MIRA INFORM REPORT
|
Report No. : |
342444 |
|
Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIRLA SUN LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered Office
: |
One Indiabulls
Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, S.B.
Marg, Elphinstone Road, Mumbai – 400013, Maharashtra |
|
Tel No.: |
91-22-67239100 |
|
|
|
|
Country : |
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128110 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19012.080 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2000PLC128110 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB08828B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB4623J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Life Insurance Solutions, Policies etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 : |
Exist |
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|
|
|
Comments : |
Subject is a Birla group company. It is engaged in providing Life
Insurance solutions, policies, etc. It is a well-established and a reputed
company having a satisfactory track record. There seems some accumulated loss recorded by the company. However, the
company has performed well during FY 2014. Trade relations are reported to be decent. Business is active.
Payments are reported to be usually correct and as per commitments. In view of strong promoters, 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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-67239100 / 39961000)
LOCATIONS
|
Registered Office : |
One Indiabulls
Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, S.B.
Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India |
|
Tel No.: |
91-22-67239100 |
|
Fax No.: |
91-22-67239220 |
|
E-Mail : |
ashish.lakhtakia@birlasunlife.com puneet.bansall@birlasunlife.com customerservice@birlasunlife.com grouphelpline@birlasunlife.com bsll@birlasunlife.com |
|
Website: |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
5th and 6th Floor, G-Corp Tech Park, Ghodbunder Road, Near Kasar Wadavali Police Station, Thane (West), Thane - 400601, Maharashtra, India |
|
Tel. No.: |
91-22-39961000 |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Unit No.101, A Wing, Great Chambers, Near Gurdwara, Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-67037871/74 |
DIRECTORS
AS ON 02.07.2013
|
Name : |
Mr. Kumar Mangalam Birla |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
17A, IL Palazzo Little, GIBBS Road, Malabar
Hills, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
14.06.1967 |
|
Qualification : |
Chartered Accountant and MBA ( |
|
Date of Appointment : |
04.08.2000 |
|
DIN No.: |
00012813 |
|
|
|
|
Name : |
Mr. Ajay Srinivasan |
|
Designation : |
Director |
|
Address : |
91/101, Narain Terraces, 7 and 8 Floor, |
|
Date of Birth/Age : |
02.11.1963 |
|
Qualification : |
BA with Honours in Economics and MBA (Indian |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
00121181 |
|
|
|
|
Name : |
Mr. Bishwanath Mangilal Puranmalka |
|
Designation : |
Director |
|
Address : |
Antariksha, Flat No.182 19th Floor, 95/96, Kakasaheb Gadgil
Marg, Prabhadevi, Mumbai – 400025, |
|
Date of Birth/Age : |
02.11.1935 |
|
Date of Appointment : |
04.08.2000 |
|
DIN No.: |
00007432 |
|
|
|
|
Name : |
Mr. Donald Alexander Stewart |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
06.11.1946 |
|
Qualification : |
Fellow of |
|
Date of Appointment : |
24.12.2000 |
|
DIN No.: |
00438164 |
|
|
|
|
Name : |
Mrs. Tarjani Manmukram Vakil |
|
Designation : |
Director |
|
Address : |
A-1, |
|
Date of Birth/Age : |
30.10.1936 |
|
Date of Appointment : |
16.06.2010 |
|
DIN No.: |
00009603 |
|
|
|
|
Name : |
Mr. Kevin David Strain |
|
Designation : |
Director |
|
Address : |
180, |
|
Date of Birth/Age : |
31.08.1966 |
|
Date of Appointment : |
28.04.2012 |
|
DIN No.: |
05262340 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Lakhtakia |
|
Designation : |
Secretary |
|
Address : |
C 506 Udhyan Iii Chs Ltd Udhyan Complex Off, Military Road Marol Andheri (East), Mumbai - 400072, Maharashtra, India |
|
Date of Appointment : |
29.08.2014 |
|
PAN No.: |
AENPG6177P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.07.2013
|
Names of Shareholders |
No. of Shares |
|
Aditya Birla Nuvo Limited, |
1406893915 |
|
Sun Life Financial ( |
494314080 |
|
Anil Rustogi Jointly with Aditya Birla Nuvo Limited, |
1 |
|
BN Puranmalka Jointly with Aditya Birla Nuvo, Limited, |
1 |
|
Sushil Agarwal Jointly with Aditya Birla Nuvo Limited, |
1 |
|
Manoj Kedia Jointly with Aditya Birla Nuvo Limited, |
1 |
|
Devendra Bhandari Jointly with Aditya Birla Nuvo Limited, |
1 |
|
Total
|
1901208000 |
AS ON 02.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance Solutions, Policies etc. |
|
|
|
|
Products / Services : |
Life Insurance Solutions |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
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|
|
|
Terms : |
Not Available |
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 the management. |
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Bankers : |
Not Divulged |
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|
|
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Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants
|
|
Address : |
6th Floor, |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Name : |
Fraser and Ross Chartered Accountants |
|
Address : |
Deloitte Centre, |
|
PAN No.: |
AAAFF0644S |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3750000000 |
Equity Shares |
Rs.10/- each |
Rs. 37500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1901208000 |
Equity Shares |
Rs.10/- each |
Rs. 19012.080 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 |
|
|
|
|
|
1] Share Capital |
19012.080 |
19695.000 |
19695.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
|
|
3] Reserves & Surplus |
2682.948 |
5206.127 |
4800.000 |
|
|
4] (Accumulated Losses) |
(9130.223) |
(12424.921) |
(13762.293) |
|
|
5] credit/(Debit) / Fair
Value Change account |
1.409 |
0.027 |
0.047 |
|
|
NETWORTH |
12566.214 |
12476.233 |
10732.754 |
|
|
|
|
|
|
|
|
BORROWINGS |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
POLICYHOLDERS
FUNDS |
|
|
|
|
|
Credit/(Debit) Fair Value Change Account |
40.622 |
(3.667) |
(1.577) |
|
|
Policy Liabilities |
28353.255 |
20300.360 |
14318.822 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Provision for linked liabilities |
187232.642 |
187068.996 |
180060.213 |
|
|
Funds for
Discontinued Policies |
|
|
|
|
|
i) Discontinued on account of non-payment of premium |
4754.442 |
2050.412 |
437.939 |
|
|
Credit/(Debit) Fair Value Change Account |
14460.110 |
4251.315 |
866.046 |
|
|
TOTAL LINKED LIABILITIES |
206447.194 |
193370.723 |
181364.198 |
|
|
|
|
|
|
|
|
Funds For Future
Appropriation |
|
|
|
|
|
Linked Liabilities |
733.351 |
2095.678 |
3958.870 |
|
|
TOTAL |
248140.636 |
228239.327 |
210373.067 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
399.243 |
342.351 |
395.861 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
Shareholders |
13292.091 |
13706.870 |
10153.273 |
|
|
Policyholers |
28007.170 |
22214.668 |
19583.057 |
|
|
|
|
|
|
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Assets held to cover linked liabilities
|
206447.194 |
193370.723 |
181364.198 |
|
|
Loans |
284.669 |
280.690 |
250.239 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
5076.825
|
5442.434
|
6404.658
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
3540.988 |
3068.528 |
2380.549 |
|
Total
Current Assets |
8617.813
|
8510.962
|
8785.207
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
|
2621.248
|
2984.736
|
|
|
Other Current Liabilities |
7786.437
|
5952.857
|
6577.021
|
|
|
Provisions |
1121.107
|
1612.832
|
597.011
|
|
Total
Current Liabilities |
8907.544
|
10186.937
|
10158.768
|
|
|
Net Current Assets |
(289.731)
|
(1675.975)
|
(1373.561)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
248140.636 |
228239.327 |
210373.067 |
|
REVENUE ACCOUNT FOR THE YEAR
ENDED MARCH 31, 2014
POLICYHOLDERS' ACCOUNT (TECHNICAL ACCOUNT)
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Premium Earned –
Net |
|
|
|
|
|
a) Premium |
48330.521 |
52162.991 |
58853.594 |
|
|
b) Reinsurance Ceded |
(1882.008) |
(1645.530) |
(1375.857) |
|
|
c) Reinsurance accepted |
-- |
-- |
-- |
|
|
Sub-total |
46448.513 |
50517.461 |
57477.737 |
|
|
|
|
|
|
|
|
Income
from investments |
|
|
|
|
|
a) interest, Dividend and Rent – Gross |
11758.483 |
10940.692 |
9567.643 |
|
|
b) Profit on sale / Redemption of investments |
10668.152 |
11114.871 |
5822.017 |
|
|
c) (Loss) on sale / Redemption of investments |
(7676.685) |
(4724.259) |
(13458.611) |
|
|
d) transfer/Gain (Loss) on revaluation / change in fair value |
10208.794 |
3385.269 |
(3485.771) |
|
|
e) Gain / (Loss) on Amortisation |
0.000 |
(16.081) |
(77.958) |
|
|
Sub-Total |
24958.744 |
20700.492 |
(1632.680) |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
a) contribution from the shareholders account |
2580.793 |
1994.559 |
3287.343 |
|
|
b) Others (interest etc.) |
365.428 |
366.568 |
298.060 |
|
|
Sub-Total |
2946.220 |
2361.127 |
3585.403 |
|
|
Total (A) |
74353.477 |
73579.080 |
59430.460 |
|
|
|
|
|
|
|
|
Commission |
2347.130 |
3004.767 |
3254.002 |
|
|
Operating expenses related to insurance business |
10381.707 |
11597.047 |
12151.175 |
|
|
Provision for Doubtful debts |
-- |
-- |
-- |
|
|
Bad debts written off |
-- |
-- |
-- |
|
|
Provision for tax |
-- |
-- |
-- |
|
|
Provision (other than taxation) |
|
|
|
|
|
a) for diminution in value of investments (net) |
-- |
-- |
-- |
|
|
b) others |
-- |
-- |
-- |
|
|
Total (B) |
12728.837 |
14601.814 |
15405.177 |
|
|
|
|
|
|
|
|
Benefits paid (Net) |
36654.284 |
36586.379 |
27046.221 |
|
|
Interim Bonus Paid |
-- |
-- |
-- |
|
|
Change in valuation of liabilities in respect of life policies |
|
|
|
|
|
a) Gross |
10429.613 |
7150.889 |
4533.945 |
|
|
b) Fund Reserve |
10372.440 |
10394.052 |
6340.460 |
|
|
c) Premium Discontinued Fund - Linked |
2704.030 |
1612.473 |
431.538 |
|
|
d) (Amount ceded in Re-insurance) |
(2376.717) |
(1169.350) |
(823.696) |
|
|
c) Amount accepted in Re-insurance |
-- |
-- |
-- |
|
|
Total (C) |
57784.384 |
54574.443 |
37528.468 |
|
|
|
|
|
|
|
|
Surplus / (Deficit) (D)= (A)-(B)-(C) |
3840.256 |
4402.823 |
6496.815 |
|
|
Appropriations |
|
|
|
|
|
Transfer to shareholders account |
5202.299 |
6266.015 |
7107.686 |
|
|
Transfer to other reserves |
-- |
-- |
-- |
|
|
Balance being funds for future appropriation |
(1362.041) |
(1863.192) |
(610.871) |
|
|
Total (D) |
3840.258 |
4402.823 |
6496.815 |
|
|
|
|
|
|
|
|
The total surplus mentioned below |
|
|
|
|
|
a) Interim Bonuses paid |
0.734 |
-- |
-- |
|
|
b) Allocation of bonus to policyholders |
380.045 |
49.379 |
-- |
|
|
c) Surplus/(Deficit) shown in the revenue account |
3840.258 |
4402.823 |
6496.815 |
|
|
Total Surplus
[(a)+(b)+(c)] |
4221.037 |
4452.202 |
6496.815 |
|
PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED MARCH 31, 2014 SHAREHOLDERS' ACCOUNT (NON-TECHNICAL
ACCOUNT) |
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Amount
Transferred From Policyholder Account (Technical Account) |
5202.299 |
6266.015 |
7107.686 |
|
Income from Investments |
|
|
|
|
(a) Interest, Dividend & Rent - Net of Amortization |
1053.255 |
1131.764 |
785.703 |
|
(b) Profit on sale / redemption of investments |
108.540 |
39.372 |
24.666 |
|
(c) (Loss on sale / redemption of investments) |
(12.419) |
(9.188) |
(0.346) |
|
(d) Gain
/ (Loss) on Amortisation |
0.000 |
(2.045) |
(6.397) |
|
|
|
|
|
|
Other Income |
|
|
-- |
|
TOTAL (A) |
6351.675 |
7425.918 |
7911.312 |
|
|
|
|
|
|
Expenses other
than those directly related to the insurance |
63.346 |
16.328 |
16.679 |
|
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 the Policyholders Fund |
2580.793 |
1994.559 |
3287.343 |
|
Total (B) |
2644.139 |
2010.887 |
3304.022 |
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
3707.536 |
5415.031 |
4607.290 |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
PROFIT / (LOSS)
AFTER TAX |
3707.536 |
5415.031 |
4607.290 |
|
|
|
|
|
|
Appropriations |
|
|
|
|
(a) Balance at the beginning of the period/year |
(12424.921) |
(13762.293) |
(17225.082) |
|
(b) Interim dividend during the period/year |
0.000 |
1969.500 |
984.750 |
|
(c) Proposed final dividend |
700.000 |
1181.700 |
-- |
|
(d) Dividend distribution tax |
118.965 |
520.332 |
159.751 |
|
(e) Transfer to reserves / other accounts |
0.000 |
406.127 |
-- |
|
|
|
|
|
|
Profit / (Loss) carried to the Balance Sheet |
(9536.350) |
(12424.921) |
(13762.293) |
|
|
|
|
|
|
Earning Per Share
(Basic and Diluted), Face Value of Rs. 10 (in Rs.) |
1.94 |
2.75 |
2.34 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.84
|
0.86 |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE: 07/05/2014 |
||||||
|
STAMP NO:- ITXAL/956/2014 |
FAILING DATE:- 07/05/2014 |
REG. NO.: ITXA/1206/2014 |
REG. DATE: 05/08/2014 |
|||
|
PETITIONER:- |
COMMISSIONER OF INCOME TAX-8- |
RESPONDENT:- |
BIRLA SUNLIFE INSURANCE CO. LTD - |
|||
|
PETN.ADV:- |
ARVIND PINTO (I583) |
|
||||
|
DISTRICT:- |
MUMBAI |
|||||
|
BENCH:- |
DIVISION |
|||||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
LAST DATE:- |
03/09/2014 |
STAGE:- |
||||
|
LAST CORAM:- |
ACCODING TO SITTING LIST ACCODING TO SITTING LIST |
|||||
|
ACT:- |
INCOME TAX ACT, 1961 |
|||||
|
UNDER SECTION:- |
260A |
|||||
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
BACKGROUND
The Company headquartered at Mumbai, had commenced operations on 19th March 2001, after receiving the license to transact life insurance business in India from the Insurance Regulatory and Development Authority („IRDA‟) on 31st January 2001. The license has been renewed annually and is in force as at 31st March 2013.
The Company is a joint venture between Aditya Birla Nuvo Limited, a Company of the Aditya Birla Group of India (74 percent) and Sun Life Financial (India) Insurance Investments Inc., subsidiary of Sun Life Assurance Company of Canada (26 percent). This business spans across individual and group products and covers participating, non-participating and unit linked lines of businesses. Riders covering additional benefits are offered under these products. These products are distributed through individual agents, corporate agents, banks, brokers and other intermediaries across the country.
AWARDS/ RECOGNITIONS
In addition to recognitions that Company’s claims department has received, BSLI has also won the following awards during FY13:
• Birla Sun Life Insurance bagged the 'Golden Peacock Award for HR Excellence in the year 2011 -12
• BSLI has won a Gold Shield under the ‘ICAI Awards for Excellence in Financial Reporting’ for their thematic Annual Report for the year 2011-12.
• Birla Sun Life Group Life and Pensions is the first life insurance company to receive the ‘Special Recognition for Outstanding Contribution to the Indian Pension Fund Industry’ at the Indian Pension Fund Awards 2012.
• BSLI’s Annual Report was adjudged as the recipient of ‘Certificate of Merit’ in the cate-gory ‘Insurance Sector’ by SAFA for Best Presented Annual Report Awards 2011 -12
• BSLI bagged a GOLD in the BEST USE OF MEDIUM in Direct Marketing category for Birla Sun Life Insurance - Saptapadi
• BSLI won a Bronze in ‘Best Use of Ambient Media’ category for Birla Sun Life Insurance - Drill of Unforeseen in 2012
• Goafest Creative and Media Abby Awards 2012 recognized BSLI with a GOLD in the ‘Inte-grated Campaign – Financial Services’ category for Birla Sun Life Insurance – Wealth with Protection campaign
• Goafest Creative and Media Abby Awards 2012 recognized BSLI with a GOLD in the ‘Non Fiction Branded Content’ category for Birla Sun Life Insurance – Zindagi Abhi Baki Hai series tie-up with GEC channel Colors
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Partly paid-up investments |
Nil |
Nil |
|
Claims, other
than against policies, not acknowledged as debts by the Company |
24.321 |
25.961 |
|
Underwriting commitments outstanding |
Nil |
Nil |
|
Guarantees given
by or on behalf of the Company |
Nil |
Nil |
|
Statutory
demands / liabilities in dispute, not provided for |
Note |
Note |
|
Reinsurance
obligations to the extent not provided for in the accounts. |
Nil |
Nil |
|
Others * |
91.101 |
223.819 |
|
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Company’s decision of repudiation of death claims and customer complaints. The company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of Rs.0.398 Million as at 31st March 2014 (as at 31st March 2013 Rs 0.309 Million) plus applicable interest and penalty. Basis legal opinion obtained, management is of the opinion that these show-cause cum demand notices are not legally tenable and decided to contest at appellate authority. |
||
REVENUE ACCOUNT FOR THE YEAR ENDED 30TH JUNE, 2014
POLICYHOLDERS' ACCOUNT (TECHNICAL ACCOUNT)
|
|
PARTICULARS |
30.06.2014 (Rs.
in Million) |
|
|
Premium Earned –
Net |
|
|
|
a) Premium |
10682.803 |
|
|
b) Reinsurance Ceded |
(337.571) |
|
|
c) Reinsurance accepted |
-- |
|
|
Sub-total |
10345.232 |
|
|
|
|
|
|
Income
from investments |
|
|
|
a) interest, Dividend and Rent – Gross |
3235.187 |
|
|
b) Profit on sale / Redemption of investments |
5552.209 |
|
|
c) (Loss) on sale / Redemption of investments |
(261.216) |
|
|
d) transfer/Gain (Loss) on revaluation / change in fair value |
12644.813 |
|
|
Sub-Total |
21170.993 |
|
|
|
|
|
|
Other Income |
|
|
|
a) contribution from the shareholders account |
1206.066 |
|
|
b) Others (interest etc.) |
82.332 |
|
|
Sub-Total |
1288.398 |
|
|
Total (A) |
32804.623 |
|
|
|
|
|
|
Commission |
|
|
|
Operating expenses related to insurance business |
2459.196 |
|
|
Provision for Doubtful debts |
-- |
|
|
Bad debts written off |
-- |
|
|
Provision for tax |
-- |
|
|
Provision (other than taxation) |
|
|
|
a) for diminution in value of investments (net) |
-- |
|
|
b) others |
-- |
|
|
Total (B) |
2911.228 |
|
|
|
|
|
|
Benefits paid (Net) |
9975.681 |
|
|
Interim Bonus Paid |
0.275 |
|
|
Change in valuation of liabilities in respect of life policies |
|
|
|
a) Gross |
3418.540 |
|
|
b) Fund Reserve |
13726.118 |
|
|
c) Premium Discontinued Fund - Linked |
1866.451 |
|
|
d) (Amount ceded in Re-insurance) |
(723.846) |
|
|
c) Amount accepted in Re-insurance |
-- |
|
|
Total (C) |
28263.219 |
|
|
|
|
|
|
Surplus / (Deficit) (D)= (A)-(B)-(C) |
1630.176 |
|
|
Appropriations |
|
|
|
Transfer to shareholders account |
1760.673 |
|
|
Transfer to other reserves |
-- |
|
|
Balance being funds for future appropriation |
(130.497) |
|
|
Total (D) |
1630.176 |
|
|
|
|
|
|
The total surplus mentioned below |
|
|
|
a) Interim Bonuses paid |
0.275 |
|
|
b) Allocation of bonus to policyholders |
0.000 |
|
|
c) Surplus/(Deficit) shown in the revenue account |
1630.176 |
|
|
Total Surplus
[(a)+(b)+(c)] |
1630.451 |
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30TH JUNE 2014
SHAREHOLDERS' ACCOUNT
(NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
30.06.2014 (Rs.
in Million) |
|
|
|
|
Amount
Transferred From Policyholder Account (Technical Account) |
1760.673 |
|
Income from Investments |
|
|
(a) Interest, Dividend & Rent - Net of Amortization |
273.497 |
|
(b) Profit on sale / redemption of investments |
34.693 |
|
(c) (Loss on sale / redemption of investments) |
-- |
|
|
|
|
Other Income |
-- |
|
TOTAL (A) |
2068.863 |
|
|
|
|
Expenses other
than those directly related to the insurance |
|
|
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 the Policyholders Fund |
1206.066 |
|
Total (B) |
1242.989 |
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
825.874 |
|
Provision for Taxation |
0.000 |
|
PROFIT / (LOSS)
AFTER TAX |
825.874 |
|
|
|
|
Appropriations |
|
|
(a) Balance at the beginning of the period/year |
(9536.350) |
|
(b) Interim dividend during the period/year |
-- |
|
(c) Proposed final dividend |
-- |
|
(d) Dividend distribution tax |
-- |
|
(e) Transfer to reserves / other accounts |
-- |
|
|
|
|
Profit / (Loss) carried to the Balance Sheet |
(8710.476) |
|
|
|
|
Earnings Per Share
(Basic and Diluted), Face Value of Rs. 10 (in Rs.) |
0.43 |
BALANCE SHEET AS
ON 30TH JUNE 2014
|
SOURCES OF FUNDS |
30.06.2014 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
1] Share Capital |
19012.080 |
|
|
2] Share Application Money |
0.000 |
|
|
3] Reserves & Surplus |
2682.948 |
|
|
4] credit/(Debit) / Fair
Value Change account |
0.479 |
|
|
Sub-Total |
21695.507 |
|
|
|
|
|
|
BORROWINGS |
-- |
|
|
|
|
|
|
POLICYHOLDERS FUNDS |
|
|
|
Credit/(Debit) Fair Value Change Account |
210.862 |
|
|
Policy Liabilities |
31047.950 |
|
|
Insurance Reserves |
-- |
|
|
|
|
|
|
Provision for linked liabilities |
188313.951 |
|
|
Funds for Discontinued Policies |
|
|
|
i) Discontinued on account of non-payment of premium |
6620.893 |
|
|
ii) Others |
-- |
|
|
Credit/(Debit) Fair Value Change Account |
27104.922 |
|
|
TOTAL LINKED LIABILITIES |
222039.766 |
|
|
Sub-Total |
253298.578 |
|
|
|
|
|
|
|
|
|
|
Funds For Future Appropriation |
|
|
|
Linked Liabilities |
602.853 |
|
|
TOTAL |
275596.938 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
Investments |
|
|
|
Shareholders |
14144.902 |
|
|
Policyholders |
31947.633 |
|
|
|
|
|
|
Assets held to cover linked liabilities |
222039.766 |
|
|
|
|
|
|
Loans |
308.806 |
|
|
|
|
|
|
FIXED ASSETS |
380.886 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash & Bank Balances |
3535.298
|
|
|
Advances and Other Assets |
3137.930 |
|
Sub-Total (A) |
6673.228
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
7042.236
|
|
|
Provisions |
1160.396
|
|
Sub-Total (B) |
8202.632
|
|
|
Net Current Assets (C) = (A-B) |
(1529.404)
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES (To the extent not written off or Adjusted) |
-- |
|
|
Debit Balance in Profit and Loss Account (Shareholder’ Account) |
8304.349 |
|
|
TOTAL |
275596.938 |
|
Contingent
liabilities
|
Sr No |
Particulars |
As at 30th June 2014 |
|
1 |
Partly paid-up investments |
Nil |
|
2 |
Claims, other than against policies, not acknowledged as debts by the Company |
24.321 |
|
3 |
Underwriting commitments outstanding |
Nil |
|
4 |
Guarantees given by or on behalf of the Company |
Nil |
|
5 |
Statutory demands / liabilities in dispute, not provided for |
Note |
|
6 |
Reinsurance obligations to the extent not provided for in the accounts |
Nil |
|
7 |
Others * |
108.323 |
* Represents potential liability to the Company (net of reinsurance) in respect of cases filed against the Company’s decision of repudiation of death claims and customer complaints.
Note:
The company has received Show Cause-Cum-Demand notices for earlier period relating to Service Tax demands of Rs. 0.398 Million as at 30th Jun 2014 plus applicable interest and penalty. Basis legal opinion obtained, management is of the opinion that these show-cause cum demand notices are not legally tenable and decided to contest at appellate authority.
FIXED ASSETS
· Goodwill
· Intangible (Software)
· Land Freehold
· Leasehold Property
· Buildings
· Furniture and Fittings
· Information Technology Equipment
· Vehicles
· Office Equipment
· Other (Leasehold Improvement)
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.66.09 |
|
|
1 |
Rs.100.88 |
|
Euro |
1 |
Rs.73.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
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.