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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

494642

Report Date :

05.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

 

 

Registered Office :

ICICI Prulife Tower, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra

Tel. No.:

91-22-66621600

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

20.07.2000

 

 

Com. Reg. No.:

11-127837

 

 

Capital Investment / Paid-up Capital :

INR 14353.471 Million

 

 

CIN No.:

[Company Identification No.]

L66010MH2000PLC127837 (New)

U66010MH2000PLC127837 (Old)

 

 

IEC No.:

[Import-Export Code No.]

0300056877

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACI7351P

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject carries on business of providing life insurance, pensions and health insurance to individuals and groups. (Registered Activity)

 

 

No. of Employees :

12397 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A++

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Maximum Credit Limit :

USD 175300000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

ICICI Prudential Life Insurance Company is a joint venture between “ICICI Bank and Prudential Corporation Holdings Limited” and was incorporated in the year 2000.

The company raised the initial public offer in September 2016 with ICICI bank reducing its stake to around 54.89% and Prudential holding 25.83%.


For the financial year 2017, the company has achieved decent revenue from its operations along with fair profit.


The sound financial risk profile of the company is marked by adequate net worth base.

The  rating  takes  into  account the  strong  parent  support from  ICICI  Bank  Limited & Prudential Corporation Holdings Limited, the company’s position as the country’s largest private sector life insurer, healthy profitability metrics and comfortable solvency levels.


Rating also takes into consideration ICICI Prudential’s ability to comply with regulatory changes while maintaining growth and profitability targets.

 
Payment seems 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.

 

 

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

ICRA

Rating

Claims Paying Ability=AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

21.04.2017

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 05.03.2018

 

 

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

 

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-40391686)

 

 

LOCATIONS

 

Registered Office :

ICICI Prulife Tower 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Tel. No.:

91-22-66621600/ 40391686

Fax No.:

91-22-24376956/ 24376638

E-Mail :

sanaulla.khan@iciciprulife.com

deepak.kinger@iciciprulife.com

maruti.naik@iciciprulife.com

kalpana.sampat@iciciprulife.com

vyoma.manek@iciciprulife.com

cl.baradhwaj@iciciprulife.com

wecoveryou@iciciprulife.com

ami.badani@iciciprulife.com

Website :

http://www.iciciprulife.com

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Sandeep Bakhshi

Designation :

Managing Director

Address :

B/4, Tanna Residency, Opposite Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

28.05.1960

Qualification :

B.E (Mech), PGDM

Date of Appointment :

01.08.2010

DIN No.:

00109206

 

 

Name :

Mr. Puneet Kulbhushan  Nanda

Designation :

Whole-time Director

Address :

Flat No.11, Victoria Sarojini Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

05.02.1969

Qualification :

B.E, PGDM

Date of Appointment :

01.08.2010

DIN No.:

02578795

 

 

Name :

Mr. Sandeep Batra

Designation :

Whole-time Director

Address :

5th Floor, Vraj Building, 10th Road, JVPD, Juhu, Mumbai – 400049, Maharashtra, India

Qualification :

B.Com, F.C.A., A.C.S.

Date of Appointment :

01.01.2014

DIN No.:

03620913

 

 

Name :

Mr. Madras Seshamani Ramachandran

Designation :

Director

Address :

C-23 Green Park Main Second Floor, Hauz Khas Enclave, New Delhi-110016, India

Date of Appointment :

29.06.2016

DIN No.:

00943629

 

 

Name :

Mr. Sridar Venkatesan

Designation :

Director

Address :

303/A, HPCL Employees Co-operative Housing Society, No. NDR – 11, Tilak Nagar, Chembur, Mumbai – 400089, Maharashtra, India

Date of Birth/Age :

28.07.1947

Qualification :

B. Com (Hons), FCA

Date of Appointment :

18.04.2013

DIN No.:

02241339

 

 

Name :

Mr. Vinod Kumar Dhall

Designation :

Director

Address :

Dewan Manohar House, B-88, Sector 51, Noida – 201301, Uttar Pradesh

Date of Birth/Age :

20.02.1944

Qualification :

LLB , M.Sc, Masters degree in Mathematics

Date of Appointment :

05.03.2009

DIN No.:

02591373

 

 

Name :

Mr. Dilip Ganesh Karnik

Designation :

Director

Address :

1102, Shivajinagar, Pune-411016, Maharashtra, India

Date of Appointment :

29.06.2016

DIN No.:

06419513

 

 

Name :

Mr. Dileep Chinubhai Choksi

Designation :

Additional Director

Address :

E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

19.01.2018

DIN No.:

00016322

 

 

Name :

Mr. Radhakrishna Nair

Designation :

Additional Director

Address :

J1403, Raheja Vista, Raheja Vihar, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India

Date of Appointment :

25.07.2017

DIN No.:

07225354

 

 

Name :

Mrs. Chanda Deepak Kochhar

Designation :

Nominee Director

Address :

CCI Chambers, Flat No.45, 5th Floor, Dinshaw Vacha Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

17.11.1961

Qualification :

MMS - Finance, ICWA

Date of Appointment :

28.05.2002

DIN No.:

00043617

 

 

Name :

Mr. Kannan Shrinivasa Narayanan

Designation :

Nominee Director

Address :

Flat No.204, Tower B, Kalpataru Horrizon, S K Ahire Marg, Worli, Mumbai – 400018,  Maharashtra, India

Date of Birth/Age :

30.06.1965

Qualification :

Bachelor of Engineering (Honours) PGDM, Chartered Financial Analyst (ICFAI)

Date of Appointment :

30.07.2005

DIN No.:

00066009

 

 

Name :

Mr. Raghunath Hariharan

Designation :

Nominee Director

Address :

44, Lytton Grove Putney, Sw15 2he London NA GB

Date of Appointment :

14.12.2017

DIN No.:

08007442

 

 

 

 

 

 

KEY EXECUTIVES

 

Name :

Vyoma Manek

Designation :

Company Secratary

Address :

A-202, Yashodhan Apartments, Beside Union Bank of India Bolinj, Virar (West) Thane 401303, Maharashtra, India

Date of Appointment :

12.05.2015

PAN No.:

ALTPM3236A

 

 

Name :

Mr. Satyan Perur Jambunathan

Designation :

Chief Finance Officer

Address :

D, 1601, Shree Royal Classic Co-Op Housing Society Limited Link Road, Mulund West, Mumbai-400080, Maharashtra, India

Date of Appointment :

29.06.016

PAN No.:

ABEPJ7684A

 

 

Name :

Ms. Asha Murali

Designation :

Appointed Actuary

 

 

Board Committees

Board Audit Committee :
  • Mr. V. Sridar, Chairman
  • Prof. Marti G. Subrahmanyam
  • Mr. Vinod Kumar Dhall
  • Mr. M. S. Ramachandran
  • Mr. N. S. Kannan
  • Mr. Adrian O’Connor

 

 

Board Risk Management Committee :
  • Prof. Marti G. Subrahmanyam, Chairman
  • Ms. Rama Bijapurkar
  • Mr. N. S. Kannan
  • Mr. Adrian O’Connor

 

 

Board Investment Committee :
  • Prof. Marti G. Subrahmanyam, Chairman
  • Mr. N. S. Kannan
  • Mr. Adrian O’Connor
  • Mr. Sandeep Bakhshi
  • Mr. Sandeep Batra
  • Mr. Satyan Jambunathan*
  • Mr. Manish Kumar*
  • Mr. Deepak Kinger*
  • Ms. Asha Murali*

 

 

Board Customer Service & Policyholders’ Protection Committee :
  • Mr. Vinod Kumar Dhall, Chairman
  • Mr. N. S. Kannan
  • Mr. Adrian O’Connor

 

 

Board Nomination and Remuneration Committee :
  • Ms. Rama Bijapurkar, Chairperson
  • Prof. Marti G. Subrahmanyam
  • Mr. Vinod Kumar Dhall
  • Mr. N. S. Kannan
  • Mr. Adrian O’Connor

 

 

Board Corporate Social Responsibility (CSR) Committee :
  • Mr. Vinod Kumar Dhall, Chairman
  • Mr. N. S. Kannan
  • Mr. Adrian O’Connor

 

 

Stakeholders Relationship Committee :
  • Mr. Vinod Kumar Dhall, Chairman
  • Mr. Sandeep Bakhshi
  • Mr. Sandeep Batra

 

 

With Profits Committee :
  • Mr. V. Sridar, Chairman
  • Mr. N. S. Kannan
  • Mr. Adrian O’Connor
  • Mr. Sandeep Bakhshi
  • Mr. N. M. Govardhan#
  • Ms. Asha Murali#

 

 

Senior General Managers :
  • Mr. Judhajit Das, Chief - Human Resources
  • Mr. Balaji V.V, Chief Information Technology and Operations
  • Mr. Deepak Kinger, Chief Risk and Compliance Officer
  • Mr. Manish Kumar, Chief Investment Officer
  • Mr. Pranav Mishra, Chief Sales and Distribution
  • Mr. Prasun Sikdar, Chief Sales and Distribution
  • Mr. Satyan Jambunathan, Chief Financial Officer

 

Note:

 

  • *As per IRDAI Corporate Governance Guidelines 2016, Board Investment Committee shall also have Appointed Actuary, Chief Investment Officer, Chief Financial Officer and Chief Risk Officer as members.

 

  • #As per IRDAI regulations, With Profits Committee shall also have an Independent Actuary and Appointed Actuary as members.

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2017

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

(A) Promoter and Promoter Group

1158601488

80.71

(B) Public

276866472

19.29

Grand Total

1435467960

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

A1) Indian

0.00

Financial Institutions/ Banks

787816604

54.88

ICICI BANK LIMITED

787816604

54.88

Sub Total A1

787816604

54.88

A2) Foreign

0.00

Any Other (specify)

370784884

25.83

PRUDENTIALS CORPORATION HOLDINGS LIMITED

370784884

25.83

Sub Total A2

370784884

25.83

A=A1+A2

1158601488

80.71

 

 

 

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a % of

B1) Institutions

0

0.00

Mutual Funds/

40197405

2.80

Alternate Investment Funds

268837

0.02

Foreign Portfolio Investors

79943293

5.57

Financial Institutions/ Banks

1241436

0.09

Insurance Companies

8906183

0.62

Sub Total B1

130557154

9.10

B2) Central Government/ State Government(s)/ President of India

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

37332670

2.60

Individual share capital in excess of INR 0.200 Million

7870501

0.55

NBFCs registered with RBI

3518668

0.25

Any Other (specify)

97587479

6.80

Bodies Corporate

5822873

0.41

NRI – Non- Repat

1507439

0.11

NRI

1321345

0.09

Clearing Members

2525176

0.18

Trusts

57692898

4.02

APEX TRUST

57435497

4.00

FOREIGN BODIES

28717748

2.00

COMPASSVALE INVESTMENTS PTE. LIMITED

28717748

2.00

Sub Total B3

146309318

10.19

B=B1+B2+B3

276866472

19.29

 

 

BUSINESS DETAILS

 

Line of Business :

Subject carries on business of providing life insurance, pensions and health insurance to individuals and groups. (Registered Activity)

 

 

Products/ Services :

NIC Code No.

Product/ Services Description

65110

Life Insurance Company

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

12397 (Approximately)

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

 

 

Auditors 1:

 

Name :

B S R and Company LLP

Chartered Accountants

 

 

Auditors 2:

 

Name :

Walker Chandiok and Company LLP

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

ICICI Bank Limited

 

 

Substantial interest :

Prudential Corporation Holdings Limited

 

 

Subsidiary :

ICICI Prudential Pension Funds Management Company Limited

 

 

Fellow subsidiaries and entities jointly controlled by holding company :
  • ICICI Securities Limited
  • ICICI Securities Inc.
  • ICICI Securities Holding Inc.
  • ICICI Venture Funds Management Company Limited
  • ICICI Home Finance Company Limited
  • ICICI Trusteeship Services Limited
  • ICICI Securities Primary Dealership Limited
  • ICICI Investment Management Company Limited
  • ICICI International Limited
  • ICICI Bank UK PLC.
  • ICICI Bank Canada
  • ICICI Lombard General Insurance Company Limited
  • ICICI Prudential Asset Management Company Limited
  • ICICI Prudential Trust Limited

 

 

Consolidated under AS-

21 by holding company :

ICICI Strategic Investments Fund

 

 

Significant influence :
  • ICICI Prudential Life Insurance Company Limited Employees’ Group Gratuity Cum Life Insurance Scheme
  • ICICI Prudential Life Insurance Company Limited Employees’ Provident Fund
  • ICICI Prudential Life Insurance Company Limited Superannuation Scheme
  • ICICI Prudential Life insurance Advisors Benefit trust

 

 

 

CAPITAL STRUCTURE

 

As on 17.07.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000000

Equity Shares

INR 10/- each

INR 15000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1435470460

Equity Shares

INR 10/- each

INR 14354.705 Million

 

 

 

 

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000000

Equity Shares

INR 10/- each

INR 15000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1435347110

Equity Shares

INR 10/- each

INR 14353.471 Million

 

 

 

 

 

PATTERN OF SHAREHOLDING

 

Shareholder

31.03.2017

 

Number of Shares

% of Holding

Promoters

 

 

-Indian (ICICI Bank Limited)

787816604

54.89

-Foreign (Prudential Corporation Holdings Limited)

370784884

25.83

Others

276745622

19.28

Total

1435347110

100.00

 

 

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

 PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

SOURCES OF FUNDS

 

 

 

SHAREHOLDERS FUND:

 

 

 

Share Capital

14353.471

14323.193

14317.170

Share Application Money

--

0.780

11.658

Reserves & Surplus

46996.096

36415.012

34320.453

Credit/[Debit] fair value change account

2730.821

2508.793

4028.965

Sub – Total

64080.388

53247.778

52678.246

 

 

 

 

Borrowings

--

--

--

 

 

 

 

POLICYHOLDERS FUND

 

 

 

Credit/[Debit] fair value change account

17866.609

9712.235

11754.692

Revaluation Reserve – Investment Property

603.548

577.076

562.079

Policy Liabilities

1130470.597

955495.047

920340.233

Non unit liabilities [mathematical reserves]

251695.317

202547.867

172587.540

 

 

 

 

Provision for linked liabilities

839364.705

719902.870

724775.230

Provision for linked liabilities

729695.155

650825.008

584006.002

Credit/[Debit] fair value change account [Linked]

109669.550

69077.862

140769.228

 

 

 

 

Funds for discontinued polices

39410.575

33044.310

22977.463

Discontinued on account of non-payment of premium

39373.557

33027.408

22977.463

Other discontinuance

49.293

16.902

--

Credit/[Debit] fair value change account

(12.275)

--

--

Total Linked Liabilities

878775.280

752947.180

747752.693

 

 

 

 

Sub – Total

1148940.754

965784.448

932657.004

Funds for future appropriations

 

 

 

Linked

8.171

10.768

22.666

Non Linked

6033.687

6608.365

5252.224

 

 

 

 

Sub – Total

6041.858

6619.133

5274.890

 

 

 

 

TOTAL

1219063.000

1025651.359

990610.140

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

Investments

 

 

 

-Shareholders

66402.564

62156.674

58567.710

-Policy Holders

270673.678

215156.198

188579.514

Asset held to cover linked liabilities

878783.451

752957.948

747775.359

Loans

806.448

442.718

201.121

Fixed Assets

2137.759
2195.346
2149.900

Deferred Tax Assets

0.469
0.702
1.338

 

 

 

 

Current Assets

 

 

 

Cash and Bank Balance

2136.956

2002.062

2554.800

Advances and Other assets

26483.897

12750.803

12328.015

Sub – Total  (A)

28620.853

14752.865

14882.815

 

 

 

 

Current Liabilities

28157.262

18213.785

17781.603

Provisions

204.960

3797.307

3766.014

 Sub – Total (B)

28362.222

22011.092

21547.617

Net Current Assets (C) = (A-B)

258.631

(7258.227)

(6664.802)

 

 

 

 

Miscellaneous expenditure

--

--

--

Debit Balance in Profit and Loss Account

--

--

--

 

 

 

 

TOTAL

1219063.000

1025651.359

990610.140

 

 

 

 

Contingent liabilities

2072.659

2006.489

1932.394

 

 

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2017

POLICYHOLDERS' ACCOUNT (TECHNICAL ACCOUNT)

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Premium Earned – Net

 

 

 

a) Premium

223540.020

191643.909

153066.175

b) Reinsurance Ceded

(1987.544)

(1656.938)

(1461.710)

c) Reinsurance accepted

--

--

--

Sub-total

221552.476

189986.971

151604.465

 

 

 

 

Income from investments

 

 

 

a) Interest, Dividend and Rent – Gross

41929.169

38169.027

35402.718

b) Profit on sale / Redemption of investments

71983.835

50831.148

79667.775

c) (Loss) on sale / Redemption of investments

(10458.133)

(10621.715)

(5031.401)

(d) Transfer/gain on revaluation/change in fair value

40579.413

(71691.366)

72402.678

(e) Accretion of discount/ (amortisation of premium) (net)

5735.170

5396.586

4802.688

Sub-Total

149769.454

12083.680

187244.458

 

 

 

 

Other Income

 

 

 

Contribution from the shareholders account

18.019

--

414.567

Income on unclaimed amount of policyholders

403.684

--

--

Fees and charges

169.213

177.180

146.686

Miscellaneous income

17.558

31.622

32.521

Sub-Total

608.474

208.802

593.774

Total (A)

371930.404

202279.453

339442.697

 

 

 

 

Commission

7589.160

6199.768

5531.723

Operating expenses related to insurance business

23571.961

18883.489

16520.225

Provision for Doubtful debts

(55.405)

7.379

(121.927)

Bad debts written off

116.084

44.212

116.662

Provision (other than taxation)

 

 

 

a) for diminution in value of investments (net)

65.125

126.418

67.498

b) others

--

--

--

Service tax charge on linked charges

4162.662

3464.956

3069.358

Total (B)

35449.587

28726.222

25183.539

 

 

 

 

Benefits paid (Net)

149644.086

124086.821

122457.230

Interim Bonus Paid

334.664

187.411

116.391

Change in valuation of policy liabilities

 

 

 

(a) Policy liabilities (non-unit/ mathematical reserves) (gross)

72593.720

37023.792

37072.183

(b) Amount ceded in reinsurance

(23446.270)

(7063.465)

(2609.515)

(c) Amount accepted in reinsurance

--

--

--

(d) Fund reserve

119461.835

(4872.360)

133401.578

(e) Funds for discontinued policies

6366.265

10066.847

11696.786

Total (C)

324954.300

159429.046

302134.653

 

 

 

 

Surplus / (Deficit) (D)= (A)-(B)-(C)

11526.517

14124.185

12124.505

 

 

 

 

Provision for taxation

 

 

 

(a) Current tax credit/(charge)

(788.117)

(702.871)

(490.087)

(b) Deferred tax credit/(charge)

(0.233)

(0.636)

(13.957)

Surplus / (Deficit) after tax

10738.167

13420.678

11620.461

 

 

 

 

Appropriations

 

 

 

Transfer to shareholders account

11315.442

12076.435

11385.962

Transfer to other reserves

--

--

--

Balance being funds for future appropriation

(577.275)

1344.243

234.499

Total

10738.167

13420.678

11620.461

Details of surplus before tax

 

 

 

(a) Interim bonuses paid

334.664

187.411

116.391

(b) Allocation of bonus to policyholders

3513.464

3221.194

3403.318

(c) Surplus shown in the Revenue Account

10738.167

13420.678

12124.505

Total surplus

14586.295

16829.283

15644.214

 

 

 

 

Funds for future appropriations

 

 

 

Opening Balance as at April 1, 2015

6619.133

5274.890

5040.391

Add: Current year appropriations

(577.275)

1344.243

234.499

Balance carried forward to Balance Sheet

6041.858

6619.133

5274.890

 

 

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 transfer from Policyholders account (Technical account)

11315.442

12076.435

11385.962

 

 

 

 

Income from investments

 

 

 

(a) Interest, Dividend and Rent - Gross

3740.683

3877.663

3769.054

(b) Profit on sale/redemption of investments

2881.074

2004.385

1429.604

(c) Loss on sale/redemption of investments

(114.046)

(196.145)

(171.776)

(d) Accretion of discount/ amortization of premium) (net)

139.232

309.798

303.641

Other Income

285.299

--

4.603

Total

18247.684

18072.136

16721.088

 

 

 

 

Expenses other than those directly related to the insurance business

379.564

312.566

453.693

Bad Debts Written Off

--

--

--

 

 

 

 

Provisions (other than taxation)

 

 

 

(a) For diminution in value of investments (net)

--

43.908

--

(b) Provision for doubtful debts

--

--

--

 

 

 

 

Contribution to Policyholders’ account (Technical account)

18.019

--

414.567

 

 

 

 

 Total

397.583

356.474

868.260

 

 

 

 

(Less) Profit Before Tax

17850.101

17715.662

15852.828

 

 

 

 

Provision for taxation

 

 

 

(a) Current tax credit/(charge)

(1027.798)

(1211.055)

490.087

(b) Deferred tax credit/(charge)

--

--

--

 

 

 

 

Profit / (Loss) after tax

16822.303

16504.607

16342.915

 

 

 

 

Appropriation

 

 

 

(a) Balance of the beginning for the year

2507.743

482.018

(10334.578)

(b) Interim dividends paid during the year

5521.572

9022.041

5361.133

(c) Proposed final dividend

--

3007.883

3006.835

(d) Final Dividend

1.142

0.017

0.284

(e) Dividend distribution Tax

1124.291

2448.941

1604.836

(f) Transfer to reserve / other income

--

--

(4446.769)

Profit / (Loss) carried to Balance Sheet

12683.041

2507.743

482.018

 

 

 

 

Earning Per Share (INR)

 

 

 

Basic

11.73

11.53

11.43

Diluted

11.72

11.51

11.41

 

 

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

41323.844

36361.621

5282.743

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 412.40/-

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

 PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

SOURCES OF FUNDS

 

 

 

SHAREHOLDERS FUND:

 

 

 

Share Capital

14353.471

14323.193

14317.170

Share Application Money

--

0.780

11.658

Reserves & Surplus

46975.971

36400.578

34309.171

Credit/[Debit] fair value change account

2730.821

2508.793

4028.965

Deferred tax liability

0.049

0.147

0.205

Sub – Total

64060.312

53233.491

52667.169

 

 

 

 

Borrowings

--

--

--

 

 

 

 

POLICYHOLDERS FUND

 

 

 

Credit/[Debit] fair value change account

17866.609

9712.325

11754.692

Revaluation Reserve – Investment Property

603.548

577.076

562.079

Policy Liabilities

1130470.597

955495.047

920340.233

Non unit liabilities [mathematical reserves]

251695.317

202547.867

172587.540

 

 

 

 

Provision for linked liabilities

839364.705

719902.870

724775.230

Provision for linked liabilities

729695.155

650825.008

584006.002

Credit/[Debit] fair value change account [Linked]

109669.550

69077.862

140769.228

 

 

 

 

Funds for discontinued polices

39410.575

33044.310

22977.463

Discontinued on account of non-payment of premium

39373.557

33027.408

22977.463

Other discontinuance

49.293

16.902

--

Credit/[Debit] fair value change account

(12.275)

--

---

Total Linked Liabilities

878775.280

752947.180

747752.693

 

 

 

 

Sub – Total

1148940.754

965784.448

932657.004

Funds for future appropriations

 

 

 

Linked

8.171

10.768

22.666

Non Linked

6033.687

6608.365

5252.224

 

 

 

 

Sub – Total

6041.858

6619.133

5274.890

 

 

 

 

TOTAL

1219042.924

1025637.072

990599.063

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

Investment

 

 

 

-Shareholders

66349.201

62123.939

58552.024

-Policy Holders

270673.678

215156.198

188579.514

Asset held to cover linked liabilities

878783.451

752957.948

747775.359

Loans

806.448

442.718

201.121

Fixed Assets

2137.975
2195.962
2150.915

Deferred Tax Assets

0.469
0.702
1.338

 

 

 

 

Current Assets

 

 

 

Cash and Bank Balance

2137.280

2002.288

2554.806

Advances and Other assets

26519.717

12770.348

12333.007

Sub – Total  (A)

28656.997

14772.636

14887.813

 

 

 

 

Current Liabilities

28160.335

18215.724

17783.007

Provisions

204.960

3797.307

3766.014

 Sub – Total (B)

28365.295

22013.031

21549.021

Net Current Assets (C) = (A-B)

291.702

(7240.395)

(6661.208)

 

 

 

 

Miscellaneous expenditure

--

--

--

Debit Balance in Profit and Loss Account

--

--

--

 

 

 

 

TOTAL

1219042.924

1025637.072

990599.063

 

 

 

 

Contingent liabilities

2072.659

2006.489

1932.394

 

 

 

 

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016

POLICYHOLDERS' ACCOUNT (TECHNICAL ACCOUNT)

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Premium Earned – Net

 

 

 

a) Premium

223540.020

191643.909

153066.175

b) Reinsurance Ceded

(1987.544)

(1656.938)

(1461.710)

c) Reinsurance accepted

--

--

--

Sub-total

221552.476

189986.971

151604.465

 

 

 

 

Income from investments

 

 

 

a) Interest, Dividend and Rent – Gross

41929.169

38169.027

35402.718

b) Profit on sale / Redemption of investments

71983.835

50831.148

79667.775

c) (Loss) on sale / Redemption of investments

(10458.133)

(10621.715)

(5031.401)

(d) Transfer/gain on revaluation/change in fair value

40579.413

(71691.366)

72402.678

(e) Accretion of discount/ (amortisation of premium) (net)

5735.170

5396.586

4802.688

(f) Appropriation/expropriation adjustment account

--

--

--

Sub-Total

149769.454

12083.680

187244.458

 

 

 

 

Other Income

 

 

 

Contribution from the shareholders account

18.019

--

414.567

Income on unclaimed amount of policyholders

403.684

--

--

Fees and charges

169.213

177.180

146.686

Miscellaneous income

17.558

31.622

32.521

Sub-Total

608.474

208.802

593.774

Total (A)

371930.404

202279.453

339442.697

 

 

 

 

Commission

7589.160

6199.768

5531.723

Operating expenses related to insurance business

23571.961

18883.489

16520.225

Provision for Doubtful debts

(55.405)

7.379

(121.927)

Bad debts written off

116.084

44.212

116.662

Provision (other than taxation)

 

 

 

a) for diminution in value of investments (net)

65.125

126.418

67.498

b) others

--

--

--

Service tax charge on linked charges

4162.662

3464.956

3069.358

Total (B)

35449.587

28726.222

25183.539

 

 

 

 

Benefits paid (Net)

149644.086

124086.821

122457.230

Interim Bonus Paid

334.664

187.411

116.391

Change in valuation of policy liabilities

 

 

 

(a) Policy liabilities (non-unit/ mathematical reserves) (gross)

72593.720

37023.792

37072.183

(b) Amount ceded in reinsurance

(23446.270)

(7063.465)

(2609.515)

(c) Amount accepted in reinsurance

--

--

--

(d) Fund reserve

119461.835

(4872.360)

133401.578

(e) Funds for discontinued policies

6366.265

10066.847

11696.786

Total (C)

324954.300

159429.046

302134.653

 

 

 

 

Surplus / (Deficit) (D)= (A)-(B)-(C)

11526.517

14124.185

12124.505

 

 

 

 

Provision for taxation

 

 

 

(a) Current tax credit/(charge)

(788.117)

(702.871)

(490.087)

(b) Deferred tax credit/(charge)

(0.233)

(0.636)

(13.957)

Surplus / (Deficit) after tax

10738.167

13420.678

11620.461

 

 

 

 

Appropriations

 

 

 

Transfer to shareholders account

11315.442

12076.435

11385.962

Transfer to other reserves

--

--

--

Balance being funds for future appropriation

(577.275)

1344.243

234.499

Total

10738.167

13420.678

11620.461

Details of surplus before tax

 

 

 

(a) Interim bonuses paid

334.664

187.411

116.391

(b) Allocation of bonus to policyholders

3513.464

3221.194

3403.318

(c) Surplus shown in the Revenue Account

10738.167

13420.678

12124.505

Total surplus

14586.295

16829.283

15644.214

 

 

 

 

Funds for future appropriations

 

 

 

Opening Balance as at April 1, 2015

6619.133

5274.890

5040.391

Add: Current year appropriations

(577.275)

1344.243

234.499

Balance carried forward to Balance Sheet

6041.858

6619.133

5274.890

 

 

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 transfer from Policyholders account (Technical account)

11315.442

12076.435

11385.962

 

 

 

 

Income from investments

 

 

 

(a) Interest, Dividend and Rent - Gross

3763.147

3900.209

3789.192

(b) Profit on sale/redemption of investments

2881.450

2005.049

1436.627

(c) Loss on sale/redemption of investments

(114.046)

(196.145)

(171.776)

(d) Accretion of discount/ amortization of premium) (net)

139.232

309.798

303.641

Other Income

286.303

0.490

6.586

Total

18271.528

18095.836

16750.232

 

 

 

 

Expenses other than those directly related to the insurance business

409.280

338.409

481.723

Bad Debts Written Off

--

--

--

 

 

 

 

Provisions (other than taxation)

 

 

 

(a) For diminution in value of investments (net)

--

43.908

--

(b) Provision for doubtful debts

--

--

--

 

 

 

 

Contribution to Policyholders’ account (Technical account)

18.019

--

414.567

 

 

 

 

 Total

427.299

382.317

896.290

 

 

 

 

(Less) Profit Before Tax

17844.229

17713.519

15853.942

 

 

 

 

Provision for taxation

 

 

 

(a) Current tax credit/(charge)

(1027.714)

(1212.122)

489.983

(b) Deferred tax credit/(charge)

0.097

0.058

(0.009)

 

 

 

 

Profit / (Loss) after tax

16816.612

16501.455

16343.916

 

 

 

 

Appropriation

 

 

 

(a) Balance of the beginning for the year

2493.309

470.736

(10346.861)

(b) Interim dividends paid during the year

5521.572

9022.041

5361.133

(c) Proposed final dividend

--

3007.883

3006.835

(d) Final Dividend

1.142

0.017

0.284

(e) Dividend distribution Tax

1124.291

2448.941

1604.836

(f) Transfer to reserve / other income

--

--

(4446.769)

Profit / (Loss) carried to Balance Sheet

12662.916

2493.309

470.736

 

 

 

 

Earning Per Share (INR)

 

 

 

Basic

11.72

11.52

11.43

Diluted

11.72

11.51

11.41

 

 

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

Yes

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

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

CORPORATE INFORMATION

 

The Company is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, was incorporated on July 20, 2000 as a Company under the Companies Act, 2013 (`the Act’). The Company is licensed by the Insurance Regulatory and Development Authority of India (`IRDAI’) for carrying life insurance business in India. The license is in force as at March 31, 2017.

 

The Company carries on business of providing life insurance, pensions and health insurance to individuals and groups. Riders providing additional benefits are offered under some of these products. The business is conducted in participating, non-participating, non-participating variable and unit linked lines of businesses. These products are distributed through individual agents, corporate agents, banks, brokers, the Company’s proprietary sales force and the Company website.

 

During the year ended March 31, 2017, the Company completed the Initial Public Offering (IPO) through an offer for sale of 181341058 equity shares of INR 10 each at a price of INR 334 per equity share, by ICICI Bank Limited, the Holding Company, aggregating upto INR 60570.000 Million. The equity shares of the Company were listed on National Stock exchange of India Limited and Bombay Stock exchange Limited on September 29, 2016.

 

PERFORMANCE

 

INDUSTRY IN FY2017

 

The new business premiums of life insurance industry increased in FY2017 in terms of retail weighted received premium (RWRP). Some of the key industry trends were:

 

The retail weighted received premium for the industry grew 20.7% from INR 441.06 billion in FY2016 to INR 532.18 billion in FY2017. The market share of private players increased from 51.5% in FY2016 to 53.9% in FY2017.

 

Steady increase in bancassurance mix: During the past 5 years, bancassurance has grown steadily from 13% in FY2011 to 21% till 9MFY2017 on the basis of retail new business premium. Contribution by bancassurance channel to the retail new business premium of the private players has increased to 52% for 9MFY2017 compared to 47% for FY2015.

 

COMPANY IN FY2017

 

The Company achieved a market share of 12.0% in FY2017 based on RWRP. The Company’s RWRP grew by 29.0% from INR 49.68 billion in FY2016 to INR 64.08 billion in FY2017. The Company continues to retain its market leadership among the private players and achieved market share of 22.3% amongst private players in FY2017. The Company focussed on improving its protection business and there was a 90% increase in sum assured for all business.

 

Total gross premium collected by the Company grew by 16.6% from INR 191.64 billion in FY2016 to INR 223.54 billion in FY2017. Our continued focus on customer retention has resulted in increase in retail renewal premium by 18.5% from INR 119.95 billion in FY2016 to INR 142.19 billion in FY2017. The 13th month persistency ratio also improved from 82.4% in FY20161 to 85.7% in FY2017. The Company’s assets under management as at March 31, 2017 was INR 1229.19 billion.

 

Total expenses increased to INR 31.60 billion in FY2017 as compared to INR 25.45 billion in FY2016 resulting in a marginal increase in total cost to total weighted received premium (TWRP2) ratio from 14.5% in FY2016 to 15.1% in FY2017. Profit after tax (PAT) for the Company stood at INR 16.82 billion in FY2017 compared to ` 16.50 billion in FY2016.

 

Value of New Business grew from INR 4.12 billion in fiscal 2016 to INR 6.66 billion in fiscal 2017, representing an increase of 61.7%.

 

Embedded Value increased from INR 139.39 billion at March 31, 2016 to INR 161.84 billion at March 31, 2017.

 

OUTLOOK FOR THE INDUSTRY AND THE COMPANY

 

The Indian economy and capital markets performed well in FY2017 which aided the return of retail investor to financial investment avenues. It is expected that this trend would continue going forward as well. Life insurance industry is an important component of financials saving and is expected to gain from the shift in trend. Recent events like demonetisation, shift from physical saving to financial saving, focus on increasing financial inclusion, improving customer proposition of insurance products coupled with fundamental strengths of Indian economy (High GDP growth rate, high savings and investment rate, favourable demography) are expected to provide fillip to growth of insurance industry in India.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY AND BUSINESS REPORT

 

Macroeconomic environment and outlook

 

FY2017 has been marked by some of the significant economic policy development initiatives such as demonetisation and substantial development in implementation of GST bill.

 

Demonetisation was primarily aimed at curbing counterfeiting, terrorist activities and accumulation of black money. Demonetisation has had short-term costs in the form of inconvenience and hardship but holds the potential for long-term benefits in terms of greater digitalisation of the economy, increased flows of financial savings and greater formalization of the economy.

 

There was a significant progress made on the GST. The implementation of the landmark GST reform will contribute to make India a single market. By reducing tax cascading, it will boost India’s competitiveness, investment and job creation.

 

During FY2017, India’s GDP is estimated to grow by 7.1% making India one of the fastest growing economies in the world. The GDP growth rates for FY2016 and FY2015 were 8.0% and 7.5%1. The slowdown in GDP growth is attributable to the reduction in growth rate of private consumption as there was supply and demand shock felt by the economy due to demonetisation. On per capita basis, the national income is estimated to rise to ` 103,219 rising by 9.7% during FY2017 against growth rate of 8.9% during FY20162.

 

The CPI inflation declined to 3.9% for the year ended FY2017 from 4.8% in FY2015-16 and from 5.3% in FY2014-153. Inflation hardened during the first few months of FY2016-17, mainly due to upward pressure on the prices of pulses and vegetables. However, during Q3 2017 CPI inflation dipped primarily due to fall in consumer food price index (CFPI). In the monetary policy meeting held on February 08, 2017, RBI’s calibrated shifts in policy stance from accommodative to neutral suggest end of the interest rate cut cycle and inflation estimate to be in comfortable range.

 

Current account deficit for first three quarters of FY2017 at 0.7% of GDP4 and fiscal deficit estimated at 3.5% of GDP for FY2017 remained under control5. As per department of commerce reports, exports for FY2017 stand at USD 276.55 billion, growth of 5.4% and imports for the same period was USD 382.74 billion, growth of 0.5% against FY2016. Victory for the central government in the recent assembly elections, moderation in inflationary expectation, macroeconomic stability and improvement in business sentiments has made India one of the most sought after destination for foreign capital. On a cumulative basis, net FDI inflows were USD 35.9 billion from April 2016 to March 2017 as compared with USD 36.06 billion a year ago.

 

The bout of global risk aversion that caused net outflow of foreign portfolio investment (FPI) during November 2016 to January 2017 subsided subsequently as foreign portfolio investors turned net buyers in response to the Union Budget proposals and the change in the monetary policy stance of the Reserve Bank. The fiscal year has a net inflow from foreign portfolio/ institutional investor amounting to INR 484.1 bn. There was an outflow of ` 181.8 bn for FY20167.

 

Country’s stock markets also attracted sizeable inflow of foreign capital and attention of domestic retail investors. The benchmark indices, BSE Sensex and Nifty registered growth of 16.9% and 18.5% growth respectively during FY2017.

 

There has been a reduction in household savings as a percentage of GDP from 20.4% in FY2015 to 19.1% in FY2016. On the other hand, there has been an increase in the share of financial savings, from 7.4% in FY2015 to 7.9% of GDP8 in FY2016. Within financial savings there has been a shift towards provident fund, shares, debentures and mutual funds and fall in share of insurance fund in FY2016.

 

With the implementation of GST reducing the inter-state trade barrier and impact of re-monetisation, India seems poised towards a sustained growth trajectory fuelled by favourable demographics, rising per capita income, digitalisation, moderate inflation and higher savings and investment rate.

 

Insurance Industry structure and developments

 

The size of the Indian life insurance sector was INR 3.7 trillion on a total premium basis in fiscal 2016, making it the tenth largest life insurance market in the world and the fifth largest in Asia, according to Swiss Re, sigma No. 3/2016. The total premium in the Indian life insurance sector grew at a CAGR of approximately 17% between fiscal 2001 and fiscal 2016 outpacing the nominal GDP CAGR of 13% during the same period. On retail weighted received premium basis, the industry has grown at a CAGR of 10.7% during FY2002 to FY2017. Despite this, India continues to be an underpenetrated insurance market with sum assured at 66% of GDP in fiscal 2016 and life insurance penetration of 2.7% in fiscal 2016, as compared to a global average of 3.5% in fiscal 2015.

 

The Indian Life Insurance industry has 24 players including Life Insurance Corporation of India (LIC). The top 5 private players contribute to around 69.1% of the private market.

 

 

INDEX OF CHARGES

 

No Charges Exists for Company

 

 

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

(INR in Million)

Particulars

Three Months  ended

Nine Months  ended

 

31.12.2017

 (Audited)

30.09.2017

 (Audited)

31.12.2017

(Audited)

POLICYHOLDERS A/C

 

 

 

Gross premium income

 

 

 

a) First year premium

19339.400

17861.900

53348.700

b) Renewal premium

45390.300

43193.500

117094.000

c) Single premium

3826.600

4938.500

12955.700

Net premium income

67951.300

65395.100

181548.600

Income from investments: (net)

65441.700

28129.500

128748.500

Other income

174.900

170.000

508.500

Transfer of fund from shareholders a/c

--

(1.600)

--

Total

133587.900

93693.000

310805.600

 

 

 

 

Commission on

 

 

 

a) First year premium

2827.500

2732.600

7066.700

b) Renewal premium

845.100

823.000

2279.900

c) Single premium

100.200

76.700

220.300

 

 

 

 

Net commission

3772.800

3632.300

9566.900

 

 

 

 

Operating expenses related to insurance business

 

 

 

a) Employees remuneration and welfare expenses

2441.200

2399.300

7080.900

b) Administration support expenses

--

--

--

c) Advertisement and publicity

477.100

582.400

1292.900

c) Other operating expenses

2293.100

1938.800

5878.000

 

 

 

 

Expenses of management

8984.200

8552.800

23818.700

Provisions for doubtful debts (including write off)

4.700

8.600

23.300

Provisions for diminution in value of investments

--

23.700

50.900

Service tax charges on linked charges

1516.700

1443.600

4049.100

 

 

 

 

Provision for taxes

236.500

227.600

725.800

a) Current tax

236.500

227.600

725.800

b) Deferred tax

--

--

--

 

 

 

 

Benefits paid (net)

46851.600

4010.800

127252.600

Change in actuarial liability

72602.000

39171.800

143993.800

Total

130195.700

90138.900

299914.200

 

 

 

 

Surplus/(Deficit) as a result of actuarial valuation

3372.200

3554.100

10891.400

 

 

 

 

Appropriations

 

 

 

a) Transferred to shareholders

2741.600

2850.200

8925.500

b) Funds for future appropriations

630.600

703.900

1965.900

 

 

 

 

Details of surplus/ (Deficit)

 

 

 

a) Interim bonus paid

142.600

127.400

368.800

b) Allocation of bonus to policyholder

--

--

--

c) Surplus shown in the revenue account

3372.200

3554.100

10891.400

Total surplus

3514.800

3681.500

11260.200

 

 

 

 

Shareholders a/c

 

 

 

Transfer from policyholders account

2741.600

2850.200

8925.500

 

 

 

 

Total income under shareholders account

 

 

 

a) Investment income

2160.200

1724.600

4922.700

b) Other income

1.800

2.700

6.300

 

 

 

 

Expenses other than those related to insurance business

93.200

88.100

272.400

Transfer of funds to policyholders a/c

--

(1.600)

--

Provisions for doubtful debts (including write off)

--

--

--

 

 

 

 

Provisions for diminution in value of investments

--

--

--

 

 

 

 

Profit /(loss) before tax

4810.400

4491.000

13582.100

 

 

 

 

Provision for tax

289.400

278.900

789.700

a) Current tax 

289.400

278.900

789.700

b) Deferred tax

--

--

--

 

 

 

 

Profit/(loss) after tax and before extraordinary items

4521.000

4212.100

12792.400

 

 

 

 

Extraordinary items (net of tax expenses)

--

--

--

 

 

 

 

Profit/(loss) after tax and after extraordinary items

4521.000

4212.100

12792.400

 

 

 

 

Dividend per share (INR) (Nominal value INR 10 per shares)

 

 

 

a) Interim dividend

--

34.000

34.000

b) Final dividend

--

--

--

 

 

 

 

Profit/(loss) carried to balance sheet

13554.500

14907.800

13554.500

Paid up equity share capital

14354.700

14354.700

14354.700

Resave and surplus (excluding revaluation reserve)

47781.900

49135.000

47781.900

 

 

 

 

Fair value change account and revaluation reserve (shareholders)

5124.200

4808.900

5124.200

 

 

 

 

Total Assets

 

 

 

Investments

 

 

 

-Shareholders

72194.700

69653.200

72194.700

-Policy fund excluding linked assets

318331.300

305376.200

318331.300

-Assets held to cover linked liabilities

982891.800

923419.500

982891.800

Other Assets (Net of current liabilities and provision)

1315.700

(65.900)

1315.700

 

 

STANDALONE BALANCE SHEET 31.12.2017

(INR in Million)

Particulars

 

Quarter ended

Quarter ended

 

 

31.12.2017

 (Audited)

30.09.2017

 (Audited)

Sources of funds

 

 

 

Shareholders’ funds:

 

 

 

Share capital

 

14354.700

14354.700

Share application money

 

0.500

--

Reserve and surplus

 

47886.900

49252.800

Credit/debit fair value change account

 

5019.200

4691.100

Sub-Total

 

67261.300

68298.600

 

 

 

 

Borrowings

 

--

--

 

 

 

 

Policyholders funds:

 

 

 

Credit fair value change account

 

24416.100

20241.500

Revaluation reserve-investment property

 

584.000

603.500

 

 

 

 

Policy liabilities

 

1274464.400

1201862.300

Non unit liabilities (Mathematical reserves)

 

291581.200

278451.100

 

 

 

 

Provision for linked liabilities (fund reserves)

 

930215.900

875100.600

a) Provision for linked liabilities

 

783336.600

767761.200

b) Credit/debit fair value change account (linked)

 

146879.300

107339.400

 

 

 

 

Funds for discontinued policies

 

52667.300

48310.600

a) Discontinued on account of non-payment of premium

 

52645.200

48261.800

b) Other discontinuance

 

99.300

77.800

c) Credit/debit fair value change account

 

(77.200)

(29.000)

Total linked liabilities

 

982883.200

923411.200

 

 

 

 

Sub-Total

 

1299464.500

1222707.300

 

 

 

 

Funds for future appropriations

 

 

 

Linked

 

8.700

8.300

Non linked

 

7999.000

7368.800

Sub-Total

 

8007.700

7377.100

Total

 

1374733.500

1298383.000

 

 

 

 

Application of funds

 

 

 

Investments

 

 

 

Shareholders

 

72194.700

69653.200

Policyholders

 

318331.300

305376.200

Assets held to cover linked liabilities

 

982891.800

923419.500

Loans

 

1251.100

1101.200

Fixed assets-net block

 

3921.500

2034.700

Deferred tax assets

 

0.500

0.500

Current assets

 

 

 

Cash and bank balances

 

843.800

776.500

Advances and other assets

 

23137.600

24336.600

Sub-total

 

23981.400

25113.100

Current liabilities

 

27647.200

28124.400

Provisions

 

191.600

191.000

Sub-Total

 

27838.800

28315.400

Net current assets

 

(3857.400)

(3202.300)

Total

 

1374733.500

1298383.000

 

 

 

 

Contingent liabilities

 

1968.400

2085.400

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

Partly-paid up investments

--

--

Claims, other than those under policies, not acknowledged as debts comprising of:

 

 

- Claims made by vendors for disputed payments

1.034

0.534

- Claims for damages made by landlords (of premises taken on lease)

37.971

39.420

- Claims made by employees and advisors for disputed dues and compensation

5.182

4.076

Underwriting commitments outstanding (in respect of shares and securities)

--

--

Guarantees given by or on behalf of the Company by various banks in favour of government authorities, hospital and court

--

--

Statutory demands/liabilities in dispute, not provided for#

1536.996

1536.996

Reinsurance obligations to the extent not provided for

--

--

Policy related claims under litigation in different consumer forums:

 

 

- Claims for service deficiency

86.513

101.661

- Claims against repudiation

404.963

323.802

Others

--

--

 

 

 

Total

2072.659

2006.489

 

 

INDEX OF CHARGES

 

No Charges Exists for Company

 

 

FIXED ASSETS

 

Tangible Assets

 

·         Freehold Land

·         Improvements to Leasehold Property

·         Office buildings on Freehold Land

·         Furniture and Fixtures

·         Information Technology Equipment

·         Motor Vehicles

·         Office Equipment

·         Communication Networks

 

 

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 65.22

UK Pound

1

INR 89.70

Euro

1

INR 79.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

SUD

 

 

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

YES

--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)

 

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.