Professional Documents
Culture Documents
2
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
3
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) 50,360 options vested as at Balance Sheet date
(B) Grant VI 7.70% Grant VII 7.77%
(C) Expected Life of options Grant VI 4.17 Grant VII 4.12
4
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Product/service 1
Principal business activities of company [Axis]
[Member]
01/04/2016
to
31/03/2017
Details of principal business activities contributing 10% or more of total turnover of company [Abstract]
Details of principal business activities contributing 10% or more of total turnover of company
[LineItems]
Third Party
Administrator –
Licensed by
Name of main product/service Insurance
Regulatory and
Development
Authority
Third Party
Administrator –
Licensed by
Description of main product/service Insurance
Regulatory and
Development
Authority
GROUP 662,
CLASS 6621 -
NIC code of product/service activities auxiliary to
insurance and
pension funding
5
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
6
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details regarding adequacy of internal financial controls with Textual information (15)
reference to financial statements [TextBlock] [See below]
Disclosure of contents of corporate social responsibility policy Textual information (16)
[TextBlock] [See below]
Disclosure of appointment and remuneration of managerial personnels Textual information (17)
[TextBlock] [See below]
Disclosures relating to employee stock option scheme explanatory
[TextBlock]
Number of meetings of board [pure] 5
7
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
BOARD’S REPORT
COMPANY INFORMATION
Email info@mediassistindia.com
Website www.mediassistindia.com
Auditors of the Company M/s. B S R & Co LLP, Chartered Accountants, Firm Registration No. 101248W/W-100022
8
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
BOARD’S REPORT
9
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
To the Members,
Your Directors have pleasure in presenting the 18th Annual Report, together with the Audited Statement of Accounts of the Company for the year
ended 31st March, 2017.
Total income for financial year 2016-2017 is Rs. 1,959,211,276/- resulting in Earnings before interest, tax, depreciation and amortization
(EBITDA) of Rs. 212,682,329/- and Profit before tax of Rs. 180,358,281/-
PERFORMANCE
The year 2016-2017 has been a year of consolidation and growth for your Company. Your Directors are pleased to report that your Company has
made significant strides in the TPA industry and your company continues to be recognized as a leading TPA for the contributions in innovation
and technology.
As a Company, we believe that technology will have a significant impact in the industry going forward and we have continued to invest in in
technology to maintain competitive edge. Our mobile offerings for both group and retail policy holders are improved continuously and new
versions were rolled out multiple times during the year. Our website and portal continue to be the industry leading digital platforms in terms of
number of visits. The Company has successfully completed multiple third party audits of its IT infrastructure and applications.
During the year, your Company has serviced over 25 Insurance Companies. Your Company also serviced Government sponsored insurer-backed
schemes of Rashtriya Swasthya Bima Yojana in 5 states across India. In addition, your Company is servicing few prestigious State Government
insurer –backed health schemes in the States of Maharashtra, Tamil Nadu, Uttar Pradesh and Uttarakhand. Your Company has won prestigious
Health Scheme in the State of Assam during the year.
10
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract
of annual return in MGT-9 has been given as Annexure - I to this report.
BOARD MEETINGS:
The Board of Directors met Five times during this financial year.
The Corporate Social Responsibility (“CSR”) Committee members met twice during the financial year on 23rd May, 2016 and 23rd December,
2016.
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013 with respect to Directors’ responsibility statement, it is hereby
confirmed that:
1. in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation
relating to material departures;
11
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
2. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and
loss of the company for that period;
3. the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
4. the directors have prepared the annual accounts on a going concern basis.
5. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems
were adequate and operating effectively.
DIVIDEND
Your Directors do not recommend any dividend on equity shares for the year under review.
Your Company’s Board at present comprises of six directors viz. Dr. Vikram Jit Singh Chhatwal, Mr. Raghaw Sharan Pandey, Ms.
Srimathi Ranganathan, Mr. Prasad Venkatasiva Tatineni, Mr. Satish Gidugu and Mr. Dayanand Annaya Kallianpur.
There following are the changes which have taken place in the composition of the Board of Directors during the year:
1. Mr. Kiran Sharadchandra Karnik has resigned from the office of Independent Director (Non - Executive Director) with effect from 22nd
November, 2016.
2. Mr. Dayanand Annaya Kallianpur was appointed as an Additional Director (Non-Executive Director) with effect from 15th day
of February, 2017.
12
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
HOLDING COMPANY
As the members are already aware, your Company is a subsidiary of Medi Assist Healthcare Services Private Limited (Formerly known as Net
Logistics Private Limited).
SUBSIDIARY COMPANY
During the year, your Company has acquired business of another Third Party Administrator viz. Dedicated Healthcare Services TPA (India)
Private Limited (“Dedicated TPA”) and effective 28th September 2016 Dedicated TPA is a wholly owned subsidiary of the Company. The legal
formalities of the merger between the Company and the said subsidiary Dedicate TPA is under progress.
Further, statement containing salient features of the Subsidiary company in the prescribed form AOC-1 is given in the Annexure II.
AUDITORS
M/s. B S R & Co. LLP, Chartered Accountants, Firm Registration No. 101248W/W-100022 are appointed as the Statutory Auditors of the
Company to hold office upto the Annual General Meeting to be held in the year 2019. The Board recommends to the members for ratification of
their appointment as Auditors.
There are no audit qualifications in the report given by the Statutory Auditors.
The Company has duly complied with the provision of Section 186 of the Companies Act, 2013 and the details are as under:
13
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Guarantees: Nil
Particulars of Contracts or Arrangements with Related Parties referred to in Section 188(1) in Form AOC- 2 has been given as Annexure – III to
this Report.
1. The Company has entered into arm’s length agreement with the Holding Company for facilitating pre policy health check-up and related
activities. Co-ordination of Pre-policy health check-ups is incidental to the business and is not core to the business.
2. The Company has entered into arm’s length agreement with the Holding Company for subscribing to their proprietary IT platform. The
Company’s focus is to make technology the back bone for effective service delivery and increasing the user experience within the regulatory
framework.
3. The Company has entered into agreement with the Holding Company for expenses related to office premises used by the Company, which
is at arm’s length.
4. The Company has entered into arm’s length agreement with the Holding Company for availing Business Support Services.
14
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
MATERIAL CHANGES AND COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE
OCCURRED BETWEEN 31st MARCH, 2017 TILL DATE OF THIS REPORT
Your Company is not in an energy intensive industry and hence special measures are not being taken. Adequate measures are taken to conserve
energy in office premises, such as switching off of air conditioners, lights, computers etc., when not in use.
(ii) the steps taken by the company for utilizing alternate sources of energy including waste generated-
For the Company the predominant wastage is in the form of paper, post shredding the paper waste is given to an external agency for re-cycling.
15
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution;
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and
2016-2017 2015-2016
Your Company has implemented a Risk Management Policy. The Risk Management policy helps the Company in identifying the potential risks,
followed by robust analyses and evaluation of such risk and to develop an effective risk mitigation action plan.
Particulars of Corporate Social Responsibility (“CSR”) Policy as required under the provisions of section 135 and schedule VII of the Companies
Act, 2013, have been given as Annexure – IV to this Report.
The Company has duly constituted CSR Committee and adopted the CSR policy. The Ministry of Corporate Affairs has also recognized
livelihood enhancement projects as a CSR activity vide Notification no. G.S.R. 130 (E) dated 27th February, 2014.
16
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
As members are already aware, your Company has implemented the CSR program under partnership with a private University registered under
the National Employability Enhancement Mission (“NEEM”) of the Ministry of Human Resources and Development, Government of India
through the All India Council for Technical Education for providing training in a wide array of functional areas to persons who have completed
graduation / diploma or a person pursuing/discontinued studies leading to graduation / diploma in any technical/non-technical field (“trainees”).
During the current financial year 2016-2017, considerable numbers of trainees have undergone training at various locations of the Company
across India.
Your Company is committed to proactively engage in Corporate Social Responsibility activities to enhance the lives of the communities in which
it operates by fulfillment of its CSR objectives.
Pursuant to Rule 8(5) of the Companies (Accounts) Rules, 2014, your Directors’ report that the Company has established an adequate internal
control system, commensurate with the nature of its business and size of its operations in order to ensure quality and reliability of underlying
processes focused towards achieving operational efficiency reliability of financial data and safeguarding of assets. Internal controls are evaluated
by the external/internal auditors and supported by management reviews. Audit observations, if any, and follow up actions thereon are initiated for
resolution by the finance function and reported to the Board.
Further, the Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 is given in
Annexure - B to the Auditor’s Report wherein the Statutory Auditors have opined that the Company has adequate internal financial controls
system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2017.
The Company under the provisions of section 62(1)(b) read with rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 has
121,814 options outstanding at the end of the year.
17
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
The Company has not accepted any deposit from the public.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING
THE GOING CONCERN STATUS AND COMPANY’S OPERATIONS
NIL
REQUIREMENTS UNDER INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (TPA-HEALTH SERVICES)
REGULATION, 2016
Medi Assist Healthcare Services Private Limited Jointly with Dr. Vikram Jit
2. 5 Rs. 10 0.0001
Singh Chhatwal
a. The Board of Directors of your Company hereby confirm that the Company has provided true and correct information to Insurance
Regulatory and Development Authority of India (“the Authority”).
b. The Board of Directors of your Company hereby confirm that proper due diligence has been done before submitting any data/ information
with the Authority including information about Key Managerial Persons of the Company.
18
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
c. The Board of Directors of your Company hereby confirm that the Company has robust system for registering, monitoring and disposal of
complaints received from insured persons / policyholders, IRDAI, Insurance Companies, Network Providers etc. and ensure that the resolution is
provided in case of such complaints. Wherever required the Board of Directors confirms that corrective action has been taken for system related
improvement.
d. The Board of Directors hereby confirm that there is no conflict of interest of the Company with any other insurance or insurance related
activity or business at any point of time.
I. the claim settlement process is implemented as per the claim settlement guidelines issued by concerned Insurers.
II. the time frames / Turn Around Time / processes with respect to the services are in line with Service Level
Agreements.
III. the Company has necessary policies with respect to Information Technology (IT). Your Company is ISO 27001:
2013 certified.
f. The Board of Directors hereby confirm that the Company has appointed Mr. Ganesh K as Chief Administrative Officer, who is having
required qualification as stipulated in IRDAI (TPA – Health Services) Regulations, 2016. The CAO has put in place procedures to ensure that he
is responsible for complying with all regulatory and statutory requirements stipulated either in the Regulations notified by the Authority or any
other relevant statutory provisions. The CAO has reported to the Board of the Company about the status of all compliance two times in the
Financial Year 2016-2017.
g. The Company has one Independent Directors who is fit & proper.
h. The Board of Directors hereby confirm that the Company has in place effective and efficient internal audit mechanism and has appointed
third party reputed firm to carry out the Audit of various functions, processes and systems of the Company for compliance and
improvement/enhancement.
i. The appointment of the Statutory Auditors is recommended by the Board and approved by the Shareholder’s as per the Companies Act,
2013.
j. The Board of Directors hereby confirm that the appointment of all the Directors complies with statutory provisions as applicable inter alia
the Companies Act, 2013.
k. The Company has been filing Annual Report along with the Forms, Schedules as prescribed under the regulation within stipulated timelines
with the Authority. All other information relating to the Company’s activities are disclosed in the website of the Company.
l. Your Company has disclosed on its website the details of network providers with whom the Company has entered into agreements, the said
list is updated on real time basis.
ACKNOWLEDGEMENT
Your Directors wish to place on record their immense appreciation for the continued support and cooperation of the shareholders.
The Directors also wish to thank the employees at all levels for their excellent support and contribution to the operations of the Company and look
19
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Place: Bengaluru
20
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
INDEX OF ANNEXURES
Content
Annexures
21
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
ANNEXURE – I
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
22
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
All the business activities contributing 10% or more of the total turnover of the company shall be stated:-
Third Party Administrator – Licensed by Insurance GROUP 662, CLASS 6621 - activities auxiliary to
1. 100%
Regulatory and Development Authority insurance and pension funding
HOLDING/
SR. % OF SHARES APPLICABLE
NAME AND ADDRESS OF THE COMPANY CIN/GLN SUBSIDIARY/
NO. HELD SECTION
ASSOCIATE
1. Medi Assist Healthcare Services Private Limited U74900KA2000PTC027229 Holding 100% Section 2 (46)
23
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
%
No. of Shares held at No. of Shares Change
Category of Shareholders the beginning of the held at the end during
year of the year the
year
% of % of
Demat Physical Total total Demat Physical Total total
shares shares
(A)Promoters
(1) Indian
a) Individual/ HUF
b) Central Govt.
c) State Govt(s).
e) Banks/ FI
f) Any Other
Sub-total (A) (1) 40,12,370 40,12,370 100% 40,12,370 40,12,370 100% ____
(2) Foreign
a) NRIs Individuals
b) Other Individuals
24
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
c) Bodies Corp.
d) Banks / FI
e) Any other
B.Public Shareholding
(1) Institutions
a) Mutual Funds
b) Banks / FI
c) Central Govt.
d) State Govt(s)
f) Insurance Companies
g) FIIs
i) Others (specify)
(2)Non Institutions
a) Bodies Corp
(i) Indian
(ii) Overseas
25
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
b) Individuals
(iii)Others (specify)
Sub-total
(B) (2)
Shareholding at Shareholding
Sr.
Shareholder’s name the beginning of at the end of
No.
the year the year
% of shares % of shares
% of total % of total % change in
pledged / pledged/
No. of shares shares of the No. of shares shares of the shareholding
encumbered to total encumbered to
company company during the year
shares total shares
26
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Medi Assist
1. Healthcare Services 40,12,370 100% ---- 40,12,370 100% ---- ----
Private Limited
Cumulative
Sl. Shareholding at the beginning shareholding
No. of the year during the
year
% of total
shares of % of total
the No. of shares of
No. of shares
company shares the
company
NO CHANGE
27
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
iv) Shareholding Pattern of top ten shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)
Cumulative
SR. Shareholding at the
shareholding
NO. beginning of the year
during the year
% of total % of total
1. For each of the Top 10 shareholders No. of shares shares of the No. of shares shares of the
company company
NOT APPLICABLE
At the end of the year (or on the date of separation, if separated during
the year)
% of total % of total
shares of shares of
For each of the Directors and KMP No. of shares No. of shares
the the
company company
28
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding / accrued but not due for payment
i) Principal Amount
NIL
Total (i + ii + iii)
29
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
· Addition
· Reduction
Net Change
i) Principal Amount
Total (i + ii + iii)
Sr.
Particulars of Remuneration Name of the Director
No.
Gross salary
30
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Rs.
1. Rs.72,00,000/- Rs.35,31,665/-
1,07,31,665/-
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
Sweat Equity
3. --- --- ---
Commission
- As % of profit
4. --- --- ---
- Others, specify…
Total (A)
Rs.
Rs.72,00,000/- Rs.35,31,665/-
1,07,31,665/-
Independent Directors:
31
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Total (1)
Rs. 50,000/- Rs. 50,000/-
TVS Prasad
2.
· Fee for attending board, committee meetings
· Commission
Rs. 15,60,400/-
(Consultancy fees)
Rs. Rs.
32
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Total
Company
CEO CFO
Secretary
Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act,
1961
NOT APPLICABLE
Stock Option
2.
3. Sweat Equity
Commission
4. - As % of profit
- Others, specify…
Total
33
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
A. COMPANY
Penalty
NIL
Punishment
Compounding
B. DIRECTORS
Penalty
34
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
NIL
Punishment
Compounding
C. OTHER OFFICERS
IN DEFAULT
Penalty
NIL
Punishment
Compounding
Place: Bengaluru
35
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
ANNEXURE – II
FORM AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
36
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Sl.
Particulars Details
No.
Reporting currency and Exchange rate as on the last date of the relevant Financial year in
Not applicable
the case of foreign subsidiaries
Investments Rs.67,500,137/-
Turnover Rs.391,645,688/-
Proposed Dividend -
% of shareholding 100%
37
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures: Not Applicable
No.
Extent of Holding%
38
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Considered in Consolidation
Place: Bengaluru
39
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
ANNEXURE – III
FORM AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of
section 188 of the Companies Act, 2013 including certain arms’ length transactions under third proviso thereto
Salient terms of the contracts or arrangements or transactions including the value, if any
d)
40
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Date on which the special resolution was passed in general meeting as required under first proviso to section 188
h)
Nature of contracts/
b) arrangements/ transactions
Service Agreement Service Agreement Agreement Agreement
41
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Place: Bengaluru
42
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
43
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
ANNEXURE –IV
1. Period for which CSR is being reported: From 1st April, -2016 to 31st March, 2017
2. A brief outline of the company's CSR policy, including overview of projects or programs proposed to be undertaken and a reference to the
web-link to the CSR policy and projects or programs:
Your Company may from time to time undertake any project, program and activity on one or more of the following areas:
· Supporting treatment of underprivileged and promoting awareness of healthcare including preventive health care through various activities
including organizing campaigns, awareness sessions, events, marathons, etc. with reference to various chronic disease such as cancer, diabetes,
hypertension, cardiac, etc.
· Promoting education, including special education and employment enhancing vocational skills through various activities including organizing
development projects/programs and livelihood enhancement projects.
· Any other projects, programs and activities falling within the permissible activities prescribed under Companies Act, 2013, rules made
thereunder, any circular/notification/guidelines/clarification issued thereunder including any amendment or modifications.
44
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
4. Average net profit of the company for last three financial years - Rs.29,99,54,043/-.
5. Prescribed CSR Expenditure (two per cent. of the amount as in item 4 above) - Rs. 59,99,081/-
c. Manner in which the amount spent during the financial year is detailed below:-
Projects or programs
(2) Specify the State and district where projects or programs was undertaken
45
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Sub-heads:
5
(1) Direct expenditure on projects or programs:
Rs. 64,14,368/-
(2) Overheads:
7 Amount spent: Direct or through implementing agency (Give details of implementing agency) Rs. 64,14,368/-
7. In case the company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof – Not
applicable
8. Responsibility Statement:
The Responsibility Statement of the Corporate Social Responsibility (CSR) Committee of the Board of Directors of the Company is reproduced
below:
“The implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company”.
46
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Place: Bengaluru
ANNEXURE – V
Details
Sl.
Particulars
No
1.
Options granted 29,000
2.
Options vested 66,870
3.
Options exercised NIL
47
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
5.
Options lapsed/ forfeited 7,750
6. Rs.1,368/-
The exercise price
per option
7.
Variation of terms of options NA
8.
Money realized by exercise of options NIL
9.
Total number of options in force 121,814
1,057
(iii) identified employees who were granted option, during any one year, equal to or exceeding one percent of the issued
capital (excluding outstanding warrants and conversions) of the company at the time of grant
NIL
48
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Place: Bengaluru
49
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
The Company has duly complied with the provision of Section 186 of the Companies Act, 2013 and the details are as under:
Guarantees: Nil
50
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
FORM AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of
section 188 of the Companies Act, 2013 including certain arms’ length transactions under third proviso thereto
Salient terms of the contracts or arrangements or transactions including the value, if any
d)
Date on which the special resolution was passed in general meeting as required under first proviso to section 188
h)
51
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Nature of contracts/
b) arrangements/ transactions
Service Agreement Service Agreement Agreement Agreement
52
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Place: Bengaluru
53
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
ANNEXURE – I
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
54
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
All the business activities contributing 10% or more of the total turnover of the company shall be stated:-
Third Party Administrator – Licensed by Insurance GROUP 662, CLASS 6621 - activities auxiliary to
1. 100%
Regulatory and Development Authority insurance and pension funding
HOLDING/
SR. % OF SHARES APPLICABLE
NAME AND ADDRESS OF THE COMPANY CIN/GLN SUBSIDIARY/
NO. HELD SECTION
ASSOCIATE
1. Medi Assist Healthcare Services Private Limited U74900KA2000PTC027229 Holding 100% Section 2 (46)
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
%
No. of Shares held at No. of Shares Change
Category of Shareholders the beginning of the held at the end during
year of the year the
year
% of % of
Demat Physical Total total Demat Physical Total total
shares shares
55
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(A)Promoters
(1) Indian
a) Individual/ HUF
b) Central Govt.
c) State Govt(s).
e) Banks/ FI
f) Any Other
Sub-total (A) (1) 40,12,370 40,12,370 100% 40,12,370 40,12,370 100% ____
(2) Foreign
a) NRIs Individuals
b) Other Individuals
c) Bodies Corp.
d) Banks / FI
e) Any other
B.Public Shareholding
(1) Institutions
a) Mutual Funds
b) Banks / FI
56
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
c) Central Govt.
d) State Govt(s)
f) Insurance Companies
g) FIIs
i) Others (specify)
(2)Non Institutions
a) Bodies Corp
(i) Indian
(ii) Overseas
b) Individuals
(iii)Others (specify)
Sub-total
(B) (2)
57
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Grand Total (A+B+C) __ 40,12,370 40,12,370 100% 40,12,370 40,12,370 100% ___
Shareholding at Shareholding
Sr.
Shareholder’s name the beginning of at the end of
No.
the year the year
% of shares % of shares
% of total % of total % change in
pledged / pledged/
No. of shares shares of the No. of shares shares of the shareholding
encumbered to total encumbered to
company company during the year
shares total shares
Medi Assist
1. Healthcare Services 40,12,370 100% ---- 40,12,370 100% ---- ----
Private Limited
Cumulative
Sl. Shareholding at the beginning shareholding
No. of the year during the
year
% of total
shares of % of total
the No. of shares of
No. of shares
company shares the
company
58
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
NO CHANGE
iv) Shareholding Pattern of top ten shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)
Cumulative
SR. Shareholding at the
shareholding
NO. beginning of the year
during the year
% of total % of total
1. For each of the Top 10 shareholders No. of shares shares of the No. of shares shares of the
company company
59
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
NOT APPLICABLE
At the end of the year (or on the date of separation, if separated during
the year)
% of total % of total
shares of shares of
For each of the Directors and KMP No. of shares No. of shares
the the
company company
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding / accrued but not due for payment
60
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
i) Principal Amount
NIL
Total (i + ii + iii)
· Addition
· Reduction
Net Change
i) Principal Amount
Total (i + ii + iii)
61
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Sr.
Particulars of Remuneration Name of the Director
No.
Gross salary
Rs.
1. Rs.72,00,000/- Rs.35,31,665/-
1,07,31,665/-
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
Sweat Equity
3. --- --- ---
Commission
- As % of profit
4. --- --- ---
- Others, specify…
62
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Total (A)
Rs.
Rs.72,00,000/- Rs.35,31,665/-
1,07,31,665/-
Independent Directors:
Total (1)
Rs. 50,000/- Rs. 50,000/-
TVS Prasad
2.
· Fee for attending board, committee meetings
· Commission
63
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Rs. 15,60,400/-
(Consultancy fees)
Rs. Rs.
Total
Company
CEO CFO
Secretary
Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act,
1961
64
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
NOT APPLICABLE
Stock Option
2.
3. Sweat Equity
Commission
4. - As % of profit
- Others, specify…
Total
65
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
A. COMPANY
Penalty
NIL
Punishment
Compounding
B. DIRECTORS
Penalty
NIL
Punishment
Compounding
C. OTHER OFFICERS
IN DEFAULT
Penalty
NIL
Punishment
Compounding
66
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Place: Bengaluru
67
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Cumulative
Sl. Shareholding at the beginning shareholding
No. of the year during the
year
% of total
shares of % of total
the No. of shares of
No. of shares
company shares the
company
NO CHANGE
68
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details of shareholding pattern of directors and key managerial personnel [Text Block]
v) Shareholding of Directors and Key Managerial Personnel
% of total % of total
shares of shares of
For each of the Directors and KMP No. of shares No. of shares
the the
company company
Disclosure of statement on development and implementation of risk management policy [Text Block]
RISK MANAGEMENT POLICY
Your Company has implemented a Risk Management Policy. The Risk Management policy helps the Company in identifying the potential risks,
followed by robust analyses and evaluation of such risk and to develop an effective risk mitigation action plan.
69
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details on policy development and implementation by company on corporate social responsibility initiatives taken
during year [Text Block]
CORPORATE SOCIAL RESPONSIBILITY
Particulars of Corporate Social Responsibility (“CSR”) Policy as required under the provisions of section 135 and schedule VII of the Companies
Act, 2013, have been given as Annexure – IV to this Report.
The Company has duly constituted CSR Committee and adopted the CSR policy. The Ministry of Corporate Affairs has also recognized
livelihood enhancement projects as a CSR activity vide Notification no. G.S.R. 130 (E) dated 27th February, 2014.
As members are already aware, your Company has implemented the CSR program under partnership with a private University registered under
the National Employability Enhancement Mission (“NEEM”) of the Ministry of Human Resources and Development, Government of India
through the All India Council for Technical Education for providing training in a wide array of functional areas to persons who have completed
graduation / diploma or a person pursuing/discontinued studies leading to graduation / diploma in any technical/non-technical field (“trainees”).
During the current financial year 2016-2017, considerable numbers of trainees have undergone training at various locations of the Company
across India.
Your Company is committed to proactively engage in Corporate Social Responsibility activities to enhance the lives of the communities in which
it operates by fulfillment of its CSR objectives.
Total income for financial year 2016-2017 is Rs. 1,959,211,276/- resulting in Earnings before interest, tax, depreciation and amortization
(EBITDA) of Rs. 212,682,329/- and Profit before tax of Rs. 180,358,281/-
70
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details of directors or key managerial personnels who were appointed or have resigned during year [Text Block]
DETAILS OF DIRECTORS WHO WERE APPOINTED OR RESIGNED DURING THE YEAR
Your Company’s Board at present comprises of six directors viz. Dr. Vikram Jit Singh Chhatwal, Mr. Raghaw Sharan Pandey, Ms.
Srimathi Ranganathan, Mr. Prasad Venkatasiva Tatineni, Mr. Satish Gidugu and Mr. Dayanand Annaya Kallianpur.
There following are the changes which have taken place in the composition of the Board of Directors during the year:
1. Mr. Kiran Sharadchandra Karnik has resigned from the office of Independent Director (Non - Executive Director) with effect from 22nd
November, 2016.
2. Mr. Dayanand Annaya Kallianpur was appointed as an Additional Director (Non-Executive Director) with effect from 15th day
of February, 2017.
Details regarding adequacy of internal financial controls with reference to financial statements [Text Block]
INTERNAL FINANCIAL CONTROLS OVER FINANCIAL STATEMENTS
Pursuant to Rule 8(5) of the Companies (Accounts) Rules, 2014, your Directors’ report that the Company has established an adequate internal
control system, commensurate with the nature of its business and size of its operations in order to ensure quality and reliability of underlying
processes focused towards achieving operational efficiency reliability of financial data and safeguarding of assets. Internal controls are evaluated
by the external/internal auditors and supported by management reviews. Audit observations, if any, and follow up actions thereon are initiated for
resolution by the finance function and reported to the Board.
Further, the Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 is given in
Annexure - B to the Auditor’s Report wherein the Statutory Auditors have opined that the Company has adequate internal financial controls
system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2017.
71
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
1. Period for which CSR is being reported: From 1st April, -2016 to 31st March, 2017
2. A brief outline of the company's CSR policy, including overview of projects or programs proposed to be undertaken and a reference to the
web-link to the CSR policy and projects or programs:
Your Company may from time to time undertake any project, program and activity on one or more of the following areas:
· Supporting treatment of underprivileged and promoting awareness of healthcare including preventive health care through various activities
including organizing campaigns, awareness sessions, events, marathons, etc. with reference to various chronic disease such as cancer, diabetes,
hypertension, cardiac, etc.
· Promoting education, including special education and employment enhancing vocational skills through various activities including organizing
development projects/programs and livelihood enhancement projects.
· Any other projects, programs and activities falling within the permissible activities prescribed under Companies Act, 2013, rules made
thereunder, any circular/notification/guidelines/clarification issued thereunder including any amendment or modifications.
4. Average net profit of the company for last three financial years - Rs.29,99,54,043/-.
72
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
5. Prescribed CSR Expenditure (two per cent. of the amount as in item 4 above) - Rs. 59,99,081/-
c. Manner in which the amount spent during the financial year is detailed below:-
Projects or programs
(2) Specify the State and district where projects or programs was undertaken
Sub-heads:
5
(1) Direct expenditure on projects or programs:
Rs. 64,14,368/-
(2) Overheads:
73
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
7 Amount spent: Direct or through implementing agency (Give details of implementing agency) Rs. 64,14,368/-
7. In case the company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof – Not
applicable
8. Responsibility Statement:
The Responsibility Statement of the Corporate Social Responsibility (CSR) Committee of the Board of Directors of the Company is reproduced
below:
“The implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company”.
Place: Bengaluru
74
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
75
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Sr.
Particulars of Remuneration Name of the Director
No.
Gross salary
Rs.
1. Rs.72,00,000/- Rs.35,31,665/-
1,07,31,665/-
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
Sweat Equity
3. --- --- ---
Commission
- As % of profit
4. --- --- ---
- Others, specify…
Total (A)
Rs.
Rs.72,00,000/- Rs.35,31,665/-
76
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
1,07,31,665/-
Independent Directors:
Total (1)
Rs. 50,000/- Rs. 50,000/-
TVS Prasad
2.
· Fee for attending board, committee meetings
· Commission
Rs. 15,60,400/-
(Consultancy fees)
77
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Rs. Rs.
Total
Company
CEO CFO
Secretary
Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act,
1961
78
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
NOT APPLICABLE
Stock Option
2.
3. Sweat Equity
Commission
4. - As % of profit
- Others, specify…
Total
79
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Auditor's Clause not
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis] favourable remark applicable
[Member] [Member]
01/04/2016 01/04/2016
to to
31/03/2017 31/03/2017
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [LineItems]
Textual information
Disclosure in auditors report relating to fixed assets (18) [See below]
(a) The
Company has
maintained proper
records showing full
Disclosure relating to quantitative details of fixed assets particulars, including
quantitative details
and situation of fixed
assets.
Disclosure relating to physical verification and material discrepancies of fixed Textual information
assets (19) [See below]
(c) According to the
information and
explanations given
to us the Company
does not have any
Disclosure relating to title deeds of immovable properties immovable property.
Thus, paragraph 3 (i)
(c) of the order is not
applicable to the
Company.
Textual information
Disclosure in auditors report relating to inventories (20) [See below]
Textual information
Disclosure in auditors report relating to loans (21) [See below]
Disclosure about loans granted to parties covered under section 189 of companies Textual information
act (22) [See below]
Textual information
Disclosure relating to terms and conditions of loans granted (23) [See below]
Textual information
Disclosure regarding receipt of loans granted (24) [See below]
Textual information
Disclosure regarding terms of recovery of loans granted (25) [See below]
Disclosure in auditors report relating to compliance with Section 185 and 186 of Textual information
Companies Act, 2013 (26) [See below]
The Company has
not accepted any
Disclosure in auditors report relating to deposits accepted deposits from the
public.
The Central
Government of India
has not prescribed
the maintenance of
Disclosure in auditors report relating to maintenance of cost records cost records under
Section 148(1) of the
Act, for any of the
services rendered by
the Company.
Textual information
Disclosure in auditors report relating to statutory dues [TextBlock] (27) [See below]
Textual information
Disclosure relating to disputed statutory dues [TextBlock] (28) [See below]
Textual information
Disclosure in auditors report relating to default in repayment of financial dues (29) [See below]
Disclosure in auditors report relating to public offer and term loans used for Textual information
purpose for which those were raised (30) [See below]
Disclosure in auditors report relating to fraud by the company or on the Textual information
company by its officers or its employees reported during period (31) [See below]
Textual information
Disclosure in auditors report relating to managerial remuneration (32) [See below]
80
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
81
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure about loans granted to parties covered under section 189 of companies act
(ii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 (‘the Act’). Accordingly, paragraph 3 (iii) (a), (b) and (c) of the order are not applicable to the
Company.
Disclosure in auditors report relating to compliance with Section 185 and 186 of Companies Act, 2013
(ii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 (‘the Act’). Accordingly, paragraph 3 (iii) (a), (b) and (c) of the order are not applicable to the
Company.
82
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees’
State Insurance, Income tax, Service tax, Sales tax, Value added tax, Cess and other statutory dues were in arrears, as at 31 March 2017, for a
period of more than six months from the date they became payable.
(vii) (b) According to the information and explanations given to us, there are no disputed amounts payable in respect of Service tax. The
following dues of Income tax are being disputed by the Company:
2012-13
Income Tax Income tax and interest Commissioner of Income Taxes
597,590 597,590
Act, 1961 thereon (Appeals), Bangalore
2013-14
Income Tax Income tax and interest Commissioner of Income Taxes
1,865,425 1,865,425
Act, 1961 thereon (Appeals), Bangalore
83
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
2012-13
Income Tax Income tax and interest Commissioner of Income Taxes
597,590 597,590
Act, 1961 thereon (Appeals), Bangalore
2013-14
Income Tax Income tax and interest Commissioner of Income Taxes
1,865,425 1,865,425
Act, 1961 thereon (Appeals), Bangalore
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
(ii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 (‘the Act’). Accordingly, paragraph 3 (iii) (a), (b) and (c) of the order are not applicable to the
Company.
Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees
reported during period
(vii) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or
employees has been noticed or reported during the course of our audit.
84
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure in auditors report relating to preferential allotment or private placement of shares or convertible
debentures
(vii According to the information and explanations given to us and based on our examination of the records of the Company, the
Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him
(vii) According to the information and explanations given to us and based on our examination of records of the Company, the Company
has not entered into any non-cash transactions with directors or persons connected with him under the provisions of Section 192 of the Act.
Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
85
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
To Members of Medi Assist Insurance TPA Private Limited (formerly known as Medi Assist India TPA Private Limited)
We have audited the accompanying financial statements of Medi Assist Insurance TPA Private Limited (formerly known as Medi Assist India
TPA Private Limited) (“the Company”), which comprise the balance sheet as at 31 March 2017, the statement of profit and loss, the cash flow
statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to
the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s
preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by
the Company’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
86
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as at 31 March 2017, and its profit and its cash flows for the year ended on that date.
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Act, we give in the “Annexure A”, a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the
extent applicable.
(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit;
(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of
those books;
(c) the balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the directors as on 31 March 2017, and taken on record by the Board of
Directors, none of the directors is disqualified as on
31 March 2017, from being appointed as a director in terms of Section 164(2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of
such controls, refer to our separate report in “Annexure B”; and
(g) with respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer
Note 2.23 to the financial statements;
87
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
ii. The Company does not have any long-term contracts including derivative contracts for which there are any material
foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company; and
iv. The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified
Bank Notes during the period from 8 November 2016 to 30 December 2016. Based on audit procedures and relying on the management
representation we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the
Management – Refer Note 2.34 to the financial statements.
Chartered Accountants
Arjun Ramesh
Partner
Place: Bengaluru
Medi Assist Insurance TPA Private Limited (formerly known as Medi Assist India TPA Private Limited) Annexure A to the Independent
Auditor’s Report
With reference to the Annexure A referred to in the Independent Auditor’s Report to the members of Medi Assist Insurance TPA Private Limited
(formerly known as Medi Assist India TPA Private Limited) (“the Company”) for the year ended 31 March 2017, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which its fixed assets are verified in a phased
manner over a period of three years. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company
and the nature of its assets. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies
were noted.
(c) According to the information and explanations given to us the Company does not have any immovable property. Thus, paragraph 3 (i) (c) of
the order is not applicable to the Company.
88
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(ii) The Company is a service company, primarily rendering Third Party Administration and related services. Accordingly, it does not
hold any physical inventories. Thus, paragraph 3(ii) of the Order is not applicable to the Company.
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 (‘the Act’). Accordingly, paragraph 3 (iii) (a), (b) and (c) of the order are not applicable to the
Company.
(iv) According to the information and explanations given to us, the Company has not granted loans, investments, guarantees, and security
to companies, firms or other parties and section 185 and 186 of the Act is not applicable to the Company.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government of India has not prescribed the maintenance of cost records under Section 148(1) of the Act, for any of the
services rendered by the Company.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employees’ State Insurance, Income
tax, Service tax, Cess and any other statutory dues have generally been regularly deposited during the year by the Company with the appropriate
authorities. As explained to us, the Company did not have any dues on account of Wealth tax, Sales tax, Value added tax, Customs duty and
Excise duty.
According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees’
State Insurance, Income tax, Service tax, Sales tax, Value added tax, Cess and other statutory dues were in arrears, as at 31 March 2017, for a
period of more than six months from the date they became payable.
(vii) (b) According to the information and explanations given to us, there are no disputed amounts payable in respect of Service tax. The
following dues of Income tax are being disputed by the Company:
2012-13
Income Tax Income tax and interest Commissioner of Income Taxes
597,590 597,590
Act, 1961 thereon (Appeals), Bangalore
2013-14
Income Tax Income tax and interest Commissioner of Income Taxes
1,865,425 1,865,425
Act, 1961 thereon (Appeals), Bangalore
(viii) The Company does not have any loans or borrowing from any financial institution, bank, government or debenture holders during the
year. Accordingly, paragraph 3(viii) of the Order is not applicable to the Company.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans
during the year. Accordingly, paragraph 3(ix) of the Order is not applicable to the Company.
89
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or
employees has been noticed or reported during the course of our audit.
(xi) The Company is a private limited company under the definition of the Companies Act, 2013, hence the provisions of Section 197
read with Schedule V to the Act is not applicable to the Company. Accordingly, paragraph 3 (xi) of the Order is not applicable to the Company.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly,
paragraph 3(xii) of the Order is not applicable to the Company.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions
with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been
disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company
has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of records of the Company, the Company
has not entered into any non-cash transactions with directors or persons connected with him under the provisions of Section 192 of the Act.
Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of lndia Act, 1934.
Chartered Accountants
Arjun Ramesh
Partner
Place: Bengaluru
90
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Medi Assist Insurance TPA Private Limited (formerly known as Medi Assist India TPA Private Limited)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Medi Assist Insurance TPA Private Limited (formerly known as Medi
Assist India TPA Private Limited) (“the Company”) as of
31 March 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the
Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of
internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
91
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s
internal financial controls system over financial reporting.
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation
of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal
financial controls over financial reporting were operating effectively as at 31 March 2017, based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
92
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Chartered Accountants
Arjun Ramesh
Partner
Place: Bengaluru
93
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) 199,024,753 Dues to other than micro and small enterprises
(B) 155,339,475 Dues to other than micro and small enterprises
94
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
95
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Adjustments for decrease (increase) in other current assets (E) -2,14,66,665 (F) -13,06,82,882
Adjustments for increase (decrease) in trade payables 5,08,26,366 1,74,27,293
Adjustments for increase (decrease) in other current liabilities 9,74,03,434 -14,48,12,390
Adjustments for provisions 83,78,156 1,25,93,783
Total adjustments for working capital -10,30,40,504 -24,21,57,632
Total adjustments for reconcile profit (loss) -12,92,09,600 -23,81,59,293
Net cash flows from (used in) operations 5,11,48,681 1,59,70,603
Income taxes paid (refund) 2,41,61,983 20,83,47,477
Net cash flows from (used in) operating activities before extraordinary
2,69,86,698 -19,23,76,874
items
Net cash flows from (used in) operating activities 2,69,86,698 -19,23,76,874
Cash flows from used in investing activities [Abstract]
Cash flows from losing control of subsidiaries or other businesses (G) -47,36,00,040
0
96
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Profit on sale of investments : -16251761 Interest on income tax refund : -18700942 Interest on fixed deposits : -12832230
(B) Profit on sale of investments : -6665690 Interest on income tax refund : 0 Interest on fixed deposits : -29782749
(C) Loss on sale/disposal of fixed assets : 0 Provision for doubtful debts : 0 Provision for doubtful claims and advances : 0 Claims
disallowed : 5131165 Creditors no longer payable written back : -7141088
(D) Loss on sale/disposal of fixed assets : 4096136 Provision for doubtful debts : 3565651 Provision for doubtful claims and advances :
6352666 Claims disallowed : 4614555 Creditors no longer payable written back : -8346540
(E) Decrease/ (Increase) in other current assets : -19306481 Decrease / (Increase) in loans and advances : -2160184
(F) Decrease/ (Increase) in other current assets : -177608570 Decrease / (Increase) in loans and advances : 46925688
(G) Purchase of non-current investments
(H) Proceeds from sale of current investments
(I) Proceeds from sale of current investments
(J) Purchase of current investments
(K) Purchase of current investments
(L) Purchase of fixed assets including capital advances
(M) Purchase of fixed assets including capital advances
(N) Increase in deposit accounts : -64851863 Proceeds from maturity of fixed deposits : 312131824
(O) Increase in deposit accounts : -366668036 Proceeds from maturity of fixed deposits : 416005652
(P) Finance Cost paid
(Q) Finance Cost Paid
Disclosure of shareholding more than five per cent in company [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Classes of share capital [Axis] Equity shares [Member] Equity shares 1 [Member]
Name of shareholder [Axis] Shareholder 1 [Member] Shareholder 1 [Member]
01/04/2016 01/04/2015
31/03/2017 31/03/2016 to to
31/03/2017 31/03/2016
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Type of share Equity Shares Equity
Medi Assist Healthcare Medi Assist Healthcare
Name of shareholder Services Private Limited Services Private Limited
CIN of shareholder U74900KA2000PTC027229 U74900KA2000PTC027229
PAN of shareholder AABCN2261E AABCN2261E
Country of incorporation or residence of
INDIA INDIA
shareholder
Number of shares held in company [shares] 40,12,365 [shares] 40,12,365 [shares] 40,12,365 [shares] 40,12,365
Percentage of shareholding in company 99.99% 99.99%
97
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
98
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
99
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
100
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
101
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
102
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
103
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
104
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
105
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
106
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
107
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
108
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
109
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
110
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
111
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
112
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
113
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
114
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
115
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
116
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
117
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
118
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
119
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
120
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
121
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
122
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
123
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
124
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
125
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
126
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
127
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
128
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
129
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
130
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
131
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) G/L Acct/BP Code Investments in unquoted mutual funds
(B) G/L Acct/BP Code Investments in unquoted mutual funds
(C) Investments in unquoted mutual funds
(D) investments in unquoted mutual funds
132
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
133
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Earnest Money Deposits : 8073000 Others : 481974
(B) Earnest Money Deposits : 9950000 Others : 478775
134
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Security Deposits : 82100 Provision for doubtful advance and deposit : -82100
(B) Security Deposits : 1110726 Provision for doubtful advance and deposit : -1110726
135
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Advance given to vendors : 0 Provision for doubtful advance : 0
(B) Advance given to vendors : 564071 Provision for doubtful advance : -564071
136
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Considered doubtful : 26334228 Provision for doubtful debts : -26334228
(B) Considered doubtful : 26334228 Provision for doubtful debts : -26334228
137
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
138
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Unearned revenue : 619787311 Insurer's float balance : 38240051 Statutory dues payable : 90376123 Creditors towards other
expenses : 80722873 Creditors towards capital goods : 103600 Accrued expenses : 99796665
(B) Unearned revenue : 542062792 Insurer's float balance : 81358585 Statutory dues payable : 83082934 Creditors towards other
expenses : 53280932 Creditors towards capital goods : 2006610 Accrued expenses : 64056739
(C) Bank Deposits : 0 Interest accrued on deposits : 0
(D) Bank Deposits : 80000000 Interest accrued on deposits : 3251336
(E) In Current Accounts : 73592313 In Float Accounts : 36045781
(F) In Current Accounts : 254829010 In Float Accounts : 79366787
(G) In deposit accounts (due to mature within 12 months from reporting date) : 54266203
(H) In deposit accounts (due to mature within 12 months from reporting date) : 221546164
(I) Other receivables : 12233623 Provision for doubtful debts : -12233623
(J) Other receivables : 12233623 Provision for doubtful debts : -12233623
139
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
[200800] Notes - Disclosure of accounting policies, changes in accounting policies and estimates
Unless otherwise specified, all monetary values are in INR
01/04/2016
to
31/03/2017
Disclosure of accounting policies, change in accounting policies and Textual information (39)
changes in estimates explanatory [TextBlock] [See below]
Textual information (40)
Disclosure of general information about company [TextBlock] [See below]
Textual information (41)
Disclosure of accounting policies explanatory [TextBlock] [See below]
140
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of accounting policies, change in accounting policies and changes in estimates explanatory [Text Block]
Medi Assist
Insurance TPA
Private Limited
(formerly
known as Medi
Assist India
TPA Private
Limited)
Notes to
financial
statements
Company Overview
Medi Assist Insurance TPA Private Limited (formerly known as Medi Assist India TPA Private
Limited) ("the Company") holds a license from the Insurance Regulatory and Development
Authority (IRDA) to function as a Third Party Administrator (TPA). The Company has signed up
contracts with several general insurance companies. The Company's income is primarily derived in
the form of TPA fees raised on the insurance companies expressed as a percentage on the Insurance
Premium / fixed price per head paid by the insured to the insurance company. The Company also
derives income from pre-policy check up and card processing carried out for insurance companies.
1 Significant accounting policies
The accounting policies set out below have been applied consistently to the periods presented in
these financial statements.
(a) Basis of preparation of financial statements
The financial statements have been prepared and presented under the historical cost convention on
the accrual basis of accounting and comply with Accounting Standards prescribed under Section 133
of the Companies Act 2013 ("the Act") read with Rule 7 of Companies (Accounts) Rules, 2014,
other pronouncements of the Institute of Chartered Accountants of India ('ICAI') and the provisions
of the Act to the extent notified and applicable. The financial statements are presented in Indian
Rupees.
(b) Use of estimates
The preparation of financial statements in conformity with Generally Accepted Accounting
Principles (GAAP) requires management to make judgments, estimates and assumptions that affect
the application of accounting policies and reported amounts of assets, liabilities, income and
expenses and the disclosure of contingent liabilities on the date of the financial statements. Actual
results could differ from those estimates. Estimates and underlying assumptions are reviewed on an
ongoing basis. Any revision to accounting estimates is recognised prospectively in current and
future periods.
.(c) Revenue recognition
The Company derives revenue from rendering TPA services which is measured either as a
percentage of insurance premium or amount per life covered under the policy depending on the
i. terms of the contract entered into with customers. Such amounts are recognised as revenue on a
pro-rata basis during the period of the underlying insurance policy based on the information made
available to the Company from its customers.
Unbilled revenue included in other current assets represents the income recognised based on the
enrolment of policies pending receipt of confirmations through premium registers from the
ii. insurance company as at the year-end in respect of which invoices have not been raised. Portion of
income received for period subsequent to the year end is considered as unearned income which is
included in other current liabilities.
Revenue from rendering pre-policy check up (PPC) services is recognised as and when services are
iii. rendered in accordance with the terms of the agreement entered into with respective insurance
companies, net of reimbursement of expenses.
Revenue from card processing is recognised as and when the card is issued to the beneficiaries at the
iv.
rate per card agreed with the insurance company.
Interest on investments and deposits is recognised on time proportion basis. Dividend income is
v.
accounted for when it is declared.
Medi Assist
Insurance TPA
Private Limited
141
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(formerly
known as Medi
142
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Assist India
TPA Private
Limited)
Notes to
financial
statements
(continued)
(d) Fixed assets and depreciation
Tangible fixed assets
Tangible fixed assets are stated at cost of acquisition or construction less accumulated depreciation
and/or accumulated impairment loss, if any. The cost of an item of tangible fixed asset comprises its
purchase price, including import duties and other non-refundable taxes or levies and any directly
attributable cost of bringing the asset to its working condition for its intended use; any trade
discounts and rebates are deducted in arriving at the purchase price.
Subsequent expenditures related to an item of tangible fixed asset are added to its book value only if
they increase the future benefits from the existing asset beyond its previously assessed standard of
performance.
Tangible fixed assets acquired wholly or partly with specific grant/subsidy from government, are
recorded at the net acquisition cost to the company.
Borrowing costs are interest and other costs (including exchange differences arising from foreign
currency borrowings to the extent that they are regarded as an adjustment to interest costs) incurred
by the Company in connection with the borrowing of funds. Borrowing costs directly attributable to
acquisition or construction of those tangible fixed assets which necessarily take a substantial period
of time to get ready for their intended use are capitalised. Other borrowing costs are recognised as
an expense in the period in which they are incurred.
Exchange differences (favorable as well as unfavorable) arising in respect of translation/settlement
of long term foreign currency borrowings attributable to the acquisition of a depreciable asset are
also included in the cost of the asset.
Tangible fixed assets under construction are disclosed as capital work-in-progress.
Leases under which the company assumes substantially all the risks and rewards of ownership are
classified as finance leases. Assets taken on finance lease are initially capitalised at fair value of the
asset or present value of the minimum lease payments at the inception of the lease, whichever is
lower. Lease payments are apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to periods during the lease term so as to
produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Depreciation on fixed assets is provided on straight-line method (SLM) over the useful life as
specified in Part C of Schedule II of the Companies Act, 2013. Leasehold assets are amortized on a
straight line basis over the period of lease. Pursuant to the Act, depreciation is provided considering
the following useful life:
Useful
life
Category of assets
(in
years)
10
Furniture and fixtures
years
3
Computer equipments - end user devices
years
6
Computer equipments - servers and network
years
10
Electrical equipments
years
5
Office equipments
years
10
Air conditioners
years
Depreciation is provided on a pro-rata basis i.e. from the date on which asset is ready for use.
A fixed asset is eliminated from the financial statements on disposal or when no further benefit is
expected from its use and disposal.
(d) Fixed assets and depreciation (continued)
Intangible assets
Acquired intangible assets
Intangible assets that are acquired by the Company are measured initially at cost. After initial
recognition, an intangible asset is carried at its cost less any accumulated amortisation and any
accumulated impairment loss.
143
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Subsequent expenditure is capitalised only when it increases the future economic benefits from the
specific asset to which it relates.
Intangible assets are amortised over the period the Company expects to derive economic benefit
from their use. The management believes that the period of amortization is representative of the
period over which the Company expects to derive economic benefits from the use of the assets.
(e) Impairment of assets
The Company periodically assesses whether there is any indication that an asset or a group of assets
including goodwill comprising a cash generating unit may be impaired. If any such indication exists,
the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset
or the recoverable amount of the cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated
as an impairment loss and is recognized in the statement of profit and loss.
At the balance sheet date, if there is an indication that a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciable historical cost.
In respect of goodwill, the impairment loss is reversed only when it was caused by specific external
events of an exceptional nature that are not expected to recur and their effects have been reversed by
subsequent external events.
(g) Investments
Investments that are readily realisable and intended to be held for not more than a year from the date
of acquisition are classified as current investments. All other investments are classified as long-term
investments. However, that part of long term investments which is expected to be realised within 12
months after the reporting date is also presented under ‘current assets’ as “current portion of long
term investments”.
Long-term investments (including current portion thereof) are carried at cost less any
other-than-temporary diminution in value, determined separately for each individual investment.
Current investments are carried at the lower of cost and fair value. The comparison of cost and fair
value is done separately in respect of each category of investments.
Any reductions in the carrying amount and any reversals of such reductions are charged or credited
to the statement of profit and loss.
(h) Employee benefits
Short-term employee benefits
Employee benefits payable wholly within twelve months of receiving employee services are
classified as short-term employee benefits. These benefits include salaries and wages, bonus and
ex-gratia. The undiscounted amount of short-term employee benefits expected to be paid in
exchange for employee services is recognized as an expense for the related service rendered by
employees.
Post-employment benefits
Defined contribution plan
A defined contribution plan is a post-employment benefit plan under which an entity pays specified
contributions to a separate entity and has no obligation to pay any further amounts. The Company
makes specified monthly contributions towards employee provident fund and employees state
insurance to a Government administered scheme which is a defined contribution plan. The
Company's contribution is recognized as an expense in the statement of profit and loss during the
period in which the employee renders the related service.
Defined benefit plan
The Company's gratuity benefit scheme is a defined benefit plan. The company’s net obligation in
respect of a defined benefit plan is calculated by estimating the amount of future benefit that
employees have earned in return for their services in the current and prior periods; that benefit is
discounted to determine its present value. The calculation of the Company’s obligation under the
plan is performed annually by a qualified actuary using the projected unit credit method.
The Company recognises all actuarial gains and losses arising from defined benefit plans
immediately in the statement of profit and loss. All expenses related to defined benefit plans are
recognised in employee benefits expense in the statement of profit and loss.
144
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Compensated absences
Compensated absences liability is a defined benefit scheme and is accrued based on an actuarial
valuation at the balance sheet date, carried out by an independent actuary using the projected unit
credit method.
To the extent the company does not have an unconditional right to defer the utilization or
encashment of the accumulated compensated absences, the liability determined based on actuarial
valuation is considered to be a current liability.
Actuarial gains and losses are recognized immediately in the statement of profit and loss.
(i) Employee stock option scheme
Equity settled stock option granted are accounted as per the accounting treatment prescribed in the
guidance note on Employee Share based Payments issued by the Institute of Chartered Accountants
of India. The Intrinsic value of the option on the date of grant over its exercise price is recognised as
deferred employee compensation with a credit to employee stock option outstanding account. The
deferred employee compensation is charged to the statement of profit and loss on a straight line
basis over the vesting period of the option. The options that lapse are reversed by a credit to the
employee compensation expenses equal to unamortised portion.
(j) Foreign currency transactions
Transactions:
The Company is exposed to foreign currency transactions including foreign currency revenues,
receivables, purchase of goods and borrowings. Foreign exchange transactions during the year are
recorded at the rates of exchange prevailing on the dates of the respective transactions.
Exchange differences arising on foreign exchange transactions settled during the year are recognized
in the statement of profit and loss of the year.
Translation:
Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are
translated at the exchange rates on that date, the resultant exchange differences are recognized in the
statement of profit and loss.
Non-monetary items which are carried in terms of historical cost denominated in foreign currency
are reported using the exchange rate on the date of the transaction.
(k) Provisions and contingent liabilities
The Company recognizes a provision when there is a present obligation as a result of a past
obligating event that probably requires an outflow of resources and a reliable estimate can be made
of the amount of the obligation. A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will not, require an outflow of
resources. When there is a possible obligation or a present obligation in respect of which the
likelihood of outflow is remote, no provision or disclosure is made.
Provisions for onerous contracts, i.e. contracts where the expected unavoidable costs of meeting the
obligations under the contract exceed the economic benefits expected to be received under it, are
recognized when it is probable that an outflow of resources embodying economic benefits will be
required to settle a present obligation as a result of an obligating event, based on a reliable estimate
of such obligation.
(l) Income taxes
Income-tax expense comprises current tax (i.e. amount of tax for the year determined in accordance
with Indian Income-tax laws) and deferred tax charge or credit (reflecting the tax effects of change
in timing differences between accounting income and taxable income). The deferred tax charge or
credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that
have been enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can
be realized in future; however, where there is unabsorbed depreciation or carried forward business
loss under taxation laws, deferred tax assets are recognized only if there is virtual certainty of
realization of such assets. Deferred tax assets are reviewed as at each balance sheet date and written
down or written-up to reflect the amount that is reasonably/ virtually certain (as the case may be) to
be realized.
Assets and liabilities representing current and deferred tax are disclosed on a net basis when there is
a legally enforceable right to set off and management intends to settle the asset and liability on a net
basis.
(m) Earnings per share
The basic earnings per share is computed by dividing the net profit after tax for the period by the
weighted average number of equity shares outstanding during the period. Diluted earnings per share,
if any is computed using the weighted average number of equity shares and dilutive potential equity
share outstanding during the period except when the results would be anti-dilutive. Diluted potential
equity shares are deemed converted as of the beginning of the period, unless issued at a later date.
(n) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in
145
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
hand and short-term investments with an original maturity of three months or less from the balance
sheet date, but excludes restricted cash balances.
(o) Cash flow statement
Cash flows are reported using the indirect method, whereby net profits before tax is adjusted for the
effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flows from regular revenue generating, investing and financing
activities of the company are segregated.
146
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
147
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
148
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Service Fee Paid for support services to holding company -14,27,60,239 Software subscription charges paid to holding company -
233130600
(B) Service fee paid for support services to holding company - 41805740 Software subscription charges paid to holding company -
281891951
(C) Reimbursement of charges pertaining to health screenings to the holding company - 84032500. Reimbursement of payroll expenses
to holding company - 4048475 Reimbursement of facilities and other expenses to holding company- 37120475
149
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
150
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Provision for employee benefits
(B) Provision for employee benefits
(C) Excess depreciation provided as per books over income tax law
(D) Excess depreciation provided as per books over income tax law
(E) Provision for doubtful debts and advances
(F) Provision for doubtful debts and advances
(G) Timing Difference on accrued expenses : 10361289
(H) Timing Difference on accrued expenses : 6650627
151
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
152
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
153
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Other expenses- Actual Other expenses as per Financials- 1091232677, as the financials doesnt include CSR expenses and
mentioning CSR expenditure is mandatory, for the purpose of filing the expenses been reduced to 1084818309:
(B) Other expenses- Actual Other expenses as per Financials- 1055472679, as the financials doesnt include CSR expenses and
mentioning CSR expenditure is mandatory, for the purpose of filing the expenses been reduced to 109497687 : 1049497687
(C) Current year : 69000000 Previous year : -11775322
(D) Current year : 115000000 Previous year : 0
154
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
155
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Repairs to building 0 0
156
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Footnotes
(A) Third party administration (TPA)fees : 1951292927 card processing income : 9843583 Add:opening unearned income : 542062792
Less:closing unearned income : -619787311
(B) Third party administration (TPA)fees : 1943916100 card processing income : 37143010 Add:opening unearned income : 447392225
Less:closing unearned income : -542062792
(C) Income from facilitating prepolicy checkup services : 12144556
(D) Income from facilitating prepolicy checkup services : 8286957
(E) Income tax refund : 18700942
(F) Income tax refund : 0
(G) creidtors no longer payable written back : 7141088
(H) creidtors no longer payable written back : 8346540
(I) Bank Guarantee Commission : 4920065
(J) Bank Guarantee Commission : 983424
(K) Plant and Machinery : 40024900 Others : 16501089
(L) Plant and Machinery : 34836022 Others : 15722722
(M) Insurance awareness initiative : 42855697
(N) Insurance awareness initiative : 43668944
(O) Rates and Taxes : 7419585
(P) Rates and Taxes : 2090926
(Q) Communication expenses : 57330738
(R) Communication expenses : 50997196
(S) Smart Card for Tamilnadu Project : 9731266 Smart card for RSBY Project : 50929794 Others : 56004444
(T) Smart Card for Tamilnadu Project : 38025422 Smart card for RSBY Project : 108122724 Others : 53315153
(U) Professional and Consultancy charges : 52865822
(V) Professional and Consultancy charges : 38503579
(W) Postage and Courier Charges
(X) Postage and Courier Charges
(Y) Provision for doubtful debts : 0 Provision for doubtful claims and advances : 0
(Z) Provision for doubtful debts : 3565651 Provision for doubtful claims and advances : 6352666
(AA) Advances Written off : 1592697 Provision for doubtful advances written back : -1592697
(AB) Advances Written off : 0 Provision for doubtful advances written back : 0
(AC) Statutory Audit Fee : 1400000 Tax Audit Fee : 100000
(AD) Statutory Audit Fee : 1550000 Tax Audit Fee : 100040
(AE) Certification Fee
(AF)
(AG) Software Subscription Charges : 240567946 Subcontracting Expenses : 180400360 House keeping charges : 5563129 Claims
disallowed : 5131165 Miscellaneous expenses : 4985760 Business Support Services : 126671452
(AH) Software Subscription Charges : 290294824 Subcontracting Expenses : 135805020 House keeping charges : 9500166 Claims
disallowed : 4614555 Miscellaneous expenses : 3974940 Business Support Services : 30256205
(AI) Other expenses- Actual Other expenses as per Financials- 1091232677, as the financials doesnt include CSR expenses and
mentioning CSR expenditure is mandatory, for the purpose of filing the expenses been reduced to 1084818309:
(AJ) Other expenses- Actual Other expenses as per Financials- 1055472679, as the financials doesnt include CSR expenses and
mentioning CSR expenditure is mandatory, for the purpose of filing the expenses been reduced to 109497687 : 1049497687
(AK) Current year : 69000000 Previous year : -11775322
(AL) Current year : 115000000 Previous year : 0
157
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Total gross income from services rendered (A) 188,34,11,991 (B) 188,63,88,543
Expenditure on dividend paid 0 0
Total expenditure in foreign currency 0 0
Total amount of dividend remitted in foreign currency 0 0
Total earnings in foreign currency 0 0
Total revenue from sale of products 0 0
Domestic revenue services 188,34,11,991 188,63,88,543
Export revenue services 0 0
Total revenue from sale of services 188,34,11,991 188,63,88,543
Gross value of transaction with related parties as per AS-18 0 0
Bad debts of related parties as per AS-18 0 0
Footnotes
(A) Third party administration (TPA)fees : 1951292927 card processing income : 9843583 Add:opening unearned income : 542062792
Less:closing unearned income : -619787311
(B) Third party administration (TPA)fees : 1943916100 card processing income : 37143010 Add:opening unearned income : 447392225
Less:closing unearned income : -542062792
158
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
The Company derives revenue from rendering TPA services which is measured either as a percentage of insurance premium or
amount per life covered under the policy depending on the terms of the contract entered into with customers. Such amounts are
i.
recognised as revenue on a pro-rata basis during the period of the underlying insurance policy based on the information made
available to the Company from its customers.
Unbilled revenue included in other current assets represents the income recognised based on the enrolment of policies pending
receipt of confirmations through premium registers from the insurance company as at the year-end in respect of which invoices
ii.
have not been raised. Portion of income received for period subsequent to the year end is considered as unearned income which is
included in other current liabilities.
Revenue from rendering pre-policy check up (PPC) services is recognised as and when services are rendered in accordance with the
iii.
terms of the agreement entered into with respective insurance companies, net of reimbursement of expenses.
Revenue from card processing is recognised as and when the card is issued to the beneficiaries at the rate per card agreed with the
iv.
insurance company.
v. Interest on investments and deposits is recognised on time proportion basis. Dividend income is accounted for when it is declared.
159
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
[300700] Notes - Key managerial personnels and directors remuneration and other information
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Key managerial personnels and directors [Axis] 1 2 3 4
01/04/2016 01/04/2016 01/04/2016 01/04/2016
to to to to
31/03/2017 31/03/2017 31/03/2017 31/03/2017
Disclosure of key managerial personnels and directors and
remuneration to key managerial personnels and directors
[Abstract]
Disclosure of key managerial personnels and directors
and remuneration to key managerial personnels and
directors [LineItems]
VIKRAM JIT PRASAD
SRIMATHI RAGHAW
Name of key managerial personnel or director SINGH
RANGANATHAN SHARAN PANDEY
VENKATASIVA
CHHATWAL TATINENI
Director identification number of key managerial
01606329 06943067 02306586 06943043
personnel or director
Permanent account number of key managerial
AAHPC1537H ACIPR5585K AAHPP1210C AAKPT6204B
personnel or director
Date of birth of key managerial personnel or
11/06/1969 24/09/1958 15/01/1950 22/02/1955
director
Other Non Executive
Designation of key managerial personnel or director Whole Time Director Whole Time Director Independent Director
Director
B.Com from Madras
University, MBA
Qualification of key managerial personnel or from IGNOU, New
M.B.B.S, Ph.D. B.Sc.(Hons.) M.A. (Psychology)
director Delhi; an Associate
Member of Insurance
Institute of India
Shares held by key managerial personnel or director (A) [shares] 5 [shares] 0 [shares] 0 [shares] 0
Key managerial personnel or director remuneration
[Abstract]
Gross salary to key managerial personnel or
director [Abstract]
Salary key managerial personnel or director 72,00,000 35,31,665 50,000 15,60,400
Profits in lieu of salary key managerial
0 0
personnel or director
Gross salary to key managerial personnel or
72,00,000 35,31,665 50,000 15,60,400
director
Sitting fees key managerial personnel or
0
director
Other commission key managerial personnel or
0
director
Total key managerial personnel or director
72,00,000 35,31,665 50,000 15,60,400
remuneration
Footnotes
(A) * Jointly Held with Medi Assist Healthcare Services Private Limited
160
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of net profits for last three financial years [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Financial year 1 Financial year 2 Financial year 3
Net profits for last three financial years [Axis]
[Member] [Member] [Member]
01/04/2016 01/04/2016 01/04/2016
to to to
31/03/2017 31/03/2017 31/03/2017
Disclosure of net profits for last three financial years [Abstract]
Disclosure of net profits for last three financial years [LineItems]
Description of financial year 2015-2016 2014-2015 2013-2014
Profit before tax of financial year 25,41,29,896 36,24,41,291 28,30,33,448
Net profit computed u/s 198 and adjusted as per rule 2(1)(f)
25,41,29,896 36,24,41,291 28,32,90,942
of Companies (CSR Policy) Rules, 2014
161
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
162
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
1. Period for which CSR is being reported: From 1st April, -2016 to 31st March, 2017
2. A brief outline of the company's CSR policy, including overview of projects or programs proposed to be undertaken and a reference to the
web-link to the CSR policy and projects or programs:
Your Company may from time to time undertake any project, program and activity on one or more of the following areas:
· Supporting treatment of underprivileged and promoting awareness of healthcare including preventive health care through various activities
including organizing campaigns, awareness sessions, events, marathons, etc. with reference to various chronic disease such as cancer, diabetes,
hypertension, cardiac, etc.
· Promoting education, including special education and employment enhancing vocational skills through various activities including organizing
development projects/programs and livelihood enhancement projects.
· Any other projects, programs and activities falling within the permissible activities prescribed under Companies Act, 2013, rules made
thereunder, any circular/notification/guidelines/clarification issued thereunder including any amendment or modifications.
4. Average net profit of the company for last three financial years - Rs.29,99,54,043/-.
163
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
5. Prescribed CSR Expenditure (two per cent. of the amount as in item 4 above) - Rs. 59,99,081/-
c. Manner in which the amount spent during the financial year is detailed below:-
Projects or programs
(2) Specify the State and district where projects or programs was undertaken
Sub-heads:
5
(1) Direct expenditure on projects or programs:
Rs. 64,14,368/-
(2) Overheads:
7 Amount spent: Direct or through implementing agency (Give details of implementing agency) Rs. 64,14,368/-
164
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
7. In case the company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof – Not
applicable
8. Responsibility Statement:
The Responsibility Statement of the Corporate Social Responsibility (CSR) Committee of the Board of Directors of the Company is reproduced
below:
“The implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company”.
Place: Bengaluru
165
MEDI ASSIST INSURANCE TPA PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
166