|
|
|
MIRA INFORM REPORT
|
Report No. : |
491299 |
|
Report Date : |
12.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
EDELWEISS TOKIO LIFE INSURANCE COMPANY LIMITED (w.e.f.08.01.2010) |
|
|
|
|
Formerly Known
As : |
EDELWEISS TOKIO LIFE INSURANCE LIMITED (w. e. f.
22.12.2009) EDELWEISS LIFE INSURANCE LIMITED |
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Registered
Office : |
Edelweiss House, Off C.S.T Road, Kalina, Mumbai – 400098, Maharashtra |
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Tel. No.: |
91-22-40863577/ 40094400 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
25.11.2009 |
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|
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|
Com. Reg. No.: |
11-197336 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 2615.922 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2009PLC197336 |
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|
|
|
IEC No.: |
Not Available (As informed by the management that firm does not
have export and import) |
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GST No.: |
Not Divulged |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AACCE2709H |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Life Insurance. [Registered
Activity] |
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|
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No. of Employees
: |
2200 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “Eleweiss Finance Services Limited” with 51%
stake and reset of the stake belongs to “Tokia Marine Holding Inc.” based in
Japan. It was incorporated in the year 2009 and engaged in business of life
insurance. As per financials of March 2017, the company has registered healthy
growth in its revenue but has incurred losses. Rating takes consideration the company’s satisfactory track record of
business operations marked by healthy net worth base alone with estimated
market position and good liquidity position. Rating also takes into account the extensive experience of its promoters and strong financial and managerial support received from its holding entity. However, rating strength is partially offset by increasing competition in insurance sector along with continuous losses incurred by the company. Payments seems to be regular. In view of aforesaid, the company can be considered for credit dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 12.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-40863577]
LOCATIONS
|
Registered/ Sales Office : |
Edelweiss House, Off C.S.T Road, Kalina, Mumbai – 400098, Maharashtra, India |
|
Tel. No. : |
91-22-40863577/ 40094400 |
|
Fax No. : |
91-22-43428161 |
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E-Mail : |
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|
Website : |
|
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|
Corporate Office: |
3rd and 4th Floor, Tower 3, Wing ‘B’, Kohinoor City Mall, Kohinoor City, Kirol Road, Kurla (West),Mumbai – 400070, Maharashtra, India |
|
Tel. No.: |
91-22-40886015 |
|
Fax No.: |
91-22-71004133 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Rashesh Chandrakant Shah |
|
Designation : |
Director |
|
Address : |
B‐233, 10th Floor, Kalpataru Horizon‐B, S K Ahire Marg, Worli, Mumbai ‐ 400018, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1963 |
|
Date of Appointment : |
25.11.2009 |
|
DIN No. : |
00008322 |
|
|
|
|
Name : |
Mr. Venkatchalam Arakoni Ramaswamy |
|
Designation : |
Director |
|
Address : |
142, Beach Apartment, 14th Floor, P. Balu Road, Prabhadevi, Mumbai ‐ 400025, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1966 |
|
Date of Appointment : |
25.11.2009 |
|
DIN No. : |
00008509 |
|
|
|
|
Name : |
Mr. Himanshu Nalin Kaji |
|
Designation : |
Director |
|
Address : |
C/7 Ishwar Niwas Sicka Nagar, V. P. Road, Mumbai-400004, Maharashtra, India |
|
Date of Birth/Age : |
24.08.1965 |
|
Date of Appointment : |
15.05.2014 |
|
DIN No. : |
00009438 |
|
|
|
|
Name : |
Mr. Deepak Chandra Mittal |
|
Designation : |
Managing director |
|
Address : |
1103, Tower - B, Ashok Towers, Dr. SS Rao Road, Parel, Opposite Gandhi Hospital, Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1973 |
|
Date of Appointment : |
25.11.2009 |
|
DIN No. : |
00010337 |
|
|
|
|
Name : |
Mr. Vaidyanathan Panchapagesan |
|
Designation : |
Director |
|
Address : |
7AB, Kences Enclave, Block III, No.1, Ramakrishna Street, T Nagar, Chennai ‐ 600017, Tamilnadu, India |
|
Date of Birth/Age : |
29.10.1947 |
|
Date of Appointment : |
01.11.2011 |
|
DIN No. : |
00029503 |
|
|
|
|
Name : |
Mr. Pudugramam Narayanaswamy Venkatachalam |
|
Designation : |
Additional director |
|
Address : |
Flat No.3C, Settlur Manor, No.2, Sivaswamy Street, Opposite Dr. Radhakrishnan Salai, Mylapore, Chennai-600004, Tamilnadu, India |
|
Date of Appointment : |
18.07.2014 |
|
DIN No. : |
00499442 |
|
|
|
|
Name : |
Mr. Navtej Singh Nandra |
|
Designation : |
Director |
|
Address : |
22 West 15 Street, #18A New York 10011 US |
|
Date of Appointment : |
08.02.2017 |
|
DIN No. : |
02282617 |
|
|
|
|
Name : |
Mr. Ian Brimecome |
|
Designation : |
Nominee director |
|
Address : |
The Matrix, Canehouse Lane, Rake, Liss Hampshire, 0, United Kingdom |
|
Date of Appointment : |
01.04.2015 |
|
DIN No. : |
02992778 |
|
|
|
|
Name : |
Mr. Trevor John Matthews |
|
Designation : |
Nominee Director |
|
Address : |
24 Plunkett Road Mosman, New South Wales, Australi Mosman 2088 Au |
|
Date of Appointment : |
08.08.2016 |
|
DIN No.: |
07554808 |
|
|
|
|
Name : |
Mr. Yasuyuki Masahiro Sekioka |
|
Designation : |
Nominee Director |
|
Address : |
BLK 27, Keppel Bay, #16-82 Reflections at Keppel Bay Singapore 098416 SG |
|
Date of Appointment : |
11.05.2017 |
|
DIN No. : |
07800965 |
|
|
|
|
Name : |
Mr. Kamala Kantharaj |
|
Designation : |
Additional Director |
|
Address : |
1202 Raheja Princess, S. K Bole Marg, Portugese Church To Siddhivinayak Road, Dadar West, Mumbai - 400028, Maharashtra, India |
|
Date of Appointment : |
01.11.2017 |
|
DIN No. : |
07917801 |
|
|
|
|
Name : |
Loo Chuan Tang |
|
Designation : |
Additional Director |
|
Address : |
3, Jalan Anak Bukit #06 - 07 Singapore 588998 SG |
|
Date of Appointment : |
01.11.2017 |
|
DIN No. : |
07952948 |
KEY EXECUTIVES
|
Name : |
Mr. Sarju Pravin Simaria |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No-307, B- Wing, 3rd Floor, Raj Classic, Panch Marg, Off Yari Road Versova, Andheri (West), Mumbai - 400061, Maharashtra, India |
|
Date of Appointment : |
15.05.2014 |
|
PAN No.: |
AAWPS9499P |
|
|
|
|
Name : |
Mr. Tarun Khurana |
|
Designation : |
Company Secretary |
|
Address : |
201, 2nd Floor, Emp - 65, Emp, Thakur Vlg, Kandivali (East) Mumbai 400101, Maharashtra, India |
|
Date of Appointment : |
01.08.2017 |
|
PAN No.: |
AELPK1484K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Edelweiss
Financial Services Limited, India |
|
133412004 |
|
Mr. Rashesh Shah (Nominee of
Edelweiss Financial Services Limited) |
|
1 |
|
Venkat Ramaswamy (Nominee of Edelweiss Financial Services Limited, India) |
|
1 |
|
Vikas Khemani (Nominee of Edelweiss Financial Services Limited, India) |
|
1 |
|
Deepak Mittal (Nominee of Edelweiss Financial Services Limited, India) |
|
1 |
|
Tokio Marine and Nichido Fire Insurance Co. Limited, Tokyo |
|
128180166 |
|
Himanshu Kaji (Nominee of Edelweiss Financial Services Limited, India) |
|
1 |
|
Sarju Simaria (Nominee of Edelweiss Financial Services Limited, India) |
|
1 |
|
Total |
|
261592176 |
AS ON: 31.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Body corporate) |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Life Insurance.
[Registered Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
·
Citibank ·
Yes Bank ·
Corporation Bank ·
Catholic Syrian Bank ·
ICICI Bank |
|
|
|
|
Auditors 1: |
|
|
Name : |
V Sankar Aiyar and Company Chartered Accountants |
|
Address : |
2C, Court Chambers, 35, New Marine Lines, Mumbai – 400020,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFV0781D |
|
|
|
|
Auditors 2 : |
|
|
Name : |
K S Aiyar and Company Chartered Accountants |
|
Address : |
F-7, Lakxmi Mills, Shakti Mills Lane, Off Dr. E Moses Road,
Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFV0781D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Edelweiss Financial Services Limited |
|
|
|
|
Joint Ventures Partner : |
Tokio Marine Holdings Inc |
|
|
|
|
Enterprise having
significant influence: |
Tokio Marine and Nichido Fire Insurance Company Limited |
|
|
|
|
Fellow Subsidiaries : |
· Edelweiss Securities Limited · Edelweiss Commodities Services Limited · ECL Finance Limited · Edelweiss Broking Limited · Edelweiss Finance & Investments Limited · Edel Finance Company Limited · Edelweiss Retail Finance Limited · Edelweiss Asset Reconstruction Company Limited · Serenity Business Park Limited · Eternity Business Centre Limited · Edelcap Securities Limited · Edel Land Limited · Edelweiss Multi Strategy Fund Advisors LLP · Edelweiss Housing Finance Limited · Edelweiss Global Wealth Management Limited |
CAPITAL STRUCTURE
AFTER 31.07.2017
Authorised Capital : INR 3250.000 Million
Issued, Subscribed & Paid-up Capital : INR 3126.209
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
275000000 |
Equity Shares |
INR 10/- each |
INR 2750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
261592176 |
Equity Shares |
INR 10/- each |
INR 2615.922
Million |
|
|
|
|
|
PATTERN OF
SHAREHOLDING
|
Shareholder |
Number of Shares |
% of Holding |
|
Promoters |
|
|
|
Indian/Holding Company |
133412010 |
51.00 |
|
Foreign |
128180166 |
49.00 |
|
Others |
-- |
-- |
|
TOTAL |
261592176 |
100.00 |
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
Share Capital |
2615.922 |
2615.922 |
1802.865 |
|
Reserves & Surplus |
10658.765 |
10658.765 |
6197.116 |
|
Credit / (Debit) fair value change account (Net) |
93.164 |
9.107 |
27.410 |
|
NETWORTH |
13367.851 |
13283.794 |
8027.391 |
|
|
|
|
|
|
BORROWINGS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
POLICYHOLDERS'
FUNDS |
|
|
|
|
Credit/(Debit) Fair Value Change Account (Net) |
14.442 |
(2.784) |
5.969 |
|
Policy Liabilities |
7051..095 |
3790.193 |
1779.839 |
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
Provision for Linked Liabilities |
1923.461 |
1059.075 |
524.935 |
|
Add: Credit/ (Debit) Fair value change account |
91.015 |
6.705 |
30.606 |
|
Total Provision For Linked Liabilities |
2014.476 |
1065.780 |
555.541 |
|
TOTAL |
9080.013 |
4853.189 |
2341.349 |
|
|
|
|
|
|
FUNDS FOR
DISCONTINUED POLICIES |
|
|
|
|
Discontinued on account of non-payment of premium |
128.685 |
74.963 |
40.694 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Funds For Future Appropriations (Linked) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
22576.549 |
18211.946 |
10409.434 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
Shareholders' |
6137.745 |
8875.651 |
5078.679 |
|
Policyholders' |
6592.697 |
3965.242 |
1858.744 |
|
Assets Held To Cover Linked Liabilities |
2143.162 |
1140.742 |
596.235 |
|
Loans |
5.996 |
3.664 |
0.590 |
|
|
|
|
|
|
Fixed Assets |
659.002 |
190.380 |
146.332 |
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
Cash & Bank Balances |
1015.567 |
483.439 |
263.530 |
|
Advances and Other Assets |
1491.808 |
1040.173 |
982.503 |
|
Total |
2507.375
|
1523.612
|
1246.032
|
|
|
|
|
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
1253.432 |
1144.986 |
675.236 |
|
Provisions |
264.203 |
232.256 |
184.044 |
|
Total
Current Liabilities |
1517.635
|
1377.242
|
859.280
|
|
Net Current Assets |
989.740 |
146.370 |
386.752 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit and Loss Account (Shareholders
Account) |
6048.207 |
3889.897 |
2342.102 |
|
Debit Balance in Revenue Account (Policyholders' Account) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
22576.549 |
18211.946 |
10409.434 |
Revenue
ACCOUNT
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Premium
earned-net |
|
|
|
|
Premium |
4413.331 |
3100.660 |
1930.822 |
|
Reinsurance ceded |
(154.412) |
(98.853) |
(65.076) |
|
Reinsurance accepted |
0.000 |
0.000 |
0.000 |
|
Total
|
4258.919 |
3001.807 |
1865.746 |
|
|
|
|
|
|
Income
from Investments |
|
|
|
|
Interest and Dividends Gross and
Amortization (Net) |
429.188 |
226.485 |
110.640 |
|
Profit on sale/ redemption of investments |
322.609 |
108.231 |
92.380 |
|
(Loss on sale / redemption of investments) |
(151.497) |
(65.778) |
(17.9860) |
|
Transfer / Gain on revaluation / change in
fair value |
84.311 |
(23.901) |
21.034 |
|
Total
|
684.611 |
245.037 |
206.068 |
|
|
|
|
|
|
Other
Income |
|
|
|
|
Contribution from Shareholders Account |
2933.958 |
2126.681 |
1445.361 |
|
Other Income |
2.212 |
0.564 |
0.376 |
|
Total
|
2936.170 |
2127.245 |
1445.737 |
|
|
|
|
|
|
Total
[A] |
7879.700 |
5374.089 |
3517.551 |
|
|
|
|
|
|
Commission |
288.866 |
265.426 |
198.992 |
|
Operating Expenses related to insurance
business |
2886.259 |
2363.462 |
1845.757 |
|
Service tax expense on ULIP charges |
10.545 |
4.826 |
0.000 |
|
Provision for Doubtful debts |
1.119 |
1.882 |
0.703 |
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
Provision for Tax |
0.000 |
0.000 |
0.000 |
|
Provisions (other than taxation) |
|
|
|
|
- For dimension in the value of
investments (Net) |
0.000 |
0.000 |
0.000 |
|
- Others |
0.000 |
0.000 |
0.000 |
|
Total [B] |
3186.789 |
2635.596 |
2045.452 |
|
|
|
|
|
|
Benefits Paid (Net) |
429.421 |
183.507 |
77.140 |
|
Interim Bonuses paid |
0.170 |
0.124 |
0.076 |
|
Change in valuation of liability in
respect of life policies |
|
|
|
|
- Gross |
4673.398 |
3008.397 |
160.948 |
|
- Amount ceded in Reinsurance |
(410.078) |
(453.535) |
(210.065) |
|
- Amount accepted in Reinsurance |
0.000 |
0.000 |
0.000 |
|
Total
[C] |
4692.911 |
2738.493 |
1472.099 |
|
|
|
|
|
|
SURPLUS
/ DEFICIT [D] = [A – B - C] |
0.000 |
0.000 |
0.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
Income From
Investments |
|
|
|
|
|
(a) Interest and Dividends Gross, And Amortization (Net) |
527.456 |
379.052 |
412.966 |
|
|
(b) Profit on sale/ redemption of investments |
429.828 |
325768 |
409.220 |
|
|
(c) (Loss on sale/ redemption of investments) |
(134.422) |
(92.218) |
(91.342) |
|
|
(d) Transfer / Gain on revaluation / change in fair value |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
822.862 |
612.602 |
730.844 |
|
|
|
|
|
|
|
|
Other Income |
0.000 |
14.117 |
35.267 |
|
|
|
|
|
|
|
|
TOTAL |
822.862 |
626.719 |
766.111 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Expenses other than those directly related to the
insurance business |
47.214 |
47.833 |
30.834 |
|
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
|
Provisions (Other than taxation) |
0.000 |
0.000 |
0.000 |
|
|
(a) For diminution in the value of investments (net) |
0.000 |
0.000 |
0.000 |
|
|
(b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
(c) Others |
0.000 |
0.000 |
0.000 |
|
|
Contribution to the Policyholders' Account (Technical Account) |
2933.958 |
2126.681 |
1445.361 |
|
|
TOTAL |
2981.172 |
2174.514 |
1476.195 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(2158.310) |
(1547.795) |
(710.084) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(0.052) |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
(2158.310) |
(1547.795) |
(710.032) |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Balance at the beginning of the year |
(3889.897) |
(2342.102) |
(1632.070) |
|
|
|
|
|
|
|
|
Profit/(Loss)
carried to the Balance Sheet |
(6048.207) |
(3889.897) |
(2342.102) |
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
(8.25) |
(8.01) |
(3.94) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from Operating Activities |
764.818 |
761.993 |
(135.865) |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Income from Investments |
730.844 |
612.602 |
822.862 |
|
|
|
-16.179 |
34.322 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Income from Investments |
730.844 |
612.602 |
822.862 |
|
Profit/(Loss) |
(710.032) |
(1547.795) |
(2158.310) |
|
|
(97.15%) |
(252.66%) |
(262.29%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
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% |
-- |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
BACKGROUND
The Company is a joint venture between Edelweiss Financial Services Limited and Tokio Marine Holding Inc., was incorporated on November 25, 2009 as a Company under the Companies Act, 2013 (‘the Act’). The Company obtained license (Registration No. 147 dated May 10, 2011) from the Insurance Regulatory and Development Authority of India (“IRDAI”) for carrying Life Insurance business. The license is in force as at March 31, 2017. The Company is in business of providing life insurance, pensions and health insurance to individuals and groups. The business is conducted in participating, non-participating and unit linked lines of businesses. The Company distributes these products through individual agents, corporate agents, banks, brokers, the Company website and through the Company’s direct sales channels.
PERFORMANCE REVIEW
They continue to scale up their business with focus on Customer Centricity at their core. During the year ended March 31, 2017, the Company earned the gross premium of INR 4410.000 million as compared to INR 3100.000 million in the previous year, reflecting a growth of 42%. They continue to expand their distribution footprint across the agency, partnership and direct channels. Their presence is spread across 91 branches (previous year 71) across 66 cities in India. The agency channel force has also scaled up with the total number of Personal Financial Advisors crossing 21,000 by the end of this financial year compared to around 15,000 during the previous year.
AWARDS & RECOGNITIONS
During the year, the Company was declared the ‘Best Life Insurer’ at the Outlook Money Awards 2016 held in January 2017. The award is the testimony of their customer centric approach and the best corporate governance practices adopted by the Company.
PRODUCTS
They have a bouquet of 32 products, comprising of 28 individual products (including two micro insurance products) and 4 group products and 15 riders, comprising of 8 individual riders and 7 group riders.
The products cater to the various financial needs of the policyholders’, viz. Wealth Accumulation, Education Funding, Income Replacement, Wealth Enhancement, Retirement Funding and Living with Impaired Health. The products are customer centric, simple to understand, and have competitive benefits to the policyholders. During the year, the Company launched the following two new products to cater to the insurance needs of the customers:
· Edelweiss Tokio Life – TotalSecure+
· Edelweiss Tokio Life – Wealth Ultima.
Further, the following existing products and riders were modified and launched during the year to meet the customers’ needs:
· Edelweiss Tokio Life – Wealth Builder
· Edelweiss Tokio Life – Waiver of Premium Rider
· Edelweiss Tokio Life – Payor Waiver Benefit Rider.
They are the first insurance Company to receive the IRDAI approval to launch ‘POS - Saral Nivesh’, which is the first-ever POS product in the Indian Life Insurance Sector. The product would benefit the cutomers in many ways, as well as enable us to expand distribution footprint.
BUSINESS AND DISTRIBUTION CHANNELS
To meet customers’ expectations, the Company continues to focus on distribution, efficiency and training the advisors. Your Company distributes through various channels such as online and through bancassurance, corporate agents and brokers. The Company has engaged more than 21,000 Personal Finance Advisors (PFAs) who are trained to adopt the customer-centric need based sales model and recommend products only after understanding and analyzing Customer’s needs. The Company also focussed on improving the productivity of its agency force by using technology through mobile platforms. The Company had also taken other initiatives to enhance the brand awareness in the online space, as it continues to build its brand in the offline space
too, through brand campaigns.
INFORMATION TECHNOLOGY
The Company has always been at the forefront when it comes to the state-of-the-art technology. they see technology as an enabler for driving efficiency and growth, building robust risk management systems, delivering accurate and timely MIS as well as fostering greater customer connect.
Information Technology (IT) is the current thrust area in leveraging their capabilities for driving growth, improving productivity and enhancing customer experience. They are undertaking initiatives using cutting-edge technologies for internal as well as for customers’ and partners’ use. Their focus on mobility has led to an improved relationship with their customers. They will continue to focus on IT initiatives with greater rigor to encourage innovation to achieve customer-focused business objectives and drive future growth.
Keeping in mind the organizational guiding philosophy of process standardisation across touch points, Focus on delivering First Time Right (FTR) in all processes, maximum utilization of product platform and its configuration strength and standard user experience for customers irrespective of the channel, the Company implemented following major initiatives in FY 2016‑17.
Digital Transformation Initiatives –
· Revamped website launched with Customer Portal – ability to register requests, complaints, supported by chat facility.
· 5 self-service functionalities were added to the existing 15 in Q3, which increased the coverage of service requests to 51%.
· Enabled e-KYC using Aadhar for online sales journey.
· Enhanced suite of payment options by adding UPI as a payment option along with a host of e-wallets like Paytm, Jio etc. Also tied up with Paytm for payments through their website and app.
· Project Vikram, a complete digital sales tool, deployed successfully, to complete Vijaypath, suggest products, prepare customized solution presentation, work out multiple scenarios on the go, complete application form and upload documents.
Digital Foundation Initiatives –
· Revamp of Sales Portal
· Revamp of Sales Illustration using ProductXpress tool to standardise the product specific rules across all touch points in sales process.
· Automation of payment of incentives.
· Revamp of MIS processing to ensure timely MIS distribution to management and other stakeholders.
· Revamp of medical grids for channels, STP rules and Risk scores to increase the auto-underwriting share of policy issuance to 70%.
Infrastructure Initiatives –
· Successfully rolled out disaster recovery for Investments, Finance and Mailing systems.
· Implemented open source mailing solution (Zimbra) for specific users resulting into substantial cost savings.
· Migration of Accounting system from Oracle to SQL resulting into increased efficiency.
BUSINESS
TRANSFORMATION PROGRAMME –
The Business Transformation Programme of the Company, ‘Transcend’, is in a crucial stage of implementation, wherein all stakeholders are contributing their best to achieve the objectives of Customer Centricity, Sales Productivity, Operational Efficiency, Branch productivity and Full Time Executive (FTE) productivity through cutting edge technology platform.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Statutory demands / liabilities in dispute, not provided for |
75.232* |
49.804* |
|
Others (Claims against policies under litigation) |
6.859 |
7.958 |
|
* The Company has received show cause-cum-demand notices relating to Service tax demand amounting to INR 75.232 million (Previous year INR 49.804 million) from the Service Tax Department, which is being contested. |
||
FIXED ASSETS:
Tangible Assets
· Land-Freehold
· Leasehold Improvements
· Furniture and Fittings
· Information Technology Equipment’s
· Vehicle
·
Office Equipment’s
·
Buildings
Intangible Assets
· Goodwill
· Computer Software
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.37 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.90 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.