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Page 1: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

1

Max India Limited

Investor Presentation

BSE Scrip Code: 500271, NSE Ticker: MAX, Bloomberg: MAX:INwww.maxindia.com

Page 2: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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Max India Limited is a multi-business corporate, driven by the spirit of enterprise, focused onknowledge, people and service oriented businesses of Life Insurance, Healthcare andClinical Research. Max’s other businesses are Speciality Plastic Products for the packagingindustry and Healthcare Staffing.

VISION“To be one of India’s most admired corporates for service excellence”

MISSIONn Establish niche service businesses in Life

Insurance, Healthcare and Clinical Researchn Life Insurance and Healthcare…convergence!n Rank amongst top 3 players in each nichen Partner with best-in-class world leadersn Create service excellence in all businesses

Max India – An Introduction

Protecting Lifethrough

Life Insurance

Caring for Lifethrough

Healthcare

Improving Life through

Clinical Research

Life Our Focus…

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Max Group – Key Highlightsn A leading mid sized conglomerate of repute in India

Life Insurance – 74:26 JV with New York Life

Healthcare – 70% owned. 8 healthcare facilities with 800 Beds

Clinical Research – 100% owned. Over 200 active sites

Speciality Packaging – capacity of 29,000 TPA. 100% utilization

n 3 Million Customers… 18,000 Employees… 55,000 Agents… 1,250 Doctors…

n Track record of successful international business partnerships over last 20 years

Pharmaceuticals Electronic Component

Mobile Telephony

CommunicationServices Plating Chemicals Medical

Transcription

Hutchison COMSAT ATOTECH

Page 4: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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Consolidated Performance SnapshotRs. Crore

CONSOLIDATED FINANCIAL HIGHLIGHTS

Details Q1’08-09Growth

%FY’07-08

Growth

%

Operating Revenue 1,022 82% 3,244 78%

Investment and Other Income 99 -28% 367 110%

Total Revenue 1,121 60% 3,611 81%

EBITDA (12) - 71 -

Net Income Before Tax (41) (43)

Shareholders' Funds 1,511 -5% 1,544 156%

Preference Shares* 250 - 250 -

Loans Funds 551 -14% 552 -1%

Fixed Assets (Net Block) 762 17% 718 14%

Treasury Corpus 1,080 -18% 1,261 343%

Life Insurance Investments (AUM) 3,973 86% 3,575 95%

7001,111

1,994

3,611

1,121

Page 5: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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FDI –Warburg Pincus13.4%

Max India – Shareholding

FII – Warburg Pincus9.1%

FII – Others27.5%

Others15.6%

Market Capitalization

US$ 1 Billion

Number of Outstanding Shares

222,022,720

Shareholding Pattern – Sep 30, 2008

Promoter Group –Analjit Singh

34.4%

Page 6: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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n Enhanced value for Max India shareholders

n New York Life has an option for 8 years to increase its shareholding

in MNYL by upto 24%, subject to regulations

n Option value at fair market based formula, less discount of 10%,

against a preferential formula earlier

n Deposit of Rs. 174 Crore from New York Life refunded

Max India Restructures MNYL JV…

Page 7: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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n Joint-venture with BUPA Finance Plc., UK, world leader of highest

pedigree in this space

n Max India to hold 50% in the joint-venture

n Registration with IRDA in fourth quarter of 2008

n Market roll-out by fourth quarter of 2009

n Initial capital of Rs. 100 Crore; peak capital commitment Rs. 400-420

Crore

Max India to foray into Health Insurance…

Page 8: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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Max New York Life Insurance [ MNYL ]

www.maxnewyorklife.com

Page 9: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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n Joint Venture between Max India and New York Life, a fortune 100 company witharound $280 billion in assets under management

n Max India and NYL jointly drive growth strategy

n Max provides Indian industry perspective and manages the regulatory environment

n Peak equity commitment of over Rs. 3,600 Crore; Rs. 1,432 Crore already infused

Max New York Life Insurance [ MNYL ]

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ExcellenceHonestyKnowledge

MNYL – Road Map to Becoming India’s Most Admired Life Insurance Company

Key Public Messages

A trusted life insurance specialistCustomer centricFinancially responsible and strongA great place to workAn admired member of the community

VISION Become the most admired Life Insurance Company in India

MISSION

GOALS5 Billion $ in Premiums in 10th yearIRR–20% plus; Dominate MDRT in India; Profitable by 2011

KEY

OBJECTIVES

STRATEGIES

WHAT – Comprehensive suite of products, competitive pricing, extensive distribution, persistency, customer service excellence, profitable portfolios

HOW – Talented People, Professional & Productive Agents, Performance Metrics, Leverage Technology, Teamwork, Customer Centric, Innovative Distribution and Marketing

INITIATIVESWhat-When-Who-How-Cost linkage plans at Departmental and Individual levels

VALUES & BELIEFS OPERATING PRINCIPLES METRICS & STANDARDS

PERFORMANCE MGMT PROCESS

Caring IntegrityTeamwork

Customer comes firstInternational quality standardsDo it right the first timeFact based decisionsBias for result oriented actionFinancial strength & disciplineDirect and open communicationRespect Max & NYLI values & parentageFun at work

InputOutputExternalInternalAbsoluteRatios

GMPR RatingsTEC/TTR – TemplatesPrimary, Shared and ContributoryBalanced scorecardCore, Functional and Leadership Competencies

Part of top quartile new Life Insurance CompaniesNational PlayerBrand of FIRST choiceEmployer of ChoicePrincipal of Choice for Agents

Key DifferentiatorsFinancial Strength & SecurityQuality of agentsFlexible ProductsService ExcellenceFair Terms of Business

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India’s Life Insurance Industry is Witnessing Growth

Source: IRDA, Swiss Re Report 2008

n LIC CAGR of 30% over the last three years

n Market share of Private players has increased from 25% 2004-05 to 50% in 2007-08

Growth driven by…n Strong GDP growth (average of 8.9% since last

four years)

n Low insurance penetration (approx 4% of GDP as against over 8% in developed countries)

n Buoyant stock markets (Sensex CAGR of 39% over last five years)

n Aggressive distribution expansion by private players (Over 5000 new offices in four years)

n Favorable demographics (working population, aged 15-64 yrs, is over 60%)

n Product Innovation (Unit Linked products, Health & Pension)

US$ 1 = INR 42Individual Adjusted Premium (Individual Non-Single Premium + 10% of Individual Single Premium)

Private Life Insurers -Individual Adjusted Premium

1.73.4

6.3

0.90

3

6

9

2004-05 2005-06 2006-07 2007-08

USD

Bn

Adjusted Premium

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Market PositionInsurance Sales (Rs. Crore)

Source: Insurance Regulatory & Development Authority, Adjusted to include only 10% of Single PremiumAll Others include: ING Vysya, Metlife, Shriram, Bharti AXA, Sahara, IDBI Fortis, Future Generali, Canara HSBC OBC and Aegon Religare

CompanyIndividual New Business

PremiumIndividual Policies

ICICI Prudential 6,684 2,914Bajaj Allianz 5,642 3,745

HDFC Standard Life

2,653 926

Max New York Life 1,308 874

Met Life

Kotak Life

1,873 1074Reliance Life

1,976

497

All Others

793

1,046

Total Private Life Insurers 26,570 13,262

MS of Private Players (%) 50 26

62,216 949

SBI Life

946 3147

Tata AIG235767

(FY 2007-08)

21551419891

663

882

801

350

9,578

61

830

4277

324

(Apr-Aug’08)(‘000)

(FY 2007-08)(Apr-Aug’08)

1,054960285

473

573

262

452

5,037

33

4314

229

88

1,712 688Birla Sunlife 836 347

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n Multi-channel distribution strategyHighly productive agency model (Over double the average productivity ofprivate players)Strong non-agency relationships contributing to over 34% of sales in FY 07-08

n Comprehensive product suite across all market segmentsStrong traditional products portfolioComprehensive Unit Link product suiteRecently launched Health and Retirement products

n Best in class training capabilities within the industry (over 400trainers on board)

n Long tenor products and young customer base

n Conservation ratio* of 89% in Q1’FY 08-09 against 83% in FY 07-08

n Scalability of IT and administration systems

n Strong management team with proven execution capabilities

MNYL Key Differentiators

* Conservation ratio is defined as Current Period Renewal premium / (Last Period Renewal Premium + Last Period Regular Business Premium)

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MNYL – The Leading Agency Sales Force

Source: IRDA Journal, media reports and company’s internal estimates

520 300,000 5,878 0.37

728 291,000 8,586 0.41

283 40,000 23,614 0.69

259 162,000 5,631 0.21

118 53,000 7,419 0.37

117 40,000 9,712 0.45

124 40,000 10,323 0.72

114 35,000 10,848 0.25

55 35,000 5,287 0.30

Adjusted Single premium

* In terms of highest new business premium (Agency)

288 115,000 8,941 0.37

247 46,800 21,357 1.29

372 175,000 7,094 0.49

2

1

10

8

6

9

4

75

12

3

11

1

3

7

7

7

4

2

65

8

9

10

New Business Apr – Jun 08

(Agency) (Rs. Crore)Agents Premium per

Agent * (Rs.)Cases per Agent *Rank Rank

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MNYL Focus… Protection Oriented, Longer Tenor Life Insurance

35

28

34

0.4DEFERRED ANNUITY

10.2MONEY BACK

UNIT LINKED 53.3

3.6TERM

18.4WHOLE LIFE

PROPORTION OF POLICIES (%, by

number)PRODUCT TYPE

Tenure (Years)

Age of Insured(Years)

25 33MNYL Average MNYL Average

16

23

42

34

3423

14

42

ENDOWMENT 14.1 22

As on Jun 30, 2008

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MNYL – Embedded Value 2007-08

Amount in Rs. Crore

Unwind of discount

Opening EV

Value ofNew

Business

Other adjustment

New Capital Injection

Closing EV

Denotes decrease to EV

Denotes increase to EV

267

102

Operating Variance

22

300

10

1,316

Maintenance Expense Overrun

35

Implied NBM is 20.4%

on APE*

*APE – Adjusted Premium Equivalent (First Year Premium adjusted for 10% of Single Premium)

464

206

362

954

Net WorthValue of Inforce business

670

Page 17: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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Economic Assumptions

Sensitivityn For change in risk discount rate by 0.25%, the value of new business would

change by 1.89%

Operating Assumptionsn Operating assumptions like mortality, morbidity and lapses are based on our own

experience and validated with industry / reinsurers experience.

n Expense assumptions are based on our own expense projection model. Basis ourcurrent expansion strategy, our expense break even happens in year FY 11-12.

MNYL – Key Assumptions to Embedded Value

Particulars AssumptionsCash/Money Market/TB 6.50%G Secs 8.00%Corporate Bonds 8.95%Equities 13.00%Inflation 6.00%Risk Discount Rate 13.00%Tax rate 14.2% (12.5% plus 10% surcharge

+3% education cess)

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MNYL – Growth Strategy

*Growth rate calculated on Individual Adjusted Premium(Individual Non-Single Premium + 10% of Individual Single Premium)

MNYL growth rate*: FY 08 – 70%; FY 09 (Apr – Jun) – 73%

AFYP Rs. 12,000 Croreby FY 11-12

20 Mn Policyholdersby FY 11-12

300,000 Agentsby FY 11-12

250 Offices every year,900 Agency & 700 Rural Offices

by FY 11-12

US$ 1 = INR 42

Page 19: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

19* Conservation Ratio = Renewal Premium for the current period / (First Year+Renewal Premium for the previous period)

MNYL – Key Highlights

Key Business Drivers UnitQuarter Ended Y-o-Y

Growth

Year Ended Y-o-Y

Growth Jun-08 Jun-07 Mar-08 Mar-07

a) Sales Value (Annualized first year premium) Rs. Crore 541 309 75% 1,676 970 73%

b) Average case size Rs. 22,145 21,848 1% 21,923 21,810 1%

c) Case rate per agent per month No. 1.16 1.44 -19% 1.46 1.63 -10%

d) Number of agents No. 46,851 27,727 69% 36,896 25,048 47%

e) Net agents added No. 9,955 2,679 11,848 9,763

f) Conservation ratio* % 89% 79% 83% 78%

g) Gross written premium income Rs. Crore

First year premium 424 240 77% 1,326 751 77%

Renewal premium 369 173 113% 1,117 588 90%

Single premium 72 47 53% 272 161 69%

Total 865 460 88% 2,715 1,500 81%

h) Paid up Capital Rs. Crore 1,232 732 68% 1,032 732 41%

i) Individual Policies in force No. 1,985,626 1,205,730 65% 1,750,725 1,098,230 59%

j) Sum insured in force (including Group) Rs. Crore 77,650 48,816 59% 69,887 44,674 56%

Page 20: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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n MNYL would continue to be an agency led multi-channel distributioncompany. Key focus areas in distribution would be:

Grow agency and rural offices to build large geographic footprintSegment agency to build profitable scaleStrengthen and expand bancassurance and partnership distributionBuild scale in direct sales and exploit telemarketing capabilities

n Launch a new operating model to reach 100 million low income, under-serviced households, through

Pilot launch in AllahabadNational launch shortly

n Focus on health and retirement product segments to diversify the portfolioand fuel growth

n Enhance sales through cross-sell and up-sell to our growing customer base

n Improve MNYL brand awareness to support business expansion throughcomprehensive brand building agenda

MNYL – Growth Strategy

Page 21: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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www.maxhealthcare.in

Max Healthcare [ MHC ]

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Indian Healthcare

Indian Healthcare industry expected to grow at a 15%

CAGR till 2012 to contribute 6.1% of GDP

Key Driversn Key changes related to lifestyle and chronic

disease patternsn Minimally Invasive Surgery, lower ALOS & safer

surgical procedures – encouraging demandn Deeper penetration of diagnostics and

healthcare servicesn Growing middle classn Changing spending patternsn Health Insurancen Medical value travel

Healthcare Industry 2012 – US$ 78.6 billion

n Revenue generated by private hospitalscurrently estimated at US$ 15.5 billion, likely toincrease to US$ 35.9 billion by 2012

n Industry expected to add 1 million beds by 2012– private sector to contribute 89% of these bedsat an investment of US$ 70 billion

Source: Medistat World Market Analysis, 2006; E&Y Report, 2007

Market Size

34 19 137 250

2100

India Brazil China Germany USA

(USD

Bn)

Healthcare Industry 2012 - US$ 78.6 Bn

Bed Revenue, 36%

Health Insurance, 5%

Infrastructure, 14%

Others, 18%

Training & Education, 3%

Pharma and Consumables,

21%

Clinical Trials, 1%

Medical Value Travel, 2%

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Enable retention of patient trafficEnable ‘start-to-finish’ comprehensive, seamless care: Consult and Diagnostics,

Diagnostic tests, surgeries, post-surgical care

MHC – Model

TERTIARYn Max Heart and Vascular Instituten Max Super Speciality Hospital

Heart and VascularNeurosciencesJoint Replacement and OrthopaedicsAesthetics and Reconstructive surgeryOncology

SECONDARY

PRIMARY

n Max Hospitals – 4n Speciality Centres – 2

n Clinics / Implants – 9

Surgery and inpatient facilitiesMother and ChildHigh-end diagnostics: MRI, CTDoctor consultationEye and Dental care

Specialist doctor consultBasic diagnostics like pathology collection

Page 24: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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n Comprehensive world-class healthcare services

n State-of-the-art infrastructure and facilities

n Established brand name with leading specialist doctors

n Trained and anchored resources

n Leadership in key super-specialties in tertiary careCentres of excellence in cardiac, orthopaedics and joint replacement, neurosciences,paediatrics, obstetrics & gynaecology and aesthetic & reconstructive surgery

Organ transplant, oncology, cord blood banking, stem cell research to be added

n Extensive emphasis on medical training and educationDNB (Diplomate of National Board) & fellowship programs

High quality nursing and paramedic care supported by nursing and paramedic college

MHC – Key Differentiators

Page 25: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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Healthcare facilities 8

Physicians 1,250*

Other support staff 2,800

Patient base Over 600,000

Patient transactions Over 150,000 pm

Beds 800

ICU beds 225

OTs 20

Cathlabs 3

MRIs 4

CTs 4

MHC – Key Highlights

*Includes over 500 physicians on Rolls

Fact Sheet Shareholding Pattern

Max India Limited70.1%

Others6.0% Warburg Pincus

20.1%IFC, Washington3.8%

Number of outstanding shares 237,094,548

Both the tertiary care hospitals are NABH accredited Lab facilities at Max Super Speciality Hospital are NABL accredited

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MHC – Key Highlights

EBITDA is positive… close to reporting cash profits

*Average revenue per occupied bed day has been calculated on inpatient revenue

ALOS – 3.2 days

Revenue & Contribution Margin Trend

245 372 10045 131

52.7%

50.6%

54.8%53.1%

51.6%

0

100

200

300

400

2004-05 2005-06 2006-07 2007-08 Q1'FY09

(Rs.

Cro

re)

45%

47%

49%

51%

53%

55%

Revenue Contribution %

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MHC – Second Phase of Expansion

n Around 270 bedsn Launch expected by August 2009n Tower specialties – oncology, infertility,

orthopaedics, neurosciences, cardiacand critical care

Tertiary CareMax Balaji Hospital – Patparganj

Max Hospital – Saket [South Block]

n Around 100 bedsn Launch expected by September 2009n Tower specialty – oncology

n Around 100 beds n Launch by June 2009n Emergency and trauma care n Non–invasive cardiologyn Joint replacement and orthopaedicsn Minimally invasive surgeriesn All support specialities

National Capital Region

Outside National Capital Region

Tertiary Care

High-end Secondary CareMax Hospital – Dehradun

Bed capacity to double to over 1500 beds by 2010

Land already in place for the second phase of expansion

Max Hospital – Shalimar Bagh

n Around 300 Bedsn Launch by 2010

Tertiary Care / Multi-Speciality

Page 28: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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MHC – Project Cost and Funding

Project CostRs. 1,100 Crore

EquityCapital

Rs. 430 Crore

PreferenceCapital

Rs. 250 Crore

n Max IndiaCurrent – Rs. 166 CroreFuture – Rs. 54 Crore

n Warburg Pincus – Rs. 140 Croren IFC, Washington – Rs. 50 Croren Other Foreign Investors –

Rs. 20 Crore

n Indian Banks and Financial Institutions

Current – Rs. 281 CroreFuture (tied-up) –Rs. 74 CroreTo be tied up – Rs. 65 Crore

Debt Funds

Rs. 420 Crore

n IFC, Washington

Page 29: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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Max Neeman Medical International [ MNMI ]

www.neeman-medical.com

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Revenue Mix - Clinical Trials

Phase-IV10%

Phase-III30%

Phase-II40% Phase-I

20%

Indian Clinical Research Industry

Key Driversn Huge patient population base

with therapeutic diversity

n Cost arbitrage

n Huge talent pool

n Data processing infrastructurefor bio-informatics

n Favorable patent regulationsto catalyze exponential growthand improving

Need availability gap in years to come

2001 2005 2010 (Projected)No. of trials 142 600 6,000Investigators 46 250-300 4,000-5,000Trained manpower 200 3,000 50,000

Study Sites Metros only

A class cities, few B class towns

All A class towns, many B and

C class towns

Source: E&Y Report, 2007; Thomson CentreWatch Analysis, 2007

Industry projected to grow to US$ 1.3 billion by 2012...

Indian clinical trials industry - US$ 220 million

Page 31: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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MNMI – Contract Research Organization

n Service offerings include…Project managementMonitoringSite managementData management, includes bio-statistics and report writingClinical trial material supply chain management

n Confirmed order book of Rs 36 Crore and BD pipeline of Rs 85 CroreBD efforts focused on medium and small-sized biotech and pharma companies

n Strong operating performance…Continues to be profitableRevenue for the quarter ended Jun’08 at Rs. 3 Crore, grows 136% year-on-yearPatient retention rate maintained at 98%4 successful US FDA auditsDatabase of 750 GCP/ICH principal investigators

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MNMI – Select List of Clients

Page 33: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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Max Speciality Products [ MSP ]

www.maxindia.com

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Global BOPP Industry

Key Driversn Global flexible packaging industry – US$ 50 bn,

of which BOPP Films contribute 70%

n Growth of flexible packaging Industry ~ 15%

n Competitive advantage of BOPP films overother plastics and traditional products

n Shift from PET to BOPP. (Indian BOPP:PETproducts ratio around 1:2 against 3:1 globally)

n BOPP films in strong demand from consumergoods industries

n Organised retail and changing urban life stylesto further expand demand for BOPP films

n Competitive cost advantage for export markets

BOPP per capita consumption in India lower than

the global average

Source: AMI & Access

Global Per Capita Consumption of BOPP Film

1.9

1.2

0.50.4

0.30.1

0.4

WesternEurope

NorthAmerica

Asia LatinAmerica

EasternEurope

India WorldAverage

KG

BOPP - Global Demand Supply

6,71

0

6,98

1

7,26

1

7,58

0

7,77

8

5,26

4

5,60

2

5,96

7

6,36

2

6,75

6

78% 80% 82% 84% 87%

1000

2000

3000

4000

5000

6000

7000

8000

9000

2007 2008 2009 2010 201110%

20%

30%

40%

50%

60%

70%

80%

90%

100%

KTA

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MSP – Key Highlights

*Q1 FY09 numbers have been annualised by a factor of 4 to reflect FY09 numbers.

Track Record of Strong Performance…

n BOPP lines of 29,000 TPA running at 100% utilization

n EBITDA Margin for Q1’FY09 at 14%

n Return on Capital Employed for the quarter ended Jun’08 at 18%

n Non-binding MoU with a world leader for manufacture and distribution of thermal films

n To add two thermal film lines; first production line to be commissioned by October2008 and second by August 2009

n Planning fourth BOPP production line with a capacity of 20,000 TPA in early 2010

n Target revenue of US$ 180-200 Mn by 2012

Page 37: Max India Limited - Max Financial Services · PDF fileMax India Limited is a multi-business corporate, ... people and service oriented businesses of Life Insurance, ... Insurance,

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Thank You

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Max India – Management Team

Mr. Analjit Singh

Chairman & Managing

Director

Mr. Analjit Singh has been the driving force behind Max Group’s sustained growth and success since the early 80’s. Mr.

Singh a prominent industrialist is an alumnus of Doon School; University of Delhi, and the Graduate School of

Management, Boston University

Mr. C. V. Raghu

Director – Legal &

Regulatory

Mr. Raghu brings with him a rich and varied experience of 22 years, of which, 14 years have been spent with American

Express Bank. Prior to that, he has worked with Hindustan Lever Limited and CII. He holds a Bachelors Degree in Law

from Faculty of Law, Delhi University.

Ms. Kirti Madhok Sud

Director – Corporate

Support

Ms. Sud brings rich and varied experience of about 27 years in the banking sector with Citibank, ICICI and ANZ

Grindlays; a free lance correspondent for the Economist Magazine Group and an independent business owner with

Amway India. She holds a Bachelors Degree in Economics (Honours) and an MBA from IIM, Ahmedabad.

Mr. Mohit Talwar

Director – Business

Development

Mr. Talwar brings rich and varied experience of 28 years with The Oberoi hotels, Bank of Nova Scotia, Grindlays &

Standard Chartered. In his last assignment with Standard Chartered he was responsible for developing strategy,

revenue & economic profit across products. Mr. Talwar is a post-graduate in Arts and Hospitality Management.

Mr. Neeraj Basur

Sr. Vice President –

Corporate Finance

Mr. Basur has more than 16 years of rich and diversified experience in corporate finance, mergers and acquisitions,

investor relations, corporate restructuring, business and strategic planning, management reporting and accounting.

Prior to joining Max Group, he has worked with HCL Technologies, Spice Telecom and Escorts Ltd. Mr. Basur is a

Chartered Accountant and a Company Secretary.

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Max India – Management Team

Mr. P. Dwarakanath

Director - Group

Human Capital

Mr. Dwarakanath brings rich and varied experience of 37 years primarily from GSK GlaxoSmithKline Consumer

Healthcare and is currently the non Executive Director of GSK. He has done his Post Graduate diploma in Personnel

Management and Industrial Relations, B.Sc and Bachelor of Law.

Ms. Rajni Sekhri Sibal

Director – Health

Insurance

Ms. Sibal was Senior Deputy Director of Lal Bahadur Shastri National Academy of Administration and has been

empanelled Joint Secretary in Govt, of India. She is MA in Industrial Psychology (Gold Medalist) and Economics. She

was the topper of the All India Civil Services Examination in the year 1986.

Ms. Sujatha Ratnam

Chief Financial

Controller

Ms. Ratnam brings with her over 15 years of rich and varied experience with Jubilant Organosys and Tata Motors and

has expertise in the field of financial restructuring and fund raising. She is a Chartered Accountant.

Mr. V Krishnan

Company Secretary

Mr. V. Krishnan has more than 18 years of rich experience in Corporate Regulatory and Compliance matters and has

been closely involved in establishing joint ventures, mergers & acquisitions and business restructuring of Max Group.

He is a member of the Institute of Company Secretaries of India.

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MNYL – Management Team

Mr. Gary Bennett Managing Director and CEO

Mr. Bennett joined MNYL in 2005 as the Managing Director and CEO and has led the company into its next growth

phase. An Asia life insurance veteran, he has over 25 years of experience in the industry in key management positions

for a number of companies across Asia Pacific region. He joined MNYL from New York Life Insurance Worldwide in

Hong Kong, where he was President and Chief Executive

Mr. Rajesh Sud –Deputy Managing Director

Mr. Sud, a founder member, has been instrumental in establishing MNYL’s distribution footprint across India. Today

MNYLs Agency model is recognized as “best-in-class”. Prior to joining MNYL, he was the CEO & Managing Director of

Esanda Finance Ltd (a financial services subsidiary of ANZ Grindlays Bank)

Mr. Sunil Sharma Executive Director & COO

Mr. Sharma, a founder member and a member of the Board, has been instrumental in building the operations capability

of MNYL on a robust quality platform. He has prior experience in line and staff roles across Sales, Marketing, Human

Resources, TQM, Re-engineering and Business Development at Bank of America, ANZ Grindlays and American

Express

Mr. Rajit Mehta –Deputy Chief Operating Officer

Mr. Mehta, a founder member, has led and built the HR function of MNYL and provided overall HR direction in line with

business strategy. He has also played a significant role in managing change / transition agendas both at a functional

and organizational level while facilitating strategic initiatives. Prior to joining MNYL, he was Director - Human Resources

at Bank of America, India

Mr. John PooleChief Actuary

Mr. Poole, is both Chief Actuary and Appointed Actuary for MNYL. He has been instrumental in building MNYLs

actuarial capability and implementing best practices. Prior to this assignment, he worked with AMP in various key

management positions including CFO and Actuary

Mr. Sunil Kakar Senior Director & Chief Financial Officer

Mr. Kakar joined MNYL in March 2001 and is in charge of Finance, Accounts, Investments and Risk Management.

Under his leadership investment portfolio continues to generate top quartile returns. Prior to joining MNYL, Sunil was

with Bank of America, India as Vice President (CFO)

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MHC – Management Team

Mr. Mukesh ShivdasaniExecutive Director

Mr. Shivdasani has over 30 years of experience in service and manufacturing industry with companies includingRanbaxy and Bank of America. After joining Max India in 2001, Mr. Shivdasani was re-assigned to Max Healthcare andover the years has formed the Leadership Team. He is responsible for managing the Business Operations at a Globallevel. He is a Chemical Engineer from IIT, Delhi and post- graduate in management from IIM, Calcutta.

Dr. Pervez AhmedExecutive Medical Director

Dr. Ahmed has been an active participant in healthcare related fields especially development of standards of criticalcare medicine in New York. Since 1977 he has been involved in academic Medicine at SUNY, Downstate. He has alsobeen involved in many healthcare activities in India dating back to 1980. Dr. Pervez Ahmed, MBBS from AFMC, Pune,has completed Residency in Internal Medicine and Fellow-ship in Cardiology in New York. He is Board certified inInternal and Cardiovascular disease and a Certified Medical Director.

Mr. Arvind KakarVice President Finance

Mr. Kakar is a Chartered Accountant with over 18 years of experience in service industries and having a high focus inthe areas of financial services and healthcare. He has been associated with the Max group since 2000.

Mr. Sanjay RaiChief Customer Officer

Mr. Rai brings with him more than 28 years experience in Sales & Marketing in service and manufacturing industries.He has earlier worked with The Oberoi group and ITC Limited. He leads and manages various sales channels at MaxHealthcare and is also responsible for Branding, Customer Relationship Management and Direct marketing, PRfunction and for service excellence. He is an graduate in Economics from Mumbai University,

Dr. D. P. SaraswatRegional Director

Dr. Saraswat has rich and varied experience of 36 years including 22 years in the Indian Army where he held Lt. Col.rank. Thereafter he continued his career with Manipal Hospital as COO & Medical Director. He also held the position ofHead & Professor Dept. of Hospital Administration in Manipal University. He is M.B.B.S from S. N. Medical College,Agra and MHA from A F M C, Pune.

Dr. Dilpreet BrarRegional Director

Dr. Brar was associated with the Indraprastha Apollo Hospitals and Hero Honda group of companies prior to joiningMax Healthcare in 2002. She is responsible for business operations of Saket, Panchsheel and Gurgaon Hospitals. Dr.Brar is a graduate from Govt. Medical College, Patiala. She secured a post graduate diploma in hospital management,and completed a certificate course in Health Insurance from Indraprastha Apollo hospitals, New Delhi.

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Padma Shri Dr. Rustom Phiroze Soonawala

MD, FRCS, FRCOG

Chairman, Obstetrics & Gynaecology

Eminent and Internationally renowned Obstetrician & Gynaecologist.

Former President of the Federation of Obstetricians and Gynaecologists

Dr. Praveen Chandra

MD, DM,FAPSIC, FACC, FSCAI, FESC

Director – Cardiac Cath Lab

Internationally Renowned Cardiologist.

First to use new devices like Rotarex,Kensey Nash DPD in the country.

Dr. S.K.S. Marya

M.S., DNB, Mch, FICS

Director – Max Institute of Orthopedics & Joint

Replacement

Renowned Joint Replacement Surgeon having 30 years experience.

Pioneered bilateral Hip and Knee Joint replacement.

Author and teacher par excellence.

Dr. Ajaya Nand Jha

MS, FRCS

Director – Max Institute of Neurosciences

Renowned Neurosurgeon with rich and varied experience including

stints with Manchester Royal Infirmary, P.D. Hinduja National Hospital,

Indraprastha Apollo Hospital.

First to use image guided Neurosurgery in the country.

First to use dedicated X-knife (Radiosurgery) and intra-operative MR

with image guidance for Brain Tumour Surgery.

Dr. Arvind Taneja

MD, FAAP

Director, Paediatric Services

Specialised in treating Paediatric Infectious Diseases

Awarded ‘Best Paediatrician’ of Delhi

Winner of several awards. Ex-teacher PGI Chandigarh and AIIMS.

MHC – Key Physicians

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VISIONDeliver world class healthcare with a service focus, by creating an institution committed to the highest standards of medical & service excellence, patient care, scientific knowledge and medical education.

MISSION

GOALS• Profitable without profiteering.• Seamless linkage between secondary and tertiary care.• Innovate to address wider market.

KEY OBJECTIVES

STRATEGIES

WHAT – Medical USP’s ; Best in class ; Comprehensive care ; Convenience & accessibility ; Seamless service ; Patient records ; Consistent and customised care ; Service excellence ; Preventive health ; Caring place to work.

HOW – Train train train ; Partnership with Medical community ; Principal choice for physicians ; Never ending focus on medical and service excellence ; Build lasting customer relationships ; Primary, Secondary and Tertiary care through Co. managed / partnership; No franchising.

VALUES & BELIEFS OPERATING PRINCIPLESMETRICS &

STANDARDSPERFORMANCEMGMT PROCESS

• Create unparalleled standards of Medical & Service Excellence• Care provider of FIRST CHOICE• Principal Choice for Physicians• Ethical Practices • Create National Centre of Excellence for select Super Specialties.• Build towards international ‘reach’ by creating patient confidence through

professional skills, research and technology

• Competence rating• Potential analysis• PSC model• Balanced scorecard• Performance / Risk linked

reward.

• Caring • Excellence• Integrity

- Personal- Professional

• Openness/Transparency• Teamwork• Knowledge • Win-win partnerships

• Courtesy & Caring always• Customer comes first• Do it right first time• International image standards• Efficient process management• Direct & open communications • Create trust• Fun at work• Compliance

• ISO 9001 : 2000• JCIA Accreditation• Credentialing / Grant

of privileges• Employee productivity• Employee Engagement survey• Service Dashboard - Sparsh• NABH Accreditation• NABL certified Lab system.

INITIATIVES• WHAT- HOW - WHEN - COST - LINKAGE• Shared responsibility with single accountability.• Unique approach through: - International benchmarking. - Walk the Talk - IT Capability- Medical – Management Alignment. - Rehearse rehearse - Cost Efficiency- Train train train. - Mystery customers - Attrition Management

MHC – Vision / MissionBuild TrustPASSIONKey Differentiators

Focused NCR centric delivery – for operational excellenceClose to customer – geographyComprehensiveness of medical services (except organ transplant and radio therapy)Leadership in 5 super-specialties in tertiary care-‘Star’ physicians supported by a group of high quality physiciansEthicsMemorable brand experience-‘Star’ and quality physicians-Infrastructure and equipment-No surprises – cost of care, pricing, medication-Signage-Look – feel – smell - touchInnovation to bring in walk-in customers-Location-Max Health Plan-Other new programs i.e. Golden Years, Life Membership, PrepaidHigh quality nursing and paramedic care supported by nursing and paramedic collegeExtensive emphasis on training

Key Public MessagesMedical ExcellenceService Excellence – Total ExperienceIn your community - near youHigh-end tertiary care in Private

sectorComprehensivenessReferral system – National & International

Value for moneyPartnering with medical communityCaring place to work Corporate Social Responsibility

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Express Healthcare Excellence Awards (2007 – 08)

MHC – Accreditations and Awards

“Innovative Marketing Practices”

“Best Managed Healthcare Program (Health Insurance/TPA)”

First in North India to get NABH on Feb. 6th, 2007

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MHC – Key HighlightsKey Business Drivers Unit

Quarter Ended Y-o-Y Growth

Year Ended Y-o-Y Growth Jun-08 Jun-07 Mar-08 Mar-07

a) Revenue Rs. Crore

Inpatient Revenue 78.1 66.8 17% 301.5 197.1 53%

Outpatient Revenue 21.4 15.3 40% 70.9 47.7 49%

Total 99.5 82.1 21% 372.4 244.8 52%

b) Profitability

Contribution Margin Rs. Crore 54.5 43.6 25% 197.7 126.3 57%

Contribution (%) % 54.8% 53.1% 53.1% 51.6%

EBITDA Rs. Crore 5.1 2.8 82% 19.6 (18.1)

EBITDA (%) % 5.1% 3.4% 5.3% -7.4%

c) Patient Transactions No.

Number of Procedures

Cardiac Care 1,821 1,829 0% 7,648 5,595 37%

Orthopaedics 561 527 6% 2,004 1,601 25%

Neurosciences 204 192 6% 657 498 32%

Obstetrics & Gynaecology 1,147 1,010 14% 4,171 3,103 34%

Others 2,471 2,027 22% 8,214 5,924 39%

Medical Admissions 5,869 5,269 11% 23,838 19,950 19%

Outpatient Registrations 459,863 348,641 32% 1,592,804 1,105,420 44%

d) Average Operational Beds No. 700 625 12% 662 610 9%

e) Average Occupancy % 61.5% 65.9% 65.8% 63.5%

f) Average Length of Stay No. 3.2 3.5 3.4 3.5

g) Average Revenue per Occupied Bed Day Rs. 19,930 17,841 12% 18,914 15,540 22%

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MAX HEART & VASCULAR INSTITUTE(December 2004)n 200 patient bedsn 3 OTs, 2 Cardiac Catheterization Labsn Post Surgery Critical Care Unitn High Dependency Unitn Apex and Advanced Coronary Caren Exclusive well equipped ‘Observation Bay’ and

‘Post Cath. Recovery’n Nuclear Diagnostic Services with Variable Angle

Dual Head Gamma Cameran Centralized Emergency Command with

Advanced Cardiac Life Support Ambulances andAir Evacuation Service

n High-end General Surgery

MAX SUPER SPECIALITY HOSPITAL(May 2006)n 191 beds (including 63 critical care beds)n 7 OTs, 20 Consult Chambersn Tower Specialties – Orthopaedics, Neuro

Sciences, Obstetrics & Gynaecology, Paediatricsand Aesthetic & Reconstructive Surgery

n Brain Suite (first in Asia) and Intra Operative MRIn DSA Lab (for Neuro Sciences)n Emergency Servicesn High end Radiology facilities with 64 slice Cardiac

CT

MHC Tertiary Care Facility, Saket [South Delhi]

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PITAMPURA(February 2002)(North Delhi)

93 inpatient beds2 OTsLithotripsyMother and child careNon-invasive cardiologyPlastic and reconstructive surgeryPhysiotherapyFull range diagnosticsPHP, OPD and Dentistry

PATPARGANJ(May 2005)(East Delhi)

147 inpatient beds3 OTsMother and child careOrthopaedicsGeneral surgeryCritical care including dialysisNon-invasive cardiology (incl. cardiac catheterization lab)ENT, ophthalmologyOther allied specialties

MHC Secondary Care Facility [ Delhi ]

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MHC Secondary Care Facility [ Suburb of Delhi ]

NOIDA(August 2002)

39 inpatient beds2 OTsMother and child careNon-invasive cardiologyLaparoscopic surgeryOrthopaedicsENT, ophthalmologyUrology and nephrologyFull range diagnosticsPHP, OPD and Dentistry

GURGAON(July 2007)

122 inpatient beds 3 OTsOphthalmology (anterior and posterior)Woman and child (including infertility)Medical & surgical intensive careOrthopaedicsNephrology and urologyAesthetic and reconstructive surgeriesGeneral and minimally invasive surgeriesPHP and OPD

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MHC Speciality Centres – Panchsheel [South Delhi]

OPTHALMOLOGY AND DENTAL CARE(November 2005)

Lasik, OPD and diagnosticsDental – 3 chambersSupport services and offices

SPECIALIST CONSULTS AND HIGH-END DIAGNOSTICS (August 2006)

GP and specialist consultsFull diagnostics (including MRI)Neurology (EEG and EMG)Preventive health and chronic carePhysiotherapyMinor procedures and emergencies

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MSP – Performance Snapshot

Key Business Drivers UnitQuarter Ended Y-o-Y

Growth

Year Ended Y-o-Y

Growth Jun-08 Jun-07 Mar-08 Mar-07

a) Sales Quantity – BOPP Tons 6,809 3,899 75% 23,929 11,985 100%

b) Revenue Rs. Crore 97.8 52.9 85% 306.0 166.0 84%

c) Profitability:

Contribution Margin Rs. Crore 34.4 20.6 67% 119.9 61.8 94%

% 35.2% 38.9% 39.2% 37.2%

EBITDA Rs. Crore 13.9 6.8 104% 49.6 21.0 136%

% 14.2% 12.9% 16.2% 12.7%

PBT Rs. Crore 7.1 0.9 689% 24.5 11.8 108%

% 7.3% 1.7% 8.0% 7.1%

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DisclaimerThis presentation has been prepared by Max India Limited (the “Company”). No representation or warranty, express or implied, is made and no

reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in the presentation. The past

performance is not indicative of future results. Neither the Company nor any of its affiliates, advisers or representatives accepts liability

whatsoever for any loss howsoever arising from any information presented or contained in the presentation. The information presented or

contained in these materials is subject to change without notice and its accuracy is not guaranteed.

The presentation may also contain statements that are forward looking. These statements are based on current expectations and assumptions

that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake

any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

This presentation does not constitute a prospectus or offering memorandum or an offer to acquire any securities and is not intended to provide

the basis for evaluation of the securities. Neither this presentation nor any other documentation or information (or any part thereof) delivered or

supplied under or in relation to the securities shall be deemed to constitute an offer of or an invitation.

No person is authorised to give any information or to make any representation not contained in and not consistent with this presentation and, if

given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company any of

its affiliates, advisers or representatives.

The Company’s Securities have not been and are not intended to be registered under the United States Securities Act of 1993, as amended (the

“Securities Act”), or any State Securities Law and unless so registered may not be offered or sold within the United States or to, or for the

benefit of, U.S. Persons (as defined in Regulations S under the Securities Act) except pursuant to an exemption from, or in a transaction not

subject to, the registration requirements of the Securities Act and the applicable State Securities Laws.

This presentation is highly confidential, and is solely for your information and may not be copied, reproduced or distributed to any other

person in any manner. Unauthorized copying, reproduction, or distribution of any of the presentation into the U.S. or to any “U.S. persons” (as

defined in Regulation S under the Securities Act) or other third parties ( including journalists) could prejudice, any potential future offering of

shares by the Company. You agree to keep the contents of this presentation and these materials confidential.

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MAX INDIA LTD.Max House, Okhla, New Delhi – 110 020

Phone: +91 11 26933601-10 Fax: +91 11 26933619Website: www.maxindia.com