MIRA INFORM REPORT
|
Report No. : |
342943 |
|
Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ICICI PRUDENTIAL
LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
ICICI Prulife Tower, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai
– 400025, Maharashtra |
|
Tel. No.: |
91-22-66621600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.07.2000 |
|
|
|
|
Com. Reg. No.: |
11-127837 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14292.557 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2000PLC127837 |
|
|
|
|
IEC No.: |
0300056877 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMI03877G MUMI07366C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI7351P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Life Insurance and Pension Services |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a joint venture between ICICI Bank one of India's foremost financial services companies and Prudential PLC a leading international financial services group headquartered at the United Kingdom. Rating takes into consideration its strong business profile marked by healthy financial base and adequate net worth position of the company. Rating also takes into consideration its significant synergies from its major shareholder ICICI Bank in the form of strong business flows through the bancassurance channel which leverages the bank’s extensive distribution reach. Prudential, brings in strong operational and risk management expertise, thereby assisting in building robust systems and processes. In addition to the bancassurance channel, ICICI Prudential has an extensive distribution network with a healthy mix of various channels thereby avoiding dependence on a single channel for sourcing business. To strengthen this channel further, in June 2014, the company tied up with Standard Chartered Bank. In view of aforesaid, the company regarded as promising business partner for medium to long term business dealings. |
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 |
ICRA |
|
Rating |
Claims paying ability = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
March, 2015 |
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 DENIED BY
|
Name : |
Mr. Kalyan |
|
Designation : |
Application Support |
|
Contact No.: |
91-22-40391686 |
|
Date : |
28.09.2015 |
LOCATIONS
|
Registered Office : |
ICICI Prulife Tower 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai –
400025, Maharashtra, India |
|
Tel. No.: |
91-22-66621600 |
|
Fax No.: |
91-22-24376956 |
|
E-Mail : |
sanaulla.khan@iciciprulife.com
deepak.kinger@iciciprulife.com
|
|
Website : |
DIRECTORS
AS ON
|
Name : |
Ms. Chanda D. Kochhar |
|
Designation : |
Nominee director |
|
Address : |
CCI Chambers, Flat No.45, 5th Floor, Dinshaw Vacha Road, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
17.11.1961 |
|
Date of Appointment : |
21.04.2009 |
|
DIN No.: |
00043617 |
|
|
|
|
Name : |
Mr. Kannan
Shrinivasa Narayanan |
|
Designation : |
Nominee director |
|
Address : |
Flat No.204, Tower B, Kalpataru Horrizon, S K Ahire Marg, Worli,
Mumbai – 400018, |
|
Date of Birth/Age : |
30.06.1965 |
|
Date of Appointment : |
12.06.2009 |
|
DIN No.: |
00066009 |
|
|
|
|
Name : |
Mr. Ramkumar Krishnaswamy |
|
Designation : |
Director |
|
Address : |
101, |
|
Date of Birth/Age : |
08.08.1961 |
|
Date of Appointment : |
12.06.2009 |
|
DIN No.: |
00244711 |
|
|
|
|
Name : |
Mr. Rajiv Sabharwal |
|
Designation : |
Director |
|
Address : |
Y, 1301, Chalalilly, Nahar Amrit Shakti, Chandivali, Andheri (East),
Mumbai-400072, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1965 |
|
Date of Appointment : |
19.07.2011 |
|
DIN No.: |
00057333 |
|
|
|
|
Name : |
Mr. Barry
Stowe |
|
Designation : |
Director |
|
Address : |
11/F, |
|
Date of Birth/Age : |
27.11.1957 |
|
Date of Appointment : |
06.11.2006 |
|
DIN No.: |
00953024 |
|
|
|
|
Name : |
Mr. Adrian O’Connor |
|
Designation : |
Director |
|
Address : |
House 30, Le Palais 8, Pak Pat Shan Road, Hong Kong |
|
Date of Birth/Age : |
29.12.1958 |
|
Date of Appointment : |
12.06.2009 |
|
DIN No.: |
02417554 |
|
|
|
|
Name : |
Mr. Keki Dadiseth |
|
Designation : |
Director |
|
Address : |
8 A, Mane K Building L D Ruparel Marg, Malabar, Mumbai – 400006, |
|
Date of Birth/Age : |
20.12.1945 |
|
Date of Appointment : |
16.01.2015 |
|
DIN No.: |
00052165 |
|
|
|
|
Name : |
Marti G. Subrahmanyam |
|
Designation : |
Independent Director |
|
Address : |
70, |
|
Date of Birth/Age : |
23.08.1946 |
|
Date of Appointment : |
16.01.2015 |
|
DIN No.: |
00306761 |
|
|
|
|
Name : |
Ms. Rama Bijapurkar |
|
Designation : |
Independent Director |
|
Address : |
8, C-D Mona |
|
Date of Birth/Age : |
12.02.1957 |
|
Date of Appointment : |
17.01.2008 |
|
DIN No.: |
00001835 |
|
|
|
|
Name : |
Mr. Vinod Kumar Dhall |
|
Designation : |
Independent Director |
|
Address : |
Dewan Manohar House, B-88, Sector 51, Noida – 201301, Uttar Pradesh |
|
Date of Birth/Age : |
20.02.1944 |
|
Date of Appointment : |
16.01.2015 |
|
DIN No.: |
02591373 |
|
|
|
|
Name : |
Mr. Sridar Venkatesan |
|
Designation : |
Independent Director |
|
Address : |
303/A, HPCL Employees Co-operative Housing Society, No. NDR – 11,
Tilak Nagar, Chembur, Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
28.07.1947 |
|
Date of Appointment : |
16.01.2015 |
|
DIN No.: |
02241339 |
|
|
|
|
Name : |
Mr. Sandeep Bakhshi |
|
Designation : |
Managing Director |
|
Address : |
8B, Tanna Residency, Opp. |
|
Date of Birth/Age : |
28.05.1960 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
00109206 |
|
|
|
|
Name : |
Mr. Puneet Nanda |
|
Designation : |
Whole time director |
|
Address : |
Flat No.11, |
|
Date of Birth/Age : |
05.02.1969 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
02578795 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Batra |
|
Designation : |
Executive Director |
MAJOR SHAREHOLDERS
AS ON 20.06.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 20.06.2013
|
Category |
Percentage |
|
Nationalised or other banks |
73.85 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
25.95 |
|
Other |
0.20 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Life Insurance and Pension Services |
|
|
|
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Products : |
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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|
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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 the management
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Bankers : |
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Auditors : |
|
|
Name : |
S. R. Billimoria and Company Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 32nd Floor, Senapati Bapat Marg,
Elphistone (west), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AAAFS7376P |
|
|
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (west), Mumbai –
400028, Maharashtra, India |
|
Tel. No.: |
91-22-61920000 |
|
Fax. |
91-22-61921000 |
|
PAN
No.: |
AALFS0506L |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding Company : |
ICICI Bank Limited |
|
|
|
|
Substantial interest : |
Prudential Corporation Holdings Limited |
|
|
|
|
Subsidiary : |
ICICI Prudential Pension Funds Management Company Limited |
|
|
|
|
Fellow subsidiaries and entities jointly controlled by holding company
: |
·
ICICI Securities Limited ·
ICICI Securities Inc. ·
ICICI Securities Holding Inc. ·
ICICI Securities Primary Dealership Limited ·
ICICI Venture Funds Management Company Limited ·
ICICI Home Finance Company Limited ·
ICICI Trusteeship Services Limited ·
ICICI Investment Management Company Limited ·
ICICI International Limited ·
ICICI Bank UK PLC. ·
ICICI Bank Canada ·
ICICI Bank Eurasia Limited Liability Company ·
ICICI Lombard General Insurance Company Limited ·
ICICI Prudential Asset Management Company Limited ·
ICICI Prudential Trust Limited |
|
|
|
|
Consolidated under AS-21 by holding company : |
·
ICICI Equity Fund ·
ICICI Strategic Investments Fund ·
ICICI Kinfra Limited ·
I-Ven Biotech Limited |
|
|
|
|
Significant Influence : |
·
ICICI Prudential Life Insurance Company Limited
(Employees’ Group Gratuity Cum Life Insurance Scheme) ·
ICICI Prudential Life Insurance Company Limited
(Employees’ Provident Fund) ·
ICICI Prudential Life Insurance Company Limited
(Superannuation Scheme) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1429255687 |
Equity Shares |
Rs.10/- each |
Rs.14292.557 Million |
|
|
|
|
|
After 23.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1430267800 |
Equity Shares |
Rs.10/- each |
Rs.14302.678 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
SOURCES
OF FUNDS |
|
|
|
|
SHAREHOLDERS FUND: |
|
|
|
|
Share Capital |
14292.557 |
14289.392 |
14288.491 |
|
Share Application Money |
0.984 |
0.000 |
0.000 |
|
Reserves & Surplus |
33663.847 |
33645.103 |
35023.689 |
|
Credit/[debit] fair value change account |
1860.657 |
477.588 |
207.604 |
|
Sub – Total |
49818.045 |
48412.083 |
49519.784 |
|
|
|
|
|
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
POLICYHOLDERS
FUND |
|
|
|
|
Fair value change Account – Net |
4794.024 |
2478.035 |
2203.143 |
|
Revaluation Reserve – Investment Property |
668.879 |
704.479 |
704.479 |
|
Policy Liabilities |
138124.872 |
110276.000 |
83379.998 |
|
Provision for linked liability |
591373.652 |
569584.031 |
574185.927 |
|
Funds for discontinued polices |
11280.677 |
4301.825 |
665.190 |
|
Sub – Total |
746242.104 |
687344.370 |
661138.737 |
|
Funds for future
appropriations |
|
|
|
|
Linked |
449.992 |
1322.418 |
3322.628 |
|
Non Linked |
4590.399 |
3760.126 |
4269.540 |
|
|
|
|
|
|
TOTAL |
801100.540 |
740838.997 |
718250.690 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
|
-Shareholders |
53527.703 |
49199.607 |
34770.112 |
|
-Policy Holders |
144567.076 |
112869.878 |
91107.635 |
|
Asset held to cover linked liabilities |
603104.321 |
575208.274 |
578173.746 |
|
Loans |
119.076 |
87.469 |
95.740 |
|
Fixed Assets |
2015.439
|
1722.384
|
1802.306
|
|
Deferred Tax Assets |
15.295
|
78.197
|
1053.361
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balance |
1934.384 |
3247.600 |
2840.640 |
|
Advances and Other assets |
9642.058 |
9846.435 |
6700.182 |
|
Sub – Total (A) |
11576.442 |
13094.035 |
9540.822 |
|
|
|
|
|
|
Sundry Creditors |
144.237 |
191.123 |
278.550 |
|
Other Current Liabilities |
15922.198 |
18239.929 |
16185.465 |
|
Provisions |
3646.186 |
1753.150 |
1296.012 |
|
Sub – Total
(B) |
19712.621 |
20184.202 |
17760.027 |
|
Net Current Assets
(C) = (A-B) |
(8136.179) |
(7090.167) |
(8219.205) |
|
|
|
|
|
|
Miscellaneous expenditure |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit and Loss Account |
5887.809 |
8763.355 |
19466.995 |
|
|
|
|
|
|
TOTAL |
801100.540 |
740838.997 |
718250.690 |
PROFIT
& LOSS ACCOUNT
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 |
124286.495 |
135382.380 |
140215.780 |
|
|
b) Reinsurance Ceded |
(1459.968) |
(1210.008) |
(936.980) |
|
|
c) Reinsurance accepted |
0.000 |
0.000 |
0.000 |
|
|
Sub-total |
122826.527 |
134172.372 |
139278.800 |
|
|
|
|
|
|
|
|
Income
from investments |
|
|
|
|
|
a) interest, Dividend and Rent – Gross |
31693.174 |
27992.314 |
22363.985 |
|
|
b) Profit on sale / Redemption of investments |
43201.547 |
35302.915 |
36223.608 |
|
|
c) (Loss) on sale / Redemption of investments |
(15048.276) |
(16547.510) |
(18819.123) |
|
|
(d) Transfer/gain on revaluation/change in fair value |
29126.386 |
11980.043 |
(45060.607) |
|
|
(e) Accretion of discount/(amortisation of premium) (net) |
3194.606 |
3175.361 |
3898.341 |
|
|
(f) Appropriation/expropriation adjustment account |
-- |
-- |
(24.288) |
|
|
Sub-Total |
9267.437 |
61903.123 |
(1418.084) |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
Contribution from the shareholders account |
946.523 |
5412.458 |
3498.006 |
|
|
Others (interest etc.) |
56.378 |
36.925 |
62.522 |
|
|
Miscellaneous income |
116.093 |
203.775 |
76.575 |
|
|
Sub-Total |
1118.994 |
5653.158 |
3637.103 |
|
|
Total (A) |
216112.958 |
201728.653 |
141497.819 |
|
|
|
|
|
|
|
|
Commission |
6274.850 |
7654.168 |
6054.687 |
|
|
Operating expenses related to insurance business |
16168.605 |
17131.074 |
20034.728 |
|
|
Provision for Doubtful debts |
(51.202) |
53.589 |
(55.795) |
|
|
Bad debts written off |
81.844 |
16.707 |
109.519 |
|
|
Provision (other than taxation) |
-- |
-- |
-- |
|
|
a) for diminution in value of investments (net) |
84.991 |
98.743 |
-- |
|
|
b) others |
-- |
-- |
-- |
|
|
Service tax charge on linked charges |
3066.114 |
3181.135 |
-- |
|
|
Total (B) |
25625.202 |
28135.416 |
26143.139 |
|
|
|
|
|
|
|
|
Benefits paid (Net) |
120739.625 |
132878.583 |
84543.802 |
|
|
Interim Bonus Paid |
93.770 |
48.692 |
29.831 |
|
|
Change in valuation of policy liabilities |
|
|
|
|
|
(a) Policy liabilities (non-unit/ mathematical reserves) (gross) |
29319.789 |
28321.293 |
19014.533 |
|
|
(b) Amount ceded in reinsurance |
(1470.917) |
(1425.291) |
(1988.699) |
|
|
(c) Amount accepted in reinsurance |
-- |
-- |
-- |
|
|
(d) Fund reserve |
21789.620 |
(4601.896) |
-- |
|
|
(e) Funds for discontinued policies |
6978.852 |
3636.635 |
-- |
|
|
Total (C) |
177450.739 |
158858.016 |
101599.467 |
|
|
|
|
|
|
|
|
Surplus /
(Deficit) (D)= (A)-(B)-(C) |
13037.017 |
14735.221 |
13755.213 |
|
|
|
|
|
|
|
|
Provision for taxation |
|
|
|
|
|
(a) Current tax credit/(charge) |
-- |
-- |
- |
|
|
(b) Deferred tax credit/(charge) |
(437.367) |
(238.458) |
(435.567) |
|
|
|
|
|
|
|
|
Appropriations |
|
|
|
|
|
Transfer to shareholders account |
12641.803 |
17006.388 |
15449.503 |
|
|
Transfer to other reserves |
-- |
-- |
-- |
|
|
Balance being funds for future appropriation |
(42.153) |
(2509.625) |
(2129.857) |
|
|
Total |
12599.650 |
14496.763 |
13319.646 |
|
|
Details of surplus
before tax |
|
|
|
|
|
(a) Interim bonuses paid |
93.770 |
48.692 |
29.831 |
|
|
(b) Allocation of bonus to policyholders |
2642.159 |
2241.686 |
1949.294 |
|
|
(c) Surplus shown in the Revenue Account |
13037.017 |
15581.315 |
14302.033 |
|
|
Total surplus |
15772.946 |
17871.693 |
16281.158 |
|
|
|
|
|
|
|
|
Funds for future appropriations |
|
|
|
|
|
Opening Balance as at April 1, 2012 |
5082.544 |
7592.169 |
9722.026 |
|
|
Add: Current year appropriations |
(42.153) |
(2509.625) |
(2129.857) |
|
|
Balance carried
forward to Balance Sheet |
5040.391 |
5082.544 |
7592.169 |
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 transfer from Policyholders account (Technical account) |
12641.803 |
17006.388 |
11951.497 |
|
|
|
|
|
|
Income from investments |
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
3592.152 |
3003.955 |
1628.246 |
|
(b) Profit on sale/redemption of investments |
1432.038 |
1061.218 |
558.014 |
|
(c) Loss on sale/redemption of investments |
(1218.724) |
(162.617) |
(426.516) |
|
(d) Accretion of discount/ amortization of
premium) (net) |
169.417 |
253.310 |
437.539 |
|
Other Income |
99.067 |
4.764 |
5.617 |
|
Total |
16615.753 |
15754.560 |
14154.397 |
|
|
|
|
|
|
Expenses other than those directly related
to the insurance business |
114.134 |
58.462 |
17.171 |
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Provisions (other than taxation) |
|
|
|
|
(a) For diminution in value of investments
(net) |
263.006 |
0.000 |
0.000 |
|
(b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Contribution to Policyholders’ account (Technical account) |
946.523 |
5412.458 |
-- |
|
|
|
|
|
|
Total |
1323.663 |
5470.920 |
17.171 |
|
|
|
|
|
|
(Less) Profit Before Tax |
15292.090 |
15696.098 |
14137.226 |
|
|
|
|
|
|
Provision for taxation |
|
|
|
|
(a) Current tax credit/(charge) |
-- |
-- |
-- |
|
(b) Deferred tax credit/(charge) |
374.465 |
(736.706) |
(295.489) |
|
|
|
|
|
|
Profit / (Loss) after tax |
15666.555 |
14959.392 |
13841.737 |
|
|
|
|
|
|
Appropriation |
|
|
|
|
(a) Balance of the beginning for the year |
(11643.468) |
(19466.995) |
(27108.690) |
|
(b) Interim dividends paid during the year |
7931.517 |
3429.335 |
3142.777 |
|
(c) Proposed final dividend |
3001.437 |
1413.959 |
1000.885 |
|
(d) Dividend distribution Tax |
1858.055 |
796.632 |
672.206 |
|
(c) Transfer to reserve / other income |
1566.656 |
1495.939 |
1384.174 |
|
Profit / (Loss) carried to Balance Sheet |
(10334.578) |
(11643.468) |
(19466.995) |
|
|
|
|
|
|
Earning Per shares (Rs.) |
|
|
|
|
Basic |
10.96 |
10.47 |
9.69 |
|
Diluted |
10.94 |
10.44 |
9.66 |
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) operations |
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 |
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 |
Yes |
|
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% |
Yes |
|
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 |
Yes |
|
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:-15.05.2015 |
|||||
|
LODGING NO:- ITXAL/710/2015 |
FAILING DATE:- 15.05.2015 |
|
|||
|
PETITIONER:- |
PR.COMMISSIONER OF INCOME TAX-6 |
RESPONDENT:- |
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED |
||
|
PETN.ADV:- |
SURESH KUMAR (I2100) |
RESP. ADV.: |
S.P. MEHTA (0) |
||
|
DISTRICT:- |
MUMBAI |
||||
|
BENCH:- |
DIVISION |
||||
|
STATUS:- |
Pre-Admission |
CATEGORY:- |
TAX APPEALS |
||
|
LAST DATE:- |
08.06.2015 |
STAGE:- |
|
||
|
LAST CORAM:- |
REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER |
||||
|
ACT:- |
INCOME TAX ACT, 1961
Under Section:- 260A |
||||
CORPORATE INFORMATION
The Company, a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, was incorporated on July 20, 2000 as a Company under the Companies Act, 1956 (`the Act’). The company is licensed by the Insurance Regulatory and Development Authority (`IRDA’) for carrying life insurance business in India. The license has been renewed annually and is in force as at March 31, 2014.
PERFORMANCE
INDUSTRY IN FY2014
The life insurance industry registered a decline of 3.4% in retail weighted new business premium (RWRP) terms for FY2014. The private sector declined by 3.4%. Some of the key trends in the industry are as follows:
The new product regulations for linked and non-linked products came into effect from January 1, 2014. This has meant a significant transition for the industry with players having to re-build their product suite.
The decline in the number of individual agents for the industry was arrested in FY2014 with number of agents increasing marginally from 2.17 million as at December 31, 2012 to 2.20 million as at December 31, 2013. For Private industry also the number of individual agents increased from 0.96 million in December 2012 to 1.00 million
in December 2013. The percentage of business from agency for private players as of December 2013 was similar to December 2012.
COMPANY IN FY2014
The Company registered a decline of 1.7% in RWRP FY2014. The Company’s market share based on RWRP is expected to be around 7.2% in FY2014. Among private players, the Company maintained its leadership position with market share of 18.9% in FY2014. However, the Company increased its gap vis-à-vis its nearest private competition from 1.06 to 1.16 times.
Total premium collected by the Company declined by 8.2% from Rs. 135.38 billion in FY2013 to Rs. 124.29 billion in FY2014 primarily on account of decline in group premium. Retail premium was flat with new business declining marginally from Rs. 36.39 billion in FY2013 to Rs. 35.85 billion in FY2014 and renewal premium increasing marginally from Rs. 80.55 billion in FY2013 to Rs. 81.00 billion in FY2014. This increase in retail renewal premium arrests the two year trend of declining renewal premiums.
The Company registered 4.7% growth in profit after tax from Rs. 14.96 billion in FY2013 to Rs. 15.67 billion in FY2014. The solvency ratio for the Company remained healthy at 372.3% for FY2014. The assets under management (AUM) increased from Rs. 741.64 billion as at March 31, 2013 to Rs. 805.97 billion as at March 31, 2014. For its unit-linked funds, the Company delivered superior fund performance and 97% of the funds have outperformed their respective internal benchmarks since inception.
The Company continued its focus on efficiency of operations. Cost to RWRP, declined from 75.4% in FY2013 to 69.3% in FY2014. Total nonunit expenses registered a decline of Rs. 2.41 billion from Rs. 24.96 billion in FY2013 to Rs. 22.55 billion in FY2014. The digitization initiatives of the Company to facilitate customer acquisition and on-boarding continues to gain momentum. Capability to issue policies in less than three hours is first of its kind in the industry. For FY2014, 80% of new business applications were initiated using the online platform. In addition, 41% of the retail renewal premium was collected through electronic mode.
The Company has been strengthening mechanisms to improve persistency including ensuring higher attachment of ECS or standing instructions at the time of sale and changes in performance management and compensation design to better align distributor and sales management to focus on persistency. These have led to increase in retail renewal premium after two years and improvement in Year 1 persistency.
OUTLOOK FOR THE
INDUSTRY AND THE COMPANY
They believe that given strong structural advantages like India’s favourable demographics, high rate of financial savings and improving insurance product propositions, the life insurance industry would continue to be one of the preferred instruments for longer term savings and protection.
The Company would continue to focus on its strategic priorities, specifically:
Enhance market leadership: The Company would continue to focus on growth opportunities in the market with a customised regional strategy to strengthen relative position in every geography.
Providing superior value proposition to customers: The Company would continue to focus on providing superior customer value proposition through product design and service architecture.
Strengthen multi-channel architecture: The Company would strengthen its multichannel distribution by non-linear scale up of agency and proprietary sales force, leveraging the bancassurance franchise and focussing on quality third party distribution.
Continued focus on efficiency of operations: The Company would focus on cost efficiency and in particular would leverage the digital platform to improve customer experience and efficiency of operations.
Customer retention: The Company would strengthen mechanisms to improve the AUM growth by increasing renewal premium and curtailing surrenders.
Superior risk adjusted fund performance: The Company has in place a robust risk and investment management framework to deliver superior risk adjusted returns to customers.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY AND BUSINESS
REPORT
ECONOMIC AND INDUSTRY
OVERVIEW
Indian economy and
impact on life insurance industry
Indian Gross Domestic Product (GDP)1 grew by 4.6% in FY2014 (advance estimates) as compared to 4.7% in FY2013. The growth in the last two years is significantly lower than that witnessed in the preceding 5 years. The compounded annual growth rate of GDP for the five year period from FY2007 to FY2012 was 7.8%.
Slowdown in growth, persistent high inflation and interest rates, and volatile equity markets have adversely impacted the environment for the life insurance industry. There has been a reduction in household savings as a percentage of GDP from 25.2% in FY2010 to 21.9% in FY2013. There is also a fall in financial savings from 12.0% in FY2010 to 7.1% of GDP in FY2013.
Within financial savings there has been a shift toward term deposits and fall in share of insurance. Total new business premium (based on retail weighted received premium (RWRP)) has declined from Rs. 550 billion in FY2010 to Rs. 4542 billion in FY2014. This has led to a reduction in insurance penetration3 from 4.6% in FY2010 to
2.8% in FY2013.
Structurally the Indian economy remains strong owing to solid fundamentals in the form of favorable demographics and a high savings and investment rate. In the medium to long term, there should be some upward movement in GDP growth rates from the current level and a shift back to financial savings. A stable government would accelerate the movement towards higher GDP growth rates and financial saving rates. This increase in income levels and financial savings will provide an impetus for the growth of the life insurance market in the future.
INSURANCE INDUSTRY
OVERVIEW
COMPETITIVE LANDSCAPE
The Indian Life Insurance industry has 24 players including Life Insurance Corporation of India (LIC). LIC continues to be a strong player with a market share of more than 60%. Top 7 private players contribute to around 75% of the private market.
SHIFT IN PRODUCT MIX
Overall, the trend of shift from ULIPs to traditional products continued. For private players, traditional mix moved from 59% in FY2012 to 65% in FY2013 and to 72% as at December 31, 2013 of total new business received premium. Bigger private players have a more balanced mix between linked and traditional products.
DISTRIBUTION TRENDS
Agency channel continues to be the predominant channel for LIC, however the share of agency for private insurers has reduced from 51% in FY2010 to 40% in FY2013 (refer chart below). This stems from the transition triggered by the ULIP regulations of FY2011 and the economic slowdown in last few years, which impacted the individual agents more because of the lead time required by them to get used to the new product suite. Linking of commission to the premium paying term in FY2014 has also impacted the earning pattern of agents putting further downward pressure on the agency channel. The number of agents engaged by the industry has fallen to 2.20 million as at December 31, 2013 from 2.89 million as at March 31, 2010. For FY2014, the share of agency has remained flat for the industry as well as for private players after three years of continuous decline.
Bancassurance as a distribution channel has seen rapid growth in the last few years. The share of this channel4 among private players has increased from 25% in FY2010 to 42% in 9m-2014. Direct sales through proprietary sales force or through internet is also becoming increasingly important.
INDUSTRY OUTLOOK
The value proposition of life insurance products has improved over the last few years, making it more competitive vis-à-vis other financial products. The long term growth prospects of the industry remain positive on the back of structural advantages of the Indian economy. However, the industry would need to concentrate on a few near term challenges to be able to fully leverage its growth potential.
PERFORMANCE OVERVIEW
AND KEY
INITIATIVES: FY2014
MARKET SHARE
In FY2014, the Company maintained its leadership position and increased its market share11 amongst private players from 18.5% in FY2013 to 18.9% in FY2014. The Company increased its lead over the next private player and was 1.16 times on Retail Weighted Premium basis in FY2014 as against 1.06 times in FY2013 as compared to the next private player. With respect to total market, the share has improved from 7.0% in FY2013 to 7.2% in FY2014.
BALANCED CHANNEL MIX
The Company continued its focus on strengthening its multi-channel distribution. For FY2014, 54.2% of RWRP was from bancassurance channel followed by 28.2% of RWRP from Agency, 9.6% from third party distribution comprising Corporate agents and brokers and 8.0% from other distribution channels including direct channels. Bancassurance has been an important growth driver. In the Corporate agent and Broker channel, the Company has reviewed its portfolio in line with its strategy to work with partners having long term outlook and quality focus.
PRODUCT MIX
During the year, the Company revamped its entire portfolio of products to ensure adherence to the new product regulations issued by IRDA. These regulations covered product design of all retail and group products. The transition to the new product regulations was managed smoothly and the Company got approvals for 19 new products across all lines of business in FY2014.The Company currently offers a range of products across unit linked and traditional platforms to meet specific customer needs. The Company has introduced life and pension products that offer equity participation with capital guarantee. In FY2014, the Company had a balanced product mix with traditional products contributing to 33.5% of the RWRP.
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Partly-paid up investments |
|
|
|
Claims, other than those under policies, not acknowledged as debts comprising of: |
|
|
|
- Claims made by vendors for disputed payments |
101.258 |
101.038 |
|
- Claims for damages made by landlords (of premises taken on lease) |
43.675 |
35.731 |
|
- Claims made by employees and advisors for disputed dues and compensation |
4.086 |
2.955 |
|
Underwriting commitments outstanding (in respect of shares and securities) |
-- |
-- |
|
Guarantees given by or on behalf of the Company |
-- |
-- |
|
Statutory demands/liabilities in dispute, not provided for (refer note 1) |
-- |
1.590 |
|
Reinsurance obligations to the extent not provided for |
-- |
-- |
|
Policy related claims under litigation in different consumer forums: |
|
|
|
- Claims for service deficiency |
155.220 |
155.916 |
|
- Claims against repudiation |
146.586 |
137.984 |
|
Others (refer note 2) |
1536.996 |
1350.000 |
NOTES:
1. Rs. 1.590 Million pertains to a demand from Profession Tax authority, West Bengal which was settled in the Company’s favor during the year ended March 31, 2014.
2. Rs.1536.996 Million is on account of objections raised by office of the Commissioner of Service tax, Mumbai (through the Service Tax audit under EA-2000) on certain positions taken by the Company).
FIXED ASSETS
Tangible Assets
· Freehold Land
· Improvements to Leasehold Property
· Office buildings on Freehold Land
· Furniture and Fixtures
· Information Technology Equipment
· Motor Vehicles
· Office Equipment
· Communication Networks
Intangible Assets
· Goodwill
·
Software
REVENUE ACCOUNT FOR THE HALF ENDED 30th SEPTEMBER 2014
POLICYHOLDERS' ACCOUNT (TECHNICAL ACCOUNT)
.
(Rs.
in Millions)
|
|
PARTICULARS |
September 30,
2014 |
||||||
|
Total |
Non Linked |
Linked |
||||||
|
Individual |
Group
|
Individual |
Group
|
|||||
|
Life |
Pension |
|
Life
|
pension |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
Premium Earned –
Net |
|
|
|
|
|
|
|
|
|
a) Premium |
61336.400 |
16039.900 |
1049.800 |
29.700 |
34782.100 |
4764.100 |
4670.800 |
|
|
b) Reinsurance Ceded |
(754.900) |
(417.600) |
-- |
-- |
(336.400) |
-- |
(0.900) |
|
|
c) Reinsurance accepted |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
Sub-total |
60581.500 |
15622.300 |
1049.800 |
29.700 |
34445.700 |
4764.100 |
4669.900 |
|
|
|
|
|
|
|
|
|
|
|
|
Income
from investments |
|
|
|
|
|
|
|
|
|
a) interest, Dividend and Rent – Gross |
18519.600 |
3872.200 |
1032.300 |
450.900 |
7232.600 |
3941.900 |
1989.700 |
|
|
b) Profit on sale / Redemption of investments |
31725.200 |
330.900 |
101.500 |
5.400 |
18608.700 |
11163.700 |
1515.000 |
|
|
c) (Loss) on sale / Redemption of investments |
(3714.100) |
(270.800) |
(29.100) |
(10.600) |
(2225.800) |
(1014.100) |
(163.700) |
|
|
(d) Transfer/gain on revaluation/change in fair value |
63352.900 |
-- |
-- |
-- |
36542.900 |
26096.800 |
713.200 |
|
|
(e) Accretion of discount/(amortisation of premium) (net) |
2593.800 |
42.400 |
26.900 |
122.900 |
1298.700 |
627.000 |
475.900 |
|
|
Sub-Total |
112477.400 |
3974.700 |
1131.600 |
568.600 |
61457.100 |
40815.300 |
4530.100 |
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
Contribution from the shareholders account -- |
162.200 |
-- |
162.200 |
-- |
-- |
-- |
-- |
|
|
Others (interest etc.) |
43.200 |
42.300 |
0.500 |
-- |
0.400 |
-- |
-- |
|
|
Miscellaneous income |
21.600 |
6.800 |
0.100 |
-- |
13.000 |
1.400 |
0.300 |
|
|
Sub-Total |
227.00 |
49.100 |
262.800 |
-- |
13.400 |
1.400 |
0.300 |
|
|
Total (A) |
173285.900 |
19646.100 |
2344.200 |
598.300 |
95916.200 |
45516.200 |
9200.300 |
|
|
|
|
|
|
|
|
|
|
|
|
Commission |
2252.100 |
1115.400 |
2.600 |
-- |
1088.700 |
47.400 |
-- |
|
|
Operating expenses related to insurance business |
7656.900 |
2366.500 |
34.600 |
12.100 |
4662.800 |
481.200 |
99.700 |
|
|
Provision for Doubtful debts |
15.600 |
(13.400) |
(0.300) |
-- |
26.700 |
2.400 |
0.200 |
|
|
Bad debts written off |
2.700 |
1.900 |
-- |
-- |
2.600 |
(1.800) |
-- |
|
|
Provision (other than taxation) |
28.600 |
28.600 |
-- |
-- |
-- |
-- |
-- |
|
|
Service tax charge on linked charges |
1502.000 |
-- |
-- |
-- |
972.800 |
479.200 |
50.000 |
|
|
Total (B) |
11457.900 |
3499.00 |
36.900 |
12.100 |
6751.600 |
1008.400 |
149.900 |
|
|
|
|
|
|
|
|
|
|
|
|
Benefits paid (Net) |
62710.700 |
1773.700 |
692.900 |
908.100 |
26393.600 |
|
|
|
|
Interim Bonus Paid |
53.400 |
53.000 |
0.400 |
-- |
-- |
-- |
-- |
|
|
(a) gross amount |
13637.100 |
12610.300 |
1384.800 |
(364.900) |
(30.200) |
(186.900) |
224.00 |
|
|
(b) Amount ceded in reinsurance |
(594.500) |
(594.500) |
-- |
-- |
-- |
-- |
-- |
|
|
(c) Amount accepted in reinsurance |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
(d) Fund reserve |
72871.700 |
-- |
-- |
-- |
55752.100 |
13359.700 |
3759.900 |
|
|
(e) Funds for discontinued policies |
5813.000 |
-- |
-- |
-- |
5640.300 |
172.700 |
-- |
|
|
Total (C) |
154491.400 |
13842.500 |
2078.100 |
543.200 |
87755.800 |
4139.900 |
8951.900 |
|
|
|
|
|
|
|
|
|
|
|
|
Surplus /
(Deficit) (D)= (A)-(B)-(C) |
7336.600 |
2304.600 |
229.200 |
43.000 |
1408.800 |
3252.500 |
98.500 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation |
|
|
|
|
|
|
|
|
|
(a) Current tax credit/(charge) |
(165.600) |
(164.900) |
-- |
(0.700) |
-- |
-- |
-- |
|
|
(b) Deferred tax credit/(charge) |
(12.600) |
-- |
-- |
- |
(13.600) |
-- |
-- |
|
|
Surplus / (Deficit) after tax |
7158.400 |
2139.700 |
229.200 |
43.000 |
1408.800 |
3252.500 |
985.000 |
|
|
|
|
|
|
|
|
|
|
|
|
Appropriations |
|
|
|
|
|
|
|
|
|
Balance previous year |
5040.400 |
2842.300 |
1284.200 |
(152.600) |
449.400 |
917.100 |
-- |
|
|
Transfer to shareholders account |
5403.700 |
301.200 |
-- |
-- |
1620.00 |
3434.000 |
48.500 |
|
|
Reserve for lased linked policies unlikely to be reviewed |
53.400 |
-- |
-- |
-- |
19.300 |
34.100 |
-- |
|
|
Fund for future appropriation |
6774.700 |
4680.800 |
1513.400 |
(110.300) |
206.300 |
401.500 |
500.00 |
PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30th
SEPTEMBER 2014
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
(Rs.in Million)
|
PARTICULARS |
|
|
30.09.2014 |
|
|
|
|
|
|
Amount transfer from Policyholders account (Technical account) |
|
|
5403.700 |
|
|
|
|
|
|
Income from investments |
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
|
|
1858.000 |
|
(b) Profit on sale/redemption of investments |
|
|
695.900 |
|
(c) Loss on sale/redemption of investments |
|
|
(166.900) |
|
(d) Accretion of discount/ amortization of
premium) (net) |
|
|
208.700 |
|
Other Income |
|
|
3.300 |
|
Total |
|
|
8002.700 |
|
|
|
|
|
|
Expenses other than those directly related to
the insurance business |
|
|
193.300 |
|
Bad Debts Written Off |
|
|
-- |
|
|
|
|
|
|
Provisions (other than taxation) |
|
|
|
|
(a) For diminution in value of investments
(net) |
|
|
-- |
|
(b) Provision for doubtful debts |
|
|
-- |
|
|
|
|
|
|
Contribution to Policyholders’ account (Technical account) |
|
|
162.200 |
|
|
|
|
|
|
Total |
|
|
355.000 |
|
|
|
|
|
|
(Less) Profit Before Tax |
|
|
7647.200 |
|
|
|
|
|
|
Provision for taxation |
|
|
|
|
(a) Current tax credit/(charge) |
|
|
165.600 |
|
(b) Deferred tax credit/(charge) |
|
|
-- |
|
|
|
|
|
|
Profit / (Loss) after tax |
|
|
7812.800 |
|
|
|
|
|
|
Appropriation |
|
|
|
|
(a) Balance of the beginning for the year |
|
|
(30334.600) |
|
(b) Interim dividends paid during the year |
|
|
2644.600 |
|
(c) Proposed final dividend |
|
|
0.300 |
|
(d) Dividend distribution Tax |
|
|
992.600 |
|
(c) Transfer to reserve / other income |
|
|
(4446.700) |
|
(f) Interim Dividend |
|
|
2716.500 |
|
Profit / (Loss) carried to Balance Sheet |
|
|
(4429.100) |
|
|
|
|
|
|
Earning Per shares (Rs.) |
|
|
|
|
Basic earnings
per equity shares |
|
|
5.47 |
|
Diluted earnings
per equity shares |
|
|
5.46 |
|
Nominal Value
per shares |
|
|
10.00 |
BALANCE SHEET
|
PARTICULARS |
|
|
30.09.2014 |
|
|
|
|
|
|
SOURCES
OF FUNDS |
|
|
|
|
SHAREHOLDERS FUND: |
|
|
|
|
Share Capital |
|
|
14297.500 |
|
Share Application Money |
|
|
0.100 |
|
Reserves & Surplus |
|
|
33701.200 |
|
Credit/[debit] fair value change account |
|
|
3526.700 |
|
Sub – Total |
|
|
51525.500 |
|
|
|
|
|
|
Borrowings |
|
|
-- |
|
|
|
|
|
|
POLICYHOLDERS
FUND |
|
|
|
|
Fair value change Account – Net |
|
|
9331.400 |
|
Revaluation Reserve – Investment Property |
|
|
668.900 |
|
Policy Liabilities |
|
|
151167.500 |
|
Provision for linked liability |
|
|
664245.300 |
|
Funds for discontinued polices |
|
|
17093.700 |
|
Sub – Total |
|
|
842506.800 |
|
Funds for future
appropriations |
|
|
|
|
Linked |
|
|
53.400 |
|
Non Linked |
|
|
6741.700 |
|
|
|
|
|
|
TOTAL |
|
|
900827.400 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
|
-Shareholders |
|
|
54722.300 |
|
-Policy Holders |
|
|
165371.300 |
|
Asset held to cover linked liabilities |
|
|
681392.400 |
|
Loans |
|
|
131.100 |
|
Fixed Assets |
|
|
1964.300
|
|
Deferred Tax Assets |
|
|
2.700
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balance |
|
|
743.500 |
|
Advances and Other assets |
|
|
10770.800 |
|
Sub – Total (A) |
|
|
11514.300 |
|
|
|
|
|
|
Current Liabilities |
|
|
15329.900 |
|
Provisions |
|
|
3370.200 |
|
Sub – Total
(B) |
|
|
18700.100 |
|
Net Current Assets
(C) = (A-B) |
|
|
(7185.800) |
|
|
|
|
|
|
Miscellaneous expenditure |
|
|
-- |
|
Debit Balance in Profit and Loss Account |
|
|
|
|
Account (Shareholders account) |
|
|
4429.100 |
|
|
|
|
|
|
TOTAL |
|
|
900827.400 |
ANALYTICAL RATIO
|
PARTICULARS |
|
|
30.09.2014 |
|
New business
premium income growth |
|
|
|
|
-No Linked Life |
|
|
(45.6%) |
|
-No Linked
Pension |
|
|
9.1% |
|
-No Linked Group |
|
|
(100.0%) |
|
-Linked Life |
|
|
74.1% |
|
-Linked Pension |
|
|
38.3% |
|
-Linked Group |
|
|
649.6% |
|
|
|
|
|
|
Net retention
ratio |
|
|
98.8 |
|
|
|
|
|
|
Ratio of
expenses of management |
|
|
16.2% |
|
|
|
|
|
|
Commission Ratio |
|
|
3.7% |
|
|
|
|
|
|
Ratio of
policyholders liabilities to shareholders funds |
|
|
1803.3% |
|
|
|
|
|
|
Growth rate of
shareholders fund |
|
|
11.6% |
|
|
|
|
|
|
Ratio of surplus
to policyholders liability |
|
|
0.8% |
|
|
|
|
|
|
Change in networth
(Rs. in Million) |
|
|
0.049 |
|
|
|
|
|
|
Profit after tax
/ Total income |
|
|
4.4% |
|
|
|
|
|
|
(Total Real
Estate + Loans) / Cash & invested assets |
|
|
0.2% |
|
|
|
|
|
|
Total Investment
/ (Capital + Surplus) |
|
|
1914.1% |
|
|
|
|
|
|
Total Affiliated
Investment / (Capital+Surplus) |
|
|
7.5% |
|
|
|
|
|
|
Investment Yield
(Gross and Net) |
|
|
|
|
A. Without
unrealised gains |
|
|
|
|
Shareholders'
Fund |
|
|
6.8% |
|
Policyholders'
Fund |
|
|
|
|
-Non Linked |
|
|
8.8% |
|
-Non Linked Non
Par |
|
|
7.7% |
|
-Linked Par |
|
|
15.0% |
|
|
|
|
|
|
B. With
unrealised gains |
|
|
|
|
Shareholders'
Fund |
|
|
19.7% |
|
Policyholders'
Fund |
|
|
|
|
-Non Linked |
|
|
20.5% |
|
-Non Linked Non
Par |
|
|
19.6% |
|
-Linked Par |
|
|
37.2% |
|
|
|
|
|
|
Conservation
Ratio |
|
|
|
|
-Non Linked Life |
|
|
86.7% |
|
-Non Linked
Pension |
|
|
91.8% |
|
-Non Linked
Group |
|
|
3.7% |
|
-Linked Life |
|
|
83.8% |
|
-Linked Pension |
|
|
64.1% |
|
-Linked Group |
|
|
72.8% |
|
|
|
|
|
|
Persistency
Ratio |
|
|
|
|
13th month |
|
|
73.0% |
|
25th month |
|
|
63.9% |
|
37th month |
|
|
63.8% |
|
49th month |
|
|
16.9% |
|
61st month |
|
|
11.8% |
|
|
|
|
|
|
NPA Ratio |
|
|
Nil |
PRESS RELEASE:
ICICI Prulife,
Stanchart Enter Into Bancassurance Tie-Up:
The New 15 Year
Agreement Covers India and 10 Other Markets and Has Commenced On 1 July 2014
Mumbai July
2, 2014 Last Updated at 12:44 IST
Standard Chartered Bank today announced that it has entered into a strategic bancassurance partnership with ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life).
This is part of a larger agreement between Standard Chartered Plc and Prudential Plc to expand the term and geographic scope of their pan-Asian bancassurance partnership.
The new 15 year agreement covers India and 10 other markets and has commenced on 1 July 2014, deepens a relationship that was first established in 1998.
Under the terms of this agreement, Standard Chartered Bank will distribute a wide array of ICICI Prudential Lifeâs comprehensive life insurance products through its network of 99 branches across 42 cities.
Sunil Kaushal, Regional Chief Executive, India and South Asia at Standard Chartered Bank said that the alliance with ICICI Prudential Life is a reaffirmation of our commitment to our customers and it enables us to offer them best-in-class life insurance products for their various needs.
Sandeep Bakhshi, Managing Director and CEO, ICICI Prudential Life explained that their (Standard Chartered) customer centric approach is very much in sync with the company's customer first philosophy
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.66.08 |
|
UK Pound |
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
10 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--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 |
|
86 |
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.