|
|
|
MIRA INFORM REPORT
|
Report No. : |
485364 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
CIGNATTK HEALTH INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
401/402, 4th Floor, Raheja Titanium, Western Express Highway, Goregaon
(East), Mumbai – 400063, Maharashtra |
|
Tel. No.: |
91-22-67103600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
12.03.2012 |
|
|
|
|
Com. Reg. No.: |
11-227948 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2513.651 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2012PLC227948 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECC7904J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is Providing Health Insurance and related products and
Services. [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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Cigna TTK Health Insurance Company Limited was incorporated in the
year 2012 and it is a part of “TTK Group”. It is engaged in providing Insurance Services. For the financial year 2017, the company has achieved decent sales
turnover which has improved as compared to previous year but has incurred
operational loss. The sound financial profile of the company is marked by healthy
networth base along with strong debt coverage indicators due to low debt
balance sheet profile. Rating takes into account the strong financial and managerial support
that the company receives from its holding entity backed by its well
experienced management team. Business is active. Payments are reported to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 11.01.2018
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 PARTED DENIED BY
MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-22-61703600
LOCATIONS
|
Registered/ Corporate Office : |
401/402, 4th Floor, Raheja Titanium, Western Express Highway, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-67103600 |
|
Fax No.: |
91-22-67103689 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Offices 1 : |
32-B, 3rd Floor, Rajinder Nagar, Pusa Road, Landmark: Pillar No.122, Near Karol Bagh Metro station, New Delhi-110005, India |
|
Tel. No.: |
91-11-47554300 |
|
|
|
|
Branch Offices 2 : |
F5-6, Fifth Floor, Pinnacle Business Park, Shanti Nagar, Mahakali Caves Road, Andheri East, Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-62274600 |
|
|
|
|
Branch Offices 3 : |
Unit 317, 318, 3rd floor, Krishna Building, 224A Acharya Jagdish Chandra Bose Road, Kolkata-700017, West Bengal, India |
|
Tel. No.: |
91-33-44114300 |
|
|
|
|
Branch Offices 4 : |
New No 104, Old No 90, Ganesha Tower, Dr. Radhakrishnan Salai, Mylapore, Chennai–600004, Tamilnadu, India |
|
Tel. No.: |
91-44-46114300 |
|
|
|
|
Branch Offices 5 : |
2nd Floor, Rajat Tower, 11th Main, Jayanagar, 4th Block Landmark- Opposite -Blackberry and Near to Reliance Jewels, Bangalore-560011, Karnataka, India |
|
Tel. No.: |
91-80-45114300 |
|
|
|
|
Branch Offices 6 : |
No. 201A, 2nd Floor, Shangrila Plaza, Road No.2, Banjara Hills, Hyderabad–500033, Telangana, India |
|
Tel. No.: |
1-40-43114300 |
|
|
|
|
Branch Offices 7 : |
7th Floor, Mathewsons Centre Point, Mamangalam, Above Kotak Mahendra Bank, Near Mamangalam Church, Ernakulam, Cochin-682025, Kerala, India |
|
Tel. No.: |
91-048-44300111 |
|
|
|
|
Branch Offices 8 : |
2nd floor, Sasha Building, East Venkataswamy Road, R S Puram, Coimbatore-641002, Tamilnadu, India |
|
Tel. No.: |
91-422-4347300 |
|
|
|
|
Branch Offices 9 : |
201, 2nd Floor, Megha House, B/S HDFC Mutual Fund Office, Opposite Mayor's Residence Mithakali Six Road, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
Tel. No.: |
91-079-6663154 |
|
|
|
|
Branch Offices 10 : |
1st Floor, SCO 149/150, Sector – 9-C,Next To Yes Bank Madhya Marg, Chandigarh-160009, India |
|
Tel. No.: |
91-172 - 6050020 |
|
|
|
|
Branch Offices 11 : |
Unit No. 403-405,4th Floor, Gera Legend, North Main Road, Near German Bakery, Koregaon Park, Pune–411001, Maharashtra, India |
|
Tel. No.: |
91-20 - 30483008 |
|
|
|
|
Branch Offices 12 : |
Raj Tower, Ground Floor, Office # 3, Balmatta Road, Opposite Roop Hotel, Mangalore–575001, Karnataka, India |
|
|
|
|
Branch Offices 13 : |
Office no 111, 1st Floor, Trimurty V-Jai City Point, Plot No. D-52, Ahinsa Circle, C-Scheme, Jaipur–302001, Rajasthan, India |
|
Tel. No.: |
91-141-4920009 |
|
|
|
|
Branch Offices 14 : |
19 - A, Adjacent to Punjab National Bank Vidhan Sabha Marg, Behind – Akashvani, Hazrat Gunj, Lucknow–226001, Uttar Pradesh, India |
|
|
|
|
Branch Offices 15 : |
Room No. 13, 2nd floor, Deendayal Bhavan, Ashok Nagar , Unit-II, Bhubaneswar, Khorda–751009, Orissa, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Raghunathan Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
91/1 (Old), 146 (New), Santhome High Road, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
08.07.1952 |
|
Qualification : |
Bachelor of Commerce |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
00043455 |
|
|
|
|
Name : |
Mr. Jagannathan Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
No.6, Brunton Cross Road, Museum Road, Ashok Nagar, Bangalore - 560025, Karnataka, India |
|
Date of Birth/Age : |
13.05.1948 |
|
Qualification : |
Mechanical Engineer and M.S. [Operations Research] |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
00191522 |
|
|
|
|
Name : |
Mr. Narottam Puri |
|
Designation : |
Director |
|
Address : |
14, August Kranti Marg, Anand Lok, New Delhi – 110049, India |
|
Date of Birth/Age : |
30.09.1947 |
|
Qualification : |
MBBS, MS, FICS, FIAMS ADHA |
|
Date of Appointment : |
28.03.2014 |
|
DIN No.: |
01077709 |
|
|
|
|
Name : |
Mr. Rajeev Chitrabhanu |
|
Designation : |
Director |
|
Address : |
E-1 Queens View 28/30, Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
|
Qualification : |
M.Com |
|
Date of Appointment : |
04.05.2016 |
|
DIN No.: |
02174031 |
|
|
|
|
Name : |
Mr. Sandeep Arunbhai Patel |
|
Designation : |
Managing director |
|
Address : |
Flat No. 1201, 12th Floor, Nair House, 14A Road, Ahinsa Marg and 14B Road, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1966 |
|
Qualification : |
Bachelors of Science – Actuarial Science |
|
Experience : |
21 Years |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
03210271 |
|
|
|
|
Name : |
Mr. Jason Dominic Sadler |
|
Designation : |
Director |
|
Address : |
Flat A 17/F, BLK T1, One Silversea,, 18 Hoi Fai Road, Tai Kok Tsui, Kowloon, Hong Kong |
|
Date of Birth/Age : |
16.05.1968 |
|
Qualification : |
Chartered Institute of Management Accounts [ACMA] and BA Business
Studies. |
|
Date of Appointment : |
09.01.2013 |
|
DIN No.: |
06440304 |
|
|
|
|
Name : |
Napha Trirattanawongse |
|
Designation : |
Additional Director |
|
Address : |
No 1, Phaholyothin 30 Alley, Chankasem Sub District,
Jatujak District, Bangkok Metropolis Bangkok 10900 TH |
|
Date of Appointment : |
04.05.2017 |
|
DIN No.: |
07788006 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Naik |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
E-401 Uniworld City (East), Sector 30, Gurugram – 122001,
Haryana, India |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
BoE, "PGDM – IIM Bangalore" |
|
Experience : |
25.5 |
|
Date of Appointment : |
03.02.2017 |
|
PAN No.: |
AAGPN1173K |
|
|
|
|
Name : |
Mr. Mitul Surajlal Palankar |
|
Designation : |
Company Secretary |
|
Address : |
501, M-3-B, Shiv Sneh CHS Limited, Pratiksha Nagar, Sion East, Mumbai – 400022, Maharashtra, India |
|
Date of Appointment : |
10.08.2017 |
|
PAN No.: |
ANEPP1651M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Jagannathan Thattai Thiruvallur ** |
|
1 |
|
Raghunathan Thattai Thiruvallur ** |
|
1 |
|
Latha Jagannathan ** |
|
1 |
|
Bhanu Raghunathan** |
|
1 |
|
Lakshman Jagannathan** |
|
1 |
|
Sriram Raghunathan** |
|
1 |
|
TTK Partners LLP, India |
|
186010145 |
|
Cigna Holdings Overseas Inc., USA |
|
65354911 |
|
Total |
|
251365062 |
LIS OF ALLOTTEES
AS ON 29.09.2017
|
Names of Allottees |
|
No. of Shares |
|
Cigna Holdings Overseas Inc., USA |
|
113360724 |
|
Total |
|
113360724 |
Equity Share Break up (Percentage of Total Equity)
As on 14.08.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is Providing Health Insurance and related products and
Services. [Registered
Activity] |
||||
|
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|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
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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|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S. Viswanathan LLP Chartered Accountants |
|
Address : |
27/34, 2nd Floor, Nandidurg Road, Jayamahal Extension, Bangalore – 560046,
Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFV0367K |
|
|
|
|
Name : |
N.M. Raiji and Company |
|
Address : |
Universal Insurance Building, Pherozeshah Mehta Road, Mumbai – 400001,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFN4217G |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates Firm : |
TTK and Company |
|
|
|
|
Associates Enterprises : |
Cigna Health Solutions India Limited |
|
|
|
|
Others : |
|
CAPITAL STRUCTURE
After 14.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
INR 10/- each |
INR 4000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
364725786 |
Equity Shares |
INR 10/- each |
INR 3647.258
Million |
|
|
|
|
|
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
INR 10/- each |
INR 3000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
251365062 |
Equity Shares |
INR 10/- each |
INR 2513.651
Million |
|
|
|
|
|
PATTERN OF SHAREHOLDING
[As certified by the Management]
|
Shareholders |
31.03.2016 |
|
|
|
Number of Shares |
% of Holding |
|
Promoters |
|
|
|
- Indian |
186010151 |
74% |
|
- Foreign |
65354911 |
26% |
|
|
|
|
|
Others |
-- |
-- |
|
|
|
|
|
Total |
251365062 |
100 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SR. NO. |
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
|
|
SOURCES OF FUNDS |
|
|
|
|
1 |
Share Capital |
2513.651 |
2400.281 |
2000.000 |
|
|
|
|
|
|
|
2 |
Reserves and Surplus |
3225.813 |
1951.201 |
901.961 |
|
|
|
|
|
|
|
3 |
Fair Value change account |
0.157 |
0.191 |
0.846 |
|
|
|
|
|
|
|
4 |
Borrowings |
430.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6169.621 |
4351.672 |
2902.807 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
1 |
Investments |
2760.053 |
1911.297 |
1439.418 |
|
|
|
|
|
|
|
2 |
Loans |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
3 |
Fixed Assets |
16.616 |
0.322 |
0.471 |
|
|
|
|
|
|
|
4 |
Deferred Tax Assets |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
5 |
CURRENT ASSETS |
|
|
|
|
|
Cash and bank balances |
231.933 |
258.541 |
24.021 |
|
|
|
|
|
|
|
|
Advances and Other Assets |
284.634 |
307.699 |
290.562 |
|
|
|
|
|
|
|
|
Sub-total [A] |
516.567 |
566.301 |
314.583 |
|
|
|
|
|
|
|
6 |
Current liabilities |
899.172 |
779.345 |
444.530 |
|
|
|
|
|
|
|
7 |
Provisions |
1061.212 |
833.136 |
157.149 |
|
|
|
|
|
|
|
|
Sub-total [B] |
1960.384 |
1612.481 |
601.679 |
|
|
|
|
|
|
|
|
NET CURRENT ASSETS
[C] [A - B] |
(1443.817) |
(1046.179) |
(287.096) |
|
|
|
|
|
|
|
8 |
Miscellaneous Expenditure [to the extent not written off or adjusted] |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9 |
Debit Balance in Profit and Loss Account |
4836.769 |
3486.232 |
1750.014 |
|
|
|
|
|
|
|
|
TOTAL |
6169.621 |
4351.672 |
2902.807 |
REVENUE
ACCOUNT
|
SR. NO. |
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
|
1 |
Premiums Earned [Net] |
1817.686 |
709.570 |
66.747 |
|
|
|
|
|
|
|
2 |
Profit/ (Loss) on sale/ redemption of Investments |
5.526 |
3.995 |
1.278 |
|
|
|
|
|
|
|
3 |
Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
4 |
Interest, Dividend and Rent – Gross |
122.514 |
46.815 |
4.626 |
|
|
|
|
|
|
|
|
TOTAL [A] |
1945.726 |
760.380 |
72.651 |
|
|
|
|
|
|
|
1 |
Claims incurred [Net] |
874.998 |
558.151 |
42.937 |
|
|
|
|
|
|
|
2 |
Commission |
245.913 |
120.031 |
14.897 |
|
|
|
|
|
|
|
3 |
Operating Expenses related to Insurance Business |
2223.723 |
1796.294 |
1223.788 |
|
|
|
|
|
|
|
4 |
Premium Deficiency |
(28.051) |
28.051 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL [B] |
3316.583 |
2502.527 |
1281.622 |
|
|
|
|
|
|
|
|
Operating
Profit/ (Loss) from Fire/ Marine/ Miscellaneous Business [A - B] |
(1370.857) |
(1742.147) |
(1208.971) |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to Shareholders Account |
(1370.857) |
(1742.147) |
(1208.971) |
|
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
0.000 |
|
|
Other Investments |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL [C] |
(1370.857) |
(1742.147) |
(1208.971) |
PROFIT
& LOSS ACCOUNT
|
SR. NO. |
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
|
1 |
OPERATING
PROFIT/ (LOSS) |
|
|
|
|
|
Fire Insurance |
0.000 |
0.000 |
0.000 |
|
|
Marine Insurance |
0.000 |
0.000 |
0.000 |
|
|
Miscellaneous Insurance |
(1370.857) |
(1742.147) |
(1208.971) |
|
|
|
|
|
|
|
2 |
INCOME FROM
INVESTMENTS |
|
|
|
|
|
Interest, Dividend and Rent – Gross |
68.835 |
78.706 |
103.460 |
|
|
Profit on sale of Investments |
5.157 |
8.182 |
20.237 |
|
|
Less: Loss on sale of Investments |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
3 |
OTHER INCOME |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL [A] |
(1296.865) |
(1655.259) |
(1085.274) |
|
|
|
|
|
|
|
4 |
PROVISIONS
[Other than taxation] |
|
|
|
|
|
For diminution in the value of Investments |
0.000 |
0.000 |
0.000 |
|
|
For doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
5 |
OTHER EXPENSES |
|
|
|
|
|
Personal Cost |
48.192 |
67.539 |
50.695 |
|
|
Rent, rates and taxes |
0.175 |
0.000 |
0.000 |
|
|
Share issue expenses (Stamp duty and franking) |
1.388 |
11.752 |
9.500 |
|
|
Expenses related to issuance of Debentures |
2.338 |
0.000 |
0.000 |
|
|
Miscellaneous Expenses |
1.134 |
1.368 |
0.000 |
|
|
Bad Debts written off |
0.000 |
0.000 |
0.000 |
|
|
Others |
0.445 |
0.301 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL [B] |
53.672 |
80.960 |
60.195 |
|
|
|
|
|
|
|
|
Profit/ (Loss) before Tax |
(1350.537) |
(1736.218) |
(1145.469) |
|
|
|
|
|
|
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Profit/ (Loss)
after Tax |
(1350.537) |
(1736.218) |
(1145.469) |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Interim dividends paid during the year |
0.000 |
0.000 |
0.000 |
|
|
Proposed final dividend |
0.000 |
0.000 |
0.000 |
|
|
Transfer to any Reserves or Other Accounts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Balance of Profit/ (Loss) brought forward from previous period |
(3486.232) |
(1750.014) |
(604.544) |
|
|
|
|
|
|
|
|
Balance carried forward
to Balance Sheet |
(4836.769) |
(3486.232) |
(1750.013) |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
per share |
(5.47) |
(7.84) |
(7.51) |
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 activity |
(1209.926) |
(853.222) |
(1304.5559) |
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 |
No |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
BACKGROUND:
Subject was incorporated on 1i" March 2012 under The Companies Act 1956. The Company received the license to commence business from the Insurance Regulatory and Development Authority (IRDA) on 13th November 2013, to transact and underwrite health Insurance business under the miscellaneous segment in India.
The Company is a joint venture between TIK Partners LLP (74%) and Cigna Holdings Overseas Inc.
(26%).
BRIEF OVERVIEW
The Company, CignaTTK Health Insurance Company Limited, was incorporated on 12'h March 2012and has obtained the Certificate of Registration bearing No. 151 from the Insurance Regulatory and Development Authority of India (I RDAI), Hyderabad on 131h November 2013 to carry on business of General (Health) Insurance in India. The Company has total 19 (Nineteen) branches/units as on 31 s1 March 2017.
The Company's mission is to improve the health, well-being and sense of security of the people it serve,
INVESTMENT AND
INVESTMENT INCOMES
The investment funds of the Company are managed in accordance with the IRDAI regulations and the Investment Policy of the Company. The investment portfolio increased by 37.59% from INR 2066.300 Million as at 31st March 2016 to INR 2843.100 Million as at 31st March 2017. The investment income for the year was INR 202.300 Million as against INR 137.700 Million generated in the previous year, an increase of 46.88%. The weighted average return on Investments for the year ended 31St March 2017 was at 8.15 % (excluding unrealized gains/losses from debt securities),
As on 31st March 2017, the Company has invested INR 915.200 Million (32.19%) in government securities and approved securities, INR 75.29 Crores (26.48%) in securities of the infrastructure sector and INR 299.300 Million (10.53%) in the housing sector. Further, the Company also held INR 325.400 Million (11.45%) in bank fixed deposits and liquid mutual funds.
The Company held 90% of its debt assets in Sovereign and AANA1+ or equivalent rated assets, reflecting high degree of safety.
PRODUCTS
During the year, the Company has achieved strong diversification in its Product Portfolio with launching of Group Health product. The new product have helped your Company to enter into the domestic group segment and to achieve a comprehensive Product Portfolio Mix with a total of 7 Products across different categories i.e. Indemnity, Critical Illness, Accident and Daily Cash for Retail Lines and Domestic and Global Group catering to the group segments. Below is a list of Products launched till 31st March 2017:
1. ProHealth Group Insurance - designed to provide insurance solution to Employer-Employee and Non Employer-Employee groups with a full circle of healthcare including Base covers for essential benefits and a range of Optional Covers.
2. Prohealth Insurance (ReVised) - Revamped version of existing product with an Industry first Health Savings plan - ProHealth Accumulate
3. ProHealth Cash - A daily Cash Plan with fixed benefit for each day of hospitalization with a host of other features.
4. Lifestyle Protection w Critical Care: The Plan offers payment of the entire Sum Insured on first diagnosis of covered Critical Illnesses and procedures.
5. Lifestyle Protection • Accident Care: Provides a comprehensive financial coverage towards accidental death or disablement including loss of employment, education fund benefits and multiple optional extensions.
6. Lifestyle Protection Group Policy - Group Coverage for Personal Accident and Critical Illness with optional covers that will allow creation of plans customized solutions for each group based on their individual requirement.
7. Global Health Group Policy - Designed to cater to the health needs of today's mobile workforce that travels overseas regularly. It covers Indian locals and expatriates working abroad under one umbrella.
With the launch of domestic group mediclaim product, the Company has been able to successfully enter the Group mediclaim segment. The Company has entered into new banc assurance partnerships with Andhra Bank and Bank of Maharashtra during the year under review. The product solutions offered include a combination of base and optional covers under the ProHealth Group plan basis partner's requirements.
During the year, the company's flagship product ProHealth Insurance was revised to recalibrate the offering and also introducing an innovative concept of Health Savings (Accumulate) for the first time in Indian Health Insurance market. With this product the company not only caters to the inpatient hospitalization module but extends to the out-patient module with a new dimension of health savings for the customer. The Company will continue to capitalize on this lead and will build a strong business in the coming years.
In the Group Personal Accident (PA) and Critical Illness (CI) market, we continue to offer corporate solutions with tailor made benefits through the retail and group distribution channels.
During the year, the Company's focus was on new business premium through the retail products as well as to establish a strong base for the group business and was able to add 128,863 policies through the retail products with a premium of INR 1529.000 million and 20 accounts in the Group Mediclaim business with a premium of INR 120.700 million. The Group PA and CI plan contributed a premium of INR 2.600 million from 77 accounts. The Global Group Health Plan brought in INR 316.100 million with a total of 10 accounts.
UNDERWRITING
AND OPERATIONS
The Company continued to adhere to the underwriting principles of being fair and customer centric by assessing risks on merits, using a scientific approach of underwriting with the help of advanced automated underwriting tools. During the year, the Company had ensured continuous enhancement of the underwriting tool by building frameworks to identify substandard risk and create rules that ensure a balanced portfolio. The Company has been abreast with market practices and has been able to keep pace with the same without losing focus on creating a good pool of risk.
The emphasis has also been to simplify processes and achieve cost effectiveness. The Company has ensured that the risk management and underwriting process is managed with minimal manual intervention and everyday experience becomes easy and reliable. The focus has been to achieve consistency in underwriting decisions in the long term by standardizing risk acceptance criteria.
Efficient governance mechanisms have been put in place including quarterly underwriting audits to ensure effective governance of processes & risk selection mechanisms. During the year , the Company effectively monitored the volatility of the portfolio by quarterly reviews to identify risks in advance and built measures to mitigate any erosion of portfolio.
The Company is also continuously engaging segments of population in various wellness initiatives to monitor behavior and its impact on the overall health of the portfolio. Over a period of time this will ensure that the larger population will live a healthier lifestyle, positively impacting the portfolio performance in the long run.
The underwriting principles are bifurcated for different product lines i.e. Indemnity as well as Benefit based products. Wherever required underwriting rules are amended to ensure that the overall risk is balanced from an organizational viewpoint and an individual channel viewpoint to achieve desired underwriting profitability in the long term.
CLAIMS
The Company believes in efficient and timely processing of claims and benefit payments to ensure ultimate customer satisfaction. The Company has ensured claims settlement process turn-around time of 5 days on the receipt of the last relevant document, during the financial year 2016-17. During the year, the Company processed 43,215 claims amounting to INR 1136.239 Million by settling 38,170 cases amounting to INR 846.791 Million (i.e. 88 % of the total cases) and repudiating 4,682 cases amounting to INR 175.113 Million (i.e. 11 % of the cases). All claims were repudiated on the basis of policies' terms and conditions, sufficient evidence of non-disclosure of material facts and evidence of fraud / misrepresentation.
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Insurance related claims /mis-selling,
disputed by the Company, to the extent not provided / reserved |
17.127 |
0.000 |
FIXED ASSETS
- Goodwill
- Land –
Freehold
- Leasehold
Improvement
- Building
- Vehicles
- Office
Equipment
- Furniture and
Fitting
- IT 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 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 63.46 |
|
|
1 |
INR 86.15 |
|
Euro |
1 |
INR 75.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
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.