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|
|
MIRA INFORM REPORT
|
Report No. : |
499963 |
|
Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
H-Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-33031000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
17.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128300 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1257.750 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66603MH2000PLC128300 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AABCR6747B1ZG |
|
|
|
|
TIN No: |
27470682521 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR6747B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing General Insurance Service. (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exists |
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|
|
|
Comments : |
Subject is a wholly owned subsidiary of “Reliance Capital Limited and is currently involved in Insurance services. Reliance Capital Limited (RCL) is a part of the “Reliance ADA Group”. It is engaged in providing Insurance services. For the financial year 2017, the company has achieved decent operational revenue which has improved as compared to previous year marked by satisfactory profit margin. The sound financial profile of the company is marked by healthy networth base. Rating takes into consideration equity infused by its promoters. Rating also takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. However, rating strengths are partially offset by intense competition in insurance sector. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per the current press release the subject has received SEBI nod to float an initial public offering (IPO). The IPO comprises fresh issue of little over 1.67 crore shares by Reliance General Insurance besides an offer for sale of 5.03 crore shares by Reliance Capital. |
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 |
CARE |
|
Rating |
Subordinated Debt Issues (AA) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
06.04.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 24.03.2018
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 (91-22-33031000)
LOCATIONS
|
Registered Office : |
H-Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-33031000/ 30327000 |
|
Fax No.: |
91-22-30479650/ 3303 4662 |
|
E-Mail : |
mohan.khandekar@relianceada.com rgicl.investor@relianceada.com |
|
Website : |
|
|
|
|
|
Correspondence
Office: |
Unit 301-302, Corporate House RNT Marg, Opposite Jhabua Tower, Indore-452001, Madhya Pradesh, India |
|
|
|
|
Corporate Office: |
Reliance Centre, South Wing, 4th Floor, Off Western Express Highway, Santacruz (East), Mumbai - 400055, Maharashtra, India |
|
Tel. No.: |
91 - 22 - 33031000 |
|
Fax No.: |
91 - 22 - 33034662 |
|
|
|
|
Branch Offices : |
Located at:
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rajendra Prabhakar Chitale |
|
Designation : |
Director |
|
Address : |
131/B, Tanna Residency Bayview, Opposite Siddhi Vinayak Temple, 392, V.S. Marg, Prabhadev I Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1961 |
|
Date of Appointment : |
12.06.2006 |
|
DIN No.: |
00015986 |
|
|
|
|
Name : |
Mr. Lav Ramji Chaturvedi |
|
Designation : |
Director |
|
Address : |
Golden Rays, 403-04 Shastri Nagar, Andheri (West), Mumbai- 400053, Maharashtra, India |
|
Date of Birth/Age : |
20.07.1976 |
|
Date of Appointment : |
22.04.2017 |
|
DIN No.: |
02859336 |
|
|
|
|
Name : |
Mr. Haris Ansari |
|
Designation : |
Director |
|
Address : |
Flat No.503, Serin Nyati Enclave, Nyati Enclave, Nyati Couty,
Mohammadwadi, Pune-411028, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1939 |
|
Date of Appointment : |
08.05.2012 |
|
DIN No.: |
02155529 |
|
|
|
|
Name : |
Mr. Rakesh Jain |
|
Designation : |
Wholetime Director |
|
Address : |
B-701, Velentine, Apartment, Pimpli Pada, Malad (East), Mumbai-400097,
Maharashtra, India |
|
Date of Birth/Age : |
17.08.1970 |
|
Date of Appointment : |
20.10.2011 |
|
DIN No.: |
03645324 |
|
|
|
|
Name : |
Mrs. Chhaya Virani |
|
Designation : |
Director |
|
Address : |
407, Panchsheel, C Road, P.M. Shukla Marg, Churchgate, Mumbai-400020, Maharashtra, India |
|
Date of Birth/Age : |
16.06.1954 |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
06953556 |
|
|
|
|
Name : |
Mr. Thomas Mathew |
|
Designation : |
Director |
|
Address : |
C-1/1, Multi Storey Flats Sector Xiii, R K Puram, New Delhi-110066, India |
|
Date of Appointment : |
06.10.2017 |
|
DIN No.: |
05203948 |
KEY EXECUTIVES
|
Name : |
Mr. Mohan Bhalchandra Khandekar |
|
Designation : |
Company Secretary & Chief Compliance Officer |
|
Address : |
F-503, Gokul Horizon, Thakur Village, Kandivli (East) Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1965 |
|
Date of Appointment : |
20.10.2005 |
|
PAN No.: |
AAFPK1139F |
|
|
|
|
Name : |
Mr. Hemant Kumar Shanti Lal Jain |
|
Designation : |
Chief Finance Officer (KMP) |
|
Address : |
B-1004, Harbour View, Jawahar Nagar Co Op Housing Society, Near Ryan Inta School, Sector 19A, Nerul (East), Navi Mumbai-400615, Maharashtra, India |
|
Date of Appointment : |
01.04.2004 |
|
PAN No.: |
ADCPJ7780P |
|
|
|
|
Name : |
Aashish K. Bhatt and Associates |
|
Designation : |
Practicing Company Secretary |
|
Address : |
D/101, Lata Annexe, Above Axis Bank, W.E. Highway, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Mob. No: |
91-9867151081 |
|
Telefax: |
91-22-28461715 |
|
Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Capital Limited, India |
|
125774954 |
|
Reliance Capital Limited jointly with Yogesh Deshpande |
|
01 |
|
Reliance Capital Limited jointly with Madan Chaturvedi |
|
01 |
|
Reliance Capital Limited jointly with Atul Kumar Tandon |
|
01 |
|
Reliance Capital Limited jointly with Parul Jain |
|
01 |
|
Reliance Capital Limited jointly with Kannan Chettiar |
|
01 |
|
Reliance Capital Limited jointly with Chetan Raval |
|
1 |
|
Total |
|
125774960 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing General Insurance Service. (Registered
Activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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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Financial Institution : |
J.P. Morgan Europe Limited |
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Auditors 1 : |
|
|
Name : |
Pathak H.D. and Associates Chartered Accountants |
|
Address : |
814-815, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFP1031C |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Haribhakti and Company LLP Chartered Accountants |
|
Address : |
131, Mittal Court, 13th Floor, C Wing, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFH2010F |
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|
|
|
Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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Holding Company : |
Reliance Capital Limited [L65910MH1986PLC165645] |
|
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|
Subsidiary of
Holding Company |
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|
List of other
related parties under common control with whom transaction have taken place
during the Year: |
|
CAPITAL STRUCTURE
After 29.06.2017
Authorised Capital: INR 3000.000 million
Issued, Subscribed & Paid-up Capital: INR 2515.499
million
As on: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 10/- each |
INR 2000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125774960 |
Equity Shares |
INR 10/- each |
INR 1257.750
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
Sources of funds |
|
|
|
|
Share Capital |
1257.750 |
1227.750 |
1227.750 |
|
Reserves and Surplus |
11219.055 |
9045.620 |
16242.881 |
|
Share Application Money Pending Allotment |
0.000 |
900.000 |
900.000 |
|
Fair Value Change Account – Shareholders |
15.012 |
(19.753) |
14.664 |
|
Fair Value Change Account – Policyholder |
77.309 |
(119.794) |
0.000 |
|
Borrowings |
2300.000 |
0.000 |
0.000 |
|
Total |
14869.126 |
11033.823 |
18385.295 |
|
|
|
|
|
|
Application of
funds |
|
|
|
|
Investments |
67242.657 |
53813.732 |
50483.263 |
|
Loans |
0.000 |
0.000 |
0.000 |
|
Fixed Assets |
321.739 |
339.179 |
349.270 |
|
Deferred Tax |
372.735 |
372.735 |
372.735 |
|
Total |
67937.130 |
54525.646 |
51205.268 |
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
1738.568 |
1013.015 |
785.878 |
|
Advances and Other Assets |
7074.372 |
7391.825 |
4637.434 |
|
Sub-Total (A) |
8812.940 |
8404.840 |
5423.312 |
|
|
|
|
|
|
Other Current Liabilities |
51184.388 |
42648.575 |
37426.523 |
|
Provisions |
10696.557 |
9248.088 |
9004.843 |
|
Sub-Total (B) |
61880.945 |
51896.663 |
46431.366 |
|
Net Current Assets
(C = A - B) |
(53068.005) |
(43491.823) |
(41008.054) |
|
Miscellaneous Expenditure (to the extent not written off or adjusted |
0.000 |
0.000 |
0.000 |
|
Debit Balance in Profit & Loss Account |
0.000 |
0.000 |
8188.081 |
|
|
|
|
|
|
Total |
14869.126 |
11033.823 |
18385.295 |
PROFIT
& LOSS ACCOUNT
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
Operating Profit /
(Loss) transferred from Revenue Account |
|
|
|
|
a. Fire Insurance |
43.545 |
236.100 |
158.178 |
|
b. Marine Insurance |
72.057 |
(159.087) |
(14.291) |
|
c. Miscellaneous Insurance |
398.809 |
(75.189) |
(77.192) |
|
|
514.411 |
1.824 |
66.695 |
|
Income from
Investments |
|
|
|
|
Interest, Dividend & Rent - Gross |
770.169 |
866.954 |
784.163 |
|
Profit on sale/redemption of investments |
239.857 |
180.924 |
174.410 |
|
Less: Loss on sale/redemption of investment |
(17.538) |
(0.897) |
(1.501) |
|
|
992.488 |
1046.981 |
957.072 |
|
Other Income |
|
|
|
|
Profit on sale of fixed assets |
(0.070) |
0.985 |
(1.071) |
|
Miscellaneous Income |
5.208 |
5.647 |
8.744 |
|
Excess Provision Written Back |
4.484 |
0.000 |
36.481 |
|
|
9.622 |
6.632 |
44.154 |
|
TOTAL (A) |
1516.521 |
1055.437 |
1067.921 |
|
|
|
|
|
|
Provisions (Other
than Taxation) |
|
|
|
|
(a) For diminution in the value of investment |
0.000 |
0.000 |
0.000 |
|
(b) For doubtful debts |
16.407 |
19.114 |
76.156 |
|
(c)Bad debt w/off |
2.361 |
38.976 |
0.000 |
|
Interest on refunds |
0.000 |
0.000 |
148.050 |
|
Less:- Provision held |
0.000 |
(38.689) |
0.000 |
|
Standard Assets |
0.000 |
0.000 |
(0.186) |
|
TOTAL |
18.768 |
19.401 |
224.020 |
|
Other Expenses |
|
|
|
|
Expenses other than those related to Insurance Business |
46.602 |
36.576 |
30.000 |
|
Interest on refunds |
0.000 |
4.125 |
0.000 |
|
Interest on non-Convertible Debenture |
131.439 |
0.000 |
0.000 |
|
Corporate Social Responsibility Expense |
16.277 |
3.515 |
0.000 |
|
Penalty |
0.000 |
1.000 |
0.000 |
|
TOTAL |
194.318 |
45.216 |
30.000 |
|
TOTAL (B) |
213.086 |
64.617 |
254.028 |
|
|
|
|
|
|
Profit / (Loss)
Before Tax |
1303.435 |
990.820 |
813.901 |
|
Provision for
Taxation |
|
|
|
|
Current Tax |
262.191 |
180.629 |
34.700 |
|
Short Provision for earlier year |
26.544 |
46.717 |
0.000 |
|
MAT Credit |
(288.735) |
(227.346) |
(34.700) |
|
Net Profit /(Loss)
After Tax |
1303.435 |
990.820 |
813.901 |
|
Appropriations: |
|
|
|
|
(a) Interim dividends paid during the year |
0.000 |
0.000 |
0.000 |
|
(b) Proposed final dividend |
0.000 |
0.000 |
0.000 |
|
(c) Dividend Distribution Tax |
0.000 |
0.000 |
0.000 |
|
(d) Transfer to any reserve or other accounts (to be specified): |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
After appropriations |
1303.435 |
990.820 |
813.901 |
|
Balance of Profit / Loss brought forward from last year |
990.820 |
(8188.081) |
(8993.804) |
|
Less:- Adjusted as per capital reduction scheme |
0.000 |
8188.081 |
0.000 |
|
Adjustment on account of schedule II of the Companies Act, 2013 |
0.000 |
0.000 |
(8.178) |
|
Balance carried
forward to Balance Sheet |
2294.255 |
990.820 |
(8188.081) |
|
Significant Accounting Policies and Notes to Financial |
|
|
|
|
Statements (Refer Schedule 16 & 17). |
|
|
|
|
Basic Earnings Per
Share |
10.36 |
8.07 |
6.63 |
|
Diluted Earnings
Per Share |
10.36 |
7.71 |
6.63 |
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 |
|
|
|
|
|
|
Cash flow from Operating Activities
|
8357.346 |
(309.533) |
6798.709 |
LEGALS
FILE
|
Case Details |
|
Bench:-Bombay |
||
|
Presentation Date:- |
31/01/2017 |
||||||||
|
Lodging No.:- |
CCL/47/2017 |
Filing Date:- |
31/01/2017 |
Reg. No.:- |
CC/20/2017 |
Reg. Date:- |
22/06/2017 |
||
|
Main Matter |
|
Lodging No.:- |
Reg No.:- |
COMS/264/2017 |
|
Petitioner:- |
HOTLINE TEXTILES AND INFRASTRUCTURE PRIVATE
LIMITED |
Respondent:- |
RELIANCE GENERAL INSURANCE COMPANY LIMITED |
|
Petn.Adv.:- |
VIDHI PARTNERS (I755) |
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
||||
|
Status:- |
Pre-Admission |
Category:- |
COUNTER CLAIM |
|
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 |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
The Subject Company was incorporated on August 17, 2000. The Company is a subsidiary of Reliance Capital Limited. The Company obtained regulatory approval to undertake General Insurance business on October 23, 2000 from the Insurance Regulatory and Development Authority of India (“IRDAI”).
The Company’s certificate of renewal of registration dated February 25, 2014 was valid till March 31, 2015. Pursuant to section 3 read with section 3A of the Insurance Act, 1938 as amended by the Insurance Laws (Amendments) Act, 2015, said certificate shall consequentially continue to be in force from April 1, 2015.
OPERATIONS
The Company in the current year has underwritten Gross written premium of INR 40070.900 million as against INR 28679.800 million in the previous year registering an increase by 40.%. The main focus during the year was again to improve the profitability of the Company along with growth.
The Profit Before Tax earned during the Financial Year 2016-17 is INR 1303.400 million as against Profit of INR 990.800 million during the previous year achieving a growth of 32% over FY 2015-16.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Borrowings |
|
|
|
Debenture Bonds |
23000.000 |
0.000 |
|
Total |
23000.000 |
0.000 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims other than under policies not Acknowledge as debt |
23.714 |
21.598 |
|
Guarantee given by or on behalf of the company |
1.070 |
75.505 |
|
Statutory demands liabilities in dispute no provided for |
1.605 |
20.104 |
|
Others |
13.925 |
13.925 |
INDEX OF CAHREGS:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C82021379 |
10626767 |
BNP Paribas (acting through its Singapore branch |
23/02/2016 |
- |
- |
1504500000.0 |
20, Collyer Quay #01-01, SingaporeNA049319SG |
|
2 |
C77094217 |
10600662 |
BNP Paribas |
15/10/2015 |
21/12/2015 |
- |
1540928164.86 |
16 rue de HanovreCedex 02ParisNA75078FR |
|
3 |
C74345562 |
10609832 |
Aircraft MSN 4070 LLC |
22/04/2015 |
- |
- |
1878811350.0 |
160 Greentree Drive, Suite 101DoverNA19904US |
|
4 |
G05545454 |
10542005 |
J.P. MORGAN EUROPE LIMITED |
15/12/2014 |
22/04/2016 |
- |
2307611602.4 |
25 Bank StreetCanary WharfLondonNAE145JPGB |
|
5 |
G70564224 |
100057062 |
BNP Paribas |
25/08/2016 |
- |
07/12/2017 |
896566412.61 |
16 rue de HanovreParisNA75002FR |
FIXED ASSETS:
- Furniture and Fittings
- Leasehold Improvements
- Information Technology Equipment
- Intangible Asset (Computer Software)
- Vehicles
- Office Equipment
- Plant and Machinery
PRESS RELEASE:
RELIANCE GENERAL INSURANCE GETS SEBI NOD FOR
IPO
NEW DELHI, NOV 30:
Reliance General Insurance Company, a part of Anil Ambani-led Reliance Group,
has received SEBI nod to float an initial public offering.
The IPO comprises fresh issue of
little over INR 16.700 million shares by Reliance General Insurance besides an
offer for sale of INR 50.300 million shares by Reliance Capital.
The company plans to utilise the
proceeds from the fresh issue towards augmenting the solvency margin and
consequently increasing the solvency ratio. Besides, the money will be used to
meet future capital requirements, which are expected to arise out of growth.
The Securities and Exchange Board
of India (SEBI) had issued its final “observations” to the draft papers filed
by Reliance General Insurance in October, the company said
in a statement.
The regulator’s “observations” are
very important for any company to launch any public offers.
At the end of March this year,
Reliance General Insurance’s book value stood at INR 12500.000 million. The
company’s valuation is expected to be over INR 60.000 million, an average
multiple of around five times, merchant banking sources said.
Motilal Oswal Investment Advisors,
Credit Suisse Securities (India) Private Limited, Edelweiss Financial Services,
UBS Securities, Haitong Securities and IDBI Capital Markets & Securities
will manage the IPO.
Reliance General Insurance, which
had received in-principle approval from the Insurance Regulatory and Development Authority of India in
September for the IPO, expects to get listed in the current financial year.
Earlier this month, another group
firm - Reliance Nippon Life Asset Management - got listed on the bourses.
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 65.13 |
|
|
1 |
INR 91.96 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information Gathered
by : |
AKY |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
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.