[www.niftyviews.com:23726] IAF-Any Takers?

[Rajiv Handa]

Pay and Allowances

Last Updated On: 29/05/2015

   - Even before you are Commissioned as an Air Force Officer you start
   earning a monthly stipend of Rs. 21,000/- during last one year of your
   training period at any of the Air Force Training Institutions.
   - The following Pay / Allowances would be applicable on grant of
   Commission to Flying Officers:-

Pay in Pay Band ( Common to all Branches ) - Rs 15,600 Per Month ( The
officer will be placed in PB 3 - 15600-39100 )

Grade Pay :- Rs 5400 PM

Military Service Pay :- Rs 6000 PM

Dearness Allowance @ 113 percent :- Rs 30510 PM

Kit Maintenance Allowance :- Rs 600 PM

Transport Allowance :- Rs 3200 + DA ( major cities) / 1600 + DA ( Other
cities)

   - In addition the following allowances are admissible to the newly
   Commissioned Officers in Flying and Technical Branches

Flying Allowance @ Rs 13500 PM to Flying Branch Officers.

Technical Allowance @ Rs 3000 PM to Technical Branch Officers.



   - *Gross Monthly Emoluments*:The first monthly pay package of Flying
   Officers in all the branches would be as under (This does not Include other
   allowances based on place of posting except Transport Allowance of major
   cities which is included)



Flying Branch

Technical Branch

Ground Duty Branch

Total Emoluments (in Rs)

78426/-

67926/-

64926/-

As you grow in rank and stature in the Air Force, your income and other
entitlements also increase in harmony with your enhanced responsibilities.

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same."ANY member of this forum doesnt prepare or publish any research report; 
or ii. provide research report; or iii. make 'buy/sell/hold' recommendation; or 
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[www.niftyviews.com:23727] Will Max India De-Merger Become A Disaster Like IDFC?

[Rajiv Handa]

Max India – Spin off Analysis
Vivek Bothra  January 2, 2016 Max India
– Spin off Analysis 
2016-01-02T14:26:05+00:00Special Situtations
 1 Comment


In Jan’ 2015, almost a year back diversified firm Max India spin off plan
were announced management indicated it is splitting listed entity into
three companies with the existing firm becoming India’s first listed
company with insurance as the sole business.

The Max India Group is a multi-business corporate, the listed entity has
following primary business

   1. Life Insurance – As a 74: 26Joint venture with Mitsui Sumitomo of
   Japan
   2. Max healthcare – Operating as equal JV with Life group of South Africa
   3. Health Insurance – As a 74: 26 Joint venture with BUPA of UK
   4. Antara – 100% owned retirement living real estate venture
   5. Max specialty Films – 100% owned

Last year the conglomerate began a demerger exercise which will result in
listed company being spilt into three listed companies as per below

[image: Max India -1]


Source – Investor presentation, Nov 2015

In this brief post we try and examine if the sum of parts would be greater
or lesser than the current M-cap, Let’s go to the drawing board.

*Max Financial services* – The largest piece of the spun off entity is a
well-established life insurance provider in India. Life Insurance is a
crowded place in India were on one hand we have behemoth LIC, while on
other hand you have well-funded strong private players like ICICI
prudential, HDFC Life and SBI. Apart from them there are more than dozen
challengers all gunning for the growing middle class population in the
country where life insurance coverage is abysmally low even compared to
developing countries. It’s a highly competitive market with lot of pricing
pressure on incumbents specially from new challengers. However the size of
pie will ensure all players will have decent opportunity to grow.

Max Life insurance is currently 4th largest private life insurer, it claims
to have Industry best margins and RoEV an industry term which expands to
Return on Embedded Value (in life insurance). RoEV shows the after tax
profit as a percentage of the equity on an embedded value basis (ie valuing
all existing contracts at present day values).

Insurance is a very difficult business to value and Buffett also touches on
what makes valuing an insurance company difficult. An investor has to trust
that the firm’s actuaries are making sound and reasonable assumptions that
balance the premiums they take in with the future claims they will have to
pay out as insurance payments. Few errors can ruin a firm, and risks can
run many years out, or decades in the case of life insurance.

However we have some pointers,

   1. A) In August 2012 the life insurance piece was valued at INR 10,500
   Crore

Japan’s Mitsui Sumitomo Insurance Co. Ltd said it will purchase a 26% stake
in Max New York Life Insurance Co., a joint venture between Max India Ltd
and US-based New York Life Insurance Co., for Rs2,731 crore in an all-cash
transaction.

The transaction values Max New York Life at more than Rs10,500 crore and is
the second largest foreign direct investment (FDI) in the Indian life
insurance industry.

Source


Max Life bought Axis Bank’s 1% stake in the same year at INR 103.5 crore
valuing the full business at INR 10,350 Crore with a put option to acquire
remaining 3% stake in Oct’14 , 15 and 16.

However come 2015, There is change in heart

[image: Max India -2]


The details of this deal are not out but what made a partner to make a
reverse turn ? But overall this a positive move,

Also post 2012, the business has gone from strength to strength increasing
revenue by almost 40% from FY12 to FY15 and its competitive position
improved

[image: Max India - 3]


if Mitsui Sumitomo’ s price paid follows the trajectory of revenue than
this piece could be worth around ~INR 14700 Crores

   1. B) There is another way to look at life insurance business, Insurance
   operations are often acquired at multiples of embedded value (EV) ,
   Embedded value is the value of in-force business plus the value of the free
   capital. The management has indicated that recent deals in insurance
   industry has happened at 3X EV.

Source


as per November 2015 analyst presentation EV of life insurance busi

[www.niftyviews.com:23729] Fwd: Bank Nifty (Jan): 17200-17300 May Pose Big Challenge---

[Asis Ghosh]

 Forwarded Message 
Subject:Bank Nifty (Jan): 17200-17300 May Pose Big Challenge---
Date:   Mon, 4 Jan 2016 08:34:05 +0530
From:   Asis Ghosh 
Reply-To:   asis...@gmail.com



*BNF has to sustain over 17200-300 for 17610-18160;*
*Otherwise, 16625-16165 may be on the card*

*RBI directive for PSBS to come clean by 2017 and transmission of rate 
cuts *

*(new base rate methodology) may put some pressure on BNF *


*Trading Levels:*

BNF-Jan: 17087 (LTP)

SL=+/-  25 POINTS   FROM SLR












T1  T2  T3  T4  T5  SLR
Strong > 	17200 		17296-317 	17371-470 	17560-610* 	17665-850 
18010-160 	<17150


Weak < 	17150 		17044-970 	16910-819 	16695-625* 	16505-460 	16292-165 
>17200





T1  T2  T3  T4  T5  SLR
Strong > 17200   17317   17470   17610*  17850   18160   <17150

Weak <   17150   16970   16819   16625*  16460   16165   >17200



*Analytical Charts:*














--
Thanks & Regards,

Asis Ghosh
(asisghosh.blogspot.com)
NCFM-TA Certified



--
Kindly email stock reports at 

STOCKRESEARCHER@googlegroups.com 


For sharing knowledge

-- NIFTYVIEWS.COM NOW A FREE OPEN SOURCE WEBSITE.

http://www.niftyviews.com/ 



Disclaimer :-
"The opinions expressed by the members on this board are based on
their individual experience and perceptions and to share information
with other members with the best of intentions to help fellow members
in investment decisions as equity investment is a risky venture.The administrator of 
www.Niftyviews.com just provide a platform for the authors to express their opinion 
and take no guarantee for the genuineness of the same."ANY member of this forum 
doesnt prepare or publish any research report; or ii. provide research report; or 
iii. make 'buy/sell/hold' recommendation; or iv. give price target;
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