MIRA INFORM REPORT

 

 

Report No. :

494646

Report Date :

06.03.2018

 

 

IDENTIFICATION DETAILS

 

Name :

BHARTI AXA GENERAL INSURANCE COMPANY LIMITED

 

 

Registered Office :

First Floor, The Ferns Icon, Survey No. 28,Next to Akme Ballet, Doddanekundi, Off Outer Ring Road, Bangalore – 560037, Karnataka

Tel. No.:

91-22-49181500/1600

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

13.07.2007

 

 

Com. Reg. No.:

08-043362

 

 

Capital Investment / Paid-up Capital :

INR 16214.453 Million

 

 

CIN No.:

[Company Identification No.]

U66030KA2007PLC043362

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCB2008D

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is to undertake general insurance business in various lines of business like fire, marine, motor, liability, engineering accident, health, workmen compensation. (Registered Activity)

 

 

No. of Employees :

Information denied 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

 

Maximum Credit Limit :

USD 51000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Bharti AXA General Insurance Company Ltd incorporated in the year 2007 is a joint venture between Bharti Enterprises, a leading Indian business group and AXA, a world leader in financial protection. The joint venture company has a 51% stake from Bharti and 49% stake of the AXA Group.

 

The company currently has 87 branch offices across the country.

 

As per the financial records of 2017, the company has earned a decent premium income but has incurred losses.

 

The rating takes into consideration the strong financial position marked by sound net worth base.

 

Rating takes into consideration the strength that the company derives from its group and its experienced management team.

 

Business is active. Payment seems to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

 

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

Subordinated debt programme = AA-

Rating Explanation

High degree of safety and very low credit risk.

Date

22.08.2017

 

 

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 06.03.2018

 

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 (91-22-49181500/1600)

 

 

LOCATIONS

 

Registered Office :

First Floor, The Ferns Icon, Survey No. 28,Next to Akme Ballet, Doddanekundi, Off Outer Ring Road, Bangalore – 560037, Karnataka, India 

Tel. No.:

91-22-49181500/1600

Fax No.:

Not Available

E-Mail :

ashish.sarma@bharti-axagi.co.in

Website :

http://www.bharti.axalife.com  

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Sanjeev Srinivasan

Designation :

Managing Director

Address :

Flat No B/7 Sagar Darshan, 308/423 Carter Road, Khar West, Mumbai – 400052, Maharashtra, India

Date of Appointment :

21.12.2016

DIN No.:

07644073

 

 

Name :

Mr. Jitender Balakrishnan

Designation :

Director

Address :

208, Tower - 2 Casa Grande Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Mahrashtra, India

Date of Appointment :

01.06.2010

DIN No.:

00028320

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

25/06/2010

-

L24111UR1983PLC009097

INDIA GLYCOLS LIMITED

27/09/2011

-

L64201DL2006PLC156038

BHARTI INFRATEL LIMITED

03/07/2013

-

L25209UR1984PLC011596

POLYPLEX CORPORATION LIMITED

25/09/2010

-

L31400WB1986PLC091621

USHA MARTIN LIMITED

27/07/2010

-

U99999MH2001PTC255339

PROVENANCE LAND PRIVATE LIMITED

28/09/2010

-

U65990GJ1991PLC064603

ADITYA BIRLA FINANCE LIMITED

23/09/2011

-

L27100MH1973PLC016617

SARDA ENERGY & MINERALS LIMITED

25/09/2010

-

L99999MH1937PLC002641

CG POWER AND INDUSTRIAL SOLUTIONS LIMITED

22/09/2017

-

U40101KA1986PLC007404

BHORUKA POWER CORPORATION LIMITED

19/08/2015

-

 

 

Name :

Mr. Akhil Kumar Gupta

Designation :

Director

Address :

B-27, Maharani Bagh, New Delhi – 110065, India

Date of Appointment :

21.10.2008

DIN No.:

00028728

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U74140DL2007PTC293108

BHARTI GENERAL PRIVATE LIMITED

16/12/2015

-

U64202DL2015PLC285515

SMARTX SERVICES LIMITED

21/09/2015

-

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

27/10/2005

-

U64200DL2013PLC253495

BHARTI INFRATEL SERVICES LIMITED

04/06/2013

-

U74999DL2016PTC298590

INVERSION MANAGEMENT SERVICES PRIVATE LIMITED

27/04/2016

-

U64202DL2007PLC172081

BHARTI INFRATEL VENTURES LIMITED

31/12/2007

-

U92100DL2007PLC170574

INDUS TOWERS LIMITED

20/11/2007

-

U74993DL2007PLC163757

BHARTI ENTERPRISES LIMITED.

30/09/2010

-

U72300DL2007PTC168097

JASPER INFOTECH PRIVATE LIMITED

08/05/2014

-

L64201DL2006PLC156038

BHARTI INFRATEL LIMITED

01/04/2014

-

U74899DL2002PLC144026

SATCOM BROADBAND EQUIPMENT LIMITED TFR. FROM MUMBAI TO DELHI

31/01/2005

-

U74899DL1993PLC144025

BHARTI BROADBAND LIMITED TFR. FROM MUMBAI TO DELHI

31/01/2005

-

U72300DL2005PTC142757

BHARTI OVERSEAS PRIVATE LIMITED

30/09/2010

-

U72250DL2001PTC110680

AVANTI INVESTFIN PRIVATE LIMITED

03/05/2001

-

U74999DL2000PLC108006

BHARTI AQUANET LIMITED

25/11/2000

-

U74899DL1987PTC029991

GEMINI ESTATES PRIVATE LIMITED

28/01/2008

-

 

 

Name :

Mr. Rakesh Bharti Mittal

Designation :

Director

Address :

4, Pearl Lane DLF, Chattarpur Farms, New Delhi – 110074, India

Date of Appointment :

24.08.2009

DIN No.:

00042494

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U74140DL2009PTC190298

BHARTI (RM) RESOURCES PRIVATE LIMITED

14/05/2009

-

U74140DL2010PTC197775

BHARTI ENTERPRISES (HOLDING) PRIVATE LIMITED

08/01/2010

-

U80100TG1997NPL036631

INDIAN SCHOOL OF BUSINESS

29/09/2008

-

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

10/09/2009

-

U93090DL2017PTC316867

BHARTI RM TRUSTEES S2 PRIVATE LIMITED

27/04/2017

-

U93090DL2017PTC317036

BHARTI RM TRUSTEES S1 PRIVATE LIMITED

02/05/2017

-

U93090DL2017PTC317764

BHARTI RM TRUSTEES II PRIVATE LIMITED

18/05/2017

-

U80904DL2017NPL327182

SATYA BHARTI FOUNDATION

14/12/2017

-

U74140DL2009PTC190300

BHARTI (RM) SERVICES PRIVATE LIMITED

14/05/2009

-

U74900DL2009PTC190214

BHARTI (SATYA) TRUSTEES PRIVATE LIMITED

12/05/2009

-

U74900DL2009PTC190106

BHARTI (RM) TRUSTEES PRIVATE LIMITED

08/05/2009

-

L74899DL1995PLC070609

BHARTI AIRTEL LIMITED

19/08/2016

-

U65923DL2007PTC168641

BHARTI (RM) HOLDINGS PRIVATE LIMITED

25/09/2007

-

U70101DL2003PTC120760

BHARTI REALTY PRIVATE LIMITED

06/06/2003

-

U45208DL2003PLC123388

BHARTI REALTY HOLDINGS LIMITED

24/08/2015

-

U15133HR2004PTC041215

FIELDFRESH FOODS PRIVATE LIMITED

06/09/2004

-

U45201DL2006PTC147183

DM BUILDWELL PRIVATE LIMITED

30/09/2015

-

U72300DL2005PTC142757

BHARTI OVERSEAS PRIVATE LIMITED

01/08/2009

-

 

 

Name :

Mr. Bharat Sumant Raut

Designation :

Director

Address :

8, French Bridge (Haldankar Bridge), Mumbai – 400007, Maharashtra, India

Date of Appointment :

12.03.2010

DIN No.:

00066080

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U24239MH1971PTC015282

UNIVERSAL MEDICARE PRIVATE LIMITED

29/09/2007

-

U69990MH1999PLC123190

IDFC AMC TRUSTEE COMPANY LIMITED

03/09/2013

-

U24230MH2002PTC135200

GELTEC PRIVATE LIMITED

27/09/2007

-

U74999MH2003PLC141408

I-FLEX SOLUTIONS TRUSTEE COMPANY LIMITED

25/09/2008

-

U74999MH1922PLC000973

BOMBAY GYMKHANA LIMITED

27/09/2013

-

L64201DL2006PLC156038

BHARTI INFRATEL LIMITED

03/07/2013

-

U63030MH2007PTC173887

TUSCAN VENTURES PRIVATE LIMITED

30/09/2014

-

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

25/06/2010

-

Name :

Mr. Soumen Ghosh

Designation :

Director

Address :

1501, Lodha Aria 6/207, Tokersey Jivraj Road, Sewree, Mumbai – 400015, Maharashtra, India 

Date of Appointment :

11.05.2017

DIN No.:

01262099

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U74993DL2007PLC163757

BHARTI ENTERPRISES LIMITED.

17/04/2017

-

U67120MH2008PTC184042

RELIANCE COMMERCIAL FINANCE PRIVATE LIMITED

14/07/2009

-

U67120DL1996PTC293113

BHARTI LIFE VENTURES PRIVATE LIMITED

06/04/2017

-

U91110MH2010NPL204800

ANZBAI (MUMBAI) BUSINESS FORUM

16/09/2016

-

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

05/07/2017

-

U74140DL2007PTC293108

BHARTI GENERAL PRIVATE LIMITED

29/09/2017

-

 

 

Name :

Mr. Doina Palici Chehab

Designation :

Director

Address :

Apartment No.302, No. 11, Purva Grande Lavelle Road, Bangalore – 560001, Karnataka, India

Date of Appointment :

17.08.2017

DIN No.:

03264889

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

17/08/2017

-

 

 

Name :

Mr. Amelie Marie Breitburd Nee Belge

Designation :

Director

Address :

42, Rue De La Pompe Paris 75116 Fr

Date of Appointment :

30.07.2015

DIN No.:

06609124

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U67200KA1995PTC018761

AXA BUSINESS SERVICES PRIVATE LIMITED

17/06/2013

-

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

04/06/2015

-

 

 

Name :

Mr. Uma Ajay Relan

Designation :

Director

Address :

910a, The Aralias DLF, Golf Links DLF Golf, Course DLF Phase 5, Galleria DFL, Iv S.O, Gurugram – 122009, Haryana, India

Date of Appointment :

11.02.2015

DIN No.:

07087902

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

04/06/2015

-

 

 

Name :

Mr. Jean Louis Christian M Laurent Josi

Designation :

Director

Address :

Suite 1601, 16th Floor, Pacific Place Apartment, 8 Queensway Hong Kong, Na Hk

Date of Appointment :

03.03.2015

DIN No.:

07101738

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

04/06/2015

-

 

 

Name :

Harjeet Singh Kohli

Designation :

Director

Address :

A5 805, Sahara Grace Sector 28, M.G. Road, Gurugram – 122001, Haryana, India

Date of Appointment :

29.08.2016

DIN No.:

07575784

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U74140DL2007PTC293108

BHARTI GENERAL PRIVATE LIMITED

30/09/2016

-

U66010MH2005PLC157108

BHARTI AXA LIFE INSURANCE COMPANY LIMITED

05/07/2017

-

U74110DL2011PTC228190

BHARTI SUPPORT SERVICES PRIVATE LIMITED

30/09/2016

-

U93000DL2010PLC208520

CENTUM WORKSKILLS INDIA LIMITED

10/08/2017

-

U74900DL2007PTC169368

GOURMET INVESTMENTS PRIVATE LIMITED

30/09/2016

-

U74993DL2007PLC163757

BHARTI ENTERPRISES LIMITED.

30/09/2016

-

U52599DL2007PLC159150

CEDAR SUPPORT SERVICES LIMITED

03/08/2016

-

U74120DL2007PLC158956

CENTUM LEARNING LIMITED

10/08/2017

-

U15133HR2004PTC041215

FIELDFRESH FOODS PRIVATE LIMITED

23/09/2016

-

U32204HR1999PLC042204

BRIGHTSTAR TELECOMMUNICATIONS INDIA LIMITED

20/09/2016

-

U45208DL2003PLC123388

BHARTI REALTY HOLDINGS LIMITED

30/09/2016

-

U70101DL2003PLC123387

BHARTI REALTY LIMITED.

30/09/2016

-

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjeev Srinivasan

Designation :

CEO(KMP)

Address :

Flat No B/7 Sagar Darshan, 308/423 Carter Road, Khar West, Mumbai – 400052, Maharashtra, India 

Date of Appointment :

21.12.2016

PAN No.:

ADBPS4221R

 

 

Name :

Mr. Ashish Sarma

Designation :

Company Secretary

Address :

House No. 791, 36th A Cross 18th Main, 4-T Block, Jayanagar, Bangalore -560041, Karnataka, India

Date of Appointment :

15.05.2008

PAN No.:

BCUPS8054F

 

 

Name :

Mr. Nilesh Ashok Kambli

Designation :

CFO(KMP)

Address :

No 6/22, Building No.14, Alaknanda CHS Limited, Nehru Naga Kurla East, Mumbai – 400024, Maharashtra, India

Date of Appointment :

21.09.2017

PAN No.:

AMUPK3307J

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Names of Shareholders

No. of Shares

Giba Holdings Private Limited

826937110

Parag Deodhar

1

Pramod Bisht

1

Shashwata Banerjee

1

Societe Beaujon

794508207

Uma Raghavendran

1

Vidya Raman

1

Total

1621445322

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 26.09.2017

 

Category

Percentage

Promoters- Body corporate

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is to undertake general insurance business in various lines of business like fire, marine, motor, liability, engineering accident, health, workmen compensation. (Registered Activity)

 

 

Products / Services :

Name and Description of main products / services

NIC Code of the Product/service

Private Car Insurance

 

General Insurance (Non-Life) 6512 (sub-class 65120)

Commercial Vehicle Insurance

 

General Insurance (Non-Life) 6512 (sub-class 65120)

 

 

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 :

Information denied by the management

 

 

Bankers :

Banker Name :

Not Divulged

Branch :

 

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Auditors :

 

Name :

B. K. Ramadhyani and Company LLP

Chartered Accountants

Address :

4B, Chitrapur  Bhavan, 68, 8th Main, Malleswaram, Bangalore – 560055, Karnataka, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFB1153G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000000

Equity Shares

INR 10/- each

INR 20000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1621445322

Equity Shares

INR 10/- each

INR 16214.453 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

Share Capital

16214.453

15714.453

12386.685

Reserves & Surplus

1720.185

1720.185

1702.953

Fair Value Change Account

16.339

9.166

1.343

Borrowings

--

--

--

TOTAL

17950.977

17443.804

14090.981

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

Investments

28721.865

28412.013

24642.420

Loans

--

--

--

Fixed Assets

112.869

146.598

172.870

 

 

 

 

CURRENT ASSETS

 

 

 

 

Cash and bank balance

564.689

424.980

476.459

Advance and other assets

2453.105

2628.450

          2493.366

SUB TOTAL (A)

3017.794

3053.430

2969.825

 

 

 

 

Current Liabilities

19827.725

19068.229

15893.446

Provisions

5904.428

5644.274

6301.374

                                  SUB TOTAL (B)

25732.153

24712.503

22194.822

 

 

 

 

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

(22714.359)

(21659.073)

(19224.997)

 

 

 

 

Miscellaneous Expenditure (to the extent not written off or adjusted)

--

--

--

Debit Balance in Profit & Loss Account

11830.602

10544.266

8500.688

 

 

 

 

TOTAL

17950.977

17443.804

14090.981

 

 

REVENUE ACCOUNT

 

FIRE BUSINESS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

INCOME

 

 

 

Premium earned (Net)

95.913

93.642

114.270

Profit on sale/ redemption of Investments

0.265

0.170

0.054

Amortisation of Discount/(Premium)/Other Income

0.094

0.209

0.724

Interest, Dividend and Rent - Gross

14.738

29.484

11.138

Other Income

0.024

0.000

0.000

TOTAL (A)

111.034

123.505

126.186

 

 

 

 

EXPENDITURE

 

 

 

Claims Incurred (Net)

82.890

222.115

91.550

Commission (Net)

(24.380)

(40.138)

(47.790)

Operating Expenses related to Insurance Business

50.209

69.915

77.340

Premium Deficiency

(15.423)

27.488

(16.309)

Pool Expenses

(10.957)

7.905

(52.709)

TOTAL (B)

82.339

287.285

52.082

Operating Profit from Fire Business (C) = (A) – (B)

28.695

(163.780)

74.104

 

 

 

 

APPROPRIATIONS

 

 

 

Transfer to Shareholders’ Account

28.695

(163.780)

74.104

Transfer to Catastrophe Reserve

--

--

--

Transfer to Other Reserves

--

--

--

 

 

 

 

TOTAL (C)

28.695

(163.780)

74.104

 

MARINE BUSINESS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

INCOME

 

 

 

Premium earned (Net)

185.229

118.101

80.832

Profit on sale/ redemption of Investments

0.567

0.406

0.062

Amortisation of Discount/(Premium)/Other Income

0.201

0.000

0.844

Interest, Dividend and Rent - Gross

31.491

0.501

12.984

Other Income

0.052

31.724

0.000

TOTAL (A)

217.540

150.732

94.722

 

 

 

 

EXPENDITURE

 

 

 

Claims Incurred (Net)

129.822

123.737

78.314

Commission (Net)

14.409

11.701

(24.011)

Operating Expenses related to Insurance Business

63.201

72.559

43.768

Premium Deficiency

0.000

0.000

0.000

TOTAL (B)

207.432

207.997

98.071

Operating Profit from Fire Business (C) = (A) – (B)

10.108

(57.265)

(3.349)

 

 

 

 

APPROPRIATIONS

 

 

 

Transfer to Shareholders’ Account

10.108

(57.265)

(3.349)

Transfer to Catastrophe Reserve

--

--

--

Transfer to Other Reserves

--

--

--

 

 

 

 

TOTAL (C)

10.108

(57.265)

(3.349)

 

MISCELLANEOUS BUSINESS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

INCOME

 

 

 

Premium earned (Net)

11106.832

11370.407

11843.300

Profit on sale/ redemption of Investments

43.175

28.025

9.269

Amortisation of Discount/(Premium)/Other Income

15.345

34.509

125.657

Interest, Dividend and Rent - Gross

2398.571

2190.698

1994.566

Other Income

9.012

13.106

7.603

TOTAL (A)

13572.935

13636.745

13980.395

 

 

 

 

EXPENDITURE

 

 

 

Claims Incurred (Net)

9676.503

10370.215

10139.252

Commission (Net)

391.315

355.368

370.072

Operating Expenses related to Insurance Business

4851.140

4751.061

4616.390

Premium Deficiency

(30.426)

(46.416)

75.951

Pool Expences

(1.530)

1.959

(1.878)

Contribution

3.623

3.203

3.407

TOTAL (B)

14890.625

15435.390

15203.194

Operating Profit from Fire Business (C) = (A) – (B)

(1317.690)

1798.645

(1222.799)

 

 

 

 

APPROPRIATIONS

 

 

 

Transfer to Shareholders’ Account

(1317.690)

(1798.645)

(1222.799)

Transfer to Catastrophe Reserve

--

--

--

Transfer to Other Reserves

--

--

--

 

 

 

 

TOTAL (C)

(1317.690)

(1798.645)

(1222.799)

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

OPERATING PROFIT/(LOSS)

 

 

 

Fire Insurance

28.695

(163.780)

74.104

Marine Insurance

10.108

(57.265)

(3.349)

Miscellaneous Insurance

(1317.690)

(1798.645)

(1222.799)

 

 

 

 

INCOME FROM INVESTMENT

 

 

 

Interest, Dividend and Rent- Gross

2.486

4.406

2.931

Profit on sale/ redemption of Investments

1.324

1.235

5.618

Less: Loss on sale of Investments

--

--

--

Amortization of Debit Securities

--

--

--

 

 

 

 

OTHER INCOME

--

--

--

 

 

 

 

TOTAL (A)

(1275.077)

(2014.047)

(1143.495)

 

 

 

 

Provisions for (Other than taxation)

 

 

 

For diminution of value of investments

--

--

--

For doubtful Debts

--

--

--

Others

--

--

--

 

 

 

 

Other Expenses

 

 

 

Expenses other than those related to Insurance Business

4.617

--

--

Bad debts written off

--

--

--

Others

 

 

 

-Managerial Remuneration

6.351

28.073

37.077

-capital work in progress

--

--

--

-CSR expenses

0.291

--

--

 

 

 

 

TOTAL (B)

11.259

28.331

38.373

 

 

 

 

PROFIT BEFORE TAX  (A) – (B)= C

(1286.336)

(2042.378)

(1181.868)

 

 

 

 

Provision of taxation

 

 

 

Current tax

 

 

 

-wealth Tax

--

--

--

-Fringe benefit taxassets

--

1.200

--

 

 

 

 

PROFIT AFTER TAX

(1286.336)

(2043.576)

(1162.551)

 

 

 

 

Balance of Profit brought forward from previous year

(10544.266)

(8500.688)

(7318.137)

 

 

 

 

Appropriations

 

 

 

Interim dividends paid during the year

--

--

--

Proposed final dividend

--

--

--

Dividend Distribution tax

--

--

--

Transfer to any Reserves or Other Accounts

--

--

--

Impact of carrying values as per

--

--

--

 

 

 

 

Balance carried forward to Balance Sheet

(11830.602)

(10544.266)

(8500.688)

 

 

 

 

Earnings Per Share

 

 

 

Basic (INR)

(0.02)

(1.58)

(1.09)

Diluted (INR)

(0.02)

(1.58)

(1.09)

 

 

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 (used in) operations

NA

NA

NA

 

 

FINANCIAL ANALYSIS

[all figures are 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

12386.685

15714.453

16214.453

Reserves & Surplus

1702.953

1720.185

1720.185

Net worth

14089.638

17434.638

17934.638

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

(1143.495)

(2014.047)

1275.077

 

 

76.131

(163.309)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

(1143.495)

(2014.047)

1275.077

Profit/(Loss)

1162.551

2043.576

1286.336

 

(101.67)%

(101.47)%

100.88%

 

 

 

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

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

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

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

BACKGROUND:

 

Subject was incorporated under the provisions of the companies act, 1956 on July 13, 2007 and is a joint venture between AXA and bharti group to under and carry on the business of general insurance. The company obtained regulatory approval from the insurance regulatory and development authority ”JRDA” on June 27, 2008  to undertake general insurance business in various lines of business like fire, marine, motor, liability, engineering accident, health, workmen compensation.

 

 

INDEX OF CHARGE: No Charges Exists for Company

 

 

 

 

 

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 :

NIY

 

 

Report Prepared by :

NKTS

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

NO

--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)

 

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.