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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

497562

Report Date :

15.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE HEALTH INSURANCE LIMITED

 

 

Registered Office :

Reliance Centre, 6th Floor, North Wing, Off Western Express Highway, Santacruz(East) Mumbai – 400055, Maharashtra

Tel. No.:

91-22-33031000

 

 

Country :

India

 

 

Financials (as on) :

Not Available

 

 

Date of Incorporation :

04.05.2017

 

 

Com. Reg. No.:

11- 294682

 

 

Capital Investment / Paid-up Capital :

INR 300.500 Million

 

 

CIN No.:

[Company Identification No.]

U66000MH2017PLC294682

 

 

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.]

AAICR2814E

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Providing health insurance services. [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

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new company incorporated on 4th May 2017. It is a part of Reliance Group Company and a wholly owned subsidiary of Reliance Capital Limited.

 

The Reliance Capital Limited has carved out its retail health insurance business, from its general insurance business, into a standalone subsidiary.

 

Reliance Capital Limited incorporated in the year 1986, is a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index. Reliance Capital Limited has interests in asset management and mutual funds, life, general and health insurance, commercial and home finance, equities and commodities broking, wealth management services, distribution of financial products, asset reconstruction, proprietary investments and other activities in financial services.

 

Reliance Capital Limited has a net worth of INR 166920.000 Million and total assets of INR 822090.000 Million as on March 31, 2017.

 

Rating takes into consideration the company’s healthy capital base.

 

Rating also takes into consideration the strong financial and managerial support that the company receives from Reliance Capital Limited.

 

Business is active. Payment seems to be slow.

 

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

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

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 DENIED

 

Management Non-Cooperative (91-22-33031000)

 

 

LOCATIONS

 

Registered Office :

Reliance Centre, 6th Floor, North Wing, Off Western Express Highway, Santacruz(East) Mumbai – 400055, Maharashtra, India

Tel. No.:

91-22-33031000

Fax No.:

91-22-33034662

E-Mail :

compsec.rcl@relianceada.com

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Atul Kumar Tandon

Designation :

Director

Address :

A/701, Prayog Cooperative Housing Society Limited, Prabhat Colony, Near Reliance Office, Santacruz East Mumbai -400055, Maharashtra, India

Date of Appointment :

04.05.2017

DIN No.:

00030091

 

 

Name :

Mr. Yogesh Vijay Deshpande

Designation :

Director

Address :

Shiv Nakshtra, Flat no.502, Plot no.168B Near L M Hostel, Sector 19, Kharghar, Navi Mumbai -410210, Maharashtra, India

Date of Appointment :

04.05.2017

DIN No.:

01585511

 

 

Name :

Mr. Monish Bahubali Sheth

Designation :

Director

Address :

3-47 Adarsh Nagar, Opposite Century Bazar, Prabhadevi Mumbai -400025, Maharashtra, India

Date of Appointment :

04.05.2017

DIN No.:

06543757

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

 

No. of Shares

Reliance Capital Limited, India

 

49994

Parul Jain Jointly  with Reliance Capital Limited, India

 

1

Chetan Shantilal Raval Jointly with Reliance Capital Limited, India

 

1

Kannan Kolappan Chettiar Jointly with Reliance Capital Limited, India

 

1

Atul Kumar Tandon Jointly with Reliance Capital Limited, India

 

1

Monish Bahubali Sheth Jointly with Reliance Capital Limited, India

 

1

Yogesh Vijay Deshpande Jointly with Reliance Capital Limited, India

 

1

Total

 

50000

 

 

BUSINESS DETAILS

 

Line of Business :

Providing health insurance services. [Registered Activity]

 

 

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 :

Not Divulged

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company (From Indirect Sources) :
  • Reliance Capital Limited

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital : INR 400.500 Million

 

Issued, Subscribed & Paid-up Capital : INR 300.500 Million

 

FINANCIAL DATA

[all figures are INR Million]

 

NOT AVAILABLE

 

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

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

No

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

No

22

Conduct of the banking account

--

23

Financials, if provided

No

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last three years

No

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

No

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

 

INDEX OF CHARGE: No Charges Exists for Company

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

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

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 64.99

UK Pound

1

INR 90.83

Euro

1

INR 80.58

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

NYT

 

 

Report Prepared by :

KVT

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

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.