MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CANARA BANK |
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Registered Office : |
Rm 904, 9FL Aon |
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Country : |
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Date of Incorporation : |
October 10, 2006 |
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Com. Reg. No.: |
F0014911 |
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Legal Form : |
Branch Office of Overseas Company |
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Line of Business : |
Providing banking and money transfer services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To USD 20,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
CANARA BANK
RM 904, 9FL AON
TEL : 852-25291398
FAX : 852-25296036
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER
10, 2006
REGISTRATION NO. :
F0014911
LEGAL FORM :
BRANCH OFFICE OF OVERSEAS COMPANY
CHIEF EXECUTIVE :
MR. SUMAN CHATAKRABORTY (MANAGER)
STAFF STRENGTH :
10
CAPITAL :
N/A
BUSINESS LINE :
SERVICE
TURNOVER :
N/A (AS OF MAR. 31, 2006)
EQUITIES :
N/A (AS OF MAR. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
INR40.52700 = US$1 AS OF 2007-6-1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
*Company History*
===============
28 March, 2007 -
Commenced business operations.
*Company Registration*
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(1)
License number : F0014911
Date issued : 10 October,
2006
Issuing authority : Companies
Registry
Place registered :
Legal form : Overseas Company
(2)
License number : 37354315
Issuing authority : Business
Registration Office - Inland Revenue Dept
*Reputation*
==========
Due to the recent incorporation of the firm, no meaningful points of
reference in terms of reputation within the respective industry was possible.
E-mail: canarabank@canbank.com.hk
For the past two years there is no record of litigation.
*Major Shareholders*
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Total number of shareholder : 1
Shareholder's Name
% of Shares
-------------------------- ----------------
CANARA BANK LTD
100.00
Management: Mr. Suman Chatakraborty, Manager
Name Nationality
Job Description
Mr. Suman Chatakraborty Indian
Manager Account
*Main Products & Services*
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Specializes in providing banking and money transfer services.
Products: Banking
Banks
Electronic funds
transfer
Electronic money
transfer
General banking
*(Subsidiaries , Joint-ventures & Affiliates)
===============================
Company Name : AL RAZOUKI INT'L EXCHANGE CO LLC
Address : Shop 1 & 2 Khyber Bldg Opp Raffa Police Station Near Bur
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : CANARA BANK
Address : Longbow House
Country :
Relationship : Affiliate
Legal Form : Branch office of overseas company
Company Type : Service
Industry : Financial Services - General
Company Name : CANARA BANK - SHANGHAI REPRESENTATIVE OFFICE
Address : 2609
Country :
Relationship : Affiliate
Legal Form : Liaison/Representative office of overseas company
Company Type : Service
Industry : Financial Services - General
Company Name : COMMERCIAL BANK OF
Address : Ul Marxistskaya 16
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : EASTERN EXCHANGE ESTABLISHMENT
Address : 1Fl, 211 Al Diwan St Doha Qatar
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
PAYMENT RATING : 3 OBTAINED SCORES : 55
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers
of SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for MODERATE
amounts depending on individual judgement experience.
Balance Sheet of CANARA BANK LTD,
Currency : INR
Denomination : in Thousand
31 March,
2006 31 March, 2005
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CAPITAL & LIABILITIES
Capital 4,100,000 4,100,000
Reserves and surplus
67,222,358 56,989,572
Deposits 1,168,032,319 967,959,186
Borrowings
258,240 1,141,642
Other liabilities and provisions
88,605,670 72,861,333
Total
1,328,218,587 1,103,051,733
ASSETS
Cash and balances with the Reserves Bank of
Balances with banks and money at call and short notice 49,095,590 36,843,491
Investments
369,741,830 380,538,836
Advances
794,256,998 604,214,039
Fixed assets
6,884,717 6,728,143
Other assets
29,099,495 24,883,392
Total
1,328,218,587 1,103,051,733
Contigent liabilities
549,007,090 576,070,268
Bills for collection
44,225,832 39,579,579
Profit & Loss Account of CANARA BANK LTD,
Currency : INR
Denomination : in Thousand
31 March, 2006 31 March, 2005
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Income
Interest income
87,115,123 75,719,688
Other income
13,775,149 15,438,273
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Total
100,890,272 91,157,961
Expenditure
Interest expended 51,300,069 44,214,993
Operating expenses
23,471,354 21,089,716
Provisions and contingencies 12,686,649 14,758,207
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Total 87,458,072 80,062,916
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Net profit for the year 13,432,200 11,095,045
Appropriations
Transfers to
Statutory reserve
3,400,000 2,800,000
Capital reserve
10,300 2,027,031
Investment fluctuation reserve
(12,081,482) 2,300,000
Revenue reserves
19,017,382 1,406,552
Interim dividend
- 1,025,000
Proposed dividend
2,706,000 1,230,000
Dividend tax
380,000 306,462
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Total
13,432,200 11,095,045
SC commenced business operations recently on 28 March, 2007. Taking into
consideration of SC’s background, size as well as market conditions, we would
rate SC as average risk status.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Service 6029 Commercial
Banks, NEC
Service 6099 Depository
Bank Functions, NEC
Service 6231 Security
& Commodity Exchanges
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Service 9900 Business
services, health, financial/insur. legal/real estate, hotels, and misc
repairs
Service 9936 Commercial
banks/financing
Service 9976 Currency
exchange
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)