Company Snapshot - Religare

Overview

A diversified financial services group with a pan-India presence and presence in multiple international locations, Religare Enterprises Limited ("REL") offers a comprehensive suite of customer-focused financial products and services targeted at retail investors, high net worth individuals and corporate and institutional clients.

With a view to expand and diversify, REL operates in the life insurance space under 'Aegon Religare Life Insurance Company Limited' and has launched India's first wealth management joint venture under the brand name 'Religare Macquarie Private Wealth'.

REL, through its subsidiaries, has launched India's first holistic arts initiative - with a gallery - as well as the first SEBI approved film fund, which is an initiative towards innovation and spotting new opportunities for creation and maximization of wealth for investors.

REL operates from seven domestic regional offices, 43 sub-regional offices, and has a presence in 498* cities and towns controlling 1,837* business locations all over India.

To make a mark in the global arena, REL acquired UK-based Hichens, Harrison & Co. in 2008 which was subsequently re-named as Religare Hichens Harrison PLC ("RHH"). Hichens, Harrison & Co. was incorporated in London in the year 1803 and is believed to be one of the oldest firms of stockbrokers in the City of London.

Pursuant to expansion of REL's business, the company has grown from largely an equity trading company into a diversified financial services company. With the addition of RHH the REL group now operates out of multiple global locations, other than India, (the UK, the USA, Brazil, South Africa, Dubai and Singapore).

Group Structure

For the detailed report follow the following link

http://www.religare.in/income-statement.asp?reporttype=QTR

Other Initiatives by Religare

Vistaar

Religare Enterprises Limited and Vistaar Entertainment Ventures Private Limited launched India´s first ever film fund - Vistaar Religare Film Fund (VRFF) for the Film/Media business.

Femme Power

Religare has created an alternative career path, keeping in mind the needs, wants and desires of today´s woman. Femme Power provides an opportunity for the contemporary Indian woman who strives to strike a balance between work and family life. Femme Power is an independent financial advisory platform managed by women, for women.

The primary focus of Femme Power is to provide a single point of contact from which women across India can access their financial investments and transactions, in addition to providing timely lifestyle tips. Femme Power will serve as a catalyst to address concerns of women about financial security, investment knowledge, health & nutrition, in addition to a range of other issues.

Bancinvest

Religare is also aggressively forging relationships with large private and public sector banks to offer online/ offline equities and portfolio management services through its "BANCINVEST" channel to cater to a broader spectrum of investors nationally.

Some of the key strategic partnerships that are already in place are with entities such as Karur Vyas, IndusInd Bank, Tamilnad Mercantile Bank Ltd, Corporation Bank, Bank of Rajasthan, Vijay Co-operative Bank Ltd, etc.

Management Team

• Mr. Sunil Godhwani
  CEO & Managing Director, Religare Enterprises Limited
• Mr. Shachindra Nath
  Group Chief Operating Officer, Religare Enterprises Limited
• Mr. Anil Saxena
  Group Chief Finance Officer, Religare Enterprises Limited

Summers Porcess Company Snap Shot - PATERNOSTER

Introduction:

Paternoster is a regulated insurance company that takes on the risks associated with companies’ final salary/defined benefit pension schemes and assumes the responsibility for paying their pensioners into the future.

Paternoster was set up in 2005 by Mark Wood who was previously Chief Executive of Prudential (UK and Europe). We are based in London and Mumbai and have over 100 employees.

Key takeaway points:

It was ranked in the Financial Times 50 Best Workplaces in the UK.

It has a 15% share of the bulk annuity market in the United Kingdom.

Awarded for the design of an FSA approved National Average Earnings Index (NAEI) hedge in 2007.

Important Personnel:

Mark Wood - Deputy Chairman

V. Balamurugan - Chief Executive Officer (India)

CONCEPTS:

In the UK, defined benefit pension schemes were traditionally set up by employers who wanted to ensure that their employees were able to earn a pension that would allow them to retire with enough income to maintain their standard of living. Employers set these schemes up voluntarily and created pensions trusts to hold the assets against the promises made.

Nowadays many employers and trustees are looking to insurers such as Paternoster to take over some or all of the liabilities associated with their pension schemes. This can take the format of a buy-in/buy-out or longevity hedge.

A bulk annuity policy (buy-in)

A bulk annuity policy insures the pension scheme in part or in its entirety. Some or all of the pension scheme assets transfer to the insurer, who then provides an amount to the trustees on agreed dates equal to the value of the pension payments due. In other words, the insurer is responsible for giving the trustees the income they need to pay the pensions. Depending on whether trustees also select the insurer to carry out their scheme administration means that scheme members will either continue to receive communications and/or payments from their current scheme administrators or direct from the insurer. Once the contract between the insurer and the trustees has been agreed the scheme members’ benefits will stay the same, including for deferred members, the options available to them (e.g. early retirement or transfer out of the scheme).

Individual annuity policies (buy-out)

The issuance of individual policies directly to scheme members usually takes place towards the end of the process of winding up a pension scheme. Once individual policies have been issued the scheme members’ pension benefits are insured directly with an insurer, members are no longer a member of the original scheme and the liabilities no longer reside on the sponsoring employers’ balance sheet. Where the member receiving the policy is a deferred scheme member then their policy entitles them to a ‘deferred annuity’. This means that they will receive an income directly from the insurer when they retire. The amount that they will get will be based on their pension benefit entitlement at the date they left their company pension scheme. Pensioners with an individual policy are entitled to an annuity.

Longevity hedge

A defined benefit pension scheme is exposed to a number of risks which are ultimately borne by the sponsoring employer. These risks include investment, inflation, interest rates and longevity risk. Trustees and sponsors have, for a number of years, had solutions available to them to assist in the management of inflation, interest and investment risk. Recent developments have seen the introduction of longevity hedges. A longevity hedge sees the insurer prescribe a set of payments to be made by the pension scheme which represent the expected cash flows to the scheme membership. If over time payments to members exceed the prescribed payments then the insurer makes good any difference. If payments are less than as prescribed the scheme pays the insurance company the difference between the actual payment and the prescribed payments.

The hedge offers the ability to convert the policy to bulk annuity policy at a later date.

Advantages for scheme members

There are several advantages of transferring to an insurer for scheme members:

- they are no longer dependant on the ability (or otherwise) of the company to fund the liabilities (i.e. pay their pensions)

- the insurer will understand pension risks better and therefore be able to manage the pension promises more efficiently and effectively

- the promise to pay pensions is supported by prudent reserving, solvency capital, a conservative investment strategy and a regulatory framework overseen by the Financial Services Authority.

A pension scheme with a corporate sponsor has no such protections or oversights.

Summer Process - Company SnapShot ICICI Prudential

Overview

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

Company began its operations in December 2000. Today, its nation-wide team comprises of 2074 branches (inclusive of 1,116 micro-offices), over 225,000 advisors; and 7 bancassurance partners.

Achievements:

· ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings.

· For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'.

Our vision:

To be the dominant Life, Health and Pensions player built on trust by world-class people and service.

This we hope to achieve by:

· Understanding the needs of customers and offering them superior products and service

· Leveraging technology to service customers quickly, efficiently and conveniently

· Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders

· Providing an enabling environment to foster growth and learning for our employees

· And above all, building transparency in all our dealings

Our values :

Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.

Promoters

ICICI Bank

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country with consolidated total assets of about US$ 95 billion as of March 31, 2009. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.

Prudential Plc

Established in London in 1848, Prudential plc is a leading internal retail financial services group with significant operations in Asia, the US and the UK. Prudential has been writing protection and savings insurance for over 160 years, and today has more than 21 million customers worldwide and over 249 billion in assets under management (as of December 31, 2008). In Asia, Prudential is the leading Europe-based life insurer with operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest asset management companies in terms of overall assets sourced in Asia ex-japan, with ?36.8 billion funds under management (as of December 31, 2008) and operations in ten markets including China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.

Products:

· Insurance Solutions for Individuals

· Savings & Wealth Creation Solutions

· Protection Solutions

· Child Plans

· Retirement Solutions

· Health Solutions

· Group Insurance Solutions

· Flexible Rider Options

Company Snapshot TATA CAPITAL

Over View

Tata Capital was established as a single window interface finance company in 2007 that fulfills all the financial needs of retail and institutional customers in India. The Company is focused on providing multiple financial services through an extensive network of over 1,000 customer touch-points covering tier I, tier II and tier III cities.

A trusted, customer-centric, one-stop financial services provider, Tata Capital caters to the diverse needs of retail, corporate and institutional customers, directly or indirectly through its subsidiaries, via seven broad areas of business, namely – Retail Finance, Corporate Finance, Investment Services, Investment Banking, Private Equity and Rural Finance.

Predominantly an Indian financial services organization catering to the domestic market, Tata Capital is also setting its footprints in the overseas markets. To this extent, Tata Capital has set up an International subsidiary – Tata Capital Pte Ltd. headquartered in Singapore.

Subsidaries and Affiliates of Tata Capital

· Tata Securities Limited (TSL)

· Tata Capital Housing Finance Limited

· Tata Capital Markets Limited (TCML)

· TC Travel and Services Limited

· e-Nxt Financials Limited

· Tata Capital Limited also owns around 4% of equity capital of Development Credit Bank, a growing private sector bank.

Offerings

· Personal Loans

· Auto Loans

· Commercial Finance

· Infrastructure Finance

· Investment Services

· Wealth Management

· Investment Banking

· Private Equity

· Treasury advisory services

· Special situations investment business

Tata Capital is also into CSR activities,

Their focus will be on initiatives that are people-centric with active community participation at all levels. To this end, we will initiate innovative schemes and initiatives in two critical areas to put our CSR strategy into action – Financial Independence and Climate change.

Recent happenings of Tata Capital

• 9th April 2009,Mumbai-Tata Motors finance to Offer attractive One-Stop Scheme for booking the much awaited Tata Nano
• 14th May 2009,Mumbai -Tata Capital forays into Housing Finance business
• 30th June 2009,Mumbai-2nd edition of Tata Open All India Badminton Tournament 2009

Board of Directors

Praveen P Kadle ( MD Tata Capital Limted )

Farrokh K. Kavarana

Farokh Nariman Subedar

Hoshang Noshirwan Sinor

Ishaat Hussain

Janki Ballabh

Summers Process - Company Snapshot- Abu Dhabi Bank

Overview

• Abu Dhabi Commercial Bank was incorporated in the Emirate of Abu Dhabi in July 1985, with the merger of the Khalij Commercial Bank, the Emirates Commercial Bank and the Federal Commercial Bank.
• ADCB is one of the largest UAE National Banks.
• The Government of Abu Dhabi holds 64% of the paid up capital and the balance is held by prominent UAE Institutions and nationals.
• ADCB has the largest network of branches in the UAE and also a strong base of operations in India.

In India, ADCB has set new standards in banking- with its unique customer-oriented service and friendly banking atmosphere. ADCB have won the patronage of a wide variety of individuals, professional and business clientele, in addition to a growing following of NRIs - among whom they enjoy a very good reputation.

Highlights of Indian operations:

• Apart from the United Arab Emirates, India is the only country in which ADCB operates.
• Operations in India have been very successful. ADCB’s first branch in India is located in the metropolis of Mumbai. It boasts of more than 14,000 clients.
• Besides the Mumbai branch and the Indian Liaison offices that generate profitable business, they have recently opened a new branch in Bangalore - the upcoming industrial centre in South, often called the "Silicon Valley of India".

Services Offered

· NRI Banking

· Corporate Banking

· Depository Services

· Mobile Banking

· Loans

· Foreign Exchange Facilities ( Private travel, International Credit Cards, Protfoli Investment – Overseas, Short Term Credit to Overseas Offices of Indian Companies etc.. )

· ADCB INVESTLINK ( unique Service offered to NRI Customers )

Annual Report for 2008 -2009 can be found at the below link ( this report is for the parent company based out of Abu Dhabi )

http://www.adcb.com/Images/annual2008_eng_tcm7-8210.pdf ( consolidated Balance sheet and income statement on pg no. 17 )