MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TAMILNAD MERCANTILE BANK LIMITED |
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Registered Office : |
57, V. E. Road, Thoothukudi - 628002, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.05.1921 |
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Com. Reg. No.: |
001908 |
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CIN No.: [Company
Identification No.] |
U65110TN1921PLC001908 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET01129C |
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Legal Form : |
Public Limited Liability Bank. |
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Line of Business : |
Subject is engaged in banking activities. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 430000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed bank having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The bank can be considered normal for business dealings at usual trade
terms and conditiosn |
LOCATIONS
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Registered Office : |
57, V. E. Road, Thoothukudi - 628002, Tamilnadu, India |
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Tel. No.: |
91-461-321382 / 321929 / 321932 / 321971 / 325381 / 325831 |
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Fax No.: |
91-461-322994 |
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E-Mail : |
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Website : |
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Branches : |
Located at · Andhra Pradesh · Delhi · Gujarat · Karnataka · Kerala · Maharashtra · Orissa · Pondicherry · Punjab · Rajasthan · Tamilnadu ·
West Bengal |
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Regional Office : |
14 - F and G, Mani Nagar, Palayamkottai Road, Thoothukudi - 628002, Tamilnadu, India |
DIRECTORS
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Name : |
Mr. S Radhakrishnan |
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Designation : |
Chairman and Chief Executive
Officer |
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Name : |
Mr. B Ramachandra Adityan |
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Designation : |
Director |
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Name : |
Mr. R Kannan Adityan |
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Designation : |
Director |
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Name : |
Mr. M G M Maran |
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Designation : |
Director |
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Name : |
Mr. A Rajagopalan |
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Designation : |
Director |
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Name : |
Mr.
V Bhaskaran |
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Designation : |
Director |
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Name : |
Mr. P H Arvindh Pandian |
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Designation : |
Director |
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Name : |
Mr. P Prem Vetty |
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Designation : |
Director |
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Name : |
Mr. A Narayanan |
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Designation : |
Director |
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Name : |
Mr.
N Balasubramanian |
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Designation : |
Director |
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Name : |
Mr.
A Selvaganesh |
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Designation : |
Director |
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Name : |
Mr. G Narayana Moorthy |
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Designation : |
Director |
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Name : |
Mr. S T Kannan |
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Designation : |
Director |
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Name : |
Mr. S Swaminathan |
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Designation : |
Director |
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Name : |
Mr. K K. Sharma |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. K K
Sharma |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in banking activities. |
GENERAL
INFORMATION
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No. of Employees : |
2295 |
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Bankers : |
Reserve Bank of India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
J. Thomas Fernando and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
280000 |
Equity Shares |
Rs.10/- each |
Rs.2.800
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.800 |
2.800 |
2.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8580.100 |
7588.700 |
6565.000 |
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4] deposit |
76702.600 |
60198.800 |
52028.700 |
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NETWORTH |
85285.500 |
67790.300 |
58596.500 |
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LOAN FUNDS |
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1] Secured Loans |
11.100 |
570.500 |
231.500 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
11.100 |
570.500 |
231.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
85296.600 |
68360.800 |
58828.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
491.100 |
492.900 |
524.200 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
25535.400 |
23164.100 |
23619.400 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Balance with Banks and Money at call and short Notice |
989.200
|
1111.900
|
1474.000
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Cash & Bank Balances |
6788.200
|
3680.200
|
2813.100
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Other Current Assets |
1531.300
|
1953.000
|
1332.700
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Loans & Advances |
53313.100
|
40467.200
|
31263.900
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Total
Current Assets |
62621.800
|
47212.300
|
36883.700
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3351.700
|
2508.500
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2199.300
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Provisions |
0.000
|
0.000
|
0.000
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Total
Current Liabilities |
3351.700
|
2508.500
|
2199.300
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Net Current Assets |
59270.100
|
44703.800
|
34684.400
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
85296.600` |
68360.800 |
58828.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
7741.400 |
6379.900 |
5483.200 |
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Other Income |
1307.100 |
927.400 |
826.200 |
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Total Income |
9048.500 |
7307.300 |
6309.400 |
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Profit/(Loss) Before Tax |
1267.400 |
1057.800 |
1011.900 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
1267.400 |
1057.800 |
1011.900 |
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Expenditures : |
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Interest |
4988.000 |
3422.000 |
3023.300 |
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Operating Expenses |
1816.600 |
1573.300 |
1297.000 |
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Provisions and Contingencies |
976.500 |
1254.200 |
977.200 |
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Total Expenditure |
7781.100 |
6249.500 |
5297.500 |
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KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Credit
Deposit Ratio |
68.5 |
63.92 |
57.36 |
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Investment
Deposit Ratio |
35.57 |
41.69 |
46.34 |
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Cash
Deposit Ratio |
7.65 |
5.79 |
5.83 |
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Interest
Expended/Interest Earned |
64.43 |
53.64 |
55.14 |
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Other
Income/Total Income |
14.45 |
12.69 |
13.09 |
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Operating
Expense/Total Income |
20.08 |
21.53 |
21.29 |
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Interest
Income/Total Funds |
9.71 |
9.67 |
9.36 |
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Interest
Expended /Total Funds |
6.25 |
5.19 |
5.16 |
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Net
Interest Income/Total Funds |
3.45 |
4.49 |
4.2 |
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Non
Interest Income/Total Funds |
1.64 |
1.41 |
1.41 |
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Operating
Expense/Total Income |
2.28 |
2.39 |
2.29 |
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Profit
Before Provisions/Total Funds |
2.81 |
3.51 |
3.32 |
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Net Profit/Total
Funds |
1.59 |
1.60 |
1.73 |
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Return
On Net Worth(%) |
15.67 |
14.94 |
16.65 |
LOCAL AGENCY
FURTHER INFORMATION
As Per
Web Site:
Generis and Growth
The history of Tamilnad Mercantile Bank Limited, the then Nadar Bank Limited, dates back to 1921. The thought of establishing a bank under the guidance of the able Nadar business community was mooted out in the Anniversary of Nadar Mahajana Sangam held at Tuticorin in 1920. The proposal was effected soon. The bank was registered on May 11, 1921 as "The Nadar Bank Limited"
A group of dedicated men with shrewd acumen and sound integrity had been constituted as Board of Directors and they elected Shri. M.V. Shanmugavel Nadar as Chairman on Nov 04, 1921. The bank was opened by Shri. T.V. Balagurusamy Nadar, the then President of the Nadar Mahajana Sangam and the bank threw open its door to the public on Nov 11, 1921 at 9 a.m. in Ana Mavanna Building at South Raja Street, Tuticorin.
Management
Founder Directors of TMB
- Shri M.V. Shanmugavel Nadar
- Shri A.M.M. Sinnamani Nadar
- Shri AR.A. Shenbaga Nadar
- Shri K.A.M.A. Kalliapa Nadar
- Shri M.VE. Rathnasami Nadar
- Shri AR.A.S. Arumugasamy Nadar
- Shri T.V. Balagurusamy Nadar
- Shri P.K.S.A. Arumuga Nadar
- Shri M.S.P.A. Chidambara Nadar
The bank became a Scheduled Bank under the Reserve Bank of India Act on May 11, 1935. The Nadar Bank Limited, changed its name to the Tamilnad Mercantile Bank Limited, on November 26, 1962. Ever since the bank stands pre-eminently among the galaxy of banks in the private sector depicting scientific and sound functioning.
Excellence in
Management
The bank has been fortunate in having very eminent and honest men of vision and great talent as Board of Directors and Executives. The ever increasing profit figures of the bank depicts the efficiency of the management. The bank, which was opened with a small capital of Rs.0.500 Millions, has an impeccable record of having a net worth of Rs. 6567.900 Millions as on March 31, 2006 making it a strong and sound bank.
Past and Present
Chief Executives
The strong foundation was laid down by the Chief executives of the bank from the very beginning by their outstanding efficiency, devotional duty, able administration and profound knowledge.
In 1969, the Reserve Bank of India advised for the appointment of a whole time Chairman and Chief Executive Officer of the bank. The following persons have so far served in that post.
Past and Present
Chairman of TMB
|
Chairman |
Period of Association |
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Shri R. Jeyaraj |
1969-1988 |
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Shri J. Kasiviswanathan |
1989-1991 |
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Shri M. Jesudasan |
1992-1996 |
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Shri K.N.V. Nayar |
1996-1997 |
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Shri S. Krishnamurthy |
1997-2002 |
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Shri R. Natarajan |
2002-2004 |
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Shri S. Radhakrishnan |
2004-2006 |
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Shri M G M Maran * |
09.04.2007 to 08.04.2008 |
* Non Executive Part tiem Chairman
Past and Present MD / CEO at TMB
|
MD and CEO |
Period of Association |
|
Shri G. Narayana Moorthy |
Since Dec. 2006 |
List of ATM
Centers:
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Table showing the List of ATM Centers |
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Sr. |
Location |
Type |
Address |
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Above details about the ATM subject to change without notice. Please call / email us for the current updated details. |
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Guntur, Andhra Pradesh |
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1 |
Guntur |
Onsite |
Chinduru Mansion, 24-2-49, Chaparalavari Street, Patnam Bazzar, Guntur - 522 003 |
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Vijayawada, Andhra Pradesh |
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2 |
Vijayawada |
Onsite |
11-15-5, Vinnakottavari Street, 1 Floor, Vijayawada - 520 001 |
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Bangalore, Karnataka |
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3 |
Cantonment |
Onsite |
Mahalaxmi Chambers, 29, M.G.Road, Cantonment, Bangalore - 560 001. |
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Mumbai, Maharastra |
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4 |
Mumbai Sion |
Onsite |
Vandhana Scheme No.6 Road 25 Sion Circle |
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Pune, Maharastra |
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5 |
Magaprapetta |
Offsite |
Magaprpetta City, Hadapsar |
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Aruppukottai, Tamilnadu |
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6 |
Arupukottai |
Onsite |
25, Virudhunagar Main Road, Aruppukottai - 626 101. |
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Chennai, Tamilnadu |
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7 |
Anna Nagar |
Onsite |
AC-16, II Avenue, Anna Nagar, Chennai - 600 040. |
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8 |
S.S.N. College of Engg. |
Offsite |
S.S.N.College of Engineering,Old Mahabalipuram Rd., Kalavakkam, Chennai - 603 110. |
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9 |
T. Nagar |
Onsite |
25, Venkatnarayana Road, Park Center, T.Nagar, Chennai - 600 017. |
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10 |
Thiruvanmiyur |
Onsite |
No.3, Thiruvalluvar Salai, Opp. Bus Depot, Thiruvanmiyur, Chennai - 600 041. |
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11 |
Washermanpet |
Onsite |
No.20, G.A.Road, Old Washermanpet, Chennai - 600 021. |
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Coimbatore, Tamilnadu |
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12 |
Kumarapalayam Pudur |
Onsite |
Selvapuram, Coimbatore 641 026. |
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13 |
Main |
Onsite |
10/122, Big Bazaar Street, Coimbatore - 641 001. |
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14 |
R.S. Puram |
Onsite |
539-540,D.B.Road,R.S.Puram,Coimbatore - 641 002. |
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Dindigul, Tamilnadu |
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15 |
Salai Road |
Onsite |
9, Salai Road, Dindigul 624 001. |
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Erode, Tamilnadu |
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16 |
Periar Nagar |
Offsite |
Door No.H-32, Periyar Nagar,E.V.N.Road, Erode. |
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Kancheepuram, Tamilnadu |
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17 |
Kancheepuram |
Onsite |
No.52 ABC Vallal Pachaiyappan Street, Kancheepuram 1 |
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Karaikudi, Tamilnadu |
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18 |
New Town |
Offsite |
S.M.K.Complex,100 feet Road,New Town, Karaikudi. |
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Karur, Tamilnadu |
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19 |
Kovai Road |
Offsite |
D.No.1027, Transport House,(Near LGB Petrol Bunk), Kovai Road, Karur. |
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Kovilpatti, Tamilnadu |
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20 |
Kovilpatti |
Offsite |
Door No.1920,(Old.No.483-B), Main Road, Kovilpatti. |
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Madurai, Tamilnadu |
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21 |
Kamarajar Salai |
Offsite |
181, Kamarajar Salai, Madurai - 625 009. |
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22 |
Madurai Main Branch |
Onsite |
East Avani Moola Street |
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23 |
Nagamalai Pudukottai |
Offsite |
S.Vellaichamy Nadar College Campus, Nagamalai Pudukottai, Madurai - 625 019. |
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24 |
Vasantha Nagar |
Offsite |
D.No.44, Thiruparankundram Road, Vasantha Nagar, Madurai - 625 003. |
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Marthandam, Tamilnadu |
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25 |
Marthandam |
Onsite |
2/24-2 Annex Vin Complex, Trivandrum Main Road, Marthandam 629 165. |
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Nagerkoil, Tamilnadu |
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26 |
Nagercoil |
Onsite |
229-1,Charles Miller Street, College Road, Nagercoil - 629 001. |
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Namakkal, Tamilnadu |
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27 |
Namakkal |
Offsite |
17, Paramathy Main Road, Opp. Municpal Office, Namakkal 637 001. |
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Pollachi, Tamilnadu |
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28 |
Pollachi |
Offsite |
Udumalai Road |
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Rajapalayam, Tamilnadu |
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29 |
Tenkasi Road |
Offsite |
Door No.255, Tenkasi Road, Rajapalayam - 626 117. |
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Salem, Tamilnadu |
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30 |
Guhai |
Offsite |
D.No.68, Trichy Main Road, Guhai, Salem. |
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Sivakasi, Tamilnadu |
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31 |
Mepco College Extn. Counter |
Onsite |
Mepco Schlenk Engg. College, Mepco Nagar, Sivakasi - 626 005. |
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32 |
Sivalasi - Bazaar |
Offsite |
34,South Car Street, Sivakasi - 626 123. |
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33 |
Velayutham Road |
Offsite |
D.No.43-B,Velayutham Road, Sivakasi - 626123. |
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Tenkasi, Tamilnadu |
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34 |
Tenkasi - Pavoorchatram |
Offsite |
D.No.3G/3, TALCL Arumugasamy Nadar Complex, Old Bus Stand Road, Tenkasi 627 811. |
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Thanjavur, Tamilnadu |
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35 |
Thanjavur Main |
Onsite |
941 East Main Road, Thanjavur 613 001 |
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Theni, Tamilnadu |
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36 |
Madurai Road |
Offsite |
S.No.503/1,Door No.203,109/A, Madurai Road, Theni - 626 531. |
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Thiruvarur, Tamilnadu |
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37 |
Thiruvarur |
Onsite |
29, 29/1 Pallivasal Street, Thiruvarur - 610 001 |
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Thoothukudi, Tamilnadu |
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38 |
Sipcot |
Onsite |
No.97/H/30, Ground Floor, Palayamkottai Road, Thoothukudi - 628 008. |
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39 |
South |
Onsite |
283, W.G.C. Road, Thoothukudi - 628 002. |
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40 |
SPIC Nagar |
Offsite |
5/664, SPIC Nagar, Thoothukudi - 628 005. |
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41 |
Thiruchendur Road |
Onsite |
50/2 Thiruchendur Road, Thoothukudi 628 003 |
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42 |
Thoothukudi Main |
Onsite |
56 and 57, Beach Road, Thoothukudi 628 001 |
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Tirunelveli, Tamilnadu |
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43 |
Palayamkottai |
Onsite |
St. John's College Campus, Water Tank Road, Palayamkottai - 627 002. |
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44 |
Vanarpettai |
Offsite |
A.R.A.S.P.V.P.V. Building,10-D, Trivandrum Road, Vannarpettai, Tirunelveli - 627 001. |
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Trichy, Tamilnadu |
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45 |
Thillai Nagar |
Offsite |
Vedham Towers, D-40, Shastri Road, 7th Cross Corner, Tiruchirapalli 620 018 |
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Uslampatti, Tamilnadu |
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46 |
Usilampatti |
Onsite |
93 Madurai Main Road, Usilampatti 625 532 |
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Vellore, Tamilnadu |
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47 |
Thottapalayam |
Offsite |
Popular Petrol Bunk, 1/19, Katpadi Road, Vellore - 632 004 |
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Villupuram, Tamilnadu |
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|
48 |
Trichy Trunk Road |
Offsite |
D.No.19/21, M/s.HPCL Limited, Trichy Trunk Road, Villupuram - 605 602. |
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Virudhunagar, Tamilnadu |
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|
49 |
Theppam |
Offsite |
D.No.197, Theppam North Bazaar, Virudhunagar - 626 001. |
|
50 |
Virudhunagar |
Onsite |
280, Madurai Road, Virudhunagar 626 001 |
PRESS RELEASE
The Bank`s financial statement for the year ended March 31, 2008 speaks volumes and the main highlights are as under:
·
Net Profit of
Rs.1267.400 millions was higher than that of the previous year at Rs.1057.700
millions (increase of 19.81% over last year).
·
Return on
Equity stood at 15.41% (previous year14.94%).
·
Business volume
was at Rs.130020 millions from Rs.100670 millions up by 29.16% constituting
Deposits of Rs.76700 millions and advances of Rs.53310 millions.
·
Deposits
increased to Rs.76700 millions from Rs.60200 millions and recorded a growth of
27.42%.
·
Advances
increased to Rs.53320 millions from Rs.40470 millions and recorded a growth of
31.74%.
·
C.D Ratio of
the Bank improved to 69.50% from 67.23%
·
Capital to Risk
Adjusted Assets Ratio [CRAR] stood at 15.35%.
·
Return on
Assets was marginally increased to 1.58% from 1.57%
·
Business per
employee increased to Rs.54.200 millions from Rs.45.100 millions
·
Profit per
employee increased to Rs.0.531 millions from Rs.0.476 millions
·
Foreign
Exchange Merchant Turnover increased to Rs.40270 millions from Rs.39230 millions
by registering growth of 2.66%.
·
Gross NPA was
brought down to 2.25% from 4.54%
·
Net NPA was
brought down to 0.38% from 0.98%.
·
Brought all the
200 branches under FINACLE and achieved 100% networking.
·
Servicing about
2 million + delighted customers.
·
Number of
Savings Bank account crossed 10,00,000 mark
·
Facility to
access over 19854+ ATMs nationwide
·
103 own ATMs in
major cities
·
Introduced four
new deposit schemes with competitive rate of interest, i.e. TMB-55 Months,
TMB-400 days, TMB-222 days and TMB-150 days.
·
Started issuing
Certificate of Deposit in Demat form
·
More thrust on
helping the Rural Poor through Self Help Group – The advances to the SHGs has
increased from Rs.105.500 million to Rs.327.600 million registering a growth of
210.52%, which was benefited by 2856 SHGs.
·
Thrust has been
given to increase Education Loan and in result the amount of advance has been
increased to Rs.258.300 millions from Rs.135.200 millions which was benefited
by 2714 students.
·
Thrust has been
given to improve the DRI advances and in result the amount of advance has been
increased from Rs.4.700 millions to 20.800 millions.
·
The advances to
priority sector has been increased from Rs.18920.400 millions to Rs.23732.200
millions which is 58.64% of the bank’s adjusted net bank credit.
·
The advances to
Agriculture has been increased from Rs.7161.100 millions to Rs.8112.800
millions which is 20.05% of the bank’s adjusted net bank credit.
·
The Bank is
actively participating in Financial Inclusion to inculcate savings habit among
the underprivileged people and introduced TMB-Janatha Account (No Frill
Account). The bank has multiplied its
force and so far opened 73732 accounts under the scheme with balance of
Rs.63.200 millions.
·
Tie up
arrangement with UAE Exchange for Rupee Drawing Arrangement and Speed
Remittance.
·
Tie up
arrangement with M/s. Religare Securities Limited to offer Off Line Share
Trading Facilities to the customers.
·
Clearing Banker
of Multi Commodity Exchange
·
Tie up with
Export Credit Guarantee Corporation for selling their policies and guarantees.
Categorywise
Business:
- Having 27 (13.50% in total branches) Metropolitan branches with 35.45% share in Business
- Having 49 (24.50%) Urban branches with 20.09 % share in Business
- Having 73 (36.50% Semi Urban branches with 23.54% share in Business
- Having 51 (25.50%) Rural branches with 10.92% share in Business
Branch Network
· The Bank has opened 18 branches during the year 2007-2008 including the conversion of 1 Extension Counter into full fledged branch and conversion of Devathanampettai branch into Satellite office. The bank has added its presence in one more state i.e. Bhilwara in Rajasthan. The bank has also opened 6 Central Processing Centres during the year 2007-08, to improve the customer service and staff productivity
· The Bank has 103 own ATMs and has facility to access over 19854 ATMs of 30 Banks which are under NFS network
· Having RBI’s permission to open 17 more branches (10 branches in Tamilnadu, 3 branches in Maharashtra, 2 branches at Delhi, one branch each at Hyderabad and Uttarpradesh) and 2 mobile banking branches at Thoothukudi and Vallioor
Information Technology initiatives
·
The
bank had brought all the 200 branches and Service Branch at Chennai under Core
Banking Solution-FINACLE and achieved 100% networking of branches. All these branches are enabled to do
Anywhere Banking / RTGS / NEFT facilities.
·
LAPS (Lending
Automated Processing System) was introduced during the year for speedy
disbursal of advances.
·
SMS banking service
launched.
·
Computerization
of Daily Saving Deposit Scheme
·
e-circular was introduced to minimize the expenses and
instant reachability to the branches
Other major
initiatives
· The bank has become the clearing banker of MCX
· Off-Line share trading facility has been provided to the Demat Account holders through Religare Securities Limited.
· Cheque Drop Box facility has been introduced
·
Tie up with
Export Credit Guarantee Corporation for selling their policies and guarantees
VISION FOR THE FUTURE
AND PLANS FOR THE CURRENT FINANCIAL YEAR
The vision of the bank is to emerge still
stronger with
·
Net
Profit of Rs.1550 Millions
·
Business
Volume of Rs.165000 Millions
·
Deposits Rs.96000 Millions
·
Advances
Rs.69000
Millions and
·
Reduce
the Gross NPAs to less than 1.25%.
Judged by the past trends and with the
whole hearted co-operation of the dedicated workforce and invaluable customer
support the vision is realistic and achievable.
New Initiatives for the Current
Year Targets (2008 – 2009)
The Bank
is in the process of undertaking the following new initiatives
· Having RBI’s permission to open 17 more branches (10 branches in Tamilnadu, 3 branches in Maharashtra, 2 branches at Delhi, one branch each at Hyderabad and Uttarpradesh)
· Having RBI’s permission to introduce 2 mobile banking branches at Thoothukudi and Vallioor in Tamilnadu.
· Plan to open another 100 ATMs during this year to make the total number of ATMs to 200.
· Introducing Bio-Metric ATMs to serve the rural mass
· Introducing new delivery channels like internet banking, mobile banking, etc.,
· Issue of Debit Cards
· Bank will enter into Banc assurance business by selling both life and non-life insurance products
· Introduction of Online share trading
· Wealth Management to serve high networth Individuals
They firmly believe that the pre-eminent position of the Bank today is due to the continued faith and support of all the stake holders and we are always keen on increasing the value to our stake holders, which is evident from the above business performances. They would continue to be a good progressive Bank in the country and in this journey together they would strive to reach greater heights.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
UK Pound |
1 |
Rs.75.08 |
|
Euro |
1 |
Rs.63.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|