MIRA INFORM REPORT

Report No. :	494616
Report Date :	06.03.2018

IDENTIFICATION DETAILS

Name :	PNB METLIFE INDIA INSURANCE COMPANY LIMITED (w.e.f. 22.01.2013)
Formerly Known As :	METLIFE INDIA INSURANCE COMPANY LIMITED (w.e.f. 09.01.2008) METLIFE INDIA INSURANCE COMPANY PRIVATE LIMITED
Registered Office :	Unit No. 701, 702 and 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore - 560001, Karnataka
Tel. No.:	91-22-41790000
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	11.04.2001
Com. Reg. No.:	08- 028883
Capital Investment / Paid-up Capital :	INR 20128.843 Million
CIN No.: [Company Identification No.]	U66010KA2001PLC028883
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	29AACCM6448H1Z6
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCM6448H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing life insurance. [Registered Activity]
No. of Employees :	Information denied by the management

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 64000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	PNB Metlife India Insurance Company limited is a Life Insurance Company and a part of “PNB Group”. It was incorporated in the year 2001 as a Private Limited Company and later got converted into Public Limited Company in the year 2008. MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB) hold major stake in the company. For the financial year 2017, the company has achieved decent revenue from its operations. The moderate financial risk profile of the company is marked by average net worth base due to low reserve base. Rating gets constrained due to the recent press release which stated that Punjab National Bank (PNB) said it has unearthed fraudulent transactions of around INR 114000.000 Million in one of its branches in Mumbai and filed a complaint with the Central Bureau of Investigation (CBI) on the fraud amid concern that the contagion could spread to other banks. This scam is expected to affect the whole PNB group. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings with some caution.

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

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 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 (91-22-41790000)

LOCATIONS

Registered Office :	Unit No. 701, 702 and 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore - 560001, Karnataka, India
Tel. No.:	91-80-66006969
Fax No.:	91-80-25585815
E-Mail :	yagya.turker@pnbmetlife.com indiaservice@pnbmetlife.co.in
Website :	https://www.pnbmetlife.com
Head Office:	Office Unit No.1 01,1st Floor, Techniplex-1, Techniplex Complex, Off Veer Savarkar Flyover, SV Road, Goregaon (West), Mumbai - 400 062, Maharashtra, India
Tel. No.:	91-22-41790000

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Ashish Kumar Srivastava

Designation :

Managing Director

Address :

Flat No.1101, A-Wing, Sukhada Building Pochkanwala Road Mumbai - 400025, Maharashtra, India

Date of Appointment :

01.10.2017

DIN No.:

00355075

Name :

Mrs. Archana Niranjan Hingorani

Designation :

Director

Address :

10, Jeevan Dhara Dr Ambedkar Road, Bandra West, Mumbai -400050, Maharashtra, India

Date of Appointment :

10.08.2017

DIN No.:

00028037

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900PN2014PTC153006	EDMOBILE LABS PRIVATE LIMITED	30/09/2017	-
L24230GJ2010PLC061123	ALEMBIC PHARMACEUTICALS LIMITED	31/07/2015	-
L92490DL2007PLC165673	DEN NETWORKS LIMITED	09/11/2017	-
U70100MH2006PTC159566	PAN INDIA MOTORS PRIVATE LIMITED	13/04/2009	-
U72900DL2000PLC187530	IL AND FS ECOSMART LIMITED	15/09/2005	-
U67190MH2007PLC289249	5PAISA CAPITAL LIMITED	19/07/2017	-

Name :

Mr. Neeraj Swaroop

Designation :

Director

Address :

1202, Somerset Central Avenue, Hiranandani Gardens Powai, Mumbai- 400076, Maharashtra, India

Date of Appointment :

13.12.2017

DIN No.:

00061170

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67190MH2008PTC178270	SMALL BUSINESS FINCREDIT INDIA PRIVATE LIMITED	21/11/2017	-

Name :

Mr. Surbhit Dabriwala

Designation :

Director

Address :

House 31 Tanglin Road 13-03 St Regis 247912 Singapore

Date of Appointment :

27.09.2005

DIN No.:

00083077

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L51505MH1962PLC012425	ELPRO INTERNATIONAL LIMITED	20/04/2009	-
L67120WB1970PLC027836	FARIDABAD INVESTMENT CO LTD	23/08/1994	-
U70109WB1982PLC034538	DABRI PROPERTIES & TRADING CO LTD	23/08/1994	-
U70109WB2000PTC092137	FIRST APARTMENTS PRIVATE LIMITED	13/07/2000	-
U80100MH2008PTC189047	FARIDABAD CAPITAL HOLDINGS PRIVATE LIMITED	19/12/2008	-
U24100WB2010PTC147196	ZENOX TRADING AND MANUFACTURING PRIVATE LIMITED	29/09/2011	-

Name :

Mr. Gaurav Deepak

Designation :

Director

Address :

B-601/602, New Punam CHS 29/30 Pali Hill Road, Union Park, Khar (West), Mumbai -400052, Maharashtra, India

Date of Birth/Age :

26.10.1974

Date of Appointment :

08.03.2013

DIN No.:

00153524

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U99999MH1999PTC123358	AVENDUS CAPITAL PRIVATE LIMITED	27/11/2013	-

Name :

Mr. Pheroze Kersasp Mistry

Designation :

Director

Address :

901 Bakhtavar 9th Floor Shahid Bhagatsingh Road Colaba, Mumbai -400005, Maharashtra, India

Date of Appointment :

20.04.2001

DIN No.:

00344590

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100MH1950PTC008043	M PALLONJI AND COMPANY PRIVATE LIMITED	31/08/1981	-
U65990MH1976PTC019023	PALLONJI INVESTMENT AND FINANCE PRIVATE LIMITED	25/06/1988	-
U55200MH1979PTC020993	TRAVOTEL (INDIA) PRIVATE LIMITED	23/12/1982	-
U74210MH1990PTC057442	PALLONJI INDUSTRIAL FINISHERS PRIVATE LIMITED	27/07/1990	-
U65990MH1991PTC064592	PALLONJI LEASING PVT LIMITED	23/12/1991	-
U24220MH1993PTC072300	PALLONJI COATINGS PVT LTD	08/06/1993	-
U67120MH1996PTC103931	RAVSON INVESTMENTS PRIVATE LIMITED	20/05/1997	-
U51909MH2007PTC170877	M. PALLONJI ENTERPRISES PRIVATE LIMITED	15/06/2007	-
U51909MH2008PTC177756	M PALLONJI TRADING PRIVATE LIMITED	11/01/2008	-
U51900MH2008PTC178006	M.PALLONJI VENTURES PRIVATE LIMITED	19/01/2008	-
U74999MH2009PTC195037	M. PALLONJI LOGISTICS PRIVATE LIMITED	19/08/2009	-
U63032MH2005PTC157051	M PALLONJI SHIPPING PVT LTD	26/10/2005	-
U55204MH2018PTC305329	OHNICIO PRIVATE LIMITED	21/02/2018	-

Name :

Anisha Motwani

Designation :

Director

Address :

Block No. 8, House No. 24, South Patel Nagar, Delhi -110008, India

Date of Appointment :

10.08.2017

DIN No.:

06943493

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65922HR1998PLC042782	INDIA SHELTER FINANCE CORPORATION LIMITED	23/07/2015	-
U65991MH1996PLC229572	L&T INVESTMENT MANAGEMENT LIMITED	21/08/2017	-
U15311MP2009PLC021746	PRATAAP SNACKS LIMITED	05/07/2016	-
U74995HR2009PTC049589	QUINTESSENTIALLY LIFESTYLE SERVICES (INDIA) PRIVATE LIMITED	29/09/2017	-

Name :

Mr. Sanjiv Sharan

Designation :

Director

Address :

F-29, 7th Floor, Near Mata Mandir Platinum Park Bhopal 462003, Madhya Pradesh, India

Date of Appointment :

10.08.2017

DIN No.:

07340257

Name :

Mr. Sunil Mehta

Designation :

Director

Address :

701, Maurishka Towers, Kadri, Mallikatta, Mangalore- 575002, Karnataka, India

Date of Appointment :

10.08.2017

DIN No.:

07430460

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U91110MH1928GAP001391	INDIAN INSTITUTE OF BANKING AND FINANCE	03/10/2017	-
L65922DL1988PLC033856	PNB HOUSING FINANCE LIMITED	12/05/2017	-
L74899DL1996PLC077120	PNB GILTS LIMITED	16/09/2017	-
U67190DL2006GOI144520	INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED	25/07/2017	-
U65191DL2009GOI187146	PNB INVESTMENT SERVICES LIMITED	31/08/2017	-

Name :

Lyndon Emanuel Oliver

Designation :

Director

Address :

5 Timothy Way Avon Ct 06001 United States

Date of Appointment :

10.08.2016

DIN No.:

07561067

Name :

Erach Homi Kotwal

Designation :

Director

Address :

18-B, Il-Palazzo Little Gibbs Road, Mumbai -400006, Maharashtra, India

Date of Appointment :

10.08.2017

DIN No.:

07617479

Name :

Mr. Bharat Raj Kannan

Designation :

Director

Address :

8, Ichibancho, Chiyoda-Ku, Tokyo 102-0082 Japan Tokyo 1020082 Japan

Date of Appointment :

10.08.2017

DIN No.:

07893143

Name :

Mr. Doulat Raj Mohnot

Designation :

Additional Director

Address :

A-2, Sudarshan Enclave, Behind Nehru Sahakar Bhawan, Bhawani Singh Road, Jaipur -302001, Rajasthan, India

Date of Appointment :

12.09.2017

DIN No.:

06468778

KEY EXECUTIVES

Name :	Mr. Ashish Kumar Srivastava
Designation :	Chief Executive Officer
Address :	Flat No.1101, A-Wing, Sukhada Building Pochkanwala Road Mumbai - 400025, Maharashtra, India
Date of Appointment :	01.10.2017
PAN No.:	AIWPS7902D
Name :	Mr. Yagya Turker
Designation :	Company Secretary
Address :	Charkop Hemavathi, RDP 7, Charkop Sector 7 Kandivali West, Mumbai -400067, Maharashtra, India
Date of Appointment :	10.08.2017
PAN No.:	ADMPT4851B
Name :	Mr. Niraj Ashwin Shah
Designation :	Chief Finance Officer
Address :	E702, Ashok Garden, Sewri, Mumbai- 400015, Maharashtra, India
Date of Appointment :	21.07.2016
PAN No.:	AADPS1685E

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Metlife International Holdings LLC.	523349913
The Jammu and Kashmir Bank Limited	102189189
M. Pallonji and Company Private Limited	200835377
M. Pallonji Enterprises Private limited	144404821
Elpro International Limited	256633397
IGE India Private Limited	172621357
Manimaya Holdings Private limited	8984944
Punjab National Bank	603865285
Total	2012884283

Equity Share Break up (Percentage of Total Equity)

AS ON 10.08.2017

Category	Percentage
Promoters- Banks	35.08
Promoters- Body corporate	64.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing life insurance. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Life Insurance	6511

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 :	Not Divulged
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 :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 5th Floor, 127, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFK6843P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	INR 10/- each	INR 30000.000 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2012884283	Equity Shares	INR 10/- each	INR 20128.843 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
Shareholders’ Funds:
Share Capital	20128.843	20128.843	20128.843
Reserves and Surplus	2209.952	1571.242	1034.982
Credit/[Debit] Fair Value Change Account	2.870	0.000	0.000
Sub-Total	22341.665	21700.085	21163.825
Borrowings	170.632	217.717	0.000
Policyholders’ Funds:
Credit/[Debit] Fair Value Change Account	25.174	0.000	0.000
Policy Liabilities	74887.023	56862.658	44844.926
Insurance Reserves	0.000	0.000	0.000
Provision for Linked Liabilities – Non unit	424.138	368.348	362.534
Provision for Linked Liabilities –unit	61802.491	61580.967	68307.015
Funds for Discontinued policies
- Discontinued on account of non-payment of premium	5924.857	5242.323	4729.153
Funds for Future Appropriation	1522.729	1659.158	1336.735
Total	167098.709	147631.256	140744.188
APPLICATION OF FUNDS
Investments
– Shareholders	7032.825	6499.122	5983.836
– Policyholders’	76830.413	61431.432	48342.030
Assets Held to Cover Linked Liabilities	67727.348	66823.290	73036.168
Loans	288.377	242.755	191.984
Fixed Assets	716.566	726.973	456.738
Current Assets
Cash and Bank Balances	2625.062	2224.867	1715.335
Advances and Other Assets	6668.996	3684.812	3394.039
Sub-Total (A)	9294.058	5909.679	5109.374
Less:
Current Liabilities	7582.177	7186.017	5714.333
Provisions	212.052	214.834	201.317
Total Current liabilities and provision (B)	7794.229	7400.851	5915.650
Net Current Assets	1499.829	(1491.172)	(806.276)
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
Deficit in Revenue Account (Policyholders Account)	13003.351	13398.856	13539.708
Total	167098.709	147631.256	140744.188

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		32360.801	28278.346	24611.858
(b) Reinsurance ceded		(971.742)	(1006.065)	(956.413)
(c) Re-insurance accepted		0.000	0.000	0.000
TOTAL		31389.059	27272.281	23655.445
Income from Investments
(a) Interest, Dividends and Rent Gross- Net of accretion/amortization of Discount/Premium		8108.623	7193.394	6261.579
(b) Profit on sale / redemption of investments		5675.41	4613.278	7270.215
(c) (Loss on sale / redemption of investments)		(513.220)	(1034.182)	(414.723)
(d) Transfer /Gain on revaluation / change in Fair value*		1935.283	(7945.453)	6685.141
TOTAL		15206.096	2827.037	19802.212
Other Income
Interest on policy loans		28.756	22.522	19.546
Miscellaneous income		167.332	107.086	119.277
Contribution from the Shareholders' A/c		0.000	0.000	0.000
Profit/(Loss) on sale of fixed assets		(23.649)	(0.944)	0.000
		172.439	128.664	138.823
Total (A)		46767.594	30227.982	43596.480
Commission		1796.521	1614.626	1384.324
Operating Expenses related to Insurance Business		7466.339	7493.299	6036.495
Service Tax Expenditure		358.458	355.679	326.776
Provision For Doubtful Debts		0.000	0.000	0.000
Bad Debts Written Off		0.000	0.000	0.000
Provision for Income Tax		0.000	0.000	0.000
Provisions (other than taxation)		0.000	0.000	0.000
(a) For diminution in the value of investments (net)		0.000	0.000	0.000
(b) Advances and Recoveries		48.463	80.461	20.479
Total (B)		9669.781	9544.065	7768.074
Benefits Paid (Net)		17690.827	14307.354	18682.554
Interim and Terminal Bonuses Paid		16.813	9.498	5.745
Change in valuation of liability against life policies
(a) Gross **		20253.402	6004.802	16352.241
(b) Amount ceded in Reinsurance		(1269.189)	(194.134)	(287.610)
(c) Amount accepted in Reinsurance		0.000	0.000	0.000
Total (C)		36691.853	20127.520	34752.930
SURPLUS/ (DEFICIT ) (D) = (A) - (B) - (C)		405.960	556.397	1075.476
APPROPRIATIONS
	Transfer to Shareholders' Account	146.884	93.123	84.946
	Transfer to Other Reserve	0.000	0.000	0.000
	Balance being Funds for Future Appropriations	(136.429)	322.422	809.622
	Surplus/(Deficit) after Appropriation	395.505	140.852	100.908
Total (D)		405.960	556.397	1075.476
SURPLUS/(DEFICIT) BROUGHT FORWARD		(13398.856)	(13539.708)	(13640.616)
Surplus/(Deficit) after Appropriation		395.505	140.852	100.908
SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET		(13003.351)	(13398.856)	(13539.708)
a) Interim & Terminal Bonuses Paid		16.813	9.498	5.745
b) Allocation of bonus to policyholders		1321.954	838.110	584.510
c) Surplus shown in the revenue account		405.960	556.397	1075.476
Total Surplus: [(a) + (b) + (c )]		1744.727	1404.005	1665.731

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)	146.884	93.123	64.946
Income from Investments
(a) Interest, Dividend & Rent - Net of Amortization	566.901	528.093	494.174
(b) Profit on sale / redemption of investments	0.000	0.163	0.009
(c) (Loss on sale / redemption of investments)	0.000	0.000	0.000
SUB TOTAL	566.901	528.256	494.183
Other Income	0.000	0.000	0.000
TOTAL	713.785	621.379	559.129
Expenses other than those directly related to the insurance	75.075	61.434	34.861
Bad debts written off	0.000	0.000	0.000
Provisions (Other than taxation)	0.000	0.000	0.000
(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	0.000	23.685	0.000
Total (B)	75.075	85.119	34.861
PROFIT / (LOSS) BEFORE TAX	638.710	536.260	524.268
Provision for Taxation	0.000	0.000	0.000
PROFIT / (LOSS) AFTER TAX	638.710	536.260	524.268
Appropriations
(a) Balance at the beginning of the period/year	1571.242	1034.982	510.714
(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	2209.952	1571.242	1034.982
Earnings Per Share (INR )	0.32	0.27	0.26

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	2309.758	4965.557	(2193.893)

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	20128.843	20128.843	20128.843
Reserves & Surplus	1034.982	1571.242	2209.952
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21163.825	21700.085	22338.795
Borrowings	0.000	217.717	170.632
Total borrowings	0.000	217.717	170.632
Debt/Equity ratio	0.000	0.010	0.008

LEGAL CASES

High Court of Karnataka -Bengaluru Bench

ITA 181/2017

Petitioner/Appnt. Name	PR. COMMISSIOENR OF INCOME TAX(APPEALS)-5		Respondent/Defnt. Name	THE PNB METLIFE INDIA INSURANCE CO.LTD
Petnr./Appnt. Advocate	SANMATHI E I		Respnt./Defnt. Advocate	T SURYANARAYANA
Date Filed	25/04/2017	Classification	District	Bengaluru City

Stage	HEARING	Last Posted For	ADMISSION
Last Action Taken	ADMIT/RULE	Last Date of Action	07/11/2017	Next Hearing Date
Latest Order
Before Hon'ble Judge/s	ACTING CHIEF JUSTICE P.S.DINESH KUMAR

Lower Court Details [Appeal from below case.]

Case No	Court Name	Order Dt
ITA 1508/2015	INCOME TAX APPELLATE TRIBUNAL, BANGALORE	22/09/2016

Details of the Daily Order

(Click on date of order to get full order)

Sl No	Honble Judge	Date of Order
1	HONBLE HGRJ & KSMJ	02/08/2017
2	HONBLE AG.CJ & PSDJ	07/11/2017

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	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE: No Charges Exists for Company

NOTE: Registered office of the company has been shifted from Brigade Seshamahal, No.5, Vani Valas Road, Basavanagudi, Bangalore -560004, Karnataka India to the present address w.e.f. 01.05.2016

CORPORATE INFORMATION

Subject was incorporated in India on April 11, 2001 as a Private limited company and was converted into a Public limited Company effective from January 9, 2008 under the Companies Act, 1956. On August 6, 2001, the Company obtained the certificate of registration to engage in the business of life Insurance from the Insurance Regulatory and Development Authority of India ('IRDAI'). And the said certificate of registration continues to be in force as at March 31, 2017.

The Company offers life insurance, pension, health, retirement and investment products to individuals and group segments. The products sold under these businesses comprise participating, non-participating, pension, health products and unit linked products. Some of these policies have riders attached to them such as Accident and Disability Benefit, Waiver of Premium, Level Term and Critical Illness.

CONTINGENT LIABILITIES

(INR IN Million)

Particulars	31.03.2017	31.03.2016
Claims, other than these under policies, not acknowledged as debts	58.722	49.814
Claims under policies not acknowledged as debts	265.787	170.122
Statutory demands/liabilities in dispute not provided for	1324.850	1907.594

FIXED ASSETS:

• Computer and Software
• Building
• Leasehold Improvement
• Furniture and Fittings
• Vehicles
• Office Equipment

WEBSITE DETAILS

PRESS RELEASES

CBI ARRESTS AUDITOR AT PNB AS FRAUD INVESTIGATION WIDENS

FEBRUARY 28 2018

PNB auditor M.K. Sharma was ‘allegedly responsible for auditing the systems and practices’ of the Brady House branch in Mumbai and report deficiencies to zonal audit office

New Delhi: The Central Bureau of Investigation (CBI) on Wednesday arrested an auditor of Punjab National Bank’s (PNB) Brady House branch, which is at the centre of an alleged $2 billion fraud, a police spokesman said, bringing the number of bank employees held to seven as the investigation widens.

CBI, however, has yet to track down billionaire jeweller Nirav Modi and his uncle Mehul Choksi, whose firms are accused of securing unauthorized loans using fraudulent letters of undertaking (LoUs) from India’s second-biggest state lender.

Modi and Choksi left India in January before the fraud came to light. They have said in letters and statements that they are innocent.

CBI said the arrested auditor, M.K. Sharma, was “allegedly responsible for auditing the systems and practices” of PNB’s Brady House branch in Mumbai and for reporting any problems to the zonal audit office.

Sharma will appear in a Mumbai court on Thursday, the spokesman added. Sharma could not immediately be reached for comment.

The agency earlier on Wednesday said that they have sent an email to Modi asking him to join the investigation by next week. It has already stepped up questioning of various present and past officials of PNB.

So far it has arrested at least 13 people—seven from the bank and six more from Modi and Choksi’s companies. Investigators have also seized a number of properties from the two, including jewellery and luxury vehicles.

Modi and Choksi, owner of Gitanjali Gems Limited, are suspected of colluding with bank officials at PNB to obtain unauthorised loans over a six-year period starting in 2011.

The scale of the PNB fraud has raised concerns about the potential for similar cases across India’s banking sector. India’s finance ministry on Tuesday set a 15-day deadline for state banks to take action to improve their oversight of operational and technological risks. Reuters

EXCLUSIVE: METLIFE MAY TAKE INDIA INSURANCE VENTURE PUBLIC NEXT FISCAL

31 JULY, 2017

American insurance major MetLife, Inc., which runs a life insurance business in India via a joint venture with state-run lender Punjab National Bank, is readying plans to take the business public next fiscal, three people familiar with the matter told VCCircle.

“The initial dialogues took place in Singapore and are driven by MetLife. The process recently started. If everything goes well, an IPO will happen in the next financial year,” said a person aware of the development on the condition of anonymity.

About half-a-dozen banks have been involved in the exploratory talks, and these [pitches and IPO plans] are pretty early-stage in nature, the person said, adding that neither the issue size and structure nor the sellers can be established.

MetLife, which holds a 26% stake in the insurance joint venture, started looking to offload its holding last October. It drew interest from various players, including TATA AIA Life Insurance Co, The Economic Times had reported. However, the other partners did not want to sell their stakes and MetLife decided to drop its plan, the report had added.

However, it is looking at a potential exit now, a second person said. “There is a possibility that PNB and other investors may also look to sell a small part of their holdings. The insurance space, along with the large financial services sector, is very active and attractive at the moment,” the person added.

Email queries sent to Punjab National Bank, MetLife, and PNB MetLife did not yield an immediate response.

PNB MetLife India Insurance Company Limited, among the country’s top 10 life insurers by market share, will join a growing list of Indian insurance firms—general and life—that have either firmed up plans for a public offering or already gone public.

Other names include state-owned insurance firms National India Assurance (NIA) and General Insurance Corporation of India (GIC Re), besides HDFC Standard Life Insurance Co, ICICI Lombard General Insurance Co, and Reliance General Insurance Co. ICICI Prudential Life Insurance became the first life insurer in India to go public last year.

An IPO and subsequent listing will make PNB MetLife the third entity under the state-owned bank taking the capital markets route. While the state-owned lender itself got listed in April 2002, PNB Gilts had gone public in January 2000.

Last October, PNB’s mortgage lending arm PNB Housing Finance went public with a INR 30000.000 Million IPO, valuing the company at INR 128500.000 Million ($1.9 billion). As on Monday, its market capitalisation on the BSE stood at INR 250520.000 Million.

After selling 12.14% in the housing finance company, which is also backed by American private equity major Carlyle Group and General Atlantic, the state-owned lender will sell an additional stake as part of its plans to monetise non-core assets.

The Press Trust of India reported in February, citing PNB’s managing director and chief executive Usha Ananthasubramanian, that the bank may also monetise its holdings in PNB Gilts and Unit Trust of India (UTI) in the current financial year. However, there were no immediate plans to offload its stake in the life insurance arm.

PNB acquired a 30% stake in the insurance company from J&K Bank in February 2013 for an undisclosed amount. This is after the insurance sector regulator, Insurance Regulatory and Development Authority of India, approved the share transfer in October 2012 with a five-year lock-in from the date of transfer.

The acquisition saw the firm rebranding as PNB MetLife from MetLife India Insurance Co. A year later, J&K exited its holding by selling the balance 5% stake to PNB.

Indian promoters hold 74% stake in the company, as per its latest annual report. Other shareholders include Elpro International (21%) and M Pallonji & Co (18%).

The five-year lock-in clause may likely expire in February 2018.

PNB MetLife reported a net profit of INR 638.700 Million for the fiscal 2016-17 on total revenue (including premiums, income from investments, and other income) of INR 46767.500 Million, as per its latest annual report. In the previous fiscal, gross revenue stood at INR 30227.900 Million while net profit was INR 536.200 Million.

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 65.05
UK Pound	1	INR 89.70
Euro	1	INR 80.03

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	PRY
Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	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.