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|
|
MIRA INFORM REPORT
|
Report No. : |
494623 |
|
Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED (w.e.f 03.11.2017) |
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Formerly Known
As : |
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED (w.e.f 06.07.2004) OM KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED |
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Registered
Office : |
2nd Floor, Plot # C-12, G-Block BKC, Bandra (East), Mumbai
– 400051, Maharashtra |
|
Tel. No.: |
91-22-66215999 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
31.08.2000 |
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Com. Reg. No.: |
11-128503 |
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Capital
Investment / Paid-up Capital : |
INR 5102.902 Million |
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CIN No.: [Company Identification
No.] |
U66030MH2000PLC128503 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACO3983B |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACO3983B1ZK |
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Legal Form : |
A Closely Held Public Limited liability Company |
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Line of Business
: |
Subject is in life insurance business comprises of individual life and group business, including participating, non participating, pension, annuity, group gratuity, group leave encashment, group superannuation, unit linked insurance products. Riders providing additional benefits are offered under some of these products. (Registered Activity) |
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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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 52000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Kotak Mahindra Life Insurance Company Limited is a subsidiary of “Kotak Mahindra Bank Limited”. It was incorporated in the year 2000. The company has presence of 232 branches in around 167 cities and towns in India and has an agency strength of 99,275 agents. For the financial year 2017, there has been a significant increase in the revenue of the company as compared to the previous year along with a fair profit margin for the year under review. The sound financial risk profile of the company is marked by adequate net worth, healthy asset quality and debt free balance sheet profile. Rating takes into account the subject’s long established track record of business operations along with extensive experience of its promoters. However, the company is expected to face challenges in maintaining its growth and sustaining its profitability amidst an evolving regulatory environment and competition from similar- rated peers. Payment seems to be regular and as per commitment. In view of reputed brand name of “Kotak Group”, the company can be considered normal for business dealings at usual trade terms and conditions. Note: The company has changed its name from “Kotak Mahindra Old Mutual Life Insurance Limited” to “Kotak Mahindra Life Insurance Company Limited” w.e.f. 3rd November 2017. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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 01.03.2018
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
Management non-cooperative (Tel No.:91-22-65993626)
LOCATIONS
|
Registered Office : |
2nd Floor, Plot # C-12, G-Block BKC, Bandra (East), Mumbai
– 400051, Maharashtra, India |
|
Tel. No.: |
91-22-65993626 |
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Fax No.: |
91-22-66726254 |
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E-Mail : |
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Website : |
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Corporate Office 1/
Customer Service Centre: |
7th Floor, Kotak Infiniti, Building No.21, Infinity Park, Off
Western Express Highway, General AK Vaidya Marg, Malad (East), Mumbai –
400097, Maharashtra, India |
|
Tel. No.: |
91-22-66057777 |
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Fax No.: |
91-22-67425649/ 50 |
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E-Mail : |
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Corporate Office 2: |
Goregaon-Mulund Link Road, Malad (East), Mumbai - 400097, Maharashtra,
India |
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Branch Address
(Loan Division): |
4th Floor, Vinay Bhavya Complex, 159 A, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India |
DIRECTORS
As on: 31.03.2017
|
Name : |
Mr. Murlidhar Gangadharan |
|
Designation : |
Managing Director |
|
Address : |
1401 "Serenity", Opposite St. Anthoney School, St Anthony Road, Chembur Mumbai -400071, Maharashtra, India |
|
Date of Birth/Age : |
27.07.1960 |
|
Date of Appointment : |
22.06.2011 |
|
DIN No. : |
03601196 |
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|
|
|
Name : |
Mr. Uday Suresh Kotak |
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Designation : |
Director |
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Address : |
62, NCPA Apartments, Sir Dorabji Tata Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1959 |
|
Date of Appointment : |
31.08.2000 |
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DIN No. : |
00007467 |
|
|
|
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Name : |
Mr. Shivaji Salil Kumar Dam |
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Designation : |
Director |
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Address : |
12, Gulab Park, C. Gidwani Marg, Chembur, Mumbai – 400074, Maharashtra, India |
|
Date of Birth/Age : |
08.02.1957 |
|
Date of Appointment : |
31.08.2000 |
|
DIN No. : |
00032568 |
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|
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Name : |
Mr. Prakash Krishnaji Apte |
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Designation : |
Director |
|
Address : |
Flat No. 803, Wing - B, Blossom, Boule Vard Koregaon Park,
Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
06.05.1954 |
|
Date of Appointment : |
28.05.20114 |
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DIN No. : |
00196106 |
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|
|
|
Name : |
Mr. Dipak Gupta |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 32, A - Wing, Tanna Residency, 392, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
13.02.1961 |
|
Date of Appointment : |
31.08.2000 |
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DIN No. : |
00004771 |
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|
|
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Name : |
Mr. Gaurang Balkrishna Shah |
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Designation : |
Director |
|
Address : |
1502, Crescent Heights, Forgett Street, Opposite Bhatia Hospital, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
25.10.1931 |
|
Date of Appointment : |
14.1.2004 |
|
DIN No. : |
00016660 |
|
|
|
|
Name : |
Mr. Paresh Shreesh Parasnis |
|
Designation : |
Director |
|
Address : |
Flat No 14, Chaitra Heritage, Coop Society, Plot No 550, 11th Road, Chembur (East), Mumbai – 400071, Maharashtra, India |
|
Date of Birth/Age : |
11.10.1961 |
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Date of Appointment : |
14.08.2014 |
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DIN No. : |
02412035 |
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|
|
|
Name : |
Ms. Anita Ramachandran |
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Designation : |
Director |
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Address : |
2401-2402, A Wing, Raheja Atlantis,, Ganpat Rao Kadam Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No. : |
00118188 |
KEY EXECUTIVES
|
Name : |
Muralikrishna Cheruvu |
|
Designation : |
Company Secretary |
|
Address : |
JN-3-23, Flat No. 15, Ashirwad Society, Sector-9, Vashi,
Navi Mumbai – 400703, Maharashtra, India |
|
Date of Appointment : |
24.10.2013 |
|
PAN No.: |
AFNPC0749N |
|
|
|
|
Name : |
Cedric Dominic Fernandes |
|
Designation : |
Chief Finance Executive |
|
Address : |
D705, Gayatri Darshan, Thakur Complex, Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
05.08.2014 |
|
PAN No.: |
AAAPF4560A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.06.2017
|
Names of Shareholders |
|
No. of Shares |
|
Kotak Mahindra Bank Limited, India |
|
260247974 |
|
Old Mutul Plc, London |
|
132675452 |
|
Uday Kotak (Jointly with Kotak Mahindra Bank Limited, India) |
|
10 |
|
Chengalath Jayaram (Jointly with Kotak Mahindra Bank Limited, India) |
|
10 |
|
Dipak Gupta (Jointly with Kotak Mahindra Bank Limited, India) |
|
10 |
|
K.V.S. Manian (Jointly with Kotak Mahindra Bank Limited, India) |
|
10 |
|
Jaimin Bhatt (Jointly with Kotak Mahindra Bank Limited, India) |
|
10 |
|
Kotak Mahindra Prime Limited, India |
|
54000000 |
|
Kotak Mahindra Capital Company Limited, India |
|
63366753 |
|
T.V. Raghunath (Jointly with Kotak Mahindra Bank Limited, India) |
|
10 |
|
Gaurang Shah (Jointly with Kotak Mahindra Bank Limited, India) |
|
10 |
|
Total |
|
510290249 |
As on 09.06.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
0.00001372 |
|
Promoters (Banks) |
50.99998962 |
|
Promoters (Body corporate) |
22.99999916 |
|
Promoters (Others – Foreign Company) |
25.9999975 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in life insurance business comprises of individual life and group business, including participating, non participating, pension, annuity, group gratuity, group leave encashment, group superannuation, unit linked insurance products. Riders providing additional benefits are offered under some of these products. (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors 1: |
|
|
Name : |
S.B. Billimoria
and Company Chartered Accountants |
|
Address : |
Tower 3, 31st & 32nd Floor, India Bulls Finance, Centre, S.B.
Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AAAFS7376P |
|
|
|
|
Auditors 2 : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai
- 400028, Maharashtra, India |
|
PAN No.: |
AAAFS7376P |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company
: |
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Joint Venture : |
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Enterprise in
which joint venture has significant influence : |
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Fellow
Subsidiaries: |
|
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Enterprises in
which key management personnel have significant influence: |
· Kotak Life Insurance Superannuation Fund · Kotak Mahindra Old Mutual Life Insurance Employees Gratuity Fund |
|
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|
|
Enterprises over
which individuals or their relatives have significant influence: |
|
CAPITAL STRUCTURE
As on 09.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
625000000 |
Equity Shares |
INR 10/- each |
INR 6250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
510290249 |
Equity Shares |
INR 10/- each |
INR 5102.902 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Shareholders’
Funds: |
|
|
|
|
Share Capital |
5102.902 |
5102.902 |
5102.902 |
|
Reserves and Surplus |
13144.262 |
10111.533 |
7604.064 |
|
Credit/[Debit] Fair Value Change Account |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Sub-Total |
18247.164 |
15214.435 |
12706.966 |
|
|
|
|
|
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Policyholders’
Funds: |
|
|
|
|
Credit/[Debit] Fair Value Change Account |
1820.906 |
360.313 |
971.453 |
|
Revaluation Reserve – Investment Property |
203.345 |
203.345 |
203.345 |
|
Policy Liabilities |
|
|
|
|
- Life Participating |
29529.619 |
23739.260 |
19694.174 |
|
- Pension Participating |
689.589 |
699.138 |
762.158 |
|
- Life Non- Participating |
34954.377 |
23749.152 |
15573.233 |
|
- Life Non- Participating Variable (VIP) |
640.061 |
1202.977 |
397.304 |
|
Pension Non-Participating |
1971.278 |
1548.858 |
960.053 |
|
- General Annuity |
583.045 |
298.169 |
192.898 |
|
- Unit Linked |
1780.842 |
1735.590 |
1501.029 |
|
- Unit Linked Pension |
204.509 |
178.411 |
146.246 |
|
|
70353.320 |
53151.555 |
39227.095 |
|
Insurance Reserves |
|
|
|
|
- Life Participating |
1590.289 |
1423.254 |
1255.645 |
|
- Pension Participating |
197.501 |
155.732 |
141.421 |
|
|
1787.790 |
1578.986 |
1397.066 |
|
Provision for Linked Liabilities |
|
|
|
|
- Linked Liabilities |
100055.198 |
89137.142 |
83108.172 |
|
- Fair Value Change |
13852.657 |
5809.263 |
12216.579 |
|
|
113907.855 |
94946.405 |
95324.751 |
|
|
|
|
|
|
Funds for Discontinued policies |
|
|
|
|
- Discontinued on account of non-payment of premium |
1684.942 |
1603.664 |
1907.880 |
|
- Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
SUB TOTAL |
189758.158 |
151844.268 |
139031.590 |
|
|
|
|
|
|
Funds for Future Appropriation:-Linked Liabilities |
0.000 |
0.000 |
69.788 |
|
Total |
208005.322 |
167058.703 |
151808.344 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
Investments |
|
|
|
|
– Shareholders |
15875.540 |
13996.388 |
10519.679 |
|
– Policyholders’ |
76397.747 |
57305.109 |
42863.107 |
|
Assets Held to Cover Linked Liabilities |
115592.797 |
96550.069 |
97302.419 |
|
Loans |
1531.071 |
1507.576 |
1677.304 |
|
Fixed Assets |
618.135 |
440.720 |
397.257 |
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
3240.195 |
2216.363 |
2025.464 |
|
Advances and Other Assets |
4814.896 |
3793.512 |
2849.761 |
|
Sub-Total (A) |
8055.091 |
6009.875 |
4875.225 |
|
|
|
|
|
|
Sundry Creditors |
9748.840 |
8485.428 |
5614.986 |
|
Provisions |
316.219 |
265.606 |
262.521 |
|
Sub-Total (B) |
10065.059 |
8751.034 |
5826.647 |
|
Net Current Assets |
(2009.968) |
(2741.159) |
(951.422) |
|
|
|
|
|
|
Miscellaneous Expenditure (To the extent not written off or adjusted) |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit and Loss Account (Shareholders’ Account) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
208005.322 |
167058.703 |
151808.344 |
PROFIT
& LOSS ACCOUNT
REVENUE ACCOUNT
FOR THE YEAR ENDED MARCH 31, 2017
POLICYHOLDERS'
ACCOUNT (TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
|
|
Premiums earned
- Net |
|
|
|
|
|
(a) Premium |
51395.481 |
39716.819 |
30380.549 |
|
|
(b) Reinsurance ceded |
(720.897) |
(583.962) |
(624.632) |
|
|
(c) Re-insurance accepted |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
50674.584 |
39132.857 |
29807.915 |
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
(a) Interest, Dividends and Rent Gross- Net of
accretion/amortization of Discount/Premium |
9213.980 |
7688.158 |
6592.212 |
|
|
(b) Profit on sale / redemption of investments |
9618.090 |
7222.059 |
14401.531 |
|
|
(c) (Loss on sale / redemption of investments) |
(2956.687) |
(3343.476) |
(1371.714) |
|
|
(d) Transfer /Gain on revaluation / change in Fair value* |
8043.394 |
(6407.316) |
6771.482 |
|
|
TOTAL |
23918.777 |
5159.425 |
26393.511 |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
Contribution
from the Shareholders' A/c |
27.718 |
53.031 |
83.987 |
|
|
|
|
|
|
|
|
(A) Miscellaneous income |
60.902 |
34.090 |
76.872 |
|
|
(B) Profit/(Loss) on sale/disposal of fixed assets (Net) |
4.762 |
2.490 |
2.804 |
|
|
TOTAL |
65.664 |
36.580 |
79.676 |
|
|
|
|
|
|
|
|
Total (A) |
74686.743 |
44381.893 |
56313.091 |
|
|
|
|
|
|
|
|
Commission |
3248.144 |
2581.148 |
1816.065 |
|
|
Operating Expenses related to Insurance Business |
9281.806 |
7941.274 |
6690.607 |
|
|
Service Tax Expenditure |
380.629 |
327.250 |
294.162 |
|
|
Provision For Doubtful Debts |
0.000 |
0.000 |
0.000 |
|
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
|
Provision for Tax |
0.221 |
158.761 |
218.557 |
|
|
Provisions (other than taxation) |
|
|
|
|
|
(a) For diminution in the value of investments (net) |
(8.703) |
8.654 |
0.048 |
|
|
(b) Others |
0.139 |
(0.830) |
6.000 |
|
|
|
|
|
|
|
|
Total (B) |
13122.797 |
11016.257 |
9025.439 |
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
22871.681 |
18240.332 |
17852.155 |
|
|
Interim and Terminal Bonuses Paid |
208.408 |
119.022 |
87.842 |
|
|
Change in
valuation of liability against life policies |
|
|
|
|
|
(a) Gross ** |
17223.853 |
13959.426 |
11186.369 |
|
|
(b) Amount ceded in Reinsurance |
(22.088) |
(34.966) |
(2.944) |
|
|
(c) Amount accepted in Reinsurance |
0.000 |
0.000 |
0.000 |
|
|
Provision for Linked Liabilities |
19042.728 |
(682.562) |
16054.973 |
|
|
|
|
|
|
|
|
Total (C) |
59324.582 |
31601.252 |
45178.395 |
|
|
|
|
|
|
|
|
SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C) |
2239.364 |
1764.384 |
2161.255 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to Shareholders' Account |
2030.56 |
1652.252 |
1617.596 |
|
|
Transfer to Other Reserve |
0.000 |
0.000 |
0.000 |
|
|
Balance being Funds for Future Appropriations |
0.000 |
(69.788) |
(81.752) |
|
|
Surplus/(Deficit) after Appropriation |
208.804 |
181.920 |
625.411 |
|
|
|
|
|
|
|
Total (D) |
2239.364 |
1764.384 |
2161.255 |
|
|
|
|
|
|
|
|
SURPLUS/(DEFICIT)
BROUGHT FORWARD |
1578.986 |
1397.066 |
771.655 |
|
|
Surplus/(Deficit) after Appropriation |
208.804 |
181.920 |
625.411 |
|
|
SURPLUS/(DEFICIT)
CARRIED FORWARD TO BALANCE SHEET |
1787.790 |
1578.986 |
1397.066 |
|
|
|
|
|
|
|
|
a) Interim & Terminal Bonuses Paid |
208.408 |
119.022 |
87.842 |
|
|
b) Allocation of bonus to policyholders |
1336.777 |
968.037 |
743.587 |
|
|
c) Surplus shown in the revenue account |
208.804 |
181.920 |
625.411 |
|
|
Total Surplus: [(a)
+ (b) + (c )] |
1753.989 |
1268.979 |
1456.840 |
|
Note:
- *represent
the deemed realized gain as per norms specified by the authority
- **
Represent mathematical Reserve after allocation of bonus
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2017
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
Amount
Transferred From Policyholder Account (Technical Account) |
2030.560 |
1652.252 |
1617.596 |
|
Income from Investments |
|
|
|
|
(a) Interest, Dividend & Rent - Net of Amortization |
1244.779 |
1048.879 |
879.885 |
|
(b) Profit on sale / redemption of investments |
25.282 |
60.949 |
35.932 |
|
(c) (Loss on sale / redemption of investments) |
(18.826) |
(15.275) |
(16.993) |
|
Other Income |
|
|
|
|
SUB TOTAL |
1251.235 |
1094.553 |
898.824 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
TOTAL |
3281.795 |
2746.805 |
2516.420
|
|
|
|
|
|
|
|
|
|
|
|
Expenses other
than those directly related to the insurance |
35.315 |
23.640 |
13.174 |
|
Bad debts written off |
0.000 |
0.000 |
0.000 |
|
Provisions (Other than taxation) |
|
|
|
|
(a) For diminution in the value of investment (net) |
0.000 |
0.000 |
0.000 |
|
(b) Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
(c) Others |
|
|
|
|
Corporate Social responsibility Expenditure |
12.500 |
9.600 |
5.700 |
|
-Contribution to the Policyholders Fund |
27.718 |
53.031 |
83.987 |
|
Total (B) |
75.533 |
86.271 |
102.861 |
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
3206.262 |
2660.534 |
2413.559 |
|
Provision for Taxation |
|
|
|
|
- Current Year |
173.533 |
153.065 |
124.627 |
|
- Earlier Year |
0.000 |
0.000 |
0.000 |
|
PROFIT / (LOSS)
AFTER TAX |
3032.729 |
2507.469 |
2288.932 |
|
|
|
|
|
|
Appropriations |
|
|
|
|
(a) Balance at the beginning of the period/year |
9591.170 |
7083.701 |
4794.769 |
|
(b) Interim dividend during the period/year |
0.000 |
0.000 |
0.000 |
|
(c) Proposed final dividend |
0.000 |
0.000 |
0.000 |
|
(d) Dividend distribution tax |
0.000 |
0.000 |
0.000 |
|
(e) Transfer to reserves / other accounts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Profit / (Loss) carried to the Balance Sheet |
12623.899 |
9591.170 |
7083.701 |
|
|
|
|
|
|
Earnings Per
Share (INR ) |
5.94 |
4.91 |
4.49 |
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 flows from operating activities |
15777.979 |
10267.595 |
3994.684 |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
5102.902 |
5102.902 |
5102.902 |
|
Reserves & Surplus |
7604.064 |
10111.533 |
13144.262 |
|
Net worth |
12706.966 |
15214.435 |
18247.164 |
|
|
|
|
|
|
Borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
LEGAL CASES
|
CASE DETAILS BENCH: BOMBAY
|
|||||||||||||||||||||||||||||||||||||||||||||
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
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 |
BACKGROUND
Subject is a joint venture between Kotak Mahindra Bank Limited, its affiliates and Old Mutual Plc, was incorporated on August 31, 2000 as a Company under the Companies Act, 1956 to undertake and carry on the business of life insurance and annuity. The Company’s life insurance business comprises of individual life and group business, including participating, non participating, pension, annuity, group gratuity, group leave encashment, group superannuation, unit linked insurance products. Riders providing additional benefits are offered under some of these products. These products are distributed through individual agents, corporate agents, banks, brokers, the Company’s proprietary sales force and the Company website. The Company obtained a license from the Insurance Regulatory and Development Authority of India (‘IRDAI’) dated January 10, 2001 for carrying on the business of life insurance and annuity. The license is valid as on March 31, 2017 and the same continues to be inforce.
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR In Million) |
31.03.2016 (INR In Million) |
|
Partly paid-up investments (Uncalled commitment for contribution to IFMR Fimpact Investment Fund) |
333.360 |
109.500 |
|
Claims, other than against policies, not acknowledged as debts by the Company |
2.845 |
0.000 |
|
Guarantees given by or on behalf of the Company |
1.491 |
1.491 |
|
Statutory demands/ liabilities in dispute, not provided for (Service Tax) |
2834.246 |
2517.833 |
|
Others – Insurance claims in appeal net of provision (Gross value of claims INR 377.475 million (2016 – INR 370.221 million), out of which reinsured INR 85.587 million (2016 - INR 95.784 million) and provision held INR 194.415 million (2016 – INR 168.872 million) |
97.473 |
105.565 |
Fixed Assets
·
Goodwill
·
Intangibles - Software
·
Land-Freehold
·
Leasehold property
·
Buildings
·
Furniture and fittings
·
Information technology equipment
·
Vehicles
·
Office equipment
WEBSITE DETAILS
NEWS/ PRESS RELEASES
KOTAK MAHINDRA BANK
BUYS OUT OLD MUTUAL FROM INSURANCE ARM FOR INR 12920.000 MILLION
DATE: 28.04.2017
MUMBAI: A month after announcing a INR 50000.000 million capital raising plan to drive inorganic growth, Kotak Mahindra Bank BSE 0.31 % (KMB) today announced a INR 12920.000 million buyout of the British partner Old Mutual's 26 per cent stake in its life insurance arm.
become the 100 per cent owner of the 16-year-old Kotak Mahindra Old Mutual Life
Insurance post acquisition, which bucks the trend of foreign partners
increasing their stakes after foreign holding norms were hiked to 49 per cent
in December 2015.
As part of the deal, expected to be closed over the next quarter or so, Kotak
Bank will be paying Old Mutual INR 129270.000 Million for its 26 per cent stake
in the joint venture.
Old Mutual, undergoing an organisational revamp, approached the bank asking if
it was interested in buying back the stake, Kotak group's president for asset
management, insurance and international business Gaurang Shah told PTI.
"From our perspective, we have been saying for sometime that we are
actively pursuing opportunities to deepen our franchise all over the country.
It is more of matching of strategic interest of both the partners," he
added.
He hinted that the payout will happen once the bank raises money through the
qualified institutional placement.
However, shareholders weren't enthused with the deal announced around 6 AM and the scrip shed 1.47 per cent to close at INR 901.10 on the BSE, as against 0.37 per cent correction in the benchmark. And this battering came a day after they lapped up the stock after a 40 percent rise in net.
But Shah claimed the transaction is "value accretive" and will give
it a lot of room to grow in future.
He said it is a profitable business which reported a INR 3000.000 million
bottomline last year and has seen a growth of 20 per cent every year in profits
over the last four years.
The overall networth of the business stood at INR 18250.000 million as of March
2017. It has 15 million consumers and the annual premia grew 28 per cent, he
said.
"India is in an exciting phase of its economic journey
and the financial services sector, especially the insurance sector, is poised
for significant growth. Kotak Life will continue to leverage this
opportunity," Shah said.
The deal comes a month after the bank board gave the go-ahead to raise over INR 50000.000 million from a share sale.
The board move came amid reports of the bank looking at inorganic growth options
within the banking space, which have been repeatedly confirmed by the bank
management as well.
The bank is also looking at the distressed assets space to invest the money.
Its promoters are also required to get down their holding to 30 per cent by June
from the present level of over 32 per cent, which will come down by a
percentage point after the share sale.
Executive vice chairman Uday Kotak had yesterday said the shareholders would
meet on May 9 to consider the share sale proposal and the it is working on
multiple options of reducing promoter holding.
Shah today hinted that the Old Mutual payout may happen after qualified
institutional placement issue, saying it will take up to four months for the
payment to be made after receiving necessary approvals from RBI, Irdai and the
fair trade watchdog CCI.
When asked about future plans for the business and if a listing is on the
cards, Shah replied in the negative saying the company is well capitalised with
a buffer level of 3 as against the regulatory requirement of 1.5.
"I think we don't need to raise any capital for the life insurer. We will
continue with 100 per cent ownership for
some time to come," he said, stressing that this is the only
private sector company among top-5 private sector insurers owned fully by an
domestic company.
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 65.10 |
|
|
1 |
INR 79.59 |
|
Euro |
1 |
INR 90.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
RKI |
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.