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|
|
MIRA INFORM REPORT
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Report No. : |
497532 |
|
Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE GENERALI
INDIA LIFE INSURANCE COMPANY LIMITED [w.e.f.18.04.2007] |
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|
Formerly Known
As : |
FUTURE GENERALI INDIA LIFE ASSURANCE COMPANY LIMITED |
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Registered
Office : |
6th Floor, Tower 3, Indiabulls Finance Centre, Senapati Bapat Marg,
Elphinstone Road (West), Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-40976913 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
30.10.2006 |
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Com. Reg. No.: |
11-165288 |
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Capital
Investment / Paid-up Capital : |
INR 15074.503 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66010MH2006PLC165288 |
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|
GST No.: [Goods & Service Tax
Registration No.] |
27AABCF0190Q1ZC |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCF0190Q |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company's Life Insurance Business comprises of Individual
Life and Group Business including Participating, Non-Participating, Pension,
Annuity, Group Gratuity, Superannuation, Leave Encashment, Variable Insurance
Products and Unit Linked Insurance Products. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “Future Group”. The company was incorporated in
the year 2006. It is engaged in Providing Life Insurance Services. For the financial year 2017, the company has achieved decent sales
turnover which has improved as compared to previous year but has incurred
operational loss. The rating takes into consideration equity infused by its promoters. Rating also takes into consideration the strong financial and
managerial support that company receives from Future Group its well
experienced management team. However, these rating strength are partially offset by intense
competition in insurance sector. 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 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
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-40976913/ 40976666]
LOCATIONS
|
Registered/ Corporate Office : |
6th Floor, Tower 3, Indiabulls Finance Centre, Senapati Bapat Marg,
Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-40976913/ 40976666 |
|
Fax No.: |
91-22-40976600/ 41514555/ 40976785 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at: · Andhra Pradesh · Assam · Bihar · Delhi · Goa · Gujarat · Haryana · Jammu & Kashmir · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Orissa · Punjab · Rajasthan · Tamilnadu · Telangana · Tripura · Uttarakhand · Uttar Pradesh ·
West Bengal |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Kishore Laxminarayan Biyani |
|
Designation : |
Director |
|
Address : |
406, Jeevan Vihar, |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00005740 |
|
|
|
|
Name : |
Mr. Bidhubhusan Samal |
|
Designation : |
Director |
|
Address : |
1101, Lokhandawala Galaxy, Junction of K.K. & N. M. Joshi Marg,
Mumbai- 400011, Maharashtra, India |
|
Date of Appointment : |
30.05.2014 |
|
DIN No.: |
00007256 |
|
|
|
|
Name : |
Dr. Devi Singh |
|
Designation : |
Director |
|
Address : |
Indian Institute of Management, Prabandh Nagar, Off Sitapur Road,
Lucknow – 226103, Uttar Pradesh, India |
|
Date of Birth/ Age : |
02.09.1952 |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
00015681 |
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|
|
|
Name : |
Mr. Krishan Kant Rathi |
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Designation : |
Director |
|
Address : |
B – 72, Dakshina Park, N. S. Road, 10, JVPD Scheme, Andheri (West),
Mumbai – 400049, Maharashtra, India |
|
Date of Birth/ Age : |
30.12.1961 |
|
Date of Appointment : |
30.10.2006 |
|
PAN No.: |
AAHPR0982R |
|
DIN No.: |
00040094 |
|
|
|
|
Name : |
Mrs. Bhavna Gautam Doshi |
|
Designation : |
Director |
|
Address : |
Flat C - 191, Grand Paradi, August Kranti Road, Kemps Corner, Mumbai-400036, Maharashtra, India |
|
Date of Appointment : |
24.03.2015 |
|
DIN No.: |
00400508 |
|
|
|
|
Name : |
Mr. Ghyanendra Nath Bajpai |
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Designation : |
Director |
|
Address : |
131 Shaan Apartment, K D Marg, Prabhadevi, Mumbai – 400028, |
|
Date of Appointment : |
16.03.2007 |
|
DIN No.: |
00946138 |
|
|
|
|
Name : |
Mr. Munish Sharda |
|
Designation : |
Managing Director |
|
Address : |
D-191, The Icon, DLF PH - V, Gurgaon-122002, Haryana, India |
|
Date of Appointment : |
03.01.2014 |
|
DIN No.: |
06796060 |
|
|
|
|
Name : |
Ms. Jennifer Susan Sparks |
|
Designation : |
Director |
|
Address : |
RM 16A, KA Yee Court 23 Mosque Street, Central Mid-Level Hong Kong 000000 HK |
|
Date of Appointment : |
01.02.2016 |
|
DIN No.: |
07111138 |
|
|
|
|
Name : |
Mr. Abhinandan Kumar Jain |
|
Designation : |
Director |
|
Address : |
Bunglow No.3, Green Park Bunglows, Opposite City Gold Multiplex and Amrapali Complex, Ambli, Ahmedabad 380058, Gujarat, India |
|
Date of Appointment : |
05.06.2017 |
|
DIN No.: |
00351580 |
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|
|
|
Name : |
Roberto Leonardi |
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Designation : |
Director |
|
Address : |
89 Jalan U-Thant Kuala Lumpur 55000 MY |
|
Date of Appointment : |
01.04.2017 |
|
DIN No.: |
01804888 |
KEY EXECUTIVES
|
Name : |
Mr. Baradhwaj Lakshminarasimhan Conjeevaram |
|
Designation : |
Company Secretary |
|
Address : |
A104, Anmol, Off. S.V. Road, Goregaon West, Mumbai 400062, Maharashtra, India |
|
Date of Appointment : |
30.09.2017 |
|
PAN No.: |
AACPB6389B |
|
|
|
|
Name : |
Mr. Miranjit Mukherjee |
|
Designation : |
Chief Finance Officer (KMP) |
|
Address : |
B - 204, 2nd Floor, Gundecha Symphony Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Date of Appointment : |
11.08.2016 |
|
PAN No.: |
AHSPM6610P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Sprint Advisory Services Private Limited |
|
738620236 |
|
Participatie Maatschappij Graafsschap Holland NV |
|
384415010 |
|
Industrial Investment Trust Limited |
|
326700000 |
|
Future Enterprises Limited [Formerly known as Future Retail Limited] |
|
57715014 |
|
Future Enterprises Limited [Formerly known as Future
Retail Limited] -Jointly With Krishan Kant Rathi |
|
1 |
|
Future Enterprises Limited [Formerly known as Future
Retail Limited] - Jointly With Chandra Prakash Toshniwal |
|
1 |
|
Future Enterprises Limited [Formerly known as Future
Retail Limited] - Jointly with Rajesh Kalyani |
|
1 |
|
Future Enterprises Limited [Formerly known as Future
Retail Limited] - Jointly with Deepak Tanna |
|
1 |
|
Future Enterprises Limited [Formerly known as Future Retail Limited] - Jointly with Sanjay Rathi |
|
1 |
|
Future Enterprises Limited [Formerly known as Future Retail Limited] - Jointly With Virmal Dhruve |
|
1 |
|
|
|
|
|
Total |
|
1507450266 |
AS ON 11.08.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company's Life Insurance Business comprises of
Individual Life and Group Business including Participating, Non-Participating,
Pension, Annuity, Group Gratuity, Superannuation, Leave Encashment, Variable
Insurance Products and Unit Linked Insurance Products. [Registered
Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
-- |
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Auditors 1 : |
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|
Name : |
CNK and Associates LLP Chartered Accountants |
|
Address : |
3rd Floor, Mistry Bhavan, Dinshaw Vaccha Road, Churchgate, Mumbai –
400020, Maharashtra, India |
|
PAN No.: |
AACFC8587E |
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Auditors 2 : |
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|
Name : |
Mukund M. Chitale and Company Chartered Accountants |
|
Address : |
2nd Floor, Kapur House, Paranjape B Scheme, Road No 1, Vile Parle
(East), Mumbai – 400057, Maharashtra, India |
|
PAN No.: |
AAAFM2030L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Ventures : |
· Future Enterprises Limited w.e.f. May 4, 2016 (Formerly Future Retail Limited) # · Sprint Advisory Services Private Limited (Formerly Sain Advisory Services Private Limited) # · Industrial Investment Trust Limited # · Participate Maatschappij Graafsschap Holland NV # As per IRDAI circular IRDA/F&A/GDL/GLD/180/10/2015 dated Oct 19, 2015, Future Generali India Life Insurance Company Limited is Indian owned and controlled entity. |
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 Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1507508850 |
Equity Shares |
INR 10/- each |
INR
15075.089 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1507450266 |
Equity Shares |
INR 10/- each |
INR
15074.503 Million |
|
|
|
|
|
PATTERN OF SHAREHOLDING
[As certified by the Management]
|
PARTICULARS |
31.03.2017 |
|
|
|
Number of Shares |
% of Holding |
|
PROMOTERS: |
|
|
|
INDIAN - |
|
|
|
Future Retail Limited * |
57715020 |
3.83 |
|
Sprint Advisory Services Private Limited |
738620236 |
49.00 |
|
Industrial Investment Trust Limited |
326700000 |
21.67 |
|
FOREIGN - |
|
|
|
Participatie Maatschappji Graafsschap
Holland NV |
384415010 |
25.50 |
|
|
|
|
|
Total |
1507450266 |
100.00 |
* Shares held by Future Enterprises Limited
and its nominee
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
Share Capital |
15074.503 |
114520.000 |
14520.000 |
|
|
Share Application Money Pending Allotment |
0.000 |
0.000 |
0.000 |
|
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
Credit/(Debit)/ Fair Value Change Account |
9.544 |
(16.501) |
(2.975) |
|
|
Sub-Total |
15084.047 |
14503.499 |
14517.025 |
|
|
|
|
|
|
|
|
BORROWINGS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Policyholders Funds: |
|
|
|
|
|
Credit/(Debit)/ Fair Value Change Account |
51.598 |
(63.457) |
(9.251) |
|
|
Policy Liabilities |
20531.288 |
17675.014 |
15551.474 |
|
|
Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
|
Provision for Linked Liabilities |
6006.520 |
6375.614 |
8021.306 |
|
|
Sub-Total |
26589.406 |
23987.171 |
23503.529 |
|
|
|
|
|
|
|
|
Funds for Future Appropriations |
265.686 |
0.083 |
0.000 |
|
|
|
|
|
|
|
|
Funds for Discontinued Policies |
|
|
|
|
|
(i) Discontinued on Account of Non-Payment of Premium |
521.914 |
544.603 |
764.094 |
|
|
(ii) Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
42461.053 |
39035.356 |
38844.648 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
Investments |
|
|
|
|
|
Shareholders |
2119.133 |
1902.489 |
2331.147 |
|
|
Policyholders |
19812.884 |
17177.957 |
15423.041 |
|
|
Assets held to cover Linked Liabilities |
6528.434 |
6920.217 |
8785.400 |
|
|
|
|
|
|
|
|
Loans |
37.077 |
26.721 |
13.223 |
|
|
|
|
|
|
|
|
Fixed Assets |
233.707 |
179.814 |
45.659 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash & Bank Balances |
468.999
|
351.078
|
215.585
|
|
|
Advances and Other Assets |
2000.672
|
1256.551
|
1360.727
|
|
Sub-Total
(A) |
2469.671
|
1607.629
|
1576.312
|
|
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1943.188
|
1661.907
|
1321.113
|
|
|
Provisions |
45.772
|
36.533
|
31.170
|
|
Sub-Total
(B) |
1988.960
|
1698.440
|
1352.283
|
|
|
|
|
|
|
|
|
Net Current Assets (A – B) |
480.711
|
(90.811)
|
224.029
|
|
|
|
|
|
|
|
|
Miscellaneous Expenses (To the extent not written off or adjusted) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Debit Balance in profit and Loss Account |
13249.107 |
12378.969 |
12022.149 |
|
|
|
|
|
|
|
|
TOTAL |
42461.053 |
39035.356 |
38844.648 |
|
REVENUE
ACCOUNT
POLICYHOLDER'S
ACCOUNT (TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
|
|
Premiums earned
Net |
|
|
|
|
|
(a) Premium |
7398.471 |
5924.993 |
6042.462 |
|
|
(b) Reinsurance Ceded |
(319.743) |
(232.154) |
(164.100) |
|
|
(c) Reinsurance Accepted |
0.000 |
0.000 |
0.000 |
|
|
Total |
7078.728 |
5692.839 |
5878.274 |
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
1815.330 |
1743.737 |
1559942 |
|
|
(b) Profit on Sale / Redemption of Investments |
875.147 |
453.835 |
1869.734 |
|
|
(c) (Loss on Sale / Redemption of Investments) |
(128.854) |
(334.964) |
(239.914) |
|
|
(d) Transfer / Gain on revaluation / change in Fair value* |
126.247 |
(496.796) |
57.682 |
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
(a) Contribution from the Shareholders' A/c |
1066.442 |
646.824 |
603.790 |
|
|
(b) Profit / (Loss) on Sale of Fixed Assets |
(0.047) |
0.000 |
0.000 |
|
|
(c) Appropriation/ (Expropriation) Adjustment |
0.000 |
0.000 |
0.000 |
|
|
(d) Miscellaneous Income |
32.941 |
44.804 |
273.790 |
|
|
|
|
|
|
|
|
Total (A) |
10865.935 |
7750.279 |
10003.263 |
|
|
|
|
|
|
|
|
Commission |
342.151 |
263.781 |
310.221 |
|
|
Operating Expenses related to Insurance Business |
3646.846 |
2837.518 |
2328.130 |
|
|
Service Tax |
41.649 |
55.814 |
69.761 |
|
|
|
|
|
|
|
|
Provision For Doubtful Debts |
0.000 |
0.000 |
0.000 |
|
|
Bad Debts Written Off |
12.349 |
0.000 |
0.000 |
|
|
Provision for Tax |
12.151 |
0.000 |
0.000 |
|
|
Provision (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) Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Total (B) |
44055.146 |
3157.113 |
2708.112 |
|
|
|
|
|
|
|
|
Benefits Paid (Net) |
4024.985 |
4247.490 |
4409.142 |
|
|
Interim and Terminal Bonuses Paid |
1.157 |
1.263 |
1.710 |
|
|
Change in valuation of liability against life policies |
|
|
|
|
|
(a) Gross ** |
2348.800 |
423.504 |
2506.757 |
|
|
(b) Amount ceded in Re-insurance |
115.691 |
(165.146) |
(31.749) |
|
|
(c) Amount accepted in Re-insurance |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Total (C) |
6490.633 |
4507.111 |
6885.860 |
|
|
|
|
|
|
|
|
SURPLUS/
(DEFICIT) (D) = (A) - (B) - (C) |
320.155 |
86.055 |
409.281 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to Shareholders' Account |
54.552 |
85.972 |
409.281 |
|
|
Transfer to Other Reserves |
0.000 |
0.000 |
0.000 |
|
|
Balance being Funds for Future Appropriations |
265.603 |
0.083 |
0.000 |
|
|
|
|
|
|
|
Total (E) |
320.155 |
86.055 |
409.281 |
|
|
|
|
|
|
|
|
* Represents the
deemed realised gain as per norms specified by the Authority |
|
|
|
|
|
** Represents Mathematical Reserves after allocation of bonus |
|
|
|
|
|
|
|
|
|
|
|
The breakup of total surplus is as under: |
|
|
|
|
|
(a) Interim Bonuses paid |
1.157 |
1.263 |
1.710 |
|
|
(b) Terminal Bonuses paid |
3.336 |
0.000 |
0.000 |
|
|
(b) Allocation of Bonus to Policyholders |
432.487 |
309.451 |
196.294 |
|
|
(c) Surplus shown in the Revenue Account |
320.155 |
86.055 |
409.281 |
|
|
|
|
|
|
|
|
(d) Total Surplus: [(a)+(b)+(c)] |
757.135 |
396.769 |
607.285 |
|
PROFIT
& LOSS ACCOUNT
SHAREHOLDERS'
ACCOUNT (NON-TECHNICAL ACCOUNT)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
|
|
Amount
Transferred From Policyholder Account (Technical Account) |
54.552 |
85.972 |
409.281 |
|
|
|
|
|
|
|
|
Income from
Investments |
|
|
|
|
|
(a) Interest, Dividend and Rent - Gross |
148.194 |
186.720 |
230.274 |
|
|
(b) Profit on Sale / Redemption of Investments |
45.920 |
51.510 |
50.970 |
|
|
(c) (Loss on Sale / Redemption of Investments) |
(5.839) |
(12.240) |
-9.340 |
|
|
|
|
|
|
|
|
Other Income |
0.000 |
0.010 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL (A) |
242.827 |
311.972 |
681.191 |
|
|
|
|
|
|
|
|
Expenses other than
those directly related to the insurance business |
|
|
|
|
|
(a) Employees' Remuneration and Welfare Benefits |
15.697 |
8.464 |
8.032 |
|
|
(b) Rent, Rates and Taxes |
0.000 |
0.000 |
0.000 |
|
|
(c) Other Expenses |
30.826 |
13.504 |
59.488 |
|
|
|
|
|
|
|
|
Bad Debts Written Off |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Provisions
(Other than taxation) |
|
|
|
|
|
(a) For Diminution in the Value of Investment (Net) |
0.000 |
0.000 |
0.000 |
|
|
(b) Provision for Doubtful Debts |
0.000 |
0.000 |
0.000 |
|
|
(c) Others |
0.000 |
0.000 |
0.000 |
|
|
Contribution to Policy holders' Account (Technical Account) |
1066.442 |
646.824 |
603.790 |
|
|
|
|
|
|
|
|
Total (B) |
1112.965 |
668.792 |
671.310 |
|
|
|
|
|
|
|
|
Profit / (Loss)
before Tax |
(870.138) |
(356.820) |
9.881 |
|
|
|
|
|
|
|
|
Provision for Taxation |
|
|
|
|
|
(a) Income tax for earlier year |
0.000 |
0.000 |
0.000 |
|
|
(b) Wealth tax |
0.000 |
0.000 |
0.000 |
|
|
(a) Fringe benefit Tax |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Profit / (Loss)
After Tax |
(870.138) |
(356.820) |
9.881 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
(a) Balance at the beginning of the Year |
(12378.969) |
(12022.149) |
(12.032.030) |
|
|
(b) Interim Dividends Paid during the year |
0.000 |
0.000 |
0.000 |
|
|
(c) Proposed Final Dividend |
0.000 |
0.000 |
0.000 |
|
|
(d) Dividend Distribution on 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 |
(13249.107) |
(12378.969) |
(12022.149) |
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
|
|
|
|
|
Basic and Diluted |
(0.59) |
(0.25) |
0.01 |
|
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 (used in) Operating Activities |
(874.782) |
(1169.927) |
(641.593) |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 30.11.2017 |
|
LODGING NO: ITXAL/3098/2017 FILING DATE: 30.11.2017 REG. NO: ITXA/765/2018
REG. DATE: 06.03.2018 |
|
PETITIONER: THE PR. COMMISSIONER OF INCOEM TAX RESPONDENT: FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED RESP. ADV.: TEJVEER SINGH MASTAN SINGH [I3678]
DISTRICT: MUMBAI |
|
BENCH: DIVISION STATUS: PRE-ADMISSION CATEGORY:
TAX APPRALS NEXT DATE: 16.03.2018 CORAM: ACCORING TO SITTING LIST ACCORING TO
SITTING LIST |
|
ACT: INCOME TAX ACT,
1961 Under Section :- 260 A |
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 04.01.2018 |
|
LODGING NO: CHSL/7/2018
FILING DATE: 04.01.2018 REG. NO: CHS/59/2018
REG. DATE: 23.01.2018 |
|
MAIN MATTER LODGING NO: SL/558/2012 REG.
NO: S/1333/2012
|
|
PETITIONER: SURAT METALLICS LIMITED RESPONDENT: FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED RESP. ADV.: VYAS AND BHALWAL (I6493)
DISTRICT: OUTSIDE MAHARASHTRA |
|
BENCH: SINGLE STATUS: PRE-ADMISSION CATEGORY:
CHAMBER SUMMONS LAST DATE: 02.02.2018 STAGE:
- CORAM: ACCORING TO SITTING LIST |
|
ACT: Code of Civil
Procedure 1908
|
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO CHARGES
EXISTS FOR COMPANY
BACKGROUND
Future Generali India Life Insurance Company Limited was incorporated on October 30, 2006 as a Company under the Companies Act, 1956 to undertake and carry on the business of life insurance. On April 18, 2007, the name was changed to Future Generali India Life Insurance Company Limited (Formerly Future Generali India Life Assurance Company Limited) ('the Company'). The Company has obtained a license from the Insurance Regulatory and Development Authority of India ('IRDAI') on September 4, 2007 for carrying on the business of life insurance. The license is in force as at March 31, 2017.
The Company's life insurance business comprises of individual life and group business including participating, non-participating, pension, annuity, group gratuity, superannuation, leave encashment, Variable Insurance Products and unit linked insurance products. The Company distributes these products through individual agents, corporate agents, banks, brokers, direct sales channels across the country and online through the Company's website.
BUSINESS REVIEW
COMPANY PERFORMANCE
During the year, the Company has written a gross premium of INR 7398.470 Million against INR 5925.000 Million in the previous year, registering a growth of 24.87% over the previous year.
FUTURE OUTLOOK
The life insurance industry, which has seen some tough times during the last few years, is expected to grow 10-15 per cent in the coming years. A stable government and clear indications of expediting reforms have laid the foundation for India to regain the growth momentum, and the insurance industry is expected to benefit from the same and provide social security, employment as well as the means to deepen financial markets in India. In the current phase of development, they see significant thrust around consumer awareness, advocacy, and trust. This augurs well for the industry as they will see innovative products, innovation in distribution, digitizing and simplification of processes. Technology will play a vital role in enabling value not only for customers but also for distributors and employees. The shift in favor of profitable growth as against only growth is already happening in the industry and that, they believe, will be a great outcome to expect.
The Company is taking steps to increase their agency footprint, working on multiple direct models primarily with 'Big Bazaar' to grow its mall assurance channel, significantly growing its corporate business, entering new lines of business with online and credit life business and building good quality third party distribution. The Company is also seeing lots of green shoots in the quality of its business with significantly improving persistency and increasing productivity across channels.
BRANCH OFFICE
NETWORK:
In accordance with the business objective of steady and focused growth as well as the Business Plan for the year 2016-17, the Company with a prudent business approach continuously monitors the performance of its various Branch locations.
The Company has a physical presence in 75 locations as on March 31, 2017 vis-a.-vis 82 locations as on March 31, 2016. The Company had received an approval from the Authority for opening of 11 new places of business.
The Company during the year has opened two new place of business in Kolkatta-Garihat and Ghatkopar and closed 9 non-productive branches.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Statutory demands/liabilities in dispute, not provided for |
1.467 |
1.467 |
|
Insurance claims disputed by the Company, to the extent not provided/reserved |
2.230 |
8.146 |
|
|
|
|
|
Total |
3.697 |
9.613 |
FIXED ASSETS:
· Land-Freehold
· Leasehold Improvement
· Building
· Furniture and Fitting
· Information Technology Equipment
· Vehicles
· Office Equipments
· Software
· Goodwill
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
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.99 |
|
UK Pound |
1 |
INR 90.83 |
|
Euro |
1 |
INR 80.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RUP |
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 |
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.