|
|
|
MIRA INFORM REPORT
|
Report No. : |
497895 |
|
Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
AEGON LIFE INSURANCE COMPANY LIMITED (w.e.f.
20.11.2015) |
|
|
|
|
Formerly Known
As : |
AEGON
RELIGARE LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Building No. 3, 3rd Floor, Unit No.1, Nesco IT Park Western
Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra |
|
Tel. No.: |
91-22-67292929 / 61130400 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
23.03.2007 |
|
|
|
|
Com. Reg. No.: |
11-169110 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 14298.515 Million |
|
|
|
|
CIN No.: [Company Identification No.] |
U66010MH2007PLC169110 |
|
|
|
|
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.] |
AAGCA3203J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing the life insurance business. (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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between “Bennett and Coleman” and “Aegon India
Holding BV” based in Netherland. It was incorporated in the year 2007 and it is engaged in providing
life/non line insurance and reinsurance services. As per financials of march 2017, the company has registered decline in
its premium as compared to its previous year’s premium and has reported
losses. Rating takes into consideration the company’s established track record
of business operations marked by healthy financials risk profile along with
low solvency indicators and good liquidity position. Rating also takes into account the strong financial and managerial
support received its joint venture entity and well experienced management
team. However, rating strength is partially offset by continuous losses from
its operations and government regulation in insurance sector. Payments seems to be regular. In view of aforesaid, the company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 15.03.2018
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 (91-22-67292929)
LOCATIONS
|
Registered Office : |
Building No. 3, 3rd Floor, Unit No.1, Nesco IT Park Western
Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-67292929 / 61130400 |
|
Fax No.: |
91-22-40764466 / 61180200 / 300 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Vineet Arora |
|
Designation : |
Managing Director |
|
Address : |
Y-1003, Golden Rays, Shastri Nagar, Andheri West, Mumbai – 400053, Maharashtra, India |
|
Date of Appointment : |
02.01.2018 |
|
DIN No.: |
07948010 |
|
|
|
|
Name : |
Mr. Narayanan Kumar |
|
Designation : |
Director |
|
Address : |
1 George Avenue, Chennai – 600018, Tamilnadu, India |
|
Qualification : |
B.E. Electronics |
|
Date of Appointment : |
07.12.2015 |
|
DIN No.: |
00007848 |
|
|
|
|
Name : |
Mr. Sivakumar Sundaram |
|
Designation : |
Nominee Director |
|
Address : |
2402-B Wing, Lodha Bellissimo, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Date of Birth/Age : |
23.07.1966 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
31.05.2008 |
|
DIN No.: |
00105562 |
|
|
|
|
Name : |
Mr. Ramaswamy Gopalkrishnan |
|
Designation : |
Director |
|
Address : |
A-7/2, Shree Ramnagar S.V. Road, Andheri West, Mumbai – 400058, Maharashtra, India |
|
Qualification : |
B.Com, ACA and ACS |
|
Date of Appointment : |
07.12.2015 |
|
DIN No.: |
02712174 |
|
|
|
|
Name : |
Nani Byram Javeri |
|
Designation : |
Director |
|
Address : |
Flat No.9, Ivorine, 154, M. Karve Road, Mumbai – 400020, Maharashtra, India |
|
Qualification : |
BA History, Honors |
|
Date of Appointment : |
08.02.2016 |
|
DIN No.: |
02731854 |
|
|
|
|
Name : |
Mr. Subramanian Narayanan |
|
Designation : |
Director |
|
Address : |
Flat No. 706, 7th Floor, Krushal Towers, 'C' Wing Next To Shopper's Stop, Ghatkopar (East), Mumbai 400089, Maharashtra, India |
|
Qualification : |
B.Com, ACA, ACS Grad CWA, AMP from Harvard Business School. |
|
Date of Appointment : |
07.12.2015 |
|
DIN No.: |
03083775 |
|
|
|
|
Name : |
Mr. Vaidyanathaswamy Srinivasan |
|
Designation : |
Director |
|
Address : |
Flat No. 303, 3rd Floor, The Address Wadhwa Group, Boulevard 4, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India |
|
Date of Appointment : |
01.07.2016 |
|
DIN No.: |
06510677 |
|
|
|
|
Name : |
Ketaki Shreekant Gupte |
|
Designation : |
Director |
|
Address : |
3 Rachael 54 St. Paul Road, Bandra West, Mumbai – 400050, Maharashtra, India |
|
Qualification : |
Master Degree in Statistics |
|
Date of Appointment : |
07.12.2015 |
|
DIN No.: |
07147980 |
|
|
|
|
Name : |
Andrew John Byrne |
|
Designation : |
Additional Director |
|
Address : |
2,61 Kirribilli AV, Kirribilli NSW 2061 AU |
|
Date of Appointment : |
23.09.2016 |
|
DIN No.: |
07618680 |
|
|
|
|
Name : |
Marco Baptist Arie Keim |
|
Designation : |
Additional Director |
|
Address : |
Ter Hoffsteedeweg 11, Overveen 2051EN NL |
|
Date of Appointment : |
06.01.2017 |
|
DIN No.: |
07676556 |
|
|
|
|
Name : |
Patrick Curtin |
|
Designation : |
Director |
|
Address : |
Lynville, Rathgoggan South, Charleville, Co Cork, Ireland Co Cork 353023 Ie |
|
Date of Appointment : |
14.07.2017 |
|
DIN No.: |
07871107 |
KEY EXECUTIVES
|
Name : |
Mr. Jitin Pramodbhai Parekh |
|
Designation : |
Company Secretary |
|
Address : |
203, Trishul II, J. P. Road, Seven Bunglows, Andheri (West), Mumbai – 400061, Maharashtra, India |
|
Date of Appointment : |
01.02.2010 |
|
PAN No.: |
AAFPP3595A |
|
|
|
|
Name : |
Mr. Rajeev Ramchand Chugh |
|
Designation : |
Chief Finance Officer |
|
Address : |
1101, Avon Galaxy, Opposite Tata Steel, Dattapada Road, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Date of Appointment : |
14.05.2014 |
|
PAN No.: |
AACPC1126H |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Aegon India Holding B V |
398637160 |
|
Aegon India Holding B V |
301990000 |
|
Aegon Life Insurance Employee Benefits Trust |
48094253 |
|
Jitin Pramodbhai Parekh |
59 |
|
Bennett Coleman and Company Limited |
60 |
|
Bennett Coleman and Company Limited |
681129930 |
|
Kaushik Brojendra Nath |
7 |
|
Shweta Chaturvedi |
1 |
|
Vidyadharan Chakkamalayath Nair |
1 |
|
Vidhi Joshi |
1 |
|
Total |
1429851472 |
Equity Share Break up (Percentage of Total Equity)
AS ON 10.08.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
96.64 |
|
Public/Other than promoters- Others |
3.36 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing the life insurance business. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
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||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
|
|
Auditors 1: |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
B2, Marathon Innova, 4th Floor, Lower Parel, Mumbai – 400013,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAVFS5038H |
|
|
|
|
Auditors 2: |
|
|
Name : |
Khimji Kunverji and Company Chartered Accountants |
|
Address : |
Sunshine Tower, Level 19, Senapati Bapat Marg, Elphinstone Road,
Mumbai – 400013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFK1142M |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related parties: |
· AEGON India Holdings B.V. · Bennett Coleman and Company Limited |
|
|
|
|
Associates Companies
where transactions have taken place during the year ended March 31, 2017 |
· Aegon Life Insurance Employees Gratuity Trust (Formely known as 'AEGON Religare Life Insurance Employees Gratuity Trust') AEGON Asia Pacific B.V. · AEGON N.V. · Bennett Coleman and Company Limited |
CAPITAL STRUCTURE
AS ON 10.08.2017
Authorised Capital : INR 20000.000 Million
Issued, Subscribed & Paid-up Capital : INR 14358.438
Million
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 |
|
|
|
|
|
|
1429851472 |
Equity Shares |
INR 10/- each |
INR14298.515 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
Shareholders' Funds |
|
|
|
|
Share Capital |
14298.515 |
13594.410 |
13105.000 |
|
Reserves & Surplus |
3969.868 |
3139.879 |
1610.940 |
|
Credit / (Debit) Fair Value
Change Account (Net) |
-- |
-- |
-- |
|
|
|
|
|
|
Sub
Total |
18268.383 |
16734.289 |
14715.940 |
|
|
|
||
|
Borrowings |
-- |
-- |
-- |
|
Policyholders’ fund |
24.182 |
(12.577) |
7.143 |
|
Credit / (Debit) Fair Value
Change Account (Net) |
8068.913 |
6023.519 |
4168.524 |
|
Policy Liabilities |
|
|
|
|
|
|
|
|
|
Insurance Reserves |
|
||
|
Linked
Liabilities |
8091.175 |
9754.615 |
9645.213 |
|
Fair
Value Change |
560.469 |
(785.322) |
319.035 |
|
Provisions for Linked Liabilities |
8651.644 |
8969.293 |
9964.248 |
|
Sub
Total |
16744.739 |
14980.235 |
14139.915 |
|
|
|
|
|
|
Funds for Discontinued
Policies |
|
||
|
Discontinued on account of
non-payment of premium |
924.295 |
1349.316 |
1768.384 |
|
Others |
10.714 |
19.185 |
11.259 |
|
Funds for Future
Appropriations |
|
|
|
|
Linked |
0.295 |
3.668 |
9.165 |
|
Non-Linked |
6.581 |
2.743 |
1.655 |
|
TOTAL |
35955.007 |
33089.436 |
30646.318 |
|
|
|
||
|
APPLICATION
OF FUNDS |
|
|
|
|
Investment
|
|
|
|
|
Shareholders |
971.657 |
993.264 |
829.128 |
|
Policyholders |
8865.519 |
6503.179 |
4552.288 |
|
Assets Held to Cover Linked
Liabilities |
9586.948 |
10341.461 |
11753.056 |
|
Loans |
483.884 |
348.153 |
316.773 |
|
Fixed Assets |
|
||
|
Current Assets |
|
||
|
Cash and Bank Balances |
333.073 |
563.946 |
406.672 |
|
Advances and Other Assets |
838.501 |
840.071 |
761.955 |
|
Sub
Total (A) |
1171.574 |
1404.017 |
1168.627 |
|
|
|
|
|
|
Current Liabilities |
1188.141 |
1222.791 |
1016.706 |
|
Provisions |
14.824 |
20.862 |
19.401 |
|
Sub
Total (B) |
1202.965 |
1243.653 |
1036.107 |
|
Net Current Assets (C) – (A-B) |
(31.391) |
160.364 |
132.520 |
|
Miscellaneous Expenditure |
|
|
|
|
(To the extent not written off
or adjusted) |
|
|
|
|
Debit Balance of Profit and
Loss Account |
3513.823 |
2889.025 |
1845.118 |
|
Deficit in the Revenue Account
(Policyholders Account) |
12413.884 |
11716.095 |
11079.298 |
|
TOTAL |
35955.007 |
33089.436 |
30646.318 |
PROFIT
& LOSS ACCOUNT
REVENUE ACCOUNT
FOR THE YEAR ENDED MARCH 31, 2017 (TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Premium
earned – net |
|
|
|
|
(a) Premium |
4507.191 |
5016.025 |
5591.996 |
|
(b) Reinsurance ceded |
(348.393) |
(302.870) |
(265.443) |
|
(c) Reinsurance accepted |
-- |
-- |
-- |
|
SUB
TOTAL |
4158.798 |
4713.155 |
5326.553 |
|
|
|
|
|
|
Income
from Investments |
|
|
|
|
(a) Interest, Dividend and Rent – Gross |
808.730 |
647.283 |
509.372 |
|
(b) Profit on sale/redemption
of Investments |
881.276 |
650.186 |
1748.855 |
|
(c) (Loss) on sale/ redemption
of Investments |
(320.185) |
(419.638) |
(115.163) |
|
(d) Transfer/Gain on
revaluation/charge in fair value |
560.469 |
(785.322) |
319.035 |
|
(e) Amortisation of premium /
discount on Investments |
123.689 |
191.452 |
165.974 |
|
other income |
|
|
|
|
(a) Interest on Policy Loans |
0.000 |
0.000 |
0.000 |
|
(b) Contribution from
Shareholders Accounts |
75.312 |
1015.379 |
565.579 |
|
(c) Linked Income |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL
(A) |
6288.267 |
6012.571 |
8520.215 |
|
|
|
|
|
|
Commission |
57.553 |
189.802 |
346.648 |
|
Operating expenses related to
Insurance Business |
169.919 |
2809.068 |
3206.046 |
|
Service Tax on Unit Linked
Charges |
38.339 |
42.311 |
13.491 |
|
Provision for doubtful debts |
8.962 |
7.693 |
8.353 |
|
|
|
|
|
|
Bad Debts written off |
-- |
-- |
-- |
|
Provision for Tax |
-- |
-- |
-- |
|
(a) Income Tax |
-- |
-- |
-- |
|
|
|
|
|
|
Provisions
(Other than taxation) |
-- |
-- |
-- |
|
(a) For distribution in the
value of investment (Net) |
-- |
-- |
-- |
|
(b) Others |
-- |
-- |
-- |
|
TOTAL (B) |
1804.053 |
3048.874 |
3574.538 |
|
|
|
|
|
|
Benefits Paid (Net) |
3884.449 |
3153.597 |
2177.842 |
|
Interim Bonuses Paid |
2.835 |
2.408 |
0.270 |
|
|
|
|
|
|
Change in valuation of liability
in respect of life policies |
|
|
|
|
(a)
Gross |
1411.449 |
412.133 |
3501.967 |
|
(b)
Amount ceded in Reinsurance |
(117.194) |
36.765 |
(57.076) |
|
(c)
Amount accepted in Reinsurance |
-- |
-- |
-- |
|
TOTAL
(C) |
5181.539 |
3604.903 |
5623.003 |
|
|
|
|
|
|
SURPLUS
/ (DEFICIT) (D) (A)-(B)-(C) |
(697.325) |
(641.206) |
(677.326) |
|
|
|
|
|
|
APPROCIATIONS |
|
|
|
|
Transfer
to Shareholders Account |
-- |
-- |
-- |
|
Transfer to Balance Sheet Being “Deficit in Revenue Account
(Policyholders Account) |
(697.789) |
(636.797) |
(672.590) |
|
|
|
||
|
Balance being Funds for Future Appropriations |
0.000 |
(4.409) |
(4.736) |
|
TOTAL
(E) |
(697.325) |
(641.206) |
(677.326) |
|
|
|
|
|
|
**Represents
Mathematical Reserve after allocation of bonus |
|
|
|
|
|
|
|
|
|
The
Breakup of total surplus is as under: |
|
|
|
|
(a) Interim Bonus Paid |
2.835 |
2.408 |
0.270 |
|
(b) Allocation of Bonus to
Policyholder |
241.810 |
314.734 |
331.164 |
|
(c) Surplus / (Deficit) shown in
the Revenue Account |
(697.325) |
(641.206) |
(677.326) |
|
(d) Total Surplus / (Deficit) [(a)+(b)+(c)] |
(452.680) |
(324.064) |
(345.892) |
PROFIT AND LOSS
ACCOUNT FOR THE YEAR ENDED MARCH 31, 2017 (NON TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Amount
transfer from Policyholders Account (Technical
Account) |
|
|
|
|
Income
from Investments |
|
|
|
|
(a) Interest, Dividend and Rent – Gross |
63.596 |
40.425 |
53.219 |
|
(b) Profit on sale/redemption
of Investments |
72.915 |
25.442 |
11.721 |
|
(c) (Loss) on sale/ redemption
of Investments |
-- |
(1.450) |
(0.013) |
|
(d) Transfer/Gain on
revaluation/charge in fair value |
-- |
-- |
-- |
|
(e) Amortisation of premium / discount
on Investments |
8.641 |
28.803 |
11.366 |
|
Other Income |
0. 479 |
0.238 |
-- |
|
TOTAL
(A) |
145.631 |
93.458 |
76.293 |
|
|
|
|
|
|
Expenses
other than directly related to the Insurance business |
690.217 |
21.503 |
25.367 |
|
Bad Debts
written off |
-- |
-- |
-- |
|
Provisions (Other than
taxation) |
|
|
|
|
(a) For diminution in the
value of investments (net) |
-- |
-- |
-- |
|
(b) Provision for doubtful
debts |
4.900 |
100.483 |
-- |
|
(c) Others |
-- |
-- |
-- |
|
Contribution to the Policyholders Account (Technical
Account) |
75.312 |
1015.379 |
565.579 |
|
|
|
|
|
|
TOTAL (B) |
770.429 |
1137.365 |
590.946 |
|
|
|
|
|
|
Profit / (Loss) before tax |
(624.798) |
(1043.907) |
(514.653) |
|
Provision for Tax |
-- |
-- |
-- |
|
Profit / (Loss) after tax |
(624.798) |
(1043.907) |
(514.653) |
|
|
|
|
|
|
F.O.B. Value of Exports |
-- |
0.051 |
0.032 |
|
|
|
|
|
|
APPROCIATIONS |
|
|
|
|
(a)
Balance at the beginning of the year |
(2889.025) |
(1845.118) |
(1330.465) |
|
(b) Interim dividend paid during
the year |
-- |
-- |
-- |
|
(c) Proposed final dividend |
-- |
-- |
-- |
|
(d) dividend distribution on tax |
-- |
-- |
-- |
|
(e) Transfer
to Reserve / other accounts |
-- |
-- |
-- |
|
|
|
|
|
|
Profit
/ (Loss) carried forward to the Balance sheet |
(3513.823) |
(2889.025) |
(1845.118) |
|
Earning
per share |
(0.97) |
(1.31) |
(0.93) |
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 |
(2146.593) |
(1361.315) |
(179.739) |
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 |
13105.000 |
13594.410 |
14298.515 |
|
Reserves & Surplus |
1610.940 |
3139.879 |
3969.868 |
|
Net worth |
14715.940 |
16734.289 |
18268.383 |
|
|
|
|
|
|
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 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
Yes |
|
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
Aegon Life Insurance Company Limited (‘the Company’) (formerly known as AEGON Religare Life Insurance Company Limited), a joint venture between AEGON India Holding B.V. (‘AEGON’) and Bennett Coleman & Co. Limited (‘BCCL’) was incorporated on March 23, 2007 under the Companies Act, 1956 (‘the Act’) to undertake and carry on the business of life insurance business in India. The Company has obtained a registration from the Insurance Regulatory and Development Authority of India (‘IRDAI’) dated June 27, 2008 for carrying on the business of life insurance in India.
The Company’s life insurance business comprises of Participating, consisting of Non Linked business of Individual Insurance products and Pension Insurance products, and Non Participating consisting of Non Linked business of Individual, Group, Annuity and Health Insurance and Linked business of Life, Pension and Group Gratuity. These products also have riders attached to them such as Accidental Death, Dismemberment and Disability benefit, Critical illness, Waiver of Premium on death / Critical illness, Women Care, Total Permanent Disability, Term rider etc. These products are distributed through individual agents, corporate agents, brokers and direct channel.
INDEX OF CHARGE: No Charges Exists for Company
FIXED ASSETS:
Tangible Assets
- Leasehold Improvements
- Furniture and Fixture
- Information Technology Equipment
- Vehicle
- Office Equipment
Intangible Assets
- Goodwill
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 64.98 |
|
|
1 |
INR 90.82 |
|
Euro |
1 |
INR 80.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRI |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.