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|
|
MIRA INFORM REPORT
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Report No. : |
486801 |
|
Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE GENERALI INDIA INSURANCE COMPANY LIMITED |
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|
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Registered
Office : |
Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg,
Elphinstone (West), Mumbai - 400013, Maharashtra |
|
Tel. No.: |
91-22-40976666 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
30.10.2006 |
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Com. Reg. No.: |
11-165287 |
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Capital
Investment / Paid-up Capital : |
INR 8098.037 Million |
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|
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CIN No.: [Company Identification
No.] |
U66030MH2006PLC165287 |
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IEC 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.] |
AABCF0191R |
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GST No.: |
27AABCF0191R2Z8 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing General Insurance Services. [Registered Activity] |
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No. of Employees
: |
Information declined by 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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a joint venture between Future Group- the game changers in Retail Trade in India and Assicurazioni Generali- old global insurance group based in Italy. It was incorporated in the year 2006 and engaged in general insurance business. As per financials of March 2017, the company has registered healthy revenue from its operations and has reported fair profit margin of 73.66% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with zero debt balance sheet and good liquidity position. Rating also takes into account the strong financial and managerial support received from its joint venture companies and well experienced management team. Assicurazioni General is the third largest insurance company in the world. Generali Group has been ranked 57th with global Fortune 500 Companies. However, rating strength is partially offset by increasing competition in insurance sector and negative reserves of the company. Payments are reported to be regular as per commitments. In view of aforesaid, the company can be considered good
for business dealings at normal 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 18.01.2018
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 DECLINED BY
|
Name : |
Mr. Karan |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-40976666 |
|
Date : |
17.01.2018 |
LOCATIONS
|
Registered/ Corporate Office : |
Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Elphinstone
(West), Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-40976666/ 67837800 |
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Fax No.: |
91-22-41514555/ 40976785/ 40976900 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at: · Andaman and Nicobar Island · Andhra Pradesh · Assam · Bihar · Chattisgarh · Delhi · Goa · Gujarat · Haryana · West Bengal · Uttar Pradesh · Uttarakhand · Tripura · Telangana · Tamilnadu · Rajasthan · Punjab · Pondicherry · Orissa · Maharashtra · Madhya Pradesh · Kerala · Karnataka · Jharkhand · Jammu and Kashmir |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Kishore Laxminarayan Biyani |
|
Designation : |
Director |
|
Address : |
406, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
09.08.1960 |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00005740 |
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|
|
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Name : |
Mr. Vijay Laxminarayan Biyani |
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Designation : |
Director |
|
Address : |
Flat No. 3603, Vivarea Towers, B Wing, S.G Marg, Jacob Circle, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
|
Date of Birth/Age : |
04.07.1969 |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00005827 |
|
|
|
|
Name : |
Dr. Devi Singh |
|
Designation : |
Director |
|
Address : |
Indian Institute of Management Prabandh Nagar, Off Sitapur Road, Lucknow -226103, Uttar Pradesh, India |
|
Date of Birth/Age : |
02.09.1952 |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
00015681 |
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|
|
|
Name : |
Mr. Krishan Kant Rathi |
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Designation : |
Director |
|
Address : |
B/72, Dakshina Park, Plot No.15,N.S.Road, 10th JVPD Scheme, Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
30.12.1961 |
|
Date of Appointment : |
30.10.2006 |
|
DIN No.: |
00040094 |
|
|
|
|
Name : |
Mr. Abhinandan Kumar Jain |
|
Designation : |
Director |
|
Address : |
Bunglow No.3, Green Park Bunglows, Opposite City Gold Multiplex & Amrapali Comp Lex, Ambli, Ahmedabad-380058, Gujarat, India |
|
Date of Appointment : |
07.06.2017 |
|
DIN No.: |
00351580 |
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|
|
|
Name : |
Mrs. Bhavna Gautam Doshi |
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Designation : |
Director |
|
Address : |
Flat C - 191, Grand Paradi, August Kranti Road, Kemps Corner, Mumbai -400036, Maharashtra, India |
|
Date of Birth/Age : |
26.06.1953 |
|
Date of Appointment : |
24.03.2015 |
|
DIN No.: |
00400508 |
|
|
|
|
Name : |
Mr. Ghyanendra Nath Bajpai |
|
Designation : |
Director |
|
Address : |
131, Shaan Apartments, K.D. Marg, Prabhadevi, Mumbai - 400028, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1942 |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00946138 |
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|
|
|
Name : |
Mr. Krishnamoorthy Rao |
|
Designation : |
Managing Director |
|
Address : |
A/1602, Great Eastern Gardens L.B.S. Marg, Kanjurmarg (West), Mumbai 400078 , Maharashtra, India |
|
Date of Birth/Age : |
31.05.1964 |
|
Date of Appointment : |
18.09.2009 |
|
DIN No.: |
02795933 |
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|
|
|
Name : |
Mrs. Jennifer Susan Sparks |
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Designation : |
Director |
|
Address: |
RM 16A, KA Yee Court 23 Mosque Street, Central Mid-Level Hong Kong |
|
Date of Appointment : |
01.02.2016 |
|
DIN No.: |
07111138 |
|
|
|
|
Name : |
Mr. Hayden Richard Seach |
|
Designation : |
Director |
|
Address : |
Unit 3, Unir Garden, 4 Shek O Headland Road, Shek O, Hong Kong Na Hk |
|
Date of Appointment : |
01.02.2016 |
|
DIN No.: |
07409596 |
KEY EXECUTIVES
|
Name : |
Mr. Krishnan Gopalakrishnan |
|
Designation : |
Company Secretary |
|
Address : |
A-13/1, Shree Ram Nagar, S.V. Road, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Appointment : |
21.02.2017 |
|
PAN No.: |
AMWPG3841M |
|
|
|
|
Name : |
Mr. Ritesh Ashok Jiwarajka |
|
Designation : |
Chief Finance Officer |
|
Address : |
407, Nilgiri Upvan Chs Gawand Baug, Pokhran Road, No 2, Thane-400610, Maharashtra, India |
|
Date of Appointment : |
12.05.2017 |
|
PAN No.: |
AJHPJ5089N |
|
|
|
|
Name : |
Mr. Karan |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Participatie Maatschappji Graafsschap Holland NV |
|
206550000 |
|
Shendra Advisory Services Private Limited |
|
396703705 |
|
Future Enterprises Limited |
|
206549994 |
|
Future Enterprises Limited jointly with Krishan Kant Rathi |
|
01 |
|
Future Enterprises Limited jointly with Chandra Prakash Toshniwal |
|
01 |
|
Future Enterprises Limited jointly with Rajesh Kalyani |
|
01 |
|
Future Enterprises Limited jointly with Deepak Tanna |
|
01 |
|
Future Enterprises Limited jointly with Sanjay Rathi |
|
01 |
|
Future Enterprises Limited jointly with Vimal Dhruve |
|
01 |
|
|
|
|
|
Total |
|
809803705 |
AS ON: 11.08.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing General Insurance Services. [Registered Activity] |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
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Facilities : |
--- |
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Auditors 1 : |
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|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
12-B, Baldota Bhavan, 5th Floor, 117, M. Karve Road, Churchgate,
Mumbai – 400020, Maharashtra, India |
|
PAN No.: |
AAAFK0985C |
|
|
|
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Auditors 2 : |
|
|
Name : |
M. M. Nissim and Company Chartered Accountants |
|
Address : |
Barodawala Mansion, B - Wing, 3rd floor, 81, Dr. Annie Besant Road,
Worli, Mumbai-400018, Maharashtra, India |
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PAN No.: |
AAAFM5103E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Ventures : |
· Future Enterprises Limited [L52399MH1987PLC044954] · Shendra Advisory Services Private Limited [U45200MH2005PTC157267] · Participatie Maatschappij Graafsschap Holland NV |
|
|
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|
Promoter Group Company
: |
Assicurazioni Generali SPA |
|
|
|
|
Enterprise owned by
Major Shareholders : |
Future Generali India Life Insurance Co. Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
INR 10/- each |
INR 10000.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
809993749 |
Equity Shares |
INR 10/- each |
INR 8099.937
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
809803705 |
Equity Shares |
INR 10/- each |
INR 8098.037
Million |
|
|
|
|
|
PATTERN OF SHAREHOLDING (AS CERTIFIED BY THE MANAGEMENT)
|
Shareholders |
As at 31st March 2017 |
|
|
|
Number of Shares |
% of holdings |
|
Promoters |
|
|
|
Indian |
603253705 |
74.49 |
|
Future Enterprises Limited |
206550000 |
-- |
|
Shendra Advisory Services Private Limited |
396703705 |
-- |
|
Foreign |
206550000 |
25.51 |
|
Participate Maatschappij Graafschap Holland N.V. |
206550000 |
-- |
|
Others |
-- |
-- |
|
Total |
809803705 |
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 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Share Capital |
8098.037 |
7100.000 |
7100.000 |
|
Reserves and Surplus |
0.000 |
0.000 |
0.000 |
|
Fair value change account |
0.000 |
0.000 |
15.217 |
|
Policy holder |
39.812 |
(16.802) |
0.000 |
|
Shareholder |
9.136 |
(3.686) |
0.000 |
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
TOTAL |
8146.985 |
7079.512 |
7115.217 |
|
|
|
|
|
|
Application of
Funds |
|
|
|
|
Investments |
|
|
|
|
Investments-Policyholders |
20199.923 |
16581.863 |
19748.222 |
|
Investments-Shareholders |
4635.601 |
3637.669 |
0.000 |
|
Loans |
|
|
|
|
Fixed Assets |
|
|
|
|
Gross Block |
785.799 |
693.199 |
625.947 |
|
Less: Accumulated Depreciation |
628.917 |
552.252 |
519.056 |
|
Net Block |
156.882 |
140.947 |
106.891 |
|
Capital work in process |
5.769 |
33.261 |
29.113 |
|
Total |
162.651 |
174.208 |
136.004 |
|
|
|
|
|
|
Deferred tax assets |
0.000 |
0.000 |
0.000 |
|
Current Assets |
|
|
|
|
Cash and Bank balance |
882.564 |
622.395 |
470.720 |
|
Advances and other assets |
4273.340 |
3127.836 |
1799.660 |
|
SUB TOTAL (A) |
5155.904 |
3750.211 |
2270.380 |
|
|
|
|
|
|
Current Liabilities |
18188.112 |
14213.478 |
11750.329 |
|
Provisions |
5994.758 |
5454.730 |
5840.260 |
|
SUB TOTAL (B) |
24182.870 |
19668.208 |
17590.589 |
|
|
|
|
|
|
Net Current Assets (C) = (A-B) |
(19026.966) |
(15917.977) |
(15320.209) |
|
|
|
|
|
|
Miscellaneous expenditure (to the extent not written off or adjusted) |
0.000 |
0.000 |
0.000 |
|
Debit balance in profit and loss account |
2175.776 |
2603.749 |
2551.200 |
|
|
|
|
|
|
Total |
8146.985 |
7079.512 |
7115.217 |
REVENUE
ACCOUNT
FIRE
INSURANCE BUSINESS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
INCOME |
|
|
|
|
Premium earned (Net) |
457.231 |
431.460 |
334.651 |
|
Profit on sale/ redemption of
Investments |
43.480 |
28.506 |
13.913 |
|
Others-Miscellaneous Income |
0.926 |
0.521 |
0.924 |
|
Interest, Dividend and Rent -
Gross |
192.933 |
152.088 |
138.891 |
|
TOTAL (A) |
694.570 |
612.575 |
488.379 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Claims Incurred (Net) |
329.433 |
346.579 |
164.916 |
|
Commission (Net) |
(17.700) |
(33.251) |
(55.662) |
|
Operating Expenses related to Insurance Business |
292.058 |
182.754 |
124.688 |
|
Premium Deficiency |
0.000 |
0.000 |
0.000 |
|
TOTAL (B) |
603.791 |
496.082 |
233.942 |
|
|
|
|
|
|
Operating Profit
from Fire Business (C) = (A) – (B) |
90.779 |
116.493 |
254.437 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders’
Account |
90.779 |
116.493 |
254.437 |
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
0.000 |
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL (C) |
90.779 |
116.493 |
254.437 |
MARINE INSURANCE BUSINESS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
INCOME |
|
|
|
|
Premium earned (Net) |
469.969 |
486.555 |
399.881 |
|
Profit on sale/ redemption of
Investments |
11.357 |
9.248 |
4.965 |
|
Others-Miscellaneous Income |
0.777 |
0.544 |
0.977 |
|
Interest, Dividend and Rent -
Gross |
46.114 |
45.726 |
44.442 |
|
TOTAL (A) |
528.217 |
542.073 |
450.265 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Claims Incurred (Net) |
305.998 |
367.293 |
263.861 |
|
Commission (Net) |
61.895 |
67.049 |
51.835 |
|
Operating Expenses related to Insurance Business |
84.202 |
185.679 |
126.730 |
|
Premium Deficiency |
0.000 |
0.000 |
0.000 |
|
TOTAL (B) |
452.095 |
620.021 |
442.426 |
|
|
|
|
|
|
Operating Profit
from Marine Business (C) = (A) – (B) |
76.122 |
(77.948) |
7.839 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders’
Account |
76.122 |
(77.948) |
7.839 |
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
0.000 |
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL (C) |
76.122 |
(77.948) |
7.839 |
MISCELLANEOUS INSURANCE BUSINESS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
INCOME |
|
|
|
|
Premium earned (Net) |
9951.839 |
9896.395 |
10056.712 |
|
Profit on sale/ redemption of
Investments |
312.552 |
202.513 |
107.790 |
|
Others-Miscellaneous Income |
18.871 |
10.928 |
26.594 |
|
Interest, Dividend and Rent -
Gross |
1272.692 |
1003.826 |
985.584 |
|
TOTAL (A) |
11555.954 |
11113.662 |
11176.680 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Claims Incurred (Net) |
7775.452 |
8075.078 |
7914.023 |
|
Commission (Net) |
(369.402) |
84.935 |
187.434 |
|
Operating Expenses related to Insurance Business |
4138.979 |
3610.954 |
3221.490 |
|
Premium Deficiency |
0.000 |
0.000 |
0.000 |
|
TOTAL (B) |
11545.029 |
11770.967 |
11322.947 |
|
|
|
|
|
|
Operating Profit
from Miscellaneous Business (C)
= (A) – (B) |
10.925 |
(657.305) |
(146.267) |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Transfer to Shareholders’
Account |
10.925 |
(657.305) |
(146.267) |
|
Transfer to Catastrophe Reserve |
0.000 |
0.000 |
0.000 |
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL (C) |
10.925 |
(657.305) |
(146.267) |
PROFIT
& LOSS ACCOUNT
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
OPERATING
PROFIT/(LOSS) |
|
|
|
|
Fire Insurance |
90.779 |
116.493 |
254.437 |
|
Marine Insurance |
76.122 |
(77.948) |
7.839 |
|
Miscellaneous Insurance |
10.925 |
(657.305) |
(146.267) |
|
|
|
|
|
|
Income from
Investment |
|
|
|
|
Interest, dividend and Rent - Gross |
317.198 |
479.124 |
439.298 |
|
Add/Less: Amorization on securities |
5.057 |
12.179 |
14.118 |
|
Profit on sale of investments |
80.853 |
104.201 |
52.633 |
|
Less Loss on sale of investments |
(1.486) |
(4.836) |
(1.974) |
|
|
|
|
|
|
Other Income |
1.528 |
0.000 |
0.000 |
|
Total |
580.976 |
(28.092) |
620.084 |
|
|
|
|
|
|
Previous (Other
than taxation) |
|
|
|
|
For Doubtful debts |
3.103 |
0.776 |
2.640 |
|
|
|
|
|
|
Other Expenses |
|
|
|
|
a) Expenses other than those related to insurance business |
145.329 |
23.094 |
14.518 |
|
b) Bad debts written off |
3.462 |
0.587 |
0.000 |
|
c) Others-CSR |
1.109 |
0.000 |
0.000 |
|
Total |
153.003 |
24.457 |
17.158 |
|
|
|
|
|
|
Profit/ (Loss) before
tax |
427.973 |
(52.549) |
602.926 |
|
|
|
|
|
|
Provision for taxation |
(87.918) |
0.000 |
(102.443) |
|
Minimum ultimate tax-credit |
87.918 |
0.000 |
102.443 |
|
|
|
|
|
|
Profit/ (Loss)
after tax |
427.973 |
(52.549) |
602.926 |
|
|
|
|
|
|
Balance of
profit/(Loss) brought forward from last year |
(2603.749) |
(2551.200) |
(3154.126) |
|
|
|
|
|
|
Balance carried
forward to balance sheet |
(2175.776) |
(2603.749) |
(2551.200) |
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 |
2219.088 |
(1426.854) |
NA |
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 |
|
Total Income |
620.084 |
(28.092) |
580.976 |
|
|
|
(104.530) |
(2,168.119) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total Income |
620.084 |
(28.092) |
580.976 |
|
Profit/(Loss) |
602.926 |
(52.549) |
427.973 |
|
|
97.23% |
187.06% |
73.66% |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 04.01.2018 |
|
LODGING NO: CHSL/7/2018
FILING DATE: 04.01.2018 |
|
Main Matter LODGING NO: SL/558/2012
Reg. No: S/1333/2012 |
|
PETITIONER:
SURAT METALLICS LIMITED RESPONDENT:
FUTURE GENRALI INDIA INSURANCE COM RESP.
ADV.: VYSAS AND BHALWAL (I6493)
DISTRICT: OUTSIDE MAHARASHTRA |
|
BENCH: SINGLE STATUS: PRE-ADMISSION CATEGORY: CHAMER
SUMMONS Last Date: 11.01.2018
Stage: Last Coram: REGISTRAR(OS)/ PROTHONOTARY & 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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
BACKGROUND
Subject is a Joint Venture between India’s leading retailer, Future
Group and Italian Insurance major, Generalia Group.
The company was incorporated on 30th October 2006 as a
company under the companies Act, 1956 to undertake and carry on the business of
General insurance. The company obtained regulatory approval to undertake
General Insurance business on September 4, 2007 from the Insurance Regulatory
and Development Authority of India (‘IRDAI’) and hold a valid certificate of
registration.
OPERAATIONAL
REVIEW
INDUSTRY OVERVIEW
The gross direct written premium of the industry for the period April 1, 2016 to March 31, 2017 grew from INR 963760.000 million to INR 1276310.000 million on a year-on-year basis, a growth of about 32.4%.
COMPANY OVERVIEW
The Company has completed its ninth full year of operations. During the year, the company achieved a gross direct written premium of INR 18160.000 million against INR 15550.000 million in the previous year, registering a growth of 16.79 % over the previous year. The Company earned a net profit of INR 428.000 million against net loss of INR 52.500 million in the last year.
During the year, the company has not changed its nature of business and continued the business of General Insurance as its core activity.
REGIONAL AND BRANCH
OFFICE NETWORK
During the year, the Company has realigned its branch office network and
also opened four (4) branch offices across the country. The Company had a total
of 128 branch offices across the country. The Company is further focused on
expanding its geographical reach in order to increase its penetration in retail
and rural business segments across the country.
INFORMATION TECHNOLOGY
The company is continuously exploring the possibility of usage of
intelligent power management solutions with the intension to reduce power
consumption and CO2 emissions from Desktops and IT Infrastructure in line with
the green computing initiative.
The company has launched “Health Buzz” Application to offer end-to-end
product offering features of Real-time Cashless authorization and Claim
Adjudication, Fraud Management , Finance Management, Business Process
Management, Document Management System. The Application provides scalability,
manageability and visibility to reach to its health customers and provide
seamless service.
FUTURE OUTLOOK
The financial year 2016-17 witnessed volatility in global markets amidst
growth concerns in China and US Fed raising interest rates after nearly a
decade. There was a sharp fall in commodity prices especially crude oil which
raised concerns on global economic growth. While Global growth remains
moderate, Indian GDP is expected to grow by 7.5% in FY 2017 as per IMF making
it one of the fastest growing economies in the world. India’s macroeconomic
parameters like CPI inflation, Fiscal Deficit and Current Account Deficit
continue to show signs of improvement largely due to falling commodity prices.
The Government has been taking several steps to boost growth specifically in
sectors like road, power and railway. It has been emphasizing on ‘Make in
India’ to provide an impetus to domestic manufacturing sector. The Government
has also announced various measures to boost rural growth in Union Budget while
not deviating from path of fiscal consolidation. Low interest rate scenario
coupled with Government initiatives on ‘Ease of Doing Business’ & ‘Make in
India’ may lead to much needed private capex taking off over next few months.
This will augur well for pick-up in GDP growth, corporate earnings and hence
better equity market performance in FY 2017-18. The debt markets stayed buoyant
in financial year 2016-17 due to easing inflation, reduction in interest rates
by RBI and a delay in further rate hikes by US Fed. India’s improving
macroeconomic indicators, accommodative monetary policy, thrust on structural
reforms and steps towards fiscal consolidation indicate a positive outlook for
both equity and debt markets in FY 2017-18.
FIXED ASSETS:
Tangible Assets
· Goodwill
· Land - Freehold
· Leasehold Improvement
· Buildings
· Furniture and Fittings
· Information and Technology Equipment
· Vehicles
· Office Equipment
· Other
Intangible Assets
· 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, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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 63.98 |
|
UK Pound |
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.