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Growth Through Focus & Execution

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Growth Through Focus & Execution GROWTH THROUGH FOCUS & EXECUTION ANNUAL REPORT 2017-18 Annual Report 2018 CONTENTS 05 77 CORPORATE REVIEW CORPORATE GOVERNANCE OUR ENTERPRISE REPORT MEASURES OF SUCCESS OUR PATH OUR VALUES BOARD OF DIRECTORS 19 91 STRATEGIC REVIEW GENERAL SHAREHOLDER CHAIRMAN’S LETTER INFORMATION MANAGING DIRECTOR’S LETTER BUSINESS REVIEW 31 97 MANAGEMENT DISCUSSION FINANCIAL REVIEW AND ANALYSIS MAX INDIA MAX INDIA - Standalone MAX Healthcare MAX INDIA - Consolidated MAX Bupa Antara SENIOR LIVING MAX SKILLFIRST BUSINESS RESPONSIBILITY REVIEW ANNUAL REPORT 2017-18 CORPORATE REVIEW OUR ENTERPRISE MEASURES OF SUCCESS OUR PATH OUR VALUES BOARD OF DIRECTORS 05 Corporate Review OUR ENTERPRISE Max India Limited, a multi-business Max Financial Services is the parent corporate, owns and actively manages company of Max Life Insurance, India’s a 49.7% stake in Max Healthcare, a 51% largest non-bank, private life insurance stake in Max Bupa Health Insurance and company. MFS actively manages a a 100% stake in Antara Senior Living. majority stake in Max Life, making it India’s first listed company focused exclusively on life insurance. Launched in 2000, Max Healthcare is an equal JV partnership between Max India and Life Launched in 2000, Max Life is a joint venture with Healthcare, South Africa. It is a leading provider of Mitsui Sumitomo Insurance, Japan. It is India’s standardised, seamless and world-class healthcare largest non-bank private life insurer, with revenues services, focused on tertiary and quaternary care. of ` 14,967 Cr. and a customer base of 4.1 million ` Max Healthcare has revenues of 2,787 Cr. from more than 200 offices across India. over 2,500 beds across 14 hospitals. Launched in 2008, Max Bupa is a 51:49 JV with Bupa Finance Plc., UK. It is one of India’s leading standalone health insurance companies with revenues of ` 755 Cr., about 16,000 agents and tie-ups with over 3,600 quality hospitals across over 350 cities in India. Launched in 2013, Antara is a 100% subsidiary of Max India. It is pioneering the concept of ‘Age in Place’ for people over 55, by developing Senior Living communities in India. The first Antara community was launched in April 2017 near Dehradun, Uttarakhand. 06 / Max India Limited ANNUAL REPORT 2017-18 Max Ventures & Industries Limited Launched in 2008, Max India (MaxVIL) operates primarily in the areas of Foundation (MIF) represents the Max manufacturing and real estate, and serves as Group’s social responsibility efforts. the Group’s entrepreneurial arm to explore The Foundation’s work is focussed on the ‘wider world of business’, especially healthcare for the underprivileged taking cues from the economic and and has benefitted more than 32 lakh commercial reforms agenda of the present people in over 600 locations since its Government, including ‘Make in India’, ‘Skill inception. India’, ‘Digital India’, among others. Launched in 1988, Max Speciality Films is a strategic partnership with Japan’s Toppan Printing Co. Ltd. in which the Company holds 51%. It is a leading manufacturer of speciality packaging films and is at the forefront of both BOPP and Lamination technology in India. Established in 2016, Max Estates Limited is the real estate arm of the Max Group. With a team comprising engineers, architects, planners and specialists, and collaborations with global leaders in design, master planning, landscape and sustainability, Max Estates is committed to delivering a truly unique quality of excellence and lifestyle to all our customers. Max I. Limited is MaxVIL’s wholly-owned subsidiary, which facilitates Intellectual & Financial Capital to promising and proven early-stage organizations across identified sunrise sectors. Its investment model is a hybrid of accelerators and venture funding, providing both mentoring and growth capital for the organizations it invests in. 07 Corporate Review MEASURES OF SUCCESS Strong growth IN MAX Healthcare’S new BUSINESS LINES – MAX@ HOME, MAX LABS MAX Bupa AND OncologY Gross Written DAY CARE PREMIUM: E 755 CR., MAX Healthcare GREW 27% NetworK Gross REVENUES: E 2,787 CR., GREW 9% MAX Bupa Profit BEFORE TAX: E 23 CR. MAX Healthcare BECAME FIRST healthcare organisation to WIN AN ASQ award IN 10 YEARS 08 / Max India Limited ANNUAL REPORT 2017-18 Antara SENIOR LIVING to launch seconD communitY IN NOIDA Benefitted over 32 LAKH LIVES across INDIA through MAX INDIA Foundation Investor BASE comprising MARQUEE global FINANCIAL INSTITUTIONS SUCH AS RELIANCE, IFC, HDFC LIFE AND L&T All figures as at 31st March 2018 09 Corporate Review OUR PATH Our Vision To be the most admired company for health and life care needs of its customers, patients and their families. Our Mission Be the most preferred category choice for customers, patients, shareholders and employees Deliver exceptional and ever changing standards of medical and service excellence Operate to uncompromising ethical standards consistently Lead the market in quality and reputation Maintain cutting edge standards of governance 10 / Max India Limited ANNUAL REPORT 2017-18 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. Our words are matched by our actions and behaviour. 11 Corporate Review BOARD OF DIRECTORS Dr. S.S. Baijal Mr. Analjit Singh Mentor Founder & Chairman Emeritus, Max Group Dr. Baijal served ICI (India) Limited for over 35 years and Mr. Analjit Singh is the Founder and Chairman Emeritus of was the Chairman of ICI companies in India from 1983 to The Max Group, a US$ 3 billion multi-business enterprise, 1987. He then played an active role on the erstwhile Max with interests in life insurance (Max Life), health care India Board from 1988 till 2009, where he added immense (Max Healthcare), health insurance (Max Bupa), senior value to the company. He was the Chairman of the living (Antara), speciality packaging (Max Speciality Films) erstwhile Max India during the years 1998-2000. On his and real estate (Max Estates). Max Group is renowned retirement from the Board in 2009, he was elevated to the for service excellence and has successful joint ventures position of ‘Chairman Emeritus’ in 2009 and to ‘Mentor’ with some of the pre-eminent firms including Mitsui of new Max India in January 2016 after the demerger of Sumitomo and Toppan from Japan, Life Healthcare from the erstwhile Max India. South Africa and Bupa Plc from the United Kingdom. Earlier partners include DSM, Netherlands; New York Life Insurance Company; Hutchison Whampoa; Motorola; Lockheed Martin and others. Amongst private family owned businesses, Mr. Analjit Singh is the founder of Leeu Collection, a group of leisure boutique hotels in Franschhoek, South Africa; The Lake District, UK ; and soon to come in Florence, Italy. The Leeu Collection also includes a significant presence in wine and viticulture through Mullineux Leeu Family Wines; an active F&B portfolio of restaurants and partnerships with Ritu Dalmia, La Colombe in the Cape SA and the Alajmo Group in Italy. Art and Landscaping are also major pillars with a strong relationship with Everard Read, SA. A self-made entrepreneur Mr. Analjit Singh was awarded Padma Bhushan, India’s third highest civilian honour, by the President of India in 2011. An alumnus of The Doon School and Shri Ram College of Commerce, University of Delhi, Mr. Analjit Singh holds an MBA from Graduate School of Management, Boston University. He has been conferred with a honorary doctorate by Amity University. 12 / Max India Limited ANNUAL REPORT 2017-18 Professionally, he is the non-executive Chairman of Max Ventures and Industries, Max Financial Services and Vodafone India and a Director on the board of Sofina NV/ SA, Belgium. Mr. Analjit Singh is a member of the Founder Executive Board of the Indian School of Business (ISB), India’s top ranked B-School, and has served as Chairman of Board of Governors of the Indian Institute of Technology (IIT), Roorkee- India’s oldest and most prestigious engineering college. He also served as Chairman of the Doon School. Mr. Analjit Singh is a member of the Prime Minister’s Indo UK CEO council. In past he has also served on the Prime Mr. Rahul Khosla Minister’s Indo US CEO council. Mr. Analjit Singh has also Chairman served as the co-chair of Prabodhan, a unique forum for facilitating closer and more effective engagement Mr. Rahul Khosla is a seasoned business leader with deep between European and Indian decision makers and management experience, broad leadership skills and wide opinion leaders. business perspectives developed over the last 35 years of working in India and globally. He is currently President of He has been felicitated by Senator Hillary Clinton, former the Max Group, and also serves as Executive President, US Secretary of State on behalf of Indian American Centre Max Financial Services; Chairman, Max India; Chairman, for Political Awareness for his outstanding achievement Max Life Insurance; and Chairman, Max Healthcare. He in presenting the international community with an also serves on the Boards of Antara Senior Living and Max understanding of a modern and vibrant India and for Bupa Health Insurance Company. creating several successful joint ventures with leading Under his leadership, the Max Group has delivered American companies and promoting business ties with superior financial performance, significantly grown the USA. market capitalization, and concluded seminal corporate He has been honoured with the Ernst and Young transactions.
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