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Max India Limited INDIA MAX LIMITED `411111‘. July 8, 2019 Department of Corporate Services National Stock Exchange of India Ltd. BSE Limited Exchange Plaza Phiroze Jeejeebhoy Towers Bandra -Kuria Complex Dalai Street Bandra (E), Mumbai - 400 021. Mumbai 400 051 Scrip Code : 539981 Name of Scrip : MAXINDIA Dear Sir/Madam, Subject: 4th Annual General Meeting and Book Closure Please find attached herewith the Annual Report of the Company for the financial year 2018- 19 along with the Notice of 4th Annual General Meeting as required under Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, we would like to inform you that the 4th Annual General Meeting of the Company has been scheduled to be held on Friday, August 2, 2019 at 11 .00 AM, at the Registered Office of the Company at 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab-144 533 and the Register of Members of the Company will be closed from Saturday, July 27, 2019 till Friday, August 2, 2019 (both days inclusive) for the aforesaid purpose. The Company is providing to its members the facility to exercise their right to vote on resolutions proposed to be passed at the AGM by electronic mode. A person, whose name is recorded in the Register of Members or in the Register of beneficial owners maintained by the depositories as on the cut-off date viz., Friday, July 26, 2019, only shall be entitled to avail electronic voting facility. The remote e-voting period commences from Monday, July 29, 2019 at 9.00 am and ends on Thursday August 1, 2019 at 5.00 pm. You are requested to take note of the above. Thanking you, Yours faithfully, For Max India Limited Pankaj Chawla Company Secretary and Compliance Officer Encl: a/a MAX INDIA LIMITED CIN: L85100PB2015PLC039155 Max House, 1, Dr. iha Marg, Okhla, New Delhi - 110 020 I P +9111 42598000 I F +911126324126 I www.maxindi3 corn Regd. Office: 419, Bhai Mohan Singh Nagar, Village Railmajra, Tehsil Balachaur, Dist. Nawanshahr, Punjab -144 533, India Annual Report 2018-19 Rebalancing for Value Creation Annual Report 2019 Read Inside 05-19 70-87 CORPORATE REVIEW CORPORATE GOVERNANCE Our Enterprise 06 REPORT Measures of Success 08 Corporate Governance Report 72 Our Path 10 Our Values 11 Board of Directors 12 20-25 88-93 STRATEGIC REVIEW GENERAL SHAREHOLDER Chairman & MD’s Letter 22 INFORMATION Business Review 24 General Shareholder Information 90 26-69 MANAGEMENT DISCUSSION AND ANALYSIS 94-318 Max India 28 FINANCIAL REVIEW Max Healthcare 34 Directors’ Report 96 Max Bupa 44 Standalone 144 Antara Senior Living 54 Consolidated 218 Max SkillFirst 60 Business Responsibility Review 64 05-17 CORPORATE REVIEW Our Enterprise 06 Measures Of Success 08 Our Path 10 Our Values 11 Board Of Directors 12 Max India Limited Our Enterprise Max Financial Services (MFS), a multi-business corporate, is part of the US $3.2 billion Max Group. Focussed on Life Insurance, it owns and actively manages a 71.8% stake in Max Life Insurance, India’s Launched in 2000, Max Life is a joint venture with largest non-bank, private life insurance company. MFS Mitsui Sumitomo Insurance, a Japan-headquartered earned a revenue of ` 17,538 crore in FY 2019. The global insurance leader. Max Life is India’s largest non- company is listed on NSE and BSE. Besides a 28.3% bank private life insurer and the fourth largest private life insurance company, with revenues of ` 14,575 crore, a holding by Analjit Singh sponsor family, some other claims paid ratio of 98.74% and a customer base of shareholders include KKR, New York Life, Baron, 4 million with more than 322 offices across India. Vanguard, Aberdeen, First Voyager, Jupiter and the Asset Management Companies of Reliance, HDFC, ICICI Prudential, Motilal Oswal, Aditya Birla Sun Life, Mirae, and Kotak. Max India Limited, a multi-business corporate, is part of the US $3.2 billion Max Group. Focused on Healthcare and Allied business, it owns and actively Launched in 2000, Max Healthcare is India’s leading manages a 49.7% stake in Max Healthcare, a 51% provider of standardised, seamless and world-class stake in Max Bupa Health Insurance and a 100% stake healthcare services, focussed on tertiary and quaternary in Antara Senior Living. Max India earned revenue of care. Max Healthcare has revenues of ` 2,921 crore. from ` 3,688 crore in FY 2019, having a customer base of 7 over 2,500 beds across 14 hospitals. With a base of more million. The Company is listed on NSE and BSE. Besides than 3,000 doctors offering services in 30 specialities a 40.9% holding by Analjit Singh sponsor family, some across a network of 14 hospitals, Max Healthcare remains other shareholders include New York Life, Briarwood completely committed to the highest standards of medical Capital, IFC, Nomura, Doric Capital, HDFC Standard and service excellence, patient care,and scientific and Life and Asset Management Companies of L&T and medical education. UTI Mutual Fund. Launched in 2008, Max Bupa, a subsidiary of Max India, Launched in 2013, Antara Senior Living is a 100% is a 51:49 JV with Bupa Finance Plc., UK. It is one of India’s subsidiary of Max India. It is pioneering the concept of leading standalone health insurance companies with Gross ‘Age in Place’ for people over 55 years of age, by developing Written Premium (GWP) of ` 947 crore. It has a customer Senior Living communities in India. The first Antara base of nearly 2.5 million people, offering individual community was launched in April 2017 near Dehradun, and family-oriented health insurance policies across Uttarakhand with 190 apartments spread over 14 acres all age groups through its 31,000+ agents and 12 bank of land. relationships. 6 Rebalancing for Value Creation Annual Report 2018-19 Incorporated in 2015, Max Ventures & Industries Limited (MaxVIL), is a part of US $3.2 billion Max Group. The Company owns and operates real estate business through its 100% subsidiary, Max Estates, Launched in 1988, Max Speciality Films, a subsidiary of and a packaging films business through Max Speciality MaxVIL., is an innovation leader in the Speciality Packaging Films, a 51:49 joint venture with Toppan, Japan. Films business. It has a strategic partnership with Japan’s MaxVIL also has an investment subsidiary, Max I., Toppan Printing Co. Ltd., a leading global printing company. MaxVIL is listed on NSE and BSE. Besides a 47.1% Max Speciality Films is a top supplier of speciality holding by Analjit Singh sponsor family, some other packaging, labels, coating and thermal lamination films for shareholders include New York Life and First State the India and overseas markets. Investments Established in 2016, Max Estates Limited is the real Max I. Limited is MaxVIL’s wholly-owned subsidiary, which estate arm of the Max Group and a subsidiary of MaxVIL. facilitates Intellectual & Financial Capital to promising and Its vision is to bring the Group’s values of Excellence, proven early-stage organisations across identified sunrise Credibility and Sevabhav to the Indian real estate sector. sectors. Its investment model is a hybrid of accelerators Its marquee projects include a one-of-its-kind commercial and venture funding, providing both mentoring and growth office space Max Towers, on the edge of South Delhi capital for the organisations it invests in. that opened its doors in 2019 and 222 Rajpur, a luxury residential villa community in Rajpur, Dehradun. It aims to create, build and operate Grade A+ office spaces in Delih-NCR. Launched in 2008, Max India Foundation (MIF) represents the Max Group’s social responsibility efforts. The Foundation’s work has been focussed on healthcare for the underprivileged and has benefitted more than 34 lakh people in over 800 locations since its inception. 7 Max India Limited Measures of Success Max Healthcare Max Healthcare’s Network Gross EBITDA Revenues ` 2,921 CR ` 242 CR 5% 9% Max Bupa Max Bupa Gross Written New Business Premium Premium ` 947 CR ` 355 CR 26% 38% 8 Rebalancing for Value Creation Annual Report 2018-19 Max Healthcare’s Antara Senior New Business Living pursuing Lines an Operating & Max@ Home Maintenance-led asset-light model 58% in Delhi NCR Max Labs Investor base 86% comprising marquee global financial institutions Max India such as New York Foundation Life, Briarwood benefitted over Capital, IFC, Nomura, Doric Capital, HDFC Standard Life AMC’s 34 LAKH of and L&T & UTI lives across India Mutual Fund All figures as on March 31, 2019 9 Max India Limited Our Path Our Vision Our Mission To be the most admired • Be the most preferred category company for protecting choice for customers, policy holders, and enhancing the shareholders and employees financial future of its • Do what is right for our customers, customers. and treat them fairly • Lead the market in quality and reputation • Be the go-to standard for partnerships and alliances with all distributors and partners • Maintain cutting-edge standards of governance 10 Rebalancing for Value Creation Annual Report 2018-19 Our Values Sevabhav We encourage a culture of service and helpfulness so that our actions positively impact society. Our commitment to Seva defines and differentiates us. Excellence We gather the experts and the expertise to deliver the best solutions for life’s many moments of truth. We never settle for good enough. Credibility We give you our word. And we stand by it. No matter what. A ‘No’ uttered with the deepest conviction is better than a ‘Yes’ merely uttered to please, or worse, to avoid trouble.
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