About Us

01. WHO WE ARE

Know more about us

Mithras Consultants is an independent actuarial and insurance consultancy firm providing qualitative financial and insurance solution to its clients. Our goal is to provide business solution customized to client‘s need to help our clients make the best possible decisions on their financial, insurance and risk management programs. Our team has a combined experience of over 2 decades that spans into areas of Pricing ,Valuation, Investments, Risk Management etc in Insurance in general and actuarial in specific. Mithras advantage stems from our ability to bring our experience into our client advisory services, our team has rich regulatory experience allowing us to build client solutions centered on regulatory compliance in order to build forward looking robust internal processes to allow our customers to operate smoothly and to be a stakeholder in their progress. Join us by filling up the form here Career and also sending in your resume on info@mithrasconsultants.com

02. Our Team

Our talented professional expert team ready to help you.

Ms. Sapna Malhotra

Sapna is one of the youngest actuaries in India to achieve Fellowship. Her actuarial experience of around 9 years includes working experience in Product design and Pricing, statutory reserving and reporting, Solvency-II implementation and reporting, Modelling, Business Planning, Experience investigation, Asset Liability Management, Solvency Computation and its reporting, etc. She is also supporting Institute of Actuaries of India examination system. With exceptional management and technical abilities, Sapna will take care of all your technical issues at Mithras.

E-mail : sapna.malhotra@mithrasconsultants.com
Ph: 91-9212375418

Personal relationship with clients to provide tailored business solutions

Value for money

Unbeatable service with rich actuarial experience

Regulatory compliance ensured

Truly integrated and well tested processes

Practical innovation by continuously striving for excellence stemmed in new ways

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03. FAQS

Our Company started operations two years back. Do we need to keep gratuity provision in our Financials?

The Gratuity Act 1972, describes that the gratuity is payable to an employee after completing 5 years of vesting period in case of resignation, termination or retirement. However, the provision shall be done as per the accounting standard even if the Company has not completed 5 years of operations. As per Para 72 of Ind AS 19/ Para 70 of AS 15, Gratuity Provision shall be made even for service of less than 5 years.

What are the criteria for actuarial valuation of gratuity?

Payment of Gratuity Act applies to your company if you have more than 10 employees. All companies having 10+Employees need to make Provision for Gratuity as per Actuarial Valuation method Projected Unit credit method (PUCM) to comply with AS15/ Ind AS19.

Is actuarial valuation required to value Short-term benefits?

No, the actuarial valuation is not required for short-term benefits. In case, the benefit paid after 12 months, the actuarial valuation is needed as per AS 15 R / IND AS 19 accounting standard.

Is actuarial valuation required for Small and medium sized Companies (SMC)?

For SMC, the actuarial valuation is required but detailed disclosures are exempted.

What is the method to choose discount rate for actuarial valuation?

Para 78 of AS 15 states that the rate used to discount post-employment benefit obligations (both funded and unfunded) should be determined by reference to market yields at the balance sheet date on government bonds. Similarly, IND AS 19 also prescribe to refer government bond yield to set discount rate. In order to set the discount rate, its critical to keep currency and term of the bonds to be consistent with liability duration.

Is it mandatory to keep fund against actuarial liability calculated for gratuity benefits?

In India, currently there are no regulations to keep fund to back the gratuity provision calculated by an Actuary. However, it is always encouraged to keep fund in order to pay off liabilities on time and to avoid/reduce interest rate and reinvestment risk. Further, there are tax advantages for funding.

How attrition rate assumption shall be set for the actuarial valuation of gratuity and leave encashment?

There are three key factors which shall be considered to set attrition assumption: a) Company’s recent attrition experience in last 2-3 years b) Industry experience of employee attrition c) Management view on future attrition.

Our Company has kept fund with an insurance Company and it provides an actuarial liability every year. Do we still require actuarial report from Certified Actuary?

Even if the plan is funded and managed by an Insurance Company, still the Company need to get a separate actuarial valuation done. The reason being that an insurance company does not provide complete disclosures as required by accounting standard regulations and sometimes the assumptions are not fair and inconsistent with Company’s own experience.