|
|
|
MIRA INFORM REPORT
|
Report No. : |
509755 |
|
Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
LIBERTY VIDEOCON GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
10th Floor, Tower A, Peninsula Business Park, Ganpatrao
Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22 67001313 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
01.11.2010 |
|
|
|
|
Com. Reg. No.: |
11-209656 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 9843.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U66000MH2010PLC209656 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUML08246A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL9950A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in providing Non-Life 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 : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between “Liberty Citystate holdings PTE Ltd”, a group company of US Headquartered Liberty Mutual Insurance Group along with “Enam Securities Private Limited“ and DP Jindal Group, an industrial conglomerate. It was incorporated in the year 2010 and is engaged in providing Non-Life Insurance services. As per financials of March 2017, the company has registered losses from its business operations during the year. Rating takes into consideration the company’s continuous losses from its business operations marked by moderate financial risk profile along with negative reserves and average liquidity position. However, rating weakness is partially offset by financial and managerial support received from its holding entity. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. Note: During March 2018, Videocon Industries has sold its entire equity stake from Liberty Videocon General Insurance Company Limited. Further, the stake of 26% has been sold to Diamond Dealtrade (a DP Jindal Group Company) and rest to Enam Securities Private Limited. |
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
31-03-2018.
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 17.05.2018.
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 (Tel. No.: 91-22-6700131 / 67001606 /
91-9987577191)
LOCATIONS
|
Registered / Corporate Office : |
10th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg,
Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-67001313 |
|
Fax No.: |
91-22-67001606 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Veena Vikas Mankar |
|
Designation : |
Director |
|
Address : |
801, Park Heights, 10th Road, Plot - E/656, Khar (West),
Near Madhu Park, Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
24.01.1953 |
|
Date of Appointment : |
09.11.2012 |
|
DIN No.: |
00004168 |
|
|
|
|
Name : |
Mr. Radheyshyam Dalchand Agarwal |
|
Designation : |
Director |
|
Address : |
A-102, Chaitanya Towers, Near Karur Vysya Bank, Prabhadevi,
Mumbai- 400025, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1942 |
|
Date of Appointment : |
14.12.2010 |
|
DIN No.: |
00012594 |
|
|
|
|
Name : |
Mr. Shripad Shrikrishna Nadkarni |
|
Designation : |
Director |
|
Address : |
B-45/1332, Adarsh Nagar,, Prabhadevi,, Mumbai-400025,
Maharashtra, India |
|
Date of Birth/Age : |
19.05.1961 |
|
Date of Appointment : |
09.11.2012 |
|
DIN No.: |
00075371 |
|
|
|
|
Name : |
Mr. Sanjiv Krishnaji Shelgikar |
|
Designation : |
Additional director |
|
Address : |
Suruchi, 320, Sakaram Savant Marg, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Date of Appointment : |
04.11.2014 |
|
DIN No.: |
000094311 |
|
|
|
|
Name : |
Mr. Roopam Asthana |
|
Designation : |
Whole-time director |
|
Address : |
D-6/4, 1st Floor, Vasant Vihar, New Delhi-110057, Delhi,
India |
|
Date of Birth/Age : |
13.06.1965 |
|
Date of Appointment : |
11.03.2011 |
|
DIN No.: |
00121261 |
|
|
|
|
Name : |
Sudhir Chintamani Nilkanth Jatar |
|
Designation : |
Director |
|
Address : |
A - 102, Neel Sadan Sadashiv Peth, Pune – 411030,
Maharashtra, India |
|
Date of Appointment : |
27.05.2016 |
|
DIN No.: |
00393605 |
|
|
|
|
Name : |
James Matthew Czapla |
|
Designation : |
Director |
|
Address : |
19th Taft Street, Marblehead 019452439 US |
|
Date of Appointment : |
24.01.2017 |
|
DIN No.: |
07704934 |
|
|
|
|
Name : |
Matthew David Nickerson |
|
Designation : |
Director |
|
Address : |
7728 N.E. 8th Street Medina 98039 US |
|
Date of Appointment : |
10.05.2017 |
|
DIN No.: |
07792769 |
KEY EXECUTIVES
|
Name : |
Mr. Seshadri Venkatesh |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
B 2/704, Dsk Madhuban Co-Operative Housing Society, Mehra Compound,
Andheri Kurla Road, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Date of Appointment : |
06.05.2014 |
|
PAN No.: |
AAIPV4380Q |
|
|
|
|
Name : |
Mr. Vimal Kishor |
|
Designation : |
Secretary |
|
Address : |
4063 Sector 4C, Vasundhra, Ghaziabad – 201012, Uttar
Pradesh, India |
|
Date of Birth/Age : |
20.12.1975 |
|
Date of Appointment : |
02.05.2012 |
|
PAN No.: |
AIFPK0953R |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Saurabh
Pradipkumar Dhoot* |
|
10 |
|
Sunil Ramswaroop
Samriya* |
|
10 |
|
Vasant Shesharao
Kakade* |
|
10 |
|
Vilas Rambhau
Salunke* |
|
10 |
|
Siddharth Somani* |
|
10 |
|
Nikhil Yadkikar* |
|
10 |
|
Videocon
Industries Limited, India |
|
556449940 |
|
Liberty Citystate
Holdings PTE. Limited, Singapore |
|
427900000 |
|
|
|
|
|
Total |
|
984350000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 16.06.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
56.53 |
|
Promoters- Others |
43.47 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in providing Non-Life Insurance Services. [Registered Activity] |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors 1: |
|
|
Name : |
PKF Shridhar and Santhanam LLP Chartered Accountants |
|
Address : |
201 Centre Point Building Opposite Bharat Mata Cinema, Dr. B R Ambedakar Road Parel, Mumbai-400012, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAOFS2783G |
|
|
|
|
Auditors 2: |
|
|
Name : |
T R Chadha and Company Chartered Accountants |
|
Address : |
502 Marathon Icon Veer Santaji Marg, Opposite G K Marg Lower Parel,
Mumbai-400013, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFT1655Q |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Videocon Industries Limited L99999MH1986PLC103624 |
|
|
|
|
Associates : |
· Liberty Citystate Holdings Pte Limited · Liberty Mutual Insurance Company ·
Liberty Data Analytics Private Limited |
CAPITAL STRUCTURE
After 31.03.2017
Authorised Capital : INR 20000.000 Million
Issued, Subscribed & Paid-up Capital : INR 10846.003
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
984350000 |
Equity Shares |
INR 10/- each |
INR 9843.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9843.500 |
6793.500 |
6793.500 |
|
|
2] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
3] Fair Value Change Account Shareholders |
0.132 |
0.145 |
0.000 |
|
|
4] Fair Value Change Account Policyholders |
0.265 |
0.252 |
0.000 |
|
|
5] (Accumulated losses) |
(6597.956) |
(4650.778) |
(2938.781) |
|
|
NETWORTH |
3245.941 |
2143.119 |
3854.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3245.941 |
2143.119 |
3854.719 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
229.505 |
198.808 |
254.241 |
|
|
Capital work-in-progress |
22.266 |
44.844 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
8130.345 |
5033.486 |
5303.959 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000
|
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000
|
|
|
Cash & Bank Balances |
402.259
|
311.552
|
499.959
|
|
|
Other Current Assets |
0.000 |
0.000 |
0.000
|
|
|
Loans & Advances |
852.452
|
511.434
|
425.576
|
|
Total
Current Assets |
1254.711
|
822.986
|
925.535
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000
|
0.000
|
|
|
Other Current Liabilities |
3741.062
|
2158.891
|
1263.131
|
|
|
Provisions |
2649.824
|
1798.114
|
1365.885
|
|
Total
Current Liabilities |
6390.886
|
3957.005
|
2629.016
|
|
|
Net Current Assets |
(5136.175)
|
(3134.019)
|
(1703.481)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3245.941 |
2143.119 |
3854.719 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
1. |
OPERATING
PROFIT/(LOSS) |
|
|
|
|
|
|
a) Fire Insurance |
(115.189) |
(73.292) |
(44.088) |
|
|
|
b) Marine Insurance |
(36.825) |
(20.141) |
(20.170) |
|
|
|
c) Miscellaneous Insurance |
(1951.609) |
(1796.740) |
(1562.185) |
|
|
|
|
|
|
|
|
|
2. |
INCOME FROM
INVESTMENTS |
|
|
|
|
|
|
a) Interest, Dividend and Rent- Gross |
188.496 |
218.608 |
190.154 |
|
|
|
d) Profit on Sale of Investments |
12.954 |
3.077 |
0.000 |
|
|
|
Less: Loss on Sale of Investments |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
3. |
OTHER INCOME |
0.000 |
0.000 |
0.480 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
(1902.173) |
(1668.484) |
(1435.809) |
|
|
|
|
|
|
|
|
4. |
PROVISIONS
(OTHER THAN TAXATION) |
|
|
|
|
|
|
a) For Diminution in the value of investments |
0.000 |
0.000 |
0.000 |
|
|
|
b) For Doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
|
c) Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
5. |
OTHER
EXPENSES |
|
|
|
|
|
|
a) Expenses other than those related to insurance business |
36.889 |
41.363 |
32.830 |
|
|
|
b) Managerial Remuneration |
3.050 |
0.000 |
|
|
|
|
c) Stamp duty increase |
3.500 |
1.750 |
|
|
|
|
d) Directors Sitting Fees |
0.956 |
0.400 |
0.000 |
|
|
|
e) Investment Custodian fees |
0.000 |
0.000 |
0.000 |
|
|
|
f) Bad debts written Off |
0.000 |
0.000 |
0.000 |
|
|
|
g) Others |
|
0.610 |
0.000 |
0.000 |
|
|
|
TOTAL |
45.005 |
43.513 |
32.830 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1947.178) |
(1711.997) |
(1468.639) |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR
TAXATION |
|
|
|
|
|
|
Current Tax |
0.000 |
0.000 |
0.000 |
|
|
|
Deferred Tax |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(1947.178) |
(1711.997) |
(1468.693) |
|
|
|
|
|
|
|
|
|
|
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 Reserves or Other Accounts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE BROUGHT
FORWARD FROM LAST YEAR |
(4650.778) |
(2938.781) |
(1470.142) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
FORWARD TO BALANCE SHEET |
(6597.986) |
(4650.778) |
(2938.781) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.20) |
(2.52) |
(3.29) |
|
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 |
NA |
NA |
NA |
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 |
6793.500 |
6793.500 |
9843.500 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.132 |
|
Fair
Value Change Account Shareholders |
0.000 |
0.145 |
0.265 |
|
Fair
Value Change Account Policyholders |
0.000 |
0.252 |
0.000 |
|
(Accumulated
losses) |
(2938.781) |
(4650.778) |
(6597.956) |
|
Net worth |
3854.719 |
2143.119 |
3245.941 |
|
|
|
|
|
|
Secured loan |
0.000 |
0.000 |
0.000 |
|
Unsecured loan |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
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
OPERATIONAL REVIEW
The year was the fourth full year of operations for the Company) during which the Company achieved gross direct written premium of Million 5846.000 Million. Premium growth of 43% was recorded by the company as compared to 35% of growth of private sector multi line and multi product companies. The company was one of the fastest growing multi line multi-channel companies in the Non-Life Insurance industry in the year under review. It may be noted that the market growth included a large proportion of Crop Insurance in which the company is not participating as yet. Without Crop Insurance growth of multi-line and multi product private insurance companies was 15%. The company grew at more than 2 times the rate of comparable market growth.
The fourth set of branches were set up in time and within budgets taking the total branch network to 60 branches across India from 35 with multiple branches in Mumbai and Delhi NCR region. More branches across India are being planned in the current year. Substantial increase in their physical presence across the country along with activation of more distributors combined with more products being available to sell has led to the rapid growth of the company. Motor insurance - Private Car business continued to be the mainstay of their business and the company was able to increase its penetration across various geographies/segments especially for Hyundai Motor India Ltd. During the year insurance coverage in two wheeler segment made good progress and a special focus on Royal Enfield motor cycles has given good dividends. The continued focus of the company towards building strong relationships with customers and distributors with a superior service proposition was appreciated in the market. Digital initiatives deployed by the Company for ensuring the seamless flow of information from the distributors to the company and back to customer/distributor have been functioning well. Taking advantage of Use and File Procedure provided by IRDAI for filing products the Company filed 8 new products under the said procedure under various categories.
All major processes across Head Office and branches were mapped and adherence was audited. Focus on processes and SOPs continued to aid in the objective of national standardization, which is very crucial for a new company to establish superiority in Customer Experience. Big strides were nude on the technology front with more products being introduced on the Core platf01n1, thereby enabling out Sales teams across channels and Lines of Business. The company remains focused on bringing choice, ease of usage and convenience to its customers and intermediates through the combination of technology and well trained and empathetic employees.
Claims management continues to be an important part of the overall customer and intermediary proposition and claims adjusters were hired across all major branches. The tab based software application, launched by the Company for facilitating the loss adjusters is functioning well and improving their turnaround in servicing customers. Focus on fair, quick and correct settlement of claims has been appreciated by the market and continues to be focus area for the Company. The company has been acknowledged as one of the fastest in claims settlement within 30 days in the industry.
Despite being a startup, the company was able to attract and .recruit strong talented teams across functions and branches taking the total headcount to 886. The initial focus has been on recruiting employees with prior experience in the Non-Life Insurance business and strong reputation in their local markets. Recruiting the right talent with the right experience and right attitude remains the largest challenge in the growth of the Company.
FUTURE OUTLOOK
The Company has fin objective of profitable growth and risk based underwriting, with superior customer service proposition. The Company has been well received in the market by the intermediaries and ultimate consumers and the prospects of the Company remain attractive.
PRESS RELEASE
VIDEOCON INDUSTRIES EXITS FROM LIBERTY
VIDEOCON GENERAL INSURANCE COMPANY
Videocon Industries has sold its entire equity stake in Liberty Videocon General Insurance Company, an Insurance Joint Venture Company promoted by Videocon Industries and Liberty Mutual Insurance Group. The Company was holding 51.32% of the share capital of Liberty Videocon, which has been sold to the extent of 26% to Diamond Dealtrade (a DP Jindal Group Company) & the remaining 25.32% to Enam Securities.
All the necessary regulatory approvals for the said sale were already received. Post the said divestment, the Company ceases to be the Indian Promoter of Liberty Videocon, and, accordingly, the name of Liberty Videocon will also change to 'Liberty General Insurance Company' or such other name as may be approved by the regulatory authorities.
BUSINESS BRIEFS: LIBERTY MUTUAL PARTNERS
WITH INDIAN COMPANY
Liberty Mutual
Partners with Indian Company
U.S.-based Liberty Mutual Insurance Group announced the onboarding of Enam Securities and DP Jindal Group as the new Indian promoters in its insurance joint venture in place of its former promoter, Videocon Industries Limited. The new partnership will expand and fortify the company’s position as one of the fastest growing general insurance companies in India and its capability to deliver high quality products and services across general insurance category. The company has received the necessary regulatory approval for rebranding and will soon apply to change its name to Liberty General Insurance Limited with the Register of Companies, according to a news release. “We are delighted to welcome Enam Securities and DP Jindal Group to Liberty General Insurance,” said Roopam Asthana, CEO and whole time director of the Liberty Mutual joint venture company in India. “This joint venture brings together three promoter organizations whose values are based on a client-first approach to business.”
Suman Naishadham
Receives Fellowship
Suman Naishadham, an Indian American journalism graduate student at the University of Missouri, received an Overseas Press Club Foundation Scholar Award at the Foundation’s 2018 Annual Scholar Awards Luncheon held at the Yale Club in New York City. Jeff Glor, anchor of the CBS Evening News, was the keynote speaker. Naishadham was among 16 aspiring foreign correspondents selected by a panel of leading journalists from a pool of 175 applicants from 50 different colleges and universities, a university news release said. Naishadham was the recipient of the H.L. Stevenson Fellowship. She received the award from Steve Swanson, OPC Foundation treasurer. Having spent a year as a freelancer and staff reporter in India, Naishadham is fascinated by the differences in local and foreign coverage and how that plays out in the digital age, it said. An NYU grad, she wrote about Chikur Balaji, the so-called “visa temple,” where young Indians pray for H-1B visa approval, it said. Award winners were also honored with a reception at Reuters.
Haryana Govt Partners
with NeoDocto Foundation
The Minister of Health of the Government of Haryana Anil Vij welcomed the NeoDocto Foundation to implement its NeoDocto Malaria Eradication Program in the state. “We are grateful to NeoDocto Foundation for presenting a most effective malaria initiative program which will be a difference creator in the improvement of malaria situation Haryana,” Vij said. According to the World Malaria Report 2017 of World Health Organization, India is one of the three countries that accounts for 97 percent of the malaria cases in South East Asia. The Haryana Health Department believes that the keystone to success is the ability to provide the highest quality programs with both demonstrable health benefits and fully satisfied patients. The mission is to improve the quality of life of the people by providing better health services, a news release said. The NeoDocto Malaria Eradication Program is a necessity for every state of India, according to the foundation. The foundation strives to eliminate malaria by partnering with the government and non-government bodies including celebrities to educate and create awareness on malaria and its preventative measures, it said.
Accel Leads World
View Series C Funding
World View, a stratospheric exploration company, has closed a Series C financing round of $26.5 million led by Accel. Accel, known for its strong record of early stage investments in companies like Facebook, DJI, Dropbox, Slack, Spotify and others, has taken the first step into the space sector with this World View investment. Accel’s Sameer Gandhi, who led early investment in Dropbox, DJI, Spotify, and Venmo, will join World View’s board of directors. “World View has set its sights on creating an entirely new economic sector in the stratosphere,” said Accel partner Gandhi. “World View’s proven technology offers unique and low-cost access to the space environment, and we share World View's belief that innovation in the stratosphere has the potential to unlock many new applications with unprecedented benefit.” With this funding, World View will accelerate the development and commercialization of its Stratollite vehicle, which offers low-cost, navigable and persistent high-altitude flight over customer specified areas of interest for long duration missions.
Maneet Chauhan Named
to Restaurant List
Maneet Chauhan was recently named to the Nation's Restaurant News annual Power List of food service. The list, according to NRN, is "the definitive list of people setting foodservice trends today and shaping them for tomorrow." Blending the soul of a Nashville, Tenn., meat-and-three with equally soulful Indian flavors, restaurateur and “Chopped” judge Maneet Chauhan has created mashups where no one has mashed before, the publication said. Chauhan and her husband Vivek Deora have done that and more at Nashville’s Chauhan Ale & Masala House, which they opened in 2014 and immediately started making their mark. The restaurant is known for its dishes such as tandoori chicken poutine and garam masala ribeye. Chauhan recently partnered with local brewer Derrick Morse for an Indian spiced beer project that culminated in opening a brewery, Mantra Artisanal Ales, in Franklin, Tenn., the report added.
Anil Sharma Among
Shipping, Trade Influential
Dr Anil Sharma, president and CEO of GMS, has been featured in the annual supplement of Tanker Shipping & Trade’s Industry Leaders: 50 Most Influential People in Tanker Shipping & Trade. Sharma has a doctorate degree from a U.S. business school and has dedicated the last 25 years of his career building the GMS brand across the world. Today, the company has a presence in 9 countries including the U.S., India and Singapore and several representative offices in Turkey and South Asia. The company is growing rapidly with the addition of new offices almost every year. “I am honored with this acknowledgement of the hard work and dedication to responsible ship recycling that the GMS Green Team has been consistently improving through the years," Sharma said. "We remain truthful to our clients who trust us to assist them in the safe disposal of their units and we maintain our promise for unparalleled personalized service unaffected by market fluctuations, always remaining loyal to our best customer service practices and the continuous efforts for the betterment of the ship recycling industry in South Asia."
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 67.83 |
|
|
1 |
INR 91.68 |
|
Euro |
1 |
INR 80.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
JYO |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.