
1 |
|
Future Retail Limited (Formerly Known as Pantaloon Retail (India) Limited, India) Jointly with Mr. Vimal Dhruve |
|
1 |
|
Sprint Advisory Services Private Limited, India |
|
711480000 |
|
Participate Maatschappaij Graafsschap Holland NV |
|
370260000 |
|
Industrial Investment Trust Limited (IITL), India |
|
326700000 |
Equity Share Break up (Percentage of Total Equity)
As on 25.07.2014
|
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 |
25.50 |
|
Bodies corporate |
74.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance and Financial Services. |
|
|
|
|
Products/ Services : |
Not Available |
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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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|
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Terms : |
Not Divulged |
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 : |
|
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Auditors : |
|
|
Name : |
M.M. Nissim and Company Chartered Accountants |
|
Address : |
Barodawala Mansion, B Wing, 3rd Floor, 81, Dr. A B Road, Worli,
Mumbai –
400018,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFM5103E |
|
|
|
|
Auditors 2 : |
|
|
Name : |
G.M. Kapadia and Company Chartered Accountants |
|
Address : |
1007, Raheja Chambers, 213, Nariman Point, Mumbai-400021, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 20000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,452,000,000 |
Equity Shares |
Rs.10/- each |
Rs.
14520.000 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 |
14520.000 |
14520.000 |
12030.000 |
|
|
Share Application Money Pending Allotment |
0.000 |
0.000 |
1241.000 |
|
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
Credit/(Debit)/ Fair Value Change Account |
(0.103) |
(2.331) |
(4.674) |
|
|
Sub-Total |
14519.897 |
14517.669 |
13266.326 |
|
|
|
|
|
|
|
|
Policyholders Funds |
|
|
|
|
|
Credit/(Debit)/ Fair Value Change Account |
0.000 |
0.000 |
0.000 |
|
|
Policy Liabilities |
12543.350 |
9425.970 |
6130.444 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
|
Provision for Linked Liabilities |
8931.967 |
9151.999 |
8431.227 |
|
|
Sub-Total |
21475.317 |
18577.969 |
14561.671 |
|
|
|
|
|
|
|
|
Funds for Future Appropriations |
|
|
|
|
|
Reserve for Lapsed Unit-Linked Policies |
0.000 |
0.000 |
0.000 |
|
|
Funds for Discontinued Policies |
|
|
|
|
|
(i) Discontinued on Account of Non-Payment of Premium |
386.549 |
224.438 |
77.429 |
|
|
(ii) Others |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
36381.763 |
33320.076 |
27905.426 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
Investments |
|
|
|
|
|
Shareholders |
2607.399 |
2831.343 |
2006.302 |
|
|
Policyholders |
11702.076 |
8694.311 |
5940.333 |
|
|
Assets held to cover Linked Liabilities |
9318.516 |
9376.437 |
8508.656 |
|
|
Loans |
6.692 |
1.590 |
0.031 |
|
|
Fixed Assets |
31.238 |
39.772 |
43.780 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash & Bank Balances |
213.265
|
505.809 |
535.874
|
|
|
Advances and Other Assets |
1478.990
|
1262.857 |
1044.146
|
|
Sub-Total
(A) |
1692.255
|
1768.666 |
1580.020
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
975.351
|
1011.331 |
1101.607
|
|
|
Provisions |
33.092
|
25.988 |
34.048
|
|
Sub-Total
(B) |
1008.443
|
1037.319 |
1135.655
|
|
|
Net Current Assets (A – B) |
683.812
|
731.347 |
444.365
|
|
|
|
|
|
|
|
|
Miscellaneous Expenses (To the extent not written off or adjusted) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Debit Balance in profit and Loss Account |
12032.030 |
11645.276 |
10961.959 |
|
|
|
|
|
|
|
|
TOTAL |
36381.763 |
33320.076 |
27905.426 |
|
REVENUE
ACCOUNT
POLICY
HOLDER'S ACCOUNT (TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
Premiums earned
- Net |
|
|
|
|
|
|
(a) Premium |
6341.573 |
6782.891 |
7795.778 |
|
|
|
(b) (Reinsurance ceded) |
(195.942) |
(194.905) |
(141.088) |
|
|
|
Total |
6145.631 |
6587.986 |
7654.690 |
|
|
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
1295.756 |
1006.509 |
693.095 |
|
|
|
(b) Profit on Sale / Redemption of Investments |
842.412 |
510.828 |
256.565 |
|
|
|
(c) (Loss on Sale / Redemption of Investments) |
(550.743) |
(669.664) |
(429.655) |
|
|
|
(d) Transfer /Gain on revaluation / change in Fair value* |
418.969 |
617.282 |
313.533 |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
(a) Contribution from the Shareholders' A/c |
661.075 |
862.557 |
1398.105 |
|
|
|
(b) Profit / (Loss) on Sale of Fixed Assets |
0.000 |
0.000 |
0.000 |
|
|
|
(c) Appropriation/ (Expropriation) Adjustment |
0.000 |
0.000 |
(12.017) |
|
|
|
(d) Miscellaneous Income |
106.916 |
108.544 |
44.322 |
|
|
|
|
|
|
|
|
|
|
Total (A) |
8920.016 |
9024.042 |
9291.572 |
|
|
|
|
|
|
|
|
|
|
Commission |
429.361 |
587.575 |
874.853 |
|
|
|
Operating Expenses related to Insurance Business |
2265.200 |
2506.220 |
3555.693 |
|
|
|
Provision For Doubtful Debts |
-- |
-- |
-- |
|
|
|
Bad Debts Written Off |
-- |
-- |
-- |
|
|
|
Provision for
Tax |
-- |
-- |
-- |
|
|
|
Provision (Other Than Taxation) |
|
|
|
|
|
|
(a) For Diminution in the value of investment (Net) |
-- |
-- |
-- |
|
|
|
(b) Others |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Total (B) |
2694.561 |
3093.801 |
4430.546 |
|
|
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
3165.996 |
1766.933 |
593.897 |
|
|
|
Interim and Terminal Bonuses Paid |
-- |
-- |
-- |
|
|
|
Change in valuation of liability against life policies |
|
|
|
|
|
|
(a) Gross * * |
3061.901 |
4182.615 |
4280.432 |
|
|
|
(b) (Amount ceded in Re-insurance) |
(2.442) |
(19.307) |
(13.303) |
|
|
|
|
-- |
-- |
-- |
|
|
|
Total (C) |
6225.455 |
5930.241 |
4861.026 |
|
|
|
|
|
|
|
|
|
|
SURPLUS/
(DEFICIT ) (D) = (A) - (B) - (C) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Shareholders' Account |
-- |
-- |
-- |
|
|
|
Transfer to Other Reserves |
-- |
-- |
-- |
|
|
|
Balance being Funds for Future Appropriations |
-- |
-- |
-- |
|
|
Total (E) |
-- |
-- |
-- |
|
|
|
* Represents the
deemed realised gain as per norms specified by the Authority |
|
|
|
|
|
|
** Represents Mathematical Reserves after allocation of bonus |
|
|
|
|
|
|
The break up of total surplus is as under: |
|
|
|
|
|
|
(a) Interim Bonuses paid |
1.215 |
0.164 |
0.165 |
|
|
|
(b) Allocation of Bonus to Policyholders |
163.497 |
161.114 |
113.967 |
|
|
|
(c) Surplus shown in the Revenue Account |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
(d) Total Surplus: [(a)+(b)+(c)] |
164.712 |
161.278 |
114.132 |
|
PROFIT
& LOSS ACCOUNT
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
Amount Transferred
From Policyholder Account (Technical Account) |
|
|
|
|
|
|
Income from Investments |
|
|
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
266.421 |
171.197 |
92.831 |
|
|
|
(b) Profit on Sale / Redemption of Investments |
21.138 |
27.713 |
27.803 |
|
|
|
(c) (Loss on Sale / Redemption of Investments) |
(7.912) |
(12.783) |
(6.742) |
|
|
|
Other Income |
0.000 |
0.000 |
0.166 |
|
|
|
|
|
|
|
|
|
|
TOTAL (A) |
279.647 |
186.127 |
114.058 |
|
|
|
|
|
|
|
|
|
|
Expenses other
than those directly related to the insurance business |
|
|
|
|
|
|
(a) Employees' Remuneration and Welfare Benefits |
2.440 |
1.800 |
4.239 |
|
|
|
(b) Rent, Rates and Taxes |
0.000 |
2.490 |
1.510 |
|
|
|
(c) Other Expenses |
2.886 |
2.597 |
6.742 |
|
|
|
Bad Debts Written Off |
-- |
-- |
-- |
|
|
|
Provisions
(Other than taxation) |
|
|
|
|
|
|
(a) For Diminution in the Value of Investment (Net) |
-- |
-- |
-- |
|
|
|
(b) Provision for Doubtful Debts |
-- |
-- |
-- |
|
|
|
(c) Others |
|
|
|
|
|
|
Contribution to Policy holders' Account (Technical Account) |
661.705 |
862.557 |
1398.105 |
|
|
|
Total (B) |
666.401 |
869.444 |
1410.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(386.754) |
(683.317) |
(1296.538) |
|
|
|
Provision for Taxation |
-- |
-- |
-- |
|
|
|
(a) Income tax for earlier year |
-- |
-- |
-- |
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(386.754) |
(683.317) |
(1296.538) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
(a) Balance at the beginning of the Year |
(11645.276) |
(10961.959) |
(2895.525) |
|
|
|
(b) Interim Dividends Paid during the year |
-- |
-- |
-- |
|
|
|
(c) Proposed Final Dividend |
-- |
-- |
-- |
|
|
|
(d) Dividend Distribution on Tax |
-- |
-- |
-- |
|
|
|
(e) Transfer to Reserves / Other Accounts |
-- |
-- |
-- |
|
|
Profit / (Loss) carried to the Balance Sheet |
(12032.030) |
(11645.276) |
(10961.959) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.27) |
(0.55) |
(1.17) |
|
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 flows from (used in) operation |
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 |
No |
|
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 |
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 |
Yes |
|
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 12 &15th Floor, Tower -1, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India to the present address w.e.f. 14.05.2012
INDEX
OF CHARGES NO CHARGES EXIST FOR COMPANY
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation
Date:- 14/08/2015 |
||||||
|
Lodging No. : |
CHSL/1480/2015 |
Failing Date:- |
14/08/2015 |
Reg. No.:- |
CHS/1111/2015 |
|
|
Reg. Date:- |
24/08/2015 |
|
|
|
|
|
|
|
Main Matter |
|
||||
|
Lodging No.:- |
SL/894/2014 |
Reg No.:- |
S/944/2014 |
|
|
|
|
Petitioner:- |
SHARE MICROFIN LIMITED |
Respondent:- |
FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED |
|||
|
Petn.Adv:- |
TULI AND COMPANY (I9343) |
|
|
|||
|
District:- |
OUTSIDE MAHARASHTRA |
|||||
|
Bench:- |
|
Category:- |
CHAMBER SUMMONS. |
|||
|
Status:- |
Pre-Admission |
Stage:- |
-- |
|||
|
Next Date:- |
21/09/2015 |
Stage:- |
-- |
|||
|
Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
|
|||
|
Act. : |
Code of Civil Procedure 1908 |
|
|
|||
OPERATIONS
A) Business Review
The Directors wish to inform The during the year, the company has written gross premium of INR Rs. 6341.570 Million against Rs 6782.890 Million in the previous year, registering a marginal de- growth of 7 % over the previous year. However, the loss after tax during the year has reduced from INR Rs. (683.3170) Million to Rs. (386.754) Million.
B) IRDA Registration
The Certificate of Registration from the Insurance Regulatory and Development Authority has been renewed for the Financial Year 2014-15.
C) Products
In order to have a balanced portfolio mix, The Company has since filed several products as per the new product guidelines catering to both the Corporate and Retail segments to widen the products bouquet. Further, The Company is working on various innovative products offerings keeping in mind the customer’s requirements and to target niche segments.
D) Claims:
Claims activity in an insurance life cycle is rightly perceived to be the ‘end of the spectrum’ activity, which the Company believes is the ‘moment of truth’, wherein the Company delivers the promise made to our customers at the time they bought our policies. The claims settlement ratio stands at 89.18%, which is an outstanding achievement by industry standards. Claims TAT for the year is 43 days, as compared to 41 days in the previous year. While the percentage of claims aging > 90days stands at 21%, the Company ended the year with just 3 claims aging > 180 days (Pending for Police Investigation final report) as compared to 2 last year.
E) Branch office
Network:
In accordance with the business objective of steady and focused growth & the Business Plan for the year 2013-14, the Company as a prudent business approach continuously monitors the performance of its various Branch/Spoke locations. The Company has physical presence at 98 locations as at March 31, 2014 vis-à-vis 99 locations as at March 31, 2013. For the Financial Year 2014-15, The Company endeavors to operate with optimum number of branches to make The Company a more efficient and effective organization.
F) Training &
Development
As a statutory program to be taken by all the employees, AML – KYC module was launched by the L&D team in e-learning format. The duration of the program was from 1st Mar 2014 – 27th Mar 2014 and during this period 1,739 employees across 17 functions completed the module. This translates into coverage of 99.89% pan India. (Report attached for the reference) Maximizer application was launched in September 2012; initial launch training was done pan India and all the team members of Agency and Mall channels were successfully registered and trained. Post the initial launch; the Company has started a module on FG Academy- E learning portal for all the candidates for refreshing the module. Since then, training of all the new joinees on maximizer is part of the induction programmes.
G) Solvency Ratio
The Company has been continuously monitoring its solvency margins, in keeping with the requirements of IRDA (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000; and has ensured at all times that the solvency ratio of the Company is above the minimum solvency margin prescribed by the IRDA, which is 150%. The solvency ratio as on March 31, 2014 has been 318%.
H) Share Capital
The shareholding pattern during the year was in accordance with statutory requirement. The Authorized Share Capital of the Company stands at INR Rs. 20,000 Million. During the period under review, pursuant to the approval of the Insurance Regulatory and Development Authority to the transfer of shares to Industrial Investment Trust Limited (IITL), Future Retail Limited (formerly known as Pantaloon Retail (India) Limited) (“Transferor”) has transferred 32,67,00,000 equity shares of the Company held by it to Industrial Investment Trust Limited (IITL) (“Transferee”) on December 17, 2013 in dematerialized mode on mutually agreed terms. In view of the same, the Company has amended its Joint Venture agreement on December 17, 2013 and filed the same with IRDA.
The Issued and Paid up equity share capital of The Company as on March 31, 2014 is Rs. 14,520 Million. The existing Shareholders continue to remain committed to support the business operations of the Company.
I) Human Capital
The Company has undertaken several actions for improving productivity of the sales organization towards getting consistent results. These include restructuring of sales organization and aligning the supporting organization accordingly. Standard sales workways were developed. Best performing teams were rewarded and recognized, and focused efforts were taken to support bottom branches. Focus was laid on enablers and training programs are planned for Recruitment and Sales Skills. Customized induction programmes are developed and implemented across levels. Employees are connected through weekly ‘Pathshalas’ where the resident leaders train and develop sales force in enhancing their competence levels. Standardization in hiring process for Agency sales force was brought in by developing demographic and sales position profiling.
Employee connect was measured through employee satisfaction surveys and actions plans were drawn and implemented. Several employee engagement initiatives have been drawn up like CEO and HOD awards, Ideas to success - suggestion schemes and long service awards.
J) Re Insurance
The reinsurance arrangement of Future Generali India Life Insurance Company Limited has been tailored in accordance with the Insurance Regulatory and Development Authority (Life Insurance – Reinsurance) Regulations, 2000 to cater to the business plan, reinsurance need, and risk philosophy
FUTURE OUTLOOK
Despite a challenging macro-economic market conditions and regulatory environment, The Company generated a gross written premium of INR Rs. 6341.570 Million against Rs 6782.890 Million in the previous year, registering a marginal de- growth of 7 % over the previous year. ‘Global economic activity broadly strengthened in second half of 2013-14 and is expected to improve further in 2014-15.
The outlook on Indian equity turned positive during the last quarter of the financial year considering improving macro fundamentals and likelihood of formation of stable government after General Election. Nifty gained 17.98% during the FY 2013-14 against 7.30% in FY 2012-13. Foreign Institutional Investor (FII) interest in equity market was visible with FII inflow of $4.09 Bn in Q4 FY 2013-14 and $15.20 Bn in FY 2013-14. Earnings growth of Nifty50 in Q3 FY 2013-14 was the highest in last 6 quarters with almost 40% of the Nifty50 companies beating estimates. Focus on adequate reforms to lay the foundation for the next growth phase, addressing inflation concerns like supply-side bottlenecks and kick-starting investment cycle shall further boost corporate earnings in FY 2014-15. This augurs well for equity markets and presents good opportunity to invest in sectors like Banking, Capital Goods, Oil & Gas and Infrastructure etc. The yields in debt market were at elevated levels during the year due to surprise hike in short terms rates by RBI. However, the scenario is likely to improve in FY 2014- 15 due to downward trend in inflation and improvement in twin deficits of Current Account Deficit and Fiscal Deficit.
The Investment Department received ISO 9001:2008 certification in Q3 FY 2013-14 for its Quality Management System, thus setting a new benchmark for standards and processes.’ During the Financial Year 2013-14, Company will continue to work on enhancing the value of enforced business through a sharp focus on following priorities while maintaining fiscal discipline initiated in the previous year –
· Strengthened management team structure
· Implement a rigorous process excellence and governance framework
· Intensify Persistency improvement efforts
· Focused customer proposition and brand proposition
· Stronger direct and online distribution platform
They are confident that in pursuit of our goals next year, they will maintain an execution bias and stay focused on delivering the promise to all stakeholders.
FIXED ASSETS
- Software
- Goodwill
- Land-Freehold
- Buildings
- Leasehold Improvements
- Furniture and Fittings
- Information Technology Equipment
- Office equipment
- Vehicles
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.66.74 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.