|
|
|
MIRA INFORM REPORT
|
Report No. : |
491343 |
|
Report Date : |
12.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TATA AIG GENERAL INSURANCE COMPANY LIMITED
|
|
|
|
|
Registered
Office : |
15th Floor, Tower A, Peninsula Business Park, G K Marg,
Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-66699697 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
24.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128425 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 7325.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110MH2000PLC128425 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT3518Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
General Insurance Business. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Tata AIG General Insurance Company Limited is a joint venture between “Tata Sons Limited 74 % stake in the company and AIG MEA Investments and Service holds balance 26 % stake in the subject company. The company offers a range of general insurance covers for businesses and individuals and has a comprehensive range of general insurance products for Liability, Marine Cargo, Personal Accident, Travel, Rural-Agriculture Insurance, Extended Warranty etc. Each product offering is backed by professional expertise. For the financial year 2017, the company has satisfactory operations along with decent profit margin. The rating takes into consideration healthy financial profile of the company marked by strong networth base along with strong debt coverage indicators due to low debt balance sheet profile. The rating factors in the operational and financial support that company receives from its parents Tata group and American International Group (AIG). The rating also takes into account company’s strong parentage, market standing and consistently strong financial performance. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered good for normal 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 |
ICRA |
|
Rating |
CLAMIS PAYING ABILITY = AAA |
|
Rating Explanation |
Highest degree of safety and Carry lowest credit risk. |
|
Date |
14.03.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
SUBORDINATED DEBT PROGRAME = AA+ |
|
Rating Explanation |
Highest degree of safety and very low credit risk. |
|
Date |
14.03.2017 |
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 DENIED BY
|
Name : |
Ms. Treesa |
|
Designation : |
Accounts Secretary |
|
Contact No.: |
91-22-66699697 |
|
Date : |
09.02.2018 |
LOCATIONS
|
Registered Office : |
15th Floor, Tower A, Peninsula Business Park, G K Marg,
Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66699697/ 66699761/ 66699696 |
|
Fax No.: |
91-22-66546464 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Offices : |
Located at: · Andhra Pradesh · Assam · Bihar ·
Chandigarh · Chhattisgarh · Delhi · Goa ·
Gujarat ·
Haryana ·
Gurgaon · Himachal Pradesh · Jammu & Kashmir · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Orissa · Pondicherry · Punjab · Rajasthan · Sikkim · Tamilnadu · Telengana · Tripura · Uttar Pradesh · West Bengal · Uttaranchal |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Farokh Nariman Subedar |
|
Designation : |
Director |
|
Address : |
1, Wadia Building 6 Babulnath Road, Mumbai-400007, Maharashtra,
India |
|
Date of Birth/Age : |
24.09.1955 |
|
Date of Appointment : |
26.10.2009 |
|
DIN No.: |
00028428 |
|
|
|
|
Name : |
Mr. Bhagyam Ramani |
|
Designation : |
Director |
|
Address : |
501, Anand Co-Operative Housing Society, Juhu Versova Link
Road, Andheri (W), Mumbai-400058, Maharashtra, India |
|
Date of Appointment : |
09.06.2016 |
|
DIN No.: |
00107097 |
|
|
|
|
Name : |
Mr. Mukund Govind Rajan |
|
Designation : |
Director |
|
Address : |
202 A Baktavar Lower Colaba Road, Mumbai-400005, Maharashtra,
India |
|
Date of Appointment : |
31.01.2017 |
|
DIN No.: |
00141258 |
|
|
|
|
Name : |
Mr. Saurabh Agrawal |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 2803, Imperial Towers, BB Nakashe Marg, Tardeo,
Mumbai – 400034, Maharashtra, India |
|
Date of Appointment : |
04.08.2017 |
|
DIN No.: |
02144558 |
|
|
|
|
Name : |
Mr. Neelesh Garg |
|
Designation : |
Managing Director |
|
Address : |
Flat No.907/908, Tower C Ashok Towers, Parel,
Mumbai-400012, Maharashtra, India |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
03435242 |
|
|
|
|
Name : |
Mr. Michael Schnedler Jensen |
|
Designation : |
Director |
|
Address : |
Arabian Ranches, Saheel 1, Villa 32 Dubai, Uae Dubai Na Ae |
|
Date of Birth/Age : |
25.03.1953 |
|
Date of Appointment : |
05.12.2014 |
|
DIN No.: |
07015605 |
|
|
|
|
Name : |
Mr. Sumit Bose |
|
Designation : |
Director |
|
Address : |
Flat No.902,Tower 21, Common Wealth Games Village, Near
Akshardham, Laxmi Nagar, East Delhi, Delhi 110092, India |
|
Date of Appointment : |
09.06.2016 |
|
DIN No.: |
03340616 |
KEY EXECUTIVES
|
Name : |
Ms. Treesa |
|
Designation : |
Accounts Secretary |
|
|
|
|
Name : |
Mr. Kurush Jal Daruwalla |
|
Designation : |
Company Secretary |
|
Address : |
A, Wassimal Building, 387, Grant Road, Mumbai 400007, Maharashtra, India |
|
Date of Appointment : |
01.12.2000 |
|
PAN No.: |
AFNPD1987K |
|
|
|
|
Name : |
Mr. Neelesh Garg |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
Flat No.907/908, Tower C Ashok Towers, Parel, Mumbai-400012, Maharashtra, India |
|
Date of Appointment : |
01.10.2015 |
|
PAN No.: |
AANPG3669E |
|
|
|
|
Name : |
Mr. Pramod Kumar Agarwal |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No. 4g, Block 1, Lobby 1, Avani Oxford Phase 1 136,
Jessore Road, Lake Town, Kolkata – 700055, West Bengal, India |
|
Date of Appointment : |
30.10.2017 |
|
PAN No.: |
ACSPA8606L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited Joint Holder’s Zubin Patel |
|
100 |
|
Tata Sons Limited Joint Holder’s Kersi Bhagat |
|
100 |
|
Tata Sons Limited Joint Holder’s Farokh Subedar |
|
100 |
|
Tata Sons Limited Joint Holder’s C. Manojkumar |
|
100 |
|
AIG MEA Investments and Services LLC |
|
164450000 |
|
Tata Sons Limited |
|
468049400 |
|
Tata Sons Limited Joint Holder’s Ishaat Hussain |
|
100 |
|
Tata Sons Limited Joint Holder’s E Kapadia |
|
100 |
|
Total |
|
632500000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.07.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
74.00 |
|
Promoter – Others AIG MEA Investments and
Services |
26.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
General Insurance Business. (Registered activity) |
||||
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|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
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|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
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||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
|
||||||||||||||||||||||
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No. of Employees : |
Information declined by the management |
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|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
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|
|
Auditors 1: |
|
|
Name : |
A F Ferguson Associates Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 31st Floor, Senapati Bapat Marg,
Elphistone (West), Mumbai – 400013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFA1448A |
|
|
|
|
Auditors 2: |
|
|
Name : |
Walker Chandiok and Company LLP Chartered Accountants |
|
Address : |
16th Floor, Tower II, Indiabulls Finance Centre, S B Marg, Elphistone
(West), Mumbai- 400013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFW4298E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
U99999MH1917PLC000478 |
|
|
|
|
Joint Venture : |
Aig MEA Investments and Services Inc |
CAPITAL STRUCTURE
After 27.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
INR 10/- each |
INR 7500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
732500000 |
Equity Shares |
INR 10/- each |
INR 7325.000 Million |
|
|
|
|
|
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
INR 10/- each |
INR 7500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
632500000 |
Equity Shares |
INR 10/- each |
INR 6325.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Share Capital |
6325.000 |
6325.000 |
5050.000 |
|
Reserves & Surplus |
5506.991 |
4322.709 |
3297.918 |
|
Fair Value Change Account |
578.777 |
(174.520) |
123.099 |
|
Borrowings |
1780.000 |
0.000 |
0.000 |
|
TOTAL |
14190.768 |
10473.189 |
8471.017 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
Investments |
48511.369 |
36844.037 |
30282.425 |
|
Deferred tax assets |
224.415 |
0.000 |
84.477 |
|
Loans |
0.000 |
0.000 |
0.000 |
|
Fixed Assets |
1092.095 |
980.812 |
968.287 |
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
2341.356 |
1162.601 |
1747.346 |
|
Advances and Other Assets |
6696.563 |
4459.100 |
4341.378 |
|
SUB TOTAL (A) |
9037.919 |
5621.701 |
6088.724 |
|
|
|
|
|
|
Current Liabilities |
28235.292 |
21609.198 |
18339.676 |
|
Provisions |
16439.738 |
11364.163 |
10613.220 |
|
SUB TOTAL
(B) |
44675.030 |
32973.361 |
28952.896 |
|
|
|
|
|
|
Net Current Assets (C) = (A-B) |
(35837.111) |
(27351.660) |
(22864.172) |
|
|
|
|
|
|
Miscellaneous Expenditure (to the extent not written off or adjusted) |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit & Loss
Account |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
14190.768 |
10473.189 |
8471.017 |
REVENUE
ACCOUNT
FIRE
BUSINESS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
INCOME |
|
|
|
|
Premium earned (Net) |
337.441 |
267.675 |
242.346 |
|
Profit on sale/ redemption of
Investments |
37.693 |
29.552 |
18.406 |
|
Co-insurance Administration
income |
4.053 |
5.798 |
3.375 |
|
Others |
53.738 |
68.414 |
0.386 |
|
Interest, Dividend and Rent -
Gross |
157.074 |
111.177 |
147.866 |
|
Amortisation of Investments |
(6.736) |
(2.642) |
(1.447) |
|
TOTAL (A) |
583.263 |
479.914 |
410.932 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Claims Incurred (Net) |
271.597 |
255.510 |
203.191 |
|
Commission (Net) |
(605.213) |
(546.403) |
(578.535) |
|
Operating Expenses related to Insurance Business |
1081.886 |
573.258 |
412.896 |
|
Co-insurance Administration Fees
|
10.276 |
9.177 |
10.335 |
|
Premium Deficiency |
0.000 |
0.000 |
0.000 |
|
TOTAL (B) |
758.546 |
291.542 |
47.887 |
|
Operating Profit
from Fire Business (C) = (A) – (B) |
(175.283) |
188.372 |
363.045 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders’
Account |
(175.283) |
188.372 |
363.045 |
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
0.000 |
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL (C) |
(175.283) |
188.372 |
363.045 |
MARINE
BUSINESS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
INCOME |
|
|
|
|
Premium earned (Net) |
2319.275 |
2258.259 |
2108.778 |
|
Profit on sale/ redemption of
Investments |
36.993 |
37.577 |
31.019 |
|
Co-insurance Administration
income |
2.166 |
2.564 |
0.426 |
|
Others |
1.220 |
1.575 |
1.180 |
|
Interest, Dividend and Rent -
Gross |
154.158 |
141.288 |
143.234 |
|
Amortisation of Investments |
(6.611) |
(3.359) |
(2.438) |
|
TOTAL (A) |
2507.201 |
2437.904 |
2282.199 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Claims Incurred (Net) |
1493.673 |
1824.771 |
1545.828 |
|
Commission (Net) |
284.893 |
251.877 |
276.478 |
|
Operating Expenses related to Insurance Business |
297.602 |
436.891 |
349.392 |
|
Co-insurance Administration Fees
|
1.150 |
0.722 |
0.768 |
|
Premium Deficiency |
0.000 |
0.000 |
0.000 |
|
TOTAL (B) |
2077.218 |
2514.346 |
2172.466 |
|
Operating Profit
from Fire Business (C) = (A) – (B) |
429.983 |
(76.442) |
109.733 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders’
Account |
429.983 |
(76.442) |
109.733 |
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
0.000 |
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL (C) |
429.983 |
(76.442) |
109.733 |
MISCELLANEOUS
BUSINESS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
INCOME |
|
|
|
|
Premium earned (Net) |
21417.685 |
18145.741 |
15671.323 |
|
Profit on sale/ redemption of
Investments |
510.302 |
427.651 |
315.962 |
|
Co-insurance Administration
income |
9.543 |
6.966 |
4.409 |
|
Others |
25.722 |
13.189 |
9.156 |
|
Interest, Dividend and Rent -
Gross |
2126.521 |
1607.987 |
1458.949 |
|
Amortisation of Investments |
(91.191) |
(38.230) |
(24.834) |
|
TOTAL (A) |
23998.582 |
20163.304 |
17434.965 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Claims Incurred (Net) |
15645.980 |
13859.026 |
11012.560 |
|
Commission (Net) |
849.160 |
1082.066 |
688.281 |
|
Operating Expenses related to Insurance Business |
7400.797 |
5895.142 |
4954.155 |
|
Contribution towards Solatium Fund |
8.103 |
5.267 |
4.449 |
|
Co-insurance Administration Fees
|
2.846 |
6.910 |
2.730 |
|
Declined pool Administration
Fees |
0.715 |
2.168 |
0.000 |
|
Premium Deficiency |
0.000 |
0.000 |
0.000 |
|
TOTAL (B) |
23907.601 |
20858.087 |
16662.175 |
|
Operating Profit
from Fire Business (C) = (A) – (B) |
90.981 |
(694.783) |
772.790 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders’
Account |
90.981 |
(694.783) |
772.790 |
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
0.000 |
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL (C) |
90.981 |
(694.783) |
772.790 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
OPERATING PROFIT/(LOSS) |
|
|
|
|
Fire Insurance |
(175.283) |
188.372 |
363.045 |
|
Marine Insurance |
429.983 |
(76.442) |
109.733 |
|
Miscellaneous Insurance |
90.981 |
(694.783) |
772.790 |
|
TOTAL |
345.681 |
(582.853) |
1245.568 |
|
|
|
|
|
|
INCOME FROM
INVESTMENT |
|
|
|
|
Interest, Dividend and Rent- Gross |
811.447 |
727.682 |
698.072 |
|
Profit on sale/ redemption of Investments |
228.167 |
217.796 |
160.809 |
|
Less: Loss on sale of Investments |
(33.444) |
(24.265) |
(9.629) |
|
Amortization of Debit Securities |
(34.797) |
(17.301) |
(11.883) |
|
TOTAL |
971.373 |
903.912 |
837.369 |
|
|
|
|
|
|
OTHER INCOME |
|
|
|
|
Claims Service Fees |
5.915 |
7.061 |
2.268 |
|
Miscellaneous |
1.804 |
50.757 |
75.115 |
|
Excess provision of earlier year
written back |
0.000 |
0.000 |
0.000 |
|
TOTAL |
7.719 |
57.818 |
77.383 |
|
|
|
|
|
|
TOTAL
(A) |
1324.773 |
378.877 |
2160.320 |
|
|
|
|
|
|
Provisions for
(Other than taxation) |
|
|
|
|
For doubtful Debts |
49.079 |
10.297 |
(15.103) |
|
|
|
|
|
|
Other Expenses |
|
|
|
|
Expenses other than those
related to Insurance Business |
|
|
|
|
Employee’s remuneration |
37.500 |
50.533 |
22.561 |
|
Donation |
0.070 |
0.417 |
0.805 |
|
CSR Expenditure |
36.062 |
33.096 |
23.233 |
|
(Profit)/ Loss on Sale/ Write
off of Fixed Assets (Net) |
1.110 |
(1.734) |
(0.100) |
|
Bad debts written off |
0.000 |
0.000 |
19.841 |
|
Wealth Tax |
0.000 |
0.000 |
0.111 |
|
Remuneration of Directors |
6.000 |
2.000 |
7.500 |
|
Interest on Non Convertible
Debentures |
4.570 |
0.000 |
|
|
Debenture Issue Expenses |
2.800 |
0.000 |
|
|
Penalties |
2.500 |
0.000 |
|
|
TOTAL |
90.612 |
84.312 |
73.951 |
|
|
|
|
|
|
TOTAL
(B) |
140.491 |
94.609 |
58.848 |
|
|
|
|
|
|
PROFIT BEFORE
TAX (A) – (B)= C |
1184.282 |
284.268 |
2101.472 |
|
|
|
|
|
|
Provision of
taxation |
|
|
|
|
Current tax |
224.415 |
0.000 |
606.074 |
|
Deferred tax |
(224.415) |
84.477 |
(45.300) |
|
Adjustment for earlier years |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
PROFIT AFTER TAX |
1184.282 |
199.791 |
1540.698 |
|
|
|
|
|
|
Appropriations |
|
|
|
|
Interim dividends paid during the year |
0.000 |
0.000 |
0.000 |
|
Proposed final dividend |
0.000 |
0.000 |
378.750 |
|
Dividend Distribution tax |
0.000 |
0.000 |
77.105 |
|
Transfer to any Reserves or Other Accounts |
445.000 |
0.000 |
0.000 |
|
Balance of Profit
brought forward from previous year |
3346.472 |
3146.681 |
2061.838 |
|
|
|
|
|
|
Balance carried
forward to Balance Sheet |
4985.754 |
3346.472 |
3146.681 |
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
Basic (INR) |
1.87 |
0.39 |
3.05 |
|
Diluted (INR) |
1.87 |
0.39 |
3.05 |
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 used in Operations |
NA |
NA |
NA |
LEGAL
CASES
|
Bench:- Bombay |
||||||
|
Presentation Date: 08.11.2017 |
||||||
|
Lodging No:- |
ITXAL/2845/2017 |
Failing Date:- |
08.11.2017 |
|
||
|
Petitioner:- |
PR. COMMISSIONER OF INCOME TAX-8 |
Respondent:- |
TATA AIG GENERAL INSURANCE COMPANY LIMITED |
|||
|
Petn.Adv:- |
SURESH KUMAR (I2100) |
|
||||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
DIVISION |
Category: |
TAX APPEALS |
|||
|
Status:- |
Pre-Admission |
Stage:- |
||||
|
Last Date:- |
15.11.2017 |
|||||
|
Last Coram:- |
REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|||||
|
Act : |
Income Tax Act, 1961 |
Under Section :- |
260A |
|||
|
CASE DETAILS |
|||||||||
|
Bench:- Bombay |
|||||||||
|
Presentation Date:- 03.04.2017 |
|||||||||
|
Lodging No:- |
COMSL/170/2017 |
Failing Date:- |
03.04.2017 |
Reg. No.:- |
COMS/739/2017 |
Reg. Date:- |
27.10.2017 |
||
|
|
|||||||||
|
Petitioner:- |
NATIONAL SPOT EXCHANGE LIMITED |
Respondent:- |
TATA AIG GENERAL INSURANCE COMPANY LIMITED |
||||||
|
Petn.Adv:- |
AJAY BASUTKAR (I305) |
Resp.Adv.: |
0 (0) |
||||||
|
District:- |
MUMBAI |
||||||||
|
Bench:- |
AINGLE |
Category: |
ORDINARY TRANSACTIONS OF MERCHANTS BANKERS, FINANCIERS AND TRADERS SUCH AS THOSE RELATING TO MERCAN |
||||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
||||||
|
Last Date : |
04.07.2017 |
||||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
||||||||
|
Act:- |
Code of Civil Procedure 1908 |
||||||||
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
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 |
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 |
NOTE: The Registered Office of the company has been shifted from Peninsula
Corporate Park, Nicholas Pirmal Towers, 9th Floor, Ganpatrao Kadam
Marg, Lower Parel, Mumbai-400013, Maharashtra, India to the present address
w.e.f 01.04.2013
ECONOMIC
ENVIRONMENT
The Indian economy in terms of Gross Domestic Product (GDP) grew by 7%
in the third Quarter of Financial year 2016-2017, slower than first and second
quarter of financial year 2016-17 when the GDP had grown at 7.2% and 7.4%
respectively. The lower growth in the third quarter was on account of the ban I
specified bank notes by the Government of India in November 2016. This derailed
the positive momentum of first two quartersm due to short term mismatch of
supply and demand of new notes. The third quarter GDP was aided by strong of 6%
in agriculture on back of good monsoon and manufacturing growth at 8.3%
offsetting slower expansion of services owing to note ban. The Central
Statistics Office has retained its projection previous that the economy will
grow 7.1% in 2016-2017, slowing from 7.6% in the previous financial year.
Private consumption spending picked up to 10.1% at a 17 quarter high as against
6% in second quarter of financial year 2017 on account of 7th pay
commission payouts and good monsoons. Government spending also remained robust
at 17% as against 13% in quarter two, Gross Fixed Capital Formation growth also
picked up to 3% at a four quarter high from favourble low base. However credit
growth continuous to slow due to lack of demand from private sector investments
and banking non-performing assets. Global PMIs are indicating a turnaround in
the global economic growth and in commodity prices including oil that have
recovered from multi-year lows. The prospects of Indian economy continue to be
bright as India continues to attract FDI inflows and has been ranked among top
10 nations globally in terms of attractiveness of FDI designation by AT
Kearney’s Global FDI confidence index.
INDUSTRY OVERVIEW:
Industry:
The General Insurance Industry grew by 32% with the Gross Direct Premium
Income rising from INR 0.096 Million in 2015-2016 to INT 0.128 Million in
financial year 2016-2017. Growth remained evenly spread across private and PSU
players with the private players continuing to maintain a small lead over the
public sector counterparts Private sector players (including standalone
players) grew at 35.9% in financial year 2016-2017 vs. public sector players
(including specialized industries) that grew at 29.5% in financial year
2016-2017. Accordingly, the market share of PSUs decline marginally to 53.3%
(54.5% in financial year 2015-2016)
In line with the trends witnessed in the last few years the health and
PA and Motor segments have always garnered the highest accretions in Gross
direct premium. However, during the Current year, the highest accretion came
from Insurance. Accretions from Health and PA stood at INR 69070000 Million,
Motor at INR 78790.000 Million and Weather at INR 153010.000 Million
While the Combined ratio of the Industry from Financial year 2014 to
financial year 2016 and gone up by 7% the 9M financial year 2016-2017 saw a
reduction in the Combined ratio by 2% largely on the back of of Crop Insurance
premiums written to the tune of INR 20000.000 Million
GOVERNMENT
INITIATIVES:
• The Budget has made provisions for paying huge subsidies in the premiums of Pradhan Mantri Fasal Bima Yojana (PMFBY) and the number of beneficiaries will increase to 50 percent in the next two years from the present level of 20 per cent.
As part PMFBY; INR 90000.000 Million has been allocated for crop insurance in 20J 718.
- The Budget has attempted to hasten the implementation of the Digital In4ia initiative. As people in rural areas become more tech savvy, they will use digital. channels of insurers to buy policies.
- Government of India has la1.lJlched an insurance pool to the tune of Rs 1,500 crore (US$' 220.08 l1lillfon) which is mandatory under the Civil Liability for Nuclear, Damage Act (CLNI)) in a bid to offset financial burden of foreign nuclear suppliers.
OPERATION REVIEW:
Gross Premiums:
The gross written premium for the Company grew at a robust pace of 39%
in financial year 2016-2017 as the Gross written premiums grew from INR
30950.000 Million in FY 2016 to INR 42970.000 Million in FY 2017, Growth in FY
2016-17 was driven by the growth of Motor, Fire as well crop insurance which
got a boost from Pradhan Mantri Fasal Bima Yojana.
Company's Segment
wise Market Share and Ranking
The Strong growth in Gross Written premium achieve in the Current) Year has helped the Company continue to lead the market in its selected lines of business. The Company has strong technical knowledge critical areas such as underwriting; reinsurance and product development and this has helped the Company in leading the market in various Iines of business.
Claims
The total inured claim for the year stood at INR 17410.000 Million as against INR 15900.000 Million in the previous year. Loss ratio for the Company stood at 72% against 77% in FY 201S-16.PortfoIio corrections undertaken by the Company in Marine and Motor have helped stem the losses and correct the portfolios. It ensured that tha.t the quality of the Company's portfolio remained one of the best ah1qugst the general insurance companies.
AWARDS
'The Company won three prominent awards during the financial
year
• Corporate Social Responsibility Award 20th Asia Insurance Industry Awards (2016)
• Won 9th CIDC Vishwakarma Achievement Award for Best Insurer / Risk Manager
The awards while recognizing the Company sets standards of excellence which the' Company has to live up to on a day to day basis,
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Goodwill
- Freehold Land
- Leasehold Improvement
- Building
- Freehold Improvement
- Furniture and Fixture
- Vehicles
- Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 64.36 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
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.